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Registration number: 10531565

Arithmostech Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Arithmostech Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Arithmostech Ltd

Company Information

Directors

Mr Ewan James Campbell

Mr Giorgio Andrew Jones

Mr Paolo Morelli

Company secretary

Mr Darren Mark Palmer

Registered office

Unit 1, Mere View Barn
Park Lane
Pickmere
Knutsford
Cheshire
WA16 0LG

Auditors

Geens Chartered Accountants
Graphic House
City Road
Stoke-on-Trent
ST4 2PH

 

Arithmostech Ltd

(Registration number: 10531565)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

856,111

-

Tangible assets

6

3,899

-

Investments

7

482,340

1,398,196

 

1,342,350

1,398,196

Current assets

 

Debtors

8

297,943

3,864

Cash at bank and in hand

 

110,295

17,007

 

408,238

20,871

Creditors: Amounts falling due within one year

9

(843,607)

(283,990)

Net current liabilities

 

(435,369)

(263,119)

Total assets less current liabilities

 

906,981

1,135,077

Creditors: Amounts falling due after more than one year

9

(943,324)

(1,265,541)

Net liabilities

 

(36,343)

(130,464)

Capital and reserves

 

Called up share capital

10

1,000

1,000

Share premium reserve

112,300

112,300

Retained earnings

(149,643)

(243,764)

Shareholders' deficit

 

(36,343)

(130,464)

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. 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 9 September 2024 and signed on its behalf by:
 

.........................................
Mr Giorgio Andrew Jones
Director

   
     
 

Arithmostech Ltd

Notes to the 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 & Wales.

The address of its registered office is:
Unit 1, Mere View Barn
Park Lane
Pickmere
Knutsford
Cheshire
WA16 0LG
United Kingdom

These financial statements were authorised for issue by the Board on 9 September 2024.

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.

Name of parent of group

These financial statements are consolidated in the financial statements of PM Holding S.r.l..

The financial statements of PM Holding S.r.l. may be obtained from the registered office at Via Roma 20, Alzano Lombardo 24022, Italy..

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group..

Going concern

The financial statements have been prepared on a going concern basis.

 

Arithmostech Ltd

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 9 September 2024 was Karen Staley, who signed for and on behalf of Geens Chartered Accountants.

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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

33.33% & 37.5% straight line

 

Arithmostech Ltd

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Arithmostech Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 3).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

3,295

-

 

Arithmostech Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

925,526

925,526

At 31 December 2023

925,526

925,526

Amortisation

Amortisation charge

69,415

69,415

At 31 December 2023

69,415

69,415

Carrying amount

At 31 December 2023

856,111

856,111

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

5,277

5,277

At 31 December 2023

5,277

5,277

Depreciation

Charge for the year

1,378

1,378

At 31 December 2023

1,378

1,378

Carrying amount

At 31 December 2023

3,899

3,899

 

Arithmostech Ltd

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

7

Investments

2023
£

2022
£

Investments in subsidiaries

482,340

1,398,196

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,398,196

Revaluation

(925,526)

Additions

9,670

At 31 December 2023

482,340

Provision

Carrying amount

At 31 December 2023

482,340

At 31 December 2022

1,398,196

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

The Pharmaceutical Code Company Ltd

Unit 1, Mere View Barn Park Lane, Pickmere, Knutsford, England, WA16 0LG

England

Ordinary A, B & C

100%

100%

CROS NT India Private Limited

IndiQube ETA, Ground Floor,No.38/4,Dodanekundi, Outer Ring Road, Laxmi Sagar Layout, Mah adevapura, , Banglore, Karnataka, India - 560048

India

Ordinary

100%

100%

 

Arithmostech Ltd

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

Subsidiary undertakings

The Pharmaceutical Code Company Ltd

The principal activity of The Pharmaceutical Code Company Ltd is clinical research consultancy. Its financial period end is 31 March.

CROS NT India Private Limited

The principal activity of CROS NT India Private Limited is that of a dormant company. Its financial period end is 31 March.

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

170,770

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

53,518

-

Prepayments

 

20,954

-

Other debtors

 

52,701

3,864

 

297,943

3,864

 

Arithmostech Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

26,626

44

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

661,819

265,752

Taxation and social security

 

20,210

10,756

Accruals and deferred income

 

64,836

7,438

Other creditors

 

70,116

-

 

843,607

283,990

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

943,324

1,265,541

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         
 

Arithmostech Ltd

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

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

223,170

175,152

Contributions paid to money purchase schemes

3,000

7,392

226,170

182,544

12

Parent and ultimate parent undertaking

The company's immediate parent is Arithmos S.r.l., incorporated in Italy.

 The ultimate parent is PM Holding S.r.l., incorporated in Italy.