Company Registration No. SC166236 (Scotland)
ALTA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ALTA LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
ALTA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
5
133,967
175,138
Tangible assets
6
48,114
85,587
182,081
260,725
Current assets
Stocks
631,894
638,369
Debtors - deferred tax
9
5,101
116,332
Debtors - other
7
2,832,920
2,314,812
Cash at bank and in hand
174,071
101,837
3,643,986
3,171,350
Creditors: amounts falling due within one year
8
(1,337,811)
(1,364,781)
Net current assets
2,306,175
1,806,569
Net assets
2,488,256
2,067,294
Capital and reserves
Called up share capital
10
3,000,000
3,000,000
Profit and loss reserves
(511,744)
(932,706)
Total equity
2,488,256
2,067,294
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 15 August 2022 and are signed on its behalf by:
Mr I G James
Director
Company Registration No. SC166236
ALTA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
3,000,000
(1,306,380)
1,693,620
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
373,674
373,674
Balance at 31 December 2020
3,000,000
(932,706)
2,067,294
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
420,962
420,962
Balance at 31 December 2021
3,000,000
(511,744)
2,488,256
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Alta Limited is a private company limited by shares incorporated in Scotland. The registered office is 147 Bath Street, Glasgow, G2 4SN.
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 amounts 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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
20% - 33% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Plant and machinery
5%, 25% and 33% straight line
Computer equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.10
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 balance sheet 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 and cash and bank balances, 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.
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 payments 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. Amounts 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.
1.11
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.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 8 -
1.18
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Intangible assets
Determine whether there are any indicators of impairment in the companies intangible assets. The basis for these judgements are economic viability and the expected future performance of the asset, and the cash generating unit the asset has been allocated to.
3
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,975
9,975
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
39
37
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
5
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
299,089
105,625
404,714
Amortisation and impairment
At 1 January 2021
139,575
90,001
229,576
Amortisation charged for the year
29,909
11,262
41,171
At 31 December 2021
169,484
101,263
270,747
Carrying amount
At 31 December 2021
129,605
4,362
133,967
At 31 December 2020
159,514
15,624
175,138
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
320,167
Additions
9,739
Disposals
(11,323)
At 31 December 2021
318,583
Depreciation and impairment
At 1 January 2021
234,580
Depreciation charged in the year
47,212
Eliminated in respect of disposals
(11,323)
At 31 December 2021
270,469
Carrying amount
At 31 December 2021
48,114
At 31 December 2020
85,587
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,418,511
1,870,100
Other debtors
414,409
424,707
2,832,920
2,294,807
Deferred tax asset
5,101
116,332
2,838,021
2,411,139
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
20,005
Total debtors
2,838,021
2,431,144
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
829,088
688,347
Amounts owed to group undertakings
2,409
Corporation tax
12,467
Other taxation and social security
264,233
528,845
Other creditors
229,614
147,589
1,337,811
1,364,781
On 27 September 2018, Cooperatieve Rabobank U.A. entered a fixed charge against assets held by the company.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2021
2020
Balances:
£
£
Accelerated capital allowances
(10,171)
(19,380)
Tax losses
-
116,421
Non-specific bad debt provision
15,272
19,291
5,101
116,332
2021
Movements in the year:
£
Asset at 1 January 2021
(116,332)
Charge to profit or loss
111,231
Asset at 31 December 2021
(5,101)
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000,000
3,000,000
3,000,000
3,000,000
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
498,802
364,322
12
Related party transactions
Other information
The company has taken advantage of the exemption available in accordance with FRS102 'Section 33 Paragraph 33.1A' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
ALTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
13
Parent company
The ultimate parent company is URUS LP, a company registered in the USA. URUS LP prepares group financial statements and copies can be obtained from URUS LP, 117 E. Green Bay Street, Shawano, Wisconsin, 54166, USA.
14
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
15
Auditor's liability limitation agreement
The company has, by resolution, waived the need for approval of the auditors’ limitation liability, which has been set at £2,000,000 within the letter of engagement dated 23 November 2020. This approval has been confirmed in the letter of representation dated 15 August 2022.
16
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mrs Elizabeth Cottrill FCCA and the auditor was Jerroms.
2021-12-312021-01-01false07 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr C E K WatsonMr M WenzlauMr I G JamesMrs I De Graaf2022-09-07SC1662362021-01-012021-12-31SC1662362021-12-31SC1662362020-12-31SC166236core:NetGoodwill2021-12-31SC166236core:IntangibleAssetsOtherThanGoodwill2021-12-31SC166236core:NetGoodwill2020-12-31SC166236core:IntangibleAssetsOtherThanGoodwill2020-12-31SC166236core:OtherPropertyPlantEquipment2021-12-31SC166236core:OtherPropertyPlantEquipment2020-12-31SC166236core:WithinOneYear2021-12-31SC166236core:WithinOneYear2020-12-31SC166236core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC166236core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-31SC166236core:CurrentFinancialInstruments2021-12-31SC166236core:CurrentFinancialInstruments2020-12-31SC166236core:ShareCapital2021-12-31SC166236core:ShareCapital2020-12-31SC166236core:RetainedEarningsAccumulatedLosses2021-12-31SC166236core:RetainedEarningsAccumulatedLosses2020-12-31SC166236core:ShareCapital2019-12-31SC166236core:RetainedEarningsAccumulatedLosses2019-12-31SC1662362019-12-31SC166236bus:Director32021-01-012021-12-31SC166236core:RetainedEarningsAccumulatedLosses2020-01-012020-12-31SC1662362020-01-012020-12-31SC166236core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31SC166236core:Goodwill2021-01-012021-12-31SC166236core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-31SC166236core:ComputerSoftware2021-01-012021-12-31SC166236core:PlantMachinery2021-01-012021-12-31SC166236core:ComputerEquipment2021-01-012021-12-31SC166236core:MotorVehicles2021-01-012021-12-31SC166236core:NetGoodwill2020-12-31SC166236core:IntangibleAssetsOtherThanGoodwill2020-12-31SC1662362020-12-31SC166236core:NetGoodwill2021-01-012021-12-31SC166236core:OtherPropertyPlantEquipment2020-12-31SC166236core:OtherPropertyPlantEquipment2021-01-012021-12-31SC166236core:AfterOneYear2021-12-31SC166236core:AfterOneYear2020-12-31SC166236bus:PrivateLimitedCompanyLtd2021-01-012021-12-31SC166236bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-31SC166236bus:FRS1022021-01-012021-12-31SC166236bus:Audited2021-01-012021-12-31SC166236bus:Director12021-01-012021-12-31SC166236bus:Director22021-01-012021-12-31SC166236bus:CompanySecretary12021-01-012021-12-31SC166236bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP