Company registration number 02790941 (England and Wales)
ARTHENELLA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Affinia
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
ARTHENELLA LIMITED
COMPANY INFORMATION
Directors
Mr A T Rogers
(Appointed 25 January 2024)
Mr D J Rogers
(Appointed 25 January 2024)
Secretary
Mrs J A Rogers
Company number
02790941
Registered office
Electro House
Edinburgh Way
Harlow
Essex
CM20 2EG
Auditor
Affinia (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
ARTHENELLA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
ARTHENELLA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The directors are pleased with the financial performance of the group during the year, despite the ongoing challenges faced within the group's operations and the volatility of the UK economic environment. Whilst the UK began to experience some resemblance of normality, after the protective restrictions were eased, the Ukrainian war then sparked a global financial and energy crisis and the UK economy endured spiralling inflation and interest rates, against a backdrop of political uncertainty. The global shortage of components and materials still continue to hinder manufacturing but not to the levels that were previously witnessed. Stability in pricing seems to have returned.

Despite these unprecedented challenges and a developing cost of living crisis, consumer confidence and demand has not waned. Strong order books within the companies and customer patience have resulted in strong results.

Arthenella Limited's main function is as a holding company. It concentrates its activities in electro mechanical services. It also has cash reserves which are used to fund growth and investments.

Profit was down on the previous year, mainly due to an increase in admin expenses and a slight reduction of sales caused by a lessening of demand across the sector. The group however still performed well with profits before taxation of £0.6m compared to the previous year of £2.0m.

Principal risks and uncertainties

The cautious approach to investment over the year and going forward has ensured there has been minimum risk to investments, but with inflation likely to increase and therefore likely interest rate increases, then a more active approach to investments will be required to ensure the growth of the investments above inflation.

The company has a small exposure to foreign currencies but mainly trades in sterling.

The companies in the group all see increased competition as a cause for concern but with a maintained level of good service to customers and high quality products will serve to mitigate these concerns. If prices are reduced to maintain a market share, it is likely that profit margins will be reduced slightly but there is enough margin to still ensure the company has an acceptable profit margin.

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs for all companies in the group. The directors consider the cash reserves which are maintained are adequate to finance short to medium term operations and other investments available to fund longer term projects.

The company's principle financial assets are cash, investments, and debtors. The credit risk associated with cash is limited as customers have appropriate credit limits set by directors' dependant on previous payment history and are reviewed on a regular basis.

Key performance indicators

|  | 2024 | 2023
Gross profit margin |  | 40% | 46%
Net profit margin |  | 5% | 15%
Gross asset value |  | 35,708,72 5 | 36,916,857

Employment

Arthenella Limited Group is an equal opportunities employer.

Future Developments

The group is keen to continue its operations in their current format and achieve similar levels of profitability.

ARTHENELLA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr D J Rogers
Director
17 September 2025
ARTHENELLA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of providing electro mechanical services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,000,00 0 (2023: £250,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A T Rogers
(Appointed 25 January 2024)
Mr D J Rogers
(Appointed 25 January 2024)
Mr A J Rogers
(Deceased 31 March 2024)
Auditor

The auditors, Affinia Limited (Chelmsford), will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D J Rogers
Director
17 September 2025
ARTHENELLA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

ARTHENELLA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARTHENELLA LIMITED
- 5 -
Opinion

We have audited the financial statements of Arthenella Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 the parent company's affairs as at 31 December 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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

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 report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ARTHENELLA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARTHENELLA LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recogni se non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the electro manufacturing sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

ARTHENELLA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARTHENELLA LIMITED
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- T est ed a sample of revenue recognised either side of the period end to ensure revenue had been r ecognised in the correct period;

- Assessed whether judgements and assumptions made in determining the accounting estimates around fair value of investments, depreciation and accruals were indicative of potential bias.

- Investigated the rationale behind significant or unusual transactions.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 2006. Our 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.

Laurence Miles (Senior Statutory Auditor)
For and on behalf of Affinia (Chelmsford), Statutory Auditor
Chartered Accountants
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
17 September 2025
ARTHENELLA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,588,061
12,864,159
Cost of sales
(7,574,869)
(7,007,680)
Gross profit
5,013,192
5,856,479
Administrative expenses
(6,248,222)
(5,389,225)
Other operating income
8,351
65,281
Operating (loss)/profit
4
(1,226,679)
532,535
Interest receivable and similar income
6
1,156,216
578,236
Interest payable and similar expenses
7
(44)
(30,145)
Gain/loss on revaluation of investments
8
679,785
906,533
Profit before taxation
609,278
1,987,159
Tax on profit
9
(102,378)
(341,678)
Profit for the financial year
506,900
1,645,481
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ARTHENELLA LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
443,008
519,887
Total intangible assets
443,008
519,887
Tangible assets
12
1,523,909
1,703,754
Investments
13
17,180,229
6,439,185
19,147,146
8,662,826
Current assets
Stocks
16
1,297,125
1,687,385
Debtors falling due after more than one year
17
327,502
300,000
Debtors falling due within one year
17
3,963,051
2,590,968
Cash at bank and in hand
10,973,901
23,675,678
16,561,579
28,254,031
Creditors: amounts falling due within one year
18
(5,634,982)
(4,438,158)
Net current assets
10,926,597
23,815,873
Total assets less current liabilities
30,073,743
32,478,699
Provisions for liabilities
Deferred tax liability
19
381,648
293,504
(381,648)
(293,504)
Net assets
29,692,095
32,185,195
Capital and reserves
Called up share capital
21
1,600
1,600
Capital redemption reserve
615,204
615,204
Profit and loss reserves
29,075,291
31,568,391
Total equity
29,692,095
32,185,195

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2025 and are signed on its behalf by:
17 September 2025
Mr D J Rogers
Director
Company registration number 02790941 (England and Wales)
ARTHENELLA LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
136,331
167,090
Investments
13
18,374,655
7,633,611
18,510,986
7,800,701
Current assets
Debtors falling due after more than one year
17
327,502
300,000
Debtors falling due within one year
17
840,056
138,132
Cash at bank and in hand
7,774,756
19,792,230
8,942,314
20,230,362
Creditors: amounts falling due within one year
18
(1,720,645)
(175,301)
Net current assets
7,221,669
20,055,061
Total assets less current liabilities
25,732,655
27,855,762
Provisions for liabilities
Deferred tax liability
19
320,201
181,966
(320,201)
(181,966)
Net assets
25,412,454
27,673,796
Capital and reserves
Called up share capital
21
1,600
1,600
Capital redemption reserve
615,204
615,204
Profit and loss reserves
24,795,650
27,056,992
Total equity
25,412,454
27,673,796

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £738,658 (2023 - £4,856,595 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2025 and are signed on its behalf by:
17 September 2025
Mr D J Rogers
Director
Company registration number 02790941 (England and Wales)
ARTHENELLA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,600
615,204
30,172,910
30,789,714
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,645,481
1,645,481
Dividends
10
-
-
(250,000)
(250,000)
Balance at 31 December 2023
1,600
615,204
31,568,391
32,185,195
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
506,900
506,900
Dividends
10
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2024
1,600
615,204
29,075,291
29,692,095
ARTHENELLA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,600
615,204
22,450,397
23,067,201
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
4,856,595
4,856,595
Dividends
10
-
-
(250,000)
(250,000)
Balance at 31 December 2023
1,600
615,204
27,056,992
27,673,796
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
738,658
738,658
Dividends
10
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2024
1,600
615,204
24,795,650
25,412,454
ARTHENELLA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(288,540)
2,876,202
Interest paid
(44)
(30,145)
Income taxes paid
(522,907)
(925,483)
Net cash (outflow)/inflow from operating activities
(811,491)
1,920,574
Investing activities
Purchase of tangible fixed assets
(61,577)
(392,872)
Proceeds from disposal of tangible fixed assets
12,250
38,584
Purchase of subsidiaries, net of cash acquired
(10,000,000)
-
Proceeds from disposal of subsidiaries, net of cash disposed
-
597,665
Purchase of investments
(1,053,859)
-
Proceeds from disposal of investments
1,061,178
224,909
Interest received
1,151,589
572,744
Dividends received
4,627
5,492
Net cash (used in)/generated from investing activities
(8,885,792)
1,046,522
Financing activities
Repayment of borrowings
(4,494)
(5,212)
Dividends paid to equity shareholders
(3,000,000)
(250,000)
Net cash used in financing activities
(3,004,494)
(255,212)
Net (decrease)/increase in cash and cash equivalents
(12,701,777)
2,711,884
Cash and cash equivalents at beginning of year
23,675,678
20,963,796
Cash and cash equivalents at end of year
10,973,901
23,675,678
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Arthenella Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Electro House, Edinburgh Way, Harlow, Essex, CM20 2EG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The Group financial statements incorporate the financial statements of Arthenella Ltd (the 'Company') and entities controlled by the Company (its subsidiaries) made up to 31st December each year.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

All income is measured at the fair value of the consideration received or receivable for goods, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised once the significant risks & rewards of ownership of the goods has passed to the buyer (usually on the dispatch of goods), the amount of turnover can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the entity.

The entity recognises revenue (the rendering of services) by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- It is probable that the economic benefits associated with the transaction will flow to the entity;

- The stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Finance income

Loan interest receivable is recognised on the accruals basis, at the rate prevailing as determined by the agreements in effect.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Leasehold improvements
5% and 4% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
33% straight line and 25% reducing balance
Computers
33% straight line and 25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
9,848,466
10,284,762
Rendering of services
2,739,595
2,579,397
12,588,061
12,864,159
2024
2023
£
£
Other revenue
Interest income
1,151,589
572,744
Dividends received
4,627
5,492

All turnover originated and was delivered within the UK for this financial year and the last financial year.

4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(60,773)
259,575
Research and development costs
570,758
755,307
Fees payable to the group's auditor for the audit of the group's financial statements
17,862
29,757
Depreciation of owned tangible fixed assets
221,339
254,577
Loss/(profit) on disposal of tangible fixed assets
7,833
(14,127)
Amortisation of intangible assets
76,879
76,879
Operating lease charges
13,000
-
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
7
6
2
1
Production
29
28
-
-
Sales
11
11
-
-
Administration
8
8
-
-
Research and Development
7
7
-
-
Cleaning
2
2
-
-
Total
64
62
2
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,721,318
5,455,425
-
0
-
0
Social security costs
950,919
745,921
-
-
Pension costs
274,286
294,991
15,000
-
0
7,946,523
6,496,337
15,000
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,068,288
568,681
Other interest income
83,301
4,063
Total interest revenue
1,151,589
572,744
Other income from investments
Dividends received
4,627
5,492
Total income
1,156,216
578,236
7
Interest payable and similar expenses
2024
2023
£
£
Other interest
44
30,145
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Gain/loss on revaluation on investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
647,312
906,533
Other gains/(losses)
Gain on disposal of fixed asset investments
32,473
-
679,785
906,533
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
14,234
143,898
Deferred tax
Origination and reversal of timing differences
88,144
197,780
Total tax charge
102,378
341,678

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
609,278
1,987,159
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.75%)
152,320
471,950
Tax effect of expenses that are not deductible in determining taxable profit
44,400
48,044
Tax effect of income not taxable in determining taxable profit
(174,736)
(184,535)
Unutilised tax losses carried forward
19,602
19,811
Effect of change in corporation tax rate
-
(21,737)
Group relief
(122,067)
-
Permanent capital allowances in excess of depreciation
24,772
-
Research and development tax credit
122,714
-
Deferred taxation adjustment
(1,066)
-
Capital gain
36,439
8,145
Taxation charge
102,378
341,678
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
3,000,000
250,000
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
788,642
Amortisation and impairment
At 1 January 2024
268,755
Amortisation charged for the year
76,879
At 31 December 2024
345,634
Carrying amount
At 31 December 2024
443,008
At 31 December 2023
519,887
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
768,976
1,531,858
305,198
32,965
8,578
302,039
2,949,614
Additions
-
0
-
0
3,935
5,333
-
0
52,309
61,577
Disposals
-
0
-
0
(7,654)
-
0
-
0
(33,426)
(41,080)
At 31 December 2024
768,976
1,531,858
301,479
38,298
8,578
320,922
2,970,111
Depreciation and impairment
At 1 January 2024
601,885
436,577
98,323
22,798
7,471
78,806
1,245,860
Depreciation charged in the year
30,759
76,769
51,986
3,141
424
58,260
221,339
Eliminated in respect of disposals
-
0
-
0
(6,975)
-
0
-
0
(14,022)
(20,997)
At 31 December 2024
632,644
513,346
143,334
25,939
7,895
123,044
1,446,202
Carrying amount
At 31 December 2024
136,332
1,018,512
158,145
12,359
683
197,878
1,523,909
At 31 December 2023
167,091
1,095,281
206,875
10,167
1,107
223,233
1,703,754
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
Company
Freehold land and buildings
£
Cost
At 1 January 2024 and 31 December 2024
768,976
Depreciation and impairment
At 1 January 2024
601,886
Depreciation charged in the year
30,759
At 31 December 2024
632,645
Carrying amount
At 31 December 2024
136,331
At 31 December 2023
167,090
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
10,000,000
-
0
11,194,427
1,194,427
Unlisted investments
7,180,229
6,439,185
7,180,228
6,439,184
17,180,229
6,439,185
18,374,655
7,633,611

Listed investments included above:

Listed investments carrying amount
5,901,667
5,711,318
5,901,667
5,711,318
Market value if different from carrying amount
7,180,228
6,439,184
7,180,228
6,439,184
Movements in fixed asset investments
Group
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
-
6,439,185
6,439,185
Additions
10,000,000
1,053,859
11,053,859
Valuation changes
-
715,890
715,890
Disposals
-
(1,028,705)
(1,028,705)
At 31 December 2024
10,000,000
7,180,229
17,180,229
Carrying amount
At 31 December 2024
10,000,000
7,180,229
17,180,229
At 31 December 2023
-
6,439,185
6,439,185
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
1,194,427
6,439,184
7,633,611
Additions
10,000,000
1,053,859
11,053,859
Valuation changes
-
715,890
715,890
Disposals
-
(1,028,705)
(1,028,705)
At 31 December 2024
11,194,427
7,180,228
18,374,655
Carrying amount
At 31 December 2024
11,194,427
7,180,228
18,374,655
At 31 December 2023
1,194,427
6,439,184
7,633,611
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Electro-Detectors Limited
Electro House, Edinburgh Way, Harlow, Essex, CM20 2EG
Ordinary shares
100.00
Fyfe Wilson Ltd
Unit 2, Electro House, Edinburgh Way, Harlow, Essex, England, CM20 2EG
Ordinary shares
100.00
John Gaunt Pump Supplies Limited
Unit 2e And 2f Highgate Farm Over Road, Willingham, Cambridge, England, CB24 5EU
Ordinary shares
100.00

The subsidiary companies are included in the consolidated accounts for Arthenella Limited.

The following entities are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479a of the act:

Fyfe Wilson Limited

John Gaunt Pump Supplies Limited

Arthenella Limited guarantees any contingent and prospective liabilities that these companies are subject to in accordance with section 479a of the Companies Act 2006.

15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
7,180,229
6,439,185
7,180,228
6,439,184
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
63,779
135,171
-
-
Finished goods and goods for resale
1,233,346
1,552,214
-
0
-
0
1,297,125
1,687,385
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,361,141
2,096,316
-
0
-
0
Corporation tax recoverable
716,530
337,355
-
0
-
0
Other debtors
847,504
138,132
840,056
138,132
Prepayments and accrued income
37,876
19,165
-
0
-
0
3,963,051
2,590,968
840,056
138,132
Amounts falling due after more than one year:
Other debtors
327,502
300,000
327,502
300,000
Total debtors
4,290,553
2,890,968
1,167,558
438,132
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
-
0
4,494
-
0
-
0
Trade creditors
388,205
547,435
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,000,000
-
0
Corporation tax payable
14,389
143,887
2,375
89,802
Other taxation and social security
1,472,940
1,042,939
-
-
Other creditors
731,138
84,848
702,700
75,000
Accruals and deferred income
3,028,310
2,614,555
15,570
10,499
5,634,982
4,438,158
1,720,645
175,301
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
82,213
114,372
Tax losses
(20,766)
-
Investments
320,201
179,132
381,648
293,504
Liabilities
Liabilities
2024
2023
Company
£
£
Investments
320,201
181,966
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
293,504
181,966
Charge to profit or loss
88,144
138,235
Liability at 31 December 2024
381,648
320,201
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
259,286
294,991

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary GBP A Shares of £1 each
850
850
850
850
Ordinary GBP J Shares of £1 each
750
750
750
750
1,600
1,600
1,600
1,600
22
Controlling party

The ultimate controlling party changed to Mrs Janet Rogers on 31 March 2024, previously Mr Anthony Rogers. Mrs Rogers is considered to be the ultimate controlling party from this date by virtue of ownership of 100% of the share capital.

23
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit after taxation
506,900
1,645,481
Adjustments for:
Taxation charged
102,378
341,678
Finance costs
44
30,145
Investment income
(1,156,216)
(578,236)
Loss/(gain) on disposal of tangible fixed assets
7,833
(14,127)
Amortisation and impairment of intangible assets
76,879
76,880
Depreciation and impairment of tangible fixed assets
221,339
254,576
Foreign exchange gains on cash equivalents
(68,578)
-
Gain on sale of investments
(32,473)
-
Other gains and losses
(647,312)
(906,533)
Movements in working capital:
Decrease/(increase) in stocks
390,260
(601,573)
Increase in debtors
(1,020,410)
(145,452)
Increase in creditors
1,330,816
3,204,807
Decrease in deferred income
-
(431,444)
Cash (absorbed by)/generated from operations
(288,540)
2,876,202
ARTHENELLA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
24
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
23,675,678
(12,770,355)
68,578
10,973,901
Borrowings excluding overdrafts
(4,494)
4,494
-
-
23,671,184
(12,765,861)
68,578
10,973,901
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