REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2022 to 31 July 2023 |
for |
Altair Partners Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2022 to 31 July 2023 |
for |
Altair Partners Limited |
Altair Partners Limited (Registered number: 13473867) |
Contents of the Financial Statements |
for the Period 1 July 2022 to 31 July 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Altair Partners Limited (Registered number: 13473867) |
Balance Sheet |
31 July 2023 |
31.7.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
Altair Partners Limited (Registered number: 13473867) |
Balance Sheet - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Altair Partners Limited (Registered number: 13473867) |
Notes to the Financial Statements |
for the Period 1 July 2022 to 31 July 2023 |
1. | STATUTORY INFORMATION |
Altair Partners Limited is a |
Registered number: |
Registered office: |
First Floor Spitalfields House |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
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. |
Preparation of consolidated financial statements |
The financial statements contain information about Altair Partners Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is 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 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. |
There are no significant judgements or estimates involved in the preparation of the financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Altair Partners Limited (Registered number: 13473867) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. |
Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date. |
Altair Partners Limited (Registered number: 13473867) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied, and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled |
Altair Partners Limited (Registered number: 13473867) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 June 2022 |
Investment property was valued on an open market basis on 31 July 2023 by the directors. |
Altair Partners Limited (Registered number: 13473867) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 31 July 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 30.6.22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.23 | 30.6.22 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.23 | 30.6.22 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed charge against the property undertaking of the company and contains negative pledge. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 30.6.22 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | ULTIMATE CONTROLLING PARTY |
During the period, the company was controlled by its directors. |