Atlantica Estates Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03459363 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2017

FOR

ATLANTICA ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T M Krell

SECRETARY:

T M Krell

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

03459363 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

3

38

50

Investments

4

6

6

44

56

CURRENT ASSETS

Stocks

434,139

434,139

Debtors

5

379,976

304,804

Cash at bank and in hand

12,442

1,433

826,557

740,376

CREDITORS

Amounts falling due within one year

6

863,346

852,683

NET CURRENT LIABILITIES

(36,789

)

(112,307

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(36,745

)

(112,251

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(36,845

)

(112,351

)

SHAREHOLDERS' FUNDS

(36,745

)

(112,251

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30th January 2018 and were signed by:

T M Krell - Director

1.	STATUTORY INFORMATION

Atlantica Estates Limited is a private company limited by share capital, incorporated in England and Wales,

registration number 03459363. The address of the registered office is 1 City Road East, Manchester, M15 4PN.

The principal place of business is 84 Palatine Road, Manchester, M20 3JW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

This is the first year that the company has presented its results under FRS 102. The last financial Statements

under UK GAAP were prepared for the year ended 30 April 2016. The date of transition to FRS 102 was 1 May

2015.There were no transitional adjustments resulting first year FRS 102 adoption.

Preparation of consolidated financial statements

The financial statements contain information about Atlantica Estates Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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, excluding discounts, rebates,

value added tax and other sales taxes.

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

-

20% on reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine

whether there is any indication that any items 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.

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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with banks and other

short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the

statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Going concern

The financial statements have been prepared on a going concern basis due to the continued support of the

company's bankers and director. Should the company be unable to continue trading, adjustments would have

to be made to reduce the value of the assets to their recoverable amount.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1st May 2016

and 30th April 2017

2,251

DEPRECIATION

At 1st May 2016

2,201

Charge for year

12

At 30th April 2017

2,213

NET BOOK VALUE

At 30th April 2017

38

At 30th April 2016

50

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st May 2016

and 30th April 2017

6

NET BOOK VALUE

At 30th April 2017

6

At 30th April 2016

6

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

1,056

Amounts owed by group undertakings

379,916

303,748

Other debtors

60

-

379,976

304,804

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

306,000

306,000

Amounts owed to group undertakings

461,441

-

Taxation and social security

12,529

2,086

Other creditors

83,376

544,597

863,346

852,683

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

306,000

306,000

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.

8.	RELATED PARTY DISCLOSURES

The company had the following indebtedness with companies which are related parties by virtue of common

control.

Connected People:

T M Krell - Director

Management services £25,180 (2016- £25,180)

S G Krell - Director's brother

Creditor at date of balance sheet £74,000 (2016: £74,000)

T M Krell & S G Krell Partnership

Management services Nil (2016: £16,577)

H M Krell - Director's mother

Creditor at date of balance sheet £7,000 (2016: £7,000)

9.	ULTIMATE CONTROLLING PARTY

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

holding company is Levonoh Limited registered in Gibraltar.