Standard | Effective | Overview | |||
date | |||||
Amendment to IFRS 9 and | 1 January | These amendments: | |||
IFRS 7 | 2026 (early | \u2022 | clarify the requirements for the timing of recognition and | ||
adoption | derecognition of some financial assets and liabilities, with | ||||
Classification | and | permitted) | a new exception for some financial liabilities settled | ||
Measurement | of | through an electronic cash transfer system; | |||
Financial Instruments | \u2022 | clarify and add further guidance for assessing whether a | |||
financial asset meets the solely payments of principal and | |||||
interest (SPPI) criterion; | |||||
\u2022 | add new disclosures for certain instruments with | ||||
contractual terms that can change cash flows (such as | |||||
some instruments with features linked to the achievement | |||||
of environment, social and governance (ESG) targets); and | |||||
\u2022 | make updates to the disclosures for equity instruments | ||||
designated at Fair Value through Other Comprehensive | |||||
Income (FVOCI). | |||||
Amendment to IFRS | 1 January | These amendments address power purchase agreements, | |||
9 and IFRS 7 | 2026 (early | commonly referred to as \u2018PPAs\u2019. These too are pending adoption by | |||
adoption | the UK Endorsement Board. | ||||
Power Purchase | permitted) | \u2022 | The amendments outline the factors that an entity must | ||
Agreements (PPAs) | consider when applying the 'own-use' exception under | ||||
IFRS 9 to contracts for purchasing and taking delivery of | |||||
renewable electricity. This is particularly relevant when | |||||
the electricity source is dependent on natural factors and | |||||
IFRS 18 Presentation and | 1 January | This is the new standard on presentation and disclosure in financial | the purchaser faces significant volume risk. | ||
Disclosure in | Financial | 2027 (early | statements, with a focus on updates to the statement of profit or | ||
Statements | adoption | loss. The key new concepts introduced in IFRS 18 relate to: | |||
permitted) | \u2022 | the structure of the statement of profit or loss; | |||
\u2022 | required disclosures in the financial statements for certain | ||||
profit or loss performance measures that are reported | |||||
management-defined performance measures); and | outside an entity\u2019s financial statements (that is, | ||||
enhanced principles on aggregation and disaggregation | \u2022 | ||||
which apply to the primary financial statements and notes | |||||
in general. | |||||
IFRS 19 | Subsidiaries | 1 January | This new standard works alongside other IFRS Accounting | ||
without | Public | 2027 (early | Standards. An eligible subsidiary applies the requirements in other |
Year ended 31 | Year ended 31 | |
Dec 2025 | Dec 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Fees payable to the Group\u2019s auditor for the audit of parent | (36) | (35) |
company and consolidated financial statements | (36) | (35) |
Year ended 31 | Year ended 31 | |
Dec 2025 | Dec 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Finance charge on leased assets | - | - |
Interest on convertible loan | - | (64) |
Finance costs | - | (64) |
Year ended 31 | Year ended 31 | |
Dec 2025 | Dec 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
The charge for year is made up as follows: | ||
Corporation tax on the results for the year | - | - |
A reconciliation of the tax charge appearing in the income | ||
statement to the tax that would result from applying the standard rate of tax to the results for the year is: | ||
Loss per the financial statements | (5,740) | (1,447) |
Tax credit at the weighted average of the standard rate of corporation tax in UK of 25% - (31 Dec 2024: 25%) | (1,435) | (362) |
Non-deductible expenses | 709 | 79 |
Current year losses for which no deferred tax asset is recognised | 726 | 283 |
Income tax charge for the year | - | - |
Year ended | Period ended | |
30 September | 30 September | |
2025 | 2024 | |
\u00a3'000 | \u00a3'000 | |
Foreign currency movements | (170) | 62 |
(170) | 62 |
Year ended 31 | Year ended 31 | |
Dec 2025 | Dec 2024 | |
Loss for the year from continuing operations \u2013 \u00a3\u2018000 | (5,740) | (1,447) |
Weighted number of ordinary shares in issue | 4,864,719,811 | 1,156,732,090 |
Basic earnings per share from continuing operations \u2013 | ||
pence | (0.12) | (0.125) |
Company | Group | |||
31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Trade creditors | 238 | 83 | 406 | 83 |
Accruals | 54 | 36 | 54 | 36 |
Payroll liabilities | 13 | - | 13 | - |
Other current liabilities | - | - | 7 | - |
305 | 119 | 480 | 119 |
Company | Group | |||
31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Other non-current liabilities | - | - | 839 | - |
Number of | Share | Share | ||
shares | capital | premium | Total | |
Ordinary shares | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Balance at 1 January 2024 | 104,097,299 | 41 | 7,001 | 7,042 |
Share issue at placing price of 0.6 pence | 20,666,667 | 21 | 103 | 124 |
Share issue at placing price of 0.1 pence | 1,800,000,000 | 1,800 | - | 1,800 |
Share issue on conversion of loan | 264,000,000 | 264 | - | 264 |
Share issue to settle outstanding fees | 59,666,667 | 60 | 299 | 359 |
Share issue to settle outstanding fees | 47,500,000 | 47 | - | 47 |
Share issue costs | - | - | (41) | (41) |
Balance at 31 December 2024 | 2,295,930,633 | 2,233 | 7,362 | 9,595 |
Shares issued on acquisition of Awakn | 2,074,378,528 | 2,074 | 1,348 | 3,422 |
Group | ||||
Fundraise shares issued alongside | 1,538,461,529 | 1,538 | 462 | 2,000 |
acquisition | ||||
Fundraising shares | 712,121,210 | 712 | 1,538 | 2,250 |
Shares in Lieu of fees | 165,511,593 | 166 | 199 | 365 |
Exercise of warrants | 20,000,000 | 20 | - | 20 |
Share issue costs | - | - | (39) | (39) |
Balance at 31 December 2025 | 6,806,403,493 | 6,743 | 10,870 | 17,613 |
Company | Group | |
\u00a3\u2019000 | \u00a3\u2019000 | |
At 31 December 2023 | 1,227 | 1,227 |
LTIP options | 22 | 22 |
Director warrants issued | 295 | 295 |
At 31 December 2024 | 1,544 | 1,544 |
Issue of LTIP options | 537 | 537 |
Issue of warrants to Awakn shareholders | 440 | 440 |
Release of prior year LTIP charge | 22 | 22 |
At 31 December 2025 | 2,543 | 2,543 |
0.34p options | 0.16p options | 0.1p options | |
Grant date | 31/10/25 | 31/10/25 | 31/10/25 |
Number | 42,000,000 | 21,000,000 | 180,000,000 |
Vesting | Time conditions 1 | Time conditions 1 | Immediate |
Dividend yield (%) | 0% | 0% | 0% |
Expected volatility (%) | 143% | 143% | 143% |
Risk-free interest rate (%) | 3.784% | 3.784% | 3.784% |
Time to maturity | 3 years | 3 years | 5 years |
Exercise price (\u00a3) | 0.0034 | 0.0016 | 0.001 |
Share price at grant date (\u00a3) | 0.0031 | 0.0031 | 0.0031 |
As at 31 December 2025 | ||
Weighted average | ||
exercise price | Number of options | |
Brought forward at 1 January 2025 | 0.1p | 55,000,000 |
Granted in period | 0.1p | 180,000,000 |
Granted in period | 0.34p | 42,000,000 |
Granted in period | 0.16p | 21,000,000 |
Outstanding at 31 December 2025 | 298,000,000 | |
Exercisable at 31 December 2025 | 237,666,667 |
1p warrants 1 | 1.1p warrants 2 | |
Grant date | 27/05/25 | 27/05/25 |
Number | 441,603,804 | 261,861,628 |
Vesting | Immediate | Immediate |
Dividend yield (%) | 0% | 0% |
Expected volatility (%) | 143% | 143% |
Risk-free interest rate (%) | 3.975% | 3.6% |
Time to maturity | 2 \u2013 4 years | 2-4 years |
Exercise price (\u00a3) | 0.01 | 0.011 |
Share price at grant date (\u00a3) | 0.0013 | 0.0013 |
As at 31 December 2025 | ||
Weighted average | ||
exercise price | Number of warrants | |
Brought forward at 1 January 2025 | 307,589,147 | |
Lapsed in period | 1p | (13,089,147) |
Granted in period 1 | 1p | 441,603,804 |
Granted in period 2 | 1.1p | 261,861,628 |
Outstanding at 31 December 2025 | 977,965,432 | |
Exercisable at 31 December 2025 | 977,965,432 |
Fair value of consideration transferred | \u00a3\u2019000 |
Consideration (2,074,378,528 million shares in Solvonis @ \u00a30.00165) | 3,422 |
Value of warrants issued as part of acquisition | 440 |
Extinguishment of Awakn debtor | 300 |
Total | 4,162 |
Recognised amounts of identifiable net assets / (liabilities) at book value | |
Cash and cash equivalents | 8 |
Trade and other receivables | 65 |
Trade and other payables | (1,680) |
Loans and other borrowings | (73) |
Total | (1,680) |
Intangible asset on acquisition | 5,842 |
2 May 2024 \u00a3'000 | |
Consideration received | |
Cash | - |
Carrying amount of net liabilities sold | 16 |
16 | |
Reclassification of foreign exchange reserve | 109 |
Gain on deconsolidation | 125 |
Four months to 2 May | 31 December | |
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Revenue | 221 | 587 |
Cost of sales | (148) | (329) |
Gross profit | 73 | 258 |
Operational costs | (17) | (66) |
Depreciation | (58) | (179) |
Administrative expenses | (140) | (518) |
Asset write down | - | (838) |
Operating loss | (142) | (1,343) |
Finance costs | (1) | (3) |
Loss before taxation | (143) | (1,346) |
Income tax | - | - |
Loss for the period from discontinuing operations | (143) | (1,346) |
2 May 2024 | 31 December 2023 | |
\u00a3'000 | \u00a3'000 | |
Non-current assets | ||
Right of use assets | 38 | 39 |
Other non-current assets | 13 | 13 |
Total non-current assets | 51 | 52 |
Current assets | ||
Cash and cash equivalents | 13 | 143 |
Trade and other receivables | 44 | 78 |
Inventory | 11 | 50 |
Total current assets | 68 | 271 |
TOTAL ASSETS | 119 | 323 |
Non-current liabilities | ||
Lease liability | - | 22 |
Total non-current liabilities | - | 22 |
Current liabilities | ||
Trade and other payables | 71 | 132 |
Deferred income | 36 | 93 |
Lease liability | 28 | 12 |
Total current liabilities | 135 | 237 |
Total liabilities | 135 | 259 |
NET ASSETS | (16) | 64 |
Cashflow of Graft Polymer D.O.O | ||
2 May 2024 \u00a3'000 | 31 December 2023 \u00a3'000 | |
Cash flow from operating activities | ||
Loss before tax | (143) | (1,346) |
Adjustments for: | ||
Depreciation | 58 | 165 |
Finance expenses | - | 3 |
Amortisation of right of use assets | - | 12 |
Fixed asset write off | (58) | 736 |
Inventory write off Changes in working capital: | - | 117 |
Decrease/(Increase) in trade and other receivables | 33 | (26) |
(Decrease)/Increase is trade and other payables | (54) | 234 |
Movements in inventory | 39 | 14 |
Net cash outflow from operating activities | (125) | (91) |
Cash flow from investing activities | ||
Purchase of property, plant and equipment | - | (216) |
Repayment on right of use assets | (4) | (16) |
Loans to subsidiary | - | 393 |
Net cash flow from investing activities | (4) | 161 |
Net increase in cash and cash equivalents | (129) | 70 |
Cash and cash equivalents at beginning of period | 142 | 89 |
Foreign exchange effect on cash balance | - | (26) |
Cash and cash equivalents at end of period | 13 | 133 |
31 Dec | 31 Dec | |
2025 | 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Cash and cash equivalents | ||
Sterling | 1,372 | 757 |
USD | 325 | - |
CAD | 23 | - |
1,720 | 757 |
31 Dec | 31 Dec | |
2025 | 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Cash and cash equivalents | 1,720 | 757 |
1,720 | 757 |
31 Dec | 31 Dec | |
2025 | 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Due in less than one month | (104) | (50) |
Due between one and three months | (127) | (9) |
Due between three months and one year | (175) | (24) |
(406) | (83) |
31 Dec | 31 Dec | |
2025 | 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Cash and cash equivalents | 1,720 | 757 |
1,720 | 757 |
31 Dec | 31 Dec | |
2025 | 2024 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Due in less than one month | (104) | (50) |
Due between one and three months | (127) | (9) |
Due between three months and one year | (175) | (24) |
(406) | (83) |
Company | Group | |||
31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cash and cash equivalents | 1,698 | 757 | 1,720 | 757 |
Trade and other receivables | 147 | 35 | 151 | 36 |
Trade and other payables | (251) | (83) | (426) | (83) |
1,594 | 709 | 1,445 | 710 |
Base salary | Service fees | Total | |
Director | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Anthony Tennyson | 175 | 20 | 195 |
Nicholas Nelson | 35 | - | 35 |
Dennis Purcell | 40 | - | 40 |
Renata Crome | 20 | - | 20 |
Paul Carter | 4 | - | 4 |
274 | 20 | 294 |