Company Registration No. 02922165 (England and Wales)
ATLANTIC MACHINERY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
ATLANTIC MACHINERY LIMITED
COMPANY INFORMATION
Director
Mr S Headington
Company number
02922165
Registered office
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Unit 1B
Dodwells Road
Hinckley
Leicester
LE10 3BZ
ATLANTIC MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ATLANTIC MACHINERY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
98,347
116,480
Current assets
Stocks
170,793
119,214
Debtors
4
962,622
888,193
Cash at bank and in hand
130,350
167,555
1,263,765
1,174,962
Creditors: amounts falling due within one year
(262,535)
(188,635)
Net current assets
1,001,230
986,327
Total assets less current liabilities
1,099,577
1,102,807
Creditors: amounts falling due after more than one year
(18,195)
(34,492)
Provisions for liabilities
(16,443)
(21,768)
Net assets
1,064,939
1,046,547
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
1,064,839
1,046,447
Total equity
1,064,939
1,046,547
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 MACHINERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 January 2020
Mr S Headington
Director
Company Registration No. 02922165
ATLANTIC MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Atlantic Machinery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The
address of the
registered office
and place of business
is
given in the company information page of these financial statements.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
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
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ATLANTIC MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2018 - 12
).
ATLANTIC MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 July 2018
284,595
Additions
8,440
Disposals
(8,970)
At 30 June 2019
284,065
Depreciation and impairment
At 1 July 2018
168,115
Depreciation charged in the year
22,772
Eliminated in respect of disposals
(5,169)
At 30 June 2019
185,718
Carrying amount
At 30 June 2019
98,347
At 30 June 2018
116,480
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
195,122
117,655
Amounts owed by group undertakings
758,802
763,380
Prepayments and accrued income
8,698
7,158
962,622
888,193
5
Secured liabilities
Outstanding hire purchase obligations amounting to £34,492 (2018 £54,819
) are secured against the assets to which they relate.
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
ATLANTIC MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
601
1,081