Atlantis Water Treatment Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03701510 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

Atlantis Water Treatment Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J W Parr

SECRETARY:

Mrs J A Parr

REGISTERED OFFICE:

Unit 3a Homefield Road

Haverhill

Suffolk

CB9 8QP

REGISTERED NUMBER:

03701510 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

24,873

32,654

CURRENT ASSETS

Stocks

67,930

35,957

Debtors

5

67,979

73,757

Cash at bank

49,927

4,472

185,836

114,186

CREDITORS

Amounts falling due within one year

6

86,858

53,178

NET CURRENT ASSETS

98,978

61,008

TOTAL ASSETS LESS CURRENT LIABILITIES

123,851

93,662

CREDITORS

Amounts falling due after more than one year

7

(29,745

)

(34,918

)

PROVISIONS FOR LIABILITIES

10

(2,140

)

(3,051

)

NET ASSETS

91,966

55,693

CAPITAL AND RESERVES

Called up share capital

11

50,102

50,102

Retained earnings

41,864

5,591

SHAREHOLDERS' FUNDS

91,966

55,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 25 November 2019 and were signed by:

J W Parr - Director

1.	STATUTORY INFORMATION

Atlantis Water Treatment Limited 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 Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

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. 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.

Income is recognised in the accounts when the company receives the right to receive consideration under the

performance of the contract. Where invoices are raised in a different accounting period to where the companies

obligations are met, income is either accrued in trade debtors or deferred in creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the

future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at

the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the

arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred

beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright

short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present

value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's

carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If

a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective

interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an

asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for

the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable

right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle

the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Impairment policy

At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an

indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net

realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying

amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit

and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

95,912

Additions

449

At 30 June 2019

96,361

DEPRECIATION

At 1 July 2018

63,258

Charge for year

8,230

At 30 June 2019

71,488

NET BOOK VALUE

At 30 June 2019

24,873

At 30 June 2018

32,654

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2018

25,934

Transfer to ownership

(3,100

)

At 30 June 2019

22,834

DEPRECIATION

At 1 July 2018

3,477

Charge for year

5,233

Transfer to ownership

(1,574

)

At 30 June 2019

7,136

NET BOOK VALUE

At 30 June 2019

15,698

At 30 June 2018

22,457

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

24,655

33,038

Other debtors

43,324

40,719

67,979

73,757

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

5,483

5,704

Trade creditors

30,379

12,915

Taxation and social security

29,697

12,142

Other creditors

21,299

22,417

86,858

53,178

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

10,350

15,832

Other creditors

19,395

19,086

29,745

34,918

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2019

2018

£

£

Net obligations repayable:

Within one year

5,483

5,704

Between one and five years

10,350

15,832

15,833

21,536

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

15,833

21,536

The hire purchase contracts are secured over the assets under the agreement.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

2,140

3,051

Deferred

tax

£

Balance at 1 July 2018

3,051

Decrease in provision

(911

)

Balance at 30 June 2019

2,140

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

50,102

Ordinary

£1

50,102

50,102