Company registration number 13631590 (England and Wales)
SUPERDIELECTRICS GROUP PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SUPERDIELECTRICS GROUP PLC
COMPANY INFORMATION
Directors
Mr F J Heathcote
Mr Marcus Scott
Mr I Wright
M A Spencer
Mr N A Spence
Mr M U A Buckley
Secretary
Mr Marcus Scott
Company number
13631590
Registered office
The Mansion
Chesterford Park
Little Chesterford
Saffron Walden
CB10 1XL
Accountants
Ensors Accountants LLP
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
SUPERDIELECTRICS GROUP PLC
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 33
SUPERDIELECTRICS GROUP PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Superdielectrics Group PLC is a holding company and therefore generates no turnover. The company's only costs during the year were in relation to bank charges and audit fees creating an operating loss of £8,926. There were no other costs incurred.

The Company has a strong statement of financial position due to its investment in its subsidiary, Superdielectrics Ltd, a company involved in research and development activities.

Principal risks and uncertainties

The directors continually review the business environment to identify any new significant risks to the company along with any significant changes to existing risks and will take action where appropriate to respond to any changes. The principal risk facing the company is the outcome of the research and development activities undertaken by its subsidiary undertaking.

 

We continue to manage risk through a series of regular management and strategic review meetings as well as by staying fully engaged with external stakeholders.

Key performance indicators

Due to the nature of the Company being a holding company the Directors do not consider there to be any financial or non- financial key performance indicators.

Section 172 (1) Statement

The Directors have had regards for the matters set out in section 172(1) of the Companies Act 2006 when performing their duty under section 172. The Directors consider that they have acted in good faith in the way that would be most likely to promote the success of the Company for the benefit of its members as a whole, while also having regards to the d172(1) matters referred to below:

 

(a) The likely consequences of any decision in the long term

(b) The interests of the company’s employees

(c) The need to maintain the company’s business relationships with suppliers, customers and others

(d) The impact of the company’s business relationships

(e) The desirability of the company maintaining a reputation for high business conduct

(f) The need to act fairly between members of the company

 

The accounts presented are for the individual company Superdielectrics Group Plc however the Directors feel as though a better understanding of how the Company has regard to the s172(1) matters is needed by also discussing the main trading subsidiary of the Group being Superdielectrics Ltd. The matters below therefore represent the Company itself in combination with its subsidiaries.

 

The Directors have had regard for the above matters as presented below.

SUPERDIELECTRICS GROUP PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Long-term Direction

The Company was incorporated under the laws of England and Wales on 20 September 2021 with the purpose of acting as the holding company of the Superdielectrics Group, pursuant to which it would seek funding and commercial partners to progress Superdielectric’s (SD) technology to the next stage of its development. On 29 October 2021, the Group was re-organised by the Company acquiring the entire issues share capital of SD on completion of the Share Exchange Agreements. SD has made a significant scientific breakthrough in electrical energy storage technology with the potential to outpace the energy densities of existing comparable Supercapacitors.

 

Purpose-led Engagement

The Group has discovered and patented new Polymers which can be used as electrolytes in Supercapacitors (the “Superdielectrics Polymers”). The Capacitance values as independently reported by the University of Surrey and the University of Bristol offer a step change in Supercapacitor technology. These new Superdielectrics Polymers have demonstrated exceptional Capacitance values 3 or 4 orders of magnitude (1,000 to 10,000 times) greater than conventional electrolyte solutions in the laboratories of both universities. Further research and development is underway to develop these laboratory results into commercial energy storage devices. The Directors believe that further successful development of the Superdieletrics Polymers could challenge existing battery technology on performance and cost while being complementary to existing storage technologies, including, for example, batteries and hydrogen.

 

Reputation and High Standards of Business Conduct

The Directors believe the key strengths of SD are a highly experienced team with its CEO, Finance Director and Director of Research each having significant experience at a publicly traded company; SD has sole ownership of a wide-ranging IP portfolio; a focus on developing technology which is aimed at facilitating the global shift away from fossil fuels; and technology which has been independently validated by the University of Bristol and the University of Surrey.

 

Commitment to Community and the Environment

Superdielectrics Polymers are environmentally benign, as they do not contain conflict metals and are not formed of materials which are in short supply or difficult to obtain. The Directors therefore believe this new technology developed by SD has the potential of becoming a revolutionary product in the field of energy storage. As set out above, SD is now developing the technology for licensing to a third party at Group’s laboratory facilities near Cambridge.

 

Interest of Group Employees

SD has expanded its highly qualified science team with the aim of preparing the technology for commercial use. The Directors are seeking to:-

 

(a) further expand both its research and development teams and

(b) invest in equipment to increase the performance parameters of the Superdielectrics devices for commercialisation.

 

Our Shareholders

The Board seeks to ensure that communications are clear and its actions in accordance with the Group’s stated strategic aims to promote long term success of the Company. Regular communications and strategic updates are provided to shareholders to ensure this.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERDIELECTRICS GROUP PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

Mr Marcus Scott
Director
22 August 2024
SUPERDIELECTRICS GROUP PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr F J Heathcote
Mr Marcus Scott
Mr I Wright
M A Spencer
Mr N A Spence
Dr D J Highgate
(Resigned 30 June 2023)
Mr M U A Buckley
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of the business and risks to the business.

On behalf of the board
Mr Marcus Scott
Director
22 August 2024
SUPERDIELECTRICS GROUP PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are 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, International Accounting Standard 1 requires that directors:

 

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

SUPERDIELECTRICS GROUP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPERDIELECTRICS GROUP PLC
- 6 -
Opinion

We have audited the financial statements of Superdielectrics Group Plc (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

SUPERDIELECTRICS GROUP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPERDIELECTRICS GROUP PLC (CONTINUED)
- 7 -
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 strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition and management override of systems and control.

 

We also obtained an understanding of the applicable laws and regulations that the company has to abide by, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation. We paid particular focus to those laws and regulations that had the potential to materially impact the amounts and disclosures within the financial statements.

SUPERDIELECTRICS GROUP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPERDIELECTRICS GROUP PLC (CONTINUED)
- 8 -

After our initial risk assessment, we performed the following procedures to detect material misstatements in respect of irregularities arising due to fraud or error:

 

 

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance with relevant laws and regulations or fraud.

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Malcolm McGready (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
22 August 2024
Chartered Accountants
Statutory Auditor
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
SUPERDIELECTRICS GROUP PLC
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Administrative expenses
(8,926)
(240)
Operating loss
(8,926)
(240)
Income tax expense
6
-
-
Loss and total comprehensive income for the year
20
(8,926)
(240)
SUPERDIELECTRICS GROUP PLC
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 10 -
31 March
31 March
1 April
2024
2023
2022
Notes
£
£
£
Non-current assets
Investments
7
271,757,838
271,675,872
271,149,773
Current assets
Trade and other receivables
9
1,800,300
1,633,000
-
Cash and cash equivalents
429
704
944
1,800,729
1,633,704
944
Current liabilities
Trade and other payables
12
25,450
-
0
-
Borrowings
13
1,000
1,000
1,000
26,450
1,000
1,000
Net current assets
1,774,279
1,632,704
(56)
Net assets
273,532,117
273,308,576
271,149,717
Equity
Called up share capital
16
1,212,245
1,211,643
1,205,111
Share premium account
17
1,776,370
1,626,472
4
Own shares
19
269,944,662
269,944,662
269,944,662
Equity reserve
18
608,066
526,099
-
Retained earnings
20
(9,226)
(300)
(60)
Total equity
273,532,117
273,308,576
271,149,717
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr Marcus Scott
Director
Company registration number 13631590 (England and Wales)
SUPERDIELECTRICS GROUP PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Equity reserve
Merger reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1,205,111
4
-
269,944,662
(60)
271,149,717
As restated
1,205,111
4
-
0
269,944,662
(60)
271,149,717
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
-
(240)
(240)
Transactions with owners:
Issue of share capital
16
6,532
1,626,468
-
-
-
1,633,000
Issue of group share options
-
-
526,099
-
-
526,099
Balance at 31 March 2023
1,211,643
1,626,472
526,099
269,944,662
(300)
273,308,576
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
-
(8,926)
(8,926)
Transactions with owners:
Issue of share capital
16
602
149,898
-
-
-
150,500
Issue of group share options
13
-
-
81,967
-
-
81,967
Balance at 31 March 2024
1,212,245
1,776,370
608,066
269,944,662
(9,226)
273,532,117
SUPERDIELECTRICS GROUP PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(150,775)
(1,633,240)
Net cash outflow from operating activities
(150,775)
(1,633,240)
Financing activities
Proceeds from issue of shares
150,500
1,633,000
Net cash generated from financing activities
150,500
1,633,000
Net decrease in cash and cash equivalents
(275)
(240)
Cash and cash equivalents at beginning of year
704
944
Cash and cash equivalents at end of year
429
704
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Superdielectrics Group Plc is a public company limited by shares incorporated in England and Wales. The registered office is The Mansion, Chesterford Park, Little Chesterford, Saffron Walden, CB10 1XL. The Company is a holding company of Superdielectrics Ltd, a company incorporated in England and Wales engaged in experimental research and development of mineral sciences and engineering.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

 

These financial statements are the first financial statements prepared by the company in accordance with IFRS. Note 23 includes further information on how the transition to IFRS affected the company's previously reported financial position and financial performance for the year ended 31 March 2024.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements presented are the company's individual financial statement as the company has taken advantage of the exemption under 399 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial information presented has been prepared on the going concern basis, which assumes Superdielectrics Limited will continue in operational existence for the foreseeable future.

 

The Company's principal activity is that of a holding company and, accordingly, the Company is dependent on both the trading performance and support of its trading subsidiary, Superdielectrics Limited, to ensure the Company has adequate resources to continue in operation existence for the foreseeable future. A letter of support has also been issued by Superdielectrics Limited to the Company and after reviewing Superdielectrics Limited's forecasts and projections the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, this being 12 months of sign off from these financial statements. The Company has therefore adopted the going concern basis in preparing these financial statements.

 

1.3
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Financial assets

IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets.

 

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

1.6
Financial liabilities

IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets and liabilities.

 

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognise a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

 

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred, or liabilities assumed) is recognised in profit or loss.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

Warrants issued by the company which do not meet the share based payment recognition criteria have instead been reviewed under IAS 32. Those which have met the fixed-for-fixed condition have been classified as equity instruments. The Warrants are measured at the fair value at the date of grant using a fair value model, they are not subsequently re-measured. Warrants issued alongside the issue of ordinary shares have their fair value deducted from the consideration received for the issuance of share capital and recognised within a separate equity reserve.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.8

Share for share exchanges

Share for share exchanges, where the company issues equity shares in consideration for the acquisition of equity shares in another entity, are accounted for at the fair value of the equity shares acquired. The equity shares acquired are accounted for as non-current investments. A merger reserve is created to represent the difference between the nominal and fair value of the shares acquired.

1.9

Share based payments

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The share options are issued as company equity instruments with the services being rendered by employees of its subsidiary.

 

The expense in relation to options over the company's shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company's investment in that subsidiary with the corresponding side being an increase in equity.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2
Adoption of new and revised standards and changes in accounting policies
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):

IAS 1 (amendments)
Presentation of Financial Statements - Classification of Liabilities as Current or Non-Current (effective for periods beginning on or after 1 January 2024)
IAS 16 (amendments)
Leases on sale and leaseback (effective for periods beginning on or after 1 January 2024)
IAS 1 (amendments)
Presentation of Financial Statements - Non-current Liabilities with Covenants (effective for periods beginning on or after 1 January 2024)
IAS 7 (amendments)
Statement of Cash Flows and Financial Instruments - Supplier Finance Arranagements (effective for periods beginning on or after 1 January 2024)
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Valuation of Investment in Superdielectrics Limited

There has been key areas of judgement regarding the valuation of the investment in the subsidiary Superdielectrics Ltd. Management have adopted a cost model less impairment basis as per Note 1.3. When assessing whether the investment in the subsidiary has been impaired, due to the inactive market in pre-revenue technology stocks like Superdielectrics, and the company still being within the research phase, management have considered the market value of a share price in Superdielectrics Group Plc and whether decreases in a share issue price are an indication of impairment. Management have determined using the latest transaction within the reporting period as an accurate representation of the value in the subsidiary and therefore do not consider the investment in the subsidiary impaired at the reporting date. Management have considered events beyond the reporting period up to the date of sign off in their review of impairment.

 

Management consider this to be a key judgement due to the inactive market in pre-revenue technology stocks like Superdielectrics Ltd and the considerations in regard to impairment and thus acknowledge there are possibilities of alternative conclusions being reached. The value of the investment represents a significant and material value of the financial statements, an impairment would reduce the cost of the investment with the reduction going through other comprehensive income and a reduction to the 'merger reserve' within the Statement of Changes in Equity.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Critical accounting estimates and judgements
(Continued)
- 18 -
Key sources of estimation uncertainty
Share based payments

During the year ended 31st March 2024, Superdielectrics Group Plc granted 3,040,000 share options to employees of Superdielectrics Ltd. The options have an exercise price of 0.25pence per option. The options are exercisable within Superdielectrics Group Plc, however, as the holders are employees of Superdielectrics Ltd and the services are being rendered within this Company, consequently the share based payment expense charge of £81,967 (2023: £526,099) is recognised through the income statement of Superdielectrics Ltd with a corresponding value to equity. Due to the options being exercisable within Superdielectrics Group Plc, as per Note 1.10 the share based payment is recognised by Superdielectrics Group Plc as a capital contribution and presented as an increase in the company's investment in that subsidiary.

 

The fair value of the warrants and options was determined based on the Black-Scholes option pricing model taking into account the following assumptions:

 

Fair value of shares of Parent entity

0.25pence per share

 

 

Volatility of shares

20%

 

 

 

Further explanations of the key assumptions above are as follows:

 

Share price: As Superdielectrics Group Plc shares are not publicly traded as of 31 March 2024, the Company must estimate the fair value of the shares. The fair value of the shares has been determined by using the value of the most recent round of Ordinary shares issued.

 

Volatility: Since there is no trading history for the company’s shares as of 31 March 2024, the expected price volatility for the shares was estimated using a standard deviation technique based on movements in share price in addition to considering volatility of Companies within the AIM listing.

4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,650
-
0
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
6
7
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
6
Income tax expense
2024
2023
£
£

The charge for the year can be reconciled to the loss per the income statement as follows:

2024
2023
£
£
Loss before taxation
(8,926)
(240)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 19.00%)
(2,232)
(46)
Change in unrecognised deferred tax assets
2,232
60
Effect of change in UK corporation tax rate
-
0
(14)
Taxation charge for the year
-
-

Corporation tax rates in the UK have changed from 01 April 2023, the main rate of corporation tax increased to 25% (from 19%). The main rate will apply to companies with taxable profits in excess of £250,000. For companies with taxable profits below £50,000 the corporation tax rate will continue to be 19%, with marginal rate relief applying for companies with profits between £50,000 and £250,000.

 

Estimates tax losses of £9,226 (2023: £300) are available for relief against future profits. No deferred tax asset has been provided for in the accounts based on the estimated tax losses.

 

 

7
Investments
Non-current
2024
2023
2022
£
£
£
Investments in subsidiaries
271,757,838
271,675,872
271,149,773

The increases in value at each reporting period is in relation to capital contributions. The capital contributions relates to group share option plans whereby share options were granted to employees of Superdielectrics Limited with the services being rendered within this company. There is no share based payment charge within the accounts of Superdielectrics Group Plc as there are no services being rendered to the company. As a result the charge has been recorded as an increase in the investment in the subsidiary with the corresponding side as a capital contribution within equity.

 

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
8
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Principal activities
Class of
% Held
shares held
Direct
Indirect
Superdielectrics Supercap Ltd
Dormant
Ordinary
100
-
Superdielectrics Research Ltd
Dormant
Ordinary
100
-
Superdielectrics Ltd
Research and experimental development of natural sciences and engineering
Ordinary
100
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Superdielectrics Ltd
4,884,803
(3,720,284)

All of the above subsidiaries have the following registered office: The Mansion, Chesterford Park, Little Chesterford, Saffron Walden, England CB10 1XL.

9
Trade and other receivables
Current
2024
2023
2022
£
£
£
Amounts owed by subsidiary undertakings
1,800,300
1,633,000
-

Amounts owed by the subsidiary is comprised of an intercompany loan of £1,800,300 (2023: £1,633,000 & 2022: nil). It is repayable on demand and no interest is accrued on this balance.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
10
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

The Company's operations expose it to degrees of financial risk, including credit risk. Credit risk is primarily attributable to the Company's cash and cash equivalents and other receivables balances.
The Company's cash and cash equivalents are held with banks with credit ratings of the following:
Rating agency
Fitch
Moody's
Standard &
Poor's
Rating
A+
A1
A+
Other receivables consists of amounts due to the subsidiary. These are considered fully recoverable and are not significant in assessing expected credit losses.
Responsibility for credit risk management rests with the board of directors. The Company manage credit risk by maintaining adequate reserves and by continuously monitoring forecasts and cashflow.
11
Financial Instruments
Financial Assets
The Company holds financial assets measured at amortised cost. At the year-end these financial assets, totalled £1,800,729 (2023: £1,633,704)(2022: £944)
Financial Liabilities
The Company hold financial liabilities measured at amortised cost. At the year-end the carrying amount of these financial liabilities totalled £26,450 (2023: £1,000)(2022: £1,000). The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
12
Trade and other payables
2024
2023
2022
£
£
£
Accruals
8,650
-
0
-
Other payables
16,800
-
0
-
25,450
-
-
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
13
Borrowings
2024
2023
2022
£
£
£
Borrowings held at amortised cost:
Loans from subsidiary undertakings
1,000
1,000
1,000

Amounts owed by Superdielectrics Group Plc is comprised of an intercompany loan account of £1,000. It is repayable on demand with no interest accrued on the balance.

14
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Less than 1 month
£
At 31 March 2022
Amounts owed to subsidiary
1,000
At 31 March 2023
Amounts owed to subsidiary
1,000
At 31 March 2024
Other Creditors
16,800
Accruals
8,650
Amounts owed to subsidiary
1,000
26,450
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Liquidity risk
(Continued)
- 23 -
Liquidity risk management
The Company is exposed to liquidity risk across the financial liability balances identified above, which arises during the normal course of business and can affect the Company's ability to effectively manage its cash flow and ensure it can meet obligations as and when they fall due.
Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate risk management framework for the management of the Company's funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Capital risk management
The Company's capital management objectives are:
- to ensure the Company has the necessary capital available to fund the research activities within Superdielectrics Ltd; and
- to ensure the Company's ability to continue as a going concern; and
- to provide long-term returns to shareholders.
The Company defines and monitors capital based on the carrying amount of equity less cash and cash equivalents as presented on the face of financial position. In 2024, this totalled £273,531,688 (2023: £273,307,871) (2022: £271,148,773).
The Board of Directors monitors the level of capital as compared to the Company's commitments and adjusts the level of capital as is determined to be necessary by issuing new shares. The Company is not subject to any externally imposed capital requirements.
15
Share-based payments
Number of share options
Average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
10,964,840
6,136,940
0.23
0.23
Granted in the period
3,040,000
6,852,000
0.25
0.23
Forfeited in the period
(1,020,000)
(2,024,100)
0.23
0.23
Outstanding at 31 March 2024
12,984,840
10,964,840
0.24
0.23
Exercisable at 31 March 2024
6,222,187
5,555,533
0.23
0.23
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Share-based payments
(Continued)
- 24 -
Options granted during the year

Options granted to employees in the year are set out below. Fair value was measured using the indirect method valuing the equity instruments themselves. The Black-Scholes Model was used as the option pricing model.

 

The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirements to exercise within a short period after the employee becomes entitled to the shares (the "vesting date").

 

The expected life used in the model has been adjusted, based on management's best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

2024
Weighted average fair value
0.0802 pence per option
Inputs for model:
- Weighted average share price
0.25 pence
- Weighted average exercise price
0.25 pence
- Expected volatility
20%
- Expected life
10 years
- Risk free rate
1.30%-5.22%

Volatility was calculated based on the share price volatility over a similar period preceding the grant date in addition to considering volatility within listed companies.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Share-based payments
(Continued)
- 25 -
Options outstanding

Upon the group reconstruction in 2021, the share options within Superdielectrics Ltd were terminated and replaced within Superdielectrics Group Plc.

 

All of the terms as per the original share option scheme within Superdielectrics Ltd remained the same, with the date of grant being the date of the original issue within the subsidiary scheme. The options have therefore been deemed to be a 'transfer' of options. As a result of the transfer there has been no added benefit to the employees and subsequently no uplift on the original fair value calculated at the grant date.

 

With the exception of the Directors, the Company do not have any employees of their own, the options are in relation to the employees of it's subsidiary Superdielectrics Ltd. Superdielectrics Ltd receive the services and therefore the expense is incurred by the subsidiary. Any further vesting of the options will be recognised as an increase in investment in the subsidiary and a corresponding capital contribution with equity.

 

The brought forward share options have been granted at various points being November 2020, December 2020, Auguts 2021 and varying dates through 2022 & 2023. Vesting conditions vary amongst the options with the November 2020 options vesting immediately, the remainder are dependent on service length by the employees.

 

The outstanding options at the year end were granted at various dates. This being:-

- 888,880 options were granted in November 2020 which vested immediately.

- 1,999,960 options were granted in July 2021, the vesting period is based upon a service condition with the options vesting over 3 years from the date of grant.

- 1,224,000 options were granted in August 2021, the vesting period is based upon a service condition with the options vesting over 6 years from the date of grant in 3 equal tranches. The first tranche being upon the 4th year of service from the date of grant and the remaining tranches on each subsequent year.

- 1,836,000 options were granted throughout the 2023 financial year end, the vesting periods are based upon service conditions with the options vesting over 6 years from the date of grant in 3 equal tranches. The first tranche being upon the 4th year of service from the date of grant and the remaining tranches on each subsequent year.

- 4,000,000 options were granted in June 2022, which vested immediately.

- 200,000 options were granted to a company, defined as an employee under IFRS, these options vest from July 2025 over 3 years.

- 2,836,000 options were granted throughout the 2024 financial year end, the vesting periods are based upon service conditions with the options vesting over 4 years from the date of grant in 3 equal tranches. The first tranche being upon the 2nd year of service from the date of grant and the remaining tranches on each subsequent year.

 

All share options issued have a life of 10 years.

 

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Share-based payments
(Continued)
- 26 -
Equity instruments other than share options

During 2020 3,035,820 of equity instruments other than share options were granted. These met the recognition criteria of share based payments. The weighted average fair value of those instruments at the measurement date was £121,736. The equity instruments were issued to a holder other than an employee and vested immediately upon grant date with a life of 3 years. The equity instruments were therefore fully exercisable as at 31st March 2023. These were not exercised as at 31st March 2024 and therefore have lapsed with the value being transferred to retained earnings. The fair value was determined using the indirect method due to the fair value of the services not being able to be determined. The Black Scholes model was used to value the equity instruments.

 

During 2023 and 2024, 7,134,000 further equity instruments other than share options were granted. Equity instruments in the form of warrants were issued which are fully exercisable on the date of grant with a 2 year expiry from this date. No services were provided in exchange for the Warrants therefore they did not meet the recognition criteria and were not treated as share based payments. Under IAS 32 the Warrants met the fixed-for-fixed condition and were classified as equity at the date of grant. The Warrants were granted alongside the issue of ordinary shares, the total consideration for the warrants and the issue of shares has been recognised within the share premium account. The Warrants are not re-measured at each reporting date. As at the 31st March 2024, no warrants have been exercised therefore the full 7,134,000 Warrants are outstanding and exercisable at the year end.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
16
Share capital
2024
2023
2022
Ordinary share capital
Issued and fully paid
Number
1,212,244,120
1,121,642,130
1,205,110,130
£
1,212,245
1,211,643
1,205,111

The Company was incorporated on 20 September, issuing 1 ordinary share of £0.00001 for £4.50 for cash. The premium on issue was transferred to the share premium account. On 29 October 2021, the Company undertook a share for share exchange acquiring the entire issued share capital of Superdielectrics Limited. This resulted in the issue of 60,255,505 ordinary shares with a nominal value of £0.00001 each. The fair value of each share was calculated at £4.50 based on the most recent share issue of Superdielectrics Limited. This resulted in the Company's nominal share capital increasing by £603 and the Company's merger reserve increasing by £271,149,170. The combination has been accounted for as a merger.

 

Following the share for share exchange on 1 November 2021, the Company made a bonus issue from the merger reserve creating a further 120,450,756,494 ordinary shares of £0.00001 each bringing the total number of shares issued to 120,511,012,000 ordinary shares of £0.00001 each. The Company's nominal share capital increased by £1,204,507 and the merger reserve was reduced by an equivalent amount. Following the bonus issue, the Company's share capital stood at £1,205,111.

 

Following the bonus issue on 1 November 2021, the Company consolidated its share capital on a 1 for 100 basis resulting in 1,205,110,120 ordinary shares of £0.001 each.

 

In the prior year to 31st March 2023 6,532,000 ordinary shares were allotted with a nominal value of £0.001 per share. Total consideration received was 0.25 per share resulting in £1,633,000 for the year end. This was received within Superdielectrics Limited and is still currently included in the trade receivable at the year end.

 

During the year ended 31st March 2024, 602,000 ordinary shares were allotted with a nominal value of £0.001 per share. Total consideration received was 0.25 per share resulting in £150,000 for the year end. This was received within Superdielectrics Limited and is still currently included in the trade receivables at the year end.

17
Share premium account
2024
2023
2022
£
£
£
At the beginning of the year
1,626,472
4
-
Issue of new shares
149,898
1,626,468
4
At the end of the year
1,776,370
1,626,472
4

The share premium account represents the premium received by the company on share capital, net of issuance expenses.

 

As per Note 15, the share premium account includes the fair value of warrants which were granted alongside the issuance of ordinary shares.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
18
Equity reserve
2024
2023
2022
£
£
£
At the beginning of the year
526,099
-
0
-
0
Group share based payment issue
81,967
526,099
-
0
At the end of the year
608,066
526,099
-
During the year share options were issued to employees of its subsidiary Superdielectrics Ltd, the company has recognised the share based payment as a cost of investment with the corresponding side to equity, as per details within Note 13.
19
Merger reserve
2024
2023
2022
£
£
£
At the beginning and end of the year
269,944,662
269,944,662
269,944,662
Ther merger reserve is in relation to the share exchange which occured in November 2021 whereby the company acquired the entire issued share capital of Superdielectrics Limited. See Note 13 for further details.
20
Retained earnings
2024
2023
2022
£
£
£
Effect of transition
-
-
At the beginning of the year
(300)
(60)
-
Loss for the year
(8,926)
(240)
(60)
At the end of the year
(9,226)
(300)
(60)

The Company has only incurred bank charges and audit fees in the year ended 31 March 2024. All other expenses are borne by the Company's subsidiary undertaking Superdielectrics Limited.

21
Capital risk management

The company is not subject to any externally imposed capital requirements.

22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Subsidiaries
1,000
1,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Subsidiaries
1,800,300
1,633,000

Amounts owed by the subsidiary is comprised of an intercompany loan of £1,800,300 (2023: £1,633,000). It is repayable on demand and no interest is accrued on this balance.

 

Amounts owed to the subsidiary is comprised of an intercompany loan of £1,000 (2023: £1,000). The loan accounts is to cover bank charges on the company's bank account is repayable on demand. No interest is accrued on this balance.

23
Cash absorbed by operations
2024
2023
£
£
Loss for the year before income tax
(8,926)
(240)
Movements in working capital:
Increase in trade and other receivables
(167,299)
(1,633,000)
Increase in trade and other payables
25,450
-
Cash absorbed by operations
(150,775)
(1,633,240)
24
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
704
(275)
429
Borrowings excluding overdrafts
(1,000)
-
(1,000)
(296)
(275)
(571)
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Analysis of changes in net debt
(Continued)
- 30 -
1 April 2022
Cash flows
31 March 2023
Prior year:
£
£
£
Cash at bank and in hand
945
(241)
704
Borrowings excluding overdrafts
(1,000)
-
(1,000)
(55)
(241)
(296)
25
Transition adjustments
These financial statements, as at and for the year ended 31 March 2024, are the first the Company has prepared in accordance with IFRS. For periods up to and including the year ended 31 March 2023, the Company prepared its financial statements in accordance with local generally accepted accounting principles (FRS102).
Accordingly, the Company has prepared financial statements that comply with IFRS applicable as at 31 March 2024, together with comparative period data for the year ended 31 March 2023 as described in the summary of significant accounting policies. In preparing the financial statements, the opening statement of financial position has also been converted to IFRS as at the 1 April 2022.
This note explains the principal adjustments made by the Company in restating its local GAAP financial statements, including the statement of financial position as at 1 April 2022 and the financial statements as of, and for, the year ended 31 March 2023.
IFRS has been applied retrospectively with the exception of mandatory exceptions for which IFRS is applied prospectively from the date of transition. Further details are included in the below reconciliaition.
Reconciliation between local GAAP and IFRS have been presented as follows. No adjustments have been identified as required for the transition from FRS102 to IFRS.
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Transition adjustments
(Continued)
- 31 -
Reconciliation of equity
At 1 April 2022
At 31 March 2023
Previously reported
Reclassifications
As restated
Previously reported
Reclassifications
As restated
Notes
£
£
£
£
£
£
Non-current assets
Investments
271,149,773
-
271,149,773
271,675,872
-
271,675,872
Current assets
-
Debtors
1,633,000
(1,633,000)
Trade and other receivables
-
-
-
-
1,633,000
1,633,000
Cash at bank and in hand
944
(944)
-
704
(704)
-
0
Cash and cash equivalents
-
944
944
-
704
704
944
-
944
1,633,704
-
1,633,704
Creditors due within one year
Creditors: amounts falling due within one year
(1,000)
1,000
-
(1,000)
1,000
-
Borrowings
-
(1,000)
(1,000)
-
(1,000)
(1,000)
(1,000)
-
(1,000)
(1,000)
-
(1,000)
Net current (liabilities)/assets
(56)
-
(56)
1,632,704
-
1,632,704
Total assets less current liabilities
271,149,717
-
271,149,717
273,308,576
-
273,308,576
Net assets
271,149,717
-
271,149,717
273,308,576
-
273,308,576
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Transition adjustments
At 1 April 2022
At 31 March 2023
Previously reported
Reclassifications
As restated
Previously reported
Reclassifications
As restated
Notes
£
£
£
£
£
£
(Continued)
- 32 -
Equity
Called up share capital
1,205,111
-
1,205,111
1,211,643
-
1,211,643
Share premium account
4
-
4
1,626,472
-
1,626,472
Merger reserve
269,944,662
-
269,944,662
269,944,662
-
269,944,662
Equity reserve
-
-
-
526,099
-
526,099
Profit and loss reserves
(60)
60
-
(300)
300
-
Retained earnings
-
(60)
(60)
-
(300)
(300)
Total equity
271,149,717
-
271,149,717
273,308,576
-
273,308,576
SUPERDIELECTRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Transition adjustments
(Continued)
- 33 -
Reconciliation of loss for the financial period
Year ended 31 March 2023
Previously reported
Reclassifications
Effect of transition
As restated
Notes
£
£
£
£
Administrative expenses
(240)
-
-
(240)
Loss before taxation
(240)
240
-
-
Operating loss
(240)
(240)
Loss for the financial year
(240)
240
-
-
Loss and total comprehensive income for the year
(240)
(240)
(240)
-
-
(240)
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