ADVANCED_INTERNET_SOLUTIO - Accounts

ADVANCED INTERNET SOLUTIONS LTD. - Company Information

Print Friendly Version

Company Registration No. 04010190 (England and Wales)

ADVANCED INTERNET SOLUTIONS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2013

ADVANCED INTERNET SOLUTIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

ADVANCED INTERNET SOLUTIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2013

- 1 -

2013

2012

Notes

Fixed assets

Tangible assets

27,159

4,925

Current assets

Stocks

18,000

Debtors

16,217

47,070

Cash at bank and in hand

43,988

24,324

78,205

71,394

Creditors: amounts falling due within one year

(44,992)

(45,141)

Net current assets

33,213

26,253

Total assets less current liabilities

60,372

31,178

Creditors: amounts falling due after more than one year

(18,381)

Provisions for liabilities

(638)

(940)

41,353

30,238

Capital and reserves

Called up share capital

999

Profit and loss account

40,354

29,239

Shareholders' funds

41,353

30,238

ADVANCED INTERNET SOLUTIONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2013

- 2 -

For the financial year ended 31 October 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 31 July 2014

J R Peake

Director

Company Registration No. 04010190

ADVANCED INTERNET SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2013

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% straight line

Fixtures, fittings & equipment

25% Straight line

Motor vehicles

25% reducing balance

1.4

Leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.

ADVANCED INTERNET SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2013

- 4 -

Fixed assets

Tangible assets

Cost

At 1 November 2012

13,410

Additions

24,818

At 31 October 2013

38,228

Depreciation

At 1 November 2012

8,485

Charge for the year

2,584

At 31 October 2013

11,069

Net book value

At 31 October 2013

27,159

At 31 October 2012

4,925

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £5,410 (2012 - £-).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £18,381 (2012 - £-).

Share capital

2013

2012

Allotted, called up and fully paid

999 Ordinary shares of £1 each

999

ADVANCED INTERNET SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2013

- 5 -

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

J R Peake - loan account

(4,701)

26,718

(25,500)

(3,483)

(4,701)

26,718

(25,500)

(3,483)