Acorah Software Products - Accounts Production 16.1.300 false true true 30 November 2023 1 December 2022 false 1 December 2023 30 November 2024 30 November 2024 11088285 Mr Vladislav Stoychev iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11088285 2023-11-30 11088285 2024-11-30 11088285 2023-12-01 2024-11-30 11088285 frs-core:CurrentFinancialInstruments 2024-11-30 11088285 frs-core:ComputerEquipment 2024-11-30 11088285 frs-core:ComputerEquipment 2023-12-01 2024-11-30 11088285 frs-core:ComputerEquipment 2023-11-30 11088285 frs-core:PlantMachinery 2024-11-30 11088285 frs-core:PlantMachinery 2023-12-01 2024-11-30 11088285 frs-core:PlantMachinery 2023-11-30 11088285 frs-core:SharePremium 2024-11-30 11088285 frs-core:ShareCapital 2024-11-30 11088285 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 11088285 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 11088285 frs-bus:FilletedAccounts 2023-12-01 2024-11-30 11088285 frs-bus:SmallEntities 2023-12-01 2024-11-30 11088285 frs-bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 11088285 frs-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 11088285 frs-core:CostValuation 2023-11-30 11088285 frs-core:AdditionsToInvestments 2024-11-30 11088285 frs-core:RevaluationsIncreaseDecreaseInInvestments 2024-11-30 11088285 frs-core:CostValuation 2024-11-30 11088285 frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:ListedExchangeTraded 2023-11-30 11088285 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-11-30 11088285 frs-core:AdditionsToInvestments frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:RevaluationsIncreaseDecreaseInInvestments frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:CostValuation frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:UnlistedNon-exchangeTraded 2023-11-30 11088285 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-11-30 11088285 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:RevaluationsIncreaseDecreaseInInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-bus:Director1 2023-12-01 2024-11-30 11088285 frs-bus:Director1 2023-11-30 11088285 frs-bus:Director1 2024-11-30 11088285 frs-countries:EnglandWales 2023-12-01 2024-11-30 11088285 2022-11-30 11088285 2023-11-30 11088285 2022-12-01 2023-11-30 11088285 frs-core:CurrentFinancialInstruments 2023-11-30 11088285 frs-core:SharePremium 2023-11-30 11088285 frs-core:ShareCapital 2023-11-30 11088285 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30
Registered number: 11088285
Airvat Ltd
Financial Statements
For The Year Ended 30 November 2024
RC Jackson & Co
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of Airvat Ltd for the year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Airvat Ltd for the year ended 30 November 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Airvat Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Airvat Ltd and state those matters that we have agreed to state to the director of Airvat Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airvat Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Airvat Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Airvat Ltd . You consider that Airvat Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Airvat Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Richard C Jackson
20/02/2025
RC Jackson & Co
38 Charlotte Street
London
W1T 2NN
Page 1
Page 2
Balance Sheet
Registered number: 11088285
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,537 3,000
Investments 5 270,222 1
274,759 3,001
CURRENT ASSETS
Debtors 6 21,006 34,688
Cash at bank and in hand 41,595 319,558
62,601 354,246
Creditors: Amounts Falling Due Within One Year 7 (4,326 ) (8,050 )
NET CURRENT ASSETS (LIABILITIES) 58,275 346,196
TOTAL ASSETS LESS CURRENT LIABILITIES 333,034 349,197
NET ASSETS 333,034 349,197
CAPITAL AND RESERVES
Called up share capital 8 1 1
Share premium account 621,188 621,188
Profit and Loss Account (288,155 ) (271,992 )
SHAREHOLDERS' FUNDS 333,034 349,197
Page 2
Page 3
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Vladislav Stoychev
Director
20/02/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Airvat Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11088285 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The unexpected decision by the UK Government to withdraw the VAT Retail Export Scheme from 1 January 2021 poses significant risks to the company's ability to operate as a going concern. The company is therefore currently not operating its core business in the UK but is actively exploring if it can apply its technology and know-how in other jurisdictions. In the meantime, the going concern basis remains appropriate.

Airvat EURL, a wholly owned subsidiary of AirVAT Ltd obtained an operating licence (number FR-017-AOD, dated 27/10/2022), from the Directorate-General of Customs and Indirect Taxes of the French Republic (DGDDI), to operate its core business of tax free shopping for international tourists in France.
2.3. 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 rendering of services and is recognised upon the completion of the service provided.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line per annum
Computer Equipment 25% straight line per annum
2.5. Financial Instruments
Listed fixed asset investments are recognised at fair value through profit & loss (FVTPL).  
2.6. 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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 asset reflects 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.
Current or 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 current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
Page 5
2.8. Research and Development
Expenditure on research and development is written off in the year it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 December 2023 781 5,608 6,389
Additions 809 2,011 2,820
Disposals - (899 ) (899 )
Other - (200 ) (200 )
As at 30 November 2024 1,590 6,520 8,110
Depreciation
As at 1 December 2023 674 2,715 3,389
Provided during the period 225 858 1,083
Disposals - (899 ) (899 )
As at 30 November 2024 899 2,674 3,573
Net Book Value
As at 30 November 2024 691 3,846 4,537
As at 1 December 2023 107 2,893 3,000
5. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 December 2023 - 1 1
Additions 244,240 - 244,240
Revaluations 25,981 - 25,981
As at 30 November 2024 270,221 1 270,222
Provision
As at 1 December 2023 - - -
As at 30 November 2024 - - -
Net Book Value
As at 30 November 2024 270,221 1 270,222
As at 1 December 2023 - 1 1
AirVAT Ltd established a wholly owned subsidiary, AirVAT EURL, with a share capital of 1 EUR in June 2021.
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 19 19
Prepayments and accrued income 3,560 -
VAT 483 497
Amounts owed by subsidiaries 16,944 34,172
21,006 34,688
At 31 December 2022, AirVAT Ltd recognised an impairment in respect of the loan to its 100% subsidiary, of €3,040 (£2,694) in order to preserve the capital of AirVAT EURL and this has been recognised within administrative expenses in the profit and loss statement.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 311 362
Bank loans and overdrafts 45 -
Accruals and deferred income 625 625
Director's loan account 3,345 7,063
4,326 8,050
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors (Creditors) are the following loans to (from) directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Vladislav Stoychev (7,063 ) 7,063 3,345 - (3,345 )
The above loan is unsecured, interest free and repayable on demand.
Page 6