Altaire Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03799833 (England and Wales)

ALTAIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S G Ball

Dr E A Ball

F Dittmar

REGISTERED OFFICE:

Highland House

Mayflower Close

Chandlers Ford

Eastleigh

Hampshire

SO53 4AR

REGISTERED NUMBER:

03799833 (England and Wales)

FIXED ASSETS

Tangible assets

4

23,796

15,304

CURRENT ASSETS

Debtors

5

272,433

112,535

Cash at bank

139,551

216,865

411,984

329,400

CREDITORS

Amounts falling due within one year

6

(104,734

)

(81,554

)

NET CURRENT ASSETS

307,250

247,846

TOTAL ASSETS LESS CURRENT LIABILITIES

331,046

263,150

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

331,034

263,138

SHAREHOLDERS' FUNDS

331,046

263,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2017 and were signed on its behalf by:

S G Ball - Director

1.	STATUTORY INFORMATION

Altaire 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure

is required to show a true and far view.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements are the first financial statements Altaire Ltd have prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS102. The financial

statements of Altaire Ltd for the year ended 31 December 2015 were prepared in accordance with previous UK

GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102.

There have been no transitional adjustments.

Turnover

Turnover represents the value of goods and services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the

service provided to date based on a proportion of the total expected consideration at completion. Where

payments are received from customers in advance of services provided, the amounts are recorded as deferred

income and included as part of creditors due within one year.

Tangible fixed assets

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

Plant and machinery

-

25% Straight line

Computer equipment

-

25% Reducing balance and 33% Straight line

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.

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.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2015 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2016

752

24,832

25,584

Additions

2,744

22,349

25,093

At 31 December 2016

3,496

47,181

50,677

DEPRECIATION

At 1 January 2016

392

9,888

10,280

Charge for year

874

15,727

16,601

At 31 December 2016

1,266

25,615

26,881

NET BOOK VALUE

At 31 December 2016

2,230

21,566

23,796

At 31 December 2015

360

14,944

15,304

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

157,589

68,319

Other debtors

114,844

44,216

272,433

112,535

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

23,258

-

Taxation and social security

69,060

39,609

Other creditors

12,416

41,945

104,734

81,554

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

S G Ball and Dr E A Ball

Balance outstanding at start of year

44,098

2,995

Amounts advanced

60,231

44,098

Amounts repaid

(62,139

)

(2,995

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

42,190

44,098

Interest on the above loans has been charged by the company at HM Revenue and Customs official rate of

interest.

8.	RELATED PARTY DISCLOSURES

At the balance sheet date F Dittmar was owed £2,996 (2015: £2,996), no interest has been charged on this loan.