ACCOUNTS - Final Accounts preparation

ADVANCED IMAGING TECHNOLOGY LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-05-01falseNo description of principal activity22falsetrue 10735975 2022-05-01 2023-04-30 10735975 2021-05-01 2022-04-30 10735975 2023-04-30 10735975 2022-04-30 10735975 c:Director1 2022-05-01 2023-04-30 10735975 d:OfficeEquipment 2022-05-01 2023-04-30 10735975 d:OfficeEquipment 2023-04-30 10735975 d:OfficeEquipment 2022-04-30 10735975 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 10735975 d:CurrentFinancialInstruments 2023-04-30 10735975 d:CurrentFinancialInstruments 2022-04-30 10735975 d:Non-currentFinancialInstruments 2023-04-30 10735975 d:Non-currentFinancialInstruments 2022-04-30 10735975 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10735975 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 10735975 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10735975 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 10735975 d:ShareCapital 2023-04-30 10735975 d:ShareCapital 2022-04-30 10735975 d:RetainedEarningsAccumulatedLosses 2023-04-30 10735975 d:RetainedEarningsAccumulatedLosses 2022-04-30 10735975 c:OrdinaryShareClass1 2022-05-01 2023-04-30 10735975 c:OrdinaryShareClass1 2023-04-30 10735975 c:OrdinaryShareClass1 2022-04-30 10735975 c:FRS102 2022-05-01 2023-04-30 10735975 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 10735975 c:FullAccounts 2022-05-01 2023-04-30 10735975 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10735975

ADVANCED IMAGING TECHNOLOGY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

ADVANCED IMAGING TECHNOLOGY LIMITED

REGISTERED NUMBER: 10735975

BALANCE SHEET

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		443		664
			443		664
Current assets
Stocks		31,986		28,732
Debtors: amounts falling due within one year	5	51,065		24,715
Cash at bank and in hand	6	1,412		40,015
		84,463		93,462
Creditors: amounts falling due within one year	7	(54,879)		(64,483)
Net current assets			29,584		28,979
Total assets less current liabilities			30,027		29,643
Creditors: amounts falling due after more than one year	8		(5,000)		(5,000)

Net assets			25,027		24,643

Capital and reserves
Called up share capital	9	5	5
Profit and loss account		25,022	24,638
		25,027	24,643

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ADVANCED IMAGING TECHNOLOGY LIMITED

REGISTERED NUMBER: 10735975

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2023

The directors consider 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 directors acknowledge their 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 by:

Robert Bruce Knox

Director

Date: 30 January 2024

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

Page 2

ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

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.

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 2023

2.Accounting policies (continued)

2.4

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.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

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.

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.9

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 2023

2.Accounting policies (continued)

2.9

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.

2.10

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 out basis. 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.

2.11

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.

2.12

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.

2.13

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 2023

2.Accounting policies (continued)

2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 May 2022	1,687
	At 30 April 2023	1,687
	Depreciation
	At 1 May 2022	1,023
	Charge for the year on owned assets	221
	At 30 April 2023	1,244
	Net book value
	At 30 April 2023	443
	At 30 April 2022	664

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Debtors

					2023	2022
					£	£


Trade debtors	45,557	18,889
Other debtors	4,330	4,063
Prepayments and accrued income	1,178	1,763
	51,065	24,715

6.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	1,412	40,015
	1,412	40,015

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Other loans	3,535	8,073
Trade creditors	14,980	4,254
Corporation tax	5,890	5,623
Other taxation and social security	503	-
Other creditors	26,471	41,783
Accruals and deferred income	3,500	4,750
	54,879	64,483

8.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Accruals and deferred income	5,000	5,000
	5,000	5,000

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ADVANCED IMAGING TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

9.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

501 (2022 - 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 £Nil (2022 - £500) .

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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