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Registration number: 11492489

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

for
 

ARX Alliance Limited

 

ARX Alliance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

ARX Alliance Limited

Company Information

Directors:

A J Runciman

A W Turville

B Delomenie

P S Richardson

C R C Codoma

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

11492489

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

ARX Alliance Limited

(Registration number: 11492489)
Balance Sheet as at 31 December 2023

Note

31.12.23

31.12.22

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

1,788,859

 

1,348,278

Tangible assets

5

 

5,618

 

11,237

   

1,794,477

 

1,359,515

CURRENT ASSETS

   

 

Debtors

6

88,036

 

213,161

 

Cash at bank and in hand

 

166,058

 

124,034

 

 

254,094

 

337,195

 

CREDITORS

   

 

Creditors within 1yr

7

117,178

 

217,049

 

Net current assets

   

136,916

 

120,146

Total assets less current liabilities

   

1,931,393

 

1,479,661

Creditors
Amounts falling due after more than one year

7

 

1,124,373

 

328,358

PROVISIONS FOR LIABILITES

 

8,963

 

8,963

Net assets

   

815,983

 

1,160,266

CAPITAL AND RESERVES

   

 

Called up share capital

8

 

2,543

 

2,543

Share premium reserve

 

1,595,335

 

1,595,335

Other component of equity

 

17,183

 

6,846

Profit and loss account

 

(799,078)

 

(444,458)

Shareholders' funds

   

815,983

 

1,160,266

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

ARX Alliance Limited

(Registration number: 11492489)
Balance Sheet as at 31 December 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2024

.........................................
A J Runciman
Director

 

ARX Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

ARX Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 7).

4.

Intangible assets

Computer
software
 £

Cost or valuation

At 1 January 2023

1,348,278

Additions internally developed

440,581

At 31 December 2023

1,788,859

Amortisation

Carrying amount

At 31 December 2023

1,788,859

At 31 December 2022

1,348,278

The company is developing software as a product to allow its customers to determine risk associated with their systems. The intangible asset is not amortised during the year as the software is not complete yet.

 

ARX Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5.

Tangible assets

Office equipment
£

Cost or valuation

At 1 January 2023

16,856

At 31 December 2023

16,856

Depreciation

At 1 January 2023

5,619

Charge for the year

5,619

At 31 December 2023

11,238

Carrying amount

At 31 December 2023

5,618

At 31 December 2022

11,237

6.

Debtors

31.12.23
£

31.12.22
£

Other debtors

88,036

213,161

88,036

213,161

Included in other debtors is the R&D tax credit receivable for £78,172 (2022: £202,300).

7.

Creditors

Creditors: amounts falling due within one year

31.12.23
£

31.12.22
£

Due within one year

Taxation and social security

4,278

7,049

Accruals and deferred income

10,000

10,000

Other creditors

102,900

200,000

117,178

217,049

Other creditor is a loan from a director on which no interest or repayment terms have been set.

 

ARX Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

31.12.23
£

31.12.22
£

Due after one year

 

Loans and borrowings

9

924,373

328,358

Other non-current financial liabilities

 

200,000

-

 

1,124,373

328,358

Other non-current financial liabilities is a loan of £200,000. It has been agreed in principle that this loan will be converted into share capital but no final agreement is yet in place.

8.

Share capital

Allotted, called up and fully paid shares

 

31.12.23

31.12.22

 

No.

£

No.

£

Ordinary of £0.01 each

144,537

1,445.37

144,537

1,445.37

A Ordinary Non Voting of £0.01 each

59,228

592.28

59,228

592.28

Series Seed of £0.01 each

50,596

505.96

50,596

505.96

 

254,361

2,544

254,361

2,544

 

ARX Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9.

Loans and borrowings

31.12.23
£

31.12.22
£

Non-current loans and borrowings

Convertible loan notes

924,373

328,358

During the year, the company issued 5% fixed rate convertible loan note 2025 of £553,800. The convertible loan note has been split with the equity component of £10,337 being recognised separately on the balance sheet under other reserves.