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Registered number: 01912551
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Athenaeum Developments Limited
Financial statements
Information for filing with the registrar
5 April 2020
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Athenaeum Developments Limited
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Balance sheet
As at 5 April 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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1
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Athenaeum Developments Limited
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Balance sheet (continued)
As at 5 April 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2021.
Registered number: 01912551
The notes on pages 3 to 7 form part of these financial statements.
2
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Athenaeum Developments Limited
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Notes to the financial statements
For the period ended 5 April 2020
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Annexe, The Garden House, Stelling Hall, Newton, Stocksfield, NE43 7UR, Northumberland.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
In light of recent global events which persist at the date of approval of these financial statements, the directors have also taken measures to counter the potential impact of Covid-19 on the company’s operations and the resultant financial impact. Contingency plans have been implemented to mitigate the risk to the business. In addition, the UK government have announced a series of funding measures which, the directors anticipate will be available should there be any additional short to medium term funding requirements. Whilst the risks in this regard cannot be completely mitigated and therefore some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and do not consider the residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they fall due in the foreseeable future.
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3
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Athenaeum Developments Limited
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Notes to the financial statements
For the period ended 5 April 2020
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stock principally comprises land for development. All stocks are carried at the lower of cost and net realisable value.
4
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Athenaeum Developments Limited
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Notes to the financial statements
For the period ended 5 April 2020
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument 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 ordinary shares.
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The average monthly number of employees, including directors, during the period was 0 (2019 - 1).
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Charge for the period on owned assets
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5
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Athenaeum Developments Limited
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Notes to the financial statements
For the period ended 5 April 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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2,051 (2019 - 2,051) Ordinary A shares of £1.00 each
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2,051 (2019 - 2,051) Ordinary B shares of £1.00 each
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6
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Athenaeum Developments Limited
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Notes to the financial statements
For the period ended 5 April 2020
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Related party transactions
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The associated company loan shown in other debtors relates to the following company which are under common control, which is unsecured, charges 0.40% per annum and is repayable on demand. The interest received in the current year is for the current year only.
Debtors
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Athenaeum Developments (Fulwell) Limited
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Included in turnover is £22,145 (2019: £14,520) relating to Athenaeum Developments (Fulwell)
Limited, £1,875 (2019: £2,352) relating to Stelling, and £7,585 (2019: £10,113) relating to
Athenaeum Pension Scheme.
During the year the company operated a current account with E C Wright. The amount due from
the company at the year end was £3,750 (2019: £4,492). This loan is unsecured, repayable on
demand and incurs no interest
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7
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