Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
COMPANY INFORMATION
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ALTAVIA HTT LIMITED
CONTENTS
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ALTAVIA HTT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the Strategic Report and financial statements for the year ended 31 December 2023. The directors, in preparing the Strategic Report, have complied with s414c of the Companies Act 2006.
There are a number of potential risks and uncertainties which could have a material impact on the company's long-term performance. The company has a risk management system and set out below is how the company manages these:
Market risks The overall economic climate has the potential of driving margins lower. We have taken steps within our management controls to clearly identify any potential risk and manage the process to ensure minimum effect on the company performance. In addition, we have added agency service which is expected to push margins upwards. Cash flow risk The business's cash flow is monitored very carefully by the finance department and detailed cash projections are produced on a regular basis in order to highlight to the Finance Director any potential shortfall. Credit risks The company's risk is primarily attributable to its trade debtors. Given the "Blue Chip" status of many of our clients we do not foresee any significant risk in the debtor balances. Competitor risk The company operates in a market sector where pricing is competitive. Management reviews prices to ensure that the business remains competitive. Commercial relationships The company is exposed to changes in relationships with both customers and suppliers. Management maintain and develop relationships with customers and suppliers. Interest rate risk The company has no external financing and receives interest on cash deposits on floating rate. It therefore has some interest rate exposure. The company does not use financial instruments.
The key performance indicators of the company for the financial year were:
2023 2022 Sales increase (1) 18.2% 11.3% Margin (2) 19.0% 18.7% Working capital (3) £1,001,000 £921,000 (1) Sales increase. (2) Margin is gross profit divided by turnover as presented in the financial statements. (3) Net current assets as presented in the financial statements.
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ALTAVIA HTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
During 2023 Altavia HTT closed its offices in Sheffield. The company has merged offices with its sister company, HRG (UK) Ltd.
2024 will see the formal merger of the two UK Altavia Group companies; HRG (UK) Limited and Altavia HTT Limited. This is to leverage the benefits of selling a full end-to-end strategy, creative and marketing execution service. Alongside delivering year on year growth, the focus remains on achieving operational efficiencies through the deployment of new technologies and AI where appropriate, to remove administrative tasks and improve client experience. The formal merger will see Altavia HTT Ltd operations, activities and employees being transferred to HRG (UK) Ltd (to be renamed Altavia UK Group Limited)
The environments is a priority at Altavia HTT and we strive to meet our obligations and respond to concerns about the environment in everyday life.
We are committed to a more sustainable eco-friendly approach to the printing process by promoting the use of renewable energy and resources. We have embedded sustainability principals in our production workflows, with carbon balancing of paper and social enterprise sourcing. Altavia-HTT is ISO 14001 accredited and both FSC (Forest Stewardship Council) and PEFC Certified (Programme for the Endorsement of Forest Certification), and as such Altavia HTT's suppliers are selected on their ability to support our sustainability principals. Altavia has an active DEI and well-being initiates. Our focus on sustainability was rewarded again in 2023 with Eco Vadis Platinum accreditation. This standard is afforded to only the top 1% of applicants in our sector, and is the fourth successive year we have held this status. Our mission is to manage our business via committed stakeholders willing to constantly review their impact on the environment to minimise waste and any other activity that may have a potential adverse effect on the environment, by a process of continuous improvement.
This report was approved by the board and signed on its behalf.
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ALTAVIA HTT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
During the year turnover has increased by £3,282,000 (2023: £21,288,000 - 2022: £18,006,000). A major element of this increase was the increased production work for Altavia’s sister company Altavia HRG.
Net profit for the period has increased by £61,000 (2023: £567,000 - 2022: £506,000) due to the increase in turnover, but affected by the increase in UK corporation tax from 19% (2022) to 25% for the current financial period. The investment made in the business during the year, coupled with the commencement of new customer contracts, gives the directors confidence over the prospects of the company.
The results for the year set out on page 10.
For 2023 the company proposes a dividend of £500,000.
The directors who served during the year were:
Phillippe Arnaud (appointed 12 April 2024)
During 2023 Altavia HTT closed its offices in Sheffield. The company has merged offices with its sister company, HRG (UK) Ltd.
2024 will be dominated by the formal merger of the two Altavia UK companies, Altavia HRG and Altavia HTT. This is to leverage the benefits of selling a full end-to-end strategy, creative and marketing execution service. Alongside trying to delivering year on year growth the focus remains on achieving operational efficiencies through the deployment of new technologies and AI where appropriate, to lighten administrative tasks.
The company has chosen in accordance with Companies Act 2006, s414C(11) to include in the company's strategic report certain information in respect of the company's principal activities, a review of the business and the company's principal risks and uncertainties which would otherwise contained in the director's report in accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7.
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ALTAVIA HTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
It should be reported that Altavia Group intend to merge their two UK businesses. As such, Altavia HTT Limited will be acquired by Altavia UK Group Limited (formerly HRG (UK) Limited) in July 2024.
The directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that both UK entity’s operations, as a merged company , has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements for Altavia UK Group Ltd that Altavia HTT Limited is part of from July 2024.
There have been no significant events affecting the Company since the year end.
Market Risks The war in Ukraine has created many global economic challenges. Whilst fuel costs are not a major element of the business’s direct costs, they do affect the supply chain more directly. These inflationary pressures have notably subsided since their peak, but the company remains vigilant to global geopolitical risks. Political Donations The Company has made no political donations during the year.
Each of the persons who is a director at the date of approval of this report confirms that:
- So far, each of the directors are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditor is unaware; and - The directors have taken all the step that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The auditor, Constantin, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ALTAVIA HTT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED
• the statement of comprehensive income; • the balance sheet; • the statement of changes in equity; • the statement of accounting policies; • the related notes 1 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Our objectives are to obtain reasonable assurance about whether the as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)
We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company's business sector. We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included employment laws, GDPR regulation. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the above, our procedures to respond to the risks identified included the following: • reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • enquiring of management concerning actual and potential litigation and claims, and instances of non- compliance with laws and regulations; and • reading minutes of meetings of those charged with governance.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: • the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. We have nothing to report in respect of these matters.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
25 Hosier Lane
London
EC1A 9LQ
United Kingdom
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ALTAVIA HTT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
REGISTERED NUMBER: 04859829
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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ALTAVIA HTT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Altavia HTT Limited is a limited company domiciled and incorporated in England and Wales. The registered office is Mercury House, 8 Sandy Way, Grange Park, Northampton, NN4 5EJ. The trading address is Unit 4 Park Square, Newton Chambers Road, Thorncliffe Park, Chapeltown, Sheffield, S35 2PH.
The principal accounting policies are set out below. The accounting policies have been applied consistently throughout the year and the preceding year.
2.Accounting policies
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.
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 £000. The financial statements are prepared on the basis that the company is a going concern, as the directors have reviewed the financial condition of the Company including consideration of the uncertainties arising from the current difficult economic environment. Based upon this the directors have formed the view that the position of the company is sufficiently strong. Consequently, the directors are satisfied it is reasonable to prepare the financial statements on a going concern basis. The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. The company is a "qualifying company" for the purposes of FRS102 and has taken advantage of the disclosure exemption relating to the provision of a cash flow statement in accordance with FRS 102 paragraph 1.12 (b), the disclosure of related party transactions in accordance with FRS 102 paragraph 1.12 (e) and the disclosure of the total compensation paid to key management personnel in accordance with FRS 102 paragraph 1.12 (e).
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 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 trade and other receivable and cash and bank balances, are initially measured at transactions price including transactions costs. At subsequent reporting periods, the basic financial assets receivable within one year are measured at the undiscounted amount of the cash or other consideration that the company expects to receive. Basic financial assets that constitute financing transactions, in accordance with FRS 102 paragraph 11.13, are measured at the present value of the future receipts discounted at a market rate of interest. Basic financial assets that meet the conditions in FRS102 paragraph 11.8 (b) are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method. Basic financial liabilities Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow group companies that are payable within one year or less, other than those that constitute a financing transaction in accordance with FRS 102 paragraph 11.13, are initially recognised at the transaction price and, except for those financial liabilities that meet the conditions in FRS102 paragraph 11.8 (b), are subsequently measured at the undiscounted amount of cash or other consideration that the company expects to pay. Basic financial liabilities that continue a financing transaction in accordance with FRS 102 paragraph 11.13 are measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities that meet the conditions in FRS102 paragraph 11.8 (b) are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method.
Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
UK corporation tax payable is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'.
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pensions costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Analysis of turnover by country of destination:
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company operates a defined contribution pension scheme in respect of the employees and the directors of the company. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £102,739 (2022 - £77,000)
There was £11,366 outstanding as at the balance sheet date (2022 - £8,900)
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8.Taxation (continued)
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's immediate and ultimate parent company and controlling party is Altavia Europe SA, a company incorporated in France. Copies of the consolidated financial statements, in which the company is included are available from its registered office 1 rue Rembrandt, 75008, Paris, France.
Altavia Europe SA is the smallest and the largest group for which group accounts are prepared and which includes Altavia HTT Limited in its consolidated financial statements.
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