Company Registration No. 08481282 (England and Wales)
Altum Partners Consulting Limited
Unaudited financial statements
for the year ended 30 April 2023
Pages for filing with the registrar
Altum Partners Consulting Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Altum Partners Consulting Limited
Statement of financial position
As at 30 April 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
25,330
8,920
Tangible assets
5
30,160
9,035
Investments
7
9
9
55,499
17,964
Current assets
Debtors
9
2,402,583
1,899,153
Cash at bank and in hand
294,345
227,322
2,696,928
2,126,475
Creditors: amounts falling due within one year
10
(2,266,754)
(1,631,218)
Net current assets
430,174
495,257
Total assets less current liabilities
485,673
513,221
Creditors: amounts falling due after more than one year
11
(110,303)
(161,212)
Provisions for liabilities
(4,413)
Net assets
370,957
352,009
Capital and reserves
Called up share capital
12
11
11
Share premium account
49,999
49,999
Profit and loss reserves
320,947
301,999
Total equity
370,957
352,009
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 2023 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.
The 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.
1
Altum Partners Consulting Limited
Statement of financial position (continued)
As at 30 April 2023
The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
Edward Nash-Steer
Director
Company Registration No. 08481282
2
Altum Partners Consulting Limited
Notes to the financial statements
For the year ended 30 April 2023
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 Borough Yards, 13 Dirty Lane, London, SE1 9PA.
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 amounts 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.
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
The company 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 taken into account the current financial and macro-economic market conditions and are satisfied that the company is in a position to meet its liabilities as they fall due over the next 12 months from the date of signing of these financial statements. On this basis, the financial statements have been prepared on a going concern basis.
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.
3
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
2
Accounting policies (continued)
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.
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
4
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.
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
2
Accounting policies (continued)
5
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.
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.
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
2
Accounting policies (continued)
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 payments 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. Amounts 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.
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.
6
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
2
Accounting policies (continued)
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.
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 leased asset are consumed.
2.15
Government grants
Government grants are recognised at the fair value of the asset received 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:
2023
2022
Number
Number
Total
44
32
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
35,929
21,464
7
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
46,529
Additions
31,381
At 30 April 2023
77,910
Depreciation and impairment
At 1 May 2022
37,494
Depreciation charged in the year
10,256
At 30 April 2023
47,750
Carrying amount
At 30 April 2023
30,160
At 30 April 2022
9,035
6
Intangible fixed assets
Website
£
Cost
At 1 May 2022
13,905
Additions
21,019
At 30 April 2023
34,924
Amortisation and impairment
At 1 May 2022
4,985
Amortisation charged for the year
4,609
At 30 April 2023
9,594
Carrying amount
At 30 April 2023
25,330
At 30 April 2022
8,920
8
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
7
Fixed asset investments
2023
2022
£
£
Investments
9
9
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2022 & 30 April 2023
9
Carrying amount
At 30 April 2023
9
At 30 April 2022
9
8
Subsidiaries
Details of the company's subsidiaries at 30 April 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Altum Consulting BV
Netherlands
Ordinary
100.00
0
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,517,434
1,153,933
Corporation tax recoverable
1,358
1,358
Amounts owed by group undertakings
29,110
3,847
Other debtors
854,681
740,015
2,402,583
1,899,153
9
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
10
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,909
50,909
Invoice finance (secured)
928,127
160,609
Trade creditors
93,536
65,462
Amounts due to group undertakings
13,094
Corporation tax
133,582
241,722
Other taxation and social security
212,679
214,339
Other creditors
847,921
885,083
2,266,755
1,631,219
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.
The invoice financing facility with HSBC Invoice Finance (UK) Limited is secured over certain assets of the company.
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
110,303
161,212
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, £161,212 (2022: £212,121) was outstanding with the interest rate being 1.87% plus base rate per annum. The loan is unsecured.
12
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,059 (2022: 1,059) Ordinary shares of 1p each
11
11
11
11
10
Altum Partners Consulting Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
13
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:
2023
2022
£
£
Within one year
10,896
300,528
Between two and five years
2,771
748
13,667
301,276
14
Related party transactions
Included within other debtors is an amount owed by David McDowell, who is a director of the company. As at the balance sheet date, David McDowell owed £2,427 (2022: £57). This amount is non-interest bearing, unsecured and repayable on demand.
Included within other debtors is an amount owed to Edward Nash-Steer, who is a director of the company. As at the balance sheet date, Edward Nash-Steer owed £4,486 (2022: £3,034). 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.
15
Parent company and controlling party
The parent company is Altum Group Limited. The parent company does not prepare group accounts. Its registered office is Borough Yards, 13 Dirty Lane, London SE1 9PA.
The directors do not consider there to be an ultimate controlling party.
11
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