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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Atlantic Electronics Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Atlantic Electronics Limited |
Atlantic Electronics Limited (Registered number: 01397862) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Atlantic Electronics Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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284 Station Road |
Harrow |
Middlesex |
HA1 2EA |
Atlantic Electronics Limited (Registered number: 01397862) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Investments | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
( |
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( |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 13 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Atlantic Electronics Limited (Registered number: 01397862) |
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Balance Sheet - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Atlantic Electronics Limited (Registered number: 01397862) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Atlantic Electronics Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Certain assets, as stated below have been modified to a fair value basis. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Atlantic Electronics Limited (Registered number: 01397862) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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 or loss in the period to which they relate. |
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The company operates a defined contribution scheme for the benefit of the company directors. Contributions |
payable are charged to the profit and loss account in the year they are payable. No contributions were paid in the |
year. |
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Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss |
account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit |
and loss account as the related expenditure is incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Atlantic Electronics Limited (Registered number: 01397862) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The freehold and leasehold land and buildings were valued on an open market basis at the balance sheet date. |
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This historic cost of the freehold land and buildings would be £2,588,577 (2015: £2,588,577). |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The investment property is stated at fair value at the balance sheet date. |
Atlantic Electronics Limited (Registered number: 01397862) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 227,147 | 194,947 |
Other debtors |
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9. | CURRENT ASSET INVESTMENTS |
31.12.16 | 31.12.15 |
£ | £ |
Unlisted investments | 47,602 | 47,602 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to participating interests | 231,728 | 231,728 |
Taxation and social security |
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Other creditors |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 1,624,298 | 1,663,441 |
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12. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.16 | 31.12.15 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Bank overdraft and loan are secured by first legal charge on the company's freehold properties at 37/39 High |
Road, London NW10 and 970 North Circular Road, London NW2 and a fixed and floating charge debenture on |
the assets of the company. |
Atlantic Electronics Limited (Registered number: 01397862) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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13. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2016 |
and 31 December 2016 |
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14. | RELATED PARTY DISCLOSURES |
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As at the balance sheet date the company owed to the director Mr D K Patel £50,000 (2015: 50,000); Ms S |
Patel (a shareholder) was owed £25,000 (2015: £25,000); and £50,500 (2015: £50,500) was owed to Mr |
Dipesh Patel (son of the director Mr A H Patel). In addition £70,000 (2015: £70,000) was owed to the |
brother of Mr AH and Mr KH Patel. |
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15. | ULTIMATE CONTROLLING PARTY |
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The directors acting in concert with their spouses are the controlling party. |