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REGISTERED NUMBER: 10701547 (England and Wales)















Airfi Networks Services Limited

Financial Statements

for the Year Ended 31 December 2022






Airfi Networks Services Limited (Registered number: 10701547)

Contents of the Financial Statements
for the year ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Airfi Networks Services Limited

Company Information
for the year ended 31 December 2022







Directors: I C Campbell
P Murphy





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 10701547 (England and Wales)






Airfi Networks Services Limited (Registered number: 10701547)

Balance Sheet
31 December 2022

2022 2021
Notes $ $ $ $
Fixed assets
Intangible assets 4 1,344,775 1,324,889

Current assets
Debtors 5 594,331 289,236

Creditors
Amounts falling due within one year 6 5,532,578 4,761,027
Net current liabilities (4,938,247 ) (4,471,791 )
Total assets less current liabilities (3,593,472 ) (3,146,902 )

Capital and reserves
Called up share capital 7 1 1
Retained earnings 8 (3,593,473 ) (3,146,903 )
Shareholders' funds (3,593,472 ) (3,146,902 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





I C Campbell - Director


Airfi Networks Services Limited (Registered number: 10701547)

Notes to the Financial Statements
for the year ended 31 December 2022


1. Statutory information

Airfi Networks Services Limited is a private company, limited by shares, registered in England and Wales.
The Company's registered number and registered office address can be found on the Company Information
page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are presented in US Dollars ($).

Amounts in these financial statements are rounded to the nearest $.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Research and development
Expenditure in connection with research activities is charged in the period in which it is incurred. Development costs are capitalised to the extent that they can be attributed directly to a specific project, where the project's technical and commercial feasibility have been proved and there is reasonable probability that the development activity will generate future economic benefits. The capitalised development costs comprise all costs directly attributable to the development process. Capitalised development costs are reviewed annually for impairment and, in the opinion of the directors, the value is not less than that stated in the financial statements. Development costs are amortised over 4 years and are considered to be disposed of when they are fully amortised.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 17 (2021 - 17 ) .

Airfi Networks Services Limited (Registered number: 10701547)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


4. Intangible fixed assets
Development
costs
$
Cost
At 1 January 2022 4,350,645
Additions 1,011,897
Exchange differences (124,648 )
At 31 December 2022 5,237,894
Amortisation
At 1 January 2022 3,025,756
Amortisation for year 867,363
At 31 December 2022 3,893,119
Net book value
At 31 December 2022 1,344,775
At 31 December 2021 1,324,889

5. Debtors: amounts falling due within one year
2022 2021
$ $
Tax 594,331 289,236

6. Creditors: amounts falling due within one year
2022 2021
$ $
Amounts owed to group undertakings 5,055,426 4,436,570
Social security and other taxes 477,152 318,362
Accruals and deferred income - 6,095
5,532,578 4,761,027

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: $ $
1 Ordinary £1 1 1

Airfi Networks Services Limited (Registered number: 10701547)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


8. Reserves
Retained
earnings
$

At 1 January 2022 (3,146,903 )
Deficit for the year (798,781 )
Foreign exchange movements 352,211
At 31 December 2022 (3,593,473 )