| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| FOR |
| SPACE AM LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| FOR |
| SPACE AM LIMITED |
| SPACE AM LIMITED (REGISTERED NUMBER: 13317905) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SPACE AM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Suite 5, First Floor |
| The Counting House |
| Bonds Mill Estate |
| Stonehouse |
| Gloucestershire |
| GL10 3RF |
| SPACE AM LIMITED (REGISTERED NUMBER: 13317905) |
| BALANCE SHEET |
| 30 APRIL 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| SPACE AM LIMITED (REGISTERED NUMBER: 13317905) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 1. | STATUTORY INFORMATION |
| Space Am Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of 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. |
| 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. |
| 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 year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| SPACE AM LIMITED (REGISTERED NUMBER: 13317905) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 6. | FINANCIAL REVIEW |
| In May 2024, SpaceAM was awarded mission status for its LEVL probe system, selected for deployment in the 2031 Venus mission led by the Massachusetts Institute of Technology (MIT). This milestone marks a significant endorsement of our technology in the field of planetary exploration. |
| In February 2025, the Company successfully closed its first pre-seed funding round, raising £200,000. This capital provides the financial runway to progress our Earth-based product portfolio towards Technology Readiness Level (TRL) milestones. |
| Looking ahead, the Company intends to launch a seed funding round in late 2025, targeting £1.58 million. The proceeds will enable expansion of the team, acquisition of our first dedicated premises, and advancement of the DarkSeed product from TRL4 to pre-production by early 2026. |
| During the year, we were pleased to welcome Nick Wright to the Board as a Non-Executive Director. Nick co-founded UK Power Solutions Limited and, over more than 25 years, helped grow the business from inception to an annual turnover of £74 million. Following a successful exit in 2024, Nick joined SpaceAM in January 2025, bringing with him substantial commercial and strategic expertise. |
| The Directors wish to record their appreciation to Exeter University for their continued collaboration and technical contributions, particularly in supporting the research and development of the LEVL probe's flight characteristics model. |