Editing Arctic Shores

{{Infobox company
| name = Arctic Shores
| logo = Arctic Shores logo.jpg
| logo_size = 60px
| image = Arctic Shores cover.png
| image_size = 250px
| image_caption = Arctic Shores app
| type = Private company
| industry = {{Unbulleted list
|Business and domestic software development
}}
| founded = {{Start date and age|2013|06|28}} in Machester, United Kingdom.
| founders = {{Unbulleted list | Robert Newry | Safe Hammad}}
| hq_location = Lowry House, 17 Marble Street
| hq_location_city = Manchester
| hq_location_country = United Kingdom
| num_locations = 
| num_locations_year = 
| assets = {{increase}} {{GBP|1.99 million}}
| assets_year = 2022
| equity = {{increase}} {{GBP|1.99 million}}
| equity_year = 2022
| num_employees = 77
| num_employees_year = 2022
| website = https://www.arcticshores.com/
|key_people=Robert Newry}}

Employing the right people is one of the best ways to maximise the profitability of businesses, and Arctic Shores is a company that's on a mission to provide more objective, engaging, and fair ways to assess potential employees.

At the heart of Arctic Shores' offerings is its psychometric platform, UNA, engineered to assess key personality traits or competencies that are indicative of success in a given job role. 

Assuming that Arctic Shores increases its share of the ccc market by cccx to 1% (from less than ccc%) and other assumptions, the expected return of an investment in the company over the next five years is ccc%, which equates to an annual return of ccc%. In other words, an £100,000 investment in the company is expected to return £ccc in five years time.

The degree of risk associated with an investment in Arctic Shores is 'high', with the shares having an adjusted beta that is unknown.

Accordingly, if your desired annual rate of return is ccc% or less and/or one of your goals is to provide more objective, engaging, and fair ways to assess potential employees (i.e. you share in the mission of the Arctic Shores company), and you are both willing and able to accept the possibility of losing your entire investment amount, then an investment in the company is considered to be a 'suitable' one.

'''Fun fact:''' the company misspelled its name as "Artic Shores Limited" on the official incorporation filing documents, but realised and corrected the error to "Arctic Shores Limited" within four days.<ref name=":15">https://find-and-update.company-information.service.gov.uk/company/08589048</ref>

== Operations ==

=== How did the idea of the company come about? ===
The idea behind Arctic Shores and its game-based assessments was born out of the recognition that traditional recruitment processes had several limitations, including potential biases and a heavy reliance on CVs or resumes that might not provide a full picture of a candidate's abilities or potential.

Robert Newry, the founder of Arctic Shores, sought to develop a more innovative approach to talent assessment. He and his team believed that by leveraging technology and game mechanics, they could create engaging assessments that offered a more holistic view of a candidate. This would not only help companies make better hiring decisions but also provide a fairer and more objective process for candidates, reducing potential biases and barriers to entry for diverse candidates.

Game-based assessments provide an immersive environment where candidates' cognitive, emotional, and personality traits can be observed in a more natural and less stressful setting than traditional tests. This approach also makes the recruitment process more enjoyable for the candidate.

The overall aim was to disrupt the traditional recruitment industry by offering tools that could provide deeper insights into a candidate's potential, ensuring that talent was recognised beyond just what was written on a CV.

=== What's the mission of the company? ===
Arctic Shores' mission is to provide more objective, engaging, and fair ways to assess potential employees, going beyond the traditional CV to give every candidate a chance to showcase their true potential.

The game-based assessments they developed are designed to measure cognitive and emotional abilities, as well as personality traits, in a more engaging way than traditional psychometric tests. By doing so, they aim to reduce biases in hiring decisions and improve the diversity and quality of hires.

=== What are the main offering(s) of the company? ===
Arctic Shores Limited specialises in innovative talent assessment solutions, leveraging psychometric games and Artificial Intelligence (AI) technology to revolutionise recruitment processes<ref>https://dotcommagazine.com/2023/07/arctic-shores-a-fascinating-comprehensive-guide/#:~:text=A%20rctic%20Shores%20is%20a,insights%20into%20candidates%E2%80%99%20cognitive</ref>. Their primary offering is a Talent Discovery Platform known as UNA, which embodies a myriad of features designed to optimise recruitment outcomes:

# '''Games-Based Assessments (GBA):'''
#* These assessments are structured to evaluate a candidate’s aptitude, cognitive functioning, and personality in relation to a specific role. They are part of a new wave of validated pre-job profiling tools aimed at making the recruitment process more engaging and insightful.<ref>https://craft.co/arctic-shores#:~:text=%245,Type</ref>
# '''Engaging, Gen AI Proof Tasks:'''
#* Unlike conventional questioning, UNA employs tasks to assess candidates, which enables a more practical understanding of a candidate’s abilities and behaviors. The tasks score every step a candidate takes, akin to how scoring would be done in interviews or exams, which can increase the size of the talent pool by up to 20%.<ref name=":18">https://www.arcticshores.com/una</ref>
# '''Personality and Workplace Intelligence Assessment:'''
#* Arctic Shores assesses both Personality and what they term as Workplace Intelligence (akin to Aptitude). These can be measured separately or combined to provide a holistic, accurate picture of someone’s ability to succeed in a role.<ref name=":18" />
# '''Exceptional Candidate Experience:'''
#* The platform focuses on delivering an interactive, engaging assessment experience for candidates, supported by instant feedback reports and round-the-clock user support.<ref name=":18" />
# '''Accessible Insights:'''
#* UNA provides easily accessible and actionable insights, allowing for efficient management of all candidate scores within a Campaign Dashboard.<ref name=":18" />
# '''Clear Reporting and Consistent Interviews:'''
#* The platform facilitates clear reporting of every candidate’s potential and ensures a consistent interview experience across hiring managers with the aid of Interview Guides.<ref name=":18" />
# '''Assessment Branding:'''
#* UNA allows for customisation by adding brand colors, logos, and corporate images to the assessment, enhancing the overall branding of the recruitment process.<ref name=":18" />
# '''Total Support and Business Psychology as a Service (BPaaS):'''
#* With a dedicated Customer Success team and expert support in job analysis, stakeholder workshops, ROI, and campaign analytics, Arctic Shores provides a comprehensive support structure to nurture and refine the recruitment process continually.<ref name=":18" />

Through these offerings, Arctic Shores aims to assist companies in making better people choices and individuals in making better career choices, thereby contributing to improved diversity, reduced time-to-hire, and significantly lower recruitment costs.<ref>https://careers.arcticshores.com/departments/product#:~:text=Arctic%20Shores%20creates%20award,and%20the%20Ministry%20of</ref>
{| class="wikitable"
|+Features of UNA that have quantifiable aspects
!Features
!Description
!Available (√ / ×)
|-
|Games-Based Assessments (GBA)
|Evaluates aptitude, cognitive functioning, and personality in relation to a specific role.
|√
|-
|Engaging, Gen AI Proof Tasks
|Employs tasks instead of questions to assess candidates, scoring every step taken, potentially expanding the talent pool by up to 20%.
|√
|}

=== What is the price of the offering? ===
The pricing for the offerings by Arctic Shores Limited is not publicly disclosed on their official website or other platforms. They offer a flexible pricing model based on the recruitment needs of the client. The pricing page on their official website mentions "Flexible pricing for all your recruitment needs" but does not provide specific pricing details<ref>https://www.arcticshores.com/pricing#:~:text=Flexible%20pricing%20for%20all%20your,Start%20hiring%20for%20potential%20today</ref>. Additionally, on a software review platform, there's a mention of discovering Arctic Shores pricing by requesting a free demo, suggesting that pricing might be shared on a case-by-case basis with interested parties<ref>https://www.softwaresuggest.com/arctic-shores#:~:text=Discover%20Arctic%20Shores%20pricing%2C%20features%2C,By%20submitting</ref>.

Arctic Shores offers two main subscription models: UNA Access and UNA Pro. However, the specific pricing for these subscriptions is not provided on the website.

=== From which place(s) are the offerings able to be purchased? ===
The offerings of Arctic Shores Limited, specifically their Talent Discovery Platform UNA, can be purchased or accessed through various avenues:

# '''Direct Purchase:'''
#* Individuals or organisations interested in utilising Arctic Shores' offerings can directly contact the company to get more information regarding the purchase. The UNA Access and UNA Pro subscriptions offer different levels of access and features, and can be acquired by reaching out to Arctic Shores. These subscriptions provide options for a fair use cap of up to 5,000 or 10,000 assessments respectively, along with various other features like assessment branding, Marketplace ATS integration, and more. Additionally, campaigns, which encompass an end-to-end recruitment process from assessment to hiring decisions for one job description, can be purchased in bundles of 1, 3, 5, 10, 25, or 50.<ref>https://www.arcticshores.com/pricing</ref>
# '''Online Subscription:'''
#* The company’s website has a Subscriptions page where interested parties can view the different subscription offerings such as Full Branding and start the process of hiring for potential. It also mentions flexible pricing for all recruitment needs, indicating a level of customisation based on the requirements of the purchaser.<ref>https://www.arcticshores.com/pricing#:~:text=,Start%20hiring%20for%20potential%20today</ref>
# '''Resellers:'''
#* Arctic Shores has a network of resellers across different countries where their offerings can be purchased. These resellers are located in countries including Indonesia, Greater China, Italy, Spain, The Netherlands, South Africa, and Chile. Each of these resellers has a website through which one can learn more about the offerings of Arctic Shores and potentially make a purchase.<ref>https://www.arcticshores.com/partners/find-a-reseller</ref>

These channels provide flexibility and accessibility for potential customers from various regions to access and purchase the offerings of Arctic Shores Limited.

=== From which place(s) are the offerings promoted? ===
Arctic Shores Limited promotes its offerings through various channels and partnerships:

# '''Online Platforms:'''
#* Official Website: Arctic Shores promotes its offerings on its official website, where potential customers can learn about the products and services, view subscription options, and get in touch for more details.<ref>https://www.arcticshores.com/pricing#:~:text=,Start%20hiring%20for%20potential%20today</ref><ref>https://www.arcticshores.com/#:~:text=Get%20Started,the%20business%20as%20a%20whole</ref><ref>https://www.arcticshores.com/pricing</ref>
#* YouTube Channel: There is a YouTube channel dedicated to Arctic Shores where they have posted content about their behavior-based assessment, potentially among other offerings.<ref>https://www.youtube.com/channel/UCdoDJCAGYCw_1ewEvrDol1A#:~:text=Channels%20About%20Stones%20Sessions%20promo,BBA%3A%20Three%20little%20letters%2C%20three</ref>
# '''Partnerships:'''
#* Arctic Shores has formed partnerships to promote its offerings. For example, a partnership with Wiser is mentioned, which is based on a shared mission rather than just synergies or complementary offerings.<ref>https://landing.arcticshores.com/wiser#:~:text=The%20partnership%20between%20Arctic%20Shores,is%20that%20human%20potential</ref>
# '''Investment and Expansion:'''
#* Arctic Shores secured a £5.75m Series B investment to accelerate the development of its soft-skills assessment and international expansion, particularly in Europe. This funding could potentially be used for promotional activities to increase the visibility and adoption of its offerings.<ref>https://www.praeturaventures.com/arctic-shores-closes-5-75m-series-b-to-spearhead-the-soft-skills-assessment-market-and-accelerate-growth/#:~:text=Press%20release%3A%20Arctic%20Shores%2C%20the,international%20expansion%2C%20specifically%20in%20Europe</ref>
# '''Collaborations with HR Technology Platforms:'''
#* In recent years, Arctic Shores expanded its offerings and reach by collaborating with leading HR technology platforms. By integrating its assessments into widely-used recruitment systems, Arctic Shores made its offerings more accessible to employers worldwide, promoting its services to a broader audience.
# '''Social Media and Online Publications:'''
#* While not directly mentioned, it's common for companies to utilise social media platforms and online publications to promote their offerings. The inclusion of sharing buttons for platforms like Facebook, Twitter, and LinkedIn on an article about Arctic Shores indicates that such online platforms could be used for promotional purposes.

These channels and strategies aid in creating awareness and engagement with potential customers, thereby promoting the offerings of Arctic Shores Limited across different regions and sectors.

=== What's the current strategy of the company? ===
Based on the available information, the long-term strategy of Arctic Shores Limited seems to be oriented towards international expansion, enhancing soft-skills assessment capabilities, and fostering diversity and inclusion in recruitment processes. Here’s a structured breakdown of the company's strategy over the next five years, inferred from the various sources and historical trajectory:

# '''International Expansion:'''
#* There's a strong emphasis on international expansion, as evidenced by the Series A and Series B funding rounds aimed at accelerating the company's growth abroad, particularly in Europe.<ref name=":16">https://www.praeturaventures.com/arctic-shores-closes-5-75m-series-b-to-spearhead-the-soft-skills-assessment-market-and-accelerate-growth/#:~:text=Press%20release%3A%20Arctic%20Shores%2C%20the,international%20expansion%2C%20specifically%20in%20Europe</ref><ref name=":17">https://www.uktech.news/funding/vc-funding/arctic-shores-secures-5-5m-series-a-20190902#:~:text=Arctic%20Shores%20has%20announced%20that,clients%20including%20PwC%2C%20Airbus</ref>
#* With offices in Manchester, London, and Singapore supporting a fast-growing roster of global clients, the company aims to increase its international revenue, which constituted 48% of its total revenue in a recent financial year.<ref name=":17" />
# '''Development of Soft-Skills Assessment Capabilities:'''
#* A portion of the funding received is designated for accelerating the development of soft-skills assessment, likely to meet the growing market demand and adhere to the evolving recruitment practices.<ref name=":16" />
# '''Revenue Growth:'''
#* The company has shown a promising revenue growth trajectory, hitting $2.7 million revenue recently, hinting at a strategic focus on increasing revenue possibly by expanding its client base and enhancing its product offerings.<ref>https://getlatka.com/companies/arctic-shores#:~:text=Arctic%20Shores%20CEO%20Robert%20Newry,7%20million%20in%202023</ref>
# '''Diversity and Inclusion:'''
#* Arctic Shores is committed to contributing towards a work environment that’s truly fair and inclusive, with one of its founding principles being that everyone deserves a fair shot.<ref>https://www.arcticshores.com/our-story#:~:text=Explore%2C%20always%20We%20can%E2%80%99t%20change,everyone%20deserves%20a%20fair%20shot</ref>
# '''Technological Innovation and Product Development:'''
#* Continuation of the innovative blend of game technology, behavioral science, cognitive neuroscience, and data analytics in their platform to help organisations and individuals make better people and career choices, likely reflecting a long-term strategy of technological innovation and product enhancement.<ref>https://www.arcticshores.com/our-story#:~:text=Explore%2C%20always%20We%20can%E2%80%99t%20change,everyone%20deserves%20a%20fair%20shot</ref>
# '''Customer Acquisition and Retention:'''
#* Building on a robust client base including global entities like PwC and Siemens, the company may focus on customer acquisition and retention to further its revenue and market share.
# '''Thought Leadership and Industry Contribution:'''
#* With a history of contributing to the discourse on modern recruitment practices and being recognised as a thought leader in the HR and talent acquisition space, it's plausible that Arctic Shores will continue its efforts in these areas, possibly through research, publications, or collaborations with industry stakeholders.
# '''Continuous Research and Development:'''
#* Given the company's past emphasis on refining its assessments and staying ahead of emerging trends in recruitment, continuous R&D efforts are likely to remain a part of its long-term strategy.
# '''Market Adaptability:'''
#* Adapting to market needs and trends, such as the emphasis on soft skills and fair recruitment practices, will likely continue to shape the company's strategy, ensuring its relevance and effectiveness in the evolving recruitment landscape.

=== Team ===
Each team member's unique blend of qualifications, professional experiences, and alignment with Arctic Shores' mission significantly contributes to its innovative approach towards recruitment and assessment, bolstering its market position as a leader in behavior-based assessments.

==== CEO & Co-Founder ====
Robert Newry holds a degree in Politics, Philosophy, and Economics from Oxford, alongside an MBA. His career trajectory from a graduate trainee to leading operations in Hong Kong for Inchcape Plc showcases his adaptability and business acumen. As a serial entrepreneur, he sold his first company, NewField IT, to Xerox, after which he co-founded Arctic Shores to address graduate hiring inequities and innovate psychometric assessment practices. He's a PRINCE2 Practitioner and ITIL Foundation certified, and his advocacy for social mobility and gamification in HR is well-recognised, adding significant value to Arctic Shores' mission.<ref>https://www.arcticshores.com/meet-the-experts</ref>

[[File:Robert Newry.jpg|thumb|Robert Newry.]]

==== Co-founder and advisor ====
Safe Hammad is a technology entrepreneur from Oxford University who co-founded Arctic Shores alongside Robert Newry<ref>https://old.safehammad.com/new.arcticshores.com/04-people.shtml#:~:text=People,in%20revealing%20individual%20psychological%20differences</ref>. Safe transitioned into an advisory role in August 2023 after serving as the CTO for nearly a decade, indicating his in-depth understanding of Arctic Shores' technological framework<ref name=":14">https://uk.linkedin.com/in/safehammad#:~:text=Experience%20Director%20Sandacre%20Aug%202023,Present3%20months%20Manchester%2C%20England%2C%20United</ref>. His work, especially the innovation dubbed "Workplace Intelligence," stands as a notable contribution towards enhancing cognitive assessment in recruitment processes<ref>https://www.linkedin.com/posts/safehammad_this-is-a-game-changer-for-arctic-shores-activity-7082580273522958336-iWBq#:~:text=This%20is%20a%20game%20changer,assessment%2C%20and%20a%20important</ref>. Safe's investment in VU Compare and his new role as Director at Sandacre reflect his continuous engagement with tech-driven ventures<ref>https://www.crunchbase.com/person/safe-hammad</ref><ref name=":14" />.

[[File:Safe Hammad.jpg|thumb|Safe Hammad.]]

==== Chair of the Board of the Directors ====
Adam Hale’s engagement with technology-centric businesses, aiding them to scale globally, aligns well with Arctic Shores’ objectives. His experiences across various B2B SaaS firms and successful scaleups provide a solid foundation for guiding Arctic Shores towards global market leadership<ref>https://uk.linkedin.com/in/adhale</ref>.

[[File:Adam Hale.jpg|thumb|200x200px|Adam Hale.]]

==== Chief Growth Officer ====
With a law degree from Edinburgh University, Estelle McCartney has transitioned across diverse sectors, enriching her perspective, vital for her current role at Arctic Shores. Her recognition by Cranfield University as one of the 100 Women to Watch in 2020, and her advocacy for equality, diversity, and social mobility, resonate with the company's ethos.<ref>https://www.arcticshores.com/meet-the-experts/estelle-mccartney</ref> 

[[File:Estelle McCartney.jpg|thumb|Estelle McCartney.]]

==== Chief Product Officer ====

Claire Jaques’ journey from IT consulting at PwC to HR and later product management in the HR tech space showcases her ability to leverage multifaceted skills. Her alignment with customer-centricity and innovative product development significantly contributes to Arctic Shores' product offerings.<ref>https://www.arcticshores.com/meet-the-experts/claire-jaques</ref>

[[File:Claire Jaques.jpg|thumb|Claire Jaques.]]

==== VP Finance & Operations ====
Craig Humphrey, with over a decade of experience as a Chartered Accountant and operational roles in various industries, provides a robust framework for Arctic Shores' operational efficiency as it scales.<ref>https://www.arcticshores.com/meet-the-experts/craig-humphrey</ref>

==== VP Marketing ====
Hannah Garner serves as the VP of Marketing at Arctic Shores, focusing on helping companies future-proof their hiring processes especially in the age of Gen AI<ref>https://bd.linkedin.com/posts/haflaherty_i-learnt-90-of-what-i-know-about-marketing-activity-7070109894686728192-vtmP#:~:text=Hannah%20Garner%20VP%20Marketing%20%40,back%20in%20the%20early%20days</ref>. While her detailed career trajectory is not publicly available, her position at Arctic Shores aligns with the company's mission to improve hiring through behavioral assessments<ref>https://careers.arcticshores.com/people/1792863-hannah-garner#:~:text=Hannah%20Garner%20VP%20Marketing%20%E2%80%93,and%20people%20better%20career%20choices</ref><ref>https://www.arcticshores.com/meet-the-experts#:~:text=Hannah%20Garner%20VP%20Marketing%20Kurtis,Founder%20and%20Adviser</ref>.

[[File:Hannah Garner.jpg|thumb|Hannah Garner.]]

==== VP Sales ====
Kurtis-Daniel Winn holds the position of VP of Sales and Head of Sales Development at Arctic Shores. He's also a member at Pavilion and SDL. His educational journey included attending the Securities & Investment Institute in 2004 for FSA REGULATION (Unit 1), and obtaining a Microsoft Licensing Solutions Specialist certification in December 2014. Winn is described as a high energy Front Line Sales Manager who is passionate about developing his team. He adopts a data-driven, well-structured, and methodical approach in his role and is acknowledged for his exemplary communication skills, especially in developing new business through meaningful, problem-led conversations with his team.<ref>https://theorg.com/org/arctic-shores/org-chart/kurtis-daniel-winn#:~:text=Currently%2C%20they%20are%20the%20VP,Solutions%20Specialist%20certification%20from%20Microsoft</ref><ref>https://careers.arcticshores.com/people/1246008-kurtis-winn#:~:text=Kurtis%20Winn%20VP%20Sales%20%E2%80%93,hire%20and</ref><ref>https://sc.linkedin.com/posts/kurtis-daniel-winn-53340590_activity-7018846654027964416-Fx5B#:~:text=I%E2%80%99m%20happy%20to%20share%20that,Join%20now</ref><ref>https://uk.linkedin.com/in/kurtis-daniel-winn-53340590#:~:text=A%20high%20energy%20Front%20Line,Daniel%20Winn%27s%20work%20experience</ref>

[[File:Kurtis-Daniel Winn.jpg|thumb|Kurtis-Daniel Winn.]]

==== Director of Professional Services and Support ====
Jill Summers, the Director of Professional Services and Support at Arctic Shores, is dedicated to unlocking potential, advocating diversity, and enhancing customer experience. With a 20-year tenure in occupational psychology, she's a staunch supporter of the 'Scrap the CV' initiative aimed at solving the skills crisis and promoting social mobility. Her career commenced in NHS Scotland, and evolved through consulting roles in London, leading Assessment & Development at Amberjack Global, to her current position where she channels her expertise in onboarding and supporting customers alongside a proficient team. Her educational foundations are rooted in the University of Edinburgh and the University of Northumbria at Newcastle, with additional certifications enhancing her role in steering recruitment and development practices in sync with Arctic Shores' mission of harnessing and showcasing potential.<ref name=":0">https://www.arcticshores.com/meet-the-experts/jill-summers</ref> 

==== Director of Engineering ====
Alex Richardson commenced his career as a Junior Java Developer at HSBC in 2010. He later joined ThoughtWorks as a Senior Software Engineer before moving to Arctic Shores in 2019 as Head of Platform and Lead Server Developer. In his current role as Director of Engineering, he's involved in hiring processes, specifically seeking individuals with good Typescript and React experience. Richardson completed a Master of Science (MS) in Banking and Finance.<ref>https://theorg.com/org/arctic-shores/org-chart/alex-richardson#:~:text=Alex%20Richardson%20has%20a%20wealth,in%20Banking%20and%20Finance</ref><ref>https://www.linkedin.com/posts/alex-richardson-2a377670_senior-full-stack-developer-arctic-shores-activity-7086737732315582465-rSh8#:~:text=Alex%20Richardson%20Director%20of%20Engineering,open%20role%20so%20any</ref><ref>https://www.arcticshores.com/meet-the-experts/alex-richardson#:~:text=About%20Us%20Get%20Started%20Alex,See%20careers</ref><ref>https://careers.arcticshores.com/people/375801-alex-richardson#:~:text=Founded%20in%202014%20Co,Shores%2C%20Technology%20at%20Arctic%20Shores</ref>

==== Head of Customer Success ====
Federica Rusmini began her journey at ScienceForWork in 2016 as a Content Creator and Writer focusing on recruitment, learning and development, organisational design, and management. The same year, she joined Arctic Shores as Head of Customer Success, Head of Professional Services, and Managing Business Psychologist. She's recognised for her expertise in business psychology, HR Tech, Talent Acquisition, and SaaS, and has also explored topics like neurodiversity in her writings and podcasts.<ref>https://theorg.com/org/arctic-shores/org-chart/federica-rusmini#:~:text=In%202016%2C%20Federica%20began%20working,Services%2C%20and%20Managing%20Business%20Psychologist</ref><ref>https://www.linkedin.com/posts/tquayle_well-done-federica-rusmini-and-the-team-at-activity-6420959894551220224-7f7l#:~:text=Federica%20Rusmini%20Head%20of%20Customer,SaaS%204y%20Edited</ref><ref>https://www.arcticshores.com/insights/neurodiversity-three-barriers-to-seeing-true-potential-and-how-you-can-overcome-them#:~:text=Read%20time%3A%205,the%20latest%20data%20proves%20it</ref><ref>https://landing.arcticshores.com/podcast-remote-working#:~:text=In%20the%20second%20episode%20of,is%20keeping%20motivated%20and%20connected</ref>

==== Head of Psychometrics Output ====
Fiadhna McEvoy has a diverse background in psychometrics and assessment design. Before her current role at Arctic Shores, she was the Head of Assessment Design at PeopleScout during 2020 to 2021. McEvoy is also involved in recruitment, striving to create a talented team that can push boundaries and continuously grow and develop its assessment offering. She's been active in hiring for the Psychometric Outputs department at Arctic Shores, describing the Assessment Specialist role as creative, exciting, challenging, collaborative, and purposeful.<ref>https://theorg.com/org/arctic-shores/org-chart/fiadhna-mcevoy-c-psychol-mcipd#:~:text=Fiadhna%20McEvoy%20C,PeopleScout%20from%202020%20to%202021</ref>

==== Senior Psychometrician ====
Luke Montuori, a Senior Psychometrician at Arctic Shores, specialises in creating and refining tools to measure psychological constructs, collaborating across various teams to develop products valuable to both candidates and clients. With a background rooted in psychology and behavioural neuroscience, Luke transitioned from academia to a commercial setting, honing his psychometric skills before joining Arctic Shores. His role now involves driving the development of innovative levels designed to measure novel psychological constructs, blending his academic expertise with practical skills in psychometrics. In addition to his contributions at Arctic Shores, Luke runs his own consulting business and has begun publishing again, reflecting the research activities conducted at the company.<ref>https://www.arcticshores.com/meet-the-experts/luke-montuori</ref>

== Competition ==
A key way to determine a product's closest competitors is by looking at other offerings that are targeting the same or similar target audience (i.e. recruiters) and aiming to provide the same core benefit (i.e. more efficient recruiting, and, ultimately, maximising profits), and then ranking the offerings in terms of the total amount of time spent using and/or money spent purchasing the offerings relative to other similar offerings. With that said, according to Stockhub users, the closest competitor of the Arctic Shores offering is Pymetrics.

Arctic Shores operates in the talent assessment and HR tech space, offering game-based assessments for recruitment. In this domain, they face competition from both traditional psychometric test providers and other innovative assessment tool providers. A detailed comparison between Arctic Shores and some of its main competitors are shown in the table below.
{| class="wikitable"
|+
!Offering name
!Arctic Shores
!'''Pymetrics'''
!HireVue
!CodinGame
!Revelian
!SHL
!Aon's Assessment Solutions
!Talent Q
|-
|Offering description
|Uses neuroscience-based games and artificial intelligence to match candidates' emotional and cognitive abilities with company profiles.
|Offers video interviewing software and also uses AI-driven assessments to evaluate video interviews.
|While primarily focused on the tech recruitment space, they offer gamified coding challenges and assessments for programmers.
|Offers a range of assessment tools, including game-based assessments that evaluate cognitive ability and emotional intelligence.
|Provides more traditional forms of cognitive and personality testing.
|Provides more traditional forms of cognitive and personality testing.
|Provides more traditional forms of cognitive and personality testing.
|Provides more traditional forms of cognitive and personality testing.
|-
|User satifcation
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|-
|Time to hire<ref>The average time it takes to fill a vacancy from the point of job posting to offer acceptance is a crucial metric.</ref>
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|-
|Cost per hire<ref>The cost per hire metric encompasses all expenses associated with the recruitment process, including advertising, recruiter time, assessment tools, and onboarding costs.</ref>
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|-
|Price
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|}

== Market ==

=== TAM (Total Addressable Market): ===
The global recruitment industry is vast, with thousands of companies worldwide hiring millions of employees each year. If we consider the entire global market for talent assessment tools (including traditional assessments, psychometric testing, and more innovative solutions like game-based assessments), it is likely worth several billion dollars. For example, the HR tech industry in its entirety (which includes recruitment, employee engagement, training, and more) was estimated to be worth over $400 billion in 2020. The talent assessment segment is just a portion of this.

=== SAM (Serviceable Addressable Market): ===
If Arctic Shores focuses on multinational corporations in developed countries with substantial hiring volumes and interest in innovative HR solutions, this would represent a significant slice of the total market, but not its entirety. The exact value would depend on the number of such corporations, their average spending on recruitment tools, and other factors. A rough guess might put this in the tens of billions, but this is a broad estimate.

=== SOM (Serviceable Obtainable Market): ===
Arctic Shores' SOM would be a subset of their SAM, and would depend on their competitive positioning, product efficacy, marketing efforts, and other factors. Without specific data on their market share and the adoption rate of game-based assessment tools, it's challenging to provide a numeric estimate. It could be anywhere from several million to several billion, depending on the aforementioned factors.

== Financials ==
The company was incorporated on 28th June 2013.<ref name=":15" />
{| class="wikitable"
|+
!Year
!1
!2
!3
!4
! colspan="2" |5
!6
!7
!8
!9
!10
|-
!Period end date
!31/03/2014<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzEyODU0NTE0N2FkaXF6a2N4/document?format=xhtml&download=1</ref>
!31/03/2015<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE2MTQ5OTg5OGFkaXF6a2N4/document?format=xhtml&download=1</ref>
!31/03/2016<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE4NDcyNTQ2NWFkaXF6a2N4/document?format=pdf&download=0</ref>
!31/03/2017<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzIxOTIwNDY0NmFkaXF6a2N4/document?format=pdf&download=0</ref>
!31/03/2018<ref name=":13" />
!31/12/2018<ref name=":13">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzI0NTQ4NzY4NGFkaXF6a2N4/document?format=pdf&download=0</ref>
!31/12/2019<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzMxMDg1ODA4MWFkaXF6a2N4/document?format=xhtml&download=1</ref>
!31/12/2020<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzMzODc0MjM0OWFkaXF6a2N4/document?format=pdf&download=0</ref>
!31/12/2021<ref name=":1">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4MDUxODU2MGFkaXF6a2N4/document?format=pdf&download=0</ref>
!31/12/2022<ref name=":1" />
!31/12/2023
|-
!Period duration (days)
!278
!365
!366
!365
!365
!273
!366
!365
!365
!365
!365
|-
!
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Forecast
|-
! colspan="12" |Profit and loss
|-
|Revenue
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|
|-
|Net profit
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|
|-
! colspan="12" |Balance sheet
|-
|'''Fixed assets'''
|
|
|
|
|
|
|
|
|
|
|
|-
|Tangible assets
|0
|1,578
|4,709
|6,261
|11,391
|28,075 
|29,816
|23,208
|10,922
|15,471
|
|-
|Investments
|0
|0
|0
|0 
|27,175
|27,175 
|0
|0
|0
|0
|
|-
|
|0
|1,578
|4,709
|6,261
|38,566
|55,250 
|29,816
|23,208
|10,922
|15,471
|
|-
|'''Current assets'''
|
|
|
|
|
|
|
|
|
|
|
|-
|Debtors: amounts falling due within one year
|984
|48,304
|24,033
|129,247
|330,032
|770,097 
|460,046 
|539,983
|810,434
|701,411
|
|-
|Cash at bank and in hand
|107,538
|7,231
|113,894
|262,877
|295,829
|1,250,069 
|2,959,316 
|2,850,864 
|1,990,652
|5,480,754
|
|-
|
|108,522
|55,535
|137,927
|392,124
|628,861
|2,020,166 
|3,419,362 
|3,390,847 
|2,801,086
|6,182,165
|
|-
|Creditors: amounts falling due within one year
|(2,284)
|(53,029)
|(45,887)
|(168,573)
|(436,957)
|(967,424)
|(1,307,807)
|(2,023,016)
|(2,738,249)
|(3,449,005)
|
|-
|'''Net current assets'''
|'''106,238'''
|'''2,506'''
|'''92,040'''
|'''223,551'''
|'''191,904'''
|'''1,052,742'''
|'''2,111,555'''
|'''1,367,831'''
|'''62,837'''
|'''2,733,160'''
|
|-
|'''Total assets less current liabilities'''
|'''106,238'''
|'''4,084'''
|'''96,749'''
|'''229,812'''
|'''230,470'''
|'''1,107,992'''
|'''2,141,371'''
|'''1,391,039'''
|'''73,759'''
|'''2,748,631'''
|
|-
|Creditors: amounts falling due after more than one year
|(50,165)
|(51,178)
|(637,575)
|(53,264)
|(54,339)
|(55,160)
|(56,274)
|(451,783)
|(1,362,136)
|(754,295)
|
|-
|
|
|
|
|
|
|
|
|
|
|
|
|-
|'''Net assets/(liabilities)'''
|'''56,073'''
|'''(47,094)'''
|'''(540,826)'''
|'''176,548'''
|'''176,131'''
|'''1,052,832'''
|'''2,085,097'''
|'''939,256'''
|'''(1,288,377)'''
|'''1,994,336'''
|
|-
|'''Capital and reserves'''
|
|
|
|
|
|
|
|
|
|
|
|-
|Called up share capital
|2
|2
|2
|3
|3
|4 
|5 
|5 
|5
|7
|
|-
|Share premium account
|77,979
|77,979
|77,979
|1,213,648
|2,058,639
|3,759,612 
|7,321,532 
|8,133,377 
|8,175,743
|14,418,145
|
|-
|Profit and loss account
|(21,908)
|(125,075)
|(618,807)
|(1,037,103)
|(1,882,511)
|(2,706,784)
|(5,236,440)
|(7,194,126)
|(9,464,125)
|(12,423,816)
|
|-
|'''Shareholders' funds'''
|'''56,073'''
|'''(47,094)'''
|'''(540,826)'''
|'''176,548'''
|'''176,131'''
|'''1,052,832'''
|'''2,085,097'''
|'''939,256'''
|'''(1,288,377)'''
|'''1,994,336'''
|
|-
! colspan="12" |Cash flows
|-
|Operating profit
|
|
|
|
|
|
|
|
|
|
|
|}

==== What are the assumptions used to estimate the financial forecasts?====

{| class="wikitable"
|+Key inputs
!Description
!Value
!Commentary
|-
| colspan="3" | <div style="text-align: center;">'''Revenue'''</div>
|-
|What's the estimated current size of the total addressable market?
|$1,300,000,000
|Here, the total addressable market (TAM) is defined as the global brokerage market, and based on a number of assumptions<ref group="Note" name="Note01" />, it is estimated that the size of the market as of today (6th May 2023), in terms of revenue, is $1.3 trillion.
|-
|What is the estimated company lifespan?
|50 years
|Currently, Arctic Shores employs around 201, making the company a small organisation (less than 10,000 employees). That said, given the company's mission, we expect the company to grow to a large organisation, and research shows that the average lifespan of a large corporation is around 50 years.<ref>Stadler, Enduring Success, 3–5.</ref>
|-
|What's the estimated annual growth rate of the total addressable market over the lifecycle of the company?
|3%
|Research shows that the growth rate of the global brokerage market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>.
|-
|What's the estimated company peak market share?
|1%
|The Stockhub users estimate that especially given the leadership of the company, the peak market share of Arctic Shores is around 1%, and, therefore, suggests using the share amount here. As of 30th September 2021, Arctic Shores's current share of the market is estimated at around 0.0010%.
|-
|Which distribution function do you want to use to estimate company revenue?
|Gaussian 
|Research suggests that the revenue pattern of companies is similar to the pattern produced by the Gaussian distribution function  (i.e. the revenue distribution is bell shaped)<ref>http://escml.umd.edu/Papers/ObsCPMT.pdf</ref>, so the Stockhub users suggest using that function here.
|-
|What's the estimated standard deviation of company revenue?
| 5 years
|Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Arctic Shores's current revenue amount (i.e. £12.68 million) and Arctic Shores's estimated lifespan (i.e. 50 years) and Arctic Shores's estimated current stage of its lifecycle (i.e. introduction stage), the Stockhub users suggest using five years (i.e. 68% of all sales happen within five years either side of the mean year), so that's what's used here.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stages</div>'''
|-
|How many main stages of growth is the company expected to go through?
| 4 stages
|Research suggests that a company typically goes through four distinct stages of cash flow growth.<ref>Levie J, Lichtenstein BB (2010) A terminal assessment of stages theory: Introducing a dynamic approach to entrepreneurship. Entrepreneurship: Theory & Practice 34(2): 317–350. <nowiki>https://doi.org/10.1111/j.1540-6520.2010.00377.x</nowiki></ref> Research also shows that incorporating those stages into the discounted cash flow model improves the quality of the model and, ultimately, the quality of the value estimation.<ref>Stef Hinfelaar et al.:, 2019.</ref>

In addition, research shows that a key way to determine the stage which a company is in is by examining the cash flow patterns of the company.<ref>Dickinson, 2010.</ref> A summary of the economic links to cash flow patterns can be found in the appendix of this report. The Stockhub users estimate that with Arctic Shores's operating cash flows negative (-), investing cash flows negative (-) and its financing cash flows positive (+), the company is in the first stage of growth (i.e. the 'introduction' stage), and, therefore, it has a total of four main stages of growth. Note, to account for one-off events, the three-year average (median) amount was used to calculate the cash flows.
|-
|What proportion of the company lifecycle is represented by growth stage 1?
|30% 
|Research suggests 30%.<ref name=":6">http://escml.umd.edu/Papers/ObsCPMT.pdf</ref>
|-
|What proportion of the company lifecycle is represented by growth stage 2?
|10% 
|Research suggests 10%.<ref name=":6" />
|-
| What proportion of the company lifecycle is represented by growth stage 3?
|20% 
| Research suggests 20%.<ref name=":6" />
|-
|What proportion of the company lifecycle is represented by growth stage 4?
|40%
|Research suggests 40%.<ref name=":6" />
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 1</div>'''
|-
|Cost of goods sold as a proportion of revenue (%)
|12.92%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7">http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf</ref>. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Operating expenses as a proportion of revenue (%)
|159.10%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%)
|(3.07)%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%)
|56.26%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|8.59%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|50.93%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|21.75%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0.06%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>'''
|-
|Cost of goods sold as a proportion of revenue (%) 
|0.00%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. 
|-
|Operating expenses as a proportion of revenue (%)
|41.11%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%) 
|15.23%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%) 
|79.52%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%) 
|1.13%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|52.01% 
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|0.27%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0.41%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 3</div>'''
|-
|Cost of goods sold as a proportion of revenue (%) 
|0.00%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. 
|-
|Operating expenses as a proportion of revenue (%)
|55.16%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%) 
|19.91%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%) 
|18.93%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%) 
|2.21%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|(1.46)% 
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|(1.10)%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0.31%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>'''
|-
|Cost of goods sold as a proportion of revenue (%) 
|36.13%
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. 
|-
|Operating expenses as a proportion of revenue (%)
|174.39%
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%) 
|(1.94)%
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%) 
|47.29%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
| 6.25%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
| 2.13% 
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|0%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|}

== Risks ==
As with any investment, investing in Arctic Shores carries a level of risk. Overall, based on the Arctic Shores' adjusted beta (i.e. N/A), the degree of risk associated with an investment in Arctic Shores is 'high'.

Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used the two available share price Arctic Shores data points. We note that the amount of available data observations for Arctic Shores is less than what's typically used in the five years of monthly data beta calculation (i.e. two observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta.

The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'high' risk, it must have a beta value of 1.5 or more. Further information about the beta ratings can be found in the appendix section of this report.

=== Early-stage investment ===
Arctic Shores is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage. As of 2022, 57% of companies that are incorporated in the United Kingdom fail within the first five years of the companies incorporation, according to the Office for National Statistics.<ref>https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2020#the-south-west-continued-to-have-the-highest-five-year-survival-rate</ref> We note that Arctic Shores is 10 years old as of 24th October 2023.

=== Illiquid investment ===
The number of transactions in shares of private companies is usually significantly lower than in public companies, typically resulting in it taking longer to sell shares in private companies at a price that is at least equal to the price that the shares were bought at. Accordingly, the Arctic Shores investment opportunity is considered to be higher risk than more liquid companies.

=== Financial Risk ===
The details of the financial health, including the valuation, revenue, and profitability of Arctic Shores Limited, are not publicly disclosed, making it challenging for investors to assess the financial risk fully. Moreover, the small uplift in funding between two rounds and a debt financing round might indicate financial constraints or cautious growth strategies.<ref>https://www.enterprisetimes.co.uk/2023/01/16/arctic-shores-raises-5-75-million-in-series-b-funding-round/</ref>

=== Market Competition ===
As a provider of psychometric assessments, Arctic Shores operates in a competitive market with several other established players. The competition might affect the company's market share and profitability.

=== Technological Changes ===
The company's operations heavily rely on game technology, behavioral science, and potentially AI. Rapid technological changes or inability to keep up with such changes could pose a risk.

=== Regulatory Risks ===
Being in the recruitment and assessment sector, Arctic Shores might face regulatory challenges, especially when expanding internationally. Different regions have varying regulations concerning recruitment, data privacy, and assessments which could affect the company’s operations.

=== Customer Acquisition and Retention ===
The success of Arctic Shores in acquiring and retaining customers, especially large organisations, is crucial for its revenue generation and growth.

=== Reputation Risk ===
The company’s reputation among its clients and within the industry is vital for its success. Any negative publicity or failure to deliver as promised could adversely affect its reputation and, subsequently, its financial performance.

=== Investor Relations ===
The investor relations and the ability to secure further funding for growth or operations is also a critical aspect. The company has had several funding rounds, and the continuation of this support is vital for its sustainability and expansion.<ref>https://www.cbinsights.com/company/arctic-shores/financials</ref><ref>https://www.crunchbase.com/organization/arctic-shores/company_financials#:~:text=%23%20%E3%80%903%E2%80%A0Arctic%20Shores%20,Log%20in%20to%20view%20data</ref>

== Valuation ==

=== What's the expected return of an investment in the company?edit ===
The Stockhub users estimate that the expected return of an investment in the company over the next five years is ccc%, which equates to an annual return of ccc%. In other words, an £100,000 investment in the company is expected to return £301,600 in five years time. The assumptions used to estimate the return figure can be found in the table below.

Assuming that a suitable return level over five years is 25% per year or less, and Arctic Shores achieves its expected return level (of cc%), then an investment in the company is considered to be an 'suitable' one.

===What are the assumptions used to estimate the return?===

{| class="wikitable"
|+ Key inputs
!Description 
!Value
!Commentary
|-
| Which valuation model do you want to use?
|Discounted cash flow 
|Research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach<ref name=":5">Demirakos et al., 2010; Gleason et al., 2013</ref>, so that's the approach that he Stockhub users suggest to use here; nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the using the relative valuation approach (the valuation based on the relative approach can be found in the appendix of this report).

Arctic Shores has never paid cash dividends, and on 7th February 2022, it said that it currently does not anticipate paying any cash dividends in the foreseeable future. Accordingly, the Stockhub users suggest using the free cash flow valuation method (rather than the dividend discount model). 
|-
|Which financial forecasts to use?
| Stockhub
|The only available long-term forecasts (i.e. >15 years) are the ones that are supplied by the Stockhub users (the forecasts can be found in the financials section of this report), so the Stockhub users suggest using those.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 1</div>'''
|-
|Discount rate (%)
|30%
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity is by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital.
|-
|Probability of success (%)
|70%
|Research suggests that a suitable rate for a company in this growth stage (i.e. stage 1) is 70%.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>''' 
|-
|Discount rate (%)
| 15%
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity is by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital.
|-
|Probability of success (%)
| 80%
| Research suggests that a suitable rate for a company in this growth stage (i.e. stage 2) is 80%.

|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 3</div>''' 
|-
|Discount rate (%)
| 10%
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity is by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital.
|-
|Probability of success (%)
|100%
|Research suggests that a suitable rate for a company in this growth stage (i.e. stage 3) is 100%.

|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>''' 
|-
|Discount rate (%)
| 10%
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity is by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital.
|-
|Probability of success (%)
| 100%
|Research suggests that a suitable rate for a company in this growth stage (i.e. stage 4) is 100%.

|-
| colspan="3" |'''<div style="text-align: center;">Other key inputs</div>'''
|-
|What's the current value of the company?
|$38 million
|The firm valuation is between $30m and $46m as of January 2023, according to Dealroom.co estimates.<ref name=":2">https://app.dealroom.co/companies/arctic_shores/</ref> The valuation is based on either of: the publicly disclosed value, or an estimate that is based on the last funding round amount, using similar rounds as benchmarks.
|-
|Which time period do you want to use to estimate the expected return?
| Between now and five years time
|Research suggests that following a market crash, the average amount of time it takes for the price of a stock market to return to its pre-crash level (i.e. the recovery period) is at least three years.<ref>https://www.newyorkfed.org/mediabrary/media/medialibrary/media/research/staff_reports/research_papers/9809.pdf</ref> Accordingly, Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time.
|}

===Sensitivity analysis===

The main inputs that result in the greatest change in the expected return of the Arctic Shores investment are, in order of importance (from highest to lowest):   

#The size of the total addressable market (the default size is $1.3 trillion);
#Arctic Shores peak market share (the default share is 1%); and
#The discount rate (the default time-weighted average rate is 16.50%).

The impact of a 50% change in those main inputs to the expected return of the Arctic Shores investment is shown in the table below.

{| class="wikitable sortable"
|+Arctic Shores investment expected return sensitivity analysis
!Main input
!50% worse 
!Unchanged
!50% better
|-
|The discount rate
|(258)%
|202%
|1752%
|-
|The size of the total addressable market
|51%
|202%
|352%
|-
|Arctic Shores peak market share
|51%
| 202%
|352%
|}

==Actions==

To invest in Arctic Shores, click [mailto:info@arcticshores.com here].

To contact Arctic Shores, click [mailto:info@arcticshores.com here].

== Appendix ==

=== Relative valuation approach ===
As noted earlier in this report, research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach, so that's the approach that Stockhub suggests using to determine the estimated value of the company (the valuation based on the discounted cash flow approach can be found in the valuation section of this report); nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the relative valuation approach.

==== What's the expected return of an investment in Arctic Shores using the relative valuation approach? ====
Stockhub estimates that the expected return of an investment in Arctic Shores over the next five years is 4044%, which equates to an annual return of 111%. In other words, an £1,000 investment in the company is expected to return £5044 in five years time. The assumptions used to estimate the return figure can be found in the table below.

==== What are the assumptions used to estimate the return figure? ====
{| class="wikitable"
|+Key inputs
!Description
!Value
!Commentary
|-
|Which type of multiple do you want to use?
|Growth-adjusted EV/sales
|For the numerator, the Stockhub users believe that to account for the different financial leverage levels of its peers, it's best to use enterprise value (EV), rather than price. For the denominator, the Stockhub users believe that because it expects Arctic Shores to reinvest almost all of its revenue back into the business over the five year forecast period and therefore its earnings are expected to be abnormally low over the period, it's best to use sales. Accordingly, the Stockhub users suggest valuing its company using the EV/sales ratio. However, the Stockhub users think that to take into account the different business lifecycle stages of its peers, the most suitable valuation multiple to use is the growth-adjusted EV/sales multiple, rather than the EV/sales multiple.
|-
|In regards to the growth-adjusted EV/sales multiple, for the sales figure, which year to you want to use?
|Year 5
|Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time.
|-
|In regards to the growth-adjusted EV/sales multiple, for the sales growth figure, which year(s) do you want to use?
|Year 6, from now
|Stockhub suggests that for the sales growth figure, it's best to use Year 6.
|-
|In regards to the growth-adjusted EV/sales multiple, what multiple figure do you want to use?
|0.19x
|In Stockhub's view, Arctic Shores closest peers are AJ Bell, Hargreaves Lansdown, Robinhood Markets, Inc, Avanza Bank Holding AB and The Charles Schwab Corporation.
|-
|Which financial forecasts to use?
|Stockhub
|The only available forecasts are the ones that are supplied by the Stockhub company (the forecasts can be found in the financials section of this report), so Stockhub suggests using those.
|-
|What's the current value of the Stockhub company?
|$38 million
|The firm valuation is between $30m and $46m as of January 2023, according to Dealroom.co estimates.<ref name=":2" /> The valuation is based on either of: the publicly disclosed value, or an estimate that is based on the last funding round amount, using similar rounds as benchmarks.
|-
|Which time period do you want to use to estimate the expected return?
|Between now and five years time
|Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time.
|}

==== Sensitivity analysis ====
The main inputs that result in the greatest change in the expected return of the Arctic Shores investment are, in order of importance (from highest to lowest):   

#The growth-adjusted EV/sales multiple (the default multiple 0.19);
#Arctic Shores Year 5 sales figure (the default figure is £777 million); and
#Arctic Shores Year 6 sales growth rate (the default rate is 63%).

The impact of a 50% change in those main inputs to the expected return of the Arctic Shores investment is shown in the table below.

{| class="wikitable sortable"
|+Arctic Shores investment expected return sensitivity analysis
!Main input
!50% worse 
!Unchanged
!50% better
|-
|The growth-adjusted EV/sales multiple
|1972%
|4044%
|6116%
|-
|Arctic Shores Year 5 sales figure
|1972%
|4044%
|6116%
|-
|Arctic Shores Year 6 sales growth rate
|1972%
|4044%
|6116%
|}

===Economic links to cash flow patterns ===
{| class="wikitable"
|+Economic links to cash flow patterns
|-
!Cash flow type!!Introduction!!Growth!!Shake out!!Mature!!Decline
|-
|Operating|| style="background: red; color: white;" |-|| style="background: green; color: white;" |+
| style="background: orange; color: white;" | +/-|| style="background: green; color: white;" |+|| style="background: red; color: white;" |-
|-
|Investing|| style="background: red; color: white;" |-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-
| style="background: green; color: white;" | +
|-
|Financing|| style="background: green; color: white;" |+|| style="background: green; color: white;" |+|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-
|}

=== Beta risk profile ===
{| class="wikitable"
|+
!Beta value
!Risk rating
|-
|style="background: green; color: white;" |0 to 0.50
|style="background: green; color: white;" | Low
|-
|style="background: orange; color: white;" | 0.50 to 1.50
|style="background: orange; color: white;" | Medium
|-
|style="background: red; color: white;" | 1.50 to 3.00
|style="background: red; color: white;" | High
|-
|style="background: purple; color: white;" | 3.00 and above
|style="background: purple; color: white;" | Extremely high
|}

=== Arctic Shores adjusted beta calculation ===
{| class="wikitable"
|+
!Date
!iShares MSCI World ETF unit price (USD)
!Arctic Shores share price (GBP)
!iShares MSCI World ETF unit price change (%)
!Arctic Shores share price change (%)
|-
|01/11/2018
|86.21
|N/A
|
|
|-
|01/12/2018
|78.87
|N/A
| -8.51%
|N/A
|-
|01/01/2019
|84.96
|N/A
|7.72%
|N/A
|-
|01/02/2019
|87.49
|N/A
|2.98%
|N/A
|-
|01/03/2019
|88.79
|N/A
| 1.49%
|N/A
|-
|01/04/2019
|92.09
|N/A
|3.72%
|N/A
|-
|01/05/2019
|86.76
|N/A
| -5.79%
|N/A
|-
|01/06/2019
|91.02
|N/A 
|4.91%
|N/A
|-
|01/07/2019
|91.86
|N/A
|0.92%
|N/A
|-
|01/08/2019
|89.84
|N/A 
| -2.20%
| N/A
|-
|01/09/2019
|91.78
|N/A
|2.16%
|N/A
|-
|01/10/2019
|94.12
|N/A
|2.55%
|N/A
|-
|01/11/2019
|96.76
|N/A
|2.80%
|N/A
|-
|01/12/2019
|98.78
|N/A
|2.09%
|N/A
|-
|01/01/2020
|97.73
|N/A
| -1.06%
|N/A
|-
|01/02/2020
|89.67
|N/A
| -8.25%
|N/A
|-
|01/03/2020
|77.93
|N/A
| -13.09%
|N/A
|-
|01/04/2020
|86.36
|N/A
|10.82%
|N/A
|-
|01/05/2020
|90.7
|N/A
|5.03%
|N/A
|-
|01/06/2020
|92.14
|N/A
|1.59%
|N/A
|-
|01/07/2020
|96.65
|N/A
|4.89%
|N/A
|-
|01/08/2020
|102.96
|N/A
|6.53%
|N/A
|-
|01/09/2020
|99.52
|N/A
| -3.34%
|N/A
|-
|01/10/2020
|96.53
|N/A
| -3.00%
|N/A
|-
|01/11/2020
|108.94
|N/A
|12.86%
|N/A
|-
|01/12/2020
|112.41
|N/A
|3.19%
|N/A
|-
|01/01/2021
|111.49
|N/A
| -0.82%
|N/A
|-
|01/02/2021
|114.27
|N/A
|2.49%
|N/A
|-
|01/03/2021
|118.49
|N/A
|3.69%
|N/A
|-
|01/04/2021
|123.61
|N/A
|4.32%
|N/A
|-
|01/05/2021
|125.6
|N/A
|1.61%
|N/A
|-
|01/06/2021
|126.57
|N/A
|0.77%
|N/A
|-
|01/07/2021
|128.83
|N/A
|1.79%
|N/A
|-
|01/08/2021
|132.02
|N/A
|2.48%
|N/A
|-
|01/09/2021
|126.46
|N/A
| -4.21%
|N/A
|-
|01/10/2021
|133.84
|N/A
|5.84%
|N/A
|-
|01/11/2021
|131.1
|N/A
| -2.05%
|N/A
|-
|01/12/2021
|135.32
|N/A
|3.22%
|N/A
|-
|01/01/2022
|128.32
|N/A
| -5.17%
|N/A
|-
|01/02/2022
|124.58
|N/A
| -2.91%
|N/A
|-
|01/03/2022
|128.16
|N/A
|2.87%
|N/A
|-
|01/04/2022
|117.42
|N/A
| -8.38%
|N/A
|-
|01/05/2022
|117.94
|N/A
|0.44%
|N/A
|-
|01/06/2022
|106.88
|N/A
| -9.38%
|N/A
|-
|01/07/2022
|115.57
|N/A
|8.13%
|N/A
|-
|01/08/2022
|110.28
|N/A
| -4.58%
|N/A
|-
|01/09/2022
|99.95
|N/A
| -9.37%
|N/A
|-
|01/10/2022
|107.42
|N/A
|7.47%
|N/A
|-
|01/11/2022
|115.44
|N/A
|7.47%
|N/A
|-
|01/12/2022
|109.25
|N/A
| -5.36%
|N/A
|-
|01/01/2023
|117.01
|N/A
|7.10%
|N/A
|-
|01/02/2023
|113.98
|N/A
| -2.59%
|N/A
|-
|01/03/2023
|117.67
|N/A
|3.24%
|N/A
|-
|01/04/2023
|119.79
|N/A
|1.80%
|N/A
|-
|01/05/2023
|118.6
|N/A
| -0.99%
|N/A
|-
|01/06/2023
|124.52
|N/A
|4.99%
|N/A
|-
|01/07/2023
|128.54
|N/A
|3.23%
|N/A
|-
|01/08/2023
|125.7
|N/A
| -2.21%
|N/A
|-
|01/09/2023
|120.17
|N/A
| -4.40%
|N/A
|-
|01/10/2023
|118.3
|N/A
| -1.56%
|N/A
|-
|24/10/2023
|118.3
|N/A
|0.00%
|N/A
|}
{| class="wikitable"
|+Arctic Shores beta and adjusted beta value
!
!Beta
!Adjusted beta
!Comment(s)
|-
|Consistent (monthly) intervals between data points
|N/A
|N/A
|Here, when there is no valuation event, we have assumed that the share price is the same as the previous month, and, therefore, there has been no change in the share price. For example, there was no Arctic Shores valuation event in January 2022, so we have assumed that the valuation of Arctic Shores is the same in January 2022 as the previous month of December 2020, and, therefore, the share price change in January is 0%.
|-
|Inconsistent intervals between data points
|N/A
|N/A
|Because there's only two Arctic Shores valuation events, and, therefore, two, available data points, calculating beta based on inconsistent intervals between data points seems to be the best approach.
|}

===Funding history===

{| class="wikitable"
|+Arctic Shores Funding<ref name=":2" />
!Date
!Investors
!Amount
!Pre-money valuation
!Round
|-
| -
|Home
|N/A
|N/A
| - (not yet verified)
|-
|Dec 2017
|N/A
|N/A
|N/A
|Seed (not yet verified)
|-
|Sep 2019<ref>https://www.privateequitywire.co.uk/beringea-leads-usd55m-investment-arctic-shores/</ref>
|Beringea, Candy Ventures
|$5.5m
|N/A
|Series A
|-
|Feb 2020
|Tech Nation
|N/A
|N/A
|Support Program
|-
|Jan 2022
|Standard Treasury
|£1.5m
|N/A
|Debt (not yet verified)
|-
|Jan 2023<ref>https://www.arcticshores.com/news/arctic-shores-closes-5.75m-series-b-to-spearhead-the-soft-skills-assessment-market-and-accelerate-growth</ref>
|Beringea, Calculus Capital, Praetura Ventures
|£5.8m
|N/A
|Series B
|-
| colspan="2" |'''Total Funding'''
|'''$13.1m'''
|
|
|}
{| class="wikitable sortable"
|+
!Date
!Total number of issues shared
!New shares
!Class of shares
!Comments
|-
|28/06/2013<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzA4MDYyNjc5N2FkaXF6a2N4/document?format=pdf&download=0</ref>
|2
|2
|Ordinary
|
|-
|28/01/2014<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzA5NTA0NTQ5NGFkaXF6a2N4/document?format=pdf&download=0</ref>
|2,000,000
|1,999,998
|Ordinary
|Sub-division of shares.
|-
|10/12/2014<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzExMzIyNTEwM2FkaXF6a2N4/document?format=pdf&download=0</ref>
|2,169,521
|169,521
|Ordinary
|
|-
|23/06/2016<ref name=":3">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE1NjI1NzAyM2FkaXF6a2N4/document?format=pdf&download=0</ref>
|2,386,883
|217,362
|Ordinary
|
|-
|23/06/2016<ref name=":3" />
|2,864,189
|477,306
|Ordinary
|
|-
|08/02/2017<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE2ODUyNjQ5MmFkaXF6a2N4/document?format=pdf&download=0</ref>
|2,976,372
|112,183
|Ordinary
|
|-
|20/06/2017<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE3ODQ0ODk0NmFkaXF6a2N4/document?format=pdf&download=0</ref>
|3,095,715
|119,343
|Ordinary
|
|-
|04/08/2017<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE4MjI2NDg0NWFkaXF6a2N4/document?format=pdf&download=0</ref>
|3,286,660
|190,945
|Ordinary
|
|-
|10/10/2017<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzE4NzI4NjEzN2FkaXF6a2N4/document?format=pdf&download=0</ref>
|3,389,295
|102,635
|Ordinary
|
|-
|09/07/2018<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzIwOTMzOTQzOWFkaXF6a2N4/document?format=pdf&download=0</ref>
|3,593,670
|204,375
|Ordinary
|
|-
|'''18/10/2018<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzIxNzI5Mjg0MmFkaXF6a2N4/document?format=pdf&download=0</ref>'''
|'''3,969,722'''
|'''376,052'''
|'''Ordinary'''
|There's a discrepancy between the total number of shares in this table and in the company's filing (3,969,722 vs. 3,978,195), a difference of 8,473 shares. The 8,473 shares seem to relate to the company Needham Consultancy Ltd <ref name=":12" /> and/or to the person James Williams. <ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzIwOTYwOTkxOGFkaXF6a2N4/document?format=pdf&download=0</ref>
|-
|22/08/2019<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzI0MjM4MzA2M2FkaXF6a2N4/document?format=pdf&download=0</ref>
|4,025,502
|55,780
|Ordinary
|
|-
|28/08/2019<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzI0MjgxNDQ4OGFkaXF6a2N4/document?format=pdf&download=0</ref>
|4,899,547
|874,045
|A Ordinary
|
|-
|20/04/2022<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzMzNjczNjk5MGFkaXF6a2N4/document?format=pdf&download=0</ref>
|5,102,287
|202,740
|Ordinary
|
|-
|20/04/2022<ref name=":4">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzMzNjczODA5OWFkaXF6a2N4/document?format=pdf&download=0</ref>
|5,104,674
|2,387
|Ordinary
|
|-
|20/04/2022<ref name=":4" />
|5,112,534
|7,860
|Ordinary
|
|-
|20/04/2022<ref name=":4" />
|5,192,534
|80,000
|Ordinary
|
|-
|20/04/2022<ref name=":4" />
|5,193,158
|624
|Ordinary
|
|-
|20/04/2022<ref name=":4" />
|5,195,206
|2,048
|Ordinary
|
|-
|21/04/2022<ref name=":5" />
|5,195,455
|249
|Ordinary
|
|-
|21/04/2022<ref name=":5">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzMzNjczODM0NWFkaXF6a2N4/document?format=pdf&download=0</ref>
|5,195,704
|249
|Ordinary
|
|-
|05/01/2023<ref name=":6">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM2NDc1NjM5NGFkaXF6a2N4/document?format=pdf&download=0</ref>
|5,211,261
|15,557
|Ordinary
|
|-
|05/01/2023<ref name=":6" />
|5,397,253
|185,992
|A Ordinary
|
|-
|05/01/2023<ref name=":6" />
|5,619,476
|222,223
|A Ordinary
|
|-
|05/01/2023<ref name=":6" />
|6,119,476
|500,000
|B Ordinary
|
|-
|05/01/2023<ref name=":6" />
|6,254,930
|135,454
|A1 Ordinary
|
|-
|05/01/2023<ref name=":6" />
|6,390,384
|135,454
|A2 Ordinary
|
|-
|05/01/2023<ref name=":6" />
|6,810,486
|420,102
|B1 Ordinary
|
|-
|05/01/2023<ref name=":6" />
|7,230,588
|420,102
|B2 Ordinary
|
|-
|24/02/2023<ref name=":7" />
|7,391,699
|161,111
|A Ordinary
|
|-
|24/02/2023<ref name=":7">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM3MDQ1ODAwMGFkaXF6a2N4/document?format=pdf&download=0</ref>
|7,416,587
|24,888
|A Ordinary
|
|-
|11/04/2023<ref name=":8" />
|7,417,835
|1,248
|Ordinary
|
|-
|11/04/2023<ref name=":8">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM3NTczMDY3MGFkaXF6a2N4/document?format=pdf&download=0</ref>
|7,418,035
|200
|Ordinary
|
|-
|25/05/2023<ref name=":9">https://www.telegraph.co.uk/business/2023/06/13/freetrade-stock-trading-start-up-valuation-plunge/</ref>
|7,418,460
|425
|Ordinary
|
|-
|25/05/2023<ref name=":9">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4MDgwNDE2NWFkaXF6a2N4/document?format=pdf&download=0</ref>
|7,418,560
|100
|Ordinary
|
|-
|29/08/2023<ref name=":10" />
|7,429,868
|11,308
|Ordinary
|
|-
|29/08/2023<ref name=":10">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM5MTExNzM0OWFkaXF6a2N4/document?format=pdf&download=0</ref>
|7,430,868
|1,000
|Ordinary
|
|-
|27/09/2023<ref name=":11" />
|7,442,549
|11,681
|Ordinary
|
|-
|27/09/2023<ref name=":11">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM5NDYzNTYyMmFkaXF6a2N4/document?format=pdf&download=0</ref>
|7,443,199
|650
|Ordinary
|
|-
|'''Total'''
|
|'''7,268,501'''
|
|
|}
{| class="wikitable sortable"
|+
!Class of shares
!Number of shares
!Share class proportion of total shares (%)
|-
|A Ordinary
|1,282,260
|17.64%
|-
|B Ordinary
|500,000
|6.88%
|-
|Ordinary
|4,375,129
|60.19%
|-
|A1 Ordinary
|135,454
|1.86%
|-
|A2 Ordinary
|135,454
|1.86%
|-
|B1 Ordinary
|420,102
|5.78%
|-
|B2 Ordinary
|420,102
|5.78%
|-
|'''Total'''
|'''7,268,501'''
|'''100.00%'''
|}
{| class="wikitable sortable"
|+Shareholding as of 28th June 2023<ref name=":12">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4NjIxOTA2MWFkaXF6a2N4/document?format=pdf&download=0</ref>
!#
!Number of shares
!Share class
!Name
|-
|1
|1,000,000
|Ordinary
|Robert Newry
|-
|2
|1,000,000
|Ordinary
|Safe Hammad
|-
|3
|38,543
|Ordinary
|Andrew Needham
|-
|4
|54,333
|Ordinary
|Royston Jeans
|-
|5
|64,500
|Ordinary
|Sherief Hammad
|-
|6
|6,522
|Ordinary
|Caroline Elliman
|-
|7
|96,097
|Ordinary
|Oliver Schrader
|-
|8
|36,077
|Ordinary
|Patricia Armstrong
|-
|9
|170,406
|Ordinary
|Malcolm Jackson
|-
|10
|36,069
|Ordinary
|Geoffrey Bailhache
|-
|11
|985,937
|Ordinary
|Candy Ventures Sarl
|-
|12
|153,234
|Ordinary
|NT Asset (Cayman) Limited
|-
|13
|0
|Ordinary
|R Needham Consultancy Ltd. 74,756 shares have been transferred, on 7th September 2018. To where have the shares been transferred?
|-
|14
|26,731
|Ordinary
|Penjuru Capital Pte Ltd.
|-
|15
|8,473
|Ordinary
|James Williams
|-
|16
|38,183
|Ordinary
|M R Howe
|-
|17
|26,731
|Ordinary
|Half Brother Capital Ltd.
|-
|18
|10,308
|Ordinary
|J Arkwright
|-
|19
|12,415
|Ordinary
|R Graham
|-
|20
|20,691
|Ordinary
|R Ronaldshay (Earl of)
|-
|21
|10,168
|Ordinary
|R A Sangster
|-
|22
|50,839
|Ordinary
|Giles Slinger
|-
|23
|50,839
|Ordinary
|Lucy Slinger
|-
|24
|27,291
|Ordinary
|Nick Wentworth-Stanley
|-
|25
|16,946
|Ordinary
|Martin Elphron and Eugenia Ephson
|-
|26
|16,946
|Ordinary
|A Wentworth-Stanley
|-
|27
|20,691
|Ordinary
|Maria Nirusha Balaratham Trust
|-
|28
|21,391
|Ordinary
|Richard Wingfield
|-
|29
|16,946
|Ordinary
|Tower Pension Trustees Ltd.
|-
|30
|20,691
|Ordinary
|Jonathan Davie
|-
|31
|20,691
|Ordinary
|James Corcoran
|-
|32
|10,168
|Ordinary
|Kate Amin
|-
|33
|12,415
|Ordinary
|Guy Roxburghe
|-
|34
|10,168
|Ordinary
|Guy Sangster
|-
|35
|10,308
|Ordinary
|James Dean
|-
|36
|10,308
|Ordinary
|Harry Henderson
|-
|37
|0
|Ordinary
|Needham Consultancy Ltd. 8,473 shares have been transferred on 6th May 2018. To where have the shares been transferred?
|-
|38
|9,721
|Ordinary
|Christopher Milln
|-
|39
|8,473
|Ordinary
|Richard Benyon
|-
|40
|7,866
|Ordinary
|Atomico Angel Program I, LLC.
|-
|41
|3,745
|Ordinary
|Eugenia Ephson
|-
|42
|24,972
|Ordinary
|Philip Green<ref>It seems the correct spelling of the first name is 'Philip', not 'Phillip', based on the following Linked-In page: https://www.linkedin.com/in/philip-green-35b38210/</ref>
|-
|43
|713,809
|A Ordinary
|Proven Growth and Income VCT Plc.
|-
|44
|382,459
|A Ordinary
|Proven VCT Plc.
|-
|45
|7,860
|Ordinary
|Alastair Frater
|-
|46
|2,387
|Ordinary
|Joe Wilson
|-
|47
|249
|Ordinary
|Calum Murphy
|-
|48
|2,048
|Ordinary
|David Cuthbertson
|-
|49
|80,624
|Ordinary
|Lara Montefiori
|-
|50
|249
|Ordinary
|Nisha Wasim
|-
|51
|100
|Ordinary
|Nathan Braithwaite
|-
|52
|425
|Ordinary
|Tom Satterthwaite
|-
|53
|624
|Ordinary
|Joel Yusupoff
|-
|54
|624
|Ordinary
|Mark Williamson
|-
|55
|824
|Ordinary
|Tara Franks
|-
|56
|3,206
|A Ordinary
|Robert Newry
|-
|57
|3,206
|A Ordinary
|Safe Hammad
|-
|58
|420,102
|B1 Ordinary
|Calculus Nominees Ltd.
|-
|59
|420,102
|B2 Ordinary
|Calculus Nominees Ltd.
|-
|60
|350,000
|B Ordinary
|MNL Nominees Ltd.
|-
|61
|135,454
|A1 Ordinary
|Calculus VCT Plc.
|-
|62
|135,454
|A2 Ordinary
|Calculus VCT Plc.
|-
|63
|9,620
|A Ordinary
|Malcolm Jackson
|-
|64
|8.017
|A Ordinary
|NT Asset (Cayman) Limited
|-
|65
|150,000
|B Ordinary
|MNL (BBI) Nominees Limited
|-
|66
|11,224
|A Ordinary
|Adam Hale
|-
|67
|92,999
|A Ordinary
|UK FF Nominees Ltd.
|-
|68
|4,008
|A Ordinary
|Sherief<ref>First name seems to be spelt incorrectly in the company's filing.</ref> Hammad
|-
|69
|10,422
|A Ordinary
|Giles Slinger
|-
|70
|10,422
|A Ordinary
|Lucy Slinger
|-
|71
|9,620
|A Ordinary
|Philip<ref>Company filing shows 'Phil' Green, which seems to relate to the company's existing shareholder 'Phillip' Green.</ref> Green
|-
|72
|6,413
|A Ordinary
|David Mills
|-
|73
|4,810
|A Ordinary
|John Woyton
|-
|74
|4,008
|A Ordinary
|Etedal Hammad
|-
|75
|94,341
|Ordinary
|Needham Ventures Limited
|-
|76
|8,017
|A Ordinary
|Needham Ventures Limited
|}
{| class="wikitable sortable"
|+Aggregated shareholding as of 28th June 2023<ref name=":12" />
!#
!Shareholder
!Number of shares
!Proportion of total shares (%)
!Comment(s)
|-
|1
|Robert Newry
|1,003,206
|13.85%
|Robert is one of the co-founders of Arctic Shores. He is also the CEO of the company. Further information about Robert can be found in the 'team' section of the report.
|-
|2
|Safe Hammad
|1,003,206
|13.85%
|Safe is one of the co-founders of Arctic Shores. He is also an advisor of the company. Further information about Safe can be found in the 'team' section of the report.
|-
|3
|Candy Ventures Sarl
|985,937
|13.61%
|
|-
|4
|Calculus Nominees Ltd.
|840,204
|11.60%
|
|-
|5
|Proven Growth and Income VCT Plc.
|713,809
|9.86%
|
|-
|6
|Proven VCT Plc.
|382,459
|5.28%
|
|-
|7
|MNL Nominees Ltd.
|350,000
|4.83%
|
|-
|8
|Calculus VCT Plc.
|270,908
|3.74%
|
|-
|9
|Malcolm Jackson
|180,026
|2.49%
|
|-
|10
|NT Asset (Cayman) Limited
|153,242
|2.12%
|
|-
|11
|MNL (BBI) Nominees Limited
|150,000
|2.07%
|
|-
|12
|Needham Ventures Limited
|102,358
|1.41%
|
|-
|13
|Oliver Schrader
|96,097
|1.33%
|
|-
|14
|UK FF Nominees Ltd.
|92,999
|1.28%
|
|-
|15
|Lara Montefiori
|80,624
|1.11%
|
|-
|16
|Sherief Hammad
|68,508
|0.95%
|
|-
|17
|Giles Slinger
|61,261
|0.85%
|
|-
|18
|Lucy Slinger
|61,261
|0.85%
|
|-
|19
|Royston Jeans
|54,333
|0.75%
|
|-
|20
|Andrew Needham
|38,543
|0.53%
|
|-
|21
|M R Howe
|38,183
|0.53%
|
|-
|22
|Patricia Armstrong
|36,077
|0.50%
|
|-
|23
|Geoffrey Bailhache
|36,069
|0.50%
|
|-
|24
|Philip Green
|34,592
|0.48%
|Further information about Philip can be found by clicking here: https://www.linkedin.com/in/philip-green-35b38210/details/experience/
|-
|25
|Nick Wentworth-Stanley
|27,291
|0.38%
|
|-
|26
|Half Brother Capital Ltd.
|26,731
|0.37%
|
|-
|27
|Penjuru Capital Pte Ltd.
|26,731
|0.37%
|
|-
|28
|Richard Wingfield
|21,391
|0.30%
|
|-
|29
|James Corcoran
|20,691
|0.29%
|
|-
|30
|Jonathan Davie
|20,691
|0.29%
|
|-
|31
|Maria Nirusha Balaratham Trust
|20,691
|0.29%
|
|-
|32
|R Ronaldshay (Earl of)
|20,691
|0.29%
|The title "Earl of Ronaldshay" is a courtesy title for the eldest son and heir of the Marquess of Zetland. The title has been held by different individuals across generations within the Dundas family, with notable holders serving in significant political roles, particularly in relation to British colonial administration in India during the early 20th century.<ref>https://en.wikipedia.org/wiki/Marquess_of_Zetland</ref>
|-
|33
|A Wentworth-Stanley
|16,946
|0.23%
|
|-
|34
|Martin Elphron and Eugenia Ephson
|16,946
|0.23%
|
|-
|35
|Tower Pension Trustees Ltd.
|16,946
|0.23%
|
|-
|36
|Guy Roxburghe
|12,415
|0.17%
|
|-
|37
|R Graham
|12,415
|0.17%
|
|-
|38
|Adam Hale
|11,224
|0.15%
|
|-
|39
|Harry Henderson
|10,308
|0.14%
|
|-
|40
|J Arkwright
|10,308
|0.14%
|
|-
|41
|James Dean
|10,308
|0.14%
|
|-
|42
|Guy Sangster
|10,168
|0.14%
|
|-
|43
|Kate Amin
|10,168
|0.14%
|
|-
|44
|R A Sangster
|10,168
|0.14%
|
|-
|45
|Christopher Milln
|9,721
|0.13%
|
|-
|46
|James Williams
|8,473
|0.12%
|
|-
|47
|Richard Benyon
|8,473
|0.12%
|
|-
|48
|Atomico Angel Program I, LLC.
|7,866
|0.11%
|
|-
|49
|Alastair Frater
|7,860
|0.11%
|
|-
|50
|Caroline Elliman
|6,522
|0.09%
|
|-
|51
|David Mills
|6,413
|0.09%
|
|-
|52
|John Woyton
|4,810
|0.07%
|
|-
|53
|Etedal Hammad
|4,008
|0.06%
|
|-
|54
|Eugenia Ephson
|3,745
|0.05%
|
|-
|55
|Joe Wilson
|2,387
|0.03%
|
|-
|56
|David Cuthbertson
|2,048
|0.03%
|
|-
|57
|Tara Franks
|824
|0.01%
|
|-
|58
|Joel Yusupoff
|624
|0.01%
|
|-
|59
|Mark Williamson
|624
|0.01%
|
|-
|60
|Tom Satterthwaite
|425
|0.01%
|
|-
|61
|Calum Murphy
|249
|0.00%
|
|-
|62
|Nisha Wasim
|249
|0.00%
|
|-
|63
|Nathan Braithwaite
|100
|0.00%
|
|-
|
|'''Total'''
|'''7,242,551'''
|'''100.00%'''
|
|}

=== Additional information ===
The company misspelled its name as "Artic Shores Limited" on the official incorporation filing documents, but realised and corrected the error to "Arctic Shores Limited" within four days.<ref name=":15" />

== References and notes ==
<references />