Company Registration No. 02922165 (England and Wales)
ATLANTIC MACHINERY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
ATLANTIC MACHINERY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ATLANTIC MACHINERY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
113,466
65,461
Current assets
Stocks
130,150
117,234
Debtors
455,636
451,520
Cash at bank and in hand
467,139
348,120
1,052,925
916,874
Creditors: amounts falling due within one year
3
(285,181)
(293,624)
Net current assets
767,744
623,250
Total assets less current liabilities
881,210
688,711
Creditors: amounts falling due after more than one year
(27,996)
(7,431)
Provisions for liabilities
(21,268)
(12,471)
831,946
668,809
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
831,846
668,709
Shareholders' funds
831,946
668,809
For the financial year ended 30 June 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 20 December 2016
Mr S Headington
Director
Company Registration No. 02922165
ATLANTIC MACHINERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
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.
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:
Plant and machinery
15% per annum of net book value
Fixtures, fittings & equipment
15% per annum of net book value
Motor vehicles
25% per annum of net book value
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
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 provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ATLANTIC MACHINERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
178,766
Additions
69,292
Disposals
(5,000)
At 30 June 2016
243,058
Depreciation
At 1 July 2015
113,305
On disposals
(4,811)
Charge for the year
21,098
At 30 June 2016
129,592
Net book value
At 30 June 2016
113,466
At 30 June 2015
65,461
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £44,009 (2015 - £13,778).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Ultimate parent company
The immediate parent company is S & J Glass Equipment Limited, a company registered in England and Wales. The ultimate parent company is Hicorp 18 Limited, a company registered in England and Wales.