Company registration number 02119800 (England and Wales)
ALTO MANAGEMENT (U.K.) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ALTO MANAGEMENT (U.K.) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Statement of changes in equity
Notes to the financial statements
3 - 6
ALTO MANAGEMENT (U.K.) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is clubshare management of certain properties located in Quinta Do Alto Do Poco, Algarve, Portugal.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S E Smith
L A Gleaves
(Resigned 11 June 2023)
T F Higgins
Mr C A Wilson
Mr H Finnigan
(Appointed 10 October 2023)
Auditor
The auditor, Berry Accountants Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr B J Revell
Secretary
19 March 2024
ALTO MANAGEMENT (U.K.) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
5,044
7,409
Debtors
5
41,224
40,515
Cash at bank and in hand
755,569
679,413
801,837
727,337
Creditors: amounts falling due within one year
6
(801,737)
(727,237)
Net current assets
100
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
Total equity
100
100
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 19 March 2024 and are signed on its behalf by:
Mr S E Smith
Director
Company Registration No. 02119800
ALTO MANAGEMENT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Alto Management (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Mary's House, St Mary's Road, Market Harborough, Leicestershire, LE16 7DS.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Going concern
At 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 maintenance fees and rental charges provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Maintenance fees and rental income are accounted for in the accounting period in which the entitlement to use the apartment arises.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock comprises cleaning products and spare inventory items which are available to replace items damaged, they are not ordinarily sold.
ALTO MANAGEMENT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The company is exempt from corporation tax on its mutual trading, being a company not carrying on a business for the purposes of making a profit. The tax charged is on bank interest received only.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange set for the current year's budget set in the previous accounting year. 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. In addition unrealised gains and losses on the translation of year end funds held are also 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.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,430
4,017
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 4).
2023
2022
Number
Number
Total
4
4
ALTO MANAGEMENT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,373
7,923
Prepayments and accrued income
32,851
32,592
41,224
40,515
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
442,782
402,497
Corporation tax
965
36
Amounts owed to Alto Club Associates
278,870
232,885
Accruals and deferred income
79,120
91,819
801,737
727,237
7
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.
Senior Statutory Auditor:
Mr Adrian Neal BA (Hons) FCA
Statutory Auditor:
Berry Accountants Ltd
Date of audit report:
19 March 2024
8
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Commitment for future refurbishment costs
93,742
31,391
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
ALTO MANAGEMENT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Related party transactions
(Continued)
- 6 -
The directors being members of the Alto Club Associates committee have been reimbursed for valid expenses incurred as necessary for the management of the club.
All the company funds are held on behalf of the members of Alto Club Associates. The surplus for the year £180,489 (2022 - £147,742) is transferred to the amount owed to Alto Club Associates less deductions for the refurbishment costs £134,504 (2022 - £72,318). The balance owing to Alto Club Associates at the year end was £278,870 (2022 - £232,885).
10
Controlling party
Mr S E Smith a director of Alto Management (U.K.) Limited holds 100% of the share capital on behalf of members of Alto Club Associates.