Company Registration No. 03373313 (England and Wales)
ASSET INTERTECH, LIMITED
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
1,195
915
Current assets
Trade and other receivables
5
5,377
5,215
Cash and cash equivalents
17,503
8,136
22,880
13,351
Current liabilities
6
(27,225)
(18,725)
Net current liabilities
(4,345)
(5,374)
Net liabilities
(3,150)
(4,459)
Equity
Called up share capital
3
3
Other reserves
7
779,726
793,673
Retained earnings
(782,879)
(798,135)
Total equity
(3,150)
(4,459)
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 2020 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 23 July 2021 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 2020
- 2 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
Balance at 1 January 2019
3
(998,647)
(998,644)
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
200,512
200,512
Other movements
-
793,673
-
793,673
Balance at 31 December 2019
3
793,673
(798,135)
(4,459)
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
15,256
15,256
Other movements
-
(13,947)
-
(13,947)
Balance at 31 December 2020
3
779,726
(782,879)
(3,150)
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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
Moore (South) LLP, The Quay, 30 Channel Way, Ocean Village, Southampton, Hampshire, SO14 3TG.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of
Asset Intertech, Inc.
These consolidated financial statements are available from its registered office,
7161 Bishop Rd, Suite 250, Plano, TX 75024, United States.
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 had a substantial loan totalling £1,301,533 outstanding at the end of the 2018 financial year. This loan which stood at £793,673 at the 2019 year end was transferred to equity as a Capital Contribution reserve. The current years balance sheet reserve stands at £779,726.
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.
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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).
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.
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
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.
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
.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
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.
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
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 2025.
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
.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was 2 (2019 - 2). The directors are employed by the parent company.
2020
2019
Number
Number
Total
2
2
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2020
13,161
Additions
1,293
At 31 December 2020
14,454
Depreciation and impairment
At 1 January 2020
12,246
Depreciation charged in the year
1,013
At 31 December 2020
13,259
Carrying amount
At 31 December 2020
1,195
At 31 December 2019
915
5
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Other receivables
5,377
5,215
6
Current liabilities
2020
2019
£
£
Taxation and social security
1,882
4,050
Other payables
25,343
14,675
27,225
18,725
ASSET INTERTECH, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
7
Other reserves
The total value of other reserves at the year end totalled £779,726 due to the parent company, Asset Intertech, Inc.by way of a Capital Contribution reserve.
8
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:
2020
2019
£
£
2,275
4,550
9
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). Transactions are made under the group's transfer pricing policies.
10
Parent company
The parent company of Asset Intertech, Limited is Asset Intertech, Inc, a company incorporated in USA. The company's registered office is 7161 Bishop Rd, Suite 250, Plano, TX 75024, United States.