Company Registration No. 02764676 (England and Wales)
ATLANTIS KITCHENS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
ATLANTIS KITCHENS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
ATLANTIS KITCHENS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ATLANTIS KITCHENS LIMITED FOR THE YEAR ENDED 31 MAY 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Atlantis Kitchens Limited for the year ended 31 May 2016 set out on pages 2 to 6 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Atlantis Kitchens Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Atlantis Kitchens Limited and state those matters that we have agreed to state to the Board of Directors of Atlantis Kitchens Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atlantis Kitchens Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Atlantis Kitchens 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 Atlantis Kitchens Limited. You consider that Atlantis Kitchens 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 Atlantis Kitchens 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.
Moore and Smalley LLP
Chartered Accountants
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
8 February 2017
ATLANTIS KITCHENS LIMITED
ABBREVIATED BALANCE SHEET
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
64,413
58,739
Current assets
Stocks
114,707
116,768
Debtors
84,115
202,495
Cash at bank and in hand
644,480
344,086
843,302
663,349
Creditors: amounts falling due within one year
3
(478,718)
(425,859)
Net current assets
364,584
237,490
Total assets less current liabilities
428,997
296,229
Creditors: amounts falling due after more than one year
4
(4,555)
-
Provisions for liabilities
(11,129)
(8,974)
413,313
287,255
Capital and reserves
Called up share capital
6
2
2
Profit and loss account
413,311
287,253
Shareholders' funds
413,313
287,255
ATLANTIS KITCHENS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have 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 his 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 7 February 2017
Mr S Cafferty
Director
Company Registration No. 02764676
ATLANTIS KITCHENS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
1
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 January 2015).
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, to the extent that the company has a right to consideration arising from the performance of its contractual arrangement. Turnover is recognised on installation of the kitchen or bedroom.
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:
Leasehold property improvement
Remaining term of lease
Office equipment
25%/30% Reducing balance
Plant and machinery
25%/30% Reducing balance
Motor vehicles
25%/30% Reducing balance
1.5
Leasing and hire purchase commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
1.6
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
ATLANTIS KITCHENS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
232,233
Additions
33,344
Disposals
(23,981)
At 31 May 2016
241,596
Depreciation
At 1 June 2015
173,494
On disposals
(13,233)
Charge for the year
16,922
At 31 May 2016
177,183
Net book value
At 31 May 2016
64,413
At 31 May 2015
58,739
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £2,186 (2015 - £5,089).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £4,555 (2015 - £0).
5
Administrative Expenses
Included within administrative expenses is an exceptional pension contribution of £nil (2015 £165,600).
ATLANTIS KITCHENS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 6 -
6
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
7
Directors' benefits: Advances, credits and guarantees
During the year the company loaned funds to the director Mr S Cafferty. Total advances made by the company were £178,591 (2015 £155,678) and total repayments made to the company were £178,591 (2015 £155,678). The maximum overdrawn balance during the period was £175,240 (2015 £152,482).
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