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

Mobile Power Limited (MOPO) is a UK headquartered battery technology group delivering sustainable energy across Africa. Its solar-powered charging stations distribute energy through proprietary pay-per-use MOPO Batteries, which are rented to individuals and businesses by a network of local agents. Almost 1 billion people are grappling with inadequate power infrastructure; by revolutionising energy distribution, MOPO is transforming the power sector in Africa. The highly scalable business, which is currently carrying out over 10 million MOPO Battery rentals per year in six African countries, is redefining energy without the need for restrictive and unaffordable consumer finance. Having invested heavily in developing its unique and proprietary MOPO Batteries and management platform, the business is now quickly rolling out its services across the African continent.

During 2024 the Group had direct operations through wholly owned subsidiaries in four countries, including the Democratic Republic of the Congo (DRC), Nigeria, Sierra Leone and Liberia. In addition, the Group works with partners in Uganda and Chad. During the year, MOPO started delivering the first hubs to CrossBoundary Access in Nigeria, which are sold to CrossBoundary Access but managed by MOPO under a revenue share agreement. Furthermore, MOPO introduced its larger 1 kWh “MOPOMax” battery in Liberia during 2024, with the intention to roll-out these new services across its entire portfolio in 2025 and beyond. Revenues are earned primarily from battery rentals and from sales of the entire systems to partner companies (“B2B revenues”).

Battery rental revenues are earned in local currency in the respective country of operation. Generally, the local subsidiaries increase customer prices to keep pace with local currency depreciation. However, timing mismatches between currency movements and price increases remain a key risk factor for the Group.

Cost of sales include costs directly attributable to the running of the battery hubs in Africa as well as the unit costs of any sales to B2B customers. Staff costs rose in line with the increase in staffing levels, particularly in Nigeria and the DRC, with a more modest increase in the UK and other countries. Other operating expenses increased in line with the expansion of the overall business volume. Administrative expenses included on the Group profit and loss account (£4,089,938) include the operating expenses and staff costs highlighted above, as well as foreign exchange losses, research and development costs, depreciation and amortisation and certain other costs and expenses.

In terms of key balance sheet developments, fixed assets grew in line with the continued roll-out of infrastructure in our subsidiaries. The increase is stocks is due to a greater volume of equipment purchased but yet to be installed at the year-end. The increase in debtors in 2024 is primarily due to an increase in receivables from B2B customers.

The recurring operating profit (loss) and the operating profit (loss) after grant income are key performance indicators for the Group. During the year, the subsidiaries all contributed positively to the operating result. With their increasing size due to further installation of MOPO hubs and batteries, management expects that the Group will show positive operating profit in the near term.

Grant income is projected to continue to be received during 2025 and following years, as the Group is the beneficiary of several more fully contracted grants, which will be received as and when certain performance indicators have been achieved.

Foreign exchange has a significant effect on the financial statements presented herein. While the currency effects on battery rental revenues can be largely mitigated through customer price increases, other currency effects cannot be. Fixed assets are capitalised at the subsidiary level in local currency, taking the exchange rate on the date of the invoice for those assets. At the end of the year, for purposes of the consolidation, the subsidiary fixed assets are translated into GBP, using the year-end exchange rate, generally resulting in a much lower GBP value (over and above the effect of depreciation). Due to the very significant depreciation of the Nigerian Naira in the course of 2023, the Group’s Nigerian subsidiary undertook a revaluation of its fixed assets during that year. For 2024, hyperinflation accounting has been applied to the financial statements of the Group’s Sierra Leonean subsidiary, resulting in a net increase in assets and capital of £95,446, and a similar adjustment to the income statement (please see note 30).

Furthermore, intercompany payment terms allow subsidiaries to pay the parent company for battery equipment over time. However, these intercompany payables at the subsidiary level are denominated in GBP, generally resulting in foreign exchange losses, which are taken through the income statement. Even though the intercompany payables fall away upon consolidation, the foreign exchange losses are fully recognised in the consolidated accounts. Such exchange losses amounted to £262,836 (2023: £1,393,497).

As these foreign exchange effects primarily impact the Group results, the net assets of the Group (£4,605,957 at 31 December 2024) will increasingly diverge from the net assets of the parent company (£6,005,450 at 31 December 2024). As the relative size of the operations in Africa grows, this divergence will likely continue to grow going forward.

During 2024, the Group closed a “second tranche” of its 2023 capital raise, receiving £1.2 million in January 2024. Also during the year, the Group negotiated a USD 7 million loan with British International Investment plc, which was signed in January 2025 with drawdowns thereafter. During the course of 2025, the Group completed a further equity raise of £6.8 million to further strengthen its capital base and accelerate the roll-out of its batteries and other infrastructure.

On behalf of the board

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

The principal activity of the company is the design and delivery of renewable energy sources to emerging markets.

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

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

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

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

BHP LLP were appointed as auditor to the company and will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

The directors are responsible for preparing the non-statutory financial statements.

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 group and company, 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Mobile Power Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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 the parent company's affairs as at 31 December 2024 and of the group's loss 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the design and delivery of renewable energy sources to emerging markets and experience of similar businesses;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias;

• investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims;

• reviewing board meeting minutes

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £567,609 (2023 - £755,968 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Mobile Power Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 Newhall Business Park, 58 Newhall Road, Sheffield, S9 2QD.

The group consists of Mobile Power Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Mobile Power Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

For subsidiary entities with a functional currency other than that of the parent, the balance sheet is translated at the year end rate. The profit or loss account is translated at the average rate throughout the period. The difference in these calculations is included within other comprehensive income.

Notwithstanding the loss-making nature of its operations to date, the directors have a reasonable expectation that the Group and Company have adequate resources and access to further funding to continue operations for the foreseeable future for the following reasons:

• To date, the Group has always been able to access sufficient funding to cover its cashflow needs. During 2025, the Group completed a further £6.8 million equity raise and a USD 7 million debt raise.

• The main cashflow burden is the investment in equipment to be installed at the subsidiary level. This investment is largely discretionary and can be adjusted down, should financial considerations make such a reduction a prudent course of action.

Based on the above, the Group and the Company therefore continue to adopt the going concern basis in preparing its financial statements.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of hubs and battery equipment

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the Group has transferred or will transfer the significant risks and rewards of ownership to the buyer;

• the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the hub or equipment sold;

• the amount of revenue can be measured reliably;

• it is probable that the Group will receive the consideration due under the transaction; and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental of "MOPO50" batteries

Revenue from rental of batteries is recognised when all of the following conditions are satisfied:

• the Group sells activation credits to its agents. Strictly speaking, this revenue is “earned” when a battery charge cycle is activated using one of the credits. However, there is no material timing difference between these two reference points.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

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

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the exercise period, based on the estimate of shares that will eventually be exercised. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining exercise period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of exercise and the amount that would have been recognised over the remaining exercise period is recognised immediately.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Hyperinflation

In accordance with FRS 102 section 31, where economies are designated as hyperinflationary, the financial statements are restated using a general price index to reflect the measuring unit current at the reporting date. The restatement is applied to non-monetary assets and liabilities, and comparative figures.

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

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

Development costs

The directors have applied their judgement in ensuring capitalisation of development costs are in line with the FRS 102 recognition criteria, demonstrating that the asset will generate probable economic benefit. The directors have also used their judgement in assessing when the intangible asset is available for use in line with FRS 102 and the related amortisation charge applicable.

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

Useful economic life of intangible assets

The directors have applied their judgement in assessing the useful economic life of the intangible assets held by the company. All intangible assets are considered to have a finite useful life. If a reliable estimate cannot be made, the useful life shall not exceed ten years.

Intercompany balance

The directors have applied their judgment in assessing the subsidiaries’ ability to repay and the timing of any repayment and have adjusted the total balance to reflect a net present value of such future repayments.

During the year, the company received government grants in support of innovation and research activities.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 3 (2023 - 1).

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

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

In August 2024, Mobile Power Limited purchased the remaining 10% of the ordinary share capital of Mobile Power (SL) Limited. At this date the company became a 100% subsidiary. Results up until the date of the transaction are included within the share of non-controlling interest. All elements of of the non-controlling interest have subsequently been transferred to Retained Earnings.

Certain loans held within other creditors are secured by floating charges over all of the undertaking, property, assets and rights of the company.

All loans are due within 5 years.

Certain other loans included are secured by a charge over the assets of the company.

Other loans held in Mobile Power (SL) Limited are guaranteed by Mobile Power Limited.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

In November 2021 the Company implemented an EMI Share Option Scheme for all eligible employees. Options have a vesting period of three years, backdated to the employment start date for the respective employee.

In April 2024, a further 19,245 options were granted under a new scheme. These options are exercisable for 19,245 ordinary shares at a price of £20 per share. Options vest in three equal annual instalments from the employee start date.

Options can only be exercised in case of an "exit event", meaning sale of the entire Company or a listing of it shares on a public exchange. Once an exit event has occurred, employees will have 75 days to exercise the option. If the option is not exercised during this period, the option will lapse. Employees leaving the Company before an exit event will forfeit their options. However, the board has wide discretion in allowing leaving employees to either continue to hold their options or exercise them.

Details of the options outstanding during the year are as follows:

The options outstanding at 31 December 2024 had an exercise price ranging from £8 to £20, and a remaining contractual life of 6 years.

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

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

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

During the year, the company recognised total share-based payment expenses of £122,999 (2023: £126,444) which related to equity settled share based payment transactions, assuming a 6-year period to exercise and employee attrition over this same period of 20%.

Holders of Ordinary Shares are entitled to attend and vote at general meetings of the company. They have full rights to receive dividends declared by the company and to participate in any distribution of capital, including upon winding up. These shares are non-redeemable.

Ordinary Non-Voting Shares carry no voting rights. However, holders are entitled to receive dividends and to participate in capital distributions, including on a winding up. These shares are also non-redeemable.

Preference Shares confer rights to attend and vote at general meetings. Holders are entitled to receive dividends and to participate in capital distributions up to the amount of the subscription price paid on the shares. These shares are non-redeemable.

Mobile Power Limited is guarantor of a loan advanced to Mobile Power SL Limited, a subsidiary. The balance outstanding at 31 December 2024 was 0.8m (2023: 1.6 million) Sierra Leonean Leones (£28,018).  The Directors believe that the guarantee will not be called upon in the normal course as the cashflow in the subsidiary is sufficient to meet the terms of the loan. If Mobile Power Limited were called upon to support the loan, Mobile Power SL Limited would reimburse as soon as it were able to do so.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

On 22 January 2025, Mobile Power (the “Company”) signed a USD 7 million non-recourse loan agreement with British International Investment plc (“BII”). The borrower for this loan is a special purpose company based in Mauritius and the proceeds of the loan will be exclusively used to fund the roll-out of the Company’s batteries and hubs in the Democratic Republic of the Congo. This loan is non-recourse to Mobile Power Limited (the parent) and will therefore not appear on the Company only balance sheet. A first drawdown of USD 850,000 was received on 14 March 2025.

Also, since the reporting date, the Company closed a £6.8 million equity offering of Series C preference shares in the parent company, with Octopus Energy and Norfund acting as lead investors. The funding is unrestricted and will be used to grow the Company’s business across its operations.

Impact of Hyperinflation – Sierra Leone Subsidiary

Hyperinflationary Accounting

During the year ended 31 December 2024, the Group identified that the economy of Sierra Leone met the criteria for classification as hyperinflationary under FRS 102 Section 31 – Hyperinflation. As a result, the financial statements of Mobile Power (SL) Limited, which operates in Sierra Leone, have been restated to reflect the effects of hyperinflation.

Restatement Approach

In accordance with FRS 102 section 31, the financial statements of the subsidiary have been restated using a general price index to reflect the measuring unit current at the reporting date. The restatement has been applied to non-monetary assets and liabilities, and comparative figures.

Key adjustments include:

- Restatement of property, plant and equipment and inventory to current purchasing power.
- Recognition of gains/losses on monetary items in the income statement.
- Adjustment of opening equity balances to reflect cumulative inflation effects.

Impact on Consolidated Financial Statements

The restatement resulted in the following adjustments to the Group’s consolidated financial statements:
- An increase in net assets of £69,060.
- The current year shows a net loss of £22,375 on hyperinflation based on the impact of the prior year restatement and current year adjustments

Disclosure of Judgements and Estimates

Management applied judgement in determining the appropriate inflation index and the date from which hyperinflationary accounting should be applied. The index used was the Consumer Price Index, which indicated cumulative inflation exceeding 100% over three years.

Comparative Information

Comparative figures have been restated as if the subsidiary had always applied hyperinflationary accounting.