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Registered Number: 04143684
England & Northern Ireland

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2024

for

ATLANTIC TRADING (NORFOLK) LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 3,311    13,129 
3,311    13,129 
Current assets      
Stocks 4 712,950    657,750 
Debtors 5 38,354    19,895 
Cash at bank and in hand 6,787    24,793 
758,091    702,438 
Creditors: amount falling due within one year 6 (244,717)   (137,066)
Net current assets 513,374    565,372 
 
Total assets less current liabilities 516,685    578,501 
Creditors: amount falling due after more than one year 7 (96,991)   (163,081)
Provisions for liabilities 8 (1,018)   (1,032)
Net assets 418,676    414,388 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 418,576    414,288 
Shareholders' funds 418,676    414,388 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 January 2025 and were signed on its behalf by:


-------------------------------
Stephen Batch
Director
1
General Information
ATLANTIC TRADING (NORFOLK) LIMITED is a private company, limited by shares, registered in England & Northern Ireland, registration number 04143684, registration address SPARROW HALL FARM SPARROW HALL LANE, BLOFIELD, NORWICH, NR13 4LH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 February 2023 10,730    48,047    58,777 
Additions    
Disposals (10,730)     (10,730)
At 31 January 2024   48,047    48,047 
Depreciation
At 01 February 2023 2,271    43,377    45,648 
Charge for year   1,359    1,359 
On disposals (2,271)     (2,271)
At 31 January 2024   44,736    44,736 
Net book values
Closing balance as at 31 January 2024   3,311    3,311 
Opening balance as at 01 February 2023 8,459    4,670    13,129 


4.

Stocks

2024
£
  2023
£
Stocks 712,950    657,750 
712,950    657,750 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 38,354    19,895 
38,354    19,895 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 217,215    85,279 
Corporation Tax 10,727    11,464 
PAYE & Social Security 3,215    2,145 
Other Creditors 64    1,824 
Directors' Current Accounts 1,659    22,201 
VAT 11,837    14,153 
244,717    137,066 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 96,991    163,081 
96,991    163,081 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 1,032    1,231 
Charged to Profit & Loss (14)   (199)
1,018    1,032 

2