Altios Consulting Limited - Period Ending 2021-12-31

Altios Consulting Limited

(Registration number: 09766350)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	6	716	97
Current assets
Debtors	7	78,353	69,669
Cash at bank and in hand		78,656	204,294
		157,009	273,963
Creditors: Amounts falling due within one year	8	(236,039)	(431,021)
Net current liabilities		(79,030)	(157,058)
Net liabilities		(78,314)	(156,961)
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		(78,414)	(157,061)
Shareholders' deficit		(78,314)	(156,961)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 September 2022
 

.........................................

P A Ferron
Director

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

Principal activity

The principal activity of the company is the provision of business consulting services.

The address of its registered office is:
Wilberforce House
Station Road
London
NW4 4QE
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a profit in the year and has net current liabilities. The company is dependent on the support from it's parent company to continue as a going concern. The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	3 years straight line
Office equipment	5 years straight line

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

3	Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4	Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 September 2022 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2021	1,300	1,300
Additions	769	769
At 31 December 2021	2,069	2,069
Depreciation
At 1 January 2021	1,203	1,203
Charge for the year	150	150
At 31 December 2021	1,353	1,353
Carrying amount
At 31 December 2021	716	716
At 31 December 2020	97	97

7

Debtors

	Note	2021 £	2020 £
Trade debtors		35,494	31,147
Amounts owed by group undertakings	11	31,725	30,558
Prepayments		600	360
Other debtors		10,534	7,604
		78,353	69,669

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Trade creditors		16,985	21,542
Amounts owed to group undertakings	11	145,322	354,376
Taxation and social security		1,243	11,875
Other creditors		72,489	43,228
		236,039	431,021

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

Altios Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

11	Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption under Section 33.1A of FRS 102 not to disclose transactions between itself and other wholly owned group companies.

Altios Australia Pty Ltd
(An associate of the group)
During the year the company made sales to Altios Australia Pty Ltd of £nil (2020 - £nil) and received payments for invoices totalling £675. At the year end, the amount owed by Altios Australia Pty Ltd was £90 (2020 - £765).

Altios Mexico
(A non-wholly owned subsidiary of the group)
During the year the company made purchases from Altios Mexico of MXNnil (2020 - MXN154,933). At the year end, the amount owed from Altios Mexico was £nil (owed by Altios Mexico 2020 - £396). Altios Mexico also held a client deposit on behalf of the company such that at the year end, the amount owed from Altios Mexico was £2,747 (2020 - £14,657).