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Registered number: 02910011










ARCUM LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ARCUM LIMITED
 

COMPANY INFORMATION


Directors
J A H Curry (resigned 20 October 2024)
R Gupta 




Company secretary
R Gupta



Registered number
02910011



Registered office
1st Floor
Hive 2 1530 Arlington Business Park

Theale

Berkshire

RG7 4SA




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




Bankers
National Westminster Bank Plc
Unit L11 The Oracle

Reading

Berkshire

RG1 2AG





 
ARCUM LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 6
Consolidated Statement of Comprehensive Income
 
7
Consolidated Balance Sheet
 
8
Company Balance Sheet
 
9
Consolidated Statement of Changes in Equity
 
10
Company Statement of Changes in Equity
 
11
Consolidated Statement of Cash Flows
 
12
Consolidated Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 28


 
ARCUM LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024.

Business review
 
The Arcum Group operates as a value added distributor via its trading subsidiaries, namely:
• Inelco Hunter Ltd – a distributor of electronic components and custom design solutions
• Electronic Frontier Ltd – a distributor of networking and converged IP solutions
The Group’s objectives are to achieve long term sustainable growth in both sales and profitability while maintaining a stable financial environment. The Group operationally achieves this by offering customers a commercial proposition which is superior to that which could be offered by its competitors or done by the customer directly.
To achieve this, the Group develops strategic long term relationships with key suppliers, employ a team of specialist sales, support and design engineers to identify and develop customer opportunities and invest in engineering and engineering resources as appropriate.
For the year ended 30 September 2024, the turnover of the group increased by 12.2% from £13,512k in 2023 to £15,166k in 2024, and the gross profit of the group increased by 11.7% from £2,692k in 2023 to £3,008k in 2024. The group has focused more on custom designed solutions in the current financial year, and the increase in margin is a consequence of this.
The group’s net assets remain at a healthy position of £1,824k (2023 - £1,473k). The Directors believe that the Group’s financial position is satisfactory, especially given the liquidity of the assets on the balance sheet.

Principal risks and uncertainties
 
In the competitive marketplace that the Group operates in, there are always risks of losing customers and suppliers due to commercial pressures. The directors of the Group are also conscious of the global and industrial market challenges and recognise that future market conditions will continue to be tough. However, the board believe the Group has the financial resources and a dedicated management/employee team to have confidence in the future growth of the company via organic growth and suitable acquisition opportunities as they arise.


This report was approved by the board and signed on its behalf.





R Gupta
Director
Date: 16 June 2025

Page 1

 
ARCUM LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors

The directors who served during the year were:

J A H Curry (resigned 20 October 2024)
R Gupta 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £115,729 (2023 - £114,835).

Dividends of £75,960 (2023 - £89,675) were paid during the year.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 2

 
ARCUM LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R Gupta
Director

Date: 16 June 2025

Page 3

 
ARCUM LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCUM LIMITED
 

Opinion


We have audited the financial statements of Arcum Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ARCUM LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCUM LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ARCUM LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCUM LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

•   Enquiry of management and those charged with governance around actual and potential litigation and
    claims;
•   Enquiry of management and those charged with governance to identify any material instances of non-
    compliance with laws and regulation;
•   Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
    with applicable laws and regulations;
•   Performing audit work to address the risk of irregularities due to management override of controls, including
    testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of
    significant transactions outside the normal course of business and reviewing accounting estimates for
    evidence of bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.



Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

18 June 2025
Page 6

 
ARCUM LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
15,165,777
13,511,686

Cost of sales
  
(12,158,178)
(10,819,372)

Gross profit
  
3,007,599
2,692,314

Administrative expenses
  
(2,775,516)
(2,505,878)

Operating profit
 5 
232,083
186,436

Interest receivable and similar income
  
120
190

Interest payable and similar expenses
  
(7,429)
(5,690)

Profit before taxation
  
224,774
180,936

Tax on profit
 8 
(109,045)
(66,101)

Profit for the financial year
  
115,729
114,835

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 7

 
ARCUM LIMITED
REGISTERED NUMBER: 02910011

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
65,482
85,673

  
65,482
85,673

Current assets
  

Stocks
 11 
2,469,494
1,924,604

Debtors: amounts falling due within one year
 12 
3,270,249
2,585,812

Cash at bank and in hand
 13 
697,289
1,142,928

  
6,437,032
5,653,344

Creditors: amounts falling due within one year
 14 
(4,644,796)
(3,871,068)

Net current assets
  
 
 
1,792,236
 
 
1,782,276

Total assets less current liabilities
  
1,857,718
1,867,949

Creditors: amounts falling due after more than one year
 15 
(33,334)
(83,334)

Provisions for liabilities
  

Net assets
  
1,824,384
1,784,615


Capital and reserves
  

Called up share capital 
 18 
21,100
21,100

Share premium account
  
61,395
61,395

Capital redemption reserve
  
6,305
6,305

Other reserves
  
99,342
99,342

Profit and loss account
  
1,636,242
1,596,473

Equity attributable to owners of the parent Company
  
1,824,384
1,784,615


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Gupta
Director

Date: 16 June 2025

The notes on pages 14 to 28 form part of these financial statements.

Page 8

 
ARCUM LIMITED
REGISTERED NUMBER: 02910011

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
10,672
20,030

Investments
 10 
1,372,520
1,372,520

  
1,383,192
1,392,550

Current assets
  

Debtors: amounts falling due within one year
 12 
189,487
262,018

Cash at bank and in hand
 13 
128,765
21,588

  
318,252
283,606

Creditors: amounts falling due within one year
 14 
(182,387)
(119,992)

Net current assets
  
 
 
135,865
 
 
163,614

Total assets less current liabilities
  
1,519,057
1,556,164

  

Creditors: amounts falling due after more than one year
 15 
(33,334)
(83,334)

  

Net assets
  
1,485,723
1,472,830


Capital and reserves
  

Called up share capital 
 18 
21,100
21,100

Share premium account
  
61,395
61,395

Capital redemption reserve
  
6,305
6,305

Other reserves
  
120,000
120,000

Profit and loss account
  
1,276,923
1,264,030

  
1,485,723
1,472,830


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Gupta
Director

Date: 16 June 2025

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
ARCUM LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 October 2023
21,100
61,395
6,305
99,342
1,596,473
1,784,615



Profit for the year
-
-
-
-
115,729
115,729

Dividends: Equity capital
-
-
-
-
(75,960)
(75,960)


At 30 September 2024
21,100
61,395
6,305
99,342
1,636,242
1,824,384



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 October 2022
21,100
61,395
6,305
99,342
1,571,313
1,759,455



Profit for the year
-
-
-
-
114,835
114,835

Dividends: Equity capital
-
-
-
-
(89,675)
(89,675)


At 30 September 2023
21,100
61,395
6,305
99,342
1,596,473
1,784,615


The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
ARCUM LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 October 2023
21,100
61,395
6,305
120,000
1,264,030
1,472,830



Profit for the year
-
-
-
-
88,853
88,853

Dividends: Equity capital
-
-
-
-
(75,960)
(75,960)


At 30 September 2024
21,100
61,395
6,305
120,000
1,276,923
1,485,723



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 October 2022
21,100
61,395
6,305
120,000
1,243,286
1,452,086



Profit for the year
-
-
-
-
110,419
110,419

Dividends: Equity capital
-
-
-
-
(89,675)
(89,675)


At 30 September 2023
21,100
61,395
6,305
120,000
1,264,030
1,472,830


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
ARCUM LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
115,729
114,835

Adjustments for:

Depreciation of tangible assets
41,638
77,089

Loss on disposal of tangible assets
-
6

Interest paid
7,429
5,690

Interest received
(120)
(190)

Taxation charge
109,045
66,101

(Increase) in stocks
(544,890)
(161,485)

(Increase) in debtors
(683,253)
(379,105)

Increase in creditors
771,781
475,174

Corporation tax (paid)/received
(50,943)
26,259

Net cash generated from operating activities

(233,584)
224,374

Cash flows from investing activities

Purchase of tangible fixed assets
(21,447)
(56,652)

Interest received
120
190

Net cash from investing activities

(21,327)
(56,462)

Cash flows from financing activities

Repayment of loans
(50,000)
(50,000)

Dividends paid
(75,960)
(89,675)

Interest paid
(7,429)
(5,690)

Net cash used in financing activities
(133,389)
(145,365)

Net (decrease)/increase in cash and cash equivalents
(388,300)
22,547

Cash and cash equivalents at beginning of year
1,085,589
1,063,042

Cash and cash equivalents at the end of year
697,289
1,085,589


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
697,289
1,142,928

Bank overdrafts
-
(57,339)

697,289
1,085,589


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
ARCUM LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024





At 1 October 2023
Cash flows
Loan repayment
At 30 September 2024
£

£

£

£

Cash at bank and in hand

1,142,928

(445,639)

-

697,289

Bank overdrafts

(57,339)

57,339

-

-

Debt due after 1 year

(83,334)

-

50,000

(33,334)

Debt due within 1 year

(50,000)

-

-

(50,000)


952,255
(388,300)
50,000
613,955

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a United Kingdom private company limited by shares and is incorporated in England. The address of its registered office is 1st Floor, Hive 2 1530 Arlington Business Park, Theale, Berkshire,  RG7 4SA.
The continuing activities of Arcum Limited is that of a holding company.
These financial statements are presented in Pound Sterling (GBP), as that is the currency in which the majority of the company's transactions are denominated. They comprise the financial statements of the group for the year ended 30 September 2024 and are presented to the nearest pound.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

 
2.3

Revenue

The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received, at selling price exclusive of value added tax. Sales are recognised at the point at which the Group has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Page 14

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

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:

Leasehold improvements
-
20% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20-33% 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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 15

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


 
2.10

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.

 
2.11

Foreign currency translation

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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Operating leases: the Group 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.

 
2.15

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such events.
Provision for slow moving stocks
The Group hold significant stocks to meet customer demand. One of the Group's strengths is the ability to respond to customers for products that can be difficult to source in the open market and as a consequence a number of older items are held. Management actively manage these stocks and make provisions for older and slow moving items based on historical and expected usage and also other factors. This process can be subjective. 
Tangible fixed assets
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Page 18

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
15,165,777
13,511,686


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,039,123
12,796,599

Rest of the World
126,654
715,087

15,165,777
13,511,686



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
41,638
77,091

Exchange differences
(22,996)
23,775

Defined contribution pension cost
38,038
37,058

Auditors' remuneration
23,500
18,085

Non audit fees
4,970
4,520

Page 19

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Wages and salaries
1,794,112
1,606,227
244,691
234,534

Social security costs
195,018
175,417
28,399
26,514

Cost of defined contribution scheme
40,823
37,058
1,464
1,510

2,029,953
1,818,702
274,554
262,558


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative staff
7
7



Production staff
6
6



Management staff
5
5



Sales/technical staff
16
16

34
34


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
197,337
207,510


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £194,845 (2023 - £187,411).

The Directors consider there to be no key management other than the Directors themselves. Consequently, key management remuneration is the same as the directors' remuneration. 

Page 20

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
60,824
46,414

Adjustments in respect of previous periods
49,405
29,501


Total current tax
110,229
75,915

Deferred tax


Origination and reversal of timing differences
(1,184)
(9,814)

Total deferred tax
(1,184)
(9,814)


Taxation on profit on ordinary activities
109,045
66,101

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
224,774
180,936


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
56,194
39,824

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
980
875

Capital allowances for year in excess of depreciation
-
(670)

Adjustment to brought forward values
-
(2,758)

Adjustments to tax charge in respect of prior periods
49,405
29,501

Marginal relief
(451)
(891)

Movement in deferred tax not recognised
3,672
-

Adjustments to tax charge in respect of prior periods - deferred tax
(755)
-

Deferred tax movement
-
220

Total tax charge for the year
109,045
66,101

Page 21

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Tangible fixed assets

Group






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
244,810
28,790
34,283
580,423
888,306


Additions
-
-
-
21,447
21,447


Disposals
-
-
-
(315)
(315)



At 30 September 2024

244,810
28,790
34,283
601,555
909,438



Depreciation


At 1 October 2023
244,790
22,912
14,560
520,371
802,633


Charge for the year
20
734
9,196
31,688
41,638


Disposals
-
-
-
(315)
(315)



At 30 September 2024

244,810
23,646
23,756
551,744
843,956



Net book value



At 30 September 2024
-
5,144
10,527
49,811
65,482



At 30 September 2023
20
5,878
19,723
60,052
85,673

Page 22

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           9.Tangible fixed assets (continued)


Company






Motor vehicles
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 October 2023
34,283
39,770
74,053



At 30 September 2024

34,283
39,770
74,053



Depreciation


At 1 October 2023
14,560
39,463
54,023


Charge for the year
9,196
162
9,358



At 30 September 2024

23,756
39,625
63,381



Net book value



At 30 September 2024
10,527
145
10,672



At 30 September 2023
19,723
307
20,030






Page 23

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
1,372,520



At 30 September 2024
1,372,520






Net book value



At 30 September 2024
1,372,520



At 30 September 2023
1,372,520


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

The Electronic Frontier Limited
Ordinary
100%
Inelco Hunter Limited
Ordinary
100%


11.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
2,469,494
1,924,604


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 24

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade debtors
2,830,604
1,907,151
-
-

Amounts owed by group undertakings
-
-
182,185
254,311

Other debtors
149,953
51,833
-
-

Prepayments and accrued income
287,846
626,166
7,302
7,707

Deferred taxation
1,846
662
-
-

3,270,249
2,585,812
189,487
262,018



13.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
697,289
1,142,928
128,765
21,588

Less: bank overdrafts
-
(57,339)
-
-

697,289
1,085,589
128,765
21,588



14.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
57,339
-
-

Bank loans
50,000
50,000
50,000
50,000

Trade creditors
3,422,033
3,069,367
14,497
7,584

Amounts owed to group undertakings
-
-
2,276
2,276

Corporation tax
154,320
95,033
8,980
4,132

Other taxation and social security
542,542
358,697
31,381
34,385

Other creditors
17,227
13,846
767
252

Accruals and deferred income
458,674
226,786
74,486
21,363

4,644,796
3,871,068
182,387
119,992


Page 25

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
33,334
83,334
33,334
83,334





16.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
50,000
50,000
50,000
50,000

Amounts falling due 1-2 years

Bank loans
33,334
50,000
33,334
50,000

Amounts falling due 2-5 years

Bank loans
-
33,334
-
33,334

83,334
133,334
83,334
133,334


The bank loan represents a CBILS loan. The loan is interest bearing, and is repayable over the agreed terms. 


17.


Deferred taxation


Group



2024


£






At beginning of year
662


Charged to profit or loss
1,184



At end of year
1,846

Page 26

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
17.Deferred taxation (continued)




The deferred tax asset is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
1,846
662

1,846
662


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



21,100 (2023 - 21,100) Ordinary shares of £1.00 each
21,100
21,100

Rights, preferences and restrictions:
Ordinary shares have the following rights, preferences and restrictions:
All shares contain equal rights to vote. All shares contain equal rights to participate in any dividend or other distribution.



19.


Contingent liabilities

The company has a cross guarantee relating to a group overdraft facility of £500,000. The companies included are Arcum Limited, The Electronic Frontier Limited, and Inelco Hunter Limited. 


20.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £38,038 (2023: £37,058). Contributions totalling £15,595 (2023: £12,457) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

 
ARCUM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
106,250
62,809
106,250
62,809

Later than 1 year and not later than 5 years
488,788
227,559
488,788
227,559

595,038
290,368
595,038
290,368


22.


Related party transactions

The company has taken advantage of the exemption of Section 33 paragraph 33.7 from disclosing transactions with other members of the group.


23.


Controlling party

As at the balance sheet date the company is controlled by JAH Curry by virtue of owning the majority shareholding in the company. 


Page 28