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Registration number: 03495049

Atlantic Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Atlantic Interiors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Atlantic Interiors Limited

Company Information

Director

B Ashley-Collins

Registered office

Centurion House
London Road
Staines-Upon-Thames
Surrey
TW18 4AX

Registered number

03495049 (England and Wales)

Accountants

Johnson Smith & Co Ltd
Chartered Accountants and Statutory Auditors
Centurion House
London Road
Staines-Upon-Thames
Surrey
TW18 4AX

 

Atlantic Interiors Limited

(Registration number: 03495049)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

3,214

3,000

Cash at bank and in hand

 

1,052

6,379

 

4,266

9,379

Creditors: Amounts falling due within one year

6

(30,418)

(24,329)

Net liabilities

 

(26,152)

(14,950)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(26,154)

(14,952)

Shareholders' deficit

 

(26,152)

(14,950)

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 October 2023
 

.........................................
B Ashley-Collins
Director

 

Atlantic Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centurion House
London Road
Staines-Upon-Thames
Surrey
TW18 4AX

These financial statements were authorised for issue by the director on 26 October 2023.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

 

Atlantic Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that theywill be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value
of each asset over its estimated useful life.

Asset class

Depreciation method and rate

Computer equipment

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Atlantic Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Defined contribution pension obligation

The company has entered into pension fund arrangements for the benefit of the director. Contributions made by the company are administered by trustees in a fund independent from the company's assets.

Contributions are charged to the profit and loss account as incurred.

Financial instruments

The company has established objectives concerning the holding and use of financial instruments. The key objective is to manage the financial risks faced by the company. The company reviews its capital requirement regularly to enable the company to continue as going concerns. The capital structure of the company consists of cash and cash equivalents and comprising issued capital and reserves. The company considers its major financial risks to be liquidity risk, interest rate risk and credit risk.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Atlantic Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2022

1,723

1,723

Disposals

(1,723)

(1,723)

At 31 January 2023

-

-

Depreciation

At 1 February 2022

1,723

1,723

Charge for the year

(1,723)

(1,723)

At 31 January 2023

-

-

Carrying amount

At 31 January 2023

-

-

5

Debtors

Current

2023
£

2022
£

Trade debtors

3,000

3,000

Other debtors

214

-

 

3,214

3,000

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

409

Accruals and deferred income

600

450

Other creditors

29,818

23,470

30,418

24,329

7

Share capital

Allotted, called up and fully paid shares

 

Atlantic Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2