Altomart Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02674658 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Altomart Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Soni

SECRETARY:

Mrs R Soni

REGISTERED OFFICE:

Suite 2, Rama Apartments

17 St. Anns Road

Harrow

Middlesex

HA1 1JU

REGISTERED NUMBER:

02674658 (England and Wales)

ACCOUNTANTS:

Kallis LLP

Chartered Certified Accountant

22 Westward Way

Harrow

Middlesex

HA3 0SE

FIXED ASSETS

Tangible assets

4

13,750

15,805

Investments

5

11

11

Investment property

6

4,775,085

12,745,368

4,788,846

12,761,184

CURRENT ASSETS

Stocks

7

963,941

1,048,036

Debtors

8

254,779

372,741

Cash at bank

10,028,376

1,793,333

11,247,096

3,214,110

CREDITORS

Amounts falling due within one year

9

2,456,163

2,437,291

NET CURRENT ASSETS

8,790,933

776,819

TOTAL ASSETS LESS CURRENT LIABILITIES

13,579,779

13,538,003

CREDITORS

Amounts falling due after more than one year

10

556

7,222

NET ASSETS

13,579,223

13,530,781

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

2,255,254

5,932,826

Retained earnings

11,323,869

7,597,855

SHAREHOLDERS' FUNDS

13,579,223

13,530,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 24 January 2020 and were signed by:

R Soni - Director

1.	STATUTORY INFORMATION

Altomart 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

Preparation of consolidated financial statements

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

The company and its subsidiary undertaking comprise a small group. The company has taken

advantage of the exemption provided by s.398 of the Companies Act 206 not to prepare group

accounts. The financial statements therefore present information about the company as an individual

undertakings and not about its group.

As permitted by FRS8, transaction between group companies have not been disclosed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

5% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation

and accumulated impairment loses. Depreciation is provided at rates calculated to write off the cost of

fixed assets.

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of it tangible fixed assets to

determine whether there is any indication that any items have suffered an impairment loss. If any such

indication exists, the recoverable amount of an assets is estimated in order to determine the extent of

impairments loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the

Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on

revaluation is recognised in the profit and loss account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Foreign currencies

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of

the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate

of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling

at the date of the transaction. All differences are charged to profit or loss

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Office

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

97,972

36,386

13,137

27,878

175,373

Additions

-

-

-

664

664

At 31 March 2019

97,972

36,386

13,137

28,542

176,037

DEPRECIATION

At 1 April 2018

99,836

32,752

4,001

22,979

159,568

Charge for year

(1,865

)

909

2,284

1,391

2,719

At 31 March 2019

97,971

33,661

6,285

24,370

162,287

NET BOOK VALUE

At 31 March 2019

1

2,725

6,852

4,172

13,750

At 31 March 2018

(1,864

)

3,634

9,136

4,899

15,805

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

11

NET BOOK VALUE

At 31 March 2019

11

At 31 March 2018

11

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

12,745,368

Additions

148,478

Disposals

(4,441,189

)

Revaluations

(3,677,572

)

At 31 March 2019

4,775,085

NET BOOK VALUE

At 31 March 2019

4,775,085

At 31 March 2018

12,745,368

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

4,775,085

7.

STOCKS

31.3.19

31.3.18

£

£

Stocks- cars

313,941

398,036

Stock- properties

650,000

650,000

963,941

1,048,036

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

160,735

288,676

Other debtors

94,044

84,065

254,779

372,741

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

6,666

6,666

Trade creditors

335,061

250,637

Amounts owed to group undertakings

116,981

91,257

Taxation and social security

503,923

125,101

Other creditors

1,493,532

1,963,630

2,456,163

2,437,291

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

556

7,222

11.

RESERVES

Revaluation

reserve

£

At 1 April 2018

5,932,826

Investment property

(3,677,572

)

At 31 March 2019

2,255,254

12.	RELATED PARTY DISCLOSURES