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Registration number: 13033683

Atlantic Workboats Limited

Unaudited Directors Report and Filleted Financial Statements

for the Year Ended 31 December 2023

 

Atlantic Workboats Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Atlantic Workboats Limited

(Registration number: 13033683)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

159,944

160,852

Current assets

 

Stocks

42,000

42,000

Debtors

5

1,760

21,189

Cash at bank and in hand

 

29,603

14,590

 

73,363

77,779

Creditors: Amounts falling due within one year

6

(133,698)

(142,052)

Net current liabilities

 

(60,335)

(64,273)

Total assets less current liabilities

 

99,609

96,579

Provisions for liabilities

(5,009)

(1,279)

Net assets

 

94,600

95,300

Capital and reserves

 

Called up share capital

10,059

10,000

Share premium reserve

34,241

33,600

Profit and loss account

50,300

51,700

Shareholders' funds

 

94,600

95,300

 

Atlantic Workboats Limited

(Registration number: 13033683)
Statement of Financial Position as at 31 December 2023 (continued)

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

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 


C Northmore
Director

 

Atlantic Workboats Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Atlantic Workboats Limited, Alcea, Shepards Court, Ebford, Devon, EX3 0FD.

Principal activity

The principal activity of the company is that of marine marketing and fishing.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

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.

 

Atlantic Workboats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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:

Plant and machinery - 5 years straight line
Vessels - 7% reducing balance

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.

 

Atlantic Workboats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes 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 the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

 

Atlantic Workboats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Plant and machinery
£

Vessels
£

Total
£

Cost or valuation

At 1 January 2023

3,000

159,052

162,052

Additions

1,230

4,347

5,577

At 31 December 2023

4,230

163,399

167,629

Depreciation

At 1 January 2023

1,200

-

1,200

Charge for the year

774

5,711

6,485

At 31 December 2023

1,974

5,711

7,685

Carrying amount

At 31 December 2023

2,256

157,688

159,944

At 31 December 2022

1,800

159,052

160,852

Vessels represent a boat that was first brought into use on 4th July, 2023

5

Debtors

2023
£

2022
£

Other debtors

89

21,189

Prepayments

1,671

-

1,760

21,189

 

Atlantic Workboats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,205

4,047

Accruals and deferred income

1,315

13,225

Other creditors

130,178

124,780

133,698

142,052

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Atlantic Workboats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Related party transactions

Directors advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

(124,387)

(6,457)

700

(130,144)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

(49,129)

(100,020)

24,762

(124,387)

 

Related party transactions

At the year end the company was owed £0 (2022 - £14,400) by companies in which the directors have control.

During the year the company sold £12,000 (2022 - £28,475) to companies in which the directors have control.

During the year the company purchased £5,739 (2022 - £7,793) from companies in which the directors have control.

 

9

Non adjusting events after the financial period

On 7th March 2024, the company has purchased 1,059 Ordinary shares from M Deem for £12,500. The purchase was funded through the profit and loss reserve.