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Arca Blanca Ltd

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 11544694

 

Arca Blanca Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Arca Blanca Ltd

Balance Sheet

31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Tangible assets

4

6,713

27,723

Current assets

 

Debtors

5

1,600,300

1,097,170

Cash at bank and in hand

 

540,700

618,191

 

2,141,000

1,715,361

Creditors: Amounts falling due within one year

6

(4,072,390)

(1,088,474)

Net current (liabilities)/assets

 

(1,931,390)

626,887

Net (liabilities)/assets

 

(1,924,677)

654,610

Capital and reserves

 

Called up share capital

635

515

Share premium reserve

10,148

10,148

Profit and loss account

(1,935,460)

643,947

Shareholders' (deficit)/funds

 

(1,924,677)

654,610

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 19 September 2024
 

.........................................
Vincent Luciani
Director

Company Registration Number: 11544694

 

Arca Blanca Ltd

Notes to the Financial Statements

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:
1st Floor The Rex Building
62-64 Queen Street
London
EC4R 1EB

These financial statements were authorised for issue by the director on 19 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 - '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.

Disclosure of long or short period

The audited financial statements are presented for the year ended 31 December 2023. The comparitive amounts presented in the financial statements (including the related notes) are for the period 1 June 2022 to 31 December 2022 and are not entirely comparable.

Going concern

It is the intention for the company to cease within the next 12 months from the date of signing the financial statements. Trade and assets are to be transferred to another subsidiary within the group. Therefore, the financial statements are not prepared on the going concern basis. This has had no impact on the values or items included in the financial statements.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

Arca Blanca Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

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

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Office Equipment

Straight line over 1 - 4 years

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Arca Blanca Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 39 (2022 - 49).

 

Arca Blanca Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

153,377

153,377

Additions

2,029

2,029

Disposals

(4,355)

(4,355)

At 31 December 2023

151,051

151,051

Depreciation

At 1 January 2023

125,654

125,654

Charge for the year

19,951

19,951

Eliminated on disposal

(1,267)

(1,267)

At 31 December 2023

144,338

144,338

Carrying amount

At 31 December 2023

6,713

6,713

At 31 December 2022

27,723

27,723

5

Debtors

31 December
2023
£

31 December
2022
£

Trade debtors

262,829

946,657

Prepayments

25,002

61,719

Other debtors

1,312,469

88,794

1,600,300

1,097,170

 

Arca Blanca Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

31 December
2023
£

31 December
2022
£

Due within one year

Trade creditors

217,622

355,853

Amounts owed to group undertakings

3,591,334

-

Taxation and social security

-

472,885

Accruals and deferred income

263,434

259,736

4,072,390

1,088,474

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

31 December
2022
£

Not later than one year

2,572

122,628

Later than one year and not later than five years

9,464

732,867

12,036

855,495

The amount of non-cancellable operating lease payments recognised as an expense during the year was £131,643 (2022 - £124,391). During the year the company paid a settlement fee to exit the properly lease early.

8

Non adjusting events after the financial period

Management intend to transfer trade and assets to Artefact Marketing Engineering UK Limited, and for Arca Blanca Limited to cease to exist within the next 12 months from approving the financial statements.

 

Arca Blanca Ltd

Notes to the Financial Statements

Year Ended 31 December 2023

9

Audit report

The Independent Auditors' Report was unqualified. We draw attention to the disclosure made in Note 2 of the financial statements which explains that the financial statements have not been prepared on the going concern basis for the reason set out in that note. No adjustments were necessary as a result of preparing the accounts on a basis other than going concern. Our audit opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie ACA, who signed for and on behalf of PKF Francis Clark on 19 September 2024.

10

Parent and ultimate parent undertaking

The company's immediate parent is Artefact SAS, incorporated in France.