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COMPANY REGISTRATION NUMBER: 10544841
Arqit Limited
Filleted Unaudited Financial Statements
30 September 2019
Arqit Limited
Financial Statements
Period from 1 January 2019 to 30 September 2019
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Arqit Limited
Officers and Professional Advisers
The board of directors
D J Bestwick
D J Williams
S C Chandler
A Hall
Registered office
1st Floor
3 More London Riverside
More London Place
London
SE1 2RE
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Arqit Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Arqit Limited
Period from 1 January 2019 to 30 September 2019
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the period ended 30 September 2019, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Arqit Limited
Statement of Financial Position
30 September 2019
30 Sep 19
31 Dec 18
Note
£
£
Fixed assets
Tangible assets
5
4,115
Current assets
Debtors
6
81,378
36,973
Cash at bank and in hand
3,420,736
251,286
------------
---------
3,502,114
288,259
Creditors: amounts falling due within one year
7
5,866,670
1,210,308
------------
------------
Net current liabilities
2,364,556
922,049
------------
---------
Total assets less current liabilities
( 2,360,441)
( 922,049)
------------
---------
Net liabilities
( 2,360,441)
( 922,049)
------------
---------
Capital and reserves
Called up share capital
129
129
Share-based payments reserve
6
Profit and loss account
( 2,360,576)
( 922,178)
------------
---------
Shareholders funds
( 2,360,441)
( 922,049)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Arqit Limited
Statement of Financial Position (continued)
30 September 2019
These financial statements were approved by the board of directors and authorised for issue on 9 March 2020 , and are signed on behalf of the board by:
D J Williams
Director
Company registration number: 10544841
Arqit Limited
Notes to the Financial Statements
Period from 1 January 2019 to 30 September 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 3 More London Riverside, More London Place, London, SE1 2RE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In our opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which we believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular we believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2018: 2 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2019
Additions
4,357
-------
At 30 September 2019
4,357
-------
Depreciation
At 1 January 2019
Charge for the period
242
-------
At 30 September 2019
242
-------
Carrying amount
At 30 September 2019
4,115
-------
At 31 December 2018
-------
6. Debtors
30 Sep 19
31 Dec 18
£
£
Other debtors
81,378
36,973
--------
--------
7. Creditors: amounts falling due within one year
30 Sep 19
31 Dec 18
£
£
Trade creditors
204,578
43,213
Accruals and deferred income
1,604,013
152,874
Social security and other taxes
56,313
11,819
Convertible loans
4,000,000
1,000,000
Other creditors
1,766
2,402
------------
------------
5,866,670
1,210,308
------------
------------
8. Share-based payments
640 options were granted during September 2019 to 7 employees, one of whom is a director.
Details of the number and weighted average exercise prices (WAEP) of share options during the period are as follows:
30 Sep 19
31 Dec 18
No.
WAEP
No.
WAEP
Granted during the period
640
0.01
----
-----
----
----
Outstanding at 30 September 2019
640
0.01
----
-----
----
----
The total expense recognised in profit or loss for the period is as follows:
30 Sep 19
31 Dec 18
£
£
Equity-settled share-based payments
6
----
----
9. Comparatives
£247,809 of income in the period to 31 December 2018 has been reclassified as turnover out of other operating income in the comparative figures. There is no impact on the loss made or balance sheet as at 31 December 2018 as the adjustment was to correctly categorise income.