HYBRID AIR VEHICLES LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 1.4 in the financial statements, which sets out that the Group's forecast cashflow is dependent on certain assumptions with regards to the group's financing activities. As stated in Note 1.4, these events or conditions along with the other matters as set forth in the note, indicate that a material uncertainty exists that may cast significant doubt on the Group and Company's ability to continue as a going concern.

1. HYBRID AIR VEHICLES LIMITED 2007-09-12 → present
2. HAP ACQUISITIONS LIMITED 2007-07-20 → 2007-09-12
3. DWSCO 2704 LIMITED 2007-06-06 → 2007-07-20

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 1.4 in the financial statements, which sets out that the Group's forecast cashflow is dependent on certain assumptions with regards to the group's financing activities. As stated in Note 1.4, these events or conditions along with the other matters as set forth in the note, indicate that a material uncertainty exists that may cast significant doubt on the Group and Company's ability to continue as a going concern.”

Group structure

1. HYBRID AIR VEHICLES LIMITED · parent
   1. Cardington Airship Project Limited 100% · United Kingdom · Dormant
   2. Airlander Limited 100% · United Kingdom · Dormant
   3. HAV (EU) SAS 100% · France · Active

Significant events

• “On 31 March 2025 the Group extended the maturity dates on the 2019 Convertible Loan Notes, the First Priority Loan and the Senior Secured Loan to 31st December 2025.”
• “The £0.86 equity round which commenced in October 2024 was extended to the Crowdcube platform in April 2025. The total funds secured from on- and offline activities amounted to £3.0 million resulting in the issue of 3,470,796 shares.”
• “Non-tax-advantaged share options have been awarded to Directors, Senior Executives and members of staff during the period. At the date of signing share options totalling 434,397 have been accrued.”
• “In November 2024 the Regional Growth Fund advised the business that it would seek the repayment of approximately £1.9 million of previously advanced grant monies.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

6

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +428.6%

  £306,994 → £1,622,807

• Cash

  -59.6%

  £362,278 → £146,199

• Net assets

  +111.1%

  £4,518,583 → £9,537,542

• Employees

  -4.9%

  61 → 58

• Operating profit

  -53.8%

  -£3,731,852 → -£5,739,545

• Profit before tax

  -49%

  -£4,503,006 → -£6,711,144

• Wages

  +6.2%

  £3,795,105 → £4,029,075

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers