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Company registration number: 8799683







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


ALTINET LIMITED






































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ALTINET LIMITED
 


 
COMPANY INFORMATION


Directors
R E Burke 
J D Harber (appointed 23 January 2024)




Registered number
8799683



Registered office
The Wharf
Abbey Mill Business Park

Lower Eashing

Godalming

Surrey

GU7 2QN




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


ALTINET LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 5


 


ALTINET LIMITED
REGISTERED NUMBER:8799683



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,397
19,864

  
12,397
19,864

Current assets
  

Debtors
 5 
3,497,599
4,294,682

Bank and cash balances
  
179,790
313,775

  
3,677,389
4,608,457

Creditors: amounts falling due within one year
 6 
(2,063,159)
(3,470,398)

Net current assets
  
 
 
1,614,230
 
 
1,138,059

Total assets less current liabilities
  
1,626,627
1,157,923

Provisions for liabilities
  

Deferred tax
  
-
(4,910)

  
 
 
-
 
 
(4,910)

Net assets
  
1,626,627
1,153,013


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,626,626
1,153,012

  
1,626,627
1,153,013


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 income and retained earnings 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: 




R E Burke
Director
Date: 9 September 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


ALTINET LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Altinet Limited is a private company limited by shares, incorporated in England under the Companies Act 2006. The registered office and trading address are given on the Company Information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have the intention to move the trade and assets of the Company to another group entity and to cease trading. As required by UK accounting standards, the directors have prepared the financial statements on a basis other than going concern. No material adjustments arose as a result of this. 

 
2.3

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. Revenue relating to services rendered to a customer where there is no further recourse, or any requirement to provide further services, is recognised up front, along with the associated costs.  Revenue on contracts where further support and services are provided throughout the contract is recognised evenly over the course of the contract to which it relates.

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 


ALTINET LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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:

Short-term leasehold property
-
Over the length of the lease
Fixtures and fittings
-
33%

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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 3

 


ALTINET LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 22).


4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
21,156
28,817
49,973



At 31 December 2023

21,156
28,817
49,973



Depreciation


At 1 January 2023
1,867
28,242
30,109


Charge for the year on owned assets
7,467
-
7,467



At 31 December 2023

9,334
28,242
37,576



Net book value



At 31 December 2023
11,822
575
12,397



At 31 December 2022
19,289
575
19,864

Page 4

 


ALTINET LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors


2023
2022
£
£



Trade debtors
735,861
1,104,950

Other debtors
198,089
705,627

Prepayments and accrued income
2,422,134
2,484,105

Deferred taxation
141,515
-

3,497,599
4,294,682



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
284,852
416,006

Amounts owed to group undertakings
607,417
1,404,101

Other taxation and social security
98,415
83,167

Accruals and deferred income
1,072,475
1,567,124

2,063,159
3,470,398



7.Financial commitments

Loans included within entities of the group that the Company is a part are secured by fixed and floating charges over the assets of the Company and the group.  At the year end the loans amounted to £196,799,237 (2022: £186,225,036).


8.


Controlling party

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include this company, is Arrow Communications Holdings Limited. The company’s registered address is The Wharf, Abbey Mills Business Park, Lower Eashing, Godalming, Surrey, GU7 2QN.


9.


Auditors' information

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

The audit report was signed on 9 September 2024 by Robin Hopkins FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5