Atlantic Developments (NI) Limited 31/07/2022 iXBRL

Atlantic Developments (NI) Limited 31/07/2022 iXBRL

ATLANTIC DEVELOPMENTS (NI) LIMITED - Company Information

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31/07/2022 2022-07-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2021-08-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP NI069922 2021-08-01 2022-07-31 NI069922 2022-07-31 NI069922 2021-07-31 NI069922 2020-08-01 2021-07-31 NI069922 2021-07-31 NI069922 core:PlantMachinery 2021-08-01 2022-07-31 NI069922 core:FurnitureFittingsToolsEquipment 2021-08-01 2022-07-31 NI069922 core:MotorVehicles 2021-08-01 2022-07-31 NI069922 bus:RegisteredOffice 2021-08-01 2022-07-31 NI069922 bus:LeadAgentIfApplicable 2021-08-01 2022-07-31 NI069922 bus:Director1 2021-08-01 2022-07-31 NI069922 core:PlantMachinery 2021-07-31 NI069922 core:FurnitureFittingsToolsEquipment 2021-07-31 NI069922 core:MotorVehicles 2021-07-31 NI069922 core:PlantMachinery 2022-07-31 NI069922 core:FurnitureFittingsToolsEquipment 2022-07-31 NI069922 core:MotorVehicles 2022-07-31 NI069922 core:WithinOneYear 2022-07-31 NI069922 core:WithinOneYear 2021-07-31 NI069922 core:AfterOneYear 2022-07-31 NI069922 core:AfterOneYear 2021-07-31 NI069922 core:ShareCapital 2022-07-31 NI069922 core:ShareCapital 2021-07-31 NI069922 core:RetainedEarningsAccumulatedLosses 2022-07-31 NI069922 core:RetainedEarningsAccumulatedLosses 2021-07-31 NI069922 core:PlantMachinery 2021-07-31 NI069922 core:FurnitureFittingsToolsEquipment 2021-07-31 NI069922 core:MotorVehicles 2021-07-31 NI069922 bus:Director1 2021-07-31 NI069922 bus:Director1 2022-07-31 NI069922 bus:Director1 2020-07-31 NI069922 bus:Director1 2021-07-31 NI069922 bus:Director1 2020-08-01 2021-07-31 NI069922 bus:SmallEntities 2021-08-01 2022-07-31 NI069922 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 NI069922 bus:FullAccounts 2021-08-01 2022-07-31 NI069922 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 NI069922 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31
Company registration number: NI069922
ATLANTIC DEVELOPMENTS (NI) LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 July 2022
ATLANTIC DEVELOPMENTS (NI) LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
_________________________________________________________________________________________
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
ATLANTIC DEVELOPMENTS (NI) LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
_________________________________________________________________________________________
Company Information
Director Mrs Gail Mallon
Company number NI069922
Registered office 101 Dunnamore Road
Cookstown
Co. Tyrone
BT80 9PF
Business address 101 Dunnamore Road
Cookstown
Co. Tyrone
BT80 9PF
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Barclays Bank Plc
1 Churchill Place
London
E14 5HP
ATLANTIC DEVELOPMENTS (NI) LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ATLANTIC DEVELOPMENTS (NI) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Atlantic Developments (NI) Limited for the year ended 31 July 2022 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Atlantic Developments (NI) Limited, as a body, in accordance with the terms of our engagement letter dated 4 May 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Atlantic Developments (NI) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atlantic Developments (NI) Limited and its director as a body for our work or for this report.
It is your duty to ensure that Atlantic Developments (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Atlantic Developments (NI) Limited. You consider that Atlantic Developments (NI) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Atlantic Developments (NI) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
30 March 2023
ATLANTIC DEVELOPMENTS (NI) LIMITED
BALANCE SHEET (CONTINUED)
31 JULY 2022
_________________________________________________________________________________________
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 56,980 61,384
_______ _______
56,980 61,384
Current assets
Stocks 59,721 8,237
Debtors 6 157,862 92,687
Cash at bank and in hand 225,807 251,449
_______ _______
443,390 352,373
Creditors: amounts falling due
within one year 7 ( 174,755) ( 81,467)
_______ _______
Net current assets 268,635 270,906
_______ _______
Total assets less current liabilities 325,615 332,290
Creditors: amounts falling due
after more than one year 8 ( 29,097) ( 40,442)
_______ _______
Net assets 296,518 291,848
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 296,516 291,846
_______ _______
Shareholders funds 296,518 291,848
_______ _______
For the year ending 31 July 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 March 2023 , and are signed on behalf of the board by:
Mrs Gail Mallon
Director
Company registration number: NI069922
ATLANTIC DEVELOPMENTS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 101 Dunnamore Road, Cookstown, Co. Tyrone, BT80 9PF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2021: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2021 33,999 42,426 66,648 143,073
Additions 4,963 - 6,610 11,573
_______ _______ _______ _______
At 31 July 2022 38,962 42,426 73,258 154,646
_______ _______ _______ _______
Depreciation
At 1 August 2021 23,263 30,418 28,008 81,689
Charge for the year 3,646 3,281 9,050 15,977
_______ _______ _______ _______
At 31 July 2022 26,909 33,699 37,058 97,666
_______ _______ _______ _______
Carrying amount
At 31 July 2022 12,053 8,727 36,200 56,980
_______ _______ _______ _______
At 31 July 2021 10,736 12,008 38,640 61,384
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 147,994 75,045
Other debtors 9,868 17,642
_______ _______
157,862 92,687
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 104,801 50,760
Corporation tax 8,430 7,803
Social security and other taxes 6,354 2,977
Other creditors 45,170 9,927
_______ _______
174,755 81,467
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 29,097 40,442
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Gail Mallon ( 2,573) ( 32,931) ( 35,504)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Gail Mallon ( 312) ( 2,261) ( 2,573)
_______ _______ _______