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Registered number: 08858600














ASSET RISK CONSULTANTS (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
ASSET RISK CONSULTANTS (UK) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6


 
ASSET RISK CONSULTANTS (UK) LIMITED
REGISTERED NUMBER:08858600

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
784
3,140

Current assets
  

Debtors: amounts falling due within one year
 5 
304,886
288,476

Cash at bank and in hand
  
1,358,945
531,567

  
1,663,831
820,043

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(393,479)
(268,744)

Net current assets
  
 
 
1,270,352
 
 
551,299

  

Net assets
  
1,271,136
554,439


Capital and reserves
  

Called up share capital 
 7 
107
101

Share premium account
  
649,893
49,899

Profit and loss account
  
621,136
504,439

  
1,271,136
554,439


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




A O'Neill
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
ASSET RISK CONSULTANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Asset Risk Consultants (UK) Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office is at 114 St Martin's Lane, Covent Garden, London, WC2N 4BE. The principal place of business is 46 Chancery Lane, London, WC2A 1JE.
The principal activity of the Company during the year was that of the provision of consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of services provided during the year. Revenue is recognised as and when services have been performed and revenue can be reliably measured.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Page 2

 
ASSET RISK CONSULTANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Creditors

Short-term creditors are measured at the transaction price.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.9

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ASSET RISK CONSULTANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 10).

Page 4

 
ASSET RISK CONSULTANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 July 2023
19,911



At 30 June 2024

19,911



Depreciation


At 1 July 2023
16,771


Charge for the year on owned assets
2,356



At 30 June 2024

19,127



Net book value



At 30 June 2024
784



At 30 June 2023
3,140


5.


Debtors

2024
2023
£
£


Trade debtors
104,789
84,097

Amounts owed by group undertakings
149,455
151,956

Prepayments and accrued income
50,642
52,423

304,886
288,476


Page 5

 
ASSET RISK CONSULTANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
36,444
23,654

Taxation and social security
143,894
68,441

Other creditors
6,879
4,580

Accruals and deferred income
206,262
172,069

393,479
268,744



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



107 (2023 - 101) Ordinary A shares of £1 each
107
101


During the year the Company allotted a futher 6 A Ordinary shares of £1 each for a total consideration of £600,000.


8.


Controlling party

The Company is a wholly-owned subsidiary of ARC Group Limited, a company registered in Guernsey, which the directors regard as the ultimate parent undertaking.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 24 September 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 6