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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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ARKK CONSULTING LIMITED
COMPANY INFORMATION
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ARKK CONSULTING LIMITED
CONTENTS
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ARKK CONSULTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present the strategic report for the year ended 31 December 2025.
The principal activity of the company during the year continues to be the development and sale of innovative software solutions and services for the compliance reporting of legally required financial and regulatory data to reporting authorities such as HMRC and the FCA.
There has been no significant change in these activities during the year ended 31 December 2025.
The company made a loss after tax of £729k (2024: £427k) and had net assets of £4.6m (2024: net liabilities £1.3m) at the balance sheet date. Turnover for the company increased by 10.7% to £8.8m (2024: £7.9m).
The directors consider the company to be well placed for future expansion into new markets after a period of significant investment in its products. Turnover has increased, however the directors acknowledge the loss before tax. To provide a platform for sustainable growth and to negate the impact of the specific risks and uncertainties highlighted below, the Company will continue to balance the implementation of operational efficiency improvements with driving new revenue streams for the company.
The principal risks and uncertainties of the Company are currency risk, credit risk arising from trade debtors, liquidity risk, the impact of continuing political instability on the economy and the impacts of inflation.
Whilst the Company takes action to mitigate the principal risks, where possible, there are specific risks and uncertainties outside of its control that could impact on the future financial performance of the Company. Specific examples of such risks relate to changes in financial regulation which may impact demand of the software from both existing and potential clients (this risk is seen as minimal and any changes are usually notified well in advance allowing the company to adjust accordingly).
Currency Risk
The company's activities are conducted in various currencies. This results in levels of currency transaction risk, variances affecting operational activities in this regard are reflected in the profit and loss account in the years in which they arise. Transactional exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts.
Credit Risk
The Company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors. In order to manage credit risk, the directors set a policy of monitoring exposure to customers based on a combination of payment history and third-party credit references. Exposure levels are reviewed by senior management on a regular basis and appropriate actions are taken to reduce or limit exposure when required.
Liquidity Risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Cost-of Living crisis, Global war and inflation risk
Similar to other companies operating in the United Kingdom, the company faces uncertainty in relation to the effects of the war, cost of living and inflation. The directors monitor developments in this area and plan accordingly. The directors will continue to monitor costs to ensure inflationary price increases are mitigated where possible
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ARKK CONSULTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Various key performance indicators are used by the directors to monitor and compare the performance of the Company. They regard the following as the key financial performance indicators, all of which can be observed within the attached financial statements.
- Turnover £8.8 million (2024: £7.9 million)
- Loss before tax was £703k (2024: £599k)
- Net assets £4.6m (2024: net liabilities £1.3m)
This report was approved by the board on 15 July 2026 and signed on its behalf.
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ARKK CONSULTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the audited financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the audited financial statements in accordance with applicable law and regulations.
In preparing these audited financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the audited financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
The loss for the year, after taxation, amounted to £729,441 (2024 - loss £426,539).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend. The convertible loan matured in the year resulting in an issue of shares.
During the year ended 31 December 2025, the Company reported a total comprehensive loss of £729,441 (2024: £426,539) and had accumulated losses of £5,548,417 (2024: £4,818,976) at the balance sheet date, primarily attributable to ongoing investment in growth and development activities.
Notwithstanding these losses, the Directors have assessed the Company's financial position and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. At 31 December 2025, the Company held cash balances of £5,161,306 (2024: £1,190,080) and reported net assets of £4,585,555 (2024: net liabilities of £1,260,946). Based on its current cash reserves and the expectation of future revenue generation, the Directors have a reasonable expectation that the Company will have sufficient resources to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
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ARKK CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors who served during the year and up to the date of approval of these financial statements were:
The Company undertook research and development activities during the financial period. The Company believes that the performance will continue to improve as a result of this ongoing research and development work.
The Company uses a variety of financial instruments including cash, borrowings, equity investments and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide working capital for the Company's operations.
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
The Company is exposed to transactional foreign exchange risk. Transactional exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts.
The Company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk, the directors set a policy of monitoring exposure to customers based on a combination of payment history and third-party credit references. Exposure levels are reviewed by senior management on a regular basis and appropriate actions are taken to reduce or limit exposure when required.
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ARKK CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, AAB Group Accountants Limited, are deemed to be reappointed in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ARKK CONSULTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARKK CONSULTING LIMITED
We have audited the financial statements of Arkk Consulting Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of 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 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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ARKK CONSULTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARKK CONSULTING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ARKK CONSULTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARKK CONSULTING LIMITED (CONTINUED)
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 Auditors' 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:
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Our procedures to respond to those risks identified included, but were not limited to:
- Identifying and assessing the design of key controls implemented by management to prevent and detect fraud; - Enquiry of management and those charged with governance; - Performance of analytical procedures to identify unusual relationships which may indicate a risk of fraud or an irregularity; - Journal entry testing - including analysis of the general ledger to identify entries deemed to represent a higher risk of fraud or error; - Assessment of the reasonableness of judgements made by management in accounting estimates; and - Assessment of projections prepared by management. - Enquiry of management, those charged with governance and the entity's solicitor around actual and potential litigation and claims.
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 Auditors' report.
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ARKK CONSULTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARKK CONSULTING LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Dromalane Mill
The Quays
Co. Down
BT35 8QS
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ARKK CONSULTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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ARKK CONSULTING LIMITED
REGISTERED NUMBER: 06957576
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 33 form part of these financial statements.
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ARKK CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ARKK CONSULTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Arkk Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Southwark Bridge Road, London, England, SE1 9HF.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
During the year ended 31 December 2025, the Company reported a total comprehensive loss of £729,441 (2024: £426,539) and had accumulated losses of £5,548,417 (2024: £4,818,976) at the balance sheet date, primarily attributable to ongoing investment in growth and development activities.
Notwithstanding these losses, the Directors have assessed the Company's financial position and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. At 31 December 2025, the Company held cash balances of £5,161,306 (2024: £1,190,080) and reported net assets of £4,585,555 (2024: net liabilities of £1,260,946). Based on its current cash reserves and the expectation of future revenue generation, the Directors have a reasonable expectation that the Company will have sufficient resources to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from services is recognised based on the percentage of contract completion.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants was included in creditors as deferred income in the prior year.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
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.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capitalised cost of internally generated software The cost of internally generated assets is capitalised as an intangible asset where it is determined by the management's judgement that the ability to develop the assets is technically feasible, will be completed, and that the asset will generate economic benefit that outweigh its cost. Recoverability of internally generated software Annual impairment calculations are performed to ascertain the recoverability of any internally generated software. There are a number of estimations and assumptions inherent within the impairment calculations which require management's judgement. Where any indication of impairment exists these amounts are written off to the profit and loss account. Share based payments The Company has used the Black Scholes option valuation model to determine the fair value of share based payments. Any changes to the assumptions used (including share price, volatility, risk free rate & dividends) by management will impact the valuation. Due to the lack of available data relating to the value of ordinary shares, there is a judgement involved in determining the share price of the ordinary shares for the purpose of calculating the share based payment charge. A discounted price, based on the price of the most recent funding round, which was a mixture of ordinary and preference shares, has been used to determine the share price of the ordinary shares for the purposed of the input to the model. Alternative judgements in the discounts applied could result in changes to the share based payments charges as calculated. Other estimates, assumptions and judgements are applied by the company. These include, but not limited to, depreciation and amortisation on tangible and intangible assets respectively. These estimates, assumptions and judgements are also evaluated on a continual basis but are not significant.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 27
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 28
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company has four classes of Ordinary shares as listed above. These shares rank pari passu in all respects.
The company also has A Preferred shares and B Preferred shares which are redeemable preference shares and are classified as liabilities. These shares do not carry voting rights. Any available profits which the company may determine to distribute, will be distributed first to the holders of the A Preferred Shares at a sum equal to the fixed preferential dividend rate accrued and payable. Distributions will then be made to the holders of the B Preferred shares, Preferred A Ordinary shares, Preferred A2 Ordinary shares, Ordinary shares, and B Ordinary shares at a sum equal to 0.01% of the A Preferred dividend.
Share premium account
Profit and loss account
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £37,267 (2024: £32,662) were payable to the fund at the balance sheet date and are included in creditors.
Amounts charged to the profit or loss in respect of defined contribution schemes were £170,394 (2024: 138,973).
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ARKK CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year there were no loans, guarantees, advances or credits issued to any of the directors.
There is no individual controlling party in relation to the company.
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