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Registered number: 04859829
ALTAVIA HTT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ALTAVIA HTT LIMITED
COMPANY INFORMATION
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Jonathan Wellings (resigned 23 February 2024)
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Phillippe Arnaud (appointed 12 April 2024, resigned 18 December 2024)
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Raphael Palti (resigned 30 April 2024)
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Chartered Accountants and Statutory Auditors
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ALTAVIA HTT LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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ALTAVIA HTT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for Altavia HTT Limited for the year ended 31 December 2024. This report has been prepared in compliance with s414C of the Companies Act 2006.
Altavia HTT Limited continued its principal activity of providing print management solutions until its assets and activities transferred (to be referred to as asset transfer) to Altavia UK Group Limited on 16 July 2024. Following the asset transfer, all business activities were integrated into Altavia UK Group Limited.
Nicholas White was a shareholder and director in Altavia HTT Limited, which has merged in Altavia UK Group Limited, which is a wholly owned subsidiary of HRG Group Limited. He sold his shareholding in Altavia HTT Limited and subsequently subscribed to shares in HRG Group Limited.
During 2024, the company generated a turnover of £11,266,000, a reduction from the previous year's turnover of £21,288,000. This reduction was anticipated, as the operations transitioned mid-year into Altavia UK Group Limited following the asset transfer. The operating loss for the year was £377,000, a significant decrease compared to the operating profit of £760,000 in 2023, this was due to the transfer of assets which was recognised through the administration expenses.
Principal risks and uncertainties
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The company recognises several potential risks and uncertainties that could materially affect performance. Key risks include market conditions potentially affecting margins, cash flow management, credit risks from trade debtors, competitive market pressures, and commercial relationships with customers and suppliers.
Market risks
The economic and political environment continues to present challenges. However, the directors implemented rigorous management controls to identify risks promptly and minimise their impact. The completed integration into Altavia UK Group Limited is anticipated to further strengthen the company's market position through a comprehensive service offering.
Cash flow and Credit Risks
Cash flow has been closely managed by detailed monitoring and projections, ensuring proactive management of financial liquidity. The credit risk from trade debtors remains low, with most clients maintaining robust "Blue Chip" status.
Competitor risk
Given the competitive nature of the print management industry, the management team continuously reviews pricing structures to maintain competitiveness and maximise profitability.
Commercial relationships
All commercial relationships has been transferred to Altavia UK Group Ltd through the asset transfer into Altavia UK Group Limited. Altavia UK Group Limited remain committed to nurturing strong relationships with both customers and suppliers. This ongoing focus supports operational effectiveness and customer satisfaction. Altavia HTT have had no commercial activity since the transfer.
Financial key performance indicators
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Due to the mid-year asset transfer, comparative financial indicators reflect only partial trading within the year. As of 31 December 2024, working capital has been fully transferred to Altavia UK Group Limited.
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ALTAVIA HTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As of 16 July 2024, Altavia HTT Limited completed an asset transfer fully into Altavia UK Group Limited. The transfer consolidates Altavia's UK presence, enabling the combined entity to offer an expanded, comprehensive suite of strategic procurement, creative performance, and enhanced store services. The integration process has incorporated new technologies and artificial intelligence to enhance operational efficiencies, reduce administrative overheads, and improve overall client experience.
Altavia HTT is expected to liquidate in the next 12 months.
Sustainability and Environment
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Sustainability remains a cornerstone of Altavia HTT's operational philosophy. The company maintained its commitment to eco-friendly print solutions, employing sustainable practices such as renewable energy usage, carbon-balanced paper sourcing, and maintaining ISO 14001, FSC, and PEFC accreditations. The company was again awarded the EcoVadis Platinum accreditation in 2024, reflecting continued excellence in sustainability practices, placing Altavia HTT within the top 1% in its industry. All of these accreditations and operational philosophies have been integrated into Altavia UK Group Limited.
Political Donations
The Company has made no political donations during the year.
Post Balance Sheet Events
Since the end of the financial year, no significant events have impacted the company beyond those mentioned regarding the asset transfer.
The directors remain optimistic that the integration into Altavia UK Group Limited will lead to increased efficiencies, growth opportunities, and enhanced service offerings.
This report was approved by the board and signed on its behalf.
Nicholas E White
Director
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ALTAVIA HTT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The principal activity of the company continued to be that of print management. As of 16 July 2024, Altavia HTT Limited merged with Altavia UK Group Limited, with all trading activity subsequent to this date carried out by Altavia UK Group Limited.
During the year, turnover was £11,266,000, representing a decrease from £21,288,000 in 2023. The decrease was primarily due to the operational transfer of activities to Altavia UK Group Limited as part of the mid-year merger. The company recorded an operating loss of £377,000 for 2024 compared to a profit of £760,000 in the previous year, reflecting the transfer of assets, the restructuring costs and transitional expenses associated with the merger.
During the year, dividends amounting to £500,064 were paid (2023: £500,000).
The directors who served during the year were:
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Jonathan Wellings (resigned 23 February 2024)
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Phillippe Arnaud (appointed 12 April 2024, resigned 18 December 2024)
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Raphael Palti (resigned 30 April 2024)
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The formal asset transfer into Altavia UK Group Limited is expected to deliver synergies and greater operational efficiencies through integrated strategic procurement, creative performance, and enhanced store services. Continued adoption of advanced technology and artificial intelligence is anticipated to further streamline operations and enhance the company's client offering.
The company is expected to be liquidated within the next 12 months.
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.
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ALTAVIA HTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Altavia HTT Limited transferred its assets and activity to Altavia UK Group Limited on 16th July 2024. The board have indicated that they wish to liquidate the company within the next 12 months. The directors therefore do not consider it to be appropriate to adopt going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than that of a going concern.
Market Risks
The directors recognise the continuing potential impacts of global economic and geopolitical events. Although direct impacts, such as fuel price fluctuations, have lessened since their peak, the company remains vigilant and responsive through stringent management controls.
Political Donations
The Company has made no political donations during the year.
Due to the future liquidation of the company, it is not anticipated that an audit will be necessary for the 2025 accounts.
This report was approved by the board and signed on its behalf.
Nicholas E White
Director
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ALTAVIA HTT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2006. They 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.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED
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 2024 and of its loss 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).
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
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We draw attention to note 2.1 in the financial statements, which indicates that the company has transferred its assets and activity to other sister companies. The directors therefore do not consider it to be appropriate to adopt a going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than that of a going concern.
Our opinion is not modified in respect of this matter.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)
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 Report. Our 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
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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.
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)
Extent to which the audit was considered capable of detecting irregularities, including fraud (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
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ALTAVIA HTT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTAVIA HTT LIMITED (CONTINUED)
Report on other legal and regulatory requirements
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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.
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 2006. Our 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
7 May 2025
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ALTAVIA HTT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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(Loss)/profit for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 25 form part of these financial statements.
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ALTAVIA HTT LIMITED
REGISTERED NUMBER: 04859829
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2025.
The notes on pages 13 to 25 form part of these financial statements.
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ALTAVIA HTT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 13 to 25 form part of these financial statements.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 principal accounting policies are set out below. The accounting policies have been applied consistently throughout the year and the preceding year.
2.Accounting policies
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Basis of preparation of financial statements
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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.
Altavia HTT Limited transferred it's assets and activity to Altavia UK Group Limited on 16th July 2024. The board have indicated that they wish to liquidate the company within the next 12 months. The directors therefore do not consider it to be appropriate to adopt going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than that of a going concern.
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).
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Fixture, fitting and equipment
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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.
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.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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Foreign currency translation
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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'.
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.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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.
Analysis of turnover by country of destination:
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating (loss)/profit is stated after charging:
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Depreciation and other amounts written off tangible fixed assets
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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Information regarding directors and employees
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The average number of employees (including directors) was nil in 2024 (2023 - 32)
Their aggregate remuneration comprised:
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Cost of defined contribution scheme
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The remuneration and other emoluments of the directors was as follows:
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Remuneration and other emoluments
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Information regarding directors and employees (continued)
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Number of directors whom retirement benefits are accruing under a money purchase scheme
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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 £72,504 (2023 - £102,739)
There was £Nil outstanding as at the balance sheet date (2023 - £11,366)
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Adjustments to tax charge in respect of prior periods
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Other timing differences leading to an increase (decrease) in taxation
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Inter company loan write off
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Total tax charge for the year
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Amounts recognised as distributions to equity holders in the year:
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Final dividend paid for the period ended June 2024 of £52.08 (2023 - £52.08) per share.
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Fixture, fitting and equipment
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Charge for the year on owned assets
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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ALTAVIA HTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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9,600 (2023 - 9,600) Ordinary shares of £0.10 each
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Ultimate parent and controlling party
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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 3 Place Vauban, 75007, 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.
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