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Company No: 04109813 (England and Wales)

ATLANTAS MARINE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ATLANTAS MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ATLANTAS MARINE LIMITED

BALANCE SHEET

As at 31 March 2024
ATLANTAS MARINE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,121,029 2,495,683
3,121,029 2,495,683
Current assets
Stocks 4 222,507 618,615
Debtors 5 692,119 3,247,717
Investments 2 2
Cash at bank and in hand 2,164,598 662,795
3,079,226 4,529,129
Creditors: amounts falling due within one year 6 ( 1,178,448) ( 2,795,931)
Net current assets 1,900,778 1,733,198
Total assets less current liabilities 5,021,807 4,228,881
Creditors: amounts falling due after more than one year 7 0 ( 159,771)
Provision for liabilities 8 ( 611,262) ( 448,776)
Net assets 4,410,545 3,620,334
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 27,885 30,983
Profit and loss account 4,382,560 3,589,251
Total shareholders' funds 4,410,545 3,620,334

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Atlantas Marine Limited (registered number: 04109813) were approved and authorised for issue by the Director on 29 July 2024. They were signed on its behalf by:

C R Foll
Director
ATLANTAS MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ATLANTAS MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Atlantas Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 38 Glenmore Business Park, Challenger Way, Yeovil, BA22 8XG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 10 years straight line
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 12

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £ £
Cost
At 01 April 2023 762,258 89,719 2,332,971 55,740 82,281 30,768 3,353,737
Additions 14,384 47,139 837,848 21,290 14,575 7,144 942,380
Disposals 0 0 ( 30,000) 0 0 0 ( 30,000)
At 31 March 2024 776,642 136,858 3,140,819 77,030 96,856 37,912 4,266,117
Accumulated depreciation
At 01 April 2023 10,260 89,719 741,078 6,968 2,010 8,019 858,054
Charge for the financial year 15,533 1,070 240,619 17,045 12,700 6,518 293,485
Disposals 0 0 ( 6,451) 0 0 0 ( 6,451)
At 31 March 2024 25,793 90,789 975,246 24,013 14,710 14,537 1,145,088
Net book value
At 31 March 2024 750,849 46,069 2,165,573 53,017 82,146 23,375 3,121,029
At 31 March 2023 751,998 0 1,591,893 48,772 80,271 22,749 2,495,683

4. Stocks

2024 2023
£ £
Stocks 119,272 97,697
Work in progress 103,235 520,918
222,507 618,615

5. Debtors

2024 2023
£ £
Trade debtors 602,124 3,085,937
Amounts owed by director 0 544
Prepayments 56,043 34,436
Other debtors 33,952 126,800
692,119 3,247,717

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 50,500
Trade creditors 821,883 1,920,986
Amounts owed to director 2,073 0
Accruals 77,466 169,446
Corporation tax 196,327 189,783
Other taxation and social security 65,706 455,905
Other creditors 14,993 9,311
1,178,448 2,795,931

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 159,771

8. Provision for liabilities

2024 2023
£ £
Deferred tax 611,262 448,776

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 69,096 66,000
between one and five years 128,418 169,583
197,514 235,583

This relates to non-cancellable operating leases over premises and vehicles.

10. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023, the balance owed by the director was £544. During the year, £238,370 was advanced to the director, and £240,987 was repaid by the director. At 31 March 2024, the balance owed to the director was £2,073.

At 1 April 2022, the balance owed by the director was £5,631. During the year, £112,163 was advanced to the director, and £117,250 was repaid by the director. At 31 March 2023, the balance owed by the director was £544.