Company Registration No. 11900424 (England and Wales)
Altum Group Limited
Unaudited financial statements
for the period ended 30 April 2020
Pages for filing with the Registrar
Altum Group Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Altum Group Limited
Statement of financial position
As at 30 April 2020
30 April 2020
Page 1
2020
Notes
£
£
Fixed assets
Investments
3
12
Current assets
-
Creditors: amounts falling due within one year
5
(1)
Net current liabilities
(1)
Total assets less current liabilities
11
Capital and reserves
Called up share capital
6
10
Capital redemption reserve
1
Total equity
11
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial Period ended 30 April 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 members have not required the company to obtain an audit of its financial statements for the Period 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 27 May 2021 and are signed on its behalf by:
David McDowell
Director
Company Registration No. 11900424
Altum Group Limited
Statement of changes in equity
For the period ended 30 April 2020
Page 2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Period ended 30 April 2020:
Profit and total comprehensive income for the period
-
-
318,283
318,283
Issue of share capital
6
10
-
-
10
Dividends
-
-
(251,616)
(251,616)
Redemption of shares
6
-
1
(66,667)
(66,666)
Balance at 30 April 2020
10
1
-
11
Altum Group Limited
Notes to the financial statements
For the period ended 30 April 2020
Page 3
1
Accounting policies
Company information
Altum Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 London Bridge Street, London, SE1 9SG.
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.
1.2
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. See note 8 for further information.
1.3
Reporting period
The
company
was incorporated on
23 March 2019. The company extended its accounting reference period from 30 March 2020 to 30 April 2020, in order to be in line with the rest of the group.
1.4
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 Group Limited
Notes to the financial statements (continued)
For the period ended 30 April 2020
1
Accounting policies (continued)
Page 4
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
.
1.5
Cash and cash equivalents
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.
1.6
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 Group Limited
Notes to the financial statements (continued)
For the period ended 30 April 2020
1
Accounting policies (continued)
Page 5
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.
1.7
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
Number
Total
3
Fixed asset investments
2020
£
Shares in group undertakings and participating interests
12
Altum Group Limited
Notes to the financial statements (continued)
For the period ended 30 April 2020
3
Fixed asset investments (continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 23 March 2019
-
Additions
12
At 30 April 2020
12
Carrying amount
At 30 April 2020
12
4
Subsidiaries
Details of the company's subsidiaries at 30 April 2020 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
shares held
% Held
Direct
Altum Partners Consulting limited
United Kingdom
Recruitment
Ordinary
100
Azura Search Limited
United Kingdom
Dormant
Ordinary
100
The registered offices of the above subsidiaries are: 3 London Bridge Street, London, SE1 9SG for both Altum Partners Consulting Limited and Azura Search Limited.
5
Creditors: amounts falling due within one year
2020
£
Amounts owed to group undertakings
1
Altum Group Limited
Notes to the financial statements (continued)
For the period ended 30 April 2020
Page 7
6
Called up share capital
2020
2020
Ordinary share capital
Number
£
Issued and fully paid
A shares voting of 0.0001p each
14,300
1
B Ordinary shares non-voting of 0.0001p each
36,000
4
Ordinary shares voting of 0.0001p each
45,000
5
95,300
10
On 3 September 2019, a special resolution was passed to sub-divide its Ordinary share capital of 1 of £1 each, into 45,0000 Ordinary Shares of £0.0001 each, 14,300 A Shares of £0.0001 each, 36,000 B Shares of 0.0001 each and 10,600 C Shares of £0.0001 each.
On 23 December 2019, the company carried out a share buyback of 10,600 Ordinary C shares, which were owned by Louise Marcroft. These were redeemed for £66,667 and the shares were also cancelled on the same day. Louise Marcroft was also appointed as a director on 3 September 2019 and resigned on 20 December 2019.
7
Events after the reporting date
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.
The company
and group
have put
in place
necessary measures to mitigate against the effects of COVID-19 on its ability to continue as a going concern. The company
and group
have operating cash flows and management forecasts which do not provide any indication of material cash flow concerns
.
Except the above, there have been no material events after the reporting date which would require disclosure or adjustment to the financial statements for the
period
ended
30 April 2020.
Altum Group Limited
Notes to the financial statements (continued)
For the period ended 30 April 2020
Page 8
8
Related party transactions
During the period, dividends of £59,029, £59,029 and £36,000 were declared and paid to David McDowell, Edward Nash-Steer and Louise Marcroft, respectively.
On 3 September 2019, the company acquired 100% of the share capital in Altum Partners Consulting Limited as part of a share for share exchange, and became its immediate and ultimate parent company.
On 23 March 2019, the company acquired 100% of the share capital in Azura Search Limited and became its immediate and ultimate parent company.
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.