Atlantic Diners Limited Company Accounts

ATLANTIC DINERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09211387

Atlantic Diners Limited

Filleted Unaudited Financial Statements

31 December 2016

Atlantic Diners Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Atlantic Diners Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		101,066	38,056

Current assets

Stocks		25,000	2,500
Debtors	6	27,096	17,569
Cash at bank and in hand		5,933	11,320
		--------	--------
		58,029	31,389

Creditors: amounts falling due within one year	7	263,032		91,652
		---------		--------
Net current liabilities			205,003	60,263
			---------	--------
Total assets less current liabilities			( 103,937)	( 22,207)
			---------	--------
Net liabilities			( 103,937)	( 22,207)
			---------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 104,037)	( 22,307)
	---------	--------
Members deficit	( 103,937)	( 22,207)
	---------	--------

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 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 statement of comprehensive income has not been delivered.

For the year ending 31 December 2016 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Atlantic Diners Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 22 September 2017 , and are signed on behalf of the board by:

Mr A Caunce
Director

Company registration number: 09211387

Atlantic Diners Limited

Statement of Changes in Equity

Year ended 31 December 2016

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2015	–	–	–

Loss for the year		( 22,307)	( 22,307)
	----	--------	--------
Total comprehensive income for the year	–	( 22,307)	( 22,307)

Issue of shares	100	–	100
	----	--------	--------
Total investments by and distributions to owners	100	–	100

At 31 December 2015	100	( 22,307)	( 22,207)

Loss for the year		( 81,730)	( 81,730)
	----	--------	--------
Total comprehensive income for the year	–	( 81,730)	( 81,730)

	----	---------	---------
At 31 December 2016	100	( 104,037)	( 103,937)
	----	---------	---------

Atlantic Diners Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Exchange, Haslucks, Green Road, Solihull, B90 2EL.

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 the Republic of Ireland'.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Leasehold Buildings	-	10% straight line
Fixtures & Fittings	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its 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 are 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2015: 1 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2016	42,496	–	–	42,496
Additions	69,690	4,350	1,747	75,787
	---------	-------	-------	---------
At 31 December 2016	112,186	4,350	1,747	118,283
	---------	-------	-------	---------
Depreciation
At 1 January 2016	4,440	–	–	4,440
Charge for the year	11,252	1,088	437	12,777
	---------	-------	-------	---------
At 31 December 2016	15,692	1,088	437	17,217
	---------	-------	-------	---------
Carrying amount
At 31 December 2016	96,494	3,262	1,310	101,066
	---------	-------	-------	---------
At 31 December 2015	38,056	–	–	38,056
	---------	-------	-------	---------

6. Debtors

	2016	2015
	£	£
Other debtors	27,096	17,569
	--------	--------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	399	–
Trade creditors	58,324	11,960
Amounts owed to group undertakings and undertakings in which the company has a participating interest	143,401	74,236
Social security and other taxes	53,775	86
Other creditors	7,133	5,370
	---------	--------
	263,032	91,652
	---------	--------

8. Events after the end of the reporting period

On 14 June 2017 the company disposed of one of the two income generating public houses that were held at the balance sheet date. The director is unable to estimate the effect that this disposal will have on the 31 December 2017 accounts.

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A Caunce	( 4,970)	–	( 4,970)
	-------	----	-------

	2015
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A Caunce	–	( 4,970)	( 4,970)
	----	-------	-------

10. Related party transactions

During the year various transactions took place between Atlantic Diners Limited , Atlantic Holdings Limited, Air Atlantique Limited and Atlantic Central Limited resulting in Atlantic Diners owing Atlantic Central Limited £9,283.15, Air Atlantique Limited £64,158.36 and Atlantic Holdings Limited £69,959.98 at the balance sheet date.

11. Controlling party

At the balance sheet date, the immediate and ultimate parent company was Atlantic Holdings Limited (company number 02811673), a company incorporated in England. On 25 June 2017 these shares were transferred to the director and subsequently was no longer part of a group.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.