Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01The principal activity of the Company was the development of radio frequency technologies for wearable technology devices.false209truetrue 12411449 2023-01-01 2023-12-31 12411449 2022-01-01 2022-12-31 12411449 2023-12-31 12411449 2022-12-31 12411449 c:Director1 2023-01-01 2023-12-31 12411449 c:Director7 2023-01-01 2023-12-31 12411449 d:PlantMachinery 2023-01-01 2023-12-31 12411449 d:PlantMachinery 2023-12-31 12411449 d:PlantMachinery 2022-12-31 12411449 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12411449 d:OfficeEquipment 2023-01-01 2023-12-31 12411449 d:OfficeEquipment 2023-12-31 12411449 d:OfficeEquipment 2022-12-31 12411449 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12411449 d:ComputerEquipment 2023-01-01 2023-12-31 12411449 d:ComputerEquipment 2023-12-31 12411449 d:ComputerEquipment 2022-12-31 12411449 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12411449 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12411449 d:ComputerSoftware 2023-12-31 12411449 d:ComputerSoftware 2022-12-31 12411449 d:CurrentFinancialInstruments 2023-12-31 12411449 d:CurrentFinancialInstruments 2022-12-31 12411449 d:Non-currentFinancialInstruments 2023-12-31 12411449 d:Non-currentFinancialInstruments 2022-12-31 12411449 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12411449 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12411449 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12411449 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12411449 d:ShareCapital 2023-12-31 12411449 d:ShareCapital 2022-12-31 12411449 d:SharePremium 2023-01-01 2023-12-31 12411449 d:SharePremium 2023-12-31 12411449 d:SharePremium 2022-12-31 12411449 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 12411449 d:OtherMiscellaneousReserve 2023-12-31 12411449 d:OtherMiscellaneousReserve 2022-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2023-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2022-12-31 12411449 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12411449 c:OrdinaryShareClass1 2023-12-31 12411449 c:OrdinaryShareClass1 2022-12-31 12411449 c:OrdinaryShareClass2 2023-01-01 2023-12-31 12411449 c:OrdinaryShareClass2 2023-12-31 12411449 c:OrdinaryShareClass2 2022-12-31 12411449 c:OrdinaryShareClass3 2023-01-01 2023-12-31 12411449 c:OrdinaryShareClass3 2023-12-31 12411449 c:FRS102 2023-01-01 2023-12-31 12411449 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12411449 c:FullAccounts 2023-01-01 2023-12-31 12411449 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12411449 13 2023-01-01 2023-12-31 12411449 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 12411449 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12411449









FOREFRONT RF LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FOREFRONT RF LIMITED
REGISTERED NUMBER: 12411449

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
572
654

Tangible assets
 5 
71,267
50,528

  
71,839
51,182

CURRENT ASSETS
  

Debtors
 6 
787,806
185,395

Cash at bank and in hand
  
1,639,800
1,682,384

  
2,427,606
1,867,779

Creditors: amounts falling due within one year
 7 
(134,623)
(230,453)

NET CURRENT ASSETS
  
 
 
2,292,983
 
 
1,637,326

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,364,822
1,688,508

Creditors: amounts falling due after more than one year
 8 
-
(1,056,000)

  

NET ASSETS
  
2,364,822
632,508


CAPITAL AND RESERVES
  

Called up share capital 
 9 
42,393
21,975

Share premium account
  
8,226,766
1,636,812

Other reserves
  
-
1,464,002

Profit and loss account
  
(5,904,337)
(2,490,281)

  
2,364,822
632,508


Page 1

 
FOREFRONT RF LIMITED
REGISTERED NUMBER: 12411449
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr L Laughlin
R Wilting
Director
Director


Date: 24 June 2024
Date:24 June 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Forefront RF Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office address is St John's Innovation Centre, Cowley Road, Cambridge, CB4 0WS.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the company's business plan as it progresses its research and development activities.
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the company will be able to meet its liabilties as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

TANGIBLE FIXED ASSETS

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.

Page 3

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

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:

Plant and machinery
-
4 years straight-line
Office equipment
-
3 years straight-line
Computer equipment
-
3 years straight-line

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 profit or loss.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

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.

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

CONVERTIBLE DEBT

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

Page 4

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.

 
2.10

SHARE-BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

PENSIONS

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

TAXATION

Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 balance sheet date.


3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 20 (2022 - 9).

Page 6

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Intellectual property

£



COST


At 1 January 2023
817



At 31 December 2023

817



AMORTISATION


At 1 January 2023
163


Charge for the year on owned assets
82



At 31 December 2023

245



NET BOOK VALUE



At 31 December 2023
572



At 31 December 2022
654



Page 7

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
46,861
9,321
15,847
72,029


Additions
34,001
-
13,917
47,918


Disposals
-
(767)
-
(767)



At 31 December 2023

80,862
8,554
29,764
119,180



DEPRECIATION


At 1 January 2023
16,369
1,018
4,114
21,501


Charge for the year on owned assets
14,710
2,851
9,071
26,632


Disposals
-
(220)
-
(220)



At 31 December 2023

31,079
3,649
13,185
47,913



NET BOOK VALUE



At 31 December 2023
49,783
4,905
16,579
71,267



At 31 December 2022
30,492
8,303
11,733
50,528


6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£



Other debtors
750,477
155,954

Prepayments and accrued income
37,329
29,441

787,806
185,395


Page 8

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
91,872
186,274

Other taxation and social security
33,960
18,387

Other creditors
5,291
1

Accruals and deferred income
3,500
25,791

134,623
230,453



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Other loans
-
1,056,000



9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,219,792 (2022 - 1,219,792) Ordinary A shares of £0.01 each
12,198
12,198
977,721 (2022 - 977,721) Ordinary B shares of £0.01 each
9,777
9,777
2,041,776 (2022 - NIL ) Ordinary C shares of £0.01 each
20,418
-

42,393

21,975


On 21 February 2023, the Company issued 852,974 Ordinary C shares of £0.01 each at a rate of £2.85 per share.
On 21 February 2023, the Company issued 23,073 Ordinary C shares of £0.01 each at a rate of £2.99 per share.
On 22 February 2023, the Company issued 658,356 Ordinary C shares of £0.01 each at a rate of £3.56 per share.
On 22 February 2023, the Company issued 210,674 Ordinary C shares of £0.01 each at a rate of £3.74 per share.
On 25 April 2023, the Company issued 296,699 Ordinary C shares of £0.01 each at a rate of £3.56 per share.

Page 9

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with issuing of shares are deducted from share premium.

Other reserves

Comprises advance subscription funds received. The advance subscription funds convert to fully paid shares on a qualifying equity financing round. 

Profit and loss account

Includes all current and prior year retained profits and losses. 


11.


SHARE-BASED PAYMENTS

Share options have been granted to key employees over Ordinary A shares.
At balance sheet date, 362,709 options had been granted.
No share based payment charge has been recognised in respect of these share options as it has been assessed as trivial. 


12.


PRIOR YEAR RESTATEMENT

The comparative have been restated to reclassify interest income, which was previously disclosed as turnover.
This has no impact on opening reserves as at 1 January 2023, nor does it have a tax impact. 

 
Page 10