IRIS Accounts Production v24.2.0.383 08925736 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh089257362023-07-31089257362024-07-31089257362023-08-012024-07-31089257362022-07-31089257362022-08-012023-07-31089257362023-07-3108925736ns15:EnglandWales2023-08-012024-07-3108925736ns14:PoundSterling2023-08-012024-07-3108925736ns10:Director12023-08-012024-07-3108925736ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3108925736ns10:SmallEntities2023-08-012024-07-3108925736ns10:AuditExemptWithAccountantsReport2023-08-012024-07-3108925736ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3108925736ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3108925736ns10:FullAccounts2023-08-012024-07-3108925736ns10:OrdinaryShareClass12023-08-012024-07-3108925736ns10:Director22023-08-012024-07-3108925736ns10:RegisteredOffice2023-08-012024-07-3108925736ns5:CurrentFinancialInstruments2024-07-3108925736ns5:CurrentFinancialInstruments2023-07-3108925736ns5:ShareCapital2024-07-3108925736ns5:ShareCapital2023-07-3108925736ns5:RetainedEarningsAccumulatedLosses2024-07-3108925736ns5:RetainedEarningsAccumulatedLosses2023-07-3108925736ns5:LeaseholdImprovements2023-07-3108925736ns5:PlantMachinery2023-07-3108925736ns5:FurnitureFittings2023-07-3108925736ns5:LeaseholdImprovements2023-08-012024-07-3108925736ns5:PlantMachinery2023-08-012024-07-3108925736ns5:FurnitureFittings2023-08-012024-07-3108925736ns5:LeaseholdImprovements2024-07-3108925736ns5:PlantMachinery2024-07-3108925736ns5:FurnitureFittings2024-07-3108925736ns5:LeaseholdImprovements2023-07-3108925736ns5:PlantMachinery2023-07-3108925736ns5:FurnitureFittings2023-07-3108925736ns5:MotorVehicles2023-07-3108925736ns5:ComputerEquipment2023-07-3108925736ns5:MotorVehicles2023-08-012024-07-3108925736ns5:ComputerEquipment2023-08-012024-07-3108925736ns5:MotorVehicles2024-07-3108925736ns5:ComputerEquipment2024-07-3108925736ns5:MotorVehicles2023-07-3108925736ns5:ComputerEquipment2023-07-3108925736ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3108925736ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3108925736ns5:WithinOneYear2024-07-3108925736ns5:WithinOneYear2023-07-3108925736ns5:BetweenOneFiveYears2024-07-3108925736ns5:BetweenOneFiveYears2023-07-3108925736ns5:MoreThanFiveYears2024-07-3108925736ns5:MoreThanFiveYears2023-07-3108925736ns5:AllPeriods2024-07-3108925736ns5:AllPeriods2023-07-3108925736ns5:DeferredTaxation2023-07-3108925736ns5:DeferredTaxation2023-08-012024-07-3108925736ns5:DeferredTaxation2024-07-3108925736ns10:OrdinaryShareClass12024-07-31
REGISTERED NUMBER: 08925736 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Altaif Money Transfer Limited

Altaif Money Transfer Limited (Registered number: 08925736)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


Altaif Money Transfer Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Farhan Saddam Rahmah Al-Musawi
Ali Mirzaey Esfahani





REGISTERED OFFICE: 379 Edgware Road
Edgware Road
London
W2 1BT





REGISTERED NUMBER: 08925736 (England and Wales)





ACCOUNTANTS: Merali's Chartered Accountants
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Altaif Money Transfer Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Altaif Money Transfer Limited for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Altaif Money Transfer Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Altaif Money Transfer Limited and state those matters that we have agreed to state to the Board of Directors of Altaif Money Transfer Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Altaif Money Transfer Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Altaif Money Transfer Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Altaif Money Transfer Limited. You consider that Altaif Money Transfer Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Altaif Money Transfer Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Merali's Chartered Accountants
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ


24 September 2024

Altaif Money Transfer Limited (Registered number: 08925736)

Balance Sheet
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 264,159 173,879

CURRENT ASSETS
Debtors 5 135,454 519,445
Cash at bank and in hand 1,264,872 1,121,154
1,400,326 1,640,599
CREDITORS
Amounts falling due within one year 6 (1,555,781 ) (1,658,039 )
NET CURRENT LIABILITIES (155,455 ) (17,440 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

108,704

156,439

PROVISIONS FOR LIABILITIES 8 - (4,177 )
NET ASSETS 108,704 152,262

CAPITAL AND RESERVES
Called up share capital 9 200,100 100
Retained earnings (91,396 ) 152,162
SHAREHOLDERS' FUNDS 108,704 152,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Ali Mirzaey Esfahani - Director


Altaif Money Transfer Limited (Registered number: 08925736)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Altaif Money Transfer Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents commissions and foreign exchange income and is measured at the fair value of the consideration received or receivable, excluding any discounts and rebates. Revenue is recognised once a transaction is contracted with the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life.
Improvements to property - Edgware Road - 12.5% on cost - straight line
Improvements to property - Greenford - 5% on cost - straight line - Depreciation charges commence from 01/08/24 as refurbishment completed on 31/07/24
Iron safe - 10% on cost
Furniture, fixture & fittings - 20% on cost
Computer & office equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged to the profit & loss account on a straight line basis over the period of the lease.

Going concern
After making enquiries and taking in to account for the above, the directors have formed a judgement at the time of approving the financial statements that there is reasonable expectations that the company have liquid resources to continue to be in operational existence for the foreseeable future. For above reasons, the directors continue to adopt the going concern basis in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

Altaif Money Transfer Limited (Registered number: 08925736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Improvements Furniture,
to fixtures
property Iron safe & fittings
£    £    £   
COST
At 1 August 2023 89,050 8,000 7,280
Additions 8,768 5,520 4,371
Disposals - - -
At 31 July 2024 97,818 13,520 11,651
DEPRECIATION
At 1 August 2023 74,822 5,154 4,741
Charge for year 10,889 1,306 874
At 31 July 2024 85,711 6,460 5,615
NET BOOK VALUE
At 31 July 2024 12,107 7,060 6,036
At 31 July 2023 14,228 2,846 2,539

Imprvmts Computer
to prop - & office
Greenford equipment Totals
£    £    £   
COST
At 1 August 2023 144,530 42,964 291,824
Additions 99,725 3,804 122,188
Disposals (16,850 ) - (16,850 )
At 31 July 2024 227,405 46,768 397,162
DEPRECIATION
At 1 August 2023 - 33,228 117,945
Charge for year - 1,989 15,058
At 31 July 2024 - 35,217 133,003
NET BOOK VALUE
At 31 July 2024 227,405 11,551 264,159
At 31 July 2023 144,530 9,736 173,879

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - Jordan Amman - 461,969
Trade debtors - TMT Canada 6,865 -
International payment partners 7,997 7,995
Rent deposit 21,000 21,000
Staff advances 23,426 10,000
Deferred tax asset 49,206 -
Prepayments 26,960 18,481
135,454 519,445

Altaif Money Transfer Limited (Registered number: 08925736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other Trade Creditors 7,098 -
Taif Money Transfer Iraq 1,265,748 1,132,749
Tax - 69,743
UK Agents & Remittance Payable 74,796 131,702
Remittances payable 204,575 304,504
Pensions 646 -
Directors' current accounts - 9,327
Accrued expenses 2,918 10,014
1,555,781 1,658,039

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 35,000 53,309
Between one and five years 140,000 140,000
In more than five years 455,000 525,000
630,000 718,309

8. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax
Deferred tax 4,177

Deferred
tax
£   
Balance at 1 August 2023 4,177
Credit to Income Statement during year (53,383 )
Balance at 31 July 2024 (49,206 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 200,100 100

Altaif Money Transfer Limited (Registered number: 08925736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the director loan balance of Farhan Al-Musawi was Nil (2023: £9,326. credit balance).

Balance receivable from Altaif Jordan as at the year end has been settled in full. (2023: £461,969). Altaif Jordan is a related party by virtue of common control.

Balance payable to Altaif Iraq as at the year end is £1,265,748 (2023: £1,132,748). Altaif Iraq is a related party by virtue of common control. This balance has resulted from money remittances business between the two parties, as Altaif Iraq acts as the main payment partner for the company. Commission income of £23,628 and £32,151 received from Altaif Iraq during the year, conducted at arms length. Commission charges of £20,537 charged by Altaif Iraq during the year, conducted at arms length.