Company Registration No. 07062102 (England and Wales)
Altus Partners Ltd
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Altus Partners Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
3 - 10
Altus Partners Ltd
Statement of financial position
As at 31 March 2024
1
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,924
24,440
Current assets
Debtors
5
785,790
847,406
Cash at bank and in hand
392,982
340,049
1,178,772
1,187,455
Creditors: amounts falling due within one year
6
(452,244)
(573,329)
Net current assets
726,528
614,126
Total assets less current liabilities
756,452
638,566
Creditors: amounts falling due after more than one year
7
(73,233)
Provisions for liabilities
8
(8,632)
Net assets
756,452
556,701
Capital and reserves
Called up share capital
10
1
1
Other reserves
502
251
Profit and loss reserves
755,949
556,449
Total equity
756,452
556,701
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Catherine Saunderson
Director
Company Registration No. 07062102
Altus Partners Ltd
Statement of changes in equity
For the year ended 31 March 2024
2
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1
251
428,963
429,215
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
211,986
211,986
Dividends
-
-
(84,500)
(84,500)
Balance at 31 March 2023
1
251
556,449
556,701
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
203,500
203,500
Dividends
-
-
(4,000)
(4,000)
Share based payment
-
251
251
Balance at 31 March 2024
1
502
755,949
756,452
Altus Partners Ltd
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
Altus Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the client.
Turnover from the supply of services represents the value of recruitment services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of the creditors due within one year.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Straight line over 4 years
Computers
Straight line over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
1.13
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Monte Carlo model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity and recorded in Other reserves.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Monte Carlo model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity and recorded in Other reserves.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
18
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
11,464
36,878
48,342
Additions
34,375
34,375
Disposals
(11,464)
(35,780)
(47,244)
At 31 March 2024
35,473
35,473
Depreciation and impairment
At 1 April 2023
8,201
15,701
23,902
Depreciation charged in the year
236
12,371
12,607
Eliminated in respect of disposals
(8,437)
(22,523)
(30,960)
At 31 March 2024
5,549
5,549
Carrying amount
At 31 March 2024
29,924
29,924
At 31 March 2023
3,263
21,177
24,440
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
424,366
468,583
Corporation tax recoverable
45,979
45,979
Amounts owed by group undertakings
184,639
Other debtors
130,806
332,844
785,790
847,406
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
33,800
Trade creditors
29,867
21,362
Corporation tax
105,324
Other taxation and social security
128,443
224,168
Other creditors
293,934
188,675
452,244
573,329
Bank loans of £nil (2023: £33,800) are secured by a fixed and floating charge over all of the company's assets.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
73,233
Bank loans of £nil (2023: £73,233) are secured by a fixed and floating charge over all of the company's assets.
8
Provisions for liabilities
2024
2023
£
£
Dilapidations provision
-
2,000
Deferred tax liabilities
6,632
8,632
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
9
Share-based payment transactions
Altus Partners Limited has an equity-settled Enterprise Management Incentive Scheme ("EMI") which is available to UK employees who work for the Company and satisfy the qualifying conditions and the EMI working time requirements. In addition to the EMI scheme, the company also operates an unapproved option scheme.
The options were due to vest over a period of four years from grant date. The Black-Scholes valuation method was used to determine the fair-value of the options vested during the year.
A charge of £251 (2023: nil) has been recognised within the profit and loss in relation to the share based payment transactions.
During the year ended 31 March 2024, the company was acquired by LCAP Group Limited and all share options were exercised. No share options remain outstanding at the period end.
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £251 (2023: nil) which related to equity settled share based payment transactions.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.001p each
-
50,000
-
0.50
B Ordinary shares of 0.001p each
-
25,000
-
0.25
C Ordinary shares of 0.001p each
-
25,000
-
0.25
Ordinary shares of 0.001p each
100,000
-
1
-
100,000
100,000
1
1
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Roger Weston
Statutory Auditors:
Saffery LLP
Date of audit report:
27 November 2024
12
Directors' transactions
During the year, advances were made to the directors totalling £nil (2023: £21,028). There were repayments totalling £nil (2023: £5,849) made during the year. Interest was charged on the overdrawn loan account at the HMRC official rate. These loan accounts were settled in full during the year.
At the end of the year, included in debtors there is £nil owed to the company by a director (2023: £156,652).
Altus Partners Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
13
Parent company
The immediate parent company is LCap Group Limited. The ultimate parent company is LCap Topco Limited. The company is controlled by the directors who hold a majority shareholding in the company. The directors consider there to be no one ultimate controlling party.