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Registered number: 08772076
Atlantic Wealth Management (UK) Limited
ACCOUNTS
FOR THE YEAR ENDED 30/04/2018
Prepared By:
Professional Renaissance Ltd
Certified Public Accountants
The Business Store
98-100 High Road
Rayleigh
Essex
SS67 AE
Atlantic Wealth Management (UK) Limited
ACCOUNTS
FOR THE YEAR ENDED 30/04/2018
DIRECTORS
Stephen Davis
Mark Pentelow
REGISTERED OFFICE
The Business Store
98-100 High Road
Rayleigh
Essex
SS6 7AE
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 08772076
ACCOUNTANTS
Professional Renaissance Ltd
Certified Public Accountants
The Business Store
98-100 High Road
Rayleigh
Essex
SS67 AE
Atlantic Wealth Management (UK) Limited
ACCOUNTS
FOR THEYEARENDED30/04/2018
CONTENTS
Page
Directors' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Atlantic Wealth Management (UK) Limited
BALANCE SHEET AT 30/04/2018
20182017
Notes££
FIXED ASSETS
Intangible assets22,684,2321,199,993
Tangible assets37,3468,218
2,691,5781,208,211
CURRENT ASSETS
Debtors4536,386497,903
Cash at bank and in hand213,243244,267
749,629742,170
CREDITORS: Amounts falling due within one year5126,8994,500
NET CURRENT ASSETS622,730737,670
TOTAL ASSETS LESS CURRENT LIABILITIES3,314,3081,945,881
CREDITORS: Amounts falling due after more than one year65,022,2492,918,281
NET LIABILITIES(1,707,941)(972,400)
CAPITAL AND RESERVES
Called up share capital85050
Profit and loss account(1,707,991)(972,450)
SHAREHOLDERS' FUNDS(1,707,941)(972,400)
For the year ending 30/04/2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 22/01/2019 and signed on their behalf by
.............................
Stephen Davis
Director
Atlantic Wealth Management (UK) Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30/04/2018
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures and Fittingsreducing balance 15%
Equipmentreducing balance 25%
1c. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1d. Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
Atlantic Wealth Management (UK) Limited
2. INTANGIBLE FIXED ASSETS
Purchased
GoodwillTotal
££
Cost
At 01/05/20171,458,9131,458,913
Additions1,557,1851,557,185
At 30/04/20183,016,0983,016,098
Depreciation
At 01/05/2017258,920258,920
For the year72,94672,946
At 30/04/2018331,866331,866
Net Book Amounts
At 30/04/20182,684,2322,684,232
At 30/04/20171,199,9931,199,993
Goodwill is amortised on a straight line basis over 20 years.
3. TANGIBLE FIXED ASSETS
Fixtures
and FittingsEquipmentTotal
£££
Cost
At 01/05/201712,99935313,352
Additions-512512
At 30/04/201812,99986513,864
Depreciation
At 01/05/20175,0161185,134
For the year1,1971871,384
At 30/04/20186,2133056,518
Net Book Amounts
At 30/04/20186,7865607,346
At 30/04/20177,9832358,218
Atlantic Wealth Management (UK) Limited
4. DEBTORS 20182017
££
Amounts falling due within one year
Trade debtors149,444106,214
UK corporation tax14,524-
Intercompany account50,00024,582
S Davis current account131,559160,661
M Pentelow current account190,859206,446
536,386497,903
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20182017
££
Bank Loan122,399-
Other creditors4,5004,500
126,8994,500
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20182017
££
Bank loans (unsecured) >1yr1,101,596-
Loans >1yr3,605,1422,918,281
Other creditors > 1yr315,511-
5,022,2492,918,281
The company has long term borrowings to be repaid from and secured against future commissions. The structure of these borrowings has enabled the company to continue trading.
7. EMPLOYEES
20182017
No.No.
Average number of employees--
Atlantic Wealth Management (UK) Limited
8. SHARE CAPITAL 20182017
££
Allotted, issued and fully paid:
25 "A" Ordinary shares of £1 each2525
25 "B" Ordinary shares of £1 each2525
5050