REGISTERED NUMBER: 10430656 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CAMBRIDGE GAN DEVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Longobardi

Parkwalk Advisors Limited

P R Hutton

IQ Capital Directors Nominees Limited

D Atkinson

I Lane

C Bretz

REGISTERED OFFICE:

Jeffreys Building, Suite 8

St Johns Innovation Park

Cowley Road

CAMBRIDGE

Cambridgeshire

CB4 0DS

REGISTERED NUMBER:

10430656 (England and Wales)

AUDITORS:

Staffords

Chartered Accountants

& Statutory Auditors

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

FIXED ASSETS

Tangible assets

4

596,568

724,034

CURRENT ASSETS

Stocks

103,816

72,634

Debtors

5

2,145,038

1,554,717

Cash at bank

26,570,045

8,416,179

28,818,899

10,043,530

CREDITORS

Amounts falling due within one year

6

1,555,228

671,208

NET CURRENT ASSETS

27,263,671

9,372,322

TOTAL ASSETS LESS CURRENT LIABILITIES

27,860,239

10,096,356

CAPITAL AND RESERVES

Called up share capital

8

1,068

709

Share premium

48,473,528

23,770,793

Retained earnings

(20,614,357

)

(13,675,146

)

SHAREHOLDERS' FUNDS

27,860,239

10,096,356

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

P R Hutton - Director

1.	STATUTORY INFORMATION

Cambridge GaN Devices Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset (other than Assets Under Construction) over its estimated useful life.

Improvements to property

- 20% on cost

Plant and machinery

- 50% on cost and 20% on cost

Computer equipment

- 33% on cost

Plant and machinery - Assets Under Construction are carried at cost less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use and are reallocated into their appropriate asset category and depreciated at a rate appropriate to their final categorisation.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Payment of creditors

The average payment terms taken with those creditors that offer credit for the payment of their costs varies according to the individual payment terms set by each creditor, with typical credit terms being, 14, 30 or End of Month. The policy of the company being that of payment to suppliers by the due date as stipulated on each supplier's bills to retain the use of credit where offered.

Share premium account

As the Share Premium, generated by the investments received in excess of the share nominal value, has limited uses as part of the company accounts, it is the policy to utilise the ability to allocate any allowable costs of fundraising against this balance for all historical and any future investments in the company's share capital.

Going concern

The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate. At the balance sheet date, the company held cash and cash equivalents of £26.6 million. The directors have prepared forecasts covering a period of at least 12 months from the date of approval of these financial statements and, taking into account the company's current financial position and resources, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the financial statements continue to be prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

Improvements

- Assets

to

Plant and

Under

Computer

property

machinery

Construction

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

99,532

776,951

42,936

145,201

1,064,620

Additions

28,005

122,264

-

39,059

189,328

Disposals

-

-

(42,936

)

(1,122

)

(44,058

)

At 31 December 2024

127,537

899,215

-

183,138

1,209,890

DEPRECIATION

At 1 January 2024

24,597

256,270

-

59,719

340,586

Charge for year

22,190

213,860

-

37,153

273,203

Eliminated on disposal

-

-

-

(467

)

(467

)

At 31 December 2024

46,787

470,130

-

96,405

613,322

NET BOOK VALUE

At 31 December 2024

80,750

429,085

-

86,733

596,568

At 31 December 2023

74,935

520,681

42,936

85,482

724,034

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

15,995

1,620

Other debtors

2,129,043

1,553,097

2,145,038

1,554,717

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

825,142

236,593

Taxation and social security

99,740

82,162

Other creditors

630,346

352,453

1,555,228

671,208

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

284,520

151,185

Between one and five years

365,570

300,191

650,090

451,376

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number

Class

Nominal Value

2024

2023

£

£

2,220,775

Ordinary

0.01p

222

222

4,723,359

A Ordinary

0.01p

472

472

154,188

Growth

0.01p

15

15

1,066

Deferred

0.01p

-

-

3,590,484

C Ordinary

0.01p

359

-

1,068

709

During the year

5,834 Ordinary shares were issued for cash at 1p per share.

3,435,117 C Ordinary shares were issued for cash at £7.08 per share.

155,367 C Ordinary shares were issued for cash at £7.45 per share.

During the year 1,667 EMI share options were exercised, 17,333 options lapsed and 79,750 were granted with an exercise price of 1p. 4,167 unapproved share options were exercised and 54,250 were granted with an exercise price of 1p.

At the year end the total share options held were 539,907 (2023: 479,157) EMI options and 187,583

(2023: 137,500) unapproved options.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Ellis MA FCA (Senior Statutory Auditor)

for and on behalf of Staffords

10.	RELATED PARTY DISCLOSURES

There are no material related party transactions which were not concluded under normal market conditions.

11.	ULTIMATE CONTROLLING PARTY

As at the balance sheet date there is no single ultimate controlling party.