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 2018

for

Atlantis Water Treatment Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J W Parr

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

32,654

13,216

CURRENT ASSETS

Stocks

35,957

74,364

Debtors

5

73,757

39,434

Cash at bank

4,472

22,929

114,186

136,727

CREDITORS

Amounts falling due within one year

6

53,178

46,551

NET CURRENT ASSETS

61,008

90,176

TOTAL ASSETS LESS CURRENT LIABILITIES

93,662

103,392

CREDITORS

Amounts falling due after more than one year

7

(34,918

)

(29,385

)

PROVISIONS FOR LIABILITIES

10

(3,051

)

-

NET ASSETS

55,693

74,007

CAPITAL AND RESERVES

Called up share capital

11

50,102

50,102

Retained earnings

5,591

23,905

SHAREHOLDERS' FUNDS

55,693

74,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 7 November 2018 and were signed by:

J W Parr - 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 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 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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2017

73,910

Additions

25,402

Disposals

(3,400

)

At 30 June 2018

95,912

DEPRECIATION

At 1 July 2017

60,694

Charge for year

5,482

Eliminated on disposal

(2,918

)

At 30 June 2018

63,258

NET BOOK VALUE

At 30 June 2018

32,654

At 30 June 2017

13,216

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

Plant and

machinery

etc

£

COST

At 1 July 2017

15,100

Additions

22,834

Transfer to ownership

(12,000

)

At 30 June 2018

25,934

DEPRECIATION

At 1 July 2017

9,050

Charge for year

2,412

Transfer to ownership

(7,985

)

At 30 June 2018

3,477

NET BOOK VALUE

At 30 June 2018

22,457

At 30 June 2017

6,050

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

33,038

39,434

Other debtors

40,719

-

73,757

39,434

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

5,704

1,042

Trade creditors

12,915

9,934

Taxation and social security

12,142

14,793

Other creditors

22,417

20,782

53,178

46,551

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

15,832

535

Other creditors

19,086

28,850

34,918

29,385

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

5,704

1,042

Between one and five years

15,832

535

21,536

1,577

Non-cancellable

operating leases

2018

2017

£

£

Within one year

-

5,123

Between one and five years

-

2,619

-

7,742

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

21,536

1,577

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

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

3,051

-

Deferred

tax

£

Charge to Income Statement during year

3,051

Increase in provision

Balance at 30 June 2018

3,051

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

50,102

Ordinary

£1

50,102

50,102