Atlas Interactive Group Limited - Accounts to registrar (filleted) - small 18.2
Atlas Interactive Group Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| ATLAS INTERACTIVE GROUP LIMITED |
| ATLAS INTERACTIVE GROUP LIMITED (REGISTERED NUMBER: 03249486) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 5 |
| ATLAS INTERACTIVE GROUP LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 88 Crawford Street |
| London |
| W1H 2EJ |
| ATLAS INTERACTIVE GROUP LIMITED (REGISTERED NUMBER: 03249486) |
| ABRIDGED BALANCE SHEET |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges her 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. |
| 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 and authorised for issue on |
| ATLAS INTERACTIVE GROUP LIMITED (REGISTERED NUMBER: 03249486) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| Atlas Interactive Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts have been prepared in UK Pound Sterling, which is the functional currency of the business. |
| 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 for services supplied, net of discounts, rebates and value added taxes. |
| Income is recognised on the production of invoices. The amount of revenue can be reliably measured. It is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Tangible fixed assets |
| Tangible fixed assets are stated at their historical cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation is recognised to write off the cost of the assets less their residual values over their useful lives of three years, using the straight line method. |
| The company's policy is to review the remaining useful economic lives and residual values of tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and residual value. |
| Fully depreciated tangible fixed assets are retained in the cost of tangible fixed assets and related accumulated depreciation until they are removed from service. In case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, charged or credited to the profit and loss account. |
| Assets not carried at fair value are also reviewed from impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount. |
| The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current risk free market rate and risks inherent to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). |
| If the recoverable amount of each asset (or cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter, any excess is recognised in profit and loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying value does not exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. Any reversal of an impairment loss is recognised in the profit and loss account. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| ATLAS INTERACTIVE GROUP LIMITED (REGISTERED NUMBER: 03249486) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates ("the functional currency"). The financial statements are presented in Sterling, which is the company's functional and presentation currency and is denoted by the symbol "£". |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents and all other |
| foreign exchange gains and losses are presented in the profit and loss account within ‘Foreign exchange losses or gains’. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. |
| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. |
| Short term benefits: |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| Annual bonus plans: |
| The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made. |
| Defined contribution pension plans: |
| The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Atlas Group of Companies Limited, incorporated in Bermuda. |
| 6. | GOING CONCERN |
| The company has the ongoing financial support of its ultimate parent company and this is expected for the foreseeable future. The company is therefore able to continue as a going concern, based on this support. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ATLAS INTERACTIVE GROUP LIMITED |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Atlas Interactive Group Limited for the year ended 31 December 2019 which comprise the Abridged Income Statement, Abridged Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Atlas Interactive Group Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Atlas Interactive Group Limited and state those matters that we have agreed to state to the director of Atlas Interactive Group Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atlas Interactive Group Limited and its director for our work or for this report. |
| It is your duty to ensure that Atlas Interactive Group 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 Atlas Interactive Group Limited. You consider that Atlas Interactive Group Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Atlas Interactive Group 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. |
| 88 Crawford Street |
| London |
| W1H 2EJ |