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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
09400148
2021-01-01
2021-12-31
09400148
2021-12-31
09400148
2020-12-31
09400148
2020-01-01
2020-12-31
09400148
2020-12-31
09400148
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2021-12-31
09400148
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2021-12-31
09400148
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2021-12-31
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2021-12-31
09400148
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2021-01-01
2021-12-31
09400148
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2021-01-01
2021-12-31
09400148
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2020-12-31
09400148
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2021-12-31
09400148
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2020-12-31
09400148
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09400148
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09400148
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09400148
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09400148
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2020-12-31
09400148
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2021-12-31
09400148
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2020-12-31
09400148
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2021-12-31
09400148
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2020-12-31
09400148
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2021-12-31
09400148
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2020-12-31
09400148
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2020-12-31
09400148
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2020-12-31
09400148
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2020-12-31
09400148
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2021-12-31
09400148
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2020-12-31
09400148
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2021-12-31
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2021-12-31
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2021-12-31
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2021-12-31
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2021-01-01
2021-12-31
09400148
core:ComputerSoftware
2021-12-31
COMPANY REGISTRATION NUMBER:
09400148
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2021
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 9 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Atlantic Pumps Limited |
|
Year ended 31 December 2021
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 Pumps Limited for the year ended 31 December 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Atlantic Pumps Limited, as a body, in accordance with the terms of our engagement letter dated 19 May 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Atlantic Pumps Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atlantic Pumps Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Atlantic Pumps Limited 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 profit of Atlantic Pumps Limited. You consider that Atlantic Pumps Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Atlantic Pumps Limited. 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
5 September 2022
Statement of Financial Position |
|
31 December 2021
Fixed assets
Intangible assets |
5 |
110,322 |
221,306 |
Tangible assets |
6 |
597,011 |
243,962 |
|
--------- |
--------- |
|
707,333 |
465,268 |
|
|
|
|
Current assets
Stocks |
1,911,581 |
1,304,605 |
Debtors |
7 |
1,817,288 |
958,893 |
Cash at bank and in hand |
446,387 |
544,183 |
|
------------ |
------------ |
|
4,175,256 |
2,807,681 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
2,716,916 |
1,697,558 |
|
------------ |
------------ |
Net current assets |
1,458,340 |
1,110,123 |
|
------------ |
------------ |
Total assets less current liabilities |
2,165,673 |
1,575,391 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
97,152 |
54,656 |
|
|
|
|
Provisions |
66,515 |
9,135 |
|
------------ |
------------ |
Net assets |
2,002,006 |
1,511,600 |
|
------------ |
------------ |
|
|
|
Statement of Financial Position (continued) |
|
31 December 2021
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
2,001,906 |
1,511,500 |
|
------------ |
------------ |
Shareholders funds |
2,002,006 |
1,511,600 |
|
------------ |
------------ |
|
|
|
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 income and retained earnings has not been delivered.
For the year 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 year 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 were approved by the
board of directors
and authorised for issue on
3 September 2022
, and are signed on behalf of the board by:
Mr A Smith |
Mr W Noakes |
Director |
Director |
|
|
Company registration number:
09400148
Notes to the Financial Statements |
|
Year 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 Unit 21 Prospect House, Colliery Close, Staveley, Chesterfield, S43 3QE, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the date of the approval of these financial statements, the global pandemic of the novel coronavirus, COVID-19, creates an underlying uncertainty for any business entity and the impact of the virus on the company is unknown and cannot be forecast with any certainty. The company is taking whatever action is seen to be appropriate and is in accordance with Government guidelines. The directors consider that the going concern basis is appropriate.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Research and development
Research and development expenditure is written off as incurred.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents, trademarks and licences |
- |
50% straight line |
|
Website |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
|
Plant and machinery |
- |
20% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
28
(2020:
23
).
5.
Intangible assets
|
Patents, trademarks and licences |
Intangible asset user defined 1 |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2021 |
230,914 |
– |
230,914 |
Additions |
– |
4,967 |
4,967 |
|
--------- |
------- |
--------- |
At 31 December 2021 |
230,914 |
4,967 |
235,881 |
|
--------- |
------- |
--------- |
Amortisation |
|
|
|
At 1 January 2021 |
9,608 |
– |
9,608 |
Charge for the year |
115,457 |
494 |
115,951 |
|
--------- |
------- |
--------- |
At 31 December 2021 |
125,065 |
494 |
125,559 |
|
--------- |
------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2021 |
105,849 |
4,473 |
110,322 |
|
--------- |
------- |
--------- |
At 31 December 2020 |
221,306 |
– |
221,306 |
|
--------- |
------- |
--------- |
|
|
|
|
6.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2021 |
98,191 |
383,701 |
481,892 |
Additions |
303,151 |
203,457 |
506,608 |
|
--------- |
--------- |
--------- |
At 31 December 2021 |
401,342 |
587,158 |
988,500 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2021 |
62,350 |
175,580 |
237,930 |
Charge for the year |
44,974 |
108,585 |
153,559 |
|
--------- |
--------- |
--------- |
At 31 December 2021 |
107,324 |
284,165 |
391,489 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2021 |
294,018 |
302,993 |
597,011 |
|
--------- |
--------- |
--------- |
At 31 December 2020 |
35,841 |
208,121 |
243,962 |
|
--------- |
--------- |
--------- |
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 31 December 2021 |
253,068 |
|
--------- |
At 31 December 2020 |
191,703 |
|
--------- |
|
|
7.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
1,717,161 |
889,897 |
Other debtors |
100,127 |
68,996 |
|
------------ |
--------- |
|
1,817,288 |
958,893 |
|
------------ |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
750,000 |
– |
Trade creditors |
283,674 |
339,086 |
Corporation tax |
44,128 |
140,000 |
Social security and other taxes |
217,196 |
71,813 |
Other creditors |
1,421,918 |
1,146,659 |
|
------------ |
------------ |
|
2,716,916 |
1,697,558 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
Other creditors |
97,152 |
54,656 |
|
-------- |
-------- |
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021 |
2020 |
|
£ |
£ |
Not later than 1 year |
– |
6,000 |
|
---- |
------- |
|
|
|
11.
Research and development
During the year the company incurred research and development costs.
12.
Related party transactions
During the previous year, the company provided a guarantee on behalf of NMD Trading Company, a related party by virtue of its majority shareholding. The amount of guarantee is limited to £1,036,829, regarding a bank loan advanced to NMD Trading Company during the year.
Mr A Smith
, director of Atlantic Pumps Ltd and NMD Trading Company, and his wife sold trademarks to the company during the previous year in the sum of £230,914 and these are included in Intangible Assets, amortised at a rate of 50% per annum.