Company Registration No. 06023235 (England and Wales)
ADVANCE IT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
ADVANCE IT SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Clive Wheawall
Stewart Braznell
Secretary
Stewart Braznell
Company number
06023235
Registered office
Advance House
9 Waterfall Lane Trading Estate
Old Hill
Birmingham
B64 6PU
Accountants
Neal and Co Business Services Limited
Shakespeare Buildings
26 Cradley Road
Cradley Heath
West Midlands
B64 6AG
ADVANCE IT SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
ADVANCE IT SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Stocks
26,718
25,832
Debtors
3
36,261
25,193
Cash at bank and in hand
89
-
63,068
51,025
Creditors: amounts falling due within one year
4
(56,162)
(46,170)
Net current assets
6,906
4,855
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
6,904
4,853
Total equity
6,906
4,855
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 17 August 2017 and are signed on its behalf by:
Stewart Braznell
Director
Company Registration No. 06023235
ADVANCE IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
Advance IT Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Advance House, 9 Waterfall Lane Trading Estate, Old Hill, Birmingham, B64 6PU.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Advance IT Solutions Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.4
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2015 - 8).
ADVANCE IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
98,278
73,534
Amounts due from group undertakings
(65,386)
(51,071)
Other debtors
3,369
2,730
36,261
25,193
4
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
8,119
86
Trade creditors
38,337
36,512
Corporation tax
511
358
Other taxation and social security
644
7,929
Other creditors
8,551
1,285
56,162
46,170
5
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
2 of £1 each
2
2
2
2
6
Related party transactions