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REGISTERED NUMBER: 13816260 (England and Wales)





















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RIMAC TECHNOLOGY R&D UK LIMITED

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


RIMAC TECHNOLOGY R&D UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: D Sheridan





REGISTERED OFFICE: David Lowe Extension
Wellesbourne Campus
Warwick
Warwickshire
CV35 9EF





REGISTERED NUMBER: 13816260 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

REPORT OF THE DIRECTOR
for the year ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of research and development activities for Rimac Technology d.o.o.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

P W Thomas - resigned 20 June 2023
D Sheridan - appointed 20 June 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D Sheridan - Director


13 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIMAC TECHNOLOGY R&D UK LIMITED

Opinion
We have audited the financial statements of Rimac Technology R&D UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIMAC TECHNOLOGY R&D UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIMAC TECHNOLOGY R&D UK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lucy Hatton FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

13 September 2024

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

INCOME STATEMENT
for the year ended 31 December 2023

Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
Notes £    £   

TURNOVER 4 8,846,590 2,932,911

Cost of sales 456,915 287,125
GROSS PROFIT 8,389,675 2,645,786

Administrative expenses 8,390,756 2,548,952
(1,081 ) 96,834

Other operating income 5 558,966 -
OPERATING PROFIT 7 557,885 96,834

Interest receivable and similar income 2,941 264
560,826 97,098

Interest payable and similar expenses 8 13,562 870
PROFIT BEFORE TAXATION 547,264 96,228

Tax on profit 9 218,243 50,000
PROFIT FOR THE FINANCIAL YEAR 329,021 46,228

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
Notes £    £   

PROFIT FOR THE YEAR 329,021 46,228


OTHER COMPREHENSIVE INCOME
Share based payments 371,437 170,400
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

371,437

170,400
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

700,458

216,628
Note
Prior year adjustment 10 (170,400 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

530,058

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

BALANCE SHEET
31 December 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 676,965 144,316

CURRENT ASSETS
Debtors 12 1,068,772 565,442
Cash at bank 6,071 97,354
1,074,843 662,796
CREDITORS
Amounts falling due within one year 13 781,638 557,400
NET CURRENT ASSETS 293,205 105,396
TOTAL ASSETS LESS CURRENT
LIABILITIES

970,170

249,712

PROVISIONS FOR LIABILITIES 15 53,000 33,000
NET ASSETS 917,170 216,712

CAPITAL AND RESERVES
Called up share capital 16 84 84
Share based payment reserve 17 541,837 170,400
Retained earnings 17 375,249 46,228
SHAREHOLDERS' FUNDS 917,170 216,712

The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





D Sheridan - Director


RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Share
Called up based
share Retained payment Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Issue of share capital 84 - - 84
Total comprehensive income - 216,628 170,400 387,028
Balance at 31 December 2022 84 216,628 170,400 387,112
Prior year adjustment - (170,400 ) - (170,400 )
As restated 84 46,228 170,400 216,712

Changes in equity
Total comprehensive income - 329,021 371,437 700,458
Balance at 31 December 2023 84 375,249 541,837 917,170

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Rimac Technology R&D UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements and functional currency of the company is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:

Computer equipmentStraight line, 33%
Fixtures & FittingsStraight line, 25%
Plant & MachineryStraight line, 25%
Leasehold ImprovementsOver life of the lease

Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the year that the disposal takes place.

Financial instruments
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses.


RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The Company operates a defined contribution pension scheme for its employees. Contributions payable to the Company's pension scheme are charged to the Income Statement in the period to which they relate. A defined contribution plan is a pension scheme under which the Company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid.

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Share based payments
Rimac Group d.o.o. (the Company's ultimate parent) manages a plan for benefits in the form of share options in its equity. Under the ESOP ('Employee Stock Ownership Plan') programme, the Management and employees of the Company have the right to receive share-based remuneration, where the employees render services in exchange for the option to purchase equity instruments ('share-based payments') in the equity of Rimac Group d.o.o. The total nominal value of the equity to be granted is established based on a predefined award fund for each employee, while the amount of equity instruments that is granted will depend on the nominal value and total amount of equity instruments on the day that the right is exercised.

Once the Management of the parent company or a specifically designated commission determines the number of points to which an employee is entitled based on predefined criteria, the participants will receive an option certificate containing the number of points that represent the nominal value of the shares which the employee will be entitled to purchase, in accordance with ESOP conditions, the deadline for the purchase of the shares, the liquidity event (acquisition event), the conditions and limitations, and the price of the relevant shares (exercise price). If the employees choose to accept the share options, they will be entitled to those options once they have been employed by the Group for at least one year (vesting period). After one year, they will be entitled to a ¼ of the shares granted to them. The maximum retention period is 4 years or until a liquidity event (initial public offering or acquisition of the Group by a third party) occurs. Rimac Group d.o.o. is the holder of the ESOP programme for the entire Group.

The cost of transactions settled with equity instruments granted to employees is measured at the fair value of the equity instrument on the grant date. This cost, as well as the corresponding equity increase, is recognised over the period in which relevant conditions are fulfilled, ending on the day on which the rights will be fully vested ('day that the right is exercised'). Total expenses recognised for share-based payments at each reporting date up to the day that the right is fully vested reflect the extent to which the vesting period has expired and the Company's best assessment of the amount of equity instruments that will ultimately be granted. Expenses or income in profit for the period present a change in total expenses that are recognised at the beginning and end of that period.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Europe 8,846,590 2,932,911
8,846,590 2,932,911

5. OTHER OPERATING INCOME
Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
RDEC ATL credit 558,966 -

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. EMPLOYEES AND DIRECTORS
Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Wages and salaries 5,119,279 1,559,650
Social security costs 613,142 195,471
Other pension costs 635,972 158,882
6,368,393 1,914,003

The average number of employees during the year was as follows:
Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated

Director 1 1
Operations 72 28
73 29

Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Directors' remuneration 47,886 45,678
Directors' pension contributions to money purchase schemes 5,031 1,355

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Key management are considered to be the directors of the company and their compensation paid or payable is shown above.

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. OPERATING PROFIT

The operating profit is stated after charging:

Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Hire of plant and machinery 14,978 -
Other operating leases 7,543 4,591
Depreciation - owned assets 131,116 17,606
Auditors' remuneration 9,000 9,000
Foreign exchange differences 16,801 2,473

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Other interest 13,562 870

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Current tax:
UK corporation tax 182,008 17,000
Prior year 16,235 -
Total current tax 198,243 17,000

Deferred tax 20,000 33,000
Tax on profit 218,243 50,000

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
23.12.21
Year Ended to
31.12.23 31.12.22
as restated
£    £   
Profit before tax 547,264 96,228
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

128,722

18,283

Effects of:
Expenses not deductible for tax purposes 93,851 32,552
Adjustments to tax charge in respect of previous periods 16,235 -
Other permanent deductions (4 ) (8,530 )
Deferred tax rate and rounding differences 20,000 7,695
Capital allowances in excess of depreciation (31,756 ) -
R&D tax credit (23,576 ) -
Movement in provisions 14,771 -
Total tax charge 218,243 50,000

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Share based payments 371,437 - 371,437

23.12.21 to 31.12.22
Gross Tax Net
£    £    £   
Share based payments 170,400 - 170,400

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. PRIOR YEAR ADJUSTMENT

Prior period adjustments have been made to the year ended 31 December 2022 as a result of the employee share based payment scheme operated at group level as discussed in note 21.

The adjustments are to include the share based payment expense and related reserve within other comprehensive income.




2022

Retained
earnings
Share
based
payments


Total
£££
As previously stated216,628-216,628
Include share based payment expense(170,400)-(170,400)
Include other comprehensive income re. share based payment-170,400170,400
As restated46,228170,400216,628

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 - 23,700 14,286 123,936 161,922
Additions 427,267 41,419 61,827 133,252 663,765
At 31 December 2023 427,267 65,119 76,113 257,188 825,687
DEPRECIATION
At 1 January 2023 - 2,716 1,380 13,510 17,606
Charge for year 45,508 11,450 15,911 58,247 131,116
At 31 December 2023 45,508 14,166 17,291 71,757 148,722
NET BOOK VALUE
At 31 December 2023 381,759 50,953 58,822 185,431 676,965
At 31 December 2022 - 20,984 12,906 110,426 144,316

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 19,268 -
Amounts owed by group undertakings 25,421 105,516
Other debtors 131,802 9,067
VAT 282,064 111,491
Corporation tax receivable 343,723 -
Accrued income 149,562 330,789
Prepayments 116,932 8,579
1,068,772 565,442

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 126,224 223,231
Other Creditors 63,029 163,172
Amounts owed to group undertakings 40,883 -
Tax - 17,000
Social security and other taxes 214,257 141,316
Accruals and deferred income 61,531 -
Accrued expenses 275,714 12,681
781,638 557,400

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 303,833 6,234
Between one and five years 804,000 -
In more than five years 887,750 -
1,995,583 6,234

15. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances - 33,000
Deferred tax 53,000 -
53,000 33,000

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 33,000
Charge to Income Statement during year 20,000
Balance at 31 December 2023 53,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
100 Ordinary €1 84 84

Share capital was allotted and fully paid during the period ended 31 December 2022.

17. RESERVES
Share
based
Retained payment
earnings reserve Totals
£    £    £   

At 1 January 2023 216,628 170,400 387,028
Prior year adjustment (170,400 ) (170,400 )
46,228 216,628
Profit for the year 329,021 329,021
Share based payments - 371,437 371,437
At 31 December 2023 375,249 541,837 917,086

Retained Earnings

The retained earnings account represents cumulative profits and losses to date, less any dividends payable.

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for its employees. Contributions to the scheme during the financial period amounting to £635,972 (2022: £158,882) have been charged to the Income Statement. At the balance sheet date a balance of £63,029 (2022: £38,441) was outstanding.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

RIMAC TECHNOLOGY R&D UK LIMITED (REGISTERED NUMBER: 13816260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

20. ULTIMATE CONTROLLING PARTY

The smallest and largest group in which the results of the Company are consolidated is that of Rimac Group LLC. Rimac Group LLC is the ultimate controlling party, a company incorporated in Croatia.

The registered office of Rimac Group LLC is Ljubljanska 7, 10431 Sveta Nedelja, Croatia from which consolidated accounts can be obtained.

21. SHARE-BASED PAYMENT TRANSACTIONS

In 2023, the Company recognised provisions for share-based payments in the amount of £371,437 (2022: £170,400), based on which employees have share options in Rimac Group d.o.o.

The Company assess their value for new option recipients within the reporting year at each reporting date and at least once a year. Total expenses recognised for share-based payments at each reporting date up to the day that the right is fully vested reflect the extent to which the vesting period has expired and the Company's best assessment of the amount of equity instruments that will ultimately be granted. Expenses or income in profit for the period present a change in total expenses that is recognised at the beginning and end of that period.

Provisions for share-based payments are calculated based on the value of the Company's equity assessed using 75% DCF / 25% comparative method weighting, taking into account the value of the Company's equity from the last assessment.

Other key assumptions used in the calculation:
- Percentage of employee retention: 90% (2022: 93%);
- Vesting period: 4 years from the grant date of option certificate;
- Exercise price: the monetary value of the exercise price is not predefined in the ESOP plan; rather, it is determined depending on the nominal value of the equity instrument which the option holder has the right to acquire.
- The fair value of a single monetary unit of the nominal amount of the Rimac Group d.o.o.'s share capital is assessed to be £6.06 (EUR 6.99) (2022: £8.74 (EUR 9.85)).

Movement of the shares granted to selected employees under the ESOP program during the year ended 31 December 2023 are as follows:

Number of pointsValue
£   
Outstanding at 1 January 2022--
Granted during the prior period21,261170,400
Outstanding at 31 December 202221,261170,400
Granted during the period69,391371,437
Outstanding at 31 December 202390,652541,837