Company registration number 05429602 (England and Wales)
ATLANTIC RESEARCH CHEMICALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
ATLANTIC RESEARCH CHEMICALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ATLANTIC RESEARCH CHEMICALS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,777
17,310
Current assets
Stocks
184,044
193,730
Debtors
4
34,862
41,400
Cash at bank and in hand
60,117
41,880
279,023
277,010
Creditors: amounts falling due within one year
5
(20,717)
(19,633)
Net current assets
258,306
257,377
Total assets less current liabilities
277,083
274,687
Creditors: amounts falling due after more than one year
6
(4,822)
(6,804)
Provisions for liabilities
(3,568)
(3,289)
Net assets
268,693
264,594
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
267,693
263,594
Total equity
268,693
264,594
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ATLANTIC RESEARCH CHEMICALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr J A Forshaw
Mr D G Pooley
Director
Director
Company Registration No. 05429602
ATLANTIC RESEARCH CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Atlantic Research Chemicals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Stratton Business Park, Holsworthy Road, Bude, Cornwall, EX23 9NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 amounts 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings - leasehold
25% on NBV per annum
Plant and machinery
5 to 25% on NBV per annum
Computer equipment
5 to 50% on NBV per annum
Electric bike
10% on cost per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ATLANTIC RESEARCH CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.9
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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
8
ATLANTIC RESEARCH CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
17,384
50,919
68,303
Additions
4,370
4,370
At 28 February 2023
17,384
55,289
72,673
Depreciation and impairment
At 1 March 2022
16,373
34,620
50,993
Depreciation charged in the year
253
2,650
2,903
At 28 February 2023
16,626
37,270
53,896
Carrying amount
At 28 February 2023
758
18,019
18,777
At 28 February 2022
1,011
16,299
17,310
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,453
19,766
Other debtors
16,409
21,634
34,862
41,400
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,982
1,934
Trade creditors
9,854
8,383
Taxation and social security
1,637
1,701
Other creditors
7,244
7,615
20,717
19,633
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,822
6,804