Company Registration No. SC249360 (Scotland)
ALTUS INNOVATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
82
110
Current assets
Debtors
4
4,343
4,374
Cash at bank and in hand
91,250
108,095
95,593
112,469
Creditors: amounts falling due within one year
5
(9,225)
(9,519)
Net current assets
86,368
102,950
Total assets less current liabilities
86,450
103,060
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
86,446
103,056
Total equity
86,450
103,060
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 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 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 4 November 2020 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 2020
- 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
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-changing situation as effectively as possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
1.3
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
1.4
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.
1.5
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.
1.6
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 2020
- 3 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2019 and 31 March 2020
5,814
2,509
8,323
Depreciation and impairment
At 1 April 2019
5,704
2,509
8,213
Depreciation charged in the year
28
-
28
At 31 March 2020
5,732
2,509
8,241
Carrying amount
At 31 March 2020
82
-
82
At 31 March 2019
110
-
110
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
4,343
4,374
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
9,225
9,519
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary of £1 each
4
4
7
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-changing situation as effectively as possible.
ALTUS INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
8
Related party transactions
Transactions with related parties
2020
2019
Amounts owed to related parties
£
£
Other related parties
7,335
7,435
9
Directors' transactions
This loan is unsecured, interest free and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
I Galbraith -
-
3,385
3,600
(3,500)
3,485
3,385
3,600
(3,500)
3,485