Company Registration No. 9659202 (England and Wales)
Arctic Lake Technology Limited
Unaudited financial statements
for the year ended 30 June 2023
Pages for filing with the registrar
Arctic Lake Technology Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Arctic Lake Technology Limited
Statement of financial position
As at 30 June 2023
1
2023
2022
As restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,385
61,007
Current assets
Debtors
5
320,191
539,274
Cash at bank and in hand
1,004,112
288,612
1,324,303
827,886
Creditors: amounts falling due within one year
6
(414,512)
(270,280)
Net current assets
909,791
557,606
Total assets less current liabilities
964,176
618,613
Creditors: amounts falling due after more than one year
7
(34,122)
(38,866)
Net assets
930,054
579,747
Capital and reserves
Called up share capital
8
100
100
Share premium account
43,320
43,320
Profit and loss reserves
886,634
536,327
Total equity
930,054
579,747
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Arctic Lake Technology Limited
Statement of financial position (continued)
As at 30 June 2023
2
The financial statements were approved and signed by the director and authorised for issue on 11 September 2024.
Niels Buhl
Director
Company Registration No. 9659202
Arctic Lake Technology Limited
Notes to the financial statements
For the year ended 30 June 2023
3
1
Accounting policies
Company information
Arctic Lake Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Poultry, London, EC2R 8EJ.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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:
Office equipment
3 years straight line
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.
Arctic Lake Technology Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
4
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 statement of financial position 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, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Arctic Lake Technology Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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.
Arctic Lake Technology Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
6
2
Critical accounting 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:
2023
2022
Number
Number
Total
12
8
4
Tangible fixed assets
Office equipment
£
Cost
At 1 July 2022
218,081
Additions
33,277
At 30 June 2023
251,358
Depreciation and impairment
At 1 July 2022
157,074
Depreciation charged in the year
39,899
At 30 June 2023
196,973
Carrying amount
At 30 June 2023
54,385
At 30 June 2022
61,007
Arctic Lake Technology Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
7
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
47,311
Corporation tax recoverable
200,821
128,040
Other debtors
119,370
363,923
320,191
539,274
6
Creditors: amounts falling due within one year
2023
2022
As restated
£
£
Bank loans
5,283
5,693
Trade creditors
38,908
18,262
Corporation tax
32,238
Other taxation and social security
118,908
68,762
Other creditors
251,413
145,325
414,512
270,280
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
34,122
38,866
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,004,200 Ordinary shares of £0.0001 each
100
100
9
Related party transactions
At 30 June 2023 the company was owed £51,397 (2022: £50,166) by a director of the company. The maximum outstanding during the year was £51,397. The amount due is subject to interest at market rate and the balance is repayable on demand.
At 30 June 2023 the company was owed £3,000 (2022: £Nil) by a connected party. The maximum outstanding during the year was £3,000. The amount due is interest free and repayable on demand.
10
Prior period adjustment
Arctic Lake Technology Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
10
Prior period adjustment (continued)
8
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Jun 2022
£
£
£
Creditors due within one year
Taxation and social security
(181,547)
112,785
(68,762)
Other creditors
(132,540)
(12,785)
(145,325)
Net assets
479,747
100,000
579,747
Capital and reserves
Profit and loss reserves
436,327
100,000
536,327
Reconciliation of changes in equity
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Reversal of accrual
-
100,000
Equity as previously reported
206,211
479,747
Equity as adjusted
206,211
579,747
Analysis of the effect upon equity
Profit and loss reserves
-
100,000
Notes to reconciliation
The prior period adjustment of £100,000 relates to the reversal of historic provision. This has resulted in decrease in other creditors, increase in retained earnings and increase in profit before taxation.
The prior period adjustment of £112,785 relates to the reallocation of balances included in creditors due within one year.
2023-06-302022-07-01false11 September 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityNiels Buhlfalse2024-09-1196592022022-07-012023-06-3096592022023-06-3096592022022-06-309659202core:PlantMachinery2023-06-309659202core:PlantMachinery2022-06-309659202core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-309659202core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-309659202core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-309659202core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-309659202core:CurrentFinancialInstruments2023-06-309659202core:CurrentFinancialInstruments2022-06-309659202core:ShareCapital2023-06-309659202core:ShareCapital2022-06-309659202core:SharePremium2023-06-309659202core:SharePremium2022-06-309659202core:RetainedEarningsAccumulatedLosses2023-06-309659202core:RetainedEarningsAccumulatedLosses2022-06-309659202bus:Director12022-07-012023-06-309659202core:PlantMachinery2022-07-012023-06-3096592022021-07-012022-06-309659202core:PlantMachinery2022-06-309659202core:WithinOneYear2023-06-309659202core:WithinOneYear2022-06-309659202core:Non-currentFinancialInstruments2023-06-309659202core:Non-currentFinancialInstruments2022-06-309659202bus:PrivateLimitedCompanyLtd2022-07-012023-06-309659202bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-309659202bus:FRS1022022-07-012023-06-309659202bus:AuditExemptWithAccountantsReport2022-07-012023-06-309659202bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP