Airstate Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

Registered number: 05556492

		2024		2023
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	19,709		1,213
Cash at bank and in hand		427,151		285,243

		446,860		286,456
Creditors: Amounts Falling Due Within One Year	5	(933,734 )		(837,432 )

NET CURRENT ASSETS (LIABILITIES)			(486,874 )		(550,976 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(486,874 )		(550,976 )

NET LIABILITIES			(486,874 )		(550,976 )

CAPITAL AND RESERVES
Called up share capital	6		11		11
Profit and Loss Account			(486,885 )		(550,987 )

SHAREHOLDERS' FUNDS			(486,874)		(550,976)

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

K K Zavieh

Director

26/09/2025

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

Airstate Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05556492 . The registered office is 26 Litchfield Street, London, WC2H 9TZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company is dependent upon the support of fellow group entities. These financial statements have been prepared on a going concern basis as the company has received confirmation that this support will continue for a period of at least twelve months from the date the directors approve the financial statements.

2.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.4. Financial Instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are intially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.5. Foreign Currencies

Functional and presentational currency

The company's functional and presentational currency is GBP.

Transactions and balances

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Debtors

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

2.7. 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.

2.8. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

Page 2

Page 3

Airstate Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	3,171	944
Prepayments and accrued income	3,250	157
Other debtors	13,288	112

	19,709	1,213

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	22,160	30,238
VAT	-	4,018
Accruals and deferred income	256,185	250,020
Amounts owed to group undertakings	655,389	553,156

	933,734	837,432

6. Share Capital

	2024	2023
Allotted, called up but not fully paid	£	£
11 Ordinary Shares of £ 1 each	11	11

7. Related Party Transactions

The company has taken advantage of the exemption available in Section 33.1A for FRS 102 whereby it has not disclosed transactions with any wholly owned undertaking of the group.

At the year end, the company owed £655,389 (2023: £553,156) which is included in creditors due within one year.

8. Controlling Party

The ultimate parent entity is Adelphoi Holdings Limited, a company registered in England and Wales. The registered office of Adelphoi Holdings Limited is 26 Litchfield Street, London, WC2H 9TZ. The immediate parent entity is Adelphoi Music Publishing Limited, a company registered in England and Wales. The registered office of Adelphoi Music Publishing Limited is 26 Litchfield Street, London, WC2H 9TZ.

Page 3