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REGISTERED NUMBER: 10701547 (England and Wales)















Airfi Networks Services Limited

Financial Statements

for the period

1 January 2023 to 31 March 2024






Airfi Networks Services Limited (Registered number: 10701547)

Contents of the Financial Statements
for the period 1 January 2023 to 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Airfi Networks Services Limited

Company Information
for the period 1 January 2023 to 31 March 2024







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 March 2024

2024 2022
Notes $ $ $ $
Fixed assets
Intangible assets 4 1,389,647 1,344,775

Current assets
Debtors 5 704,937 594,331

Creditors
Amounts falling due within one year 6 7,048,901 5,532,578
Net current liabilities (6,343,964 ) (4,938,247 )
Total assets less current liabilities (4,954,317 ) (3,593,472 )

Capital and reserves
Called up share capital 7 1 1
Retained earnings 8 (4,954,318 ) (3,593,473 )
Shareholders' funds (4,954,317 ) (3,593,472 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the Company to obtain an audit of its financial statements for the period ended 31 March 2024 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 20 August 2024 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 period 1 January 2023 to 31 March 2024


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 period was 17 (2022 - 17 ) .

Airfi Networks Services Limited (Registered number: 10701547)

Notes to the Financial Statements - continued
for the period 1 January 2023 to 31 March 2024


4. Intangible fixed assets
Development
costs
$
Cost
At 1 January 2023 5,237,894
Additions 1,121,877
Exchange differences 67,413
At 31 March 2024 6,427,184
Amortisation
At 1 January 2023 3,893,119
Amortisation for period 1,144,418
At 31 March 2024 5,037,537
Net book value
At 31 March 2024 1,389,647
At 31 December 2022 1,344,775

5. Debtors: amounts falling due within one year
2024 2022
$ $
Tax 704,937 594,331

6. Creditors: amounts falling due within one year
2024 2022
$ $
Amounts owed to group undertakings 6,462,210 5,055,426
Social security and other taxes 586,691 477,152
7,048,901 5,532,578

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: $ $
1 Ordinary £1 1 1

8. Reserves
Retained
earnings
$

At 1 January 2023 (3,593,473 )
Deficit for the period (1,180,708 )
Foreign exchange movements (180,137 )
At 31 March 2024 (4,954,318 )