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Registered number: 10853311









ARQ UK MANAGEMENT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ARQ UK MANAGEMENT LIMITED
REGISTERED NUMBER: 10853311

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 4 
-
236,719

  
-
236,719

Current assets
  

Debtors: amounts falling due within one year
 5 
569,854
10,332,691

Cash at bank and in hand
 6 
368,763
35,952

  
938,617
10,368,643

Creditors: amounts falling due within one year
 7 
(239,074)
(15,915,391)

Net current assets/(liabilities)
  
 
 
699,543
 
 
(5,546,748)

Total assets less current liabilities
  
699,543
(5,310,029)

Creditors: amounts falling due after more than one year
  
(7,261,008)
(12,938,536)

  

Net liabilities
  
(6,561,465)
(18,248,565)


Capital and reserves
  

Called up share capital 
  
2
1

Share premium account
  
14,311,297
-

Profit and loss account
  
(20,872,764)
(18,248,566)

  
(6,561,465)
(18,248,565)


Page 1

 
ARQ UK MANAGEMENT LIMITED
REGISTERED NUMBER: 10853311
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 by: 




S Hansen
Director

Date: 4 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ARQ UK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Arq UK Management Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the shareholder for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 31 December 2023, the company had net liabilities of $6,561,465. The shareholder has indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the shareholder.

Page 3

 
ARQ UK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Research and development

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 range from 3 to 6 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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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.

Page 4

 
ARQ UK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

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.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

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.

The estimated useful lives range as follows:

Plant and machinery
-
3 - 7 years straight line
Fixtures and fittings
-
5 - 7 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.

Page 5

 
ARQ UK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

 
2.13

Creditors

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 11).

Page 6

 
ARQ UK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

$
$
$
$





At 1 January 2023 (as restated)
185,307
473,385
9,871
668,563


Disposals
(185,307)
(473,385)
(9,871)
(668,563)



At 31 December 2023

-
-
-
-





At 1 January 2023 (as restated)
185,307
238,594
7,943
431,844


Charge for the year on owned assets
-
6,137
921
7,058


Disposals
(185,307)
(244,731)
(8,864)
(438,902)



At 31 December 2023

-
-
-
-



Net book value



At 31 December 2023
-
-
-
-



At 31 December 2022 (as restated)
-
234,791
1,928
236,719


5.


Debtors

As restated
2023
2022
$
$


Other debtors
-
9,113,518

Called up share capital not paid
-
1

Prepayments and accrued income
7,468
2,920

Tax recoverable
562,386
1,216,252

569,854
10,332,691


Page 7

 
ARQ UK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

As restated
2023
2022
$
$

Cash at bank and in hand
368,763
35,952

368,763
35,952



7.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
169,515
681,152

Other creditors
67,667
14,192,611

Accruals and deferred income
1,892
1,041,628

239,074
15,915,391



8.


Prior year adjustment

A prior year adjustment has been made to correctly reflect the fixed assets held by the company and the tax recoverable. The impact of this adjustment is an decrease in tangible fixed assets and a decrease in debtors.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $7,210 (2022: $17,522). 


10.


Controlling party

The ultimate controlling party is Arq, Inc., a Company incorporated in the United States of America.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 4 February 2025 by Neville Newman (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 8