Company registration number 15008098 (England and Wales)
ARCANOLOGISTS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ARCANOLOGISTS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
ARCANOLOGISTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investments
4
14,532,912
Current assets
Debtors
6
146,735
Cash at bank and in hand
97,531
244,266
Creditors: amounts falling due within one year
7
(2,273,629)
Net current liabilities
(2,029,363)
Total assets less current liabilities
12,503,549
Creditors: amounts falling due after more than one year
8
(6,246,155)
Net assets
6,257,394
Capital and reserves
Called up share capital
10
6,603,954
Profit and loss reserves
(346,560)
Total equity
6,257,394

The directors of the company have elected not to include a copy of the income statement 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 19 September 2024 and are signed on its behalf by:
R Leeson
Director
Company Registration No. 15008098
ARCANOLOGISTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 July 2023
-
0
-
0
-
Period ended 31 January 2024:
Loss and total comprehensive income for the period
-
(346,560)
(346,560)
Issue of share capital
10
6,603,954
-
6,603,954
Balance at 31 January 2024
6,603,954
(346,560)
6,257,394
ARCANOLOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Arcanologists Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Silverton Court, Northumberland Business Park, Cramlington, NE23 7RY.

1.1
Reporting period

The company was incorporated on 17 July 2023. This is the first set of accounts to be produced for the company.

1.2
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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

ARCANOLOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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 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.

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.

1.6
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.

1.7
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.

ARCANOLOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 period was:

2024
Number
Total
3
4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
14,532,912

On 10 December 2023 Arcanologists Limited acquired 100% of the share capital of Harper & Willow Limited.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 17 July 2023
-
Additions
14,532,912
At 31 January 2024
14,532,912
Carrying amount
At 31 January 2024
14,532,912
5
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

ARCANOLOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
5
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Harper & Willow Limited
3 Silverton Court, Northumberland
Business Park, Cramlington, England,
NE23 7RY
Ordinary
100.00
6
Debtors
2024
Amounts falling due within one year:
£
Other debtors
40,230
Prepayments and accrued income
106,505
146,735
7
Creditors: amounts falling due within one year
2024
£
Bank loans
9
693,713
Accruals and deferred income
1,579,916
2,273,629
8
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
1,501,259
Other creditors
4,744,896
6,246,155
9
Loans and overdrafts
2024
£
Debenture loans
1,673,157
Bank loans
2,194,972
Loans from group undertakings and related parties
3,071,739
6,939,868
Payable within one year
693,713
Payable after one year
6,246,155
ARCANOLOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
9
Loans and overdrafts
(Continued)
- 7 -

The bank loan is secured by fixed charges over land and property owned by the company.

 

The interest rate on the bank loan is the Bank of England Base Rate + 3%. The loan is repayable over 3 years with monthly repayments.

 

The interest rate on the debenture loans is 10%. The loan is repayable in full in 2028.

 

Loans from group undertakings are between the parent and its subsidiary Harper & Willow Limited. The interest rate is 6%, repayable in full in 2033.

10
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A Shares of 1p each
25,000
250
Ordinary B Shares of 1p each
26,379
264
Ordinary C Shares of 1p each
27,721
277
Ordinary D Shares of 1p each
16,250
163
95,350
954
2024
2024
Preference share capital
Number
£
Issued and fully paid
Preference Shares of £1 each
6,603,000
6,603,000
Preference shares classified as equity
6,603,000
Total equity share capital
6,603,954

Redeemable Preference Shares

 

The redeemable preference shares are redeemable at the option of the company. The are redeemable at the issue price per share and carry no voting rights. Redemption occurs at the discretion of the company, with approval of any two out of three of the holders of a majority of the A ordinary shares, the holders of the majority of the B ordinary shares and the holders of a majority of the C ordinary shares.

 

Unless previously redeemed, the preference shares must be redeemed on a sale of a controlling interest in the share capital of the company, the listing of the company, or a sale by the company of all or substantial part of its assets.

 

Each preference share is entitled, on redemption, to a fixed dividend of 6% compounding in arrears on 10th December 2023. At the year end, each preference share is entitled, on redemption to receive the issue price per preference plus an equal to the arrears and accruals of a preference dividend.

 

At the year end, preference share holders on redemption were entitled to £55,380.

ARCANOLOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 8 -
11
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.

Senior Statutory Auditor:
Christopher Potter BA (Hons) ACA
Statutory Auditor:
Azets Audit Services
12
Parent company

The directors believe there is no ultimate controlling party.

2024-01-312023-07-17false19 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedB BarnettH BergsA FadeevaR LeesonF MajorH Majorfalsefalse150080982023-07-172024-01-31150080982024-01-3115008098core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3115008098core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3115008098core:CurrentFinancialInstruments2024-01-3115008098core:Non-currentFinancialInstruments2024-01-3115008098core:ShareCapital2024-01-3115008098core:RetainedEarningsAccumulatedLosses2024-01-3115008098core:ShareCapital2023-07-1615008098core:RetainedEarningsAccumulatedLosses2023-07-1615008098core:ShareCapitalOrdinaryShares2024-01-3115008098bus:Director42023-07-172024-01-3115008098core:RetainedEarningsAccumulatedLosses2023-07-172024-01-3115008098core:ShareCapital2023-07-172024-01-3115008098core:Subsidiary12023-07-172024-01-3115008098core:Subsidiary112023-07-172024-01-3115008098bus:PrivateLimitedCompanyLtd2023-07-172024-01-3115008098bus:SmallCompaniesRegimeForAccounts2023-07-172024-01-3115008098bus:FRS1022023-07-172024-01-3115008098bus:Audited2023-07-172024-01-3115008098bus:Director12023-07-172024-01-3115008098bus:Director22023-07-172024-01-3115008098bus:Director32023-07-172024-01-3115008098bus:Director52023-07-172024-01-3115008098bus:Director62023-07-172024-01-3115008098bus:FullAccounts2023-07-172024-01-31xbrli:purexbrli:sharesiso4217:GBP