Company Registration No. 08092295 (England and Wales)
ATLANTIC REFRIGERATION HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
ATLANTIC REFRIGERATION HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr G J West
Mrs P S Moore
Secretary
Mr G J West
Company number
08092295
Registered office
Fearless F4
Daedalus Park
Daedalus Drive
Lee on Solent
Hampshire
PO13 9FX
Accountants
Moore Stephens (South) LLP
The French Quarter
114 High Street
Southampton
SO14 2AA
Business address
Fearless F4
Daedalus Park
Daedalus Drive
Lee on Solent
Hampshire
PO13 9FX
Bankers
HSBC Bank plc
55 Above Bar Street
Southampton
Hampshire
SO14 7DZ
ATLANTIC REFRIGERATION HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
ATLANTIC REFRIGERATION HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
282,630
282,630
Current assets
Trade and other receivables
3
18,904
18,904
Cash and cash equivalents
44,600
966
63,504
19,870
Current liabilities
4
(293,816)
(228,180)
Net current liabilities
(230,312)
(208,310)
Total assets less current liabilities
52,318
74,320
Non-current liabilities
5
(14,386)
(36,388)
Net assets
37,932
37,932
Equity
Called up share capital
6
100
100
Share premium account
37,832
37,832
Total equity
37,932
37,932
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ATLANTIC REFRIGERATION HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 February 2018 and are signed on its behalf by:
Mr G J West
Mrs P S Moore
Director
Director
Company Registration No. 08092295
ATLANTIC REFRIGERATION HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 June 2015
100
37,832
-
37,932
Year ended 31 May 2016:
Profit and total comprehensive income for the year
-
-
98,824
98,824
Dividends
-
-
(98,824)
(98,824)
Balance at 31 May 2016
100
37,832
-
37,932
Year ended 31 May 2017:
Profit and total comprehensive income for the year
-
-
101,817
101,817
Dividends
-
-
(101,817)
(101,817)
Balance at 31 May 2017
100
37,832
-
37,932
ATLANTIC REFRIGERATION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
1
Accounting policies
Company information
Atlantic Refrigeration Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Fearless F4, Daedalus Park, Daedalus Drive, Lee on Solent, Hampshire, PO13 9FX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Atlantic Refrigeration Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Non-current investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
ATLANTIC REFRIGERATION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected
. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies
,
are
initially recognised at transaction price
.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2017
2016
£
£
Investments
282,630
282,630
3
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Other receivables
18,904
18,904
ATLANTIC REFRIGERATION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 6 -
4
Current liabilities
2017
2016
£
£
Amounts due to group undertakings
271,814
206,178
Other payables
22,002
22,002
293,816
228,180
5
Non-current liabilities
2017
2016
£
£
Other payables
14,386
36,388
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
76 A Ordinary of £1 each
76
76
24 B,C and D Ordinary of £1 each
24
24
100
100
7
Controlling party
The company is controlled by the directors and shareholders, Mr G J West and Mrs P S Moore.