Company Registration No. 03373313 (England and Wales)
ASSET INTERTECH, LIMITED
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ASSET INTERTECH, LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
ASSET INTERTECH, LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
425
2,842
Current assets
Trade and other receivables
4
303,081
303,059
Cash and cash equivalents
7,221
8,256
310,302
311,315
Current liabilities
5
(1,070,074)
(1,435,037)
Net current liabilities
(759,772)
(1,123,722)
Total assets less current liabilities
(759,347)
(1,120,880)
Equity
Called up share capital
6
3
3
Retained earnings
(759,350)
(1,120,883)
Total equity
(759,347)
(1,120,880)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2018 and are signed on its behalf by:
Mr B Troxel
Director
Company Registration No. 03373313
ASSET INTERTECH, LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2016
3
(904,706)
(904,703)
Year ended 31 December 2016:
Loss and total comprehensive income for the year
-
(216,177)
(216,177)
Balance at 31 December 2016
3
(1,120,883)
(1,120,880)
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
361,533
361,533
Balance at 31 December 2017
3
(759,350)
(759,347)
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Asset Intertech, Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The French Quarter, 114 High Street, Southampton, SO14 2AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company relies on the support of its parent company, Asset Intertech, Inc. to meets its day to day working capital requirements and has a substantial loan totalling £1,058,502 outstanding at the balance sheet date.
true
The parent company has confirmed that it will continue to support the company for at least twelve months from the date of approval of these accounts to ensure that the company can meet its obligations as they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the facility by the parent company.
1.3
Revenue
Turnover represents fees receivable for marketing services net of VAT and trade discounts.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the
asset
is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or less
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, ar
e
measured at transaction price including transaction
costs.
Other financial assets
Other financial assets are measured at fair value, which is normally the transaction price.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from
fellow group companies are recognised at transaction price
.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised at transaction price
.
1.8
Taxation
When applicable, t
he tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
When applicable, t
he tax payable
would be
based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
When applicable, t
he
company’s
liability for current tax
would be
calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
When applicable, deferred taxation would be provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. However, no provision has been made for the deferred tax asset arising on the tax losses which have accrued over the years on the basis that the asset may not be fully realised until at least 2020.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the lease
.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Employees
The average monthly number of persons employed by the company during the year was 2 (2016 - 2
). The directors are employed by the parent company.
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2017
12,170
Additions
499
At 31 December 2017
12,669
Depreciation and impairment
At 1 January 2017
9,328
Depreciation charged in the year
2,916
At 31 December 2017
12,244
Carrying amount
At 31 December 2017
425
At 31 December 2016
2,842
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
298,093
298,092
Other receivables
4,988
4,967
303,081
303,059
5
Current liabilities
2017
2016
£
£
Amounts due to group undertakings
1,058,502
1,421,434
Other taxation and social security
3,511
3,220
Other payables
8,061
10,383
1,070,074
1,435,037
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
3
3
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
2,883
6,028
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
8
Related party transactions
Transactions with related parties
The company's sales consist of Marketing services to its parent, Asset Intertech Inc. and fellow subsidiary, International Test Technologies, Limited (Ireland). At the year end, the company owed £1,058,502 (2016: £1,421,434) to its parent and was owed £298,092 (2016: £298,092) from its fellow subsidiary. Transactions are made under the group's transfer pricing policies.
9
Parent company
The parent company of Asset Intertech, Limited is Asset Intertech, Inc, a company incorporated in USA. The company's registered office is 2201 N. Central Expy., Ste 105, Richardson, TX 75080.