Company No: 04109813 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	1,753,942		1,286,064
		1,753,942		1,286,064
Current assets
Stocks	4	1,241,703		438,021
Debtors	5	2,529,458		773,606
Cash at bank and in hand		1,641,100		126,251
		5,412,261		1,337,878
Creditors
Amounts falling due within one year	6	( 4,015,305)		( 957,492)
Net current assets		1,396,956		380,386
Total assets less current liabilities		3,150,898		1,666,450
Creditors
Amounts falling due after more than one year	7	( 307,781)		( 92,094)
Provisions for liabilities	8	( 261,942)		( 236,864)
Net assets		2,581,175		1,337,492
Capital and reserves
Called-up share capital		100		100
Revaluation reserve		34,425		38,250
Profit and loss account		2,546,650		1,299,142
Total shareholders' funds		2,581,175		1,337,492

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Atlantas Marine Limited (registered number: 04109813) were approved and authorised for issue by the Director on 25 August 2022. They were signed on its behalf by:

C R Foll Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Atlantas Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Atlantas House, Armoury Road, Yeovil, BA22 8RL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	10 years straight line
Plant and machinery	10 % reducing balance
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	9		8

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2021	0		89,719		1,739,560		36,974		57,504		1,923,757
Additions	341,360		0		271,767		0		2,319		615,446
Disposals	0		0		( 7,782)		0		( 13,373)		( 21,155)
At 31 March 2022	341,360		89,719		2,003,545		36,974		46,450		2,518,048
Accumulated depreciation
At 01 April 2021	0		89,719		485,794		21,697		40,483		637,693
Charge for the financial year	1,707		0		134,143		3,816		4,485		144,151
Disposals	0		0		( 5,532)		0		( 12,206)		( 17,738)
At 31 March 2022	1,707		89,719		614,405		25,513		32,762		764,106
Net book value
At 31 March 2022	339,653		0		1,389,140		11,461		13,688		1,753,942
At 31 March 2021	0		0		1,253,766		15,277		17,021		1,286,064

The property addition during the year has been purchased through a joint operation and represents 50% of the purchase price of the property.

4. Stocks

	2022		2021
	£		£
Stocks	34,924		57,262
Work in progress	1,206,779		380,759
	1,241,703		438,021

5. Debtors

	2022		2021
	£		£
Trade debtors	2,426,303		739,613
Corporation tax	0		23,973
Other debtors	103,155		10,020
	2,529,458		773,606

Included within other debtors is £65,971 being monies owed to the business as a result of the joint operation that purchased the property addition in the year. This balance is interest free and due on demand.

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans (secured £ 45,000)	55,000		7,906
Trade creditors	2,167,315		380,180
Other creditors	980,708		452,871
Corporation tax	247,311		0
Other taxation and social security	564,971		102,046
Obligations under finance leases and hire purchase contracts	0		14,489
	4,015,305		957,492

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans (secured £ 176,114)	207,781		42,094
Other creditors	100,000		50,000
	307,781		92,094

The bank loan totalling £221,114 is secured on freehold properties of the Company with a carrying value of £325,000.

The unsecured bank borrowings is a balance of £41,667 relating to the outstanding amount due from a Coronavirus Bounce back loan. The total loan is fully guaranteed by the UK government.

8. Provision for liabilities

	2022		2021
	£		£
Deferred tax	261,942		236,864

9. Financial commitments

Commitments

Capital commitments are as follows:

	2022		2021
	£		£
Contracted for but not provided for:
	120,417		84,920

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	27,500		24,920
- between one and five years	92,917		60,000
	120,417		84,920

This relates to non-cancellable operating leases over premises used.

10. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2021, the balance owed by the director was £3,649. During the year, £74,982 was advanced to the director, and £73,000 was repaid by the director. At 31 March 2022, the balance owed by the director was £5,631.

At 1 April 2020, the balance owed to the director was £3,116. During the year, £75,765 was advanced to the director, and £69,000 was repaid by the director. At 31 March 2021, the balance owed by the director was £3,649