ACCOUNTS - Final Accounts

Registered number: 06896077

GOONHILLY EARTH STATION LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2025

GOONHILLY EARTH STATION LIMITED

REGISTERED NUMBER:06896077

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	5		21,795		18,670
Tangible assets	6		6,226,576		7,119,320
			6,248,371		7,137,990
Current assets
Stocks		2,680		-
Debtors: amounts falling due within one year	7	1,598,997		2,151,405
Cash at bank and in hand	8	619,213		193,311
		2,220,890		2,344,716
Creditors: amounts falling due within one year	9	(1,456,477)		(1,024,131)
Net current assets			764,413		1,320,585
Total assets less current liabilities			7,012,784		8,458,575
Creditors: amounts falling due after more than one year	10		(6,178,436)		(7,442,390)

Net assets			834,348		1,016,185

Capital and reserves
Called up share capital		34,262	34,262
Share premium account	11	3,216,797	3,216,797
Other reserves	11	1,001,686	998,228
Profit and loss account	11	(3,418,397)	(3,233,102)
		834,348	1,016,185

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 29 May 2026.

Mr R Bijtjes

Director

The notes on pages 3 to 13 form part of these financial statements.

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GOONHILLY EARTH STATION LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 June 2023	34,262	3,216,797	940,790	(2,761,478)	1,430,371

Loss for the year	-	-	-	(471,624)	(471,624)
Capital contribution from parent provision of interest free loan	-	-	57,438	-	57,438

At 1 June 2024	34,262	3,216,797	998,228	(3,233,102)	1,016,185

Loss for the year	-	-	-	(185,295)	(185,295)
Contributions by and distributions to owners
Capital contribution from parent provision of interest free loan	-	-	3,458	-	3,458
At 31 May 2025	34,262	3,216,797	1,001,686	(3,418,397)	834,348

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1.	GENERAL INFORMATION

Goonhilly Earth Station Limited (registered number 06896077) is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is Goonhilly Satellite Earth Station, Goonhilly Downs, Helston, Cornwall, TR12 6LQ.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

During the year the company generated a loss before tax of £185,295 and at the year end the company had net current assets of £764,413. EBITDA for the current year indicates an underlying profitable trading performance of £899,476.

The Company has a strong cash balance at the year end, and the Company has taken measures to preserve its cashflow including access to funding under an intercompany loan facility with Goonhilly Holdings Ltd, which is repayable on 370 day notice. The Directors have considered the post balance sheet events disclosed in note 15 and have concluded that these do not impact on the Company's ability to continue as a going concern

The Directors have considered the financial performance of the Company per the management accounts and have prepared cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. Based on these forecasts, and having regard to the mitigating actions available to the Company, the Directors are satisfied that the Company is expected to be able to meet its liabilities as they fall due over this period.

Having considered the Company’s financial position, forecast performance, available financing facilities, and the ongoing monitoring of business risks and mitigating actions, the Directors conclude that the Company has adequate resources to continue in operational existence for at least a period of 12 months from approval of the financial statements. Accordingly, the financial statements for the year ended 31 May 2025 have been prepared on the going concern basis.

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.ACCOUNTING POLICIES (CONTINUED)

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.5

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.6

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.

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.7

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.

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.

Amortisation is provided on the following bases:

Computer software

20%

straight line

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.ACCOUNTING POLICIES (CONTINUED)

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:

Long-term leasehold property	-	10-20%
Plant and machinery	-	10-25%
Motor vehicles	-	25%
Fixtures and fittings	-	25%
Computer equipment	-	33.33%

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.

Assets under the course of construction are not depreciated.

2.9

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.

2.10

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.

2.11

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.

2.12

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.12

FINANCIAL INSTRUMENTS (CONTINUED)

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.13

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.14

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2.15

PENSIONS

Defined contribution 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.

2.16

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.17

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.18

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.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The directors believe that the key judgements and estimates during the year are as follows:

Effective interest on loans - The directors have estimated an effective interest rate to be applied to discount interest free intercompany loans due for repayment in more than one year. This estimate was made at initial recognition and is not reassessed.

Grant income recognition - The company receives a grant which is accounted for under the performance method. A key estimate is the level of performance conditions that have been met, and hence the value of the grant to be recognised.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 52 (2024: 50).

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

5.	INTANGIBLE ASSETS

		Computer software
		£
	COST
	At 1 June 2024	39,473
	Additions	11,633
	At 31 May 2025	51,106
	AMORTISATION
	At 1 June 2024	20,803
	Charge for the year on owned assets	8,508
	At 31 May 2025	29,311
	NET BOOK VALUE
	At 31 May 2025	21,795
	At 31 May 2024	18,670

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

	6.	TANGIBLE FIXED ASSETS

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Assets under the course of construction	Total
	£	£	£	£	£	£	£
COST
At 1 June 2024	2,708,854	10,288,137	16,300	222,409	223,659	19,155	13,478,514
Additions	-	154,205	21,225	10,288	15,488	-	201,206
Disposals	-	(17,350)	(21,225)	-	-	-	(38,575)
Transfers between classes	-	19,155	-	-	-	(19,155)	-
At 31 May 2025	2,708,854	10,444,147	16,300	232,697	239,147	-	13,641,145
DEPRECIATION
At 1 June 2024	913,614	5,083,808	16,300	143,885	201,587	-	6,359,194
Charge for the year on owned assets	64,051	959,542	3,538	33,058	16,074	-	1,076,263
Disposals	-	(17,350)	(3,538)	-	-	-	(20,888)
At 31 May 2025	977,665	6,026,000	16,300	176,943	217,661	-	7,414,569
NET BOOK VALUE
At 31 May 2025	1,731,189	4,418,147	-	55,754	21,486	-	6,226,576
At 31 May 2024	1,795,240	5,204,329	-	78,524	22,072	19,155	7,119,320

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

DEBTORS

					2025	2024
					£	£


Trade debtors	643,255	435,059
Amounts owed by group undertakings	8,190	1,089,721
Other debtors	8,430	8,433
Prepayments and accrued income	888,260	567,330
Tax recoverable	50,862	50,862
	1,598,997	2,151,405

Amounts owed by group undertakings are non-interest bearing loans, repayable on demand.

8.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

Cash at bank and in hand	619,213	193,311
	619,213	193,311

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	378,261	115,281
Other taxation and social security	123,194	106,496
Other creditors	17,296	15,537
Accruals and deferred income	937,726	786,817
	1,456,477	1,024,131

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

10.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2025	2024
		£	£

Amounts owed to group undertakings	6,178,436	7,442,390
	6,178,436	7,442,390

Amounts owed to Group undertakings are non-interest bearing loans, repayable within 370 days of demand.

11.

RESERVES

Share premium account

This reserve records the amount by which the amount received by the company for shares issued exceeds its face value.

Other reserves

This reserve represents capital contributions from the parent company's provision of interest free loans.

Profit and loss account

This reserve records retained earnings and accumulated losses.

12.	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 £45,721 (2024: £40,969). Contributions totalling £14,090 (2024: £12,127) were payable to the fund at the reporting date and are included in creditors.

13.	SHARE-BASED PAYMENTS

Goonhilly Holdings Ltd, including its subsidiaries, operates an equity-settled share based remuneration scheme for employees in the Group. In accordance with the scheme rules, options are only exercisable on the event of an exit. These options include the condition of continued employment until an exit. The options expire 10 years after the grant date.

Full disclosure of the scheme is available in the consolidated accounts of Goonhilly Holdings Ltd.

14.	RELATED PARTY TRANSACTIONS
	As a wholly owned subsidiary undertaking of Goonhilly Holdings Ltd, the company has taken advantage of the exemption in section 33.1a of FRS 102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

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GOONHILLY EARTH STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

15.	POST BALANCE SHEET EVENTS

On 5 October 2025, there was a fire in the equipment building of GHY-6. The fire was caused by a failed UPS. GHY-6 was operational again on 6 January 2026. As a result of the fire, Goonhilly incurred damages, however losses incurred as a result of the fire are expected to be covered by insurance for a value of up to £6m. The company does not expect the incident to have a material impact on the business going forward.

On 14 May 2026 Goonhilly Holdings Ltd (100% parent company) signed an agreement for Intuitive Machines LLC to acquire Goonhilly Earth Station Limited and Goonhilly Inc (100% fellow subsidiary) for consideration of £37m, subject to regulatory approvals. This transaction is a non-adjusting post balance sheet event.

16.	CONTROLLING PARTY

The parent of the smallest group in which these financial statements are consolidated is Goonhilly Holdings Ltd, incorporated in England and Wales, registered number 11305066. The consolidated accounts are available from Companies House, Cardiff.

17.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 May 2025 was unqualified.

The audit report was signed on 29 May 2026 by Kevin Connor FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

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