REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ATLANTIC GATE LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
ATLANTIC GATE LTD (REGISTERED NUMBER: 06013329) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 were approved by the director and authorised for issue on |
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 |
The presentation currency of the financial statements is the Euro (€). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fishing vessel and equipment | - |
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 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
€ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
€ | € |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
€ | € |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | € | € |
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. |