Advanced Technology Company London Ltd - Period Ending 2017-06-30

Registration number: 08527079

Advanced Technology Company London Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

Pages for Filing with Registrar

Advanced Technology Company London Ltd

(Registration number: 08527079)
Balance Sheet as at 30 June 2017

	Note	2017 €	2016 €
Current assets
Debtors	4	1,188,600	1,340,763
Cash at bank and in hand		4,116	5,189
		1,192,716	1,345,952
Creditors: Amounts falling due within one year	5	(1,097,210)	(1,274,827)
Net assets		95,506	71,125
Capital and reserves
Called up share capital		1,277	1,277
Profit and loss account		94,229	69,848
Total equity		95,506	71,125

For the financial year ending 30 June 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 March 2018
 

.........................................

T M De Geetere

Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Advanced Technology Company London Ltd

Notes to the Financial Statements for the Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
35 Great St Helen's
London
EC3A 6AP
United Kingdom

Principal activity

The principal activity of the company is that of buying and selling mobile phones and other electrical goods.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Page 2

Advanced Technology Company London Ltd

Notes to the Financial Statements for the Year Ended 30 June 2017

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Page 3

Advanced Technology Company London Ltd

Notes to the Financial Statements for the Year Ended 30 June 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

4

Debtors

	2017 €	2016 €
Trade debtors	1,177,293	1,130,437
Other debtors	11,307	210,326
Total current trade and other debtors	1,188,600	1,340,763

5

Creditors

	Note	2017 €	2016 €
Due within one year
Trade creditors		15,573	895
Income tax liability		6,001	6,352
Other creditors		1,075,636	1,267,580
		1,097,210	1,274,827

Page 4

Advanced Technology Company London Ltd

Notes to the Financial Statements for the Year Ended 30 June 2017

6

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

7	Related party transactions

Summary of transactions with other related parties

Mr T M De Geetere
Director
A company controlled by the Director (Cippo NV) has made a charge for his services as a Director for the year ended 30 June 2017 of €40,291 (2016 - €21,000).

Cippo NV
Associated Company
Interest of €13,800 (2016 - €13,800) was payable by Advanced technology Company London Ltd on a loan between Advanced Technology Company London Ltd and Cippo NV. At the balance sheet date the amount due to Cippo NV was €100,000 (2016 - €100,000).
 

8	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial statements under UK GAAP were for the year ended 30 June 2016. The date of transition to FRS 102 Section 1A was 1 July 2015. There are no transitional adjustments arising from the first time adoption of FRS 102 Section 1A.

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