REGISTERED NUMBER: 12096238 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 DECEMBER 2025

FOR

TAE POWER SOLUTIONS MANUFACTURING

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Milton

S Patel

REGISTERED OFFICE:

C/O Thrings Llp

6 Drakes Meadow

Swindon

SN3 3LL

REGISTERED NUMBER:

12096238 (England and Wales)

AUDITORS:

TC Group, Statutory Auditor

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

CURRENT ASSETS

Debtors

4

80,596

322,216

Cash at bank

35,975

740

116,571

322,956

CREDITORS

Amounts falling due within one year

5

75,910

278,373

NET CURRENT ASSETS

40,661

44,583

TOTAL ASSETS LESS CURRENT LIABILITIES

40,661

44,583

CREDITORS

Amounts falling due after more than one year

6

-

4,409

NET ASSETS

40,661

40,174

CAPITAL AND RESERVES

Called up share capital

9

106

106

Retained earnings

40,555

40,068

SHAREHOLDERS' FUNDS

40,661

40,174

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2026 and were signed on its behalf by:

G Milton - Director

1.	STATUTORY INFORMATION

TAE Power Solutions Manufacturing 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.

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.

On 30 June 2024 the trade and assets of the business were acquired by a customer of the group under an Asset Purchase Agreement. Subsequent to this, the company has completed its remaining other projects and ceased to trade, with the intention to become dormant once all residual balances have been settled.

On that basis, the company has prepared its accounts on a basis other than going concern.

Assets have been assessed for impairment and a review for additional liabilities has been conducted as

a result of the cessation of trade.

The group will continue to maintain the company as a non-trading entity until such time that they have

concluded the process of cessation and assessed any future needs for the entity.

Turnover

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 28 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

79,874

-

Other debtors

-

217,545

Tax

-

99,699

VAT

215

533

Deferred tax asset

507

3,275

Prepayments and accrued income

-

1,164

80,596

322,216

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 7)

4,416

10,397

Trade creditors

61,769

37,114

Amounts owed to group undertakings

-

180,862

Accrued expenses

9,725

50,000

75,910

278,373

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 7)

-

4,409

7.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

4,416

10,397

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

4,409

The loan within creditors is a bounceback loan, which incurs a fixed level of interest and is guaranteed by the UK government.

8.	DEFERRED TAX

£

Balance at 26 December 2024

(3,275

)

Charge to Income Statement during year

2,768

Balance at 25 December 2025

(507

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

2

Ordinary A

£1

2

2

2

Ordinary B

£1

2

2

2

Ordinary C

£1

2

2

106

106

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

The Report of the Auditors was unqualified.

Emma Jones FCCA (Senior Statutory Auditor)

for and on behalf of TC Group, Statutory Auditor

Emphasis of matter - Basis of preparation

We draw your attention to Note 2 to the financial statements, which explains that the company has ceased to trade.

Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Accordingly the financial statements have been prepared on a basis other than going concern. This is as described in Note 2.

Our opinion is not modified in respect of this matter.

11.	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.

12.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the company received £5.6m funds on behalf of another group company, where it is acting as trustee for the funds until the company has a bank account set up.

This is in relation to a joint venture to develop neutral beams for fusion and non-fusion applications, creating high-skilled jobs and establishing a critical supply chain, between TAE Technologies and UKAEA (UK Atomic Energy Authority).

13.	ULTIMATE CONTROLLING PARTY

The immediate parent company is TAE Power Solutions Limited.

TAE Technologies Inc is the ultimate controlling party by virtue of their shareholding in the group.

14.	SHARE-BASED PAYMENT TRANSACTIONS

In previous years, employees of the company were issued share options in TAE Power Solutions LLC and TAE Technologies Inc. Share options granted had non-market vesting conditions attached, and there are two different classes. Share options were exercisable immediately after the vesting period between 1-6 years following their grant.

During the year ended 25 December 2025, nil (2024: 5,952) share options were issued with a weighted average aggregate value of $nil (2024: $7,678) at the date of grant to employees.

The credit for the equity-settled share based payments for the year ended 25 December 2025 was £nil (2024: £75,384).

As the business has ceased trading on 30 June 2024, all options have been forfeited and there were no options outstanding as at 25 December 2025 or 25 December 2024.