Arc Power Ltd - Accounts to registrar (filleted) - small 23.2.5
Arc Power Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2022 |
| for |
| ARC POWER LTD |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ARC POWER LTD |
| Company Information |
| for the Year Ended 31 December 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Old Workshop |
| 1 Ecclesall Road South |
| Sheffield |
| South Yorkshire |
| S11 9PA |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Balance Sheet |
| 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Balance Sheet - continued |
| 31 December 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| Arc Power Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| 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 |
| Fixtures & fittings - 20% on cost |
| Computer equipment - 20% on cost |
| Motor vehicles - 20% on cost |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2022 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2022 |
| and 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| The company owns the whole of issued capital of ARC Power Rwanda Ltd, a company incorporated in the Republic of Rwanda, and ARC Power Malawi, a company incorporated in the Republic of Malawi. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Other debtors |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Bank loans includes a convertible loan totalling £1,829,589 including interest. The accumulated capital and interests shall be converted to equity on 31 August 2023 or upon the Company raising at least £5,000,000 in equity which shall complete no later than 31 August 2023. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Bank loans |
| 9. | PENSION COMMITMENTS |
| As at 31st December there were outstanding pension commitments of £190.86 (2021 - 0). |
| 10. | RELATED PARTY DISCLOSURES |
| Karl Boyce, being a director, is a related party of the following Companies:- |
| During the year, ARC Group Global Ltd has charged the management charges of -£13,047.99 (2021: £347,780) to this company. As at December 2022, the Company owed £775,360 (2021: £586,284) to ARC Group Global Ltd. |
| As at December 2022, the Company owed £Nil (2021: £1,146) to ARC Ride (UK) Limited. |
| As at December 2022, the Company owed £1,112 (2021: £1,129) to Karl Boyce in Other Creditors and £6,400 in Trade Creditors. |
| The Company paid Natasha Boyce, being the wife of Karl Boyce, £7,340 for Social Media Management. As at December 2022, the Company owed £1,350 (2021: £350) to Natasha Boyce. |
| As at December 2022, the Company is owed £Nil (2021: £7) from ARC Build Global Limited. |
| As at December 2022, the Company is owed £160,490 (2021: £Nil) from ARC Power Mozabique. |
| As at December 2022, the Company is owed £1,549 (2021: £Nil) from ARC Power Malawi. |
| As at December 2022, the Company is owed £4,209 (2021: £Nil) from ARC Power Zambia. |
| As at December 2022, the Company is owed £3,087,809 (2021: £2,732,677.56) from ARC Power |
| Rwanda. |
| John Ashley, being a director is a related party. |
| As at December 2022, the Company owed £40,426 (2021: £38,513) to John Ashley through his Company Driftworld Limited. |
| ARC POWER LTD (REGISTERED NUMBER: 09341979) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 11. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Karl Boyce by virtue of shareholdings. |