Atlantic (Supertrim) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08548911 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

FOR

ATLANTIC (SUPERTRIM) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Waller

SECRETARY:

D Waller

REGISTERED OFFICE:

Godley Holme

Station Road

Rowlands Gill

Tyne and Wear

NE39 1PZ

REGISTERED NUMBER:

08548911 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

26,400

37,400

Tangible assets

5

3,348

4,385

29,748

41,785

CURRENT ASSETS

Stocks

2,400

2,400

Debtors

6

22,058

7,107

Cash at bank and in hand

18,794

10,771

43,252

20,278

CREDITORS

Amounts falling due within one year

7

48,600

30,486

NET CURRENT LIABILITIES

(5,348

)

(10,208

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,400

31,577

PROVISIONS FOR LIABILITIES

636

1,037

NET ASSETS

23,764

30,540

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

23,664

30,440

SHAREHOLDERS' FUNDS

23,764

30,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 July 2017 and were signed by:

D Waller - Director

1.	STATUTORY INFORMATION

Atlantic (Supertrim) Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover derives from the principal activity of the company which is that of a hair salon. Income from the

activity is recognised as services are supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Stocks

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

moving items.

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

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

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

44,000

AMORTISATION

At 1 June 2016

6,600

Charge for year

11,000

At 31 May 2017

17,600

NET BOOK VALUE

At 31 May 2017

26,400

At 31 May 2016

37,400

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

5,772

Additions

500

At 31 May 2017

6,272

DEPRECIATION

At 1 June 2016

1,387

Charge for year

1,537

At 31 May 2017

2,924

NET BOOK VALUE

At 31 May 2017

3,348

At 31 May 2016

4,385

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

22,058

7,107

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

226

1,186

Taxation and social security

14,237

2,153

Other creditors

34,137

27,147

48,600

30,486

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

2,100

-

Between one and five years

2,625

-

4,725

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

During the year the director maintained an interest free loan to the company. At 31 May 2017 the balance on the

loan was £32,662 (2016: £25,747).