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Company registration number: 13033683
Atlantic Workboats Ltd
Unaudited filleted financial statements
31 December 2021
ATLANTIC WORKBOATS LTD
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
31/12/21
Note £ £
Fixed assets
Tangible assets 5 2,400
_______
2,400
Current assets
Debtors 6 100,903
Cash at bank and in hand 43,812
_______
144,715
Creditors: amounts falling due
within one year 7 ( 103,213)
_______
Net current assets 41,502
_______
Total assets less current liabilities 43,902
_______
Net assets 43,902
_______
Capital and reserves
Called up share capital 10,000
Share premium account 8 33,600
Profit and loss account 8 302
_______
Shareholders funds 43,902
_______
For the period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 August 2022 , and are signed on behalf of the board by:
C Northmore
Director
Company registration number: 13033683
ATLANTIC WORKBOATS LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Atlantic Boatworks Limited, Alcea, Shepards Court, Ebford, Devon, EX3 0FD.
Principal activity
The principal activity of the company is that of marine marketing and fishing.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 20 November 2020 - -
Additions 3,000 3,000
_______ _______
At 31 December 2021 3,000 3,000
_______ _______
Depreciation
At 20 November 2020 - -
Charge for the year 600 600
_______ _______
At 31 December 2021 600 600
_______ _______
Carrying amount
At 31 December 2021 2,400 2,400
_______ _______
Plant and machinery represents a vessel under construction and not yet in use.
6. Debtors
31/12/21
£
Trade debtors 10,230
Other debtors 90,673
_______
100,903
_______
7. Creditors: amounts falling due within one year
31/12/21
£
Trade creditors 10,406
Accruals and deferred income 35,740
Social security and other taxes 1,938
Other creditors 55,129
_______
103,213
_______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.