ACCOUNTS - Final Accounts preparation

ADVANCED IMAGING TECHNOLOGY LIMITED - Company Information

Registered number: 10735975

ADVANCED IMAGING TECHNOLOGY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

These draft accounts may be subject to material change before finalisation. This information is provided in confidence and is only to be used by the addressee. Wellers and its employees can accept no responsibility (financial or otherwise) in connection with the information provided. If necessary, please contact the relevant office for further clarification.

ADVANCED IMAGING TECHNOLOGY LIMITED

REGISTERED NUMBER: 10735975

BALANCE SHEET

AS AT 30 APRIL 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		388		-
			388		-
Current assets
Stocks		3,390		-
Debtors: amounts falling due within one year	5	15,883		662
Cash at bank and in hand	6	2,750		363
		22,023		1,025
Creditors: amounts falling due within one year	7	(29,324)		(4,164)
Net current liabilities			(7,301)		(3,139)
Total assets less current liabilities			(6,913)		(3,139)

Net liabilities			(6,913)		(3,139)

Capital and reserves
Called up share capital	9	5	5
Profit and loss account		(6,918)	(3,144)
		(6,913)	(3,139)

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ADVANCED IMAGING TECHNOLOGY LIMITED

REGISTERED NUMBER: 10735975

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2021.

Robert Bruce Knox

Director

The notes on pages 3 to 8 form part of these financial statements.

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

1.	General information

Advanced Imaging Technology Limited is a private company limited by shares, incorporated in England. The registered office is 73 Southern Road, Thame, Oxon, OX9 2ED.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

These accounts have been prepared on a going concern basis, on the understanding that the director and shareholder will continue to financially support the company for now and for the foreseeable future. The company had previously been dormant and only commenced trading in April 2019.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 May 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.6

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	581
	At 30 April 2020	581
	Depreciation
	Charge for the year on owned assets	193
	At 30 April 2020	193
	Net book value
	At 30 April 2020	388
	At 30 April 2019	-

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

Debtors

					2020	2019
					£	£


Trade debtors	10,294	500
Other debtors	412	162
Prepayments and accrued income	736	-
Grants receivable	4,441	-
	15,883	662

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	2,750	363
	2,750	363

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	7,518	737
Other taxation and social security	2,018	-
Other creditors	17,288	927
Accruals and deferred income	2,500	2,500
	29,324	4,164

8.	Financial instruments
		2020	2019
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	2,750	363

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

9.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

501 (2019 - 501) Ordinary Shares shares of £0.01 each	5	5

10.	Pension commitments

The Company contributes into a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,550 (2019 - £NIL) .

11.	Controlling party

The company was controlled throughout the year by Mr R B Knox who holds 100% of the issued share capital.

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