Share-based payments reserve
Details of the number and weighted average exercise prices (WAEP) of share options relating to equity-settled share based payments accounted for following the transition to FRS 102 section 1A are as follows:
2023 2022
No. WAEP No. WAEP
Outstanding at 1 January 2023 643,375 0.0001 643,375 0.0001
Granted during the year - 0.0001 - 0.0001
Exercised during the year - 0.0001 - 0.0001
Lapsed during the year - 0.0001 - 0.0001
Forfeited during the year (643,375) 0.0001 - 0.0001
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Outstanding at 31 December 2023 - 0.0001 643,375 0.0001
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No options (2022: 95,500 options) granted prior to the transition to FRS102 Section 1A remain outstanding at the year end.
The weighted average exercise prices (WAEP) of the share options are based on an estimate of fair value using entity-specific observable market data obtained from recent transactions in the acquisition of shares in the company.
The total expense recognised in profit or loss for the year is as follows:
2023 2022
£ £
Equity-settled share-based payments 36 9,836
Share options exercised in the year - -
Share options forfeited in the year (437,740) -
───────── ────────
(437,740) 9,836
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Company share option schemes
2013 Option Scheme
On 10 September 2013 the company granted 10 employees and non-employees options over a total of 404,035 Class B Ordinary shares at an exercise price of £0.0001 per share. These options are exercisable up to ten years from the date of grant. The options may be exercised during this ten year period subject to specific vesting conditions being met.
In the event of takeover, floatation, management buy-out, voluntary winding-up, or sale of trade and assets of the company, all options become exercisable and must be exercised.
On 16 November 2017 two employees signed a deed to surrender the right to acquire a total of 268,500 Class B Ordinary shares.
During the year 95,500 Class B Ordinary shares granted to one employee and two non-employees lapsed.
1,000 Class B Ordinary shares granted to one employee was forfeited in a prior year.
No options were exercised during the year (39,035 were exercised during a prior year).
No options remain from this scheme at the year end.
2016 Option Scheme
On 26 September 2016 the company granted 7 employees and non-employees options over a total of 192,000 Class B Ordinary shares at an exercise price of £0.0001 per share. These options are exercisable up to ten years from the date of grant. The options may be exercised during this ten year period subject to specific vesting conditions being met.
In the event of takeover, floatation, management buy-out, voluntary winding-up, or sale of trade and assets of the company, any outstanding part of the option becomes exercisable.
During the year 147,000 Class B Ordinary shares granted to four employees and two non-employees have subsequently been forfeited (20,000 in a prior year).
25,000 Class B Ordinary shares granted to one employee have subsequently lapsed in a prior year.
No options were exercised during the year (2022: nil).
No options remain from this scheme at the year end.