Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11703938 Mr D Grice Ms M El Isa Mr D Grice iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11703938 2022-12-31 11703938 2023-12-31 11703938 2023-01-01 2023-12-31 11703938 frs-core:CurrentFinancialInstruments 2023-12-31 11703938 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11703938 frs-core:OtherResidualIntangibleAssets 2023-12-31 11703938 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11703938 frs-core:OtherResidualIntangibleAssets 2022-12-31 11703938 frs-core:OtherReservesSubtotal 2023-12-31 11703938 frs-core:SharePremium 2023-12-31 11703938 frs-core:ShareCapital 2023-12-31 11703938 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11703938 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11703938 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11703938 frs-bus:SmallEntities 2023-01-01 2023-12-31 11703938 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11703938 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11703938 frs-core:UnlistedNon-exchangeTraded 2023-12-31 11703938 frs-core:UnlistedNon-exchangeTraded 2022-12-31 11703938 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 11703938 frs-core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 11703938 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 11703938 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 11703938 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 11703938 frs-bus:Director1 2023-01-01 2023-12-31 11703938 frs-bus:Director2 2023-01-01 2023-12-31 11703938 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 11703938 frs-countries:EnglandWales 2023-01-01 2023-12-31 11703938 2021-12-31 11703938 2022-12-31 11703938 2022-01-01 2022-12-31 11703938 frs-core:CurrentFinancialInstruments 2022-12-31 11703938 frs-core:OtherReservesSubtotal 2022-12-31 11703938 frs-core:SharePremium 2022-12-31 11703938 frs-core:ShareCapital 2022-12-31 11703938 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11703938
Avantgarde Finance Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Square Mile Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11703938
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 304,985 1,554,751
Investments 6 78,547 82,641
383,532 1,637,392
CURRENT ASSETS
Debtors 7 1,164,367 909,966
Cash at bank and in hand 1,158,694 1,425,371
2,323,061 2,335,337
Creditors: Amounts Falling Due Within One Year 8 (57,325 ) (247,142 )
NET CURRENT ASSETS (LIABILITIES) 2,265,736 2,088,195
TOTAL ASSETS LESS CURRENT LIABILITIES 2,649,268 3,725,587
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (129,448 ) (6,772 )
NET ASSETS 2,519,820 3,718,815
CAPITAL AND RESERVES
Called up share capital 10 2 2
Share premium account 4,931,931 4,931,931
Other reserves 648,950 648,950
Profit and Loss Account (3,061,063 ) (1,862,068 )
SHAREHOLDERS' FUNDS 2,519,820 3,718,815
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms M El Isa
Director
8th August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Avantgarde Finance Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11703938 . The registered office is 12 New Fetter Lane, London, EC4A 1JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets represent digital assets held by the company at the year end. Digital assets are recognised in accordance with the requirements of FRS102. 
Impairment of fixed assets
At  each  reporting  period  end  date,  the  company  reviews  the  carrying  amounts  of  its  tangible  and intangible  assets  to  determine  whether  there  is  any  indication  that  those  assets  have  suffered  an impairment  loss. If any such indication exists, the recoverable amount of the asset is estimated  in order to determine  the  extent  of  the  impairment  loss  (if  any).  Where  it  is  not  possible  to  estimate  the recoverable  amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.
Recoverable  amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment  loss is recognised immediately  in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9. Token based payments
Where tokens are awarded to employees, the fair value of the token is charged to the income statement over
the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity
instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over
the vesting period is based on the number of tokens that eventually vest. Market vesting conditions are factored into
the fair value of the tokens granted. The cumulative expense is not adjusted for failure to achieve a market vesting
condition.

2.10. Research and development expenditure
Research  expenditure  is  written  off  against  profits  in  the  year  in  which  it  is  incurred.  Identifiable development  expenditure  is  capitalised  to  the  extent  that  the  technical,  commercial  and  financial feasibility can be demonstrated.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4 3
4. Prior Period Adjustment
A prior period adjustment has been made to reclassify unrealised gains on digital assets of £27,089 from other operating income to the statement of other comprehensive income, an assosciated deferred tax charge of £6,772 has been recognised.
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5. Intangible Assets
Other
£
Cost or Valuation
As at 1 January 2023 1,554,751
Disposals (1,044,838 )
As at 31 December 2023 509,913
Amortisation
As at 1 January 2023 -
Impairment losses 204,928
As at 31 December 2023 204,928
Net Book Value
As at 31 December 2023 304,985
As at 1 January 2023 1,554,751
Intangible assets included within the accounts comprise of cryprocurrencies held by the company. During the year, the directors considered the holding in XPN tokens to be impaired totalling £204,928.
6. Investments
Unlisted
£
Cost
As at 1 January 2023 82,641
Fair value adjustments (4,094 )
As at 31 December 2023 78,547
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 78,547
As at 1 January 2023 82,641
7. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 8,954 35,535
Prepayments and accrued income 722,584 145,732
Other debtors 291,049 220,599
Corporation tax recoverable assets 140,046 502,110
VAT 1,734 5,990
1,164,367 909,966
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 44,729 137,889
Other taxes and social security - 817
Accruals and deferred income 12,596 55,148
Directors' loan accounts - 53,288
57,325 247,142
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
as restated
£ £
Other timing differences 129,448 6,772
10. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 2 2
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