ACCOUNTS - Final Accounts preparation

Company registration number: 09502389

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	AIRFINITY LIMITED


AIRFINITY LIMITED

COMPANY INFORMATION

Directors	M A Carton
	R B Hansen
	E A Wass
	A Karle (appointed 1 August 2024)


Registered number	09502389


Registered office	71-75 Shelton Street
	Covent Garden
	London
	WC2H 9JQ


Accountants	Menzies LLP
	Chartered Accountants
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


AIRFINITY LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 - 8


AIRFINITY LIMITED REGISTERED NUMBER:09502389

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		31,082		46,751
Investments			75		75
			31,157		46,826
Current assets
Debtors	5	2,030,895		1,203,077
Cash at bank and in hand		505,190		2,305,805
		2,536,085		3,508,882
Creditors: amounts falling due within one year	6	(4,719,968)		(2,502,257)
Net current (liabilities)/assets			(2,183,883)		1,006,625
Total assets less current liabilities			(2,152,726)		1,053,451
Creditors: amounts falling due after more than one year	7		(3,256,165)		(1,300,000)

Net liabilities			(5,408,891)		(246,549)

Capital and reserves
Called up share capital	29,920	29,920
Share premium account	9,451,457	9,451,457
Other reserves	762,930	553,152
Profit and loss account	(15,653,198)	(10,281,078)
	(5,408,891)	(246,549)

Page 1


AIRFINITY LIMITED REGISTERED NUMBER:09502389

STATEMENT OF FINANCIAL POSITION (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 statement of comprehensive income 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 on 30 September 2025.

................................................

R B Hansen

Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2


AIRFINITY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Share based payment reserve	Profit and loss account	Total equity
	£	£	£	£	£
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 1 January 2024	29,920	9,451,457	553,152	(10,281,078)	(246,549)
Comprehensive income for the year
Loss for the year	-	-	-	(5,372,120)	(5,372,120)
Share based payment charge	-	-	209,778	-	209,778
At 31 December 2024	29,920	9,451,457	762,930	(15,653,198)	(5,408,891)

The notes on pages 4 to 8 form part of these financial statements.

Page 3


AIRFINITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 continued to be that of predictive health intelligence and data analytics software for infectious diseases.

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 Directors note the revenue has contracted in 2024 £5.8m (2023: £6.5m) and have forecasted a small growth.
in 2025, supported by the subscription-based nature of the business, of which a significant proportion of base revenue is already secured. The sales pipeline remains strong, and there is continuing interest from potential investors.
In the event forecasted growth or investment does not materialise, the Directors have identified cost savings and would focus on the core subscription business to achieve breakeven.
Accordingly, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis in preparing the financial statements.

2.3

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.

2.4

Interest income

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

2.5

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.

Page 4


AIRFINITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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

2.7

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 operates and generates income.

2.8

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.

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.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Employees

The average monthly number of employees, including directors, during the year was 73 (2023 - 82).

Page 5


AIRFINITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2024	152,097
	Additions	21,302
	Disposals	(1,560)
	At 31 December 2024	171,839
	Depreciation
	At 1 January 2024	105,346
	Charge for the year on owned assets	35,411
	At 31 December 2024	140,757
	Net book value
	At 31 December 2024	31,082
	At 31 December 2023	46,751

Debtors

					2024	2023
					£	£

Due after more than one year
Other debtors	53,526	53,526
	53,526	53,526
Due within one year
Trade debtors	1,343,017	556,142
Other debtors	157,388	366,023
Prepayments and accrued income	476,964	227,386
	2,030,895	1,203,077

Page 6


AIRFINITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	-	134,320
Trade creditors	438,334	169,740
Other taxation and social security	1,393,382	173,798
Other creditors	384,471	7,193
Accruals and deferred income	2,503,781	2,017,206
	4,719,968	2,502,257

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans	3,256,165	1,300,000
	3,256,165	1,300,000

The other loans are unsecured convertible loans due for repayment in 2028 and 2029.

Page 7


AIRFINITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	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) 2024	Number 2024	Weighted average exercise price (pence) 2023	Number 2023

Outstanding at the beginning of the year	324	258,488	234	268,569
Granted during the year		-	572	56,350
Forfeited during the year		-	170	(66,431)
Outstanding at the end of the year	324	258,488	324	258,488

					2024	2023

Option pricing model used	Black Scholes	Black Scholes
Weighted average share price (pence)	324	324
Exercise price (pence)	187	187
Expected volatility	16.83	16.83
Expected dividend growth rate	0	0
Risk-free interest rate	3.65	3.65

					2024	2023
					£	£

	Equity-settled schemes	209,778	337,245
		209,778	337,245

9.	Controlling party

There is no ultimate controlling party.

Page 8