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Registration number: 10531565

Arithmostech Ltd

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Arithmostech Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Arithmostech Ltd

Company Information

Directors

Mr Ewan James Campbell

Mr Giorgio Andrew Jones

Mr Paolo Morelli

Company secretary

Mr Darren Mark Palmer

Registered office

Unit 1, Mere View Barn
Park Lane
Pickmere
Knutsford
Cheshire
WA16 0LG

Auditors

Geens Chartered Accountants
Graphic House
City Road
Stoke-on-Trent
ST4 2PH

 

Arithmostech Ltd

(Registration number: 10531565)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

763,558

856,111

Tangible assets

6

10,930

3,899

Investments

7

-

482,340

 

774,488

1,342,350

Current assets

 

Debtors

8

316,350

297,943

Cash at bank and in hand

 

116,687

110,295

 

433,037

408,238

Creditors: Amounts falling due within one year

9

(1,347,763)

(1,786,931)

Net current liabilities

 

(914,726)

(1,378,693)

Total assets less current liabilities

 

(140,238)

(36,343)

Provisions for liabilities

(2,732)

-

Net liabilities

 

(142,970)

(36,343)

Capital and reserves

 

Called up share capital

10

1,000

1,000

Share premium reserve

112,300

112,300

Retained earnings

(256,270)

(149,643)

Shareholders' deficit

 

(142,970)

(36,343)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

.........................................
Mr Giorgio Andrew Jones
Director

   
     
 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1, Mere View Barn
Park Lane
Pickmere
Knutsford
Cheshire
WA16 0LG
United Kingdom

These financial statements were authorised for issue by the Board on 2 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group..

Going concern

The financial statements have been prepared on a going concern basis.

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 2 June 2025 was Karen Staley, who signed for and on behalf of Geens Chartered Accountants.

.........................................

Adjusting events after the financial period

Subsequent to the balance sheet date, the Company’s subsidiary, The Pharmaceutical Code Company Ltd, initiated an application for voluntary strike-off with Companies House.The strike-off process is expected to be completed within three months of the application, which was formally submitted on 11th March 2025.

As a result of the strike-off application, the carrying value of the investment in The Pharmaceutical Code Company Ltd, which was £471,654 as of the balance sheet date, has been impaired and written off to £NIL value in the financial statements for the current year. This impairment reflects the cessation of the subsidiary’s operations and its impending removal from the company register. The impairment loss has been fully recognised in the current year’s income statement, resulting in a reduction of the company’s total assets and net income.

The strike-off will finalize the dissolution of The Pharmaceutical Code Company Ltd, and this event is considered a material adjustment to the financial position of Arithmostech Ltd. The company continues to monitor the process and will provide any necessary updates as the strike-off progresses.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

33.33% & 50% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 6).

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

7,518

3,295

Deferred taxation

Arising from origination and reversal of timing differences

2,732

-

Tax expense in the income statement

10,250

3,295

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

925,526

925,526

At 31 December 2024

925,526

925,526

Amortisation

At 1 January 2024

69,415

69,415

Amortisation charge

92,553

92,553

At 31 December 2024

161,968

161,968

Carrying amount

At 31 December 2024

763,558

763,558

At 31 December 2023

856,111

856,111

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

5,277

5,277

Additions

12,438

12,438

At 31 December 2024

17,715

17,715

Depreciation

At 1 January 2024

1,378

1,378

Charge for the year

5,407

5,407

At 31 December 2024

6,785

6,785

Carrying amount

At 31 December 2024

10,930

10,930

At 31 December 2023

3,899

3,899

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

-

482,340

Subsidiaries

£

Cost or valuation

At 1 January 2024

482,340

Revaluation

(482,340)

At 31 December 2024

-

Provision

Carrying amount

At 31 December 2024

-

At 31 December 2023

482,340

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

The Pharmaceutical Code Company Ltd

Unit 1, Mere View Barn Park Lane, Pickmere, Knutsford, England, WA16 0LG

England

Ordinary A, B & C

100%

100%

CROS NT India Private Limited

IndiQube ETA, Ground Floor,No.38/4,Dodanekundi, Outer Ring Road, Laxmi Sagar Layout, Mah adevapura, , Banglore, Karnataka, India - 560048

India

Ordinary

100%

100%

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Subsidiary undertakings

The Pharmaceutical Code Company Ltd

The principal activity of The Pharmaceutical Code Company Ltd is that of a dormant company.

CROS NT India Private Limited

The principal activity of CROS NT India Private Limited is that of a dormant company.

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

185,197

170,770

Amounts owed by group undertakings and undertakings in which the company has a participating interest

91,119

53,518

Prepayments

 

23,742

20,954

Other debtors

 

16,292

52,701

 

316,350

297,943

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

49,329

26,626

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,103,716

1,605,143

Taxation and social security

 

40,191

20,210

Accruals and deferred income

 

57,281

64,836

Other creditors

 

97,246

70,116

 

1,347,763

1,786,931

 

Arithmostech Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

24,250

-

Later than one year and not later than five years

74,554

-

98,804

-

The amount of office rental operating lease payments recognised as an expense during the year was £21,898 (2023 - £Nil).

12

Parent and ultimate parent undertaking

The company's immediate parent is Arithmos S.r.l., incorporated in Italy.

 The ultimate parent is PM Holding S.r.l., incorporated in Italy.

 

ArithmosTech Limited is included in the consolidated financial statements of P M Holdings Srl, which are available from its registered office at Via Roma 20, 24022 Alzano Lombardo (BG), Italy.