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REGISTERED NUMBER: 06013329 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ATLANTIC GATE LTD

ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ATLANTIC GATE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mrs P Estevez-Quintas





SECRETARY: Mrs E Estevez-Quintas





REGISTERED OFFICE: Lang Bennetts
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR11DG





REGISTERED NUMBER: 06013329 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes €    €   
FIXED ASSETS
Intangible assets 5 684,833 736,016
Tangible assets 6 16,177 34,013
701,010 770,029

CURRENT ASSETS
Stocks 2,446 23,861
Debtors 7 336,373 362,276
Cash at bank and in hand 84,367 102,924
423,186 489,061
CREDITORS
Amounts falling due within one year 8 (164,059 ) (245,117 )
NET CURRENT ASSETS 259,127 243,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

960,137

1,013,973

PROVISIONS FOR LIABILITIES (140,969 ) -
NET ASSETS 819,168 1,013,973

CAPITAL AND RESERVES
Called up share capital 9 1,100,001 1,100,001
Retained earnings (280,833 ) (86,028 )
SHAREHOLDERS' FUNDS 819,168 1,013,973

ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





Mrs P Estevez-Quintas - Director


ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Atlantic Gate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Euro (€).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised for the sale of goods when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Intangible assets
The intangible assets represent fishing quotas and licences. Amortisation is provided at 5% and 10% per annum in order to write off each asset over its estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel and equipment - 20% on cost, 15% on reducing balance and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in currencies other than euros are translated at the exchange rate ruling at the balance sheet date. Transactions in currencies other than euros are translated at the exchange rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company will return to profitability in the near future. The vessel required significant maintenance work, which increased the annual expenses. Also, the Company has been negatively affected by high oil prices. In addition, fish market prices were low. The Director thinks these factors will change in the future so the Company's operating result will be better. This assessment is based on the company's current financial position, projected future cash flows, and the continued financial support from the parent company. The directors have received confirmation from the parent company of its intention to provide the necessary financial support to ensure that the company can meet its obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
€   
COST
At 1 January 2023 1,663,517
Additions 45,262
At 31 December 2023 1,708,779
AMORTISATION
At 1 January 2023 927,501
Charge for year 96,445
At 31 December 2023 1,023,946
NET BOOK VALUE
At 31 December 2023 684,833
At 31 December 2022 736,016

ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TANGIBLE FIXED ASSETS
Fishing
vessel
and
equipment
€   
COST
At 1 January 2023 1,498,374
Additions 3,890
At 31 December 2023 1,502,264
DEPRECIATION
At 1 January 2023 1,464,361
Charge for year 21,726
At 31 December 2023 1,486,087
NET BOOK VALUE
At 31 December 2023 16,177
At 31 December 2022 34,013

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
€    €   
Amounts owed by group undertakings 205,991 193,310
Other debtors 130,382 168,966
336,373 362,276

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
€    €   
Trade creditors 76,050 157,138
Amounts owed to group undertakings 83,063 83,063
Other creditors 4,946 4,916
164,059 245,117

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: €    €   
935,001 Ordinary £1 1,100,001 1,100,001

ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. RELATED PARTY DISCLOSURES

At the year end Skellig Fish Limited owed Atlantic Gate Ltd €12,487 (2022: €158,998). Sucesores de Martin Estevez SL own 50% of the shareholding in Skelling Fish Limited and 100% of the shareholding in Atlantic Gate Ltd.
The transaction is considered to be at arm's length and accrued interest rates are calculated using market rate, based on Euribor.


At the year end Ventas Recare SL, a company owned by Sucesores de Martin Estevez SL, owed Atlantic Gate Ltd €205,991 (2022: €193,310).

Atlantic Gate Ltd owed €83,063 to Sucesores de Martin Estevez SL at the year end. (2022: €83,063).

11. ULTIMATE CONTROLLING PARTY

The directors of the parent company, Sucesores de Martin Estevez S.L. are considered to be the ultimate controlling party.