Company registration number: 08119088
Unaudited financial statements
for the year ended 31 December 2023
for
Airportr Technologies Ltd
Pages for filing with the Registrar
Company registration number: 08119088
Airportr Technologies Ltd
Balance sheet
as at 31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 4 1,163,928 808,986
Tangible assets 5 3,711 10,558
1,167,639 819,544
Current assets
Debtors 554,003 306,671
Cash at bank and in hand 30,904 45,656
584,907 352,327
Creditors: amounts falling due within
one year
(1,827,365) (1,357,391)
Net current liabilities (1,242,458) (1,005,064)
Total assets less current liabilities (74,819) (185,520)
Creditors: Amounts falling due after
more than one year
(8,029,799) (4,640,134)
NET LIABILITIES (8,104,618) (4,825,654)
Capital and reserves
Called up share capital 820 820
Share premium account 20,109,983 20,109,983
Profit and loss account (28,215,421) (24,936,457)
TOTAL EQUITY (8,104,618) (4,825,654)
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 08119088
Airportr Technologies Ltd
Balance sheet - continued
as at 31 December 2023
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 27 November 2024 and signed on its behalf by:
Mr R Darby, Director
27 November 2024
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Airportr Technologies Ltd
Notes to the financial statements
for the year ended 31 December 2023
1 Company information
Airportr Technologies Ltd is a private company registered in England and Wales. Its registered number is 08119088. The company is limited by shares. Its registered office is 23 Goswell Road, London, EC1M 7AJ.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Development costs - 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Fixtures & fittings - 33% straight line
Computer equipment - 50% straight line
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Airportr Technologies Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 32 (2022 - 27).
4 Intangible assets
Other
intangible
assets
£
Cost
At 1 January 2023 2,071,979
Additions 929,970
At 31 December 2023 3,001,949
Amortisation
At 1 January 2023 1,262,993
Charge for year 575,028
At 31 December 2023 1,838,021
Net book value
At 31 December 2023 1,163,928
At 31 December 2022 808,986
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Airportr Technologies Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
5 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 January 2023 28,100
Additions 1,166
At 31 December 2023 29,266
Depreciation
At 1 January 2023 17,542
Charge for year 8,013
At 31 December 2023 25,555
Net book value
At 31 December 2023 3,711
At 31 December 2022 10,558
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Airportr Technologies Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
6 Loans
Included in bank loans is a CBIL loan of £50,000 which was fully drawn down in June 2020 and carries fixed interest at 2.5%. The balance of £50,000 is repayable in 60 equal monthly instalments. There was a 12 month capital and interest holiday from drawdown date, and therefore interest and capital repayments did not begin until June 2021. The balance at the year-end was £25,888 (2022 – £35,106).



Included in other loans are a number of convertible loans draw from the British Business Bank's Future Fund, and US registered Private Investment Vehicle, Belven, LLC.



The Future Fund convertible loan was fully drawn down in November 2020. This has a maturity period of 36 months, and interest is applied at 8%. The balance outstanding at the year-end was £1,458,685 (2022 - £1,365,629).



The initial Belven LLC convertible loan was fully drawn down in April 2021 with an initial maturity period of 24 months, and interest applied at 8%. In 2023, following agreement between the company and the lender, the maturity date was extended by a further 12 months. The balance outstanding at the year- end was £2,862,045 (2022 - £2,812,856).



An additional Belven LLC convertible loan was fully drawn down in June 2022, on the same terms as the April 2021 agreement. The balance of the additional loan outstanding at the year-end was £440,166 (2022 - £430,048).
7 Post balance sheet events
On November 26, 2024, the company reached an agreement with its lenders, The Future Fund and Belven, LLC to convert all outstanding loans into equity as part of an investment round. This agreement was finalized after the balance sheet date of December 31, 2023.



This conversion event has had a material and positive impact on the company's financial structure by reducing its liabilities and increasing its equity base.



This event is classified as a non-adjusting event under IFRS (International Financial Reporting Standards) because the conditions leading to the conversion did not exist at the balance sheet date. Therefore, no adjustments have been made to the financial statements for the year ended December 31, 2023. However, disclosure is necessary to inform users of the financial statements about this significant event.

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