Registered number: 06946606
ARCUS GLOBAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ARCUS GLOBAL LIMITED
REGISTERED NUMBER: 06946606
BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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Capital redemption reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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ARCUS GLOBAL LIMITED
REGISTERED NUMBER: 06946606
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The Company has opted not to file the profit and loss account 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 by:
Peter Eric Jensen Dewsbury
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The notes on pages 3 to 9 form part of these financial statements.
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Arcus Global Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Future Business Centre, Kings Hedges Road, Cambridge CB4 2HY.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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:
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover comprises revenue recognised by the Company in respect of software development during the year, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised in the period in which the goods are arranged.
Revenue from software subscription contracts is recognised evenly over the life of the agreement.
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is ten years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
DEFINED CONTRIBUTION PENSION PLAN
The Company operates 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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 balance sheet date in the countries where the Company operates and generates income.
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
Intangible assets comprises capitalised development costs. Development activities involve a plan or design for the production on new or substantially improved products and processes. Development expenditure is only capitalised if all the following conditions are met:
• completion of the intangible asset is technically feasible so that it will be available for use or sale
• we intend to complete the intangible asset and use or sell it
• we can use or sell the intangible asset
• the intangible asset will generate probable future economic benefits. Among other things, this requires there to be a market for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally, the asset will be used in generating such benefits
• there are adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset
• the expenditure attributable to the intangible asset during its development can be measured reliably
Internally generated intangible assets, consisting mainly of direct labour and associated costs, are amortised on a straight-line basis over their useful economic lives. Amortisation is shown within administrative expenses in the proft and loss account. The estimated useful life of development projects in the year ended 30 June 2023 was 10 years (2022 – 10 years). The assets are subject to annual impairment testing, regardless of whether there are indicators of impairment.
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:
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 59 (2023 - 53).
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Charge for the year on owned assets
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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Prepayments and accrued income
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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Other creditors include contributions of £26,732 (2023 - £21,689) payable to the Company's defined contribution pension scheme at the balance sheet date.
Included in other loans is a loan bearing interest of 13.5%; the loan is interest free for the first year and is repayable in April 2027. The loan is secured by way of a fixed and floating charge over the company's assets.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Amounts owed to group undertakings
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Accruals and deferred income
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Included in other loans is a loan bearing interest of 13.5%; the loan is interest free for the first year and is repayable in April 2027. The loan is secured by way of a fixed and floating charge over the company's assets.
Included in shareholder loans are loans made to the company by shareholders. These loans bear interest of 9.5% and are repayable in the December 2026.
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ARCUS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ALLOTTED, CALLED UP AND FULLY PAID
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1,304,408 (2023 - 1,304,408) Ordinary shares of £0.0005 each
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172,219 (2023 - 187,594) A Ordinary shares of £0.0005 each
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NIL (2023 - 759,602) B Ordinary shares of £0.0005 each
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92,259 (2023 - NIL ) B1 Ordinary shares of £0.0005 each
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93,796 (2023 - NIL) B2 Ordinary shares of £0.0005 each
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During the year the following transactions took place in relation to share capital:
On 12 January 2024 12,300 Ordinary A £0.0005 shares were cancelled
On 12 January 2024 576,662 Ordinary A £0.0005 shares were cancelled
On 12 January 2024 3,075 Ordinary A £0.0005 shares were redesignated to be Ordinary B2 £0.0005 shares
On 12 January 2024 92,259 Ordinary B £0.0005 shares were redesignated to be Ordinary B1 shares
On 12 January 2024 90,721 Ordinary B £0.0005 shares were redesignated to be Ordinary B2 shares
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Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium
Profit and loss account
Includes all current and prior year retained profits and losses.
The prior year has been restated to reflect a correction to the issued share capital at 30 June 2023. This has not altered the value of the balance sheet.
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