Atlantica Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03459363 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2020

FOR

ATLANTICA ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr T M Krell

SECRETARY:

Mr T M Krell

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

03459363 (England and Wales)

ACCOUNTANTS:

Kay Johnson Gee Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

23

28

Investments

5

4

6

27

34

CURRENT ASSETS

Stocks

468,853

434,139

Debtors

6

569,634

585,169

Cash at bank and in hand

51,182

32,336

1,089,669

1,051,644

CREDITORS

Amounts falling due within one year

7

(710,768

)

(707,906

)

NET CURRENT ASSETS

378,901

343,738

TOTAL ASSETS LESS CURRENT LIABILITIES

378,928

343,772

CREDITORS

Amounts falling due after more than one year

8

(306,659

)

(306,551

)

NET ASSETS

72,269

37,221

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

72,169

37,121

SHAREHOLDERS' FUNDS

72,269

37,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st January 2021 and were signed by:

Mr T M Krell - Director

1.	STATUTORY INFORMATION

Atlantica Estates Limited is a private company limited by shares, incorporated in England and Wales, registration number 03459363. The address of the registered office is 1 City Road East, Manchester, M15 4PN. The address of the principal place of business is 84 Palatine Road, Withington, Manchester, M20 3JW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is presented net of value-added-tax, rebates and discounts.

Rental income from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Fixtures and fittings

-

15% on reducing balance

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st May 2019

and 30th April 2020

2,251

DEPRECIATION

At 1st May 2019

2,223

Charge for year

5

At 30th April 2020

2,228

NET BOOK VALUE

At 30th April 2020

23

At 30th April 2019

28

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st May 2019

6

Disposals

(2

)

At 30th April 2020

4

NET BOOK VALUE

At 30th April 2020

4

At 30th April 2019

6

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

444

-

Amounts owed by group undertakings

567,990

584,334

Other debtors

1,200

835

569,634

585,169

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to group undertakings

606,441

606,441

Taxation and social security

8,222

18,207

Other creditors

96,105

83,258

710,768

707,906

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

306,659

306,551

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

306,659

306,551

The building society loan is secured by a fixed charge on the property included in stock. The bank loan is secured by a fixed and floating charge on all the remaining assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1.00

100

100

11.	ULTIMATE CONTROLLING PARTY

The company's parent company is Revegate Limited, a company registered in England and Wales.