Acorah Software Products - Accounts Production 19.2.450 false true true 31 December 2024 1 January 2024 false 1 January 2025 31 December 2025 31 December 2025 11724572 Mr Stephen Holliday iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11724572 2024-12-31 11724572 2025-12-31 11724572 2025-01-01 2025-12-31 11724572 frs-core:CurrentFinancialInstruments 2025-12-31 11724572 frs-core:ComputerEquipment 2025-12-31 11724572 frs-core:ComputerEquipment 2025-01-01 2025-12-31 11724572 frs-core:ComputerEquipment 2024-12-31 11724572 frs-core:FurnitureFittings 2025-12-31 11724572 frs-core:FurnitureFittings 2025-01-01 2025-12-31 11724572 frs-core:FurnitureFittings 2024-12-31 11724572 frs-core:CapitalRedemptionReserve 2025-12-31 11724572 frs-core:OtherReservesSubtotal 2025-12-31 11724572 frs-core:SharePremium 2025-12-31 11724572 frs-core:ShareCapital 2025-12-31 11724572 frs-core:RetainedEarningsAccumulatedLosses 2025-12-31 11724572 frs-bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 11724572 frs-bus:FilletedAccounts 2025-01-01 2025-12-31 11724572 frs-bus:SmallEntities 2025-01-01 2025-12-31 11724572 frs-bus:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 11724572 frs-bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 11724572 frs-bus:Director1 2025-01-01 2025-12-31 11724572 frs-core:CurrentFinancialInstruments 1 2025-12-31 11724572 frs-core:CurrentFinancialInstruments 2 2025-12-31 11724572 frs-core:CurrentFinancialInstruments 3 2025-12-31 11724572 frs-countries:EnglandWales 2025-01-01 2025-12-31 11724572 2023-12-31 11724572 2024-12-31 11724572 2024-01-01 2024-12-31 11724572 frs-core:CurrentFinancialInstruments 2024-12-31 11724572 frs-core:CapitalRedemptionReserve 2024-12-31 11724572 frs-core:OtherReservesSubtotal 2024-12-31 11724572 frs-core:SharePremium 2024-12-31 11724572 frs-core:ShareCapital 2024-12-31 11724572 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 11724572 frs-core:CurrentFinancialInstruments 1 2024-12-31 11724572 frs-core:CurrentFinancialInstruments 2 2024-12-31 11724572 frs-core:CurrentFinancialInstruments 3 2024-12-31
Registered number: 11724572
Level Financial Technology Limited
Unaudited Financial Statements
For The Year Ended 31 December 2025
Kennedys Accounting Limited
160 Eureka Park
Kennington
Ashford
Kent
TN25 4AZ
Level Financial Technology Limited
Contents
Contents

| Page
--- | ---
Statement of Financial Position | 1—2
Notes to the Financial Statements | 3—7

Page 1
Level Financial Technology Limited
Statement of Financial Position
As At 31 December 2025
Statement of Financial Position
Registered number: 11724572

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 5,989 |  | 8,074
|  |  | 5,989 |  | 8,074
CURRENT ASSETS
Debtors | 5 | 591,234 |  | 371,016 |
Investments | 6 | 20 |  | 20 |
Cash at bank and in hand |  | 1,815,926 |  | 782,203 |
|  | 2,407,180 |  | 1,153,239 |
Creditors: Amounts Falling Due Within One Year | 7 | (133,588 ) |  | (345,187 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,273,592 |  | 808,052
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,279,581 |  | 816,126
NET ASSETS |  |  | 2,279,581 |  | 816,126
CAPITAL AND RESERVES
Called up share capital | 9 |  | 3,867 |  | 3,140
Share premium account |  |  | 7,572,066 |  | 5,176,992
Capital redemption reserve |  |  | 359 |  | 359
Share Based Payment Reserve |  |  | 147,686 |  | 96,388
Income Statement |  |  | (5,444,397 ) |  | (4,460,753 )
SHAREHOLDERS' FUNDS |  |  | 2,279,581 |  | 816,126

Page 1
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Level Financial Technology Limited
Statement of Financial Position (continued)
As At 31 December 2025
For the year ending 31 December 2025 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 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 Income Statement.
On behalf of the board

Mr Stephen Holliday Director
17/07/2026

The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Level Financial Technology Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Level Financial Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11724572 . The registered office is 160 Eureka Park, Ashford, Kent, TN25 4AZ.
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 directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue is reduced for estimated client or user rebates and other similar allowances
Revenue from subscription fees, paid by the client for platform access, is recognised when the service is provided. The total contract value is recognised on a straight-line basis, over the life of the contract.
Revenue from transaction fees, paid by both the client and user, is recognised when a transaction is fulfilled.
Interest income on financial assets is recognised as it is accrued.
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:

Fixtures & Fittings | 4 year straight line
Computer Equipment | 3 year straight line

2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Level Financial Technology Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.8. Share Based Payments
The company operates an equity-settled share-based payment scheme in the form of Enterprise Management Incentive (EMI) options. The fair value of options granted to employees is measured at the grant date using the unrestricted market value (UMV) of the underlying shares as agreed with HMRC, which given the nominal exercise price of £0.001 per share represents substantially the full fair value of each option.
The grant-date fair value is recognised as a staff cost over the vesting period, with a corresponding credit to the share-based payment reserve in equity. The charge is spread on a straight-line basis from the employee's service commencement date to the date of full vesting. At each reporting date the company revises its estimate of the number of options expected to vest; any revision is recognised in profit or loss with a corresponding adjustment to the reserve.
Where an employee leaves as a Good Leaver or Intermediary Leaver, the charge is recognised to the extent that options have vested or are expected to vest in accordance with the scheme rules. Where an employee leaves in circumstances that cause unvested options to lapse, the cumulative charge recognised to that point is reversed through profit or loss. Where vested options subsequently lapse unexercised, the amount previously recognised in the share-based payment reserve is transferred to retained earnings.
On exercise of an option, the fair value previously recognised in the share-based payment reserve is transferred to the share premium account.
Options granted before 1 January 2022, being the company's transition date to FRS 102, have not been retrospectively recognised in accordance with the Section 35.10 exemption available on first-time adoption.
2.9. Subsidiary Undertakings
The following subsidiary undertakings are included in the financial statements of the group and are wholly owned by Level Financial Technology Limited:
Level Finco Ltd of Prosapient Ltd 5th Floor, 33 Holborn, London, United Kingdom, EC1N 2HT incorporated in England & Wales (13152072).
Level Finco 2 Ltd of 33 Holborn, Prosapient Ltd, 5th Floor, London, United Kingdom, EC1N 2HT incorporated in England & Wales (16018481)
The aggregate capital and reserves and profit or loss of the subsidiary undertakings are not required to be disclosed as the company is exempt from preparing consolidated financial statements under Section 399 of the Companies Act 2006, being a small group.
2.10. Credit Facility
The company has guaranteed the obligations of its subsidiary, Level Finco Limited, under a £3,000,000 revolving credit facility with TP Leasing Limited dated 23 February 2021.
Post balance sheet event
On 10 March 2026 the facility was refinanced and reduced to an initial amount of £2,000,000 (with provision to increase by a further £13,000,000). As part of the refinancing, the company entered into a new all-monies guarantee in favour of TP Leasing Limited and granted a charge over its shares in Level Finco Limited as additional security for the facility. The company may also be required to grant an all-assets debenture in favour of the lender if the facility is subsequently increased to £5,000,000 or more.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2024: 12)
15 12
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Level Financial Technology Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
4. Tangible Assets

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2025 | 1,707 | 16,281 | 17,988
Additions | - | 2,286 | 2,286
As at 31 December 2025 | 1,707 | 18,567 | 20,274
Depreciation
As at 1 January 2025 | 347 | 9,567 | 9,914
Provided during the period | 310 | 4,061 | 4,371
As at 31 December 2025 | 657 | 13,628 | 14,285
Net Book Value
As at 31 December 2025 | 1,050 | 4,939 | 5,989
As at 1 January 2025 | 1,360 | 6,714 | 8,074

5. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 22,563 |  | 1,814
Prepayments and accrued income | 52,443 |  | 37,738
Other Debtor | 1,277 |  | 1,772
Level Finco Ltd Intercompany | 218,819 |  | 121,274
Level Finco 2 Ltd Intercompany | 74 |  | 40
ODP & Savings withdrawals receivable | 292,888 |  | 146,178
R&D Tax Credits | - |  | 62,200
VAT | 3,170 |  | -
| 591,234 |  | 371,016

6. Current Asset Investments

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Shares in subsidiaries | 20 |  | 20

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 14,256 |  | 2,034
Other taxes and social security | 35,458 |  | 23,873
VAT | - |  | 2,739
Accruals and deferred income | 61,868 |  | 69,541
Director's loan account | 22,006 |  | 247,000
| 133,588 |  | 345,187

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Level Financial Technology Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8. Deferred Taxation
A deferred tax asset has not been recognised in the financial statements on the grounds that it is not considered sufficiently certain that suitable taxable profits will arise in future periods against which the losses could be utilised. The directors will continue to reassess the recoverability of this asset at each reporting date.
9. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 3,867 |  | 3,140

10. Financial Instruments
The company holds only basic financial instruments as defined under Section 11 of FRS 102 and has no financial instruments falling within the scope of Section 12.
Financial assets
Financial assets comprise trade debtors, other debtors, intercompany loan balances and cash at bank and in hand. These are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Cash and cash equivalents are measured at face value.
A financial asset is assessed at each reporting date for objective evidence of impairment. An impairment loss is recognised in profit or loss when there is evidence that the carrying amount exceeds the estimated recoverable amount. Impairment losses are reversed in a subsequent period where the circumstances giving rise to the original impairment no longer exist.
Financial assets are derecognised when the contractual rights to cash flows expire or when substantially all the risks and rewards of ownership are transferred.
Financial liabilities
Financial liabilities comprise trade creditors, accruals, other creditors and the director's loan account. These are initially recognised at transaction price and subsequently measured at amortised cost. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.
Investments
The company's investment in subsidiary undertakings is held at cost less any provision for impairment and is presented within current asset investments on the statement of financial position.
11. Related Party Transactions
Director remuneration
During the year the company paid remuneration to Mr Stephen Holliday, the sole director, totalling £38,574 (2024: £36,907), comprising salary of £35,000 (2024: £35,000) and employer's National Insurance contributions of £3,574 (2024: £1,907).
Director's loan
At 31 December 2025 the company had a loan balance outstanding to Mr Stephen Holliday of £22,006 (2024: £247,000). The loan is unsecured & repayable on demand and is interest-free. During the year net repayments of £224,994 were made. The loan was advanced to support the working capital requirements of the company.
Intercompany balances
The company has advanced loans to its wholly owned subsidiaries, Level Finco Ltd and Level Finco 2 Ltd. At 31 December 2025 the balance outstanding from Level Finco Ltd was £218,819 (2024: £121,274) and from Level Finco 2 Ltd was £74 (2024: £40). These balances are included within debtors. The loans are unsecured, interest-free and repayable on demand. No provision has been made against these balances as the directors consider them to be recoverable.
All related party transactions were conducted on an arm's length basis
12. Prior Period adjustment
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Level Financial Technology Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
In preparing these financial statements the directors identified that share-based payment charges arising under Section 26 of FRS 102 had not been recognised in the financial statements for the year ended 31 December 2024 or in any prior period. This represents an error under FRS 102 Section 10, which has been corrected by restating the 2024 comparative figures in accordance with Section 10.21.
The nature of the error is that the company operates an Enterprise Management Incentive share option scheme under which employees receive equity-settled share-based payments. The obligation to recognise a charge over the vesting period of those options, and a corresponding credit to a share-based payment reserve, was not reflected in previously reported figures.
The effect on the 2024 comparative income statement is an increase in staff costs of £68,484. The effect on the 2024 comparative balance sheet is the introduction of a share-based payment reserve of £96,387 within capital and reserves, with a corresponding reduction in retained earnings of the same amount. Of this, £27,904 relates to charges arising in the year ended 31 December 2023 and earlier periods; this amount has been taken as an adjustment to opening retained earnings at 1 January 2024 rather than through the 2024 income statement. The remaining £68,484 has been recognised in the restated 2024 profit and loss account as described above.
There is no effect on the company's cash position in any period as the share-based payment charge is entirely non-cash in nature.
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