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Registered number: 14542128
SPACE SOLAR GROUP HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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SPACE SOLAR GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14542128
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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SPACE SOLAR GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14542128
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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SPACE SOLAR GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Space Solar Group Holdings Limited is a private company, limited by share capital and incorporated in England and Wales. The address of its registered office is 2 Communications Road, Greenham Business Park, Newbury, Berkshire, RG19 6AB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
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Foreign currency translation
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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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 3
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SPACE SOLAR GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Any current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income, adjusting for any tax reliefs available to the Company.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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SPACE SOLAR GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.
The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.
Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.
The calculated capital element of the convertible loan note as at the reporting date was deemed immaterial by the Directors for the purpose of these accounts
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The average monthly number of employees, including directors, during the year was 8 (2024 - 7).
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Page 5
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SPACE SOLAR GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The Company owns 100% of the Ordinary share capital and voting rights of the following companies:
- Space Solar Group Services Limited
- Space Solar Engineering Limited
- Space Solar Innovations Limited
All the companies listed above have the same registered office as the Company being 2 Communications Road, Greenham Business Park, Newbury, Berkshire, RG19 6AB.
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Amounts owed by group undertakings
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Prepayments and accrued income
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The Company has tax assets with a cumulative headline value of £61,616 (2024 - £29,365), however, these have been provisioned down to zero as there is no near term expectation of sufficient profits to utilise the tax losses carried forward.
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Cash and cash equivalents
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Page 6
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SPACE SOLAR GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Included in other loans are convertible loan notes of £1,066,593 (2024 - £788,532). All loan notes are unsecured and are not expected to be repaid within 12 months. There is a range of differing interest rates however the majority of these loan notes attract an interest at a rate of 10% above the Bank of England base rate. The convertible loan notes can be converted into Ordinary Shares, with a nominal value of £0.000001, at a 20% discount compared to the deemed fair value of the Company per share at time of the conversion event. A loan conversion can occur in the event of: additional financing, completion of a sale or default.
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Allotted, called up and fully paid
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3,711,462 (2024 - 3,475,740) Ordinary shares of £0.000001 each
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177,743 (2024 - NIL) GV shares of £0.000001 each
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During the year the Company issued 235,722 Ordinary shares of £0.000001 for a total consideration of £908,999. During the year it also issued 177,743 GV shares of £0.000001 at par value. The GV shares are growth shares issued under the Company’s staff incentive scheme.
As at the reporting date the share premium account stood at £1,408,998 (2024 - £499,999).
Page 7
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SPACE SOLAR GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company has taken advantage of the exemption available per paragraph 33.1A of FRS whereby it has not disclosed transactions with any wholly owned subsidiary of the Group.
Satellite Applications Catapult Limited is a shareholder of the Company and part of the key management personnel. Satellite Applications Catapult Limited provided the Company with convertible loan notes with all interest rates set at 10% above the Bank of England base rate on any unpaid amounts. As at the reporting date the Company owed Satellite Applications Catapult Limited £858,934 (2024 - £754,291).
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In the opinion of the Directors, Space Solar Group Holdings Limited is not controlled by any one person.
Page 8
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