ADVANCED_INDUSTRIAL_TECHN - Accounts

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED - Company Information

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Company Registration No. 02783657 (England and Wales)

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

650

711

Tangible assets

1,625,806

1,539,308

1,626,456

1,540,019

Current assets

Stocks

335,517

282,394

Debtors

6,144,863

5,225,105

Cash at bank and in hand

153,814

158,319

6,634,194

5,665,818

Creditors: amounts falling due within one year

(7,469,135)

(4,897,055)

Net current (liabilities)/assets

(834,941)

768,763

Total assets less current liabilities

791,515

2,308,782

Creditors: amounts falling due after more than one year

(791,512)

(870,313)

1,438,469

Capital and reserves

Called up share capital

Profit and loss account

1,438,467

Shareholders' funds

1,438,469

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 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 20 September 2016

K Slack

Director

Company Registration No. 02783657

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

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

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and interest charged on loans.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land 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:

Land and buildings Freehold

50 years Straight Line

Fixtures, fittings & equipment

25% Reducing Balance

1.6

Revenue recognition

Revenue for the sale of goods is recognised on the transfer of risks and rewards of ownership, which generally coincides with the time when the goods are collected by customers and title has passed. Interest income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable.

ADVANCED INDUSTRIAL TECHNOLOGY CORPORATION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015

1,216

2,025,424

2,026,640

Additions

231,585

Disposals

(107,580)

At 31 December 2015

1,216

2,149,429

2,150,645

Depreciation

At 1 January 2015

505

486,115

486,620

On disposals

(4,222)

Charge for the year

41,730

41,791

At 31 December 2015

566

523,623

524,189

Net book value

At 31 December 2015

650

1,625,806

1,626,456

At 31 December 2014

711

1,539,308

1,540,019

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £67,366 (2014 - £67,366).

The bank loans and overdraft totalling £119,395 (2005 - £296,300) are secured against the company's freehold property.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £791,512 (2014 - £870,313).

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each