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Company registration number: 09502389







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


AIRFINITY LIMITED






































img175a.png                        

 


AIRFINITY LIMITED
 


 
COMPANY INFORMATION


Directors
A V Bhat 
M A Carton 
R B Hansen 
J P Neergaard 
E A Wass 
A Karle (appointed 1 August 2024)




Registered number
09502389



Registered office
71-75 Shelton Street
Covent Garden

London

WC2H 9JQ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


AIRFINITY LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 29


 


AIRFINITY LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic report together with the audited financial statements for the year ended 31 December 2023.
Airfinity's principal activity is that of predictive health intelligence and data analytics software for infectious diseases.

Business review
 
After a few years of very rapid growth, in 2023, Airfinity experienced a more challenging year with slower yet still positive revenue growth. The company achieved a 21.5% increase in revenue compared to the previous year (£6.6m from £5.4m). This growth can be attributed to Airfinity's ability to successfully navigate the aftermath of the global pandemic and its strategic decision to diversify its product offerings as well focusing strongly on Big Pharma clients as a target segment with a more customised analytical offering. Moving away from focusing solely on COVID-19, Airfinity continued to expand its focus to include wider infectious diseases and biorisk analytics, which proved to be a beneficial move for the company in retaining and expanding revenue.
The company also established operations in the US which is the fastest growing market and presents large opportunities. 
Airfinity's commitment to controlling overheads has been evident. Workforce hiring was highly focused on improving team quality through attrition while maintaining overall staffing levels which resulted in only a 4% increase in team cost as compared to the prior year. In addition, Airfinity effectively managed all other costs by continuing to operate in a hybrid work environment, mitigating any adverse impacts on utilities and facilities expenses.
During the year, Airfinity also completed a successful fundraising event by securing loan notes from existing shareholders. The closing cash position at the end of 2023 was £2.32 million, slightly lower than the previous year's closing cash position. This decrease reflects the incurred loss for the year and working capital changes, as indicated in the financial statements.

Principal risks and uncertainties
 
Airfinity's management regularly discusses both financial and non-financial risks that could have a significant impact on the company. Some of the key risks identified during the year are as follows:
a. Margin Erosion: The transition of the COVID-19 phase from a pandemic to a more endemic situation has caused a focus shift of governments and other institutions with budgets and resources being reallocated. This has caused a slowdown in revenue growth across 2023. To mitigate this, Airfinity has been focusing on diversifying its product offerings to reduce the dependency on COVID-19 data subscriptions and the non-COVID revenue portion has grown consistently throughout 2023.
b. Cashflow: As Airfinity's business heavily focuses on Research and Development (R&D) to support revenue growth, there is a potential for fast-paced cash burn. To address this, management closely monitors cashflows and takes proactive measures to maintain adequate cash reserves for short to medium-term needs. Should anticipated fundraising events not materialise, R&D spend will be adjusted accordingly to ensure working capital is managed effectively.
c. Competition in the Market: Airfinity operates in a competitive market environment, making the development of new product ranges and maintaining strong customer relationships crucial to the company's success. Airfinity's emphasis on providing value-added services has been well-regarded by customers, contributing to customer retention and satisfaction.

Page 1

 


AIRFINITY LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
Airfinity's performance in 2023 is reflected through various Key Performance Indicators (KPIs):
a. Annual Recurring Revenue (ARR): To mitigate the shift in focus away from COVID-19 by governments around the world, Airfinity has been diversifying is product offerings and non-COVID related revenue has grown consistently (42% year on year) throughout 2023.
b. Gross Margin: Airfinity maintained a healthy gross margin of 95%, similar to the previous year, highlighting effective cost management and strong gross profitability.
c. Customer Retention: In Airfinity's most significant client segment, "Pharma," customer retention retained a respectable 99% in non-COVID-19 products with an average contract length of 1 year. This indicates a solid customer satisfaction level and a successful focus on customer retention strategies despite the shift away from COVID-19.
In conclusion, Airfinity had a solid year in 2023 despite a more challenging market environment, characterized by stable booked revenue, a stronger client base, effective cost management, and the continued focus on diversifying infectious disease coverage and biorisk analytics. Despite facing certain risks and uncertainties, the company's strategic approach and dedication to innovation have yielded positive results.

Future developments
 
Airfinity is strategically positioning itself for a future marked by innovation and expansion. By transitioning from a concentrated focus on COVID-19 to a broader engagement with infectious diseases and biorisk analytics, the company is continuing to broaden both its product offerings and customer reach.
To enable the Company to achieve its aims, further fundraising events would have to be realised and this will be a key focus for the Directors accordingly.
Central to Airfinity's forward-looking strategy is a commitment to technological advancements, fueling innovation in product development and enhancing data analytics capabilities. As part of this, we will continue expanding our backend systems, establishing upstream data integrations, and centralizing our data engineering flows for new products. Leveraging robust revenue growth and a diversified portfolio, the company is well-aligned to fulfill the Board's expectations for international growth, specifically in the US, laying the groundwork for success on a global scale.


This report was approved by the board and signed on its behalf.



................................................
R B Hansen
Director

Date: 11 February 2025

Page 2

 


AIRFINITY LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

A V Bhat 
M A Carton 
R B Hansen 
J P Neergaard 
E A Wass 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £3,224,459 (2022 - loss £3,282,806).

Matters covered in the Group Strategic Report

In accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report Includes information that would have formerly have been included in the business review and the principal risk and uncertainties sections of the Directors' report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 


AIRFINITY LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
R B Hansen
Director

Date: 11 February 2025

Page 4

 


AIRFINITY LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRFINITY LIMITED

Opinion


We have audited the financial statements of Airfinity Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


AIRFINITY LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRFINITY LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


AIRFINITY LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRFINITY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
The Companies Act 2006; 
Financial Reporting Standard 102;
UK employment legislation;
UK health and safety legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Group are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Management override of controls to manipulate results; and
Timing of revenue recognition.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


AIRFINITY LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIRFINITY LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Tom Woods FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
1st Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

12 February 2025
Page 8

 


AIRFINITY LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
6,584,063
5,419,812

Cost of sales
  
(347,924)
(402,801)

Gross profit
  
6,236,139
5,017,011

Administrative expenses
  
(9,533,659)
(8,487,389)

Other operating income
 5 
-
29,885

Operating loss
 6 
(3,297,520)
(3,440,493)

Interest receivable and similar income
 10 
8,024
1,953

Interest payable and similar expenses
 11 
(126,271)
(43,780)

Loss before tax
  
(3,415,767)
(3,482,320)

Tax on loss
 12 
191,308
199,514

Loss for the financial year
  
(3,224,459)
(3,282,806)

Other comprehensive income for the year
  

Share based payment movement
 21 
-
132,732

Foreign exchange movement
  
2,437
-

Other comprehensive income for the year
  
2,437
132,732

Total comprehensive income for the year
  
(3,222,022)
(3,150,074)

Profit for the year attributable to:
  

Owners of the parent company
  
3,224,459
3,282,806

  
3,224,459
3,282,806

The notes on pages 16 to 29 form part of these financial statements.

Page 9

 


AIRFINITY LIMITED
REGISTERED NUMBER:09502389



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 14 
46,751
68,604

  
46,751
68,604

Current assets
  

Debtors: amounts falling due after more than one year
 16 
53,526
53,526

Debtors: amounts falling due within one year
 16 
1,149,551
1,678,458

Bank and cash balances
  
2,324,802
3,690,525

  
3,527,879
5,422,509

Creditors: amounts falling due within one year
 17 
(2,502,257)
(2,748,012)

Net current assets
  
 
 
1,025,622
 
 
2,674,497

Total assets less current liabilities
  
1,072,373
2,743,101

Creditors: amounts falling due after more than one year
 18 
(1,300,000)
(113,101)

  

Net (liabilities)/assets
  
(227,627)
2,630,000


Capital and reserves
  

Called up share capital 
 19 
29,920
29,900

Share premium account
 20 
9,451,457
9,424,327

Foreign exchange reserve
 20 
2,437
-

Share based payment reserve
 20 
553,152
215,907

Profit and loss account
 20 
(10,264,593)
(7,040,134)

  
(227,627)
2,630,000


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




................................................
R B Hansen
Director

Date: 11 February 2025

The notes on pages 16 to 29 form part of these financial statements.

Page 10

 


AIRFINITY LIMITED
REGISTERED NUMBER:09502389



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023

2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
46,751
68,604

Investments
 15 
75
75

  
46,826
68,679

Current assets
  

Debtors: amounts falling due after more than one year
 16 
53,526
53,526

Debtors: amounts falling due within one year
 16 
1,149,551
1,730,318

Bank and cash balances
  
2,305,805
3,683,733

  
3,508,882
5,467,577

Creditors: amounts falling due within one year
 17 
(2,502,257)
(2,747,937)

Net current assets
  
 
 
1,006,625
 
 
2,719,640

Total assets less current liabilities
  
1,053,451
2,788,319

  

Creditors: amounts falling due after more than one year
 18 
(1,300,000)
(113,101)

  

Net (liabilities)/assets
  
(246,549)
2,675,218


Capital and reserves
  

Called up share capital 
 19 
29,920
29,900

Share premium account
 20 
9,451,457
9,424,327

Share based payment reserve
 20 
553,152
215,907

Profit and loss account
 20 
(10,281,078)
(6,994,916)

  
(246,549)
2,675,218


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


................................................
R B Hansen
Director

Date: 11 February 2025

The notes on pages 16 to 29 form part of these financial statements.

Page 11

 
AIRFINITY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Foreign exchange reserve
Share based payment reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2022
28,620
6,879,353
-
83,175
(3,757,328)
3,233,820





Loss for the year

-
-
-
-
(3,282,806)
(3,282,806)


Share based payment charge
-
-
-
132,732
-
132,732


Shares issued during the year
1,280
2,544,974
-
-
-
2,546,254





At 1 January 2023
29,900
9,424,327
-
215,907
(7,040,134)
2,630,000



Comprehensive income for the year


Loss for the year

-
-
-
-
(3,224,459)
(3,224,459)


Share based payment charge
-
-
-
337,245
-
337,245


Foreign exchange movement
-
-
2,437
-
-
2,437


Shares issued during the year
20
27,130
-
-
-
27,150



At 31 December 2023
29,920
9,451,457
2,437
553,152
(10,264,593)
(227,627)



The notes on pages 16 to 29 form part of these financial statements.

Page 12


 
AIRFINITY LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Share based payment reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2022
28,620
6,879,353
83,175
(3,757,328)
3,233,820





Loss for the year

-
-
-
(3,237,588)
(3,237,588)


Share based payment charge
-
-
132,732
-
132,732


Shares issued during the year
1,280
2,544,974
-
-
2,546,254





At 1 January 2023
29,900
9,424,327
215,907
(6,994,916)
2,675,218





Loss for the year

-
-
-
(3,286,162)
(3,286,162)


Share based payment charge
-
-
337,245
-
337,245


Shares issued during the year
20
27,130
-
-
27,150



At 31 December 2023
29,920
9,451,457
553,152
(10,281,078)
(246,549)



The notes on pages 16 to 29 form part of these financial statements.

Page 13
 


AIRFINITY LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023

2022
£
£

Cash flows from operating activities

Loss for the financial year
(3,224,459)
(3,282,806)

Adjustments for:

Depreciation of tangible assets
39,876
37,833

Interest paid
126,271
13,895

Interest received
(8,024)
(1,953)

R&D tax credit
(191,308)
(199,514)

Decrease/(increase) in debtors
329,393
(164,899)

Increase in creditors
31,465
619,276

R&D tax credit received
199,514
137,455

Share based payment charge
337,245
132,732

Net cash generated from operating activities

(2,360,027)
(2,707,981)


Cash flows from investing activities

Purchase of tangible fixed assets
(18,023)
(33,308)

Interest received
8,024
1,953

Net cash from investing activities

(9,999)
(31,355)

Cash flows from financing activities

Issue of ordinary shares
27,150
2,546,254

New secured loans
1,300,000
-

Repayment of loans
(199,013)
(47,232)

Interest paid
(126,271)
(13,895)

Net cash used in financing activities
1,001,866
2,485,127

Net (decrease) in cash and cash equivalents
(1,368,160)
(254,209)

Cash and cash equivalents at beginning of year
3,690,525
3,944,734

Foreign exchange gains and losses
2,437
-

Cash and cash equivalents at the end of year
2,324,802
3,690,525


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,324,802
3,690,525

2,324,802
3,690,525


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 


AIRFINITY LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
New loan
Cash flows
At 31 December 2023
£

£

£

£

Cash at bank and in hand

3,690,525

-

(1,357,797)

2,332,728

Debt due after 1 year

(113,101)

(1,300,000)

113,101

(1,300,000)

Debt due within 1 year

(220,232)

-

85,912

(134,320)


3,357,192
(1,300,000)
(1,158,784)
898,408

The notes on pages 16 to 29 form part of these financial statements.

Page 15

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Airfinity Limited is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the registered office and the principal place of business is disclosed on the company information page.
The principal activities of the Company are set out in the strategic report.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

In the year ended 31 December 2023, the company generated a loss of £3,224,459 (2022: £3,282,806) and had net liabilities of £227,627 (2022: net assets £2,630,000) at the year end.  Whilst there was cash of £2,324,802 (2022: £3,690,525), the performance and position indicated a risk in respect of the going concern status of the company.  However, the Directors are satisfied that forecasted scenarios show a sustained return to a positive position. 
The business has generated a significant increase in revenue growth from the second half of 2024 and is looking to build on that momentum into 2025 and beyond.  The Company has continued to grow in 2024 and has forecasted growth of 60% year-on-year in Annual Recurring Revenue "ARR" for 2025, which would generate a positive cash flow, whilst continuing to allow for research and development opportunities to be pursued.
The sales pipeline going into 2025 is healthy and the Company has submitted several large tender bids in Q4 2024 which, if won, would account for up to 50% of the targeted revenue growth for the year.  In addition, there is significant interest from investors in investing in the company and these opportunities are actively being pursued by the Directors.  Such capital investment would aid the acceleration of sales growth. 
Whilst the subscription based nature of the majority of the business means the company has good visibility over large parts of the revenue for 2025, the Directors accept that further investment and forecasted levels of revenue growth are not guaranteed. If either the sales pipeline or investment were not to convert as anticipated, the Directors would focus in on the core subscription business to ensure the Company maximises its cashflow and get to a breakeven result.  Significant cost savings would be made and have been modelled by the Directors accordingly. 
Those, combined with the forecasted base revenue, of which a significant proportion is already secured throughout 2025, would enable the business to maintain cash levels to the extent where creditors could be paid as they fall due. If the cash inflows are unexpectantly delayed, the Directors have the ability to raise bridging finance as required. 
As a result, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.  Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.                                                          

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue from Software as a Service ("SAAS") is recognised on a straight line basis over the period of the contract.
Revenue in respect of software projects are recognised on a percentage completion basis, being the proportion of work performed to date on the estimated total work for the project.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 17

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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 reporting date in the countries where the Company and the Group operate and generate income.

 
2.11

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 18

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
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:

Computer equipment
-
3 years

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Estimates and assumptions:
The directors have considered the inputs included in the calculation of the share options value under the 'Current Price' using the current values in the financial statements which is considered to be a fair reflection of the price per share on a small holding of shares than at the market price. The inputs shown in note 21 being volatility, dividend growth rate and risk free interest rate were considered using available data on similar entities and the interest rates on government gilts. The directors were satisfied that the inputs were relevant and align with their expectations as they are based on estimates on future results.

Page 19

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023

2022
£
£

Software licence
5,792,635
5,419,812

Project revenue
791,428
-

6,584,063
5,419,812


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,276,451
1,354,953

Rest of Europe
1,731,159
1,625,944

Rest of the world
1,576,453
2,438,915

6,584,063
5,419,812



5.


Other operating income

2023
2022
£
£

Government grants receivable
-
29,885

-
29,885





6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Research & development charged as an expense
860,314
598,242

Exchange differences
35,007
7,520

Depreciation
39,876
37,833

Operating lease expense
286,824
261,246

Page 20

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
18,000
17,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,468,233
5,174,540
5,436,021
5,169,913

Social security costs
648,175
587,147
648,175
587,147

Cost of defined contribution scheme
85,122
76,763
85,122
76,763

6,201,530
5,838,450
6,169,318
5,833,823


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
82
83
82
83


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
224,600
182,021

Group contributions to defined contribution pension schemes
1,320
991

225,920
183,012


The highest paid director received remuneration of £224,600 (2022 - £NIL).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £NIL).

Page 21

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
8,024
1,953

8,024
1,953


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
126,271
43,780

126,271
43,780


12.


Taxation


2023
2022
£
£

Corporation tax


R&D tax credit
(191,308)
(199,514)


(191,308)
(199,514)



Taxation on loss on ordinary activities
(191,308)
(199,514)
Page 22

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(3,415,767)
(3,482,320)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(802,705)
(661,641)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
387,241
18,811

Other timing differences leading to an increase (decrease) in taxation
71,758
14

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(191,308)
(199,514)

Unrelieved tax losses carried forward
343,706
642,816

Total tax charge for the year
(191,308)
(199,514)


Factors that may affect future tax charges

The Company has £6,391,648 in trading losses to be utilised against future profits. The future benefit of the losses have not been recognised as a deferred tax asset as at the year end and will only be recognised when management believe that it will be utilised in the proceeding year.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £3,286,162 (2022 - loss £3,237,588).

Page 23

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group and Company






Computer equipment

£



Cost or valuation


At 1 January 2023
134,074


Additions
18,023



At 31 December 2023

152,097



Depreciation


At 1 January 2023
65,470


Charge for the year
39,876



At 31 December 2023

105,346



Net book value



At 31 December 2023
46,751



At 31 December 2022
68,604

Page 24

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
75



At 31 December 2023
75




Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name                              Registered office                                               Class of Shares                          Holding
Airfinity Inc.                     251 Little Falls Drive,                                                 Ordinary                                   100%
                                        Wilmington, New Castle


The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
53,526
53,526
53,526
53,526

53,526
53,526
53,526
53,526


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
556,142
1,185,169
556,142
1,185,169

Amounts owed by group undertakings
-
-
-
51,860

Other debtors
366,023
367,912
366,023
367,912

Prepayments and accrued income
227,386
125,377
227,386
125,377

1,149,551
1,678,458
1,149,551
1,730,318


Page 25

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
134,320
220,232
134,320
220,232

Trade creditors
169,740
157,564
169,740
157,564

Other taxation and social security
173,798
-
173,798
-

Other creditors
7,193
8,906
7,193
8,831

Accruals and deferred income
2,017,206
2,361,310
2,017,206
2,361,310

2,502,257
2,748,012
2,502,257
2,747,937



18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
113,101
-
113,101

Other loans
1,300,000
-
1,300,000
-

1,300,000
113,101
1,300,000
113,101


Interest is charged on the other loans at 11% per annum on the unsecured loan note balance.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,877,929 (2022 - 1,875,929) Ordinary shares of £0.01 each
18,779
18,759
534,252 (2022 - 534,252) Ordinary A shares of £0.01 each
5,343
5,343
534,250 (2022 - 534,250) Preference A shares of £0.01 each
5,343
5,343
45,550 (2022 - 45,550) Preference B shares of £0.01 each
455
455

29,920

29,900


During the year the company issued a further 2,000 Ordinary shares for £0.01 per share (2022 - 128,026 Ordinary shares). In the current year the share premium included in the Statement of Changes in Equity of £27,130 is unrelated and is in respect of a prior year issue of share capital.

Page 26

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.Share capital (continued)

The Ordinary shares, Ordinary A shares and Preference B shares all carry the right to vote. The Preference A shares carry no right to vote.
The Preference A shares and Preference B shares carry a preferential right with regards to dividends and any distribution on a return of capital or winding up. The Preference A and Preference B shares are not liable to be redeemed. 
Share Warrants
The Company has entered into an arrangement with a third party which is due to generate a total investment of $1.6m, being part revenue and part equity. The equity element is held as share warrants which exercise on completion of agreed upon phases of a larger project. On completion of a phase, the share warrants will create either A Preference shares or A Ordinary shares depending on the whether a qualifying or non-qualifying event occurs and the total value of the shares issued will be 80% of the investment made. As at the year end, no phases had completed nor an event occurring and therefore no share warrants were exercised.


20.


Reserves

Share premium account

This account represents any premiums received on issues of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Share based payment reserve

This reserve records the value of share based payment reserve.

Profit and loss account

This account includes all current and prior period retained profits and losses.

Page 27

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share-based payments

The options vest over a 10 year period from the date they were granted. The share options are paid for in cash on exercise and disclosed within equity. The conditions of the options are that option holders must remain in employment for the duration of the vesting period. 
Details of the number of share options and the weighted average exercise price of share options during the year are as follows: 

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

234

268,569

193
 
230,369
 
Granted during the year

572

56,350

183
 
121,966
 
Forfeited during the year

170

(66,431)

(187)
 
(83,766)
 
Outstanding at the end of the year
324

258,488

234
 
268,569
 

2023
2022

Option pricing model used


Black Scholes

Black Scholes
 
Weighted average share price (pence)


324

234
 
Exercise price (pence)


187

187
 
Expected volatility


16.83

21.7
 
Expected dividend growth rate


0

0
 
Risk-free interest rate


3.65

3.65
 

2023
2022
£
£


Equity-settled schemes
337,245
132,732

337,245
132,732

Page 28

 


AIRFINITY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
122,545
-
122,545
-

122,545
-
122,545
-


23.


Controlling party

There is no ultimate controlling party.

 
Page 29