IRIS Accounts Production v25.1.3.33 10485100 Board of Directors 1.1.23 31.12.23 31.12.23 27.5.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh104851002022-12-31104851002023-12-31104851002023-01-012023-12-31104851002021-12-31104851002022-01-012022-12-31104851002022-12-3110485100ns15:EnglandWales2023-01-012023-12-3110485100ns14:PoundSterling2023-01-012023-12-3110485100ns10:Director12023-01-012023-12-3110485100ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110485100ns10:SmallEntities2023-01-012023-12-3110485100ns10:Audited2023-01-012023-12-3110485100ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110485100ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110485100ns10:FullAccounts2023-01-012023-12-3110485100ns10:Director22023-01-012023-12-3110485100ns10:RegisteredOffice2023-01-012023-12-3110485100ns5:CurrentFinancialInstruments2023-12-3110485100ns5:CurrentFinancialInstruments2022-12-3110485100ns5:ShareCapital2023-12-3110485100ns5:ShareCapital2022-12-3110485100ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3110485100ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3110485100ns5:RetainedEarningsAccumulatedLosses2023-12-3110485100ns5:RetainedEarningsAccumulatedLosses2022-12-3110485100ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110485100ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 10485100 (England and Wales)















Audited Financial Statements

for the Year Ended 31 December 2023

for

AEROSPIKE UK LIMITED

AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AEROSPIKE UK LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A J Cyron
J C Connell





REGISTERED OFFICE: Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 10485100 (England and Wales)





AUDITORS: Byrd Link Audit & Accountancy Services Limited
Statutory Auditor
Honeybourne Place
Jessop Avenue
Cheltenham
Gloucestershire
GL50 3SH

AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 824,887 654,065
Cash at bank 114,908 3,509
939,795 657,574
CREDITORS
Amounts falling due within one year 5 388,740 201,323
NET CURRENT ASSETS 551,055 456,251
TOTAL ASSETS LESS CURRENT
LIABILITIES

551,055

456,251

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Other reserves 181,424 120,626
Retained earnings 368,631 334,625
SHAREHOLDERS' FUNDS 551,055 456,251

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 15 May 2025 and were signed on its behalf by:





J C Connell - Director


AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Aerospike UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Minimum lease payments due under non-cancellable operating leases for each of the following periods:

20232022
Not later than 1 year82,80060,000
Later than 1 year not later than 5 year-12,000

82,80072,000

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in current bank account held with HSBC.

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.

Financial instruments
The Company 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.

Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report. The Company relies on the continued support from its parent company Aerospike Inc. which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 reporting 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.

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

AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 791,488 599,584
Other debtors 33,399 54,481
824,887 654,065

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 22,514 66,584
Taxation and social security 131,773 34,358
Other creditors 234,453 100,381
388,740 201,323

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Russel Byrd FCA (Senior Statutory Auditor)
for and on behalf of Byrd Link Audit & Accountancy Services Limited

7. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £66,834 (2022 - £40,767).

Contributions totalling £10,729 (2022 - £13,429) were payable to the fund at the reporting date and are included in creditors.

8. RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption available under FRS102, Section 33.1A from disclosing details of any transactions entered into between two or more members of a group where they are wholly owned members of this group.

There were no other related party transactions during the year (2022: none).

AEROSPIKE UK LIMITED (REGISTERED NUMBER: 10485100)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Aerospike, Inc. a company incorporated in the United States of America. The smallest group in which the results of the Company are consolidated is that headed by Aerospike, Inc. The consolidated financial statements may be obtained from Aerospike, Inc. 2525 E Charleston Road, Suite 201, Mountain View, California 94043, United States of America.

10. SHARE-BASED PAYMENT TRANSACTIONS

The Company's ultimate parent company, Aerospike, Inc. operates a share based payment scheme for all the employees of the Company.

The stock options in Aerospike, Inc. are granted to the Company's employees at a price equal to the fair value of the shares in Aerospike, Inc. at the date of the grant and are denominated in US dollars.

The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant the stock options expire. Stock options are forfeited if the employee leaves the Company before the options vest.

The following share-based payment arrangements were in existence during the current and prior years:




Weighted
average
exercise
price2023


Number
2023
Weighted
average
exercise
price 2022


Number
2022

Outstanding at the beginning of the
year

0.68

862,500

0.42

390,000
Granted during the year0.2675,0000.55527,500
Cancelled during the year(0.63)(80,000)(0.29)(55,000)
Exercised during the year(0.63)(10,000)

Outstanding at the end of the
year

(0.32

)

847,500

0.68

862,500

20232022

£   £   


Share based payments expense60,79875,271