REGISTERED NUMBER: 13481469 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
28 DECEMBER 2022 TO 25 DECEMBER 2023 |
FOR |
TAE POWER SOLUTIONS LIMITED |
REGISTERED NUMBER: 13481469 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
28 DECEMBER 2022 TO 25 DECEMBER 2023 |
FOR |
TAE POWER SOLUTIONS LIMITED |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Period 28 December 2022 to 25 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
TAE POWER SOLUTIONS LIMITED |
COMPANY INFORMATION |
For The Period 28 December 2022 to 25 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
GROUP STRATEGIC REPORT |
For The Period 28 December 2022 to 25 December 2023 |
The directors present their strategic report of the company and the group for the period 28 December 2022 to 25 December 2023. |
REVIEW OF BUSINESS |
At TAE, we see a future fuelled by good, clean power: Electricity that is abundant, carbon-free, non-radioactive, and affordable for all, provided by commercial fusion energy. But the path to that perfect energy source demands innovations we can implement today. |
Enter TAE Power Solutions. Our revolutionary technologies were originally developed to bridge the gap between the amount of power needed to run a TAE fusion research reactor and what was supplied by the local power grid. |
With no sufficient solution available in the market, TAE created a first-of-its-kind energy storage and power delivery system. That innovation has unlocked a complete clean energy ecosystem, including more affordable and efficient storage, ultrafast charging capabilities, electric vehicle powertrains, peak shaving, buffering, and second life of batteries. TAE Power Solutions is now adapting the same technology invented to power our fusion technology for your car, home, or business - accelerating the transition to an electrified world. |
During the period, the group has continued to develop its mobility team and several group functions, supporting the global TPS family. With the global group focusing on the mobility and stationary sectors, we have an unparalleled opportunity to succeed in two of the fastest growing markets. The UK group has seen the team continue to develop its innovative ACi technology. ACi unlocks the true potential of the battery with the ability to balance thermal loads and actively monitor State of Charge (SOC) and State of Health (SOH) for precise control of each module in the pack. This unique approach enables systems that are faster charging, have stronger sustained power, and are longer lasting to ensure EVs can go the distance without range anxiety. |
The business is continuing to focus on maximising its commercial potential, operationalise the business and create a platform for long term sustainable growth. |
Following the end of the financial period, the group divested its non-core operations, with a customer acquiring the wiring harness element of the group in June 2024. This allows the group to continue its focus on our core ACi technology. |
In November 2024, the group completed an internal restructure, which saw the UK headcount reduce to 75 employees as we look to right-size the business and its operations to maximise potential and reduce ongoing fixed costs. |
VISION |
A clean, electric future where the world's best power systems run on TAE technologies. |
VALUES |
We will harness the skill, commitment and knowledge of our staff by investing in their professional development and planning for our future. |
We will be recognized as a progressive and valued employer, with staff who are proud to work here. |
We will develop a business culture around being EPIC both internally and externally. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
GROUP STRATEGIC REPORT |
For The Period 28 December 2022 to 25 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have assessed the principal risks that face the business now and in the future. |
Human Resource Risk |
The team are key to the success of the group and we are trying to create an atmosphere and culture that helps to attract and retain talent. We look to continually invest in the team in order to create a place where the team want to achieve exciting things. |
Liquidity Risk |
The Company continues to manage its financial risk of liquidity, by ensuring it has sufficient cash available to meet the financial needs of the company and its subsidiaries and the parent company has pledged its financial support. |
Competitive Risk |
A lot of what the group does is confidential and in order to mitigate risk, we do not make public iterations of our technology in order to enable us to maintain a competitive edge over the other players in the market. |
KEY PERFORMANCE INDICATORS |
As expected, group turnover has decreased for the period as the company has consciously moved towards a focus on developing its core technology, rather than working on external projects. |
Group headcount increased during period, which showed our ability to recruit and retain employees to share in the company's vision. |
ON BEHALF OF THE BOARD: |
17 April 2025 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
REPORT OF THE DIRECTORS |
For The Period 28 December 2022 to 25 December 2023 |
The directors present their report with the financial statements of the company and the group for the period 28 December 2022 to 25 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of manufacturing, engineering and consultancy services focussed on low carbon technology and electronic equipment. |
DIVIDENDS |
No dividends will be distributed for the period ended 25 December 2023. |
RESEARCH AND DEVELOPMENT |
The group is engaged in a number of internal and external projects to expand the research and development knowledge within the group. During the period we continued to work on the Celeritas project as part of APC18 with an exciting consortium and have been investing significantly in our facilities and team to held deliver clean, electric solutions. |
FUTURE DEVELOPMENTS |
The group continues to develop its key technologies and look to exploit these in the future. The advancements in mobility electrification is fast moving and requires us to continue to invest in the team and expand our capabilities. We are fully focused on developing our ACi technology and look to commercialise this. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 28 December 2022 to the date of this report are as follows: |
FINANCIAL INSTRUMENTS |
The group utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
REPORT OF THE DIRECTORS |
For The Period 28 December 2022 to 25 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TAE POWER SOLUTIONS LIMITED |
Opinion |
We have audited the financial statements of TAE Power Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 25 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 25 December 2023 and of the group's loss for the period 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 group 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. |
Material uncertainty related to going concern |
We draw attention to Note 2 in the financial statements, which indicates that as of 25 December 2023, the group’s total liabilities exceeded its total assets by £40,729,341. As stated in Note 2, these events or conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. |
Our opinion is not modified in respect of this matter. |
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. |
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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TAE POWER SOLUTIONS LIMITED |
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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TAE POWER SOLUTIONS LIMITED |
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: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
- We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
- We assess the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
- Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
- We also performed 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. |
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. |
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. |
for and on behalf of |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
For The Period 28 December 2022 to 25 December 2023 |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
Notes | £ | £ |
TURNOVER | 3,688,770 | 7,844,901 |
Cost of sales | 9,793,883 | 3,274,880 |
GROSS (LOSS)/PROFIT | (6,105,113 | ) | 4,570,021 |
Administrative expenses | 20,436,645 | 12,041,452 |
(26,541,758 | ) | (7,471,431 | ) |
Other operating income | 1,200,813 | 1,178,014 |
OPERATING LOSS | 4 | (25,340,945 | ) | (6,293,417 | ) |
Stock impairment | 5 | (769,019 | ) | - |
Impairment of goodwill | 5 | (8,126,296 | ) | - |
(34,236,260 | ) | (6,293,417 | ) |
Interest receivable and similar income | 9,098 | - |
(34,227,162 | ) | (6,293,417 | ) |
Interest payable and similar expenses | 6 | 889,011 | 67,505 |
LOSS BEFORE TAXATION | (35,116,173 | ) | (6,360,922 | ) |
Tax on loss | 7 | 31,982 | 44,395 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME |
FX on consolidation | (3,625 | ) | - |
Share options | 737,756 | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
734,131 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(34,414,024 |
) |
(6,405,317 |
) |
Loss attributable to: |
Owners of the parent | (35,148,155 | ) | (6,405,317 | ) |
Total comprehensive income attributable to: |
Owners of the parent | (34,414,024 | ) | (6,405,317 | ) |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
For The Period 28 December 2022 to 25 December 2023 |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
CONSOLIDATED BALANCE SHEET |
25 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 20,349 | 9,132,956 |
Tangible assets | 10 | 1,719,963 | 542,615 |
Investments | 11 | - | - |
1,740,312 | 9,675,571 |
CURRENT ASSETS |
Stocks | 12 | 1,266,872 | 1,270,965 |
Debtors | 13 | 1,999,495 | 2,547,440 |
Cash at bank | 508,109 | 761,335 |
3,774,476 | 4,579,740 |
CREDITORS |
Amounts falling due within one year | 14 | 17,995,783 | 15,970,644 |
NET CURRENT LIABILITIES | (14,221,307 | ) | (11,390,904 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | (12,480,995 | ) | (1,715,333 | ) |
CREDITORS |
Amounts falling due after more than one year |
15 |
(27,924,294 |
) |
(4,505,712 |
) |
PROVISIONS FOR LIABILITIES | 18 | (324,052 | ) | (94,272 | ) |
NET LIABILITIES | (40,729,341 | ) | (6,315,317 | ) |
CAPITAL AND RESERVES |
Called up share capital | 19 | 90,000 | 90,000 |
Other reserves | 20 | 737,756 | - |
Retained earnings | 20 | (41,557,097 | ) | (6,405,317 | ) |
SHAREHOLDERS' FUNDS | (40,729,341 | ) | (6,315,317 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by: |
K Munipella - Director |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
COMPANY BALANCE SHEET |
25 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Other reserves | 20 |
Retained earnings | 20 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (38,142,087 | ) | (2,060,996 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
For The Period 28 December 2022 to 25 December 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | 90,000 | - | - | 90,000 |
Total comprehensive income | - | (6,405,317 | ) | - | (6,405,317 | ) |
Balance at 27 December 2022 | 90,000 | (6,405,317 | ) | - | (6,315,317 | ) |
Changes in equity |
Total comprehensive income | - | (35,151,780 | ) | 737,756 | (34,414,024 | ) |
Balance at 25 December 2023 | 90,000 | (41,557,097 | ) | 737,756 | (40,729,341 | ) |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
For The Period 28 December 2022 to 25 December 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 27 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | (38,142,087 | ) | (38,098,511 | ) |
Balance at 25 December 2023 | ( |
) | ( |
) |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
CONSOLIDATED CASH FLOW STATEMENT |
For The Period 28 December 2022 to 25 December 2023 |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (21,584,149 | ) | (8,532,661 | ) |
Interest paid | (889,011 | ) | (67,505 | ) |
Tax paid | 483,602 | (182,114 | ) |
Net cash from operating activities | (21,989,558 | ) | (8,782,280 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,559,313 | ) | (347,586 | ) |
Purchase of fixed asset investments | (25,000 | ) | (8,719,190 | ) |
Fixed assets on acquisition | (5,611 | ) | - |
Cash at acquisition | 17,971 | 475,391 |
Interest received | 9,098 | - |
Net cash from investing activities | (1,562,855 | ) | (8,591,385 | ) |
Cash flows from financing activities |
Share issue | - | 90,000 |
Amounts loaned from group undertakings | 23,299,187 | 18,045,000 |
Net cash from financing activities | 23,299,187 | 18,135,000 |
(Decrease)/increase in cash and cash equivalents | (253,226 | ) | 761,335 |
Cash and cash equivalents at beginning of period |
2 |
761,335 |
- |
Cash and cash equivalents at end of period |
2 |
508,109 |
761,335 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Period 28 December 2022 to 25 December 2023 |
1. | RECONCILIATION OF OPERATING LOSS TO CASH GENERATED FROM OPERATIONS |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Operating loss | (25,340,945 | ) | (6,293,417 | ) |
Depreciation charges | 1,395,451 | 1,051,774 |
Loss on disposal of fixed assets | 453 | - |
Stock impairment | (769,019 | ) | - |
Share based payments | 737,756 | - |
(23,976,304 | ) | (5,241,643 | ) |
Decrease/(increase) in stocks | 4,093 | (727,854 | ) |
Decrease/(increase) in trade and other debtors | 295,531 | (392,131 | ) |
Increase/(decrease) in trade and other creditors | 2,092,531 | (2,171,033 | ) |
Cash generated from operations | (21,584,149 | ) | (8,532,661 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 25 December 2023 |
25.12.23 | 28.12.22 |
£ | £ |
Cash and cash equivalents | 508,109 | 761,335 |
Period ended 27 December 2022 |
27.12.22 | 28.6.21 |
£ | £ |
Cash and cash equivalents | 761,335 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 28.12.22 | Cash flow | At 25.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 761,335 | (253,226 | ) | 508,109 |
761,335 | (253,226 | ) | 508,109 |
Debt |
Debts falling due within 1 year | (11,203 | ) | 1,063 | (10,140 | ) |
Debts falling due after 1 year | (24,045 | ) | 9,239 | (14,806 | ) |
(35,248 | ) | 10,302 | (24,946 | ) |
Total | 726,087 | (242,924 | ) | 483,163 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Period 28 December 2022 to 25 December 2023 |
1. | STATUTORY INFORMATION |
TAE Power Solutions Limited is a |
The trading address of TAE Power Solutions Limited is 3900 Parkside, Birmingham, B37 7YG |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings. Intercompany transactions and balances between group companies have been eliminated in full. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Stock provisioning |
The manufactures equipment which is subject to changing customer demands and technological change. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. Management consider the nature and condition of stock, as well as apply assumptions around expected future demand for the stock, when calculating the level stock provisioning. |
Impairment of goodwill |
Determining whether the company's investments in subsidiaries and related goodwill have been impaired requires estimations of the investments' values in use. The value in use calculations require the entity to estimate the future cash flows expected to arise from the investments and suitable discount rates in order to calculate present values. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in excess of net assets acquired, is being amortised evenly over its estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Government grants |
Government grants relating to revenue hall be recognised in income on a systematic basis over the periods in which the entity the related costs for which the grant is intended to compensate. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 period 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
As at 25 December 2023 the group's liabilities exceeded its assets by £40,729,341. The group is financed by its ultimate parent company, and is dependent upon the continued support of the ultimate parent company and its investors. With this support, at the time of approving the financial statements, the directors have reasonable expectation that the group has adequate resources and funding in place to continue in operational existence for the foreseeable future and pay its liabilities as they fall due. |
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. However, should continuing funding not be available, the going concern basis would be invalid and the adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities that might arise. |
The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Share based payments |
The Group provides share-based payment arrangements to certain employees. |
Equity-settled arrangements are measured at fair value (excluding the effect on non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. |
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement. |
Cash-settled share options are measured at fair value at the balance sheet date. The Group recognises a liability at the balance sheet date based on these fair values, taking into account the estimated number of options that will actually vest and the current proportion of the vesting period. Changes in the value of this liability are recognised in the income statement. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Wages and salaries | 13,721,965 | 7,716,276 |
Social security costs | 1,477,139 | 854,078 |
Other pension costs | 596,298 | 322,958 |
15,795,402 | 8,893,312 |
The average number of employees during the period was as follows: |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
Employees | 207 | 120 |
207 | 120 |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Directors' remuneration | 127,083 | 429,831 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | - | 1 |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Hire of plant and machinery | 370 | - |
Other operating leases | 450,260 | 306,328 |
Depreciation - owned assets | 387,802 | 130,235 |
Loss on disposal of fixed assets | 453 | - |
Goodwill amortisation | 1,007,448 | 921,539 |
Patents and licences amortisation | 200 | 200 |
Auditors' remuneration | 37,000 | 27,000 |
Auditors' remuneration for non audit work | 25,472 | - |
Foreign exchange differences | 2,207 | 8,240 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
5. | EXCEPTIONAL ITEMS |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Stock impairment | (769,019 | ) | - |
Impairment of goodwill | (8,126,296 | ) | - |
(8,895,315 | ) | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Bank interest | 1,676 | 7,821 |
HMRC interest | 40,767 | 25,081 |
Intercompany loan interest | 846,568 | 34,603 |
889,011 | 67,505 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the period was as follows: |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Current tax: |
Tax under provision | (197,798 | ) | 129 |
Deferred tax | 229,780 | 44,266 |
Tax on loss | 31,982 | 44,395 |
UK corporation tax has been charged at 23.52 % (2022 - 19.75 %). |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
28.12.22 | 28.6.21 |
to | to |
25.12.23 | 27.12.22 |
£ | £ |
Loss before tax | (35,116,173 | ) | (6,360,922 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19.750 %) |
(8,259,324 |
) |
(1,256,282 |
) |
Effects of: |
Expenses not deductible for tax purposes | 2,744,400 | 226,494 |
Income not taxable for tax purposes | (3,383 | ) | - |
Capital allowances in excess of depreciation | (238,134 | ) | (49,133 | ) |
Adjustments to tax charge in respect of previous periods | (197,798 | ) | 129 |
Losses carried forward | 5,756,441 | 1,083,033 |
Deferred tax | 229,780 | 44,266 |
Other adjustments | - | (4,112 | ) |
Total tax charge | 31,982 | 44,395 |
Tax effects relating to effects of other comprehensive income |
28.12.22 to 25.12.23 |
Gross | Tax | Net |
£ | £ | £ |
FX on consolidation | (3,625 | ) | - | (3,625 | ) |
Share options | 737,756 | - | 737,756 |
734,131 | - | 734,131 |
The group has estimated trading losses of £30,993,031 (2022: £6,641,455) available for carry forward against future trading profits. |
A deferred tax asset of £7,748,258 (2022: £1,660,364) has not been recognised due to the uncertainty over the timing of future taxable profits against which the losses can be offset. |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 28 December 2022 | 10,053,145 | 2,000 | 10,055,145 |
Additions | 21,337 | - | 21,337 |
Impairments | (10,053,145 | ) | - | (10,053,145 | ) |
At 25 December 2023 | 21,337 | 2,000 | 23,337 |
AMORTISATION |
At 28 December 2022 | 921,539 | 650 | 922,189 |
Amortisation for period | 1,007,448 | 200 | 1,007,648 |
Impairments | (1,926,849 | ) | - | (1,926,849 | ) |
At 25 December 2023 | 2,138 | 850 | 2,988 |
NET BOOK VALUE |
At 25 December 2023 | 19,199 | 1,150 | 20,349 |
At 27 December 2022 | 9,131,606 | 1,350 | 9,132,956 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 28 December 2022 | 151,082 | 197,970 | 255,246 | 267,873 | 872,171 |
Additions | 45,150 | 1,177,355 | 124,117 | 212,691 | 1,559,313 |
Disposals | - | - | (708 | ) | - | (708 | ) |
Reclassification/transfer | - | - | - | 6,290 | 6,290 |
At 25 December 2023 | 196,232 | 1,375,325 | 378,655 | 486,854 | 2,437,066 |
DEPRECIATION |
At 28 December 2022 | 58,177 | 80,151 | 80,451 | 110,777 | 329,556 |
Charge for period | 30,350 | 198,526 | 54,403 | 104,523 | 387,802 |
Eliminated on disposal | - | - | (255 | ) | - | (255 | ) |
At 25 December 2023 | 88,527 | 278,677 | 134,599 | 215,300 | 717,103 |
NET BOOK VALUE |
At 25 December 2023 | 107,705 | 1,096,648 | 244,056 | 271,554 | 1,719,963 |
At 27 December 2022 | 92,905 | 117,819 | 174,795 | 157,096 | 542,615 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 28 December 2022 |
Additions |
Impairments | ( |
) |
At 25 December 2023 |
NET BOOK VALUE |
At 25 December 2023 |
At 27 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C/O Thrings LLP, 6 Drakes Meadow, Swindon, SN3 3LL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Thrings LLP, 6 Drakes Meadow, Swindon, SN3 3LL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Thrings LLP, 6 Drakes Meadow, Swindon, SN3 3LL |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 1,266,872 | 1,270,965 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 407,530 | 467,981 |
Amounts owed by group undertakings | 39,219 | - |
Other debtors | 103,058 | 106,005 |
Tax | 99,699 | 385,503 |
VAT | 511,437 | 19,405 |
Prepayments | 838,552 | 1,568,546 |
1,999,495 | 2,547,440 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 10,140 | 11,203 |
Trade creditors | 2,706,874 | 1,081,681 |
Amounts owed to group undertakings | 13,445,000 | 13,563,333 |
Social security and other taxes | 811,196 | 976,070 |
Other creditors | 172,179 | 92,945 |
Accrued expenses | 850,394 | 245,412 |
17,995,783 | 15,970,644 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 14,806 | 24,045 |
Amounts owed to group undertakings | 27,909,488 | 4,481,667 | 27,909,488 | 4,481,667 |
27,924,294 | 4,505,712 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 10,140 | 11,203 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 10,397 | 9,239 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 4,409 | 14,806 |
The loan within creditors is a bounceback loan, which incurs a fixed level of interest and is guaranteed by the UK government. |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 203,316 | 373,270 |
Between one and five years | 282,546 | 600,306 |
In more than five years | 127,918 | - |
613,780 | 973,576 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 324,052 | 94,272 |
Group |
Deferred |
tax |
£ |
Balance at 28 December 2022 | 94,272 |
Charge to Statement of Comprehensive Income during period | 229,780 |
Balance at 25 December 2023 | 324,052 |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary share class 1 | 1 | 90,000 | 90,000 |
20. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 28 December 2022 | (6,405,317 | ) | - | (6,405,317 | ) |
Deficit for the period | (35,148,155 | ) | (35,148,155 | ) |
Share options | - | 737,756 | 737,756 |
FX on consolidation | (3,625 | ) | - | (3,625 | ) |
At 25 December 2023 | (41,557,097 | ) | 737,756 | (40,819,341 | ) |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 28 December 2022 | ( |
) | (2,060,996 | ) |
Deficit for the period | ( |
) | ( |
) |
Share options | - | 43,576 | 43,576 |
At 25 December 2023 | ( |
) | (40,159,507 | ) |
21. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 320,937 |
22. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Key management personnel of the entity or its parent (in the | aggregate) |
Total remuneration paid to key management personnel during the period was £1,325,136 (2022: £429,583). |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
23. | POST BALANCE SHEET EVENTS |
On 30 June 2024 the trade and assets of TAE Power Solutions Manufacturing Limited were acquired by a customer of the group under an Asset Purchase Agreement. |
In November 2024, the group completed an internal restructure, which saw the UK headcount reduce as we look to right-size the business and its operations to maximise potential and reduce ongoing fixed costs. No provision has been included in relation to these amounts as the restructure did not occur until late 2024. |
Subsequent to the year end, 495,820 share options have been forfeited. Amounts totalling £464,156 have been released from the share option reserve in 2024 and 2025 to date in relation to these. |
24. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is TAE Power Solutions LLC. |
TAE Technologies Inc is the ultimate controlling party by virtue of their shareholding in the group. |
TAE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 13481469) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Period 28 December 2022 to 25 December 2023 |
25. | SHARE-BASED PAYMENT TRANSACTIONS |
The number of equity-settled share based payments has been disclosed in the below table. During the year, the charge for the equity-settled share based payment was £737,756. |
Some employees of the group have been issued share options in TAE Power Solutions LLC and TAE Technologies Inc. Share options which have been granted have non-market vesting conditions attached, and there are two different classes. Share options are exercisable immediately after the vesting period between 1-6 years following their grant. |
The fair value of share options granted is estimated at the date of grant. The grant date for accounting purposes is at various points as the options were issued, as this is when a shared understanding of the terms and conditions of the arrangements was achieved between various parties. When assessing the fair value at the grant date, market information was used from which the parent company is listed in. |
The fair value of share options granted is estimated at the date of grant using Black Scholes model. |
The following table illustrates the number and weighted average exercise price of, and movements in, share options during the year; |
Number of share options |
Weighted average exercise price |
At 1 January 2022 | - |
Issued | 1,532,593 | $14,64 |
Forfeited | (313,714 | ) | $14.64 |
At 25 December 2023 | 1,218,879 | $14.64 |
The options outstanding at 25 December 2023 had an exercise price ranging from £22.39 to £1.03 and a remaining contractual life of 5.66 years on average. Note the above exercise prices are in a base currency of US Dollars and have been converted at the exchange rate at the year end date. |
During the year ended 25 December 2023, 1,532,593 share options were issued with a weighted average aggregate value of £4,060,920 at the date of grant to employees. |
The fair value of the share options granted during the year were determined using the Black-Scholes option pricing model with the following weighted average assumptions: |
Average ($ | ) | Average (£ | ) |
Share price | 20.37 | 16.29 |
Exercise price | 14.64 | 11.71 |
Expected volatility | 70.82% |
Expected option life | 5.66 years |
Risk-free interest rate | 2.93% |
Subsequent to the year end, 495,820 share options have been forfeited. Amounts totalling £464,156 have been released from the share option reserve in 2024 and 2025 to date in relation to these. |