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| == Clarification on Misapplication of Small Companies' Regime Provisions and Mandatory Comprehensive Income Statement Filing ==
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| For the year ended 31st December 2022, the company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.<ref name=":0">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4MDUxODU2MGFkaXF6a2N4/document?format=pdf&download=0</ref>
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| To be considered a small company, the company must satisfy any 2 of the following things:
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| * a turnover of £10.2 million or less;
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| * £5.1 million or less on its balance sheet;
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| * 50 employees or less.<ref>https://www.gov.uk/annual-accounts/microentities-small-and-dormant-companies#:~:text=Small%20companies,50%20employees%20or%20less</ref>
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| Note, the balance sheet total means the aggregate of the amounts shown as assets in the company's balance sheet.<ref>https://www.legislation.gov.uk/ukpga/2006/46/section/382</ref> In other words, the relevant amount is total assets, and not net assets. Multiple sources confirm that the balance sheet total refers to the total assets (and not net assets).<ref>https://www.gov.uk/government/publications/limited-liability-partnership-accounts-guidance/llp-accounts#:~:text=the%20balance%20sheet%20total%20must,with%20to%20claim%20audit%20exemption</ref><ref>https://www.menzies.co.uk/helping-you/audit-compliance/audit/audit-exemption-thresholds/#:~:text=Balance%20Sheet%20Total%20,1%20million</ref><ref>https://www.accountingweb.co.uk/business/financial-reporting/small-companies-regime-in-the-spotlight#:~:text=As%20a%20result%2C%20a%20maximum,out%20of%20the%20three%20criteria</ref>
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| The company has 77 employees, and £6.2 million in total assets<ref name=":0" />, and, therefore, Arctic Shores does not satisfy the small companies' regime provision.
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| Accordingly, the company:
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| * has used the provision incorrectly.
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| * must file its comprehensive income statement.
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| Is anyone able to verify the accuracy of the conclusion?
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| [[Special:Contributions/161.12.100.241|161.12.100.241]] 16:18, 26 October 2023 (BST)
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| :According to Companies House accounts guidance: “If a company qualified as small in one year, but no longer meets the criteria in the next year - it may continue to claim the exemptions available in the next year.”[https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts]
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| :Arctic Shores qualified as small in one year (i.e. 2021), but no longer meets the criteria in the next year (i.e. 2022).
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| :Accordingly, the company:
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| :* may continue to claim the exemptions available in the next year (i.e. 2022);
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| :* has used the provision correctly; and
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| :* does not need to file its comprehensive income statement.
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| :Is anyone able to verify the accuracy of the conclusion?
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| :[[Special:Contributions/31.94.17.200|31.94.17.200]] 12:02, 8 November 2023 (GMT)
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| == Series B Valuation ==
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| The Stockhub users calculate the valuation as of £21.98 million (for the calculation, see the 'Arctic Shores Series B valuation calculation' table in this report below). However, according to Dealroom.co estimates, the firm valuation is between $30m and $46m (or between £25m and £38m when converted into British Pounds) as of January 2023. 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.
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| {| class="wikitable"
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| |+Arctic Shores Series B valuation calculation
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| !Input
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| !Value
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| |-
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| |Total number of shares pre-fundraise:<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzMzNjczODM0NWFkaXF6a2N4/document?format=pdf&download=0</ref>
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| |5,129,909
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| |-
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| |Total number of shares post-fundraise:<ref name=":23">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM2NDc1NjM5NGFkaXF6a2N4/document?format=pdf&download=0</ref>
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| |7,247,963
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| |-
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| |Total new shares:
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| |2,118,054
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| |Non-cash consideration new shares:<ref name=":23" />
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| |222,223
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| |Cash consideration new shares
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| |1,895,831
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| |Cash consideration new shares as a proportion of the total number of shares (%):
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| |26.16%
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| |The total amount of money raised:
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| |£5.75m
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| |Post-money valuation:
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| |£21.98m
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| |-
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| |Pre-money valuation:
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| |£16.23m
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| |}
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| Which valuation is correct, if any? [[Special:Contributions/161.12.100.241|161.12.100.241]] 18:24, 27 October 2023 (BST)
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| == Inconsistency in Share Allotment Reporting ==
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| On the 5th July 2019, the company filed its confirmation statement, showing that the total number of shares of the company as at 28th June 2019 is 3,986,061 shares.<ref>https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzIzODY2MjU1OWFkaXF6a2N4/document?format=pdf&download=0</ref>
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| On 22nd August 2019, the company filed a SH01 statement, detailing that between 14th August 2019 and 16th August 2019 (i.e. after the aforementioned confirmation statement), the company allotted 55,780 shares.<ref name=":1">https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzI0MjM4MzA2M2FkaXF6a2N4/document?format=pdf&download=0</ref>
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| According to my calculation, as a result of the allotted, shares, the total number of shares of the company increased to 4,041,841 shares (3,986,061 shares + 55,780 shares). However, the SH01 statement shows the total number of shares as unchanged at 3,986,061 shares.<ref name=":1" />
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| Does anyone know whether that's a mistake? [[Special:Contributions/95.149.241.208|95.149.241.208]] 10:29, 28 October 2023 (BST)
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| == Transferred shares == | | == Transferred shares == |
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| 74,756 shares have been transferred, from R Needham Consultancy Ltd., on 7th September 2018.[https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4NjIxOTA2MWFkaXF6a2N4/document?format=pdf&download=0] In addition, 8,473 shares have been transferred, from Needham Consultancy Ltd.. on 6th May 2018.[https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4NjIxOTA2MWFkaXF6a2N4/document?format=pdf&download=0] Does anyone know to where both batches of the shares have been transferred? [[Special:Contributions/161.12.100.241|161.12.100.241]] 15:01, 23 October 2023 (BST) | | 74,756 shares have been transferred, from R Needham Consultancy Ltd., on 7th September 2018.[https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4NjIxOTA2MWFkaXF6a2N4/document?format=pdf&download=0] In addition, 8,473 shares have been transferred, from Needham Consultancy Ltd.. on 6th May 2018.[https://find-and-update.company-information.service.gov.uk/company/08589048/filing-history/MzM4NjIxOTA2MWFkaXF6a2N4/document?format=pdf&download=0] To where have both batches of the shares been transferred? [[Special:Contributions/161.12.100.241|161.12.100.241]] 15:01, 23 October 2023 (BST) |
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| == Verification Request for Reported $2.7 Million Revenue Figure in 2021/2022 as per GetLatka - Discrepancy with Companies House Filing ==
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| According to GetLatka, revenues at the company is $2.7 million in 2021 and/or 2022.<ref>https://getlatka.com/companies/arctic-shores</ref> The company's revenue figures haven't been filed at Companies House. Is anyone able to verify the accuracy of the $2.7 million figure? [[Special:Contributions/161.12.100.241|161.12.100.241]] 16:45, 26 October 2023 (BST)
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| == References ==
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