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Acheron Capital Limited
Registered number: 05588630
Annual Report
For the year ended 31 December 2025
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ACHERON CAPITAL LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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ACHERON CAPITAL LIMITED
CONTENTS
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Independent auditor's report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the financial statements
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ACHERON CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Annual Report and the audited financial statements for Acheron Capital Limited ('the Company') for the year ended 31 December 2025.
The principal activity of the Company is that of the provision of investment management and advisory services.
The profit for the year, after taxation, amounted to £74,037 (Restated 2024: £121,503).
The directors recommended and paid a dividend of £78,999 (2024: £371,898).
The directors who served during the year and to the date of this report were:
The directors have considered going concern risk, including an assessment of uncertainty on future trading projections for at least twelve months from the date of signing these financial statements. The directors reviewed the Internal Capital and Risk Assessment Process (ICARA). The ICARA is reviewed at least annually or more frequently if circumstances indicate a need or the Board requires a more urgent review.
As part of the ICARA assessment, the directors focus on the Company’s business model and its activities. From there the Company will identify, assess, and estimate the potential harm to clients, to markets, and to the Company itself. The directors stress test future trading projections simulating extreme financial market conditions and the resulting impact on the Company's regulatory capital headroom. The directors were unable to incorporate a political risk given the current volatility in the geopolitical background.
Based on this assessment, the directors have a reasonable expectation that the Company can continue to operate for the foreseeable future, even in extreme capital market conditions, and that it is appropriate, therefore, to prepare these financial statements on a going concern basis.
Economic impact of global events
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UK businesses are facing increasing costs. The directors have assessed the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that continued cost reduction measures should be pursued. The directors have taken account of these potential impacts in their ongoing concern assessment. The support to the liquidation of Hopewell continue to create further costs. The forthcoming progressive reduction of revenues from advising the Acheron Trust has been included in the Company’s financial projection. The Company is aggressively pursuing the creation of new fund in Asia, in particular in real estate, to mitigate this and resume growth in the future.
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ACHERON CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these audited financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Qualifying third party indemnity provisions
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The Company has provided to all directors limited indemnities in respect of the cost of defending claims against them and third party liabilities. These are all third party indemnity provisions for the purpose of the Companies Act 2006 and are all currently in force.
Provision of information to the auditor
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Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
∙so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware; and
∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The firm has documented the disclosures required by the FCA under BIPRU 11. These are available from 1 St. Anthony's Walk, Desborough, Kettering, NN14 2SB.
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ACHERON CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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ACHERON CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACHERON CAPITAL LIMITED
Opinion
We have audited the financial statements of Acheron Capital Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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ACHERON CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACHERON CAPITAL LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report.
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ACHERON CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACHERON CAPITAL LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment law, tax legislation, anti-bribery and corruption, anti-money laundering regulation, financial services legislation applicable to the regulated nature of the Company’s activities.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as the Companies Act 2006.
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ACHERON CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACHERON CAPITAL LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, significant one-off or unusual transactions and revenue recognition, which we pinpointed to the occurrence and accuracy assertions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Diego Fernandez (Senior statutory auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
Date: 6 May 2026
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ACHERON CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Foreign exchange gain/(loss)
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Interest receivable and similar income
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Profit for the financial year
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Other comprehensive income
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Total comprehensive income for the year
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The Statement of Comprehensive Income was prepared on the basis that all operations are continuing operations.
The notes on pages 11 to 21 form part of these financial statements.
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ACHERON CAPITAL LIMITED
REGISTERED NUMBER: 05588630
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after one year
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The 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 were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 21 form part of these financial statements.
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ACHERON CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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At 1 January 2024 (as previously stated)
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Prior year restatement (note 2.15)
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At 1 January 2024 (as restated)
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Comprehensive income for the year
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Profit for the year (as restated)
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year (note 11)
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Total transactions with owners
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The notes on pages 11 to 21 form part of these financial statements.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Acheron Capital Limited ('the Company') is a private company limited by shares incorporated in the England and Wales. The address of its registered office is Suite 1, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL. The Company's registered number is 05588630.
The principal activity of the Company is that of the provision of investment management and advisory services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
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Impact of amendments to FRS 102
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Amendments to FRS 102 arising from the Periodic Review 2024 have been issued but are not effective for the year ended 31 December 2025. The amendments include changes to the accounting requirements for revenue recognition and leases, and will be effective for accounting periods beginning on or after 1 January 2026.
The directors have considered the impact of these amendments and do not expect their adoption to have a material impact on the Company’s financial statements.
The directors have considered going concern risk, including an assessment of uncertainty on future trading projections for at least twelve months from the date of signing these financial statements. The directors reviewed the Internal Capital and Risk Assessment Process (ICARA). The ICARA is reviewed at least annually or more frequently if circumstances indicate a need or the Board requires a more urgent review.
As part of the ICARA assessment, the directors focus on the Company’s business model and its activities. From there the Company will identify, assess, and estimate the potential harm to clients, to markets, and to the Company itself. The directors stress test future trading projections simulating extreme financial market conditions and the resulting impact on the Company's regulatory capital headroom. The directors were unable to incorporate a political risk given the current volatility in the geopolitical background.
Based on this assessment, the directors have a reasonable expectation that the Company can continue to operate for the foreseeable future, even in extreme capital market conditions, and that it is appropriate, therefore, to prepare these financial statements on a going concern basis.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover comprises the fair value of the consideration received or receivable for the provision of investment management services. Turnover is shown net of any value added tax, rebates and discounts.
Management fees are recognised in the period in which the service is performed and calculated as a percentage of funds managed in accordance with management agreements.
Performance fees, typically calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle, are recognised when the fee amount can be estimated reliably and it is probable that the fee will be receivable. Performance fees are typically recognised at the end of the relevant reporting period of the fund.
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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 the Statement of Comprehensive Income.
Depreciation is charged to 'administrative expenses' in the Statement of Comprehensive Income.
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Cash and cash equivalents
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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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Foreign currency translation
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Functional and presentation currency
The Company's function and presentation currency is Pound Sterling.
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 the Statement of Comprehensive Income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the board meeting.
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Interest receivable and similar income
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Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Company's statement of financial position when the Company 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 other debtors and cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets 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 assets 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 Statement of Comprehensive Income.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities (continued)
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 creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Other financial instruments
Derivatives, including forward exchange contracts, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with transaction costs being charged to the Statement of Comprehensive Income. They are subsequently measured at fair value with changes in the Statement of Comprehensive Income.
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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.
Following the identification of a prior period error, the comparative financial information has been restated. The restatement resulted in a reduction in prior year administrative expenses of £41,896, a decrease in accruals of £55,861, and a corresponding reduction to retained earnings of £13,965 as at 1 January 2024. The error arose from the over-accrual of business rates in the prior years and is considered a prior period error.
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The average monthly number of employees, including directors, during the year was 4 (2024: 4).
Management considers the directors to be the key management personnel of the Company.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Final dividends paid at £0.69 per share (2024: £3.72)
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The dividends paid for the year ended 31 December 2025 consist of a cash payment of £78,999 (2024: £371,898).
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The Company does not hold any tangible fixed assets under finance leases.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The Company's investment of €12,500 translated at £10,541 (2022: €12,500 translated at £10,541) is stated at cost.
The Hopewell entity in Luxembourg is in liquidation and active litigation is being pursued in Korea to attempt recovering Hopewell investors money.
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Due after more than one year
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Other debtors due after more than one year consist entirely of rent deposits owed to the Company.
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Amounts owed by related parties
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Prepayments and accrued income
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Financial instruments (note 9)
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Amounts owed by related parties are unsecured, interest free and repayable on demand. Additional details are disclosed in note (14).
Included within other debtors due within a year is a balance of £241,648 (2024: £79,051) which relates to director loan accounts.
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Creditors: amounts falling due within one year
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Amounts owed to related parties
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to related parties are unsecured, interest free and repayable on demand. Additional details are disclosed in note (14).
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- 19 -
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
On 31 December 2025, the Company entered into a forward contract to convert USD to GBP. The forward was entered into to manage a foreign exchange exposure arising from a USD-denominated balance that was intended to be converted into GBP. The Company sold £50,627 to purchase USD $67,840. An asset worth £50,243 is recognised on the balance sheet date.
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Charged to the Statement of Comprehensive Income
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The deferred taxation balance is made up as follows:
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Fixed asset timing differences
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Authorised, allotted, called up and fully paid
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115,000 (2024: 100,000) ordinary shares of £1 each
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The Company has one class of ordinary shares which carry voting rights but no rights to fixed income.
During the year, the Company issued share 15,000 shares at par.
Contributions totaling £966 (2024: £nil) are payable at the balance sheet date.
- 20 -
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ACHERON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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At 31 December 2025, an amount of £81,200 was owed to to Real Estate Analytics PTE Ltd (2024: due from £68,365).
At 31 December 2025, an amount of £nil was owed by HM Assets 2 Company Ltd (2024: £38,141).
During the year, dividends of £78,999 (2024: £371,898) were paid to Jean-Michel Paul, a director of the Company. At the end of the year a balance of £241,648 (2024: £79,051) owed by the director was outstanding.
The Company entered into an agreement with Tomson Pte Ltd in providing specific expertise, consideration of £279,141 (2024: £496,345) was paid during the year and £852,234 (2024: £394,760) was due from Tomson Pte Ltd at year end.
Tomson Pte Ltd is a related party by virtue of Jean-Michel Paul who is the sole shareholder and director of both Tomson Pte Ltd and Acheron Capital Ltd.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
Mr Jean-Michel Paul is the controlling party of the Company, by virtue of holding 100% of the ordinary share capital of the Company.
- 21 -
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