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REGISTERED NUMBER: 12413696 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

ALTNET LTD

ALTNET LTD (REGISTERED NUMBER: 12413696)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ALTNET LTD

COMPANY INFORMATION
for the year ended 31 January 2023







DIRECTOR: C J Tagg





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 12413696 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

ALTNET LTD (REGISTERED NUMBER: 12413696)

BALANCE SHEET
31 January 2023

31.1.23 31.1.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 209 -
Tangible assets 5 1,005 1,863
1,214 1,863

CURRENT ASSETS
Debtors 6 675 -
Cash at bank 10,700 25,780
11,375 25,780
CREDITORS
Amounts falling due within one year 7 (2,428 ) (5,837 )
NET CURRENT ASSETS 8,947 19,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,161

21,806

PROVISIONS FOR LIABILITIES 8 (191 ) (354 )
NET ASSETS 9,970 21,452

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 9,969 21,451
SHAREHOLDERS' FUNDS 9,970 21,452

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ALTNET LTD (REGISTERED NUMBER: 12413696)

BALANCE SHEET - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 October 2023 and were signed by:





C J Tagg - Director


ALTNET LTD (REGISTERED NUMBER: 12413696)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2023

1. STATUTORY INFORMATION

Altnet Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of IT consultancy services is recognised at the point of sale.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademark& Patents are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment33% on cost

Financial instruments
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 entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ALTNET LTD (REGISTERED NUMBER: 12413696)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern policy
The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 220
At 31 January 2023 220
AMORTISATION
Charge for year 11
At 31 January 2023 11
NET BOOK VALUE
At 31 January 2023 209

ALTNET LTD (REGISTERED NUMBER: 12413696)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 February 2022 3,187
Additions 239
At 31 January 2023 3,426
DEPRECIATION
At 1 February 2022 1,324
Charge for year 1,097
At 31 January 2023 2,421
NET BOOK VALUE
At 31 January 2023 1,005
At 31 January 2022 1,863

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 480 -
Other debtors 195 -
675 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade creditors 234 -
Taxation and social security 958 3,772
Other creditors 1,236 2,065
2,428 5,837

8. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax 191 354

Deferred
tax
£   
Balance at 1 February 2022 354
Accelerated capital allowances (163 )
Balance at 31 January 2023 191

ALTNET LTD (REGISTERED NUMBER: 12413696)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
1 Ordinary £1 1 1

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
C J Tagg
Balance outstanding at start of year - 1,485
Amounts repaid - (1,485 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Director's loan is interest free and repayable on demand.