Atlantis Jewels Ltd - Period Ending 2022-09-30

Atlantis Jewels Ltd - Period Ending 2022-09-30


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Registration number: 04468252

Atlantis Jewels Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2022

 

Atlantis Jewels Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Atlantis Jewels Ltd

Company Information

Directors

Margaret Clark

Christopher Clark

Company secretary

Margaret Clark

Registered office

Julia Evans Accountants Ltd
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE

Accountants

Julia Evans Accountants Ltd
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE

 

Atlantis Jewels Ltd

(Registration number: 04468252)
Balance Sheet as at 30 September 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

6,081

5,626

Current assets

 

Stocks

54,256

52,912

Debtors

5

3,163

3,201

Cash at bank and in hand

 

5,162

12,496

 

62,581

68,609

Creditors: Amounts falling due within one year

6

(53,707)

(56,358)

Net current assets

 

8,874

12,251

Total assets less current liabilities

 

14,955

17,877

Provisions for liabilities

(1,155)

(1,069)

Net assets

 

13,800

16,808

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

13,798

16,806

Shareholders' funds

 

13,800

16,808

For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 June 2023 and signed on its behalf by:
 

.........................................
Margaret Clark
Company secretary and director

 

Atlantis Jewels Ltd

Notes to the Financial Statements for the Year Ended 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Julia Evans Accountants Ltd
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE

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.

Government grants

Government grants have been recognised under the accrual model.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

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.

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.

 

Atlantis Jewels Ltd

Notes to the Financial Statements for the Year Ended 30 September 2022

Deferred tax is recognised on all 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. 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.

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

Furniture, fittings and equipment

15% reducing balance

Other property, plant and equipment

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Atlantis Jewels Ltd

Notes to the Financial Statements for the Year Ended 30 September 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2021

710

32,169

32,879

Additions

1,101

427

1,528

At 30 September 2022

1,811

32,596

34,407

Depreciation

At 1 October 2021

499

26,754

27,253

Charge for the year

197

876

1,073

At 30 September 2022

696

27,630

28,326

Carrying amount

At 30 September 2022

1,115

4,966

6,081

At 30 September 2021

211

5,415

5,626

5

Debtors

Current

2022
£

2021
£

Prepayments

3,163

3,201

 

Atlantis Jewels Ltd

Notes to the Financial Statements for the Year Ended 30 September 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

6,730

-

Trade creditors

 

1,390

2,526

Taxation and social security

 

6,275

11,846

Accruals and deferred income

 

874

837

Other creditors

 

38,438

41,149

 

53,707

56,358

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

6,730

-