BGP Atlantic Ltd

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2—5

1. General Information

BGP Atlantic Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08469110 . The registered office is c/o Southern Accounting, 24 Halden Field, Rolvenden, Cranbrook, Kent, TN17 4BX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on reducing balance
Fixtures & Fittings	Straight line over 5 years
Computer Equipment	25% on reducing balance

Improvements to property are depreciated over the life of the property lease.

2.3. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

2.4. Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposting additional restrictions.

(ii) Financial Liabilities

Basic financial liabilities, including trade and other payables, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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BGP Atlantic Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2023: 7)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	3,272	128,382	2,041	133,695

As at 31 December 2024	3,272	128,382	2,041	133,695

Depreciation
As at 1 January 2024	2,523	49,159	996	52,678
Provided during the period	187	28,527	261	28,975

As at 31 December 2024	2,710	77,686	1,257	81,653

Net Book Value
As at 31 December 2024	562	50,696	784	52,042

As at 1 January 2024	749	79,223	1,045	81,017

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BGP Atlantic Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	85,159	47,059
Other debtors	27,122	27,122
VAT	9,234	9,992

	121,515	84,173

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	30,778	31,584
Other taxes and social security	-	2,715
Net wages	18,124	-
Other creditors	5,747	4,662
Accruals and deferred income	71,551	83,340

	126,200	122,301

7. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,000	1,000

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	59,043	96,587
Later than one year and not later than five years	51,430	110,473

	110,473	207,060

9. Controlling Parties

The company is a wholly-owned subsidiary of BGP Inc., CNPC of PO Box 11, Zhuozhou Hebei, 072751 P.R.China.

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BGP Atlantic Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Audit Information

The auditor's report on the accounts of BGP Atlantic Ltd for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Lorraine Clark ACCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited , Statutory Auditor.

Xeinadin Audit Limited

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		52,042		81,017

			52,042		81,017
CURRENT ASSETS
Debtors	5	121,515		84,173
Cash at bank and in hand		2,986		7,451

		124,501		91,624
Creditors: Amounts Falling Due Within One Year	6	(126,200 )		(122,301 )

NET CURRENT ASSETS (LIABILITIES)			(1,699 )		(30,677 )

TOTAL ASSETS LESS CURRENT LIABILITIES			50,343		50,340

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,897 )		(12,488 )

NET ASSETS			40,446		37,852

CAPITAL AND RESERVES
Called up share capital	7		1,000		1,000
Income Statement			39,446		36,852

SHAREHOLDERS' FUNDS			40,446		37,852