Altomare Limited - Period Ending 2018-12-31

Registration number: SC583209

Altomare Limited

Annual Report and Unaudited Financial Statements

for the Period from 5 December 2017 to 31 December 2018

Sense Accounting & Bookkeeping Limited
36 Bruntsfield Place
Edinburgh
EH10 4HJ

Altomare Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Altomare Limited

Company Information

Director

Mr John McAteer

Company secretary

Ms Silvia Bordoni

Registered office

50, Albany Street Edinburgh EH1 3QR

Accountants

Sense Accounting & Bookkeeping Limited 36 Bruntsfield Place Edinburgh EH10 4HJ

Page 1

Altomare Limited

(Registration number: SC583209)
Balance Sheet as at 31 December 2018

	Note	2018 £
Fixed assets
Investment property	3	1,079,421
Current assets
Debtors	4	66,251
Cash at bank and in hand		102,853
		169,104
Creditors: Amounts falling due within one year	5	(1,282,944)
Net current liabilities		(1,113,840)
Net liabilities		(34,419)
Capital and reserves
Called up share capital	6	1
Profit and loss account		(34,420)
Total equity		(34,419)

For the financial period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	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 on 4 September 2019

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

Mr John McAteer

Director

The notes on pages 3 to 5 form an integral part of these financial statements.

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Altomare Limited

Notes to the Financial Statements for the Period from 5 December 2017 to 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
50, Albany Street
Edinburgh
EH1 3QR

These financial statements were authorised for issue by the director on 4 September 2019.

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

As at the balance sheet date, the company's liabilities exceeded its assets. The director considers that, with his continued support, the company will continue to meet its obligations as they fall due. On this basis he considers it appropriate to prepare these accounts on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.

Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

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Altomare Limited

Notes to the Financial Statements for the Period from 5 December 2017 to 31 December 2018

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and
ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Trade debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.

Trade creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

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.

3	Investment properties

	2018 £
Additions	1,079,421

On 22 December 2017 the company acquired an investment property. The appropriate carrying value of the property has been deemed to be the purchase price plus related costs given that the property was acquired during the period.

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Altomare Limited

Notes to the Financial Statements for the Period from 5 December 2017 to 31 December 2018

4

Debtors

	2018 £
Other debtors	66,251
	66,251

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £
Due within one year
Taxation and social security		21,861
Other creditors		1,261,083
		1,282,944

6	Share capital

Allotted, called up and fully paid shares

	2018
	No.	£
Ordinary Shares of £1 each	1	1

7	Related party transactions

Other transactions with directors

During the period the company loaned an amount of £50,000 to the director, as at the 31 December 2018 this full amount remained outstanding.

Summary of transactions with other related parties

As at 31 December 2018, £1,231,152 was owed to Credosoft Limited, a company with a common director, for amounts lent to the company or paid on behalf of the company during the period.

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