Company registration number:
8799683
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FOR THE 6 MONTHS ENDED
31 DECEMBER 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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Chartered Accountants
&
Statutory Auditor
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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
31 DECEMBER 2020
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As restated
unaudited
30 June
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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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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 2 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 DECEMBER 2020
Altinet Limited is a private company limited by shares, incorporated in England under the Companies Act 2006. The registered office and trading address are given on the Company Information page.
The Company has changed its accounting period from 30 June 2021 to 31 December 2020 to be in line with the
period end of its ultimate parent. The previous period financial statements were drawn up for 6 months to 30 June
2020 and so are comparable with the current 6 month period.
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
.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 DECEMBER 2020
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The average monthly number of employees, including directors, during the 6 months was
22
(June 2020 -
24
)
.
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Charge for the 6 months on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 DECEMBER 2020
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As restated
unaudited
30 June
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 DECEMBER 2020
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Allotted, called up and fully paid
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2
(2020 -
2
)
Ordinary
shares of £
0.50
each
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The prior year comparatives have been adjusted to correct the calculation of accrued income and accruals in relation the Company's revenue contracts and associated cost of sales. This resulted in a decrease of debtors due in over one year of £52,054, a decrease of accruals of £8,210 and a reduction in corporation tax creditor of £8,330. The net impact of these adjustments of £35,514 has also decreased reatined earnings.
10.
Financial commitments
Loans included within entities of the group that the Company is a part are secured by fixed and floating charges over the assets of the Company and the group. At the year end the loans amounted to £116,793,353 (2019: 53,998,895).
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Related party transactions
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At the end of the period the Company owes one of its parent companies £724,644. This amount is also the total value of the transactions that occurred during the period between the Company and this parent company regarding various administrative costs.
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The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include this company, is Arrow Communications Holdings Limited. The company’s registered address is The Wharf, Abbey Mills Business Park, Lower Eashing, Godalming, Surrey, GU7 2QN.
The auditors' report on the financial statements for the 6 months ended 31 December 2020 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
The corresponding figures for the period ending 30 June 2020 are unaudited.
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The audit report was signed on
2 December 2021
by
Robin Hopkins FCA
(Senior Statutory Auditor) on behalf of
Menzies LLP
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