ATLANTIS_PROPERTY_LIMITED - Accounts

ATLANTIS PROPERTY LIMITED - Company Information

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Company Registration No. 04344631 (England and Wales)

ATLANTIS PROPERTY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

ATLANTIS PROPERTY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ATLANTIS PROPERTY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

332,868

Current assets

Cash at bank and in hand

2,276

5,117

Creditors: amounts falling due within one year

(13,559)

(25,379)

Net current liabilities

(11,283)

(20,262)

Total assets less current liabilities

321,585

312,606

Creditors: amounts falling due after more than one year

(359,045)

(358,245)

(37,460)

(45,639)

Capital and reserves

Called up share capital

Profit and loss account

(37,462)

(45,641)

Shareholders' funds

(37,460)

(45,639)

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 October 2014

Mrs J J Hoyland

Director

Company Registration No. 04344631

ATLANTIS PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand.

The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The director have prepared projected cash flow information for the period ending 9 months from the date of their approval of these financial statements. On the basis of this cash flow information and discussions with the company's bankers, the director consider that the company will continue to operate within the facility currently agreed and within that which they expect will be agreed on (date), when the company's bankers are due to consider renewing the facility for a further year.
However, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the director consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

Straight line over 5 years

The investment properties have not been depreciated as their ongoing maintenance is paramount to obtaining rental income.

ATLANTIS PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2013 & at 31 March 2014

338,210

Depreciation

At 1 April 2013 & at 31 March 2014

5,342

Net book value

At 31 March 2014

332,868

At 31 March 2013

332,868

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £25,379).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £182,409).

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary shares of £1 each