Company registration number 11924657 (England and Wales)
ARCHIPELAGO ANALYTICS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ARCHIPELAGO ANALYTICS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ARCHIPELAGO ANALYTICS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,277
-
0
Current assets
Debtors
5
390,168
408,092
Cash at bank and in hand
3,787
4,812
393,955
412,904
Creditors: amounts falling due within one year
6
(164,778)
(256,421)
Net current assets
229,177
156,483
Total assets less current liabilities
230,454
156,483
Provisions for liabilities
(243)
-
0
Net assets
230,211
156,483
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
230,111
156,383
Total equity
230,211
156,483

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr H H Shah
Director
Company Registration No. 11924657
ARCHIPELAGO ANALYTICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Archipelago Analytics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 483 Green Lanes, London, United Kingdom, N13 4BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 FRS 102 have been applied other than where additional disclosure is required to show a true and fair 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director does not consider that the company is a going concern as the company ceased trading on 2 June 2023. No adjustments to assets and liabilities were necessary to reflect their disposal values. The accounts have therefore not been prepared on a going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
36 months

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ARCHIPELAGO ANALYTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ARCHIPELAGO ANALYTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
10
5
ARCHIPELAGO ANALYTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
-
0
Additions
1,585
At 31 December 2021
1,585
Depreciation and impairment
At 1 January 2021
-
0
Depreciation charged in the year
308
At 31 December 2021
308
Carrying amount
At 31 December 2021
1,277
At 31 December 2020
-
0
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
as restated
Amounts owed by group undertakings
343,973
369,264
Other debtors
46,195
38,828
390,168
408,092

Regarding the comparatives, a reclassification of the prior year VAT balance from creditors to debtors has been made. Also, transactions with the inter-company account have been added, see also the note on prior period adjustments for details.

ARCHIPELAGO ANALYTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
as restated
£
£
Trade creditors
4,919
1,595
Corporation tax
25,960
37,710
Other taxation and social security
84,045
137,098
Other creditors
49,854
80,018
164,778
256,421

Regarding the comparatives, a reclassification of the prior year VAT balance from creditors to debtors has been made. Also, prior year accruals previously shown as due more than one year have been reclassified to due less than one year.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - Going concern

As stated in the accounting policies, the director does not consider that the company is a going concern as the company ceased trading on 2 June 2023. No adjustments to assets and liabilities were necessary to reflect their disposal values.

 

Other matter

The financial statements of the company for the period from 1 January 2020 to 31 December 2020 were not audited, as the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Hence, the comparative balances within these financial statements for the company are unaudited.

Senior Statutory Auditor:
Mr Witold Sawin
Statutory Auditor:
Sawin & Edwards LLP Statutory Auditors
8
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with the parent company.

9
Controlling Party

The Company is a wholly owned subsidiary of :

Archipelago Analytics, Inc

8 California Street, Suite 200

San Francisco, CA 94111

ARCHIPELAGO ANALYTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
10
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2020
2020
£
£
Adjustments to prior year: Profit for the financial year
12,164
Total adjustments
-
12,164
Equity as previously reported
57,260
144,319
Equity as adjusted
57,260
156,483
Analysis of the effect upon equity
Profit and loss reserves
-
12,164
Reconciliation of changes in profit for the previous financial period
2020
Notes
£
Adjustments to prior year
Cost of sales: Subcontractor labour accrual
1
(73,018)
Cost of sales: Inter-company account transactions
2
(81,783)
Turnover: Transfer pricing update
3
166,965
Total adjustments
12,164
Profit as previously reported
90,578
Profit as adjusted
102,742
Notes to reconciliation
Cost of sales: Subcontractor labour accrual

This adjustment relates to late invoices of subcontractor fees omitted in the 2020 financial statements.

Cost of sales: Inter-company account transactions

This adjustment relates to payments made by the parent company for expenses relating to the company omitted in the 2020 financial statements.

Turnover: Transfer pricing update

This adjustment is to bring the turnover figure in line with the transfer pricing agreement for the adjustments made in note 1 and 2.

11
Post balance sheet event

The director resolved on 2 June 2023 that the company would cease trading with immediate effect.

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