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Registered number: 08746177
ATHA DEVELOPMENTS (NO. 1) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2023
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ATHA DEVELOPMENTS (NO. 1) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ATHA DEVELOPMENTS (NO. 1) LIMITED
FOR THE YEAR ENDED 31 AUGUST 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Atha Developments (No. 1) Limited for the year ended 31 August 2023 which comprise the balance sheet, the statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the board of directors of Atha Developments (No. 1) Limited, as a body, in accordance with the terms of our engagement letter dated 24 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Atha Developments (No. 1) Limited and state those matters that we have agreed to state to the board of directors of Atha Developments (No. 1) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atha Developments (No. 1) Limited and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Atha Developments (No. 1) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Atha Developments (No. 1) Limited. You consider that Atha Developments (No. 1) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Atha Developments (No. 1) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Waltons Business Advisers Limited
Chartered Accountants
28 May 2024
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ATHA DEVELOPMENTS (NO. 1) LIMITED
REGISTERED NUMBER: 08746177
BALANCE SHEET
AS AT 31 AUGUST 2023
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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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Creditors: amounts falling due after more than one year
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ATHA DEVELOPMENTS (NO. 1) LIMITED
REGISTERED NUMBER: 08746177
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
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 year 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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 28 May 2024.
The notes on pages 5 to 9 form part of these financial statements.
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ATHA DEVELOPMENTS (NO. 1) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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Adjustment to prior year revaluation reserve
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 5 to 9 form part of these financial statements.
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ATHA DEVELOPMENTS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
The company is a private company, limited by shares, incorporated in England and Wales and its registered office is 137 Albert Road, Middlesbrough, England, TS1 2PP.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue is comprised of rental income and management charges.
Rental income from rents is recognised on a receivable basis with a creditor calculated for any amounts received in advance.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Depreciation is provided on the following basis:
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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ATHA DEVELOPMENTS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.ACCOUNTING POLICIES (CONTINUED)
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
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The average monthly number of employees, including the directors, during the year was as follows:
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ATHA DEVELOPMENTS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Investments in subsidiary companies
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Freehold investment property
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One property at Middlesbrough was valued on 31 August 2018 by Sanderson Weatherall at £1.4m. The directors have reviewed this valuation at 31 August 2023 and consider there to be no change.
The other properties held by the company have been valued on an open market basis on 31 August 2023 by the directors.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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ATHA DEVELOPMENTS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Finished goods and goods for resale
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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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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ATHA DEVELOPMENTS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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RELATED PARTY TRANSACTIONS
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During the year, the company invoiced Atha & Co Solicitors, a company that C A S Atha is a director of, £125,000 (2022: £125,000).
The company owed Atha & Co Solicitors as at 31 August 2023 loans of £1,475,000 (2022: £1,225,000). Interest is being charged on £200,000 of this loan.
At 31 August 2023, the company owed its directors; J A Atha £412,014 (2022: £421,257) and T C Atha £418,588 (2022: £424,654).
At 31 August 2023 the company was owed £1,453,218 (2022: £1,328,755) by Atha Developments (No. 3) Limited, a company under common directorship.
At 31 August 2023 the company was owed £112,566 (2022: £25,773) by Atha Construction Limited, a company under common directorship.
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The controlling parties are the Trustees, Mr C A S Atha and Mrs K A Atha, of The Charles Anthony Stewart Atha Discretionary Settlement.
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