Company registration number 02750594 (England and Wales)
ALTA VERA LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALTA VERA LIMITED
COMPANY INFORMATION
Directors
Mr D C P Nesbitt
Mr J O Nesbitt
Secretary
Mr D C P Nesbitt
Company number
02750594
Registered office
9 Bonhill Street
London
EC2A 4DJ
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Stoke Court
Greete
Ludlow
Shropshire
SY8 3BX
ALTA VERA LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 12
ALTA VERA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of a management and property company, including farming activities.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D C P Nesbitt
Mr J O Nesbitt
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J O Nesbitt
Director
23 January 2025
ALTA VERA LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALTA VERA LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alta Vera Limited for the year ended 30 April 2024 set out on pages 4 to 12 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 at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Alta Vera Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Alta Vera Limited and state those matters that we have agreed to state to the Board of Directors of Alta Vera Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alta Vera Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Alta Vera 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 profit of Alta Vera Limited. You consider that Alta Vera 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 Alta Vera 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.
Begbies
23 January 2025
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
ALTA VERA LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2024
2023
Notes
£
£
Turnover
405,170
312,498
Cost of sales
(261,978)
(206,157)
Gross profit
143,192
106,341
Administrative expenses
(16,541)
(193,006)
Operating profit/(loss)
126,651
(86,665)
Interest receivable and similar income
28
Interest payable and similar expenses
(10,803)
(10,804)
Profit/(loss) before taxation
115,876
(97,469)
Tax on profit/(loss)
(23,417)
626
Profit/(loss) for the financial year
92,459
(96,843)
The income statement has been prepared on the basis that all operations are continuing operations.
ALTA VERA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,700
4,700
Tangible assets
5
1,250,027
1,576,146
1,254,727
1,580,846
Current assets
Debtors
6
480,237
274,441
Cash at bank and in hand
7,924
18,350
488,161
292,791
Creditors: amounts falling due within one year
7
(142,483)
(235,213)
Net current assets
345,678
57,578
Total assets less current liabilities
1,600,405
1,638,424
Creditors: amounts falling due after more than one year
8
(2,176,502)
(2,317,998)
Provisions for liabilities
(14,271)
(3,253)
Net liabilities
(590,368)
(682,827)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(590,468)
(682,927)
Total equity
(590,368)
(682,827)
ALTA VERA LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 5 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 23 January 2025 and are signed on its behalf by:
Mr J O Nesbitt
Director
Company registration number 02750594 (England and Wales)
ALTA VERA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
100
(586,084)
(585,984)
Year ended 30 April 2023:
Loss and total comprehensive income
-
(96,843)
(96,843)
Balance at 30 April 2023
100
(682,927)
(682,827)
Year ended 30 April 2024:
Profit and total comprehensive income
-
92,459
92,459
Balance at 30 April 2024
100
(590,468)
(590,368)
ALTA VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
1
Accounting policies
Company information
Alta Vera Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
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, rounded to the nearest £.
The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Turnover
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 and value added tax
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Agricultural quotas
None
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:
Land and buildings Freehold
None
Land and buildings Leasehold
None
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Horses
None
Motor vehicles
25% Reducing balance
Buildings
5% Straight line
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.
ALTA VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, 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’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged
or cancelled.
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.
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.
ALTA VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 9 -
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
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
Financial assistance has been provided to the company by its creditors. The directors consider that this will continue for the foreseeable future. In view of this, the financial statements have been prepared on the basis of a going concern.
2
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
4
4
ALTA VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
4
Intangible fixed assets
Other
£
Cost
At 1 May 2023 and 30 April 2024
4,700
Amortisation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
4,700
At 30 April 2023
4,700
ALTA VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
5
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Horses
Motor vehicles
Buildings
Total
£
£
£
£
£
£
£
£
Cost
At 1 May 2023
1,100,000
370,377
103,125
47,856
15,000
4,375
58,191
1,698,924
Additions
41,655
28,006
69,661
Disposals
(370,377)
(15,000)
(385,377)
At 30 April 2024
1,100,000
144,780
47,856
4,375
86,197
1,383,208
Depreciation and impairment
At 1 May 2023
72,303
43,436
4,129
2,910
122,778
Depreciation charged in the year
6,768
663
62
2,910
10,403
At 30 April 2024
79,071
44,099
4,191
5,820
133,181
Carrying amount
At 30 April 2024
1,100,000
65,709
3,757
184
80,377
1,250,027
At 30 April 2023
1,100,000
370,377
30,822
4,420
15,000
246
55,281
1,576,146
ALTA VERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,606
13,200
Amounts owed by group undertakings
432,734
260,309
Other debtors
1,897
932
480,237
274,441
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,098
20,407
Trade creditors
38,606
26,806
Corporation tax
12,440
41
Other taxation and social security
4,666
5,943
Other creditors
76,673
182,016
142,483
235,213
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,513
158,009
Other creditors
2,159,989
2,159,989
2,176,502
2,317,998
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
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