Company Registration No. 08481282 (England and Wales)
Altum Partners Consulting Limited
Unaudited financial statements
for the year ended 30 April 2021
Pages for filing with the Registrar
Altum Partners Consulting Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13
Altum Partners Consulting Limited
Statement of financial position
As at 30 April 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
7
4,750
6,331
Tangible assets
6
4,735
7,105
Investments
8
9
9
9,494
13,445
Current assets
Debtors
10
1,462,276
1,015,315
Cash at bank and in hand
216,084
213,587
1,678,360
1,228,902
Creditors: amounts falling due within one year
12
(1,181,275)
(1,114,024)
Net current assets
497,085
114,878
Total assets less current liabilities
506,579
128,323
Creditors: amounts falling due after more than one year
11
(216,448)
Net assets
290,131
128,323
Capital and reserves
Called up share capital
13
11
11
Share premium account
49,999
49,999
Profit and loss reserves
240,121
78,313
Total equity
290,131
128,323
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 30 April 2021 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
Altum Partners Consulting Limited
Statement of financial position (continued)
As at 30 April 2021
Page 2
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 25 March 2022 and are signed on its behalf by:
David McDowell
Director
Company Registration No. 08481282
Altum Partners Consulting Limited
Statement of changes in equity
For the year ended 30 April 2021
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2019
11
49,999
75,966
125,976
Year ended 30 April 2020:
Profit and total comprehensive income for the year
-
-
411,352
411,352
Dividends
-
-
(409,005)
(409,005)
Balance at 30 April 2020
11
49,999
78,313
128,323
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
-
411,184
411,184
Dividends
-
-
(249,376)
(249,376)
Balance at 30 April 2021
11
49,999
240,121
290,131
Altum Partners Consulting Limited
Statement of changes in equity (continued)
For the year ended 30 April 2021
Page 4
1
Critical accounting 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.
2
Accounting policies
Company information
Altum Partners Consulting Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
24/25 The Shard Offices, 32 London Bridge Street, London, SE1 9SG.
2.1
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
2.2
Going concern
A strain of coronavirus (COVID-19) which was classified as a pandemic by the World Health Organization on 11 March 2020, has been impacting countries globally. The potential impacts from COVID-19 remain uncertain, including, among other things, on economic conditions, businesses and consumers. To mitigate the effects of disruption arising from COVID-19, the company and group has been regularly reviewing its profitability and cash flow projections for the forthcoming financial year as well as its contractual obligations to clients and suppliers. The directors have an expectation that the company and group will continue in operational existence for the forthcoming 12 months.
Altum Partners Consulting Limited
Notes to the financial statements
For the year ended 30 April 2021
2
Accounting policies (continued)
Page 5
2.3
Turnover
Turnover is stated net of VAT and discounts provided. Turnover arising from temporary placements is recognised in the period that the service is provided. Turnover arising from placement of candidates in permanent employment is recognised at the earlier of start date of the candidate or the date at which a contractual right to invoice arises.
2.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website
Over 5 years
2.5
Tangible fixed assets
Tangible fixed assets
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:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
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
.
2.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
2
Accounting policies (continued)
Page 6
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
2.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 (or cash-generating unit) 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 (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.8
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
2
Accounting policies (continued)
Page 7
2.9
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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
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
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
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 creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
2.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
2
Accounting policies (continued)
Page 8
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is 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. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
2
Accounting policies (continued)
Page 9
2.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
2.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
.
2.16
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
in the period
are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
26
24
4
Directors' remuneration
2021
2020
£
£
Remuneration paid to directors
15,556
83,976
5
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
105,000
118,000
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
5
Taxation (continued)
Page 10
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2020
36,543
Additions
1,846
At 30 April 2021
38,389
Depreciation and impairment
At 1 May 2020
29,438
Depreciation charged in the year
4,217
At 30 April 2021
33,655
Carrying amount
At 30 April 2021
4,734
At 30 April 2020
7,105
7
Intangible fixed assets
Website
£
Cost
At 1 May 2020 and 30 April 2021
7,906
Amortisation and impairment
At 1 May 2020
1,575
Amortisation charged for the year
1,581
At 30 April 2021
3,156
Carrying amount
At 30 April 2021
4,750
At 30 April 2020
6,331
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
Page 11
8
Fixed asset investments
2021
2020
£
£
Investments
9
9
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2020 & 30 April 2021
9
Carrying amount
At 30 April 2021
9
At 30 April 2020
9
9
Subsidiaries
Details of the company's subsidiaries at 30 April 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Altum Consulting BV
Netherlands
Ordinary
100.00
0
10
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
751,041
556,460
Corporation tax recoverable
1,358
1,358
Amounts owed by group undertakings
197,868
222,747
Other debtors
512,009
234,750
1,462,276
1,015,315
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
Page 12
11
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
216,448
During the year the company took out a Coronavirus Business Interruption Loan (CBIL) of £280,000 with Lloyds Bank Plc, which is repayable over 6 years. At the balance sheet date, £263,030 was outstanding with the interest rate being 1.87% plus base rate per annum.
12
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
46,582
-
Invoice finance (secured)
130,780
298,695
Trade creditors
162,338
238,146
Corporation tax
209,307
118,000
Other taxation and social security
303,438
198,220
Other creditors
328,830
260,963
1,181,275
1,114,024
The invoice financing facility with Lloyds Bank Commercial Finance Limited is secured over certain personal assets of David McDowell and Edward Nash-Steer, who are both directors of the company.
13
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,059 (2020: 1,059) Ordinary shares voting of 1p each
11
11
11
11
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2021
Page 13
14
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:
2021
2020
£
£
Within one year
165,752
236,810
Between two and five years
10,819
176,572
176,571
413,382
15
Related party transactions
Included within other debtors was an amount owed by David McDowell, who is a director of the company. As at the balance sheet date, David McDowell owed £57 (2020: £492). This amount is non-interest bearing, unsecured and repayable on demand.
Included within other debtors was an amount owed to Edward Nash-Steer, who is a director of the company. As at the balance sheet date, Edward Nash-Steer owed £3,019 (2020: was owed £156). This amount is non-interest bearing, unsecured and repayable on demand.
The company has taken advantage of the exemption available under the Financial Reporting Standard 102 not to disclose transactions with other members of the group.
2021-04-30
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false
25 March 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
David McDowell
Patrick Glydon
Edward Nash-Steer
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