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Registration number: 11984463

Atlantic Oceanic (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Atlantic Oceanic (UK) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Atlantic Oceanic (UK) Ltd

Company Information

Director

Mr PA Crowther

Registered office

Unit 1
Temple Bar Business Park
Strettington Lane
Chichester
West Sussex
PO18 0TU

Accountants

Chisnall Comer Ismail and Co
Chartered AccountantsMaria House
35 Millers Road
Brighton
BN1 5NP

 

Atlantic Oceanic (UK) Ltd

(Registration number: 11984463)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

674,304

33,804

Current assets

 

Debtors

5

1,287,453

1,885,127

Cash at bank and in hand

 

1,895,801

311,446

 

3,183,254

2,196,573

Creditors: Amounts falling due within one year

6

(1,704,505)

(1,355,660)

Net current assets

 

1,478,749

840,913

Total assets less current liabilities

 

2,153,053

874,717

Creditors: Amounts falling due after more than one year

6

(14,875)

(14,875)

Net assets

 

2,138,178

859,842

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

2,138,177

859,841

Shareholders' funds

 

2,138,178

859,842

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Atlantic Oceanic (UK) Ltd

(Registration number: 11984463)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 10 July 2025



 

.........................................

Mr PA Crowther

Director

 

Atlantic Oceanic (UK) Ltd

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 its registered office is:
Unit 1
Temple Bar Business Park
Strettington Lane
Chichester
West Sussex
PO18 0TU

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

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Atlantic Oceanic (UK) Ltd

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

Reducing balance 25%

Computer Equipment

Reducing balance 25%

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Atlantic Oceanic (UK) Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 2).

 

Atlantic Oceanic (UK) Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

7,768

50,703

18,055

76,526

Additions

-

-

721,057

721,057

At 31 December 2023

7,768

50,703

739,112

797,583

Depreciation

At 1 January 2023

5,310

29,691

7,721

42,722

Charge for the year

615

5,253

74,689

80,557

At 31 December 2023

5,925

34,944

82,410

123,279

Carrying amount

At 31 December 2023

1,843

15,759

656,702

674,304

At 31 December 2022

2,458

21,012

10,334

33,804

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

360,303

133,020

Amounts owed by related parties

9

814,913

1,689,876

Prepayments

 

17,881

2,919

Other debtors

 

94,356

59,312

   

1,287,453

1,885,127

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

2,789

Trade creditors

 

699,948

698,294

Taxation and social security

 

276,963

301,472

Accruals and deferred income

 

723,426

349,961

Other creditors

 

4,168

3,144

 

1,704,505

1,355,660

 

Atlantic Oceanic (UK) Ltd

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

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other financial liabilities

14,875

14,875

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

2,789

8

Dividends

2023

2022

£

£

Interim dividend of £490,000.00 (2022 - £338,000.00) per ordinary share

515,000

338,000

 

 

9

Related party transactions

Summary of transactions with other related parties

Maritime Atlantic Limited
Mr P Crowther is a director of both companies.
At the balance sheet date, the amount due to the related party was £536,048 (2022:(£111,971)).

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1