Acorah Software Products - Accounts Production 19.1.200 false true true 30 November 2024 1 December 2023 false 1 December 2024 30 November 2025 30 November 2025 11088285 Mr Vladislav Stoychev iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11088285 2024-11-30 11088285 2025-11-30 11088285 2024-12-01 2025-11-30 11088285 frs-core:CurrentFinancialInstruments 2025-11-30 11088285 frs-core:ComputerEquipment 2025-11-30 11088285 frs-core:ComputerEquipment 2024-12-01 2025-11-30 11088285 frs-core:ComputerEquipment 2024-11-30 11088285 frs-core:PlantMachinery 2025-11-30 11088285 frs-core:PlantMachinery 2024-12-01 2025-11-30 11088285 frs-core:PlantMachinery 2024-11-30 11088285 frs-core:SharePremium 2025-11-30 11088285 frs-core:ShareCapital 2025-11-30 11088285 frs-core:RetainedEarningsAccumulatedLosses 2025-11-30 11088285 frs-bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 11088285 frs-bus:FilletedAccounts 2024-12-01 2025-11-30 11088285 frs-bus:SmallEntities 2024-12-01 2025-11-30 11088285 frs-bus:AuditExemptWithAccountantsReport 2024-12-01 2025-11-30 11088285 frs-bus:SmallCompaniesRegimeForAccounts 2024-12-01 2025-11-30 11088285 frs-core:CostValuation 2024-11-30 11088285 frs-core:AdditionsToInvestments 2025-11-30 11088285 frs-core:DisposalsRepaymentsInvestments 2025-11-30 11088285 frs-core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments 2025-11-30 11088285 frs-core:CostValuation 2025-11-30 11088285 frs-core:ListedExchangeTraded 2025-11-30 11088285 frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:CostValuation frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:AdditionsToInvestments frs-core:ListedExchangeTraded 2025-11-30 11088285 frs-core:DisposalsRepaymentsInvestments frs-core:ListedExchangeTraded 2025-11-30 11088285 frs-core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments frs-core:ListedExchangeTraded 2025-11-30 11088285 frs-core:CostValuation frs-core:ListedExchangeTraded 2025-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2025-11-30 11088285 frs-core:UnlistedNon-exchangeTraded 2025-11-30 11088285 frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 11088285 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 11088285 frs-core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 11088285 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2025-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 11088285 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2025-11-30 11088285 frs-bus:Director1 2024-12-01 2025-11-30 11088285 frs-bus:Director1 2024-11-30 11088285 frs-bus:Director1 2025-11-30 11088285 frs-countries:EnglandWales 2024-12-01 2025-11-30 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:SharePremium 2024-11-30 11088285 frs-core:ShareCapital 2024-11-30 11088285 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30
Registered number: 11088285
Airvat Ltd
Financial Statements
For The Year Ended 30 November 2025
RC Jackson & Co
Airvat Ltd
Contents
Contents

| Page
--- | ---
Accountant's Report | 1
Balance Sheet | 2—3
Notes to the Financial Statements | 4—6

Page 1
Airvat Ltd
Accountant's Report
For The Year Ended 30 November 2025
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 2025
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 2025 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. 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.

Richard C Jackson
20/02/2026

RC Jackson & Co
38 Charlotte Street
London
W1T 2NN
Page 1
Page 2
Airvat Ltd
Balance Sheet
As At 30 November 2025
Balance Sheet
Registered number: 11088285

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 3,097 |  | 4,537
Investments | 5 |  | 292,812 |  | 270,222
|  |  | 295,909 |  | 274,759
CURRENT ASSETS
Debtors | 6 | 10,538 |  | 21,006 |
Cash at bank and in hand |  | 23,010 |  | 41,595 |
|  | 33,548 |  | 62,601 |
Creditors: Amounts Falling Due Within One Year | 7 | (3,971 ) |  | (4,326 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 29,577 |  | 58,275
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 325,486 |  | 333,034
NET ASSETS |  |  | 325,486 |  | 333,034
CAPITAL AND RESERVES
Called up share capital | 8 |  | 1 |  | 1
Share premium account |  |  | 621,188 |  | 621,188
Profit and Loss Account |  |  | (295,703 ) |  | (288,155 )
SHAREHOLDERS' FUNDS |  |  | 325,486 |  | 333,034

Page 2
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Airvat Ltd
Balance Sheet (continued)
As At 30 November 2025
For the year ending 30 November 2025 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
20/04/2026

The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Airvat Ltd
Notes to the Financial Statements
For The Year Ended 30 November 2025
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. 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 (2024: 1)
1 1
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Airvat Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
4. Tangible Assets

| Plant & Machinery | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 December 2024 | 1,590 | 6,520 | 8,110
As at 30 November 2025 | 1,590 | 6,520 | 8,110
Depreciation
As at 1 December 2024 | 899 | 2,674 | 3,573
Provided during the period | 202 | 1,238 | 1,440
As at 30 November 2025 | 1,101 | 3,912 | 5,013
Net Book Value
As at 30 November 2025 | 489 | 2,608 | 3,097
As at 1 December 2024 | 691 | 3,846 | 4,537

5. Investments

| Listed | Unlisted | Total
--- | --- | --- | ---
| £ | £ | £
Cost or Valuation
As at 1 December 2024 | 270,221 | 1 | 270,222
Additions | 5,957 | - | 5,957
Disposals | (15,000 ) | - | (15,000 )
Fair value adjustments | 31,633 | - | 31,633
As at 30 November 2025 | 292,811 | 1 | 292,812
Provision
As at 1 December 2024 | - | - | -
As at 30 November 2025 | - | - | -
Net Book Value
As at 30 November 2025 | 292,811 | 1 | 292,812
As at 1 December 2024 | 270,221 | 1 | 270,222

AirVAT Ltd established a wholly owned subsidiary, AirVAT EURL, with a share capital of 1 EUR in June 2021.
6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 19 |  | 19
Prepayments and accrued income | 8,036 |  | 3,560
VAT | 716 |  | 483
Amounts owed by subsidiaries | 1,767 |  | 16,944
| 10,538 |  | 21,006

Page 5
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Airvat Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
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

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 1 |  | 311
Bank loans and overdrafts | - |  | 45
Accruals and deferred income | 625 |  | 625
Director's loan account | 3,345 |  | 3,345
| 3,971 |  | 4,326

8. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
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 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 November 2025
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Mr Vladislav Stoychev | (3,345 ) | - | - | - | (3,345 )

The above loan is unsecured, interest free and repayable on demand.
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