Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01The principal activity of the Company was the development of radio frequency technologies for wearable technology devices.false1920truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12411449 2024-01-01 2024-12-31 12411449 2023-01-01 2023-12-31 12411449 2024-12-31 12411449 2023-12-31 12411449 c:Director7 2024-01-01 2024-12-31 12411449 d:PlantMachinery 2024-01-01 2024-12-31 12411449 d:PlantMachinery 2024-12-31 12411449 d:PlantMachinery 2023-12-31 12411449 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12411449 d:OfficeEquipment 2024-01-01 2024-12-31 12411449 d:OfficeEquipment 2024-12-31 12411449 d:OfficeEquipment 2023-12-31 12411449 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12411449 d:ComputerEquipment 2024-01-01 2024-12-31 12411449 d:ComputerEquipment 2024-12-31 12411449 d:ComputerEquipment 2023-12-31 12411449 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12411449 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12411449 d:ComputerSoftware 2024-12-31 12411449 d:ComputerSoftware 2023-12-31 12411449 d:CurrentFinancialInstruments 2024-12-31 12411449 d:CurrentFinancialInstruments 2023-12-31 12411449 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 12411449 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12411449 d:ShareCapital 2024-12-31 12411449 d:ShareCapital 2023-12-31 12411449 d:SharePremium 2024-12-31 12411449 d:SharePremium 2023-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2024-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2023-12-31 12411449 c:OrdinaryShareClass1 2024-01-01 2024-12-31 12411449 c:OrdinaryShareClass1 2024-12-31 12411449 c:OrdinaryShareClass1 2023-12-31 12411449 c:OrdinaryShareClass2 2024-01-01 2024-12-31 12411449 c:OrdinaryShareClass2 2024-12-31 12411449 c:OrdinaryShareClass2 2023-12-31 12411449 c:OrdinaryShareClass3 2024-01-01 2024-12-31 12411449 c:OrdinaryShareClass3 2024-12-31 12411449 c:OrdinaryShareClass3 2023-12-31 12411449 c:OrdinaryShareClass4 2024-01-01 2024-12-31 12411449 c:OrdinaryShareClass4 2024-12-31 12411449 c:OrdinaryShareClass5 2024-01-01 2024-12-31 12411449 c:OrdinaryShareClass5 2024-12-31 12411449 c:FRS102 2024-01-01 2024-12-31 12411449 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12411449 c:FullAccounts 2024-01-01 2024-12-31 12411449 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12411449 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 12411449 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12411449









FOREFRONT RF LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
FOREFRONT RF LIMITED
REGISTERED NUMBER: 12411449

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
490
572

Tangible assets
 5 
86,848
71,267

  
87,338
71,839

CURRENT ASSETS
  

Debtors
 6 
297,765
787,806

Cash at bank and in hand
  
12,957,199
1,639,800

  
13,254,964
2,427,606

Creditors: amounts falling due within one year
 7 
(966,514)
(134,623)

NET CURRENT ASSETS
  
 
 
12,288,450
 
 
2,292,983

TOTAL ASSETS LESS CURRENT LIABILITIES
  
12,375,788
2,364,822

  

NET ASSETS
  
12,375,788
2,364,822


CAPITAL AND RESERVES
  

Called up share capital 
 8 
103,154
42,393

Share premium account
  
24,166,003
8,226,766

Profit and loss account
  
(11,893,369)
(5,904,337)

  
12,375,788
2,364,822


Page 1

 
FOREFRONT RF LIMITED
REGISTERED NUMBER: 12411449
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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: 




R Wilting
Director

Date: 24 April 2025

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 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 2024

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
-
1 - 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

RESEARCH AND DEVELOPMENT

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

Page 4

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

 
2.10

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 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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 19 (2023 - 20).

Page 6

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


INTANGIBLE ASSETS




Intellectual property

£



COST


At 1 January 2024
817



At 31 December 2024

817



AMORTISATION


At 1 January 2024
245


Charge for the year on owned assets
82



At 31 December 2024

327



NET BOOK VALUE



At 31 December 2024
490



At 31 December 2023
572



Page 7

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 January 2024
80,862
8,554
29,764
119,180


Additions
56,482
-
7,608
64,090


Disposals
-
(8,554)
-
(8,554)



At 31 December 2024

137,344
-
37,372
174,716



DEPRECIATION


At 1 January 2024
31,079
3,649
13,185
47,913


Charge for the year on owned assets
21,563
2,376
22,041
45,980


Disposals
-
(6,025)
-
(6,025)



At 31 December 2024

52,642
-
35,226
87,868



NET BOOK VALUE



At 31 December 2024
84,702
-
2,146
86,848



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


6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other debtors
250,897
750,477

Prepayments and accrued income
46,868
37,329

297,765
787,806


Page 8

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
744,330
91,872

Other taxation and social security
42,924
33,960

Other creditors
7,050
5,291

Accruals and deferred income
172,210
3,500

966,514
134,623



8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,133,382 (2023 - 1,219,792) Ordinary A shares of £0.01 each
11,334
12,198
977,721 (2023 - 977,721) Ordinary B shares of £0.01 each
9,777
9,777
2,041,776 (2023 - 2,041,776) Ordinary C shares of £0.01 each
20,418
20,418
624,999 (2023 - Nil ) Series D-1 Ordinary shares of £0.01 each
6,250
-
5,451,128 (2023 - Nil) Series D-2 Ordinary shares of £0.01 each
54,511
-
86,410 (2023 - Nil ) Deferred shares of £0.01 each
864
-

103,154

42,393


On 7 June 2024, the Company issued 416,666 Series D1 Ordinary shares of £0.01 each at a rate of £2.40 per share.
On 7 June 2024, the Company issued 208,333 Series D-1 Ordinary shares of £0.01 each at a rate of £2.59 per share.
On 2 October 2024, the Company issued 1,879,699 Series D-2 Ordinary shares of £0.01 each at a rate of £2.66 per share.
On 2 October 2024, the Company issued 563,910 Series D-2 Ordinary shares of £0.01 each at a rate of £2.87 per share.
On 7 October 2024, the Company issued 3,007,519 Series D-2 Ordinary shares of £0.01 each at a rate of £2.66 per share.
On 23 October 2024, 86,410 A Ordinary shares were redesignated to Deferred shares.

Page 9

 
FOREFRONT RF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


SHARE-BASED PAYMENTS

Share options have been granted to key employees over Ordinary A shares.
At balance sheet date, 243,963 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. 

 
Page 10