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 2020

for

Atlantis Water Treatment Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J W Parr

S J Chance

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

162,853

24,873

CURRENT ASSETS

Stocks

46,793

67,930

Debtors

5

92,953

67,979

Cash at bank

42,630

49,927

182,376

185,836

CREDITORS

Amounts falling due within one year

6

122,627

86,858

NET CURRENT ASSETS

59,749

98,978

TOTAL ASSETS LESS CURRENT LIABILITIES

222,602

123,851

CREDITORS

Amounts falling due after more than one year

7

(120,554

)

(29,745

)

PROVISIONS FOR LIABILITIES

10

(1,477

)

(2,140

)

NET ASSETS

100,571

91,966

CAPITAL AND RESERVES

Called up share capital

11

50,102

50,102

Retained earnings

50,469

41,864

SHAREHOLDERS' FUNDS

100,571

91,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 26 November 2020 and were signed on its behalf by:

J W Parr - Director

S J Chance - 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.

Freehold property

-

50 years straight line

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.

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 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2019

-

96,361

96,361

Additions

146,605

301

146,906

At 30 June 2020

146,605

96,662

243,267

DEPRECIATION

At 1 July 2019

-

71,488

71,488

Charge for year

2,687

6,239

8,926

At 30 June 2020

2,687

77,727

80,414

NET BOOK VALUE

At 30 June 2020

143,918

18,935

162,853

At 30 June 2019

-

24,873

24,873

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

Plant and

machinery

etc

£

COST

At 1 July 2019

and 30 June 2020

22,834

DEPRECIATION

At 1 July 2019

7,136

Charge for year

3,925

At 30 June 2020

11,061

NET BOOK VALUE

At 30 June 2020

11,773

At 30 June 2019

15,698

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

34,091

24,655

Other debtors

58,862

43,324

92,953

67,979

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

6,873

-

Hire purchase contracts (see note 8)

5,797

5,483

Trade creditors

36,160

30,379

Taxation and social security

27,594

29,697

Other creditors

46,203

21,299

122,627

86,858

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

96,058

-

Hire purchase contracts (see note 8)

4,553

10,350

Other creditors

19,943

19,395

120,554

29,745

Amounts falling due in more than five years:

Repayable by instalments

Bank loan more 5 yr

68,568

-

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2020

2019

£

£

Net obligations repayable:

Within one year

5,797

5,483

Between one and five years

4,553

10,350

10,350

15,833

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

102,931

-

Hire purchase contracts

10,350

15,833

113,281

15,833

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

The bank loan is secured over the property.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

1,477

2,140

Deferred

tax

£

Balance at 1 July 2019

2,140

Decrease in provision

(663

)

Balance at 30 June 2020

1,477

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

50,102

Ordinary

£1

50,102

50,102