Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 2025-01-01 false 19 The principal activity of the Company was the development of radio frequency technologies for wearable technology devices.18 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12411449 2025-01-01 2025-12-31 12411449 2024-01-01 2024-12-31 12411449 2025-12-31 12411449 2024-12-31 12411449 c:Director7 2025-01-01 2025-12-31 12411449 d:Buildings d:LongLeaseholdAssets 2025-01-01 2025-12-31 12411449 d:Buildings d:LongLeaseholdAssets 2025-12-31 12411449 d:Buildings d:LongLeaseholdAssets 2024-12-31 12411449 d:PlantMachinery 2025-01-01 2025-12-31 12411449 d:PlantMachinery 2025-12-31 12411449 d:PlantMachinery 2024-12-31 12411449 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 12411449 d:ComputerEquipment 2025-01-01 2025-12-31 12411449 d:ComputerEquipment 2025-12-31 12411449 d:ComputerEquipment 2024-12-31 12411449 d:ComputerEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 12411449 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 12411449 d:ComputerSoftware 2025-12-31 12411449 d:ComputerSoftware 2024-12-31 12411449 d:CurrentFinancialInstruments 2025-12-31 12411449 d:CurrentFinancialInstruments 2024-12-31 12411449 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 12411449 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 12411449 d:ShareCapital 2025-12-31 12411449 d:ShareCapital 2024-12-31 12411449 d:SharePremium 2025-12-31 12411449 d:SharePremium 2024-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2025-12-31 12411449 d:RetainedEarningsAccumulatedLosses 2024-12-31 12411449 c:OrdinaryShareClass1 2025-01-01 2025-12-31 12411449 c:OrdinaryShareClass1 2025-12-31 12411449 c:OrdinaryShareClass1 2024-12-31 12411449 c:OrdinaryShareClass2 2025-01-01 2025-12-31 12411449 c:OrdinaryShareClass2 2025-12-31 12411449 c:OrdinaryShareClass2 2024-12-31 12411449 c:OrdinaryShareClass3 2025-01-01 2025-12-31 12411449 c:OrdinaryShareClass3 2025-12-31 12411449 c:OrdinaryShareClass3 2024-12-31 12411449 c:OrdinaryShareClass4 2025-01-01 2025-12-31 12411449 c:OrdinaryShareClass4 2025-12-31 12411449 c:OrdinaryShareClass4 2024-12-31 12411449 c:OrdinaryShareClass5 2025-01-01 2025-12-31 12411449 c:OrdinaryShareClass5 2025-12-31 12411449 c:OrdinaryShareClass5 2024-12-31 12411449 c:FRS102 2025-01-01 2025-12-31 12411449 c:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 12411449 c:FullAccounts 2025-01-01 2025-12-31 12411449 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 12411449 d:WithinOneYear 2025-12-31 12411449 d:WithinOneYear 2024-12-31 12411449 d:BetweenOneFiveYears 2025-12-31 12411449 d:BetweenOneFiveYears 2024-12-31 12411449 6 2025-01-01 2025-12-31 12411449 d:ComputerSoftware d:OwnedIntangibleAssets 2025-01-01 2025-12-31 12411449 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12411449 FOREFRONT RF LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FOREFRONT RF LIMITED REGISTERED NUMBER: 12411449 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 4 |  | 408 |  | 490
Tangible assets | 5 |  | 497,641 |  | 86,848
Investments | 6 |  | 99 |  | -
|  |  | 498,148 |  | 87,338
CURRENT ASSETS |  |  |  |  |
Debtors | 7 | 693,165 |  | 297,765 |
Cash at bank and in hand |  | 6,455,948 |  | 12,957,199 |
|  | 7,149,113 |  | 13,254,964 |
Creditors: amounts falling due within one year | 8 | (254,471) |  | (966,514) |
NET CURRENT ASSETS |  |  | 6,894,642 |  | 12,288,450
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 7,392,790 |  | 12,375,788
NET ASSETS |  |  | 7,392,790 |  | 12,375,788
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 9 |  | 103,154 |  | 103,154
Share premium account |  |  | 24,166,003 |  | 24,166,003
Profit and loss account |  |  | (16,876,367) |  | (11,893,369)
|  |  | 7,392,790 |  | 12,375,788
Page 1
FOREFRONT RF LIMITED REGISTERED NUMBER: 12411449 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 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: 7 April 2026
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 2025
1. | GENERAL INFORMATION
Forefront RF Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office address is Jeffreys Building, Suites 4 & 5 St John's Innovation Park, Cowley Road, Cambridge, CB4 0DS. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 2025 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:
|  |  |  | Leasehold improvements | - | 5 years straight-line
|  |  |  | Plant and machinery | - | 4 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. Low value assets with a cost of between £500 and £2,000 are depreciated in full in the year of acquisition. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | DEBTORS
Short-term debtors are measured at transaction price, 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.
| 2.9 | 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 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | 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.
| 2.11 | 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 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | 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 18 (2024 - 19).
Page 6
FOREFRONT RF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | INTANGIBLE ASSETS
|  | Intellectual property
|  | £
| COST |
| At 1 January 2025 | 817
| At 31 December 2025 | 817
| AMORTISATION |
| At 1 January 2025 | 327
| Charge for the year on owned assets | 82
| At 31 December 2025 | 409
| NET BOOK VALUE |
| At 31 December 2025 | 408
| At 31 December 2024 | 490
Page 7
FOREFRONT RF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | TANGIBLE FIXED ASSETS
|  | Leasehold improvements | Plant and machinery | Computer equipment | Total
|  | £ | £ | £ | £
| COST OR VALUATION |  |  |  |
| At 1 January 2025 | - | 137,344 | 37,372 | 174,716
| Additions | 173,181 | 318,860 | 34,321 | 526,362
| At 31 December 2025 | 173,181 | 456,204 | 71,693 | 701,078
| DEPRECIATION |  |  |  |
| At 1 January 2025 | - | 52,642 | 35,226 | 87,868
| Charge for the year on owned assets | 22,757 | 71,165 | 21,647 | 115,569
| At 31 December 2025 | 22,757 | 123,807 | 56,873 | 203,437
| NET BOOK VALUE |  |  |  |
| At 31 December 2025 | 150,424 | 332,397 | 14,820 | 497,641
| At 31 December 2024 | - | 84,702 | 2,146 | 86,848
6. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| Additions | 99
| At 31 December 2025 | 99
Page 8
FOREFRONT RF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 560,676 | 250,897
| Prepayments and accrued income | 132,489 | 46,868
|  | 693,165 | 297,765
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 159,552 | 744,330
| Amounts owed to group undertakings | 29,195 | -
| Other taxation and social security | 55,964 | 42,924
| Other creditors | 1,705 | 7,050
| Accruals and deferred income | 8,055 | 172,210
|  | 254,471 | 966,514
9. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 1,133,382 (2024 - 1,133,382) Ordinary A shares of £0.01 each | 11,334 | 11,334
|  | 977,721 (2024 - 977,721) Ordinary B shares of £0.01 each | 9,777 | 9,777
|  | 2,041,776 (2024 - 2,041,776) Ordinary C shares of £0.01 each | 20,418 | 20,418
|  | 624,999 (2024 - 624,999) Series D-1 Ordinary shares of £0.01 each | 6,250 | 6,250
|  | 5,451,128 (2024 - 5,451,128) Series D-2 Ordinary shares of £0.01 each | 54,511 | 54,511
|  | 86,410 (2024 - 86,410) Deferred shares of £0.01 each | 864 | 864
|  |  | 103,154 | 103,154
Page 9
FOREFRONT RF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | SHARE-BASED PAYMENTS
| Share options have been granted to key employees over Ordinary A shares. At balance sheet date, 1,299,352 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.
11. | COMMITMENTS UNDER OPERATING LEASES
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 241,736 | -
| Later than 1 year and not later than 5 years | 302,170 | -
|  | 543,906 | -
Page 10