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REGISTERED NUMBER:
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ATLANTIC INTERNATIONAL SALES LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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REGISTERED NUMBER:
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ATLANTIC INTERNATIONAL SALES LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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ATLANTIC INTERNATIONAL SALES LTD (REGISTERED NUMBER: 09306232) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
ATLANTIC INTERNATIONAL SALES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Langdon House |
Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
ATLANTIC INTERNATIONAL SALES LTD (REGISTERED NUMBER: 09306232) |
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BALANCE SHEET |
30 NOVEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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ATLANTIC INTERNATIONAL SALES LTD (REGISTERED NUMBER: 09306232) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Atlantic International Sales Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical |
accounting estimates. It also requires management to exercise judgment in applying the Company |
accounting policies. |
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The following principal accounting policies have been applied consistently throughout the year: |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting |
date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount |
and are recognised in the Statement of Income and Retained Earnings. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less |
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in |
progress and finished goods include labour and attributable overheads. |
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At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying |
amount is reduced to its selling price less costs to complete and sell. The impairment loss is |
recognised immediately in profit or loss. |
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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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ATLANTIC INTERNATIONAL SALES LTD (REGISTERED NUMBER: 09306232) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised |
cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known amounts |
of cash with insignificant risk of change in value. |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and |
other accounts receivable and payable, are initially measured at present value of the future cash flows |
and subsequently at amortised cost using the effective interest method. Debt instruments that are |
payable or receivable within one year, typically trade debtors and creditors, are measured, initially and |
subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or |
received. However, if the arrangements of a short-term instrument constitute a financing transaction, |
like the payment of a trade debt deferred beyond normal business terms or financed at a rate of |
interest that is not a market rate or in case of an out-right short-term loan not at market rate, the |
financial asset or liability is measured, initially, at the present value of the future cash flow discounted |
at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in the Statement of Income and Retained Earnings. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and best estimate of the recoverable amount, which is |
an approximation of the amount that the Company would receive for the asset if it were to be sold at |
the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there |
is an 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. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
ATLANTIC INTERNATIONAL SALES LTD (REGISTERED NUMBER: 09306232) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 December 2017 |
and 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors | ( |
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Amounts owed to group undertakings |
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Other creditors |
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6. | RELATED PARTY DISCLOSURES |
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At the year end an intercompany loan of £163,000 (2017: £163,000) was owed to Briton Ferry |
Stevedoring Limited, a company in which a director and shareholder. |
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At the year end the directors owed the company £13,613 (2017: £10,890). |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ATLANTIC INTERNATIONAL SALES LTD |
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The following reproduces the text of the report prepared for the director in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
other primary statements and the Report of the Director are not required to be filed with the Registrar |
of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Atlantic International Sales Ltd for the year ended 30 November 2018 which |
comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the |
company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Atlantic International Sales Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Atlantic International Sales Ltd and state those matters that we have agreed to state to the director of Atlantic International Sales Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atlantic International Sales Ltd and its director for our work or for this report. |
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It is your duty to ensure that Atlantic International Sales Ltd 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 loss of Atlantic International Sales Ltd. You consider that Atlantic International Sales Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Atlantic International Sales Ltd. 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. |
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Langdon House |
Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
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