ARC POWER LTD

ARC POWER LTD

ARC POWER LTD - Company Information

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ARC POWER LTD

Company Registration Number:
09341979 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2020

Period of accounts

Start date: 01 January 2020

End date: 31 December 2020

ARC POWER LTD

Contents of the Financial Statements

for the Period Ended 31 December 2020

Balance sheet
Notes

ARC POWER LTD

Balance sheet

As at 31 December 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 683 913
Investments: 4 86 86
Total fixed assets: 769 999
Current assets
Debtors:   2,028,311 1,275,957
Cash at bank and in hand: 195,599 41,202
Total current assets: 2,223,910 1,317,159
Creditors: amounts falling due within one year: 5 (1,109,797) (227,385)
Net current assets (liabilities): 1,114,113 1,089,774
Total assets less current liabilities: 1,114,882 1,090,773
Creditors: amounts falling due after more than one year: 6 (1,585,758) (1,143,950)
Total net assets (liabilities): (470,876) (53,177)
Capital and reserves
Called up share capital: 33,281 33,281
Share premium account: 708,823 708,823
Profit and loss account: (1,212,980) (795,281)
Shareholders funds: (470,876) (53,177)

The notes form part of these financial statements

ARC POWER LTD

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 September 2021
and signed on behalf of the board by:

Name: J A Ashley
Status: Director

The notes form part of these financial statements

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Furniture and fixtures - 20% of costMachinery and equipment - 20% of cost

Other accounting policies

GOING CONCERNThese financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future, having undertaken a rigorous assessment of the company's financial forecasts and future share equity investments. The company has received Term Sheets from three institutional investors in this sector for significant funding to scale operations and continue as a going concern thereafter through additional revenue generation.INVESTMENTS IN SUBSIDIARIESInvestments in subsidiary undertakings are recognised at cost.TAXATIONTaxation for the year comprises research and development tax credits received.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.RESEARCH AND DEVELOPMENTExpenditure on research and development is written off in the year in which it is incurred.

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

2. Employees

2020 2019
Average number of employees during the period 5 5

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

3. Tangible Assets

Total
Cost £
At 01 January 2020 1,143
At 31 December 2020 1,143
Depreciation
At 01 January 2020 230
Charge for year 230
At 31 December 2020 460
Net book value
At 31 December 2020 683
At 31 December 2019 913

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

4. Fixed investments

Page 18 continued...ARC Power LtdNotes to the Consolidated Financial Statements - continuedfor the Year Ended 31 December 20207. FIXED ASSET INVESTMENTSCompanyShares ingroupundertakingsCOSTAt 1 January 2020and 31 December 2020 £86NET BOOK VALUEAt 31 December 2020 £86At 31 December 2019 £86The above investment represents 100% share capital in ARC Power Rwanda Limited, a company incorporated in Rwanda.

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

5. Creditors: amounts falling due within one year note

2020 2019Trade creditors £58,962 £63,987Taxation and social security £0 £1,563Other creditors £1,050,836 £161,835Total £1,109,798 £227,385Included in other creditors is one convertible loan capital totalling £600,000 plus interest. The accumulated capital and interest shall be repaid by 31 December 2021, unless earlier converted into equity.

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

6. Creditors: amounts falling due after more than one year note

2020 2019Other creditors £1,585,758 £1,143,950Included in other creditors are two convertible loans capital totalling £1,431,657 plus interests. The accumulated capital and interests shall be repaid or converted to equity on the second anniversary on which the loans were disbursed.

ARC POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2020

7. Post balance sheet events

During the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result, some business operations have been restricted. However, the company continues to operate using alternative methods and remote working.The directors recognise that this has impacted the pace of operations and the timescales for financial close of additional funding, but have raised funding from existing investors during the pandemic to maintain operations and ensure limited impact on the business.The directors are continuing to monitor, assess and react to the current changing environment in order to position the company to ensure its future success.