Company Registration No. SC249360 (Scotland)
ALTUS INNOVATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
ALTUS INNOVATIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ALTUS INNOVATIONS LTD
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
110
147
Current assets
Debtors
4
4,374
4,143
Cash at bank and in hand
108,095
123,942
112,469
128,085
Creditors: amounts falling due within one year
5
(9,519)
(9,336)
Net current assets
102,950
118,749
Total assets less current liabilities
103,060
118,896
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
103,056
118,892
Total equity
103,060
118,896
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 March 2019 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
.
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 28 October 2019 and are signed on its behalf by:
N MacFarlane
Director
Company Registration No. SC249360
ALTUS INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Altus Innovations Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
B9 Whitecrook Business Centre, 78 Whitecrook Street, Clydebank, G81 1QF.
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.
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.
1.2
Tangible fixed assets
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:
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
1.3
Impairment of fixed 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). 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.
1.4
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.
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
ALTUS INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
5,814
2,509
8,323
Depreciation and impairment
At 1 April 2018
5,667
2,509
8,176
Depreciation charged in the year
37
-
37
At 31 March 2019
5,704
2,509
8,213
Carrying amount
At 31 March 2019
110
-
110
At 31 March 2018
147
-
147
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
858
858
Other debtors
3,516
3,285
4,374
4,143
5
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
7,434
7,535
Accruals and deferred income
2,085
1,801
9,519
9,336
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary of £1 each
4
4
4
4
ALTUS INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
7
Related party transactions
Transactions with related parties
2019
2018
Amounts owed to related parties
£
£
Other related parties
7,435
7,535
8
Directors' transactions
This loan is unsecured, interest free and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan Account
-
3,285
3,600
(3,500)
3,385
3,285
3,600
(3,500)
3,385