Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3132false2023-01-0133falsetrue 04859829 2023-01-01 2023-12-31 04859829 2022-01-01 2022-12-31 04859829 2023-12-31 04859829 2022-12-31 04859829 2022-01-01 04859829 1 2023-01-01 2023-12-31 04859829 1 2022-01-01 2022-12-31 04859829 d:Director1 2023-01-01 2023-12-31 04859829 d:Director1 2023-12-31 04859829 d:Director2 2023-01-01 2023-12-31 04859829 d:Director2 2023-12-31 04859829 d:Director3 2023-01-01 2023-12-31 04859829 d:Director4 2023-01-01 2023-12-31 04859829 d:Director5 2023-01-01 2023-12-31 04859829 d:Director5 2023-12-31 04859829 d:Director6 2023-01-01 2023-12-31 04859829 d:Director7 2023-01-01 2023-12-31 04859829 d:Director7 2023-12-31 04859829 d:Director8 2023-01-01 2023-12-31 04859829 d:Director8 2023-12-31 04859829 d:Director9 2023-01-01 2023-12-31 04859829 d:Director9 2023-12-31 04859829 d:RegisteredOffice 2023-01-01 2023-12-31 04859829 d:Agent1 2023-01-01 2023-12-31 04859829 e:OfficeEquipment 2023-01-01 2023-12-31 04859829 e:OfficeEquipment 2023-12-31 04859829 e:OfficeEquipment 2022-12-31 04859829 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04859829 e:ComputerEquipment 2023-01-01 2023-12-31 04859829 e:ComputerEquipment 2023-12-31 04859829 e:ComputerEquipment 2022-12-31 04859829 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04859829 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04859829 e:Goodwill 2023-12-31 04859829 e:Goodwill 2022-12-31 04859829 e:CurrentFinancialInstruments 2023-12-31 04859829 e:CurrentFinancialInstruments 2022-12-31 04859829 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04859829 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04859829 f:UnitedKingdom 2023-01-01 2023-12-31 04859829 f:UnitedKingdom 2022-01-01 2022-12-31 04859829 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 04859829 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 04859829 e:UKTax 2023-01-01 2023-12-31 04859829 e:UKTax 2022-01-01 2022-12-31 04859829 e:ShareCapital 2023-01-01 2023-12-31 04859829 e:ShareCapital 2023-12-31 04859829 e:ShareCapital 2022-01-01 2022-12-31 04859829 e:ShareCapital 2022-12-31 04859829 e:ShareCapital 2022-01-01 04859829 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04859829 e:RetainedEarningsAccumulatedLosses 2023-12-31 04859829 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04859829 e:RetainedEarningsAccumulatedLosses 2022-12-31 04859829 e:RetainedEarningsAccumulatedLosses 2022-01-01 04859829 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04859829 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04859829 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04859829 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04859829 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04859829 d:OrdinaryShareClass1 2023-12-31 04859829 d:OrdinaryShareClass1 2022-12-31 04859829 d:FRS102 2023-01-01 2023-12-31 04859829 d:Audited 2023-01-01 2023-12-31 04859829 d:FullAccounts 2023-01-01 2023-12-31 04859829 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04859829 e:WithinOneYear 2023-12-31 04859829 e:WithinOneYear 2022-12-31 04859829 e:BetweenOneFiveYears 2023-12-31 04859829 e:BetweenOneFiveYears 2022-12-31 04859829 g:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04859829










ALTAVIA HTT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALTAVIA HTT LIMITED
 
 
COMPANY INFORMATION


Directors
Lorenzo Bertagnolio (resigned 1 October 2023)
Raphael Palti (resigned 30 April 2024)
Laurent Gampel 
Nicholas E White 
Didier De Jaeger (resigned 1 August 2023)
Joel Jung 
Jonathan Wellings (resigned 23 February 2024)
Sydney Palti (appointed 1 October 2023)
Phillippe Arnaud (appointed 12 April 2024)




Registered number
04859829



Registered office
Mercury House
8 Sandy Way

Grange Park

Northampton

NN4 5EJ




Independent auditor
Constantin
Chartered Accountants and Statutory Auditors

25 Hosier Lane

London

EC1A 9LQ




Bankers
HSBC plc
8 Canada Square

London

E14 5HQ





 
ALTAVIA HTT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 26


 
ALTAVIA HTT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Page 1

 
ALTAVIA HTT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future Developments

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)  

Sustainability and Environment

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.



Nicholas E White
Director

Date: 20 August 2024

Page 2

 
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.

Principal activity

The principal activity of  the company continued to be that of print management.

Business review

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.

Results and dividends

The results for the year set out on page 10.
For 2023 the company proposes a dividend of £500,000.

Directors

The directors who served during the year were:

Lorenzo Bertagnolio (resigned 1 October 2023)
Raphael Palti (resigned 30 April 2024)
Laurent Gampel 
Nicholas E White 
Didier De Jaeger (resigned 1 August 2023)
Joel Jung 
Jonathan Wellings (resigned 23 February 2024)
Sydney Palti (appointed 1 October 2023)
Phillippe Arnaud (appointed 12 April 2024)
 
Future developments

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.  

Strategic Report

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.

Page 3

 
ALTAVIA HTT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

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. 

Post balance sheet events

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.

Auditor

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, Constantinwill 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.
 


Nicholas E White
Director

Date: 20 August 2024

Page 4

 
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 2006They 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.

Page 5

 
ALTAVIA HTT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED
 

Opinion


In our opinion the financial statements of Altavia HTT Limited (the 'company')::


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the  UK and Republic of Ireland" ; and
have been prepared in accordance with the requirements of the Companies Act 2006.


We have audited the financial statements which comprise: 
• 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).


Basis for opinion


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.


Conclusions relating to going concern


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.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
ALTAVIA HTT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the  and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of  that are free from material misstatement, whether due to fraud or error.


In preparing the , the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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.




 
Page 7

 
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.


Report on other legal and regulatory requirements
 

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.
 
Page 8

 
ALTAVIA HTT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Thierry de Gennes ACA (Senior Statutory Auditor)
  
for and on behalf of
Constantin
 
Chartered Accountants and Statutory Auditors
  
25 Hosier Lane
London
EC1A 9LQ
United Kingdom
 

20 August 2024
Page 9

 
ALTAVIA HTT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
21,288
18,006

Cost of sales
  
(17,230)
(14,632)

Gross profit
  
4,058
3,374

Administrative expenses
  
(3,377)
(2,838)

Other operating income
  
79
76

Operating profit
 5 
760
612

Interest receivable and similar income
  
-
1

Profit before tax
  
760
613

Tax on profit
 8 
(193)
(107)

Profit for the financial year
  
567
506

Other comprehensive income for the year
  

Total comprehensive income for the year
  
567
506

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
ALTAVIA HTT LIMITED
REGISTERED NUMBER: 04859829

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
90
90

  
90
90

Current assets
  

Stocks
 12 
160
124

Debtors: amounts falling due within one year
 13 
5,308
5,047

Cash at bank and in hand
 14 
1,610
1,251

  
7,078
6,422

Creditors: amounts falling due within one year
 15 
(6,077)
(5,501)

Net current assets
  
 
 
1,001
 
 
921

Total assets less current liabilities
  
1,091
1,011

Provisions for liabilities
  

Deferred tax
 16 
(21)
(8)

  
 
 
(21)
 
 
(8)

Net assets
  
1,070
1,003


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
  
1,069
1,002

  
1,070
1,003


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.




Nicholas E White
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
ALTAVIA HTT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
1
785
786


Comprehensive income for the year

Profit for the year
-
506
506
Total comprehensive income for the year
-
506
506


Contributions by and distributions to owners

Dividends paid
-
(289)
(289)



At 1 January 2023
1
1,002
1,003


Comprehensive income for the year

Profit for the year
-
567
567
Total comprehensive income for the year
-
567
567


Contributions by and distributions to owners

Dividends paid
-
(500)
(500)


At 31 December 2023
1
1,069
1,070


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

  
2.1

Basis of preparation of financial statements

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).

Page 13

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 turnover 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

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.

 
2.4

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.

Page 14

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (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:

Fixture, fitting and equipment
-
25%
straight line
Computer equipment
-
25%
straight line

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 15

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

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 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.

  
2.7

Leasing

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

Page 16

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.8

Taxation

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.

  
2.9

Foreign currency translation

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'.

  
2.10

Pensions

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.

Page 17

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
19,250
16,697

Outside UK
2,038
1,309

21,288
18,006


Page 18

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation and other amounts written off tangible fixed assets
30
13

Loss on foreign exchange
1
4

Operating lease rentals
55
71

Auditor remuneration
19
17

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£000
£000

Fees payable to the Company's auditor for the audit of the Company's financial statements
19
17


6.


Information regarding directors and employees

The average number of employees (including directors) was 32 in 2023 (2022 - 33)
Their aggregate remuneration comprised:


2023
2022
£000
£000

Wages and salaries
1,690
1,440

Social security costs
197
176

Cost of defined contribution scheme
103
77

1,990
1,693


The remuneration and other emoluments of the directors was as follows:


2023
2022
£000
£000



Remuneration and other emoluments
179
184

Pension contributions
12
15

191
199

Page 19

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Information regarding directors and employees (continued)

2023
2022
£000
£000



Number of directors whom retirement benefits are accruing under a money purchase scheme
1
1


7.


Pension costs

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)


8.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
180
102


Total current tax

180
102

Deferred tax


Origination and reversal of timing differences
13
5

Total deferred tax

13
5


Tax on profit
193
107
Page 20

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
760
613


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
179
116

Effects of:


Other timing differences leading to an increase (decrease) in taxation
14
(9)

Total tax charge for the year
193
107


9.


Dividends

2023
2022
£000
£000

Amounts recognised as distributions to equity holders in the year:


Final dividend paid for the year ended December 2023 of £52.08 (2022 - £30.11) per share.
500
289

Page 21

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Intangible assets




Goodwill

£000



Cost


At 1 January 2023
22



At 31 December 2023

22



Amortisation


At 1 January 2023
22



At 31 December 2023

22



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 22

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Fixture, fitting and equipment
Computer equipment
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
50
240
290


Additions
-
30
30



At 31 December 2023

50
270
320



Depreciation


At 1 January 2023
50
150
200


Charge for the year on owned assets
-
30
30



At 31 December 2023

50
180
230



Net book value



At 31 December 2023
-
90
90



At 31 December 2022
-
90
90


12.


Stocks

2023
2022
£000
£000

Work in progress
160
124


Page 23

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

2023
2022
£000
£000


Trade debtors
5,000
4,650

Other debtors
29
28

Prepayments and accrued income
279
369

5,308
5,047



14.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
1,610
1,251



15.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
4,235
4,226

Amounts owed to group undertakings
24
22

Corporation tax
180
102

Other taxation and social security
234
234

Other creditors
11
9

Accruals and deferred income
1,393
908

6,077
5,501


Amount owed to group undertakings are from operational trading and are unsecured, interest free and payable on demand.

Page 24

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023


£000






At beginning of year
(8)


Charged to profit or loss
(13)



At end of year
(21)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(22)
(8)

Other timing differences
1
-


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,600 (2022 - 9,600) Ordinary shares of £0.10 each
960
960



18.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
8
26

Later than 1 year and not later than 5 years
-
8

8
34

Page 25

 
ALTAVIA HTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Ultimate parent and controlling party

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.

Page 26