Company Registration No. 13569173 (England and Wales)
Finorama Technology Limited
Unaudited accounts
for the year ended 31 December 2024
Finorama Technology Limited
Unaudited accounts
Contents
Finorama Technology Limited
Company Information
for the year ended 31 December 2024
Directors
Manuel Carrelet
Arnaud de Marmies
Admio Capital Ltd
Company Number
13569173 (England and Wales)
Registered Office
85 Great Portland Street
First Floor
London
W1W 7LT
United Kingdom
Accountants
Yulia Tarasenka
7 Hever Croft
London
SE9 3HA
Finorama Technology Limited
Statement of financial position
as at 31 December 2024
Intangible assets
87,269
65,089
Cash at bank and in hand
1,408
6,174
Creditors: amounts falling due within one year
(64,761)
(137,750)
Net current liabilities
(28,353)
(22,476)
Total assets less current liabilities
58,916
42,613
Provisions for liabilities
Deferred tax
(17,452)
(13,332)
Called up share capital
100
100
Profit and loss account
41,364
29,181
Shareholders' funds
41,464
29,281
For the year ending 31 December 2024 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by
Manuel Carrelet
Director
Company Registration No. 13569173
Finorama Technology Limited
Notes to the Accounts
for the year ended 31 December 2024
Finorama Technology Limited is a private company, limited by shares, registered in England and Wales, registration number 13569173. The registered office is 85 Great Portland Street, First Floor, London, W1W 7LT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Software development costs are capitalised as intangible assets. Cost includes directly attributable costs of software acquisition and implementation. Software costs are amortised on a straight-line basis based on a 7 year useful life.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The financial statements have been prepared on a going concern basis. The Company is currently loss making and the directors’ have prepared a cash flow forecast which shows that additional funds will be required to meet expected obligations over the short to medium term, and that additional funding will be available from the Company’s existing shareholders, in order to ensure the Company can meet its obligations as they fall due.
Finorama Technology Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Intangible fixed assets
Other
At 31 December 2024
107,000
Charge for the year
11,920
At 31 December 2024
19,731
At 31 December 2024
87,269
At 31 December 2023
65,089
Amounts falling due within one year
Accrued income and prepayments
35,000
-
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
34,240
107,210
Amounts owed to group undertakings and other participating interests
29,441
29,441
Finorama Technology Limited
Notes to the Accounts
for the year ended 31 December 2024
7
Deferred taxation
2024
2023
Accelerated capital allowances
21,817
16,273
Tax losses carried forward
(4,365)
(2,941)
Provision at start of year
13,332
(1,437)
Charged to the profit and loss account
4,120
14,769
Provision at end of year
17,452
13,332
Deferred tax has been provided in full on timing differences at a tax rate of 25% which is the rate that is expected to apply when the timing differences reverse, based on currently enacted laws.
These DTAs can be used to offset taxable income in future periods and reduce the income taxes payable in those future periods. At this time, the directors’ consider it is probable that the Company will have sufficient taxable income in the future that will allow the Company to realise these DTAs.
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Transactions with related parties
Icefog Limited ("Icefog")
At the balance sheet date, Icefog owned 37% of ordinary share capital of the Company. At 31 December 2024 amounts due to group undertakings include an unsecured and interest free loan of £29,441 (2023 - £29,441) owed to Icefog. The loan is repayable on demand.
Admio Capital Ltd ("Admio")
Admio owns 6.2% of ordinary share capital of the Company. During the year the Company charged Admio £35,000 (2023 - £75,000) for the use of a risk managment and analytics software it has been developing.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).