Alternative Element (Holdings) Ltd - Period Ending 2020-12-31
Alternative Element (Holdings) Ltd - Period Ending 2020-12-31
Registration number:
Alternative Element (Holdings) Ltd
for the Year Ended 31 December 2020
Alternative Element (Holdings) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alternative Element (Holdings) Ltd
Company Information
Director |
Mr Alan Phillips |
Registered office |
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Accountants |
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Alternative Element (Holdings) Ltd
(Registration number: 09351957)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
1,132,898 |
952,833 |
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Shareholders' funds |
1,132,899 |
952,834 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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
Alternative Element (Holdings) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Unit 5
Centrus Business Park
Mead Lane
Hertford
Hertfordshire
SG13 7GX
These financial statements were authorised for issue by the
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.
Group accounts not prepared
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
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.
Alternative Element (Holdings) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Alternative Element (Holdings) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Alternative Element (Holdings) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Investments |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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590 Green Lanes, London N13 5RY England |
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Subsidiary undertakings |
Alternative Element Ltd The principal activity of Alternative Element Ltd is |
Debtors |
Note |
2020 |
2019 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Corporation tax liability |
290 |
275 |
Director loan account |
659 |
70,451 |
Amounts due to related parties |
38,872 |
- |
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Alternative Element (Holdings) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Dividends |
2020 |
2019 |
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£ |
£ |
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Interim dividend of £ |
20,000 |
25,000 |
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Related party transactions |
Summary of transactions with other related parties
Director loan account
At the balance sheet date the amount due to A Phillips was £659 (2019: £70,451).