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Registered number: 09078127










ALTIDO LONDON LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALTIDO LONDON LIMITED
REGISTERED NUMBER: 09078127

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
14,883
1,566

Tangible assets
 5 
857,387
1,835

Investments
 6 
-
28,300

  
872,270
31,701

Current assets
  

Debtors: amounts falling due within one year
 7 
1,434,968
714,156

Cash at bank and in hand
 8 
714,134
770,005

  
2,149,102
1,484,161

Creditors: amounts falling due within one year
 9 
(2,925,604)
(966,555)

Net current (liabilities)/assets
  
 
 
(776,502)
 
 
517,606

Total assets less current liabilities
  
95,768
549,307

Creditors: amounts falling due after more than one year
 10 
(75,601)
(129,999)

  

Net assets
  
20,167
419,308


Capital and reserves
  

Called up share capital 
 12 
300,001
300,001

Profit and loss account
  
(279,834)
119,307

  
20,167
419,308


Page 1

 
ALTIDO LONDON LIMITED
REGISTERED NUMBER: 09078127
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 comprehensive income 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: 




W. Parry
Director

Date: 3 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Altido London Limited is a private company, limited by shares, registered in England and Wales, registration number 09078127. The registered office is 26 Astwood Mews, London, SW7 4DE.
The principal activity of the company continued to be that of management of real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

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:

Long-term leasehold property
-
20%
Office equipment
-
33%
Computer equipment
-
33%
Other fixed assets
-
10%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022: 13).


4.


Intangible assets



Computer software

£



Cost


At 1 January 2023
2,169


Additions
14,040



At 31 December 2023

16,209



Amortisation


At 1 January 2023
603


Charge for the year on owned assets
723



At 31 December 2023

1,326



Net book value



At 31 December 2023
14,883



Page 5

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold improvements
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
7,170
2,591
-
9,761


Additions
733,275
3,510
2,410
195,720
934,915



At 31 December 2023

733,275
10,680
5,001
195,720
944,676



Depreciation


At 1 January 2023
-
5,954
1,972
-
7,926


Charge for the year on owned assets
68,672
1,219
315
9,157
79,363



At 31 December 2023

68,672
7,173
2,287
9,157
87,289



Net book value



At 31 December 2023
664,603
3,507
2,714
186,563
857,387



At 31 December 2022
-
1,216
619
-
1,835


6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2023
28,300


Disposals
(28,300)



At 31 December 2023
-




The company owned 100% of the shares in LRC Bulgaria Ltd, a company incorporated in Bulgaria. These were sold in the financial year leaving a nil balance for investments in subsidiary companies at year end.

Page 6

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
101,129
180,242

Amounts owed by group undertakings
492,710
412,353

Other debtors
746,966
9,846

Prepayments and accrued income
94,163
111,715

1,434,968
714,156



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
714,134
770,005

714,134
770,005



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
54,000
53,602

Trade creditors
905,001
408,823

Amounts owed to group undertakings
1,224,768
108,590

Corporation tax
-
21,049

Other taxation and social security
81,994
73,870

Other creditors
410,435
177,918

Accruals and deferred income
249,406
122,703

2,925,604
966,555


Page 7

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
75,601
129,999

75,601
129,999


Bank loans are secured by way of fixed and floating charge over all assets of the Company


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
54,000
53,602


54,000
53,602



Amounts falling due after more than 1 year

Bank loans
75,601
129,999

75,601
129,999

129,601
183,601


At the year end the company had a bank loan outstanding amounting to £45,000 (2022: £65,000), repayable in monthly installments of £1,667. Interest is payable at a rate of 3.99% per annum. The total balance is due for repayment in February 2026.
Additionally, at the year end the company had a second bank loan outstanding amounting to £84,601, (2022: £118,601) repayable in monthly installments of £2,833. Interest is payable at a rate of 3.99% per annum. The total balance is due for repayment in April 2027.


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000,104 (2022: 30,000,104) Ordinary shares of £0.01 each
300,001
300,001


Page 8

 
ALTIDO LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,659 (2022: £10,965) . Contributions totalling £2,554 (2022: £2,084) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

As a wholly owned subsidary undertaking of Altido Limited, the company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 'Related party disclosures' in not disclosing intra group transactions between two or more members of the group. 


15.


Controlling party

The 100% shareholding of the company was Altido Ltd incorporated in England and Wales. Altido Ltd is a 100% subsidary of Dovevivo S.P.A which rebranded in the year as Joivy. 


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 April 2024 by Mark Munro FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 9