Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-312024-01-01false15falseNo description of principal activity11truefalse 08046168 2024-01-01 2024-12-31 08046168 2024-12-31 08046168 2023-01-01 2023-12-31 08046168 2023-12-31 08046168 2023-01-01 08046168 2 2024-01-01 2024-12-31 08046168 2 2023-01-01 2023-12-31 08046168 4 2024-01-01 2024-12-31 08046168 d:Director1 2024-01-01 2024-12-31 08046168 d:Director7 2024-01-01 2024-12-31 08046168 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 08046168 e:PlantMachinery 2024-01-01 2024-12-31 08046168 e:MotorVehicles 2024-01-01 2024-12-31 08046168 e:OfficeEquipment 2024-01-01 2024-12-31 08046168 e:OfficeEquipment 2024-12-31 08046168 e:OfficeEquipment 2023-12-31 08046168 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08046168 e:ComputerEquipment 2024-01-01 2024-12-31 08046168 e:CurrentFinancialInstruments 2024-12-31 08046168 e:CurrentFinancialInstruments 2023-12-31 08046168 e:Non-currentFinancialInstruments 2024-12-31 08046168 e:Non-currentFinancialInstruments 2023-12-31 08046168 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 08046168 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 08046168 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 08046168 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 08046168 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 08046168 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 08046168 e:ShareCapital 2024-01-01 2024-12-31 08046168 e:ShareCapital 2024-12-31 08046168 e:ShareCapital 2023-01-01 2023-12-31 08046168 e:ShareCapital 2023-12-31 08046168 e:ShareCapital 2023-01-01 08046168 e:SharePremium 2024-01-01 2024-12-31 08046168 e:SharePremium 2024-12-31 08046168 e:SharePremium 2 2024-01-01 2024-12-31 08046168 e:SharePremium 4 2024-01-01 2024-12-31 08046168 e:SharePremium 2023-01-01 2023-12-31 08046168 e:SharePremium 2023-12-31 08046168 e:SharePremium 2023-01-01 08046168 e:SharePremium 2 2023-01-01 2023-12-31 08046168 e:CapitalRedemptionReserve 2024-01-01 2024-12-31 08046168 e:CapitalRedemptionReserve 2024-12-31 08046168 e:CapitalRedemptionReserve 2 2024-01-01 2024-12-31 08046168 e:CapitalRedemptionReserve 4 2024-01-01 2024-12-31 08046168 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 08046168 e:CapitalRedemptionReserve 2023-12-31 08046168 e:CapitalRedemptionReserve 2023-01-01 08046168 e:CapitalRedemptionReserve 2 2023-01-01 2023-12-31 08046168 e:InvestmentPropertiesRevaluationReserve 2024-01-01 2024-12-31 08046168 e:OtherMiscellaneousReserve 2024-01-01 2024-12-31 08046168 e:OtherMiscellaneousReserve 2024-12-31 08046168 e:OtherMiscellaneousReserve 2 2024-01-01 2024-12-31 08046168 e:OtherMiscellaneousReserve 4 2024-01-01 2024-12-31 08046168 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 08046168 e:OtherMiscellaneousReserve 2023-12-31 08046168 e:OtherMiscellaneousReserve 2023-01-01 08046168 e:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 08046168 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08046168 e:RetainedEarningsAccumulatedLosses 2024-12-31 08046168 e:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 08046168 e:RetainedEarningsAccumulatedLosses 4 2024-01-01 2024-12-31 08046168 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08046168 e:RetainedEarningsAccumulatedLosses 2023-12-31 08046168 e:RetainedEarningsAccumulatedLosses 2023-01-01 08046168 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 08046168 d:FRS102 2024-01-01 2024-12-31 08046168 d:Audited 2024-01-01 2024-12-31 08046168 d:FullAccounts 2024-01-01 2024-12-31 08046168 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08046168 e:Subsidiary3 2024-01-01 2024-12-31 08046168 e:Subsidiary3 1 2024-01-01 2024-12-31 08046168 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08046168 d:Consolidated 2024-12-31 08046168 d:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 08046168 6 2024-01-01 2024-12-31 08046168 13 2024-01-01 2024-12-31 08046168 e:ShareCapital 2 2024-01-01 2024-12-31 08046168 e:ShareCapital 4 2024-01-01 2024-12-31 08046168 e:ShareCapital 2 2023-01-01 2023-12-31 08046168 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company Registration Number 08046168























ANTAVO LIMITED





AUDITED
CONSOLIDATED FINANCIAL STATEMENTS 
 
FOR THE YEAR ENDED





 31 DECEMBER 2024























img1332.png

 
ANTAVO LIMITED
REGISTERED NUMBER: 08046168

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
860,815
-

Tangible assets
 5 
75,495
47,637

  
936,310
47,637

Current assets
  

Debtors: amounts falling due within one year
 7 
1,863,780
1,826,193

Cash at bank and in hand
 8 
3,164,306
1,760,073

  
5,028,086
3,586,266

Creditors: amounts falling due within one year
 9 
(3,248,862)
(2,368,255)

Net current assets
  
 
 
1,779,224
 
 
1,218,011

Total assets less current liabilities
  
2,715,534
1,265,648

Creditors: amounts falling due after more than one year
 10 
(1,978,754)
-

Net assets
  
736,780
1,265,648

Page 1

 
ANTAVO LIMITED
REGISTERED NUMBER: 08046168

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
146
146

Share premium account
 12 
133,724
133,724

Capital redemption reserve
 12 
15
15

Other reserves
 12 
1,869,092
1,699,548

Profit and loss account
 12 
(1,266,197)
(567,785)

Equity attributable to owners of the parent Company
  
736,780
1,265,648

  
736,780
1,265,648


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Attila Kecsmar
................................................
Miklos Matyas Kovacs
Director
Director


Date: 24 July 2025

The notes on pages 9 to 23 form part of these financial statements.

Page 2

 
ANTAVO LIMITED
REGISTERED NUMBER: 08046168

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,727
1,216

Investments
 6 
6,581
6,581

  
12,308
7,797

Current assets
  

Debtors: amounts falling due within one year
 7 
1,799,319
1,803,207

Cash at bank and in hand
 8 
2,999,599
1,723,858

  
4,798,918
3,527,065

Creditors: amounts falling due within one year
 9 
(3,087,708)
(3,168,148)

Net current assets
  
 
 
1,711,210
 
 
358,917

Total assets less current liabilities
  
1,723,518
366,714

  

Creditors: amounts falling due after more than one year
 10 
(1,978,754)
-

  

Net (liabilities)/assets
  
(255,236)
366,714

Page 3

 
ANTAVO LIMITED
REGISTERED NUMBER: 08046168

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
  
146
146

Share premium account
 12 
133,724
133,724

Capital redemption reserve
 12 
15
15

Other reserves
 12 
1,869,092
1,699,548

Profit and loss account brought forward
  
(1,466,719)
(1,505,173)

Loss for the year
  
(791,494)
(2,531,939)

Other changes in the profit and loss account

  

-
2,570,393

Profit and loss account carried forward
  
(2,258,213)
(1,466,719)

  
(255,236)
366,714


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Attila Kecsmar
................................................
Miklos Matyas Kovacs
Director
Director


Date: 24 July 2025

The notes on pages 9 to 23 form part of these financial statements.

Page 4
 

 
ANTAVO LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£


At 1 January 2024
146
133,724
15
1,699,548
(567,785)
1,265,648
1,265,648



Comprehensive income for the year


Loss for the year

-
-
-
-
(599,216)
(599,216)
(599,216)


Currency translation differences
-
-
-
-
(99,196)
(99,196)
(99,196)



Other comprehensive income for the year
-
-
-
-
(99,196)
(99,196)
(99,196)



Total comprehensive income for the year
-
-
-
-
(698,412)
(698,412)
(698,412)



Contributions by and distributions to owners


Share option movement
-
-
-
45,050
-
45,050
45,050


Equity component of convertible debt movement
-
-
-
124,494
-
124,494
124,494



Total transactions with owners
-
-
-
169,544
-
169,544
169,544



At 31 December 2024
146
133,724
15
1,869,092
(1,266,197)
736,780
736,780



The notes on pages 9 to 23 form part of these financial statements.

Page 5

 

 
ANTAVO LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Share option reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 January 2023
161
2,822,622
-
1,421,856
(926,921)
3,317,718



Comprehensive income for the year


Loss for the year

-
-
-
-
(2,249,821)
(2,249,821)


Currency translation differences
-
-
-
-
38,564
38,564



Other comprehensive income for the year
-
-
-
-
38,564
38,564



Total comprehensive income for the year
-
-
-
-
(2,211,257)
(2,211,257)



Contributions by and distributions to owners


Purchase of own shares
-
-
15
-
(129,607)
(129,592)


Shares cancelled during the year
(15)
-
-
-
-
(15)


Transfer to/from profit and loss account
-
(2,688,898)
-
-
2,700,000
11,102


Share option movement
-
-
-
277,692
-
277,692



Total transactions with owners
(15)
(2,688,898)
15
277,692
2,570,393
159,187



At 31 December 2023
146
133,724
15
1,699,548
(567,785)
1,265,648



The notes on pages 9 to 23 form part of these financial statements.

Page 6

 

 
ANTAVO LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 January 2024
146
133,724
15
1,699,548
(1,466,719)
366,714



Comprehensive income for the year


Loss for the year

-
-
-
-
(791,494)
(791,494)



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
(791,494)
(791,494)



Contributions by and distributions to owners


Share option movement
-
-
-
45,050
-
45,050


Equity component of convertible debt movement
-
-
-
124,494
-
124,494



Total transactions with owners
-
-
-
169,544
-
169,544



At 31 December 2024
146
133,724
15
1,869,092
(2,258,213)
(255,236)



The notes on pages 9 to 23 form part of these financial statements.

Page 7

 

 
ANTAVO LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Share option reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 January 2023
161
2,822,622
-
1,421,856
(1,505,173)
2,739,466



Comprehensive income for the year


Loss for the year

-
-
-
-
(2,531,939)
(2,531,939)



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
(2,531,939)
(2,531,939)



Contributions by and distributions to owners


Purchase of own shares
-
-
15
-
(129,607)
(129,592)


Shares cancelled during the year
(15)
-
-
-
-
(15)


Transfer to/from profit and loss account
-
(2,688,898)
-
-
2,700,000
11,102


Share option movement
-
-
-
277,692
-
277,692



Total transactions with owners
(15)
(2,688,898)
15
277,692
2,570,393
159,187



At 31 December 2023
146
133,724
15
1,699,548
(1,466,719)
366,714



The notes on pages 9 to 23 form part of these financial statements.

Page 8
 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Antavo Limited is a private company, limited by shares, registered in England and Wales. The Company’s registration number is 08046168 and registered office address is 9th Floor, 107 Cheapside, London, EC2V 6DN.
The financial statements have been prepared in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

  
2.3

Going concern

In making their going concern assessment the Directors have prepared financial forecasts which extend to 30 December 2026. These show that the business is expected to have sufficient cash reserves to meet its liabilities as they fall due for a period of at least one year from the date the financial statements are signed. Therefore, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 9

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 10

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 11

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.


 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
6%
Plant and machinery
-
33%
Motor vehicles
-
20%
Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each Statement of Financial Position. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the
Page 13

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 14

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Convertible debt

The proceeds received on issue of the Group's convertible debt are allocated into their liability and equity components and presented separately in the Statement of Financial Position.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
81
82
15
11


4.


Intangible assets

Group





Development Expenditure

£



Cost


Additions
860,815



At 31 December 2024

860,815






Net book value



At 31 December 2024
860,815



At 31 December 2023
-



Page 15

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
           4.Intangible assets (continued)

Intangible assets represent expenditure to date for development of software assets that have not yet become active. All expenditure capitalised relates to directly attributable costs in the form of wage costs for the project. 

Page 16

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2024
2,062
9,207
26,418
127,652
5,489


Additions
21,483
-
-
46,155
-


Disposals
-
-
-
(2,874)
-


Transfers between classes
-
-
-
5,489
(5,489)


Exchange adjustments
(228)
(986)
(2,922)
(13,744)
-



At 31 December 2024

23,317
8,221
23,496
162,678
-



Depreciation


At 1 January 2024
661
9,112
14,581
98,837
-


Charge for the year
233
117
4,699
29,158
-


Disposals
-
-
-
(2,462)
-


Exchange adjustments
19
(1,041)
(1,613)
(10,084)
-



At 31 December 2024

913
8,188
17,667
115,449
-



Net book value



At 31 December 2024
22,404
33
5,829
47,229
-



At 31 December 2023
1,401
95
11,837
28,815
5,489
Page 17

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2024
170,828


Additions
67,638


Disposals
(2,874)


Transfers between classes
-


Exchange adjustments
(17,880)



At 31 December 2024

217,712



Depreciation


At 1 January 2024
123,191


Charge for the year
34,207


Disposals
(2,462)


Exchange adjustments
(12,719)



At 31 December 2024

142,217



Net book value



At 31 December 2024
75,495



At 31 December 2023
47,637

Page 18

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           5.Tangible fixed assets (continued)


Company






Office equipment

£

Cost or valuation


At 1 January 2024
8,198


Additions
5,920



At 31 December 2024

14,118



Depreciation


At 1 January 2024
6,982


Charge for the year
1,409



At 31 December 2024

8,391



Net book value



At 31 December 2024
5,727



At 31 December 2023
1,216






Page 19

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
6,581



At 31 December 2024
6,581





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Antavo Informatikai Kft
6722 Szeged, Kálvária sgt 19
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Antavo Informatikai Kft
805,239
190,815

Page 20

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,327,734
1,225,628
1,327,736
1,225,628

Other debtors
101,466
22,760
71,567
-

Prepayments and accrued income
434,580
106,233
400,016
106,007

Tax recoverable
-
471,572
-
471,572

1,863,780
1,826,193
1,799,319
1,803,207



8.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,164,306
1,760,073
2,999,599
1,723,858

Less: bank overdrafts
(11)
(11)
(11)
-

3,164,295
1,760,062
2,999,588
1,723,858



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
11
11
11
-

Trade creditors
315,024
94,615
307,689
85,383

Amounts owed to group undertakings
-
-
507,450
1,117,762

Tax payable
67,588
53,702
-
-

Other taxation and social security
119,953
163,544
68,550
121,702

Obligations under finance lease and hire purchase contracts
8,386
12,429
-
-

Other creditors
357,739
260,529
159,241
71,644

Accruals and deferred income
2,380,161
1,783,425
2,044,767
1,771,657

3,248,862
2,368,255
3,087,708
3,168,148


Page 21

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Convertible loan
1,978,754
-
1,978,754
-

1,978,754
-
1,978,754
-


The convertible loan notes attract non-compounding interest at a rate of 10% per annum which is payable upon maturity if the option to convert is not exercised. The loan notes mature on 9 July 2026 at which time they will be either repaid or converted into share capital. 


11.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts falling due 1-2 years

Convertible loan
1,978,754
-
1,978,754
-



1,978,754
-
1,978,754
-



12.


Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve created from profit available for distribution. 

Equity component of convertible debt

The equity component of convertible debt represents the proportion of the convertible loans in issue that have been recorded as equity in line with the applications of FRS 102 regarding compound financial instruments. As at 31 December 2024 this totals £124,494.

Share option reserve

The reserve represents the cumulative amounts charged to profit in respect of employee share option arrangements. This reserve forms part of distributable reserves.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 22

 
ANTAVO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £17,162 (2023 - £18,322). Contributions totalling £4,707 (2023 - £10,597) were payable to the fund at the reporting date and are included in creditors.


14.


Related party transactions

The Group has taken exemption under FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.


15.


Controlling party

At the balance sheet date the ultimate controlling party was Attila Kecsmar.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 24 July 2025 by Martin Johnston (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.


Page 23