Acorah Software Products - Accounts Production 19.4.351 false true true 31 October 2024 1 November 2023 false 1 November 2024 31 October 2025 31 October 2025 13686051 Mr Matthew Hamilton Mr Matthew Hamilton true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13686051 2024-10-31 13686051 2025-10-31 13686051 2024-11-01 2025-10-31 13686051 frs-core:CurrentFinancialInstruments 2025-10-31 13686051 frs-core:ShareCapital 2025-10-31 13686051 frs-core:RetainedEarningsAccumulatedLosses 2025-10-31 13686051 frs-bus:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 13686051 frs-bus:FilletedAccounts 2024-11-01 2025-10-31 13686051 frs-bus:SmallEntities 2024-11-01 2025-10-31 13686051 frs-bus:AuditExempt-NoAccountantsReport 2024-11-01 2025-10-31 13686051 frs-bus:SmallCompaniesRegimeForAccounts 2024-11-01 2025-10-31 13686051 1 2024-11-01 2025-10-31 13686051 frs-bus:Director1 2024-11-01 2025-10-31 13686051 frs-countries:EnglandWales 2024-11-01 2025-10-31 13686051 2023-10-31 13686051 2024-10-31 13686051 2023-11-01 2024-10-31 13686051 frs-core:CurrentFinancialInstruments 2024-10-31 13686051 frs-core:ShareCapital 2024-10-31 13686051 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31
Registered number: 13686051
Fulcrum Capital (Europe) Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2025
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13686051
2025 2024
as restated
Notes £ £ £ £
CURRENT ASSETS
Debtors 5 2,569,718 1,876,314
Cash at bank and in hand 92,874 54,832
2,662,592 1,931,146
Creditors: Amounts Falling Due Within One Year 6 (2,470,672 ) (1,794,763 )
NET CURRENT ASSETS (LIABILITIES) 191,920 136,383
TOTAL ASSETS LESS CURRENT LIABILITIES 191,920 136,383
NET ASSETS 191,920 136,383
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 191,919 136,382
SHAREHOLDERS' FUNDS 191,920 136,383
For the year ending 31 October 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 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.
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 Matthew Hamilton
Director
28/10/2026
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Fulcrum Capital (Europe) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13686051 . The registered office is 20 North Audley Street, London, W1K 6LX.
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 company’s trade receivable is due almost entirely from Fulcrum Distressed Partners (BVI) Limited and its operating costs are funded by Fulcrum Capital Holdings LLC. The directors have received confirmation that the group will continue to provide financial support for at least twelve months from the date of approval of these financial statements and have therefore prepared the financial statements on the going concern basis.
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover represents service fees charged to a related party for investment management support services, calculated on a cost plus basis, and costs recharged to the parent group. Service fees are recognised in the period in which the services are provided.
2.4. 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.
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2024: 3)
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4. Prior Period Adjustment
In the financial statements for the year ended 31 October 2024, amounts receivable from and payable to related parties denominated in US dollars were carried at the exchange rates at the dates of the underlying transactions rather than at the rate ruling at the balance sheet date, contrary to the company’s stated accounting policy. The comparative figures have been restated to translate these balances at the closing rate of 1.2856. The effect on the year ended 31 October 2024 is to increase foreign exchange losses by £33,555, reduce the corporation tax charge by £6,706 and reduce profit after tax by £26,849. At 31 October 2024 trade debtors are reduced by £91,032, amounts owed to related parties are reduced by £70,839, trade creditors are increased by £13,362, the corporation tax creditor is reduced by £6,706 and net assets are reduced by £26,849. There is no effect on cash. The profit and loss reserve at 1 November 2023 has not been restated as the amount cannot be determined reliably.
Profit and loss reserve at 31 October 2024 as previously reported £163,231; prior period adjustment £(26,849); as restated £136,382.
5. Debtors
2025 2024
as restated
£ £
Due within one year
Trade debtors 2,540,698 1,839,370
VAT 29,020 36,944
2,569,718 1,876,314
6. Creditors: Amounts Falling Due Within One Year
2025 2024
as restated
£ £
Trade creditors 20,090 13,363
Corporation tax 59,487 40,974
Other creditors 770 771
Accruals and deferred income 3,708 -
Amounts owed to related parties 2,386,617 1,739,655
2,470,672 1,794,763
7. Share Capital
2025 2024
as restated
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
Fulcrum Distressed Partners (BVI) Limited, an entity under common control. During the year the company charged service fees of £749,288 (2024: £789,023) on a cost plus basis. At the balance sheet date £2,540,698 (2024 as restated: £1,839,370) was owed to the company and is included in debtors.
Fulcrum Capital Holdings LLC, an entity under common control. Fulcrum Capital Holdings LLC funds the company’s operating costs. During the year the company recharged costs of £46,872 (2024: £68,110) to Fulcrum Capital Holdings LLC. At the balance sheet date £2,386,617 (2024 as restated: £1,739,655) was owed by the company and is included in creditors.
9. Ultimate Parent Undertaking and Controlling Party
The company’s immediate and ultimate parent undertaking is Fulcrum Global Markets LLC, a company incorporated in the United States of America, which owns 100% of the issued share capital of the company. The ultimate controlling party is Mr Matthew Hamilton. The parent undertaking does not prepare consolidated financial statements that include the company.
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