Company registration number:
8799683
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UNAUDITED
FINANCIAL STATEMENTS
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FOR THE 6 MONTHS ENDED
30 JUNE 2020
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COMPANY INFORMATION
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R E Burke
(appointed
13 July 2020
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D A Lee
(appointed
4 January 2021
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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ALTINET LIMITED
REGISTERED NUMBER:
8799683
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STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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ALTINET LIMITED
REGISTERED NUMBER:
8799683
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 JUNE 2020
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 6 months in question in accordance with section 476 of the Companies Act 2006.
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
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 JUNE 2020
Altinet Limited is a private company limited by shares, incorporated in England and Wales under Companies Act 2006. The address of the registered office is given on the company information page. The functional and presentational currency is GBP.
The company has changed its accounting period from 31 December 2020 to 30 June 2020, which was to prepare the financial statements up until the point of a change of its ownership by the ultimate parent company. The accounts are drawn up for 6 months to 30 June 2020 and therefore the financial statements are not entirely comparable with the prior period of 12 months from 1 January 2019 to 31 December 2019.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue relating to services rendered to a customer where there is no further recourse, or any requirement to provide further services, is recognised up front, along with the associated costs. Unbilled amounts relating to this are recognised as accrued income. Other recurring services are recognised over the period that they are provided.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 JUNE 2020
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the 6 months was
24
(2019 -
22
)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 JUNE 2020
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Charge for the 6 months on owned assets
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Prepayments and accrued income
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Included within prepayments and accrued income is £655,182 (2019: £436,828) relating amounts due in over one year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 JUNE 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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