Registration number:
Interrupt Labs Limited
for the Year Ended 31 December 2024
Interrupt Labs Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Interrupt Labs Limited
Company Information
Directors |
A Last S Heath P Taylor J Loureiro |
Registered office |
|
Auditors |
|
Interrupt Labs Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the provision of vulnerability research services.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Interrupt Labs Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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, the directors are required to:
• |
select suitable accounting policies and 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 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.
Interrupt Labs Limited
Independent Auditor's Report to the Members of Interrupt Labs Limited
Opinion
We have audited the financial statements of Interrupt Labs Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, balance sheet, statement of changes in equity, 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 United Kingdom Accounting Standards, including FRS 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 2024 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 auditor 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 original financial statements were 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.
Interrupt Labs Limited
Independent Auditor's Report to the Members of Interrupt Labs Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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 directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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 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.
Interrupt Labs Limited
Independent Auditor's Report to the Members of Interrupt Labs Limited
The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud |
As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures.
The audit engagement team identified the risk of management override of controls and revenue cut-off and completeness as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions either side of the year end to ensure that revenue had been recognised in the correct accounting period and corroborating that revenue invoices have been raised in sequential order throughout the year and recognised appropriately.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Interrupt Labs Limited
Independent Auditor's Report to the Members of Interrupt Labs 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 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.
......................................
For and on behalf of
Davidson House
Forbury Square
Berkshire
RG1 3EU
Interrupt Labs Limited
Profit and Loss Account for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
1,168,226 |
1,654,364 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(118,247) |
(32,123) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
Interrupt Labs Limited
(Registration number: 13427173)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
82 |
82 |
|
Retained earnings |
1,853,399 |
894,164 |
|
Shareholders' funds |
1,853,481 |
894,246 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
......................................... |
Interrupt Labs Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
Share capital |
Retained earnings |
Total |
|
At 1 January 2024 |
|
|
|
Profit for the year |
- |
|
|
Purchase of own share capital |
- |
(327,305) |
(327,305) |
Sale of treasury shares |
- |
505,835 |
505,835 |
At 31 December 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Profit for the year |
- |
|
|
Purchase of own share capital |
- |
(297,553) |
(297,553) |
At 31 December 2023 |
82 |
894,164 |
894,246 |
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The presentation currency of these financial statements is Sterling (£) being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
The financial statements present information about the company as an individual entity and not about its group.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Other operating income
Other income arises as a result of corporation tax disclosures related to Research & Development expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
Straight line at 3 years |
Office equipment |
Straight line at 5 years |
Leashold Improvements |
Straight line at 5 years |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Research and development
All research and development costs are expensed in the period in which they are incurred.
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 3 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 January 2024 |
|
|
Revaluations |
( |
( |
At 31 December 2024 |
|
|
Amortisation |
||
At 1 January 2024 |
|
|
Amortisation charge |
|
|
At 31 December 2024 |
|
|
Carrying amount |
||
At 31 December 2024 |
- |
- |
At 31 December 2023 |
|
|
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2024 |
|
|
Additions |
|
|
Disposals |
( |
( |
At 31 December 2024 |
|
|
Depreciation |
||
At 1 January 2024 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 31 December 2024 |
|
|
Carrying amount |
||
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2024 |
|
Provision |
|
Carrying amount |
|
At 31 December 2024 |
|
At 31 December 2023 |
|
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
7. Investments (continued)
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Matrix House, Basing View, Basingstoke, Hampshire, England, RG21 4DZ England |
|
|
|
|
Matrix House, Basing View, Basingstoke, Hampshire, England, RG21 4DZ England |
|
|
|
|
278 Cedar Ln SE 4110, Vienna, VA, 22180 United States of America |
|
|
|
Subsidiary undertakings |
Interrupt Labs (Australia) Limited The principal activity of Interrupt Labs (Australia) Limited is |
Interrupt Labs (US) Limited The principal activity of Interrupt Labs (US) Limited is |
Interrupt Labs US LLC The principal activity of Interrupt Labs US LLC is |
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
||
Less non-current element (below) |
( |
- |
|
|
|
Note |
2024 |
2023 |
|
Amount owed to related parties |
2,578,586 |
- |
|
Other debtors |
676,554 |
- |
|
3,255,140 |
- |
Details of non-current trade and other debtors
£2,578,586 (2023 -£Nil) of amounts due from subsidiaries is classified as non current, consisting of amounts due from Interrupt Labs US LLC of £1,439,269 and from Interrupt Labs (Australia) Limited of £1,139,317.
£676,554 (2023 -£Nil) of loans to participators is classified as non current, the loans to participators (£505,835) has been included as part of the other debtors total as well as the associated tax charge (£170,719).
Cash at bank and in hand |
Included within cash at bank and in hand are amounts of £3,231 (2023: £782,120) which have restricted use.
A charge is held over a nominated bank account in favour of the leasehold property as part of the Authorised
Guarantee Agreement.
A charge is held over a nominated bank account in favour of the revenue share consideration, on an accruals
basis, as part of the Sale And Purchase Agreement.
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
|
Other non-current financial liabilities |
- |
|
|
|
|
Other non-current financial liabilities is a contingent liability arising as part of the Sale and Purchase Agreement. The liability is dependent on future events and is measured at fair value.
Provisions |
2024 |
2023 |
|
Provision for liabilities |
100,000 |
- |
100,000 |
- |
The Company has recognised a provision of dilapidations amounting to £100,000 (2023: £nil) as of the reporting date. The provision has been calculated based on the Company’s best estimate of the expenditure required to settle the present obligation at the reporting date, considering current market conditions. The timing and amount of the actual outflows are subject to uncertainty and may differ from the amounts provided.
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
37 |
|
42 |
|
|
30 |
|
30 |
|
|
15 |
|
10 |
|
|
|
|
At the year end a total of 4,000,000 A Ordinary shares were held as treasury shares by the company.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
- |
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
- |
Other borrowings |
|
|
|
|
Bank borrowings include a loan with an interest rate of BOE base rate + 5.2%, repayable in full in August 2030.
Other borrowings includes a loan with an interest rate of 10%, paid quarterly, with no set date of repayment.
Interrupt Labs Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Related party transactions |
Key management personnel
During the reporting period, the Company purchased shares from a former director who resigned during the year. The total consideration for the shares was £327,305. This transaction was conducted at arm’s length and on normal commercial terms.
At the end of the period, £505,835 (2023: £nil) of loans were outstanding to directors. The loans have no interest or fixed date of repayment.
Share options |
The company operates two EMI share option schemes, both of which are open to nominated members of staff who meet the eligibility criteria. Options may be exercised should a qualifying event occur, as defined in the scheme rules. If the option holder ceases employment, the options will lapse and be forfeited.
During the year, the company issued 3,675,000 (2023: 12,875,000) share options at a price of £0.0267795 (2023: £0.0298).
Weighted average exercise price (pence) |
Number |
|
Outstanding at the beginning of the year |
2.98 |
16,375,000 |
Granted during the year |
2.68 |
3,675,000 |
Forfeited during the year |
2.98 |
10,275,000 |
Outstanding at the end of the year |
2.86 |
9,775,000 |
No charge has been made to operating expenses in respect of the options issued as in the opinion of the directors this charge would not be material to the financial statements.
Charges |
Allica Financial Services Limited have a fixed and floating charge over the company's assets, registered on 2 August 2024, in relation to the bank borrowing.
HSBC UK Bank PLC have a fixed and floating charge over the company's assets in related to an overdraft facility provided.