Altido Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06905633 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

FOR

ALTIDO GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S C Eyre

REGISTERED OFFICE:

Eagle Tower

Montpellier Drive

Cheltenham

Gloucestershire

GL50 1TA

REGISTERED NUMBER:

06905633 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

4

1,132

1,273

Tangible assets

5

37,228

42,983

38,360

44,256

CURRENT ASSETS

Debtors

6

25,845

45,996

Cash at bank

98,164

111,262

124,009

157,258

CREDITORS

Amounts falling due within one year

7

(7,436

)

1,776

NET CURRENT ASSETS

131,445

155,482

TOTAL ASSETS LESS CURRENT LIABILITIES

169,805

199,738

CREDITORS

Amounts falling due after more than one year

8

(19,646

)

(27,138

)

PROVISIONS FOR LIABILITIES

(7,073

)

(8,167

)

NET ASSETS

143,086

164,433

CAPITAL AND RESERVES

Called up share capital

966

966

Capital redemption reserve

34

34

Retained earnings

142,086

163,433

143,086

164,433

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 February 2022 and were signed by:

S C Eyre - Director

1.	STATUTORY INFORMATION

Altido Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimate reliably, revenue is recognised only to the extent of the expenses recognised that is probably will be recovered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, was amortised evenly over its estimated useful life and has now been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss over the expected useful lives of the assets to which they relate. Government grants which are not directly attributable to fixed assets are recognised in the profit and loss in accordance with the accruals method in line with FRS 102.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

COVID 19 has had an impact on the business, however the company has sufficient cash and reserves available to be able to continue as a going concern.

Provisions

Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 June 2020

and 31 May 2021

14,500

1,415

15,915

AMORTISATION

At 1 June 2020

14,500

142

14,642

Amortisation for year

-

141

141

At 31 May 2021

14,500

283

14,783

NET BOOK VALUE

At 31 May 2021

-

1,132

1,132

At 31 May 2020

-

1,273

1,273

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2020

4,277

42,908

15,601

62,786

Additions

-

-

5,549

5,549

At 31 May 2021

4,277

42,908

21,150

68,335

DEPRECIATION

At 1 June 2020

2,921

4,291

12,591

19,803

Charge for year

802

7,723

2,779

11,304

At 31 May 2021

3,723

12,014

15,370

31,107

NET BOOK VALUE

At 31 May 2021

554

30,894

5,780

37,228

At 31 May 2020

1,356

38,617

3,010

42,983

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

19,533

22,024

Directors' current accounts

-

554

Tax

903

903

Prepayments and accrued income

5,409

22,515

25,845

45,996

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

6,792

6,792

Trade creditors

10,548

3,571

Corporation Tax

(35,430

)

(22,635

)

Social security and other taxes

2,698

1,515

VAT

4,777

8,188

Pension creditor

368

356

Directors' current accounts

444

-

Accruals and deferred income

2,367

3,989

(7,436

)

1,776

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

HP 2-5Yr

17,546

24,338

Deferred Income-Grant Eplugin

2,100

2,800

19,646

27,138

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

S C Eyre

Balance outstanding at start of year

554

(141

)

Amounts advanced

557

919

Amounts repaid

(1,555

)

(224

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(444

)

554

No interest is being charged on the loan and there are no set repayment terms.