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Company registration number: 08741254
Altade Ltd
Unaudited filleted financial statements
31 December 2022
Altade Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Altade Ltd
Directors and other information
Directors Mr Dane Lawrence
Mrs Joy Lawrence
Company number 08741254
Registered office Elevation House
23 Commercial Road
Lowestoft
Suffolk
NR32 2TD
Accountants 4cast
Woodside Lane
Bell Bar
Hertfordshire
AL9 6DE
Altade Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Altade Ltd
Year ended 31 December 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2022 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
4cast
Woodside Lane
Bell Bar
Hertfordshire
AL9 6DE
29 September 2023
Altade Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 341,932 96,963
Investments 7 569,860 558,543
_______ _______
911,792 655,506
Current assets
Stocks 543,128 397,904
Debtors 8 641,474 508,565
Cash at bank and in hand 100 112,601
_______ _______
1,184,702 1,019,070
Creditors: amounts falling due
within one year 9 ( 978,454) ( 752,071)
_______ _______
Net current assets 206,248 266,999
_______ _______
Total assets less current liabilities 1,118,040 922,505
Creditors: amounts falling due
after more than one year 10 ( 52,261) ( 41,718)
Provisions for liabilities ( 6,685) -
_______ _______
Net assets 1,059,094 880,787
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,058,994 880,687
_______ _______
Shareholders funds 1,059,094 880,787
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Mr Dane Lawrence
Director
Company registration number: 08741254
Altade Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elevation House, 23 Commercial Road, Lowestoft, Suffolk, NR32 2TD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
Office equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2021: 20 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2022 and 31 December 2022 10,000 10,000
_______ _______
Amortisation
At 1 January 2022 and 31 December 2022 10,000 10,000
_______ _______
Carrying amount
At 31 December 2022 - -
_______ _______
At 31 December 2021 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Leasehold improvement Total
£ £ £ £ £ £
Cost
At 1 January 2022 - 33,659 9,501 110,168 14,216 167,544
Additions 134,204 31,573 74,396 39,495 2,594 282,262
Disposals - ( 450) - - - ( 450)
_______ _______ _______ _______ _______ _______
At 31 December 2022 134,204 64,782 83,897 149,663 16,810 449,356
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2022 - 27,659 3,264 30,542 9,116 70,581
Charge for the year 2,237 3,552 6,667 21,917 2,676 37,049
Disposals - ( 206) - - - ( 206)
_______ _______ _______ _______ _______ _______
At 31 December 2022 2,237 31,005 9,931 52,459 11,792 107,424
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2022 131,967 33,777 73,966 97,204 5,018 341,932
_______ _______ _______ _______ _______ _______
At 31 December 2021 - 6,000 6,237 79,626 5,100 96,963
_______ _______ _______ _______ _______ _______
Future liabilities regarding the new leasehold premises taken on at a rental of 15 years from 1st July 2022 at an initial rental value of £37,000 p.a.
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2022 558,543 558,543
Additions 316,481 316,481
Disposals ( 305,164) ( 305,164)
_______ _______
At 31 December 2022 569,860 569,860
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 569,860 569,860
_______ _______
At 31 December 2021 558,543 558,543
_______ _______
Closing balance of shares in group undertaking represents investment in East Coast Mobility.
8. Debtors
2022 2021
£ £
Trade debtors 576,345 450,132
Other debtors 65,129 58,433
_______ _______
641,474 508,565
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 175,297 21,544
Trade creditors 423,614 176,011
Amounts owed to group undertakings and undertakings in which the company has a participating interest 711 711
Corporation tax 52,521 63,099
Social security and other taxes 74,737 76,167
Other creditors 251,574 414,539
_______ _______
978,454 752,071
_______ _______
10. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 52,261 41,718
_______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:Included within other creditors are loans owed to the directors of £174,169 (2021 : £275,978). Nointerest is being paid on these loans.