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"ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00115": { "value": "-85000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00118": { "value": "4331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00117": { "value": "3150000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00285": { "value": "61000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00286": { "value": "-11000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00287": { "value": "2201000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00288": { "value": "233000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00120": { "value": "-7000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInFinancialAssets", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00119": { "value": "-118000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInFinancialAssets", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00121": { "value": "-1161000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00122": { "value": "-994000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00123": { "value": "-2620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00124": { "value": "4745000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00126": { "value": "-1587000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00125": { "value": "3866000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00127": { "value": "5000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesRefundClassifiedAsOperatingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00128": { "value": "150000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesRefundClassifiedAsOperatingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00289": { "value": "-1582000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00290": { "value": "4016000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00129": { "value": "178000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00130": { "value": "117000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00132": { "value": "365000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00131": { "value": "267000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00292": { "value": "-543000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00291": { "value": "-384000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00133": { "value": "1000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00134": { "value": "20000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00135": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00136": { "value": "762000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00221": { "value": "167000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00222": { "value": "106000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00293": { "value": "14000.0", "decimals": -3, "dimensions": { "concept": "pbee:PaymentOfInterestOfLeaseLiabilities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00294": { "value": "22000.0", "decimals": -3, "dimensions": { "concept": "pbee:PaymentOfInterestOfLeaseLiabilities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00295": { "value": "-180000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00296": { "value": "19110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00137": { "value": "-2305000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00138": { "value": "22742000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00139": { "value": "34995000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00140": { "value": "12214000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00141": { "value": "-67000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00142": { "value": "39000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00297": { "value": "32623000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00298": { "value": "34995000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00162": { "value": "1
General Information
PensionBee Group plc (the \u2018Company\u2019) is the parent company of PensionBee Limited, PensionBee
Trustees Limited and PensionBee Inc. (the \u2018Subsidiaries\u2019) (together the \u2018Group\u2019). The Company is a
public company, whose shares are traded on the Main Market of the London Stock Exchange (\u2018LSE\u2019),
and is incorporated and domiciled in England and Wales.
The address of its registered of\ufb01ce is:
209 Blackfriars Road
London
SE1 8NL
United Kingdom
Principal Activity
The principal activity of the Group is that of an online retirement savings provider. The Group
seeks to make its customers in the UK and the US \u2018Pension Con\ufb01dent\u2019 by giving them complete
control and clarity over their retirement savings. PensionBee\u2019s simple, easy to use, online customer
proposition is delivered to the mass market digitally - through our website and app - enabling
customers to combine their savings, contribute to their accounts and ultimately make withdrawals
online, to take control of their retirement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00153": { "value": "PensionBee Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00160": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00156": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00159": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00155": { "value": "209 Blackfriars Road London SE1 8NL United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00154": { "value": "209 Blackfriars Road London SE1 8NL United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00157": { "value": "The principal activity of the Group is that of an online retirement savings provider. The Group seeks to make its customers in the UK and the US \u2018Pension Con\ufb01dent\u2019 by giving them complete control and clarity over their retirement savings. PensionBee\u2019s simple, easy to use, online customer proposition is delivered to the mass market digitally - through our website and app - enabling customers to combine their savings, contribute to their accounts and ultimately make withdrawals online, to take control of their retirement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00163": { "value": "2
Accounting Policies
Basis of Preparation
The consolidated \ufb01nancial statements have been prepared in accordance with International
Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK in conformity with the requirements of
the Companies Act 2006. The \ufb01nancial statements are prepared on the historical cost basis and on a
going concern basis.
The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group\u2019s accounting policies.
The \ufb01nancial statements are presented in GBP and all values are rounded to the nearest thousand
(\u00a3\u2019000), except when otherwise indicated. The functional currency of the Company is GBP because
it is the primary currency in the economic environment in which the Company operates and cash
\ufb02ows from \ufb01nancing activities are generated.
Basis of Consolidation
The consolidated \ufb01nancial statements consolidate the \ufb01nancial statements of the Company and its
subsidiary undertakings drawn up to 31 December 2025.
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has
the power to govern the \ufb01nancial and operating policies of an entity so as to obtain bene\ufb01ts from its
activities. The Company reassesses whether it controls an entity if facts and circumstances indicate
there are changes to one or more elements of control.
On 21 March 2024, PensionBee Group plc incorporated a new wholly owned subsidiary, PensionBee
Inc. in Delaware, US with operational headquarters in New York. The incorporation of this subsidiary
is part of the Group\u2019s strategic initiative to expand its operations into the US market.
On 27 November 2024, PensionBee Group plc wholly acquired PensionBee Trustees Limited at
book value of \u00a31. From the acquisition date, PensionBee Trustees Limited became a subsidiary of
PensionBee Group plc. PensionBee Trustees Limited holds the scheme\u2019s assets and liabilities under
a bare trust arrangement and are not recognised within its \ufb01nancial statements. The subsidiary is
non-operational.
All intragroup assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions
between the members of the group are eliminated on consolidation.
Summary of Accounting Policies and Key Accounting Estimates
The principal accounting policies applied in the preparation of these \ufb01nancial statements are
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
Going Concern
The Directors have a reasonable expectation that the Group has adequate \ufb01nancial resources to
continue in operational existence for the foreseeable future. They are satis\ufb01ed that the Company
can continue to meet its liabilities as they fall due for at least 12 months from the date of approval
of these \ufb01nancial statements.
The Group\u2019s \ufb01nancial position strengthened further during 2025. This
was marked by a second consecutive year of Adjusted EBITDA pro\ufb01tability at the Group level and the
maintenance of a robust cash balance of \u00a332.6m as of the end of 2025 (2024: \u00a335.0m).
The UK business continues to serve as a pro\ufb01table cornerstone for the Group, achieving its second
consecutive year of Adjusted EBITDA pro\ufb01tability and a Pro\ufb01t/(Loss) before Tax of \u00a32.2m (2024: \u00a3(1.0)
m), through a sustained focus on self-funded growth and a strong market position. Meanwhile,
the US expansion continues to be funded by the \u00a320m primary capital raise from October 2024,
alongside ongoing marketing support from our long-standing partner, State Street Investment
Management. To ensure a conservative approach, the \ufb01nancial modelling excludes associated US
Revenue; however, all potential US operating costs and short-term funding requirements remain
fully factored into the Group\u2019s overall \ufb01nancial resource calculations.
Stress testing was conducted by evaluating severe but plausible scenarios, including a signi\ufb01cant
decline in equity markets and a reduction in both customer conversion rates and average transfer
values. These scenarios account for potential volatility in the geopolitical and macroeconomic
environment. The Group\u2019s robust \ufb01nancial position, supported by the continued pro\ufb01tability of the
UK business, provides signi\ufb01cant resilience against such downturns.
The Directors have concluded that the Group has suf\ufb01cient \ufb01nancial resources to remain in
operational existence, even considering potential macroeconomic downturns. Therefore, the
Directors have adopted the going concern basis of preparation for these \ufb01nancial statements.
Climate Change
The Directors have assessed the potential impacts of climate-related risks on the Group\u2019s operations
and \ufb01nancial statements, and the detailed assessment has been disclosed in the Climate-related
Disclosures section. Following a thorough evaluation of the Group\u2019s operations and industry
dynamics, the Directors have concluded that climate related risks do not have a material impact on
the Group\u2019s operations and \ufb01nancial statements.
Changes in Accounting Policy
The following amendments were effective for the period beginning 1 January 2025:
\u00a0
Effective Date, Annual Period
Standard
beginning on or after
Amendments to IAS 21 \u2013 The Effects of Changes in
\u00a0
Foreign Exchange Rates
1 January 2025
\n
All the changes were adopted by the Group. None of the standards, interpretations and
amendments, effective for the \ufb01rst time from 1 January 2025, have had a material effect on the
\ufb01nancial statements.
New Standards, Interpretations and Amendments not yet Effective
The new standards which are not yet effective will have material disclosure impact on the \ufb01nancial
statements. None of them have been early adopted.
Standard
Effective Date, Annual Period
\u00a0
beginning on or after
Amendments to IFRS 9 and IFRS 7 - Classi\ufb01cation and
1 January 2026
Measurement of Financial Instrument
\u00a0
Amendments to IFRS 18 \u2013 Presentation and Disclosures
1 January 2027
in Financial Statements
\u00a0
Amendments to IFRS 19 \u2013 Subsidiaries without Public
1 January 2027
Accountability: Disclosures
\u00a0
\n
Annual Improvements to IFRS Accounting Standards (2024-2025) have also been issued. These
are not expected to have a material impact on the Group and therefore have not been listed
individually.
Revenue Recognition
Revenue represents amounts receivable for services net of VAT. Revenue is derived from the
administration of our customers\u2019 retirement savings and the provision of one-off ancillary services to
customers. The Group operates a service to combine and transfer customers\u2019 old retirement savings
into new online plans, which are subsequently managed by third party money managers. The Group
has applied the 5-step model outlined in IFRS 15 Revenue from contracts with customers as is set
out below:
Identi\ufb01cation of the contract with a customer
- During account opening, the customer is made
aware of the promises the Group is making. Rights and obligations of each party are outlined.
The point at which the customer agrees to the terms and conditions is the point at which both
the Group and the customer have signed or agreed the contract.
Identi\ufb01cation of the performance obligations in the contract
- The Group makes one promise
to its customers, the careful administration of the customers\u2019 retirement savings, including through
investments with its third party money managers. The Group performs administrative tasks during
the process of on-boarding its customers to its technology platform which are necessary for the
ful\ufb01lment of administration of the customers\u2019 retirement savings. The Group does not consider these
administrative tasks to be a separate performance obligation. As a result, it is considered that the Group
has a single performance obligation, which is the administration of the customers\u2019 retirement savings.
Determination of the transaction price
- The money managers invest customers\u2019 retirement
savings in funds (\u2018Group Plans\u2019) that match each customer\u2019s selection. The Group charges an
annual management fee that is charged daily against the units held by each customer. In the UK,
the annual management fee is based on a \ufb01xed percentage (%) which varies for each of the Group
Plans. In the UK, the fees range from 0.50% to 0.95%.and there is a
value-related discount where
the annual headline fee is halved on an individual\u2019s assets above \u00a3100,000. In the US, the annual
management fees range from 0.50% to 0.85%.
Allocation of the transaction price
- As there is only one performance obligation, the whole
transaction price is allocated to this performance obligation.
Recognition of Revenue when a performance obligation is satis\ufb01ed
- The administration of
customers\u2019 retirement savings is continuous until the customer fully withdraws their retirement pot
or transfers it to another registered retirement savings provider. Revenue is recognised over time
as the customer simultaneously receives and consumes the bene\ufb01ts provided by the Group\u2019s
performance as the Group performs them. The performance obligation is satis\ufb01ed when the
customer receives the service. Revenue is calculated daily as a percentage (basis points) of the
value of Assets under Administration (\u2018AUA\u2019) as agreed by the customer. Payment is due on a
daily basis but settled on a monthly basis.
Consideration Payable to Customers
The Group runs incentive-linked marketing campaigns, including \ufb01xed sign-up contributions
and percentage-based incentives on eligible transferred retirement savings with PensionBee. This
consideration payable to the customer is not in exchange for a distinct good or service; therefore,
it is accounted for as a reduction to the transaction price. The full consideration for \ufb01xed sign-up
contributions is accounted for as a revenue reduction in the year it is payable because the difference
between spreading it over the contract life and recognising it in full in the year it is incurred is not
material. A materiality assessment is done annually. The consideration for percentage-based incentives
is accounted for as a revenue reduction over the expected life of the customer. The percentage-based
contribution is subject to clawback provisions if a customer transfers their retirement savings out of
PensionBee within \ufb01ve years of the contribution.
Recurring Revenue
The Group\u2019s Revenue is recurring in nature as the annual charges are calculated daily as a percentage
(basis points) of the value of AUA and will continue to be earned on an ongoing basis whilst the
Group administers those assets. Recurring Revenue is derived from management fees and is
recognised based on daily accruals of customers\u2019 retirement savings balances as the performance
obligation, being the provision of retirement savings scheme administration services to customers,
is met. These management fees are charged daily and collected by the Group on a monthly basis.
Other Revenue
Other Revenue relates to commission earned from referring individuals to purchase life insurance
products and to a one-off charge for full draw-down within one year of becoming an Invested
Customer. For this revenue stream, the performance obligation is the execution of the requested
task. There are fee structures in place which are used to determine the transaction price. Revenue is
recognised at a point in time when the requested task is executed (when the service is provided to
the customer).
Other Income
Other Income relates to amounts received in relation to marketing costs reimbursements and
Research and Development Expenditure Credit. Under an agreement with State Street Investment
Management (\u2018State Street\u2019), the Group is reimbursed for certain marketing costs. The recognition
of such reimbursements as Other Income is contingent upon the achievement of speci\ufb01ed net new
asset thresholds.
Amounts received in advance are recorded as deferred income and recognised
as other income only when the corresponding qualifying marketing costs have been incurred by
PensionBee Inc. Research and Development Expenditure Credit relates to Research and Development
gross credit on projects that quali\ufb01ed for Research and Development under the Department for
Science, Innovation and Technology (\u201cDSIT\u201d) Guidelines.
Foreign Currency Transactions and Balances
Functional and presentation currency
Items included in the \ufb01nancial statements of each of the Group entities are measured using the
currency of the primary economic environment in which the entity operates (the \u2018functional
currency\u2019).
Foreign currency transactions and balances
In preparing the \ufb01nancial statements of the group entities, transactions in currencies other than
the entity\u2019s functional currency (\u2018foreign currencies\u2019) are recognised at the rates of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities
that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated
at the rates prevailing at the date when the fair value was determined. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences
are recognised in the Consolidated Statement of Comprehensive Income in the period in which
they arise.
Foreign operations
For the purpose of presenting the Consolidated Financial Statements, the results and \ufb01nancial
position of foreign operations (none of which has the currency of a hyperin\ufb02ationary economy)
that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
\u2022
assets and liabilities for each statement of \ufb01nancial position presented are translated at the
closing rate at the date of that statement of \ufb01nancial position;
\u2022
income and expenses for each statement of comprehensive income are translated at average
exchange rates (unless this is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated);
and,
\u2022
all resulting exchange differences are recognised in the Consolidated Statement of
Comprehensive Income and accumulated in a foreign currency translation reserve.
Taxation
Tax on the loss for the year comprises research and development credit in the UK and local and
state taxes in the US. There was no current or deferred tax charge for the year (2024: \u00a3nil). Tax is
recognised in the Consolidated Statement of Comprehensive Income except to the extent that it
relates to items recognised directly in equity or other comprehensive income, in which case it is
recognised directly in equity or other comprehensive income.
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the UK.
Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes liabilities where
appropriate.
Deferred tax is provided using the liability method on temporary differences between the
tax bases of assets and liabilities and their carrying amounts for \ufb01nancial reporting purposes
at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward
of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that
it is probable that taxable pro\ufb01t will be available against which the deductible temporary differences,
and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or part
of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has become probable that future taxable
pro\ufb01ts will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which signi\ufb01cant amounts of deferred tax liabilities or assets are expected to be
settled or recovered.
Property, Plant and Equipment
Tangible \ufb01xed assets are stated at cost less accumulated depreciation and accumulated impairment
losses. The Group assesses at each reporting date whether there are impairment indicators for
tangible \ufb01xed assets.
Depreciation
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the
estimated useful lives of each part of an item of tangible \ufb01xed assets. The estimated useful lives are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset Class
Depreciation Method and Rate
Computer Equipment
three years straight line
Furniture and Fittings
four years straight line
Leasehold Improvements
straight line over life of the lease
Right of Use Assets
straight line over life of the lease
\n
An item of property, plant and equipment and any signi\ufb01cant part initially recognised is
derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future
economic bene\ufb01ts are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the Consolidated Statement of Comprehensive Income
when the asset is derecognised.
The residual values, useful lives, and methods of depreciation of property, plant and equipment
are reviewed at each \ufb01nancial year end and adjusted prospectively, if appropriate.
Internally Generated Intangible Assets \u2013 research and development expenditure
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An intangible asset arising from development (or from the development phase of an internal
project) is recognised if, and only if, all of the following conditions have been demonstrated:
\u2022
the technical feasibility of completing the intangible asset so that it will be available
for use or sale
\u2022
the intention to complete the intangible asset and use or sell it
\u2022
the ability to use or sell the intangible asset
\u2022
how the intangible asset will generate probable future economic bene\ufb01ts
\u2022
the availability of adequate technical, \ufb01nancial and other resources to complete
the development and to use or sell the intangible asset
\u2022
the ability to measure reliably the expenditure attributable to the intangible asset
during its development.
The amount initially recognised for internally generated intangible assets is the sum of the
expenditure incurred from the date when the intangible asset \ufb01rst meets the recognition criteria
listed above. Where no intangible asset can be recognised, development expenditure is recognised
in the Consolidated Statement of Comprehensive Income in the period in which it is incurred.
Subsequent to initial recognition, internally generated intangible assets are reported at
cost less accumulated amortisation and accumulated impairment losses. The estimated
useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset Class
Depreciation Method and Rate
Capitalised Development Costs
eight years straight line
\n
Intangible assets are amortised from the point at which the assets are available for use.
Impairment of Non-Financial Assets
The Group assesses at each reporting date, whether there is an indication that an asset may be
impaired. If any such indication exists, the recoverable amount of the asset is estimated based on
an asset\u2019s fair value less cost of disposal. An impairment loss is recognised for the amount by which
the asset\u2019s carrying amount exceeds its recoverable amount. Impairment loss is recognised in the
Consolidated Statement of Comprehensive Income.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and short term highly liquid deposits with a
maturity of less than 3 months.
Trade Receivables
Trade and other receivables are recognised initially at the transaction price less attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost using the
effective interest method, less any impairment losses in the case of trade receivables and other
receivables.
Trade Payables
Trade and other payables are recognised initially at transaction price plus attributable transaction
costs. Subsequently they are measured at amortised cost using the effective interest method.
Trade and other payables are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Trade payables are classi\ufb01ed as current liabilities if
payment is due within one year or less (or in the normal operating cycle of the business if longer).
If not, they are presented as non-current liabilities.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) 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. Provisions are measured at the Directors\u2019
best estimate of the expenditure required to settle the obligation at the reporting date and are
discounted to present value where the effect is material.
Leases
Initial Recognition and Measurement
The Group initially recognises a lease liability for the obligation to make lease payments and
a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over
the lease term. The lease payments include \ufb01xed payments, purchase options at exercise price
(where payment is reasonably certain), expected amount of residual value guarantees, termination
option penalties (where payment is considered reasonably certain) and variable lease payments that
depend on an index or rate.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease
prepayments, lease incentives received, the Group\u2019s initial direct costs (e.g. commissions) and
an estimate of restoration, removal, and dismantling costs.
Subsequent Measurement
After the commencement date, the Group measures the lease liability by:
\u2022
Increasing the carrying amount to re\ufb02ect interest on the lease liability;
\u2022
Reducing the carrying amount to re\ufb02ect the lease payments made; and
\u2022
Re-measuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations or to
re\ufb02ect revised in substance \ufb01xed lease payments or on the occurrence of other speci\ufb01c events.
Interest on the lease liability in each period during the lease term is the amount that produces a
constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are
included in \ufb01nance cost in the Consolidated Statement of Comprehensive Income, unless the costs
are included in the carrying amount of another asset applying other applicable standards. Variable
lease payments not included in the measurement of the lease liability, are included in operating
expenses in the period in which the event or condition that triggers them arises. Repayment of lease
liabilities within \ufb01nancing activities in the Consolidated Statement of Cash Flows include both the
principal and interest.
Short Term and Low Value Leases
The Group has made an accounting policy election, by class of underlying asset, not to recognise
lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e. short-term
leases).
The Group has made an accounting policy election on a lease-by-lease basis, not to recognise lease
assets and lease liabilities on leases for which the underlying asset is worth \u00a35,000 or less (i.e. low
value leases).
Lease payments on short term and low value leases are accounted for on a straight-line basis over
the term of the lease or other systematic basis if considered more appropriate. Short term and
low value lease payments are included in operating expenses in the Statement of Comprehensive
Income.
Share Capital
Ordinary Shares are classi\ufb01ed as equity. Equity instruments are measured at the fair value of the cash
or other resources received or receivable, net of the direct costs of issuing the equity instruments. If
payment is deferred and the time value of money is material, the initial measurement is on a present
value basis.
De\ufb01ned Contribution Pension Obligation
The Group operates a de\ufb01ned contribution plan for its employees, under which the Group pays \ufb01xed
contributions into the PensionBee Personal Pension (UK employees) and PensionBee 401(k) (US
employees). Once the contributions have been paid, the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive
Income when they fall due. Amounts not paid are shown in creditors as a liability in the Consolidated
Statement of Financial Position. The assets of the plan are held separately from the Group.
Share-based Payments
The cost of equity-settled transactions with employees is measured by reference to the fair value
of the equity instruments granted at the date at which they are granted and is recognised as an
expense over the vesting period, which ends on the date on which the relevant employees become
fully entitled to the award. Fair value is determined by using the market price of the shares at a
point in time adjacent to the issue of the award. In valuing equity-settled transactions, no account
is taken of any vesting conditions, other than conditions linked to the price of the shares of the
Group (market conditions) and non-vesting conditions. No expense is recognised for awards that
do not ultimately vest, except for awards where vesting is conditional upon a market or non-
vesting condition, which are treated as vesting irrespective of whether the market or non-vesting
condition is satis\ufb01ed, provided that all other vesting conditions are satis\ufb01ed. At each balance sheet
date, before vesting the cumulative expense is calculated, representing the extent to which the
vesting period has expired and management\u2019s best estimate of the achievement or otherwise of
non-market conditions and of the number of equity instruments that will ultimately vest, or in the
case of an instrument subject to a market condition, will be treated as vesting as described above.
The movement in cumulative expense since the previous balance sheet date is recognised in the
Consolidated Statement of Comprehensive Income, with a corresponding entry in equity under the
Share-based Payment Reserve.
Where the terms of an equity-settled award are modi\ufb01ed, or a new award is designated as replacing
a cancelled or settled award, the cost based on the original award terms continues to be recognised
over the original vesting period. In addition, an expense is recognised over the remainder of the new
vesting period for the incremental fair value of any modi\ufb01cation, based on the difference between
the fair value of the original award and the fair value of the modi\ufb01ed award, both as measured on the
date of the modi\ufb01cation. No reduction is recognised if this difference is negative. Where an equity-
settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not
yet recognised in the Statement of Comprehensive Income for the award is expensed immediately.
Any compensation paid up to the fair value of the award at the cancellation or settlement date is
deducted from equity (Share-based Payment Reserve), with any excess over fair value expensed in
the Consolidated Statement of Comprehensive Income.
The Company has established a Share-based Payment Reserve but does not transfer any amounts
from this reserve on the exercise or lapse of options. On exercise, shares issued are recognised in
share capital at their nominal value. Share premium is recognised to the extent the exercise price is
above the nominal value. Where the Company is settling part of the exercise price, a transfer is made
from retained earnings to share capital.
Research and Development
Research and development expenditure is recognised as an expense as incurred, except that
development expenditure incurred on an individual project that is capitalised as an intangible asset
when the Group can demonstrate the technical feasibility of completing the intangible asset so that it
will be available for use or sale, how the asset will generate future economic bene\ufb01ts, the availability
of resources to complete development of the asset and the ability to measure reliably the expenditure
during development. Capitalised development costs are recorded as intangible assets and amortised
from the point at which the asset is ready for use. The Group\u2019s research and development costs relate
to costs incurred on projects carried out to advance technology used to serve its customers.
Impairment of Financial Assets
Measurement of Expected Credit Losses
Expected credit losses (\u2018ECLs\u2019) are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an
approximation of the original effective interest rate.
For trade and other receivables, the Group applies a simpli\ufb01ed approach in calculating the ECLs.
Therefore, the Group recognises a loss allowance based on lifetime ECLs at each reporting date.8
Notes to the Company Financial Statements
For the year ended 31 December 2025
1
Accounting Policies
Statement of Compliance
These \ufb01nancial statements were prepared in accordance with Financial Reporting Standard 102 \u2018The
Financial Reporting Standard applicable in the UK and Republic of Ireland\u2019.
Summary of Signi\ufb01cant Accounting Policies and Key Accounting Estimates
The principal accounting policies applied in the preparation of these \ufb01nancial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
Basis of Preparation
These \ufb01nancial statements have been prepared using the historical cost convention.
The \ufb01nancial statements are presented in GBP and all values are rounded to the nearest thousand
(\u00a3\u2019000), except when otherwise indicated. The functional currency of the Company is GBP because it
is the primary currency in the economic environment in which the Company operates.
The Company has taken advantage of the exemption in section 408 of the Companies Act from
presenting its individual pro\ufb01t and loss account.
Judgements and Key Sources of Estimation Uncertainty
In applying the Company\u2019s accounting policies, the Directors are required to make judgements
that have a signi\ufb01cant impact on the amounts recognised and to make estimates and assumptions
about the carrying amounts 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 if the revision affects only that period, or in
the period of the revision and future periods if the revision affects both current and future periods.
The Directors have considered the following key sources of estimation uncertainty at the Statement
of Financial Position date which have a signi\ufb01cant effect on the amounts recognised in the \ufb01nancial
statements.
Assessment as to whether the investments in subsidiaries are impaired
The recoverable amount is the subsidiary\u2019s discounted cash \ufb02ow value. The determination of the
recoverable amount of the investment in subsidiaries depends on certain assumptions, which include
selection of the discount rate, projection period and projection of future cash \ufb02ows. The discount
rate is each subsidiary\u2019s Weighted Average Cost of Capital (\u2018WACC\u2019). This was set by reference to
comparable companies\u2019 WACC and adjusting it for the subsidiary\u2019s risk pro\ufb01le. Signi\ufb01cant assumptions
are required to be made when selecting comparable companies and determining the subsidiary\u2019s risk
pro\ufb01le adjustment.
Future cash \ufb02ow projections signi\ufb01cantly rely on revenue projections which are inherently uncertain
due to their sensitivity to changes in market conditions and revenue growth rate. Signi\ufb01cant
assumptions are required to be made when setting the revenue growth rate which takes into
consideration perceived changes in market conditions and customer behaviour. Further information
on the investment in the subsidiary\u2019s recoverable amount and the sensitivity of the recoverable
amount to changes in unobservable inputs are provided in Note 3.
Summary of Disclosure Exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these \ufb01nancial
statements, as permitted by FRS 102:
\u2022
the requirements of Section 7 Statement of Cash Flows;
\u2022
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
\u2022
the requirements of Section 33 Related Party Disclosures paragraph 33.7;
\u2022
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
\u2022
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
12.29(b) and 12.29A; and
\u2022
The exemption under Section 408 of the Companies Act 2006 from presenting a standalone
\n
pro\ufb01t and loss account, as the Company\u2019s results are included in the Consolidated \ufb01nancial
\n
statements of the Group. The Company\u2019s pro\ufb01t or loss for the \ufb01nancial year is disclosed in the
\n
Statement of Financial Position.
\n
Going Concern
\n
The Directors have a reasonable expectation that the Group
has adequate \ufb01nancial resources to
\n
continue in operational existence for the foreseeable future. They are satis\ufb01ed that the Company
\n
can continue to meet its liabilities as they fall due for at least 12 months from the date of approval
\n
of these \ufb01nancial statements. The Group\u2019s \ufb01nancial position strengthened further during 2025. This
\n
was marked by a second consecutive year of Adjusted EBITDA pro\ufb01tability at the Group level and the
\n
maintenance of a robust cash balance of \u00a332.6m as of the end of 2025 (2024: \u00a335.0m).
\n
The UK business continues to serve as a pro\ufb01table cornerstone for the Group, achieving its second
\n
consecutive year of Adjusted EBITDA pro\ufb01tability and a
Pro\ufb01t/(Loss) before Tax of \u00a32.2m (2024:
\n
\u00a3(1.0)m), through a sustained focus on self-funded growth and a strong market position. Meanwhile,
\n
the US expansion continues to be funded by the \u00a320m primary capital raise from October 2024,
\n
alongside ongoing marketing support from our long-standing partner, State Street Investment
\n
Management. To ensure a conservative approach, the \ufb01nancial modelling excludes associated US
\n
Revenue; however, all potential US operating costs and short-term funding requirements remain
\n
fully factored into the Group\u2019s overall \ufb01nancial resource calculations.
\n
Stress testing was conducted by evaluating severe but plausible scenarios, including a signi\ufb01cant
\n
decline in equity markets and a reduction in both customer conversion rates and average transfer
\n
values. These scenarios account for potential volatility in the geopolitical and macroeconomic
\n
environment. The Group\u2019s robust \ufb01nancial position, supported by the continued pro\ufb01tability of the
\n
UK business, provides signi\ufb01cant resilience against such downturns.
\n
The Directors have concluded that the Group has suf\ufb01cient \ufb01nancial resources to remain in
\n
operational existence, even considering potential macroeconomic downturns.
Therefore, the
\n
Directors have adopted the going concern basis of preparation for these \ufb01nancial statements.
\n
Foreign Currency Transactions and Balances
\n
The Company applies IAS 21, The Effects of Changes in Foreign Exchange Rates. Transactions in
\n
foreign currencies are translated into GBP at the exchange rate on the date of the transaction.
\n
Foreign currency monetary balances are translated into Sterling at the period end exchange rates.
\n
Exchange gains and losses on such balances are taken to the Statement of Comprehensive Income
\n
and recognised in the currency translation reserve in equity. Non-monetary foreign currency
\n
balances are translated at historical transaction-date exchange rates.
\n
Taxation
\n
Tax on the loss for the year comprises of research and development credit in the UK and local and
\n
state taxes in the US. There was no current or deferred tax charge for the year (2024: \u00a3nil). Tax is
\n
recognised in the Statement of Comprehensive Income except to the extent that it relates to items
\n
recognised directly in equity or other comprehensive income, in which case it is recognised directly
\n
in equity or other comprehensive income.
\n
Current income tax assets and liabilities are measured at the amount expected to be recovered from
\n
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
\n
that are enacted or substantively enacted at the reporting date in the United Kingdom where the
\n
Company operates and generates taxable income.
\n
Management periodically evaluates positions taken in the tax returns with respect to situations
\n
in which applicable tax regulations are subject to interpretation and establishes liabilities where
\n
appropriate.
\n
Deferred tax is provided using the liability method on temporary differences between the tax bases
\n
of assets and liabilities and their carrying amounts for \ufb01nancial reporting purposes at the reporting
\n
date.
\n
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of
\n
unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it
\n
is probable that taxable pro\ufb01t will be available against which the deductible temporary differences,
\n
and the carry forward of unused tax credits and unused tax losses can be utilised.
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
\n
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or part
\n
of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
\n
reporting date and are recognised to the extent that it has become probable that future taxable
\n
pro\ufb01ts will allow the deferred tax asset to be recovered.
\n
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
\n
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
\n
been enacted or substantively enacted at the reporting date. The Group offsets deferred tax assets
\n
and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets
\n
and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income
\n
taxes levied by the same taxation authority on either the same taxable entity or different taxable
\n
entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the
\n
assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant amounts of
\n
deferred tax liabilities or assets are expected to be settled or recovered.
Investment in Subsidiaries
Investment in subsidiaries is carried at cost less any accumulated impairment losses. Cost includes
the purchase price, additional capital injections and any directly attributable transaction costs. The
carrying amounts are reviewed for impairment at each reporting date. If the carrying amount of an
investment is greater than its estimated recoverable amount, it is written down immediately to its
recoverable amount.
Impairment loss is recognised in the Statement of Comprehensive Income.
Dividend income from subsidiaries is recognised in the Statement of Comprehensive Income when
the Company\u2019s right to receive payment is established.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and short term highly liquid deposits with a
maturity of less than three months.
Trade Receivables
Trade and other receivables are recognised initially at the transaction price less attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost using the
effective interest method, less any impairment losses in the case of trade receivables.
Trade Payables
Trade and other payables are recognised initially at transaction price plus attributable transaction
costs. Subsequently they are measured at amortised cost using the effective interest method.
Trade and other payables are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Trade payables are classi\ufb01ed as current liabilities if
payment is due within one year or less (or in the normal operating cycle of the business if longer). If
not, they are presented as non-current liabilities.
Impairment of Non-Financial Assets
The Group assesses at each reporting date, whether there is an indication that an asset may be
impaired. If any such indication exists, the recoverable amount of the asset is estimated based on
future cash\ufb02ows with a suitable range of discount rates and the expectations of future performance.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. Impairment loss is recognised in the Statement of Comprehensive Income.
Share Capital
Ordinary shares are classi\ufb01ed as equity. Equity instruments are measured at the fair value of the cash
or other resources received or receivable, net of the direct costs of issuing the equity instruments. If
payment is deferred and the time value of money is material, the initial measurement is on a present
value basis.
Share-based Payments
The \ufb01nancial effect of awards by the Parent Company of equity-settled awards (principally, options
over its equity shares) to the employees of the subsidiary undertakings are recognised as capital
contributions by the Parent Company in its individual \ufb01nancial statements. In particular, the Parent
Company records an increase in its investment in subsidiaries with a credit to equity equivalent to
the expense for the equity-settled award recognised in the Group for such awards. There are no
recharges to the subsidiary undertakings for such awards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "Basis of Preparation
The consolidated \ufb01nancial statements have been prepared in accordance with International
Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK in conformity with the requirements of
the Companies Act 2006. The \ufb01nancial statements are prepared on the historical cost basis and on a
going concern basis.
The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group\u2019s accounting policies.
The \ufb01nancial statements are presented in GBP and all values are rounded to the nearest thousand
(\u00a3\u2019000), except when otherwise indicated. The functional currency of the Company is GBP because
it is the primary currency in the economic environment in which the Company operates and cash
\ufb02ows from \ufb01nancing activities are generated. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "Basis of Preparation
The consolidated \ufb01nancial statements have been prepared in accordance with International
Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK in conformity with the requirements of
the Companies Act 2006. The \ufb01nancial statements are prepared on the historical cost basis and on a
going concern basis.
The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group\u2019s accounting policies.
The \ufb01nancial statements are presented in GBP and all values are rounded to the nearest thousand
(\u00a3\u2019000), except when otherwise indicated. The functional currency of the Company is GBP because
it is the primary currency in the economic environment in which the Company operates and cash
\ufb02ows from \ufb01nancing activities are generated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Basis of Consolidation
The consolidated \ufb01nancial statements consolidate the \ufb01nancial statements of the Company and its
subsidiary undertakings drawn up to 31 December 2025.
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has
the power to govern the \ufb01nancial and operating policies of an entity so as to obtain bene\ufb01ts from its
activities. The Company reassesses whether it controls an entity if facts and circumstances indicate
there are changes to one or more elements of control.
On 21 March 2024, PensionBee Group plc incorporated a new wholly owned subsidiary, PensionBee
Inc. in Delaware, US with operational headquarters in New York. The incorporation of this subsidiary
is part of the Group\u2019s strategic initiative to expand its operations into the US market.
On 27 November 2024, PensionBee Group plc wholly acquired PensionBee Trustees Limited at
book value of \u00a31. From the acquisition date, PensionBee Trustees Limited became a subsidiary of
PensionBee Group plc. PensionBee Trustees Limited holds the scheme\u2019s assets and liabilities under
a bare trust arrangement and are not recognised within its \ufb01nancial statements. The subsidiary is
non-operational.
All intragroup assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions
between the members of the group are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00158": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "Going Concern
The Directors have a reasonable expectation that the Group has adequate \ufb01nancial resources to
continue in operational existence for the foreseeable future. They are satis\ufb01ed that the Company
can continue to meet its liabilities as they fall due for at least 12 months from the date of approval
of these \ufb01nancial statements.
The Group\u2019s \ufb01nancial position strengthened further during 2025. This
was marked by a second consecutive year of Adjusted EBITDA pro\ufb01tability at the Group level and the
maintenance of a robust cash balance of \u00a332.6m as of the end of 2025 (2024: \u00a335.0m).
The UK business continues to serve as a pro\ufb01table cornerstone for the Group, achieving its second
consecutive year of Adjusted EBITDA pro\ufb01tability and a Pro\ufb01t/(Loss) before Tax of \u00a32.2m (2024: \u00a3(1.0)
m), through a sustained focus on self-funded growth and a strong market position. Meanwhile,
the US expansion continues to be funded by the \u00a320m primary capital raise from October 2024,
alongside ongoing marketing support from our long-standing partner, State Street Investment
Management. To ensure a conservative approach, the \ufb01nancial modelling excludes associated US
Revenue; however, all potential US operating costs and short-term funding requirements remain
fully factored into the Group\u2019s overall \ufb01nancial resource calculations.
Stress testing was conducted by evaluating severe but plausible scenarios, including a signi\ufb01cant
decline in equity markets and a reduction in both customer conversion rates and average transfer
values. These scenarios account for potential volatility in the geopolitical and macroeconomic
environment. The Group\u2019s robust \ufb01nancial position, supported by the continued pro\ufb01tability of the
UK business, provides signi\ufb01cant resilience against such downturns.
The Directors have concluded that the Group has suf\ufb01cient \ufb01nancial resources to remain in
operational existence, even considering potential macroeconomic downturns. Therefore, the
Directors have adopted the going concern basis of preparation for these \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Changes in Accounting Policy
The following amendments were effective for the period beginning 1 January 2025:
\u00a0
Effective Date, Annual Period
Standard
beginning on or after
Amendments to IAS 21 \u2013 The Effects of Changes in
\u00a0
Foreign Exchange Rates
1 January 2025
\n
All the changes were adopted by the Group. None of the standards, interpretations and
amendments, effective for the \ufb01rst time from 1 January 2025, have had a material effect on the
\ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "Revenue Recognition
Revenue represents amounts receivable for services net of VAT. Revenue is derived from the
administration of our customers\u2019 retirement savings and the provision of one-off ancillary services to
customers. The Group operates a service to combine and transfer customers\u2019 old retirement savings
into new online plans, which are subsequently managed by third party money managers. The Group
has applied the 5-step model outlined in IFRS 15 Revenue from contracts with customers as is set
out below:
Identi\ufb01cation of the contract with a customer
- During account opening, the customer is made
aware of the promises the Group is making. Rights and obligations of each party are outlined.
The point at which the customer agrees to the terms and conditions is the point at which both
the Group and the customer have signed or agreed the contract.
Identi\ufb01cation of the performance obligations in the contract
- The Group makes one promise
to its customers, the careful administration of the customers\u2019 retirement savings, including through
investments with its third party money managers. The Group performs administrative tasks during
the process of on-boarding its customers to its technology platform which are necessary for the
ful\ufb01lment of administration of the customers\u2019 retirement savings. The Group does not consider these
administrative tasks to be a separate performance obligation. As a result, it is considered that the Group
has a single performance obligation, which is the administration of the customers\u2019 retirement savings.
Determination of the transaction price
- The money managers invest customers\u2019 retirement
savings in funds (\u2018Group Plans\u2019) that match each customer\u2019s selection. The Group charges an
annual management fee that is charged daily against the units held by each customer. In the UK,
the annual management fee is based on a \ufb01xed percentage (%) which varies for each of the Group
Plans. In the UK, the fees range from 0.50% to 0.95%.and there is a
value-related discount where
the annual headline fee is halved on an individual\u2019s assets above \u00a3100,000. In the US, the annual
management fees range from 0.50% to 0.85%.
Allocation of the transaction price
- As there is only one performance obligation, the whole
transaction price is allocated to this performance obligation.
Recognition of Revenue when a performance obligation is satis\ufb01ed
- The administration of
customers\u2019 retirement savings is continuous until the customer fully withdraws their retirement pot
or transfers it to another registered retirement savings provider. Revenue is recognised over time
as the customer simultaneously receives and consumes the bene\ufb01ts provided by the Group\u2019s
performance as the Group performs them. The performance obligation is satis\ufb01ed when the
customer receives the service. Revenue is calculated daily as a percentage (basis points) of the
value of Assets under Administration (\u2018AUA\u2019) as agreed by the customer. Payment is due on a
daily basis but settled on a monthly basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "Revenue Recognition
Revenue represents amounts receivable for services net of VAT. Revenue is derived from the
administration of our customers\u2019 retirement savings and the provision of one-off ancillary services to
customers. The Group operates a service to combine and transfer customers\u2019 old retirement savings
into new online plans, which are subsequently managed by third party money managers. The Group
has applied the 5-step model outlined in IFRS 15 Revenue from contracts with customers as is set
out below:
Identi\ufb01cation of the contract with a customer
- During account opening, the customer is made
aware of the promises the Group is making. Rights and obligations of each party are outlined.
The point at which the customer agrees to the terms and conditions is the point at which both
the Group and the customer have signed or agreed the contract.
Identi\ufb01cation of the performance obligations in the contract
- The Group makes one promise
to its customers, the careful administration of the customers\u2019 retirement savings, including through
investments with its third party money managers. The Group performs administrative tasks during
the process of on-boarding its customers to its technology platform which are necessary for the
ful\ufb01lment of administration of the customers\u2019 retirement savings. The Group does not consider these
administrative tasks to be a separate performance obligation. As a result, it is considered that the Group
has a single performance obligation, which is the administration of the customers\u2019 retirement savings.
Determination of the transaction price
- The money managers invest customers\u2019 retirement
savings in funds (\u2018Group Plans\u2019) that match each customer\u2019s selection. The Group charges an
annual management fee that is charged daily against the units held by each customer. In the UK,
the annual management fee is based on a \ufb01xed percentage (%) which varies for each of the Group
Plans. In the UK, the fees range from 0.50% to 0.95%.and there is a
value-related discount where
the annual headline fee is halved on an individual\u2019s assets above \u00a3100,000. In the US, the annual
management fees range from 0.50% to 0.85%.
Allocation of the transaction price
- As there is only one performance obligation, the whole
transaction price is allocated to this performance obligation.
Recognition of Revenue when a performance obligation is satis\ufb01ed
- The administration of
customers\u2019 retirement savings is continuous until the customer fully withdraws their retirement pot
or transfers it to another registered retirement savings provider. Revenue is recognised over time
as the customer simultaneously receives and consumes the bene\ufb01ts provided by the Group\u2019s
performance as the Group performs them. The performance obligation is satis\ufb01ed when the
customer receives the service. Revenue is calculated daily as a percentage (basis points) of the
value of Assets under Administration (\u2018AUA\u2019) as agreed by the customer. Payment is due on a
daily basis but settled on a monthly basis.
Consideration Payable to Customers
The Group runs incentive-linked marketing campaigns, including \ufb01xed sign-up contributions
and percentage-based incentives on eligible transferred retirement savings with PensionBee. This
consideration payable to the customer is not in exchange for a distinct good or service; therefore,
it is accounted for as a reduction to the transaction price. The full consideration for \ufb01xed sign-up
contributions is accounted for as a revenue reduction in the year it is payable because the difference
between spreading it over the contract life and recognising it in full in the year it is incurred is not
material. A materiality assessment is done annually. The consideration for percentage-based incentives
is accounted for as a revenue reduction over the expected life of the customer. The percentage-based
contribution is subject to clawback provisions if a customer transfers their retirement savings out of
PensionBee within \ufb01ve years of the contribution.
Recurring Revenue
The Group\u2019s Revenue is recurring in nature as the annual charges are calculated daily as a percentage
(basis points) of the value of AUA and will continue to be earned on an ongoing basis whilst the
Group administers those assets. Recurring Revenue is derived from management fees and is
recognised based on daily accruals of customers\u2019 retirement savings balances as the performance
obligation, being the provision of retirement savings scheme administration services to customers,
is met. These management fees are charged daily and collected by the Group on a monthly basis.
Other Revenue
Other Revenue relates to commission earned from referring individuals to purchase life insurance
products and to a one-off charge for full draw-down within one year of becoming an Invested
Customer. For this revenue stream, the performance obligation is the execution of the requested
task. There are fee structures in place which are used to determine the transaction price. Revenue is
recognised at a point in time when the requested task is executed (when the service is provided to
the customer).
Other Income
Other Income relates to amounts received in relation to marketing costs reimbursements and
Research and Development Expenditure Credit. Under an agreement with State Street Investment
Management (\u2018State Street\u2019), the Group is reimbursed for certain marketing costs. The recognition
of such reimbursements as Other Income is contingent upon the achievement of speci\ufb01ed net new
asset thresholds.
Amounts received in advance are recorded as deferred income and recognised
as other income only when the corresponding qualifying marketing costs have been incurred by
PensionBee Inc. Research and Development Expenditure Credit relates to Research and Development
gross credit on projects that quali\ufb01ed for Research and Development under the Department for
Science, Innovation and Technology (\u201cDSIT\u201d) Guidelines.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Foreign Currency Transactions and Balances
Functional and presentation currency
Items included in the \ufb01nancial statements of each of the Group entities are measured using the
currency of the primary economic environment in which the entity operates (the \u2018functional
currency\u2019).
Foreign currency transactions and balances
In preparing the \ufb01nancial statements of the group entities, transactions in currencies other than
the entity\u2019s functional currency (\u2018foreign currencies\u2019) are recognised at the rates of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities
that are denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated
at the rates prevailing at the date when the fair value was determined. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences
are recognised in the Consolidated Statement of Comprehensive Income in the period in which
they arise.
Foreign operations
For the purpose of presenting the Consolidated Financial Statements, the results and \ufb01nancial
position of foreign operations (none of which has the currency of a hyperin\ufb02ationary economy)
that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
\u2022
assets and liabilities for each statement of \ufb01nancial position presented are translated at the
closing rate at the date of that statement of \ufb01nancial position;
\u2022
income and expenses for each statement of comprehensive income are translated at average
exchange rates (unless this is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated);
and,
\u2022
all resulting exchange differences are recognised in the Consolidated Statement of
Comprehensive Income and accumulated in a foreign currency translation reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "Functional and presentation currency
Items included in the \ufb01nancial statements of each of the Group entities are measured using the
currency of the primary economic environment in which the entity operates (the \u2018functional
currency\u2019).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "Taxation
Tax on the loss for the year comprises research and development credit in the UK and local and
state taxes in the US. There was no current or deferred tax charge for the year (2024: \u00a3nil). Tax is
recognised in the Consolidated Statement of Comprehensive Income except to the extent that it
relates to items recognised directly in equity or other comprehensive income, in which case it is
recognised directly in equity or other comprehensive income.
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the UK.
Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes liabilities where
appropriate.
Deferred tax is provided using the liability method on temporary differences between the
tax bases of assets and liabilities and their carrying amounts for \ufb01nancial reporting purposes
at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward
of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that
it is probable that taxable pro\ufb01t will be available against which the deductible temporary differences,
and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or part
of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has become probable that future taxable
pro\ufb01ts will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which signi\ufb01cant amounts of deferred tax liabilities or assets are expected to be
settled or recovered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Deferred tax is provided using the liability method on temporary differences between the
tax bases of assets and liabilities and their carrying amounts for \ufb01nancial reporting purposes
at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward
of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that
it is probable that taxable pro\ufb01t will be available against which the deductible temporary differences,
and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01t will be available to allow all or part
of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has become probable that future taxable
pro\ufb01ts will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which signi\ufb01cant amounts of deferred tax liabilities or assets are expected to be
settled or recovered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "Property, Plant and Equipment
Tangible \ufb01xed assets are stated at cost less accumulated depreciation and accumulated impairment
losses. The Group assesses at each reporting date whether there are impairment indicators for
tangible \ufb01xed assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Depreciation
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the
estimated useful lives of each part of an item of tangible \ufb01xed assets. The estimated useful lives are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset Class
Depreciation Method and Rate
Computer Equipment
three years straight line
Furniture and Fittings
four years straight line
Leasehold Improvements
straight line over life of the lease
Right of Use Assets
straight line over life of the lease
\n
An item of property, plant and equipment and any signi\ufb01cant part initially recognised is
derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future
economic bene\ufb01ts are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the Consolidated Statement of Comprehensive Income
when the asset is derecognised.
The residual values, useful lives, and methods of depreciation of property, plant and equipment
are reviewed at each \ufb01nancial year end and adjusted prospectively, if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Internally Generated Intangible Assets \u2013 research and development expenditure
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An intangible asset arising from development (or from the development phase of an internal
project) is recognised if, and only if, all of the following conditions have been demonstrated:
\u2022
the technical feasibility of completing the intangible asset so that it will be available
for use or sale
\u2022
the intention to complete the intangible asset and use or sell it
\u2022
the ability to use or sell the intangible asset
\u2022
how the intangible asset will generate probable future economic bene\ufb01ts
\u2022
the availability of adequate technical, \ufb01nancial and other resources to complete
the development and to use or sell the intangible asset
\u2022
the ability to measure reliably the expenditure attributable to the intangible asset
during its development.
The amount initially recognised for internally generated intangible assets is the sum of the
expenditure incurred from the date when the intangible asset \ufb01rst meets the recognition criteria
listed above. Where no intangible asset can be recognised, development expenditure is recognised
in the Consolidated Statement of Comprehensive Income in the period in which it is incurred.
Subsequent to initial recognition, internally generated intangible assets are reported at
cost less accumulated amortisation and accumulated impairment losses. The estimated
useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset Class
Depreciation Method and Rate
Capitalised Development Costs
eight years straight line
\nIntangible assets are amortised from the point at which the assets are available for use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "Internally Generated Intangible Assets \u2013 research and development expenditure
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An intangible asset arising from development (or from the development phase of an internal
project) is recognised if, and only if, all of the following conditions have been demonstrated:
\u2022
the technical feasibility of completing the intangible asset so that it will be available
for use or sale
\u2022
the intention to complete the intangible asset and use or sell it
\u2022
the ability to use or sell the intangible asset
\u2022
how the intangible asset will generate probable future economic bene\ufb01ts
\u2022
the availability of adequate technical, \ufb01nancial and other resources to complete
the development and to use or sell the intangible asset
\u2022
the ability to measure reliably the expenditure attributable to the intangible asset
during its development.
The amount initially recognised for internally generated intangible assets is the sum of the
expenditure incurred from the date when the intangible asset \ufb01rst meets the recognition criteria
listed above. Where no intangible asset can be recognised, development expenditure is recognised
in the Consolidated Statement of Comprehensive Income in the period in which it is incurred.
Subsequent to initial recognition, internally generated intangible assets are reported at
cost less accumulated amortisation and accumulated impairment losses. The estimated
useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset Class
Depreciation Method and Rate
Capitalised Development Costs
eight years straight line
\nIntangible assets are amortised from the point at which the assets are available for use.Research and Development
Research and development expenditure is recognised as an expense as incurred, except that
development expenditure incurred on an individual project that is capitalised as an intangible asset
when the Group can demonstrate the technical feasibility of completing the intangible asset so that it
will be available for use or sale, how the asset will generate future economic bene\ufb01ts, the availability
of resources to complete development of the asset and the ability to measure reliably the expenditure
during development. Capitalised development costs are recorded as intangible assets and amortised
from the point at which the asset is ready for use. The Group\u2019s research and development costs relate
to costs incurred on projects carried out to advance technology used to serve its customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Impairment of Non-Financial Assets
The Group assesses at each reporting date, whether there is an indication that an asset may be
impaired. If any such indication exists, the recoverable amount of the asset is estimated based on
an asset\u2019s fair value less cost of disposal. An impairment loss is recognised for the amount by which
the asset\u2019s carrying amount exceeds its recoverable amount. Impairment loss is recognised in the
Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and short term highly liquid deposits with a
maturity of less than 3 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and short term highly liquid deposits with a
maturity of less than 3 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and short term highly liquid deposits with a
maturity of less than 3 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "Trade Receivables
Trade and other receivables are recognised initially at the transaction price less attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost using the
effective interest method, less any impairment losses in the case of trade receivables and other
receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "Trade Payables
Trade and other payables are recognised initially at transaction price plus attributable transaction
costs. Subsequently they are measured at amortised cost using the effective interest method.
Trade and other payables are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Trade payables are classi\ufb01ed as current liabilities if
payment is due within one year or less (or in the normal operating cycle of the business if longer).
If not, they are presented as non-current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) 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. Provisions are measured at the Directors\u2019
best estimate of the expenditure required to settle the obligation at the reporting date and are
discounted to present value where the effect is material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "Leases
Initial Recognition and Measurement
The Group initially recognises a lease liability for the obligation to make lease payments and
a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over
the lease term. The lease payments include \ufb01xed payments, purchase options at exercise price
(where payment is reasonably certain), expected amount of residual value guarantees, termination
option penalties (where payment is considered reasonably certain) and variable lease payments that
depend on an index or rate.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease
prepayments, lease incentives received, the Group\u2019s initial direct costs (e.g. commissions) and
an estimate of restoration, removal, and dismantling costs.
Subsequent Measurement
After the commencement date, the Group measures the lease liability by:
\u2022
Increasing the carrying amount to re\ufb02ect interest on the lease liability;
\u2022
Reducing the carrying amount to re\ufb02ect the lease payments made; and
\u2022
Re-measuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations or to
re\ufb02ect revised in substance \ufb01xed lease payments or on the occurrence of other speci\ufb01c events.
Interest on the lease liability in each period during the lease term is the amount that produces a
constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are
included in \ufb01nance cost in the Consolidated Statement of Comprehensive Income, unless the costs
are included in the carrying amount of another asset applying other applicable standards. Variable
lease payments not included in the measurement of the lease liability, are included in operating
expenses in the period in which the event or condition that triggers them arises. Repayment of lease
liabilities within \ufb01nancing activities in the Consolidated Statement of Cash Flows include both the
principal and interest.
Short Term and Low Value Leases
The Group has made an accounting policy election, by class of underlying asset, not to recognise
lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e. short-term
leases).
The Group has made an accounting policy election on a lease-by-lease basis, not to recognise lease
assets and lease liabilities on leases for which the underlying asset is worth \u00a35,000 or less (i.e. low
value leases).
Lease payments on short term and low value leases are accounted for on a straight-line basis over
the term of the lease or other systematic basis if considered more appropriate. Short term and
low value lease payments are included in operating expenses in the Statement of Comprehensive
Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Share Capital
Ordinary Shares are classi\ufb01ed as equity. Equity instruments are measured at the fair value of the cash
or other resources received or receivable, net of the direct costs of issuing the equity instruments. If
payment is deferred and the time value of money is material, the initial measurement is on a present
value basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "De\ufb01ned Contribution Pension Obligation
The Group operates a de\ufb01ned contribution plan for its employees, under which the Group pays \ufb01xed
contributions into the PensionBee Personal Pension (UK employees) and PensionBee 401(k) (US
employees). Once the contributions have been paid, the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive
Income when they fall due. Amounts not paid are shown in creditors as a liability in the Consolidated
Statement of Financial Position. The assets of the plan are held separately from the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Share-based Payments
The cost of equity-settled transactions with employees is measured by reference to the fair value
of the equity instruments granted at the date at which they are granted and is recognised as an
expense over the vesting period, which ends on the date on which the relevant employees become
fully entitled to the award. Fair value is determined by using the market price of the shares at a
point in time adjacent to the issue of the award. In valuing equity-settled transactions, no account
is taken of any vesting conditions, other than conditions linked to the price of the shares of the
Group (market conditions) and non-vesting conditions. No expense is recognised for awards that
do not ultimately vest, except for awards where vesting is conditional upon a market or non-
vesting condition, which are treated as vesting irrespective of whether the market or non-vesting
condition is satis\ufb01ed, provided that all other vesting conditions are satis\ufb01ed. At each balance sheet
date, before vesting the cumulative expense is calculated, representing the extent to which the
vesting period has expired and management\u2019s best estimate of the achievement or otherwise of
non-market conditions and of the number of equity instruments that will ultimately vest, or in the
case of an instrument subject to a market condition, will be treated as vesting as described above.
The movement in cumulative expense since the previous balance sheet date is recognised in the
Consolidated Statement of Comprehensive Income, with a corresponding entry in equity under the
Share-based Payment Reserve.
Where the terms of an equity-settled award are modi\ufb01ed, or a new award is designated as replacing
a cancelled or settled award, the cost based on the original award terms continues to be recognised
over the original vesting period. In addition, an expense is recognised over the remainder of the new
vesting period for the incremental fair value of any modi\ufb01cation, based on the difference between
the fair value of the original award and the fair value of the modi\ufb01ed award, both as measured on the
date of the modi\ufb01cation. No reduction is recognised if this difference is negative. Where an equity-
settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not
yet recognised in the Statement of Comprehensive Income for the award is expensed immediately.
Any compensation paid up to the fair value of the award at the cancellation or settlement date is
deducted from equity (Share-based Payment Reserve), with any excess over fair value expensed in
the Consolidated Statement of Comprehensive Income.
The Company has established a Share-based Payment Reserve but does not transfer any amounts
from this reserve on the exercise or lapse of options. On exercise, shares issued are recognised in
share capital at their nominal value. Share premium is recognised to the extent the exercise price is
above the nominal value. Where the Company is settling part of the exercise price, a transfer is made
from retained earnings to share capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Impairment of Financial Assets
Measurement of Expected Credit Losses
Expected credit losses (\u2018ECLs\u2019) are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an
approximation of the original effective interest rate.
For trade and other receivables, the Group applies a simpli\ufb01ed approach in calculating the ECLs.
Therefore, the Group recognises a loss allowance based on lifetime ECLs at each reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Impairment of Financial Assets
Measurement of Expected Credit Losses
Expected credit losses (\u2018ECLs\u2019) are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an
approximation of the original effective interest rate.
For trade and other receivables, the Group applies a simpli\ufb01ed approach in calculating the ECLs.
Therefore, the Group recognises a loss allowance based on lifetime ECLs at each reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "3
Critical Accounting Judgements and Key Sources of
Estimation Uncertainty
In the application of the Group\u2019s 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.
The Group does not have any critical accounting judgements or key estimation uncertainties.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "4
Revenue
The analysis of the Group\u2019s Revenue for the year from continuing operations is as follows:
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Recurring Revenue
42,248
32,876
Other Revenue
362
327
\u00a0
42,610
33,203
\n
Recurring Revenue relates to revenue from the annual management fee charged to customers.
There are no individual revenues from customers which exceed 10% of the Group\u2019s total Revenue for
the year.
Analysis of Revenue per geographical location:
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
United Kingdom
42,603
33,203
United States of America
7
-
\u00a0
42,610
33,203
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": { "value": "5
Operating Segments
Operating segments and reporting segments are reported in a manner consistent with the internal
reporting provided to the Chief Operating Decision Maker (\u2018CODM\u2019). The Group considers that
the role of CODM is performed by its Board of Directors. The Board of Directors regularly reviews
the Group\u2019s operating results from a geographical perspective and has identi\ufb01ed two reportable
segments of the business; the United Kingdom (PensionBee Group plc and PensionBee Limited),
and the United States (PensionBee Inc.). PensionBee Trustees Limited is a non-operational company
domiciled in the United Kingdom. Both segments provide the same service; the provision of direct-
to-consumer online retirement savings consolidation and management.
The Board of Directors uses Operating Pro\ufb01t/(Loss) to assess the performance of the operating
segments. The Board of Directors also reviews the assets and liabilities of the segments on a
quarterly basis.
Operating Pro\ufb01t
For the year ended 31 December 2025:
\u00a0 \u00a0 \u00a0
Intersegmental
\u00a0
\u00a0
UK
US
Eliminations
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
Revenue
44,033
7
(1,430)
42,610
Employee Bene\ufb01ts Expense
(13,154)
(2,154)
-
(15,308)
Share-based Payments
(4,085)
(246)
-
(4,331)
Depreciation and Amortisation
(339)
(18)
-
(357)
Expense
\u00a0 \u00a0 \u00a0 \u00a0
Advertising and Marketing
(12,139)
(3,829)
-
(15,968)
Other Expenses
(13,565)
(2,337)
1,433
(14,469)
Other Income
267
3,766
-
4,033
Operating Pro\ufb01t/(Loss)
1,018
(4,811)
3
(3,790)
For the year ended 31 December 2024:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Intersegmental
\u00a0
\u00a0
UK
US
Eliminations
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
Revenue
34,399
-
(1,196)
33,203
Employee Bene\ufb01ts Expense
(12,163)
(455)
-
(12,618)
Share-based Payments
(3,067)
(83)
-
(3,150)
Depreciation and Amortisation
(286)
(3)
-
(289)
Expense
\u00a0 \u00a0 \u00a0 \u00a0
Advertising and Marketing
(9,113)
(767)
-
(9,880)
Other Expenses
(10,766)
(1,472)
1,204
(11,034)
Other Income
-
767
-
767
Expansion Costs
(54)
(168)
-
(222)
Operating Pro\ufb01t/(Loss)
(1,050)
(2,181)
8
(3,223)
\n
Segment Assets and Liabilities
For the year ended 31 December 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Intersegmental
\u00a0
\u00a0
UK
US
Eliminations
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
Non-current Assets
10,541
43
(9,588)
996
Current Assets
36,478
2,780
-
39,258
Non-current Liabilities
-
(2,901)
2,901
-
Current Liabilities
(3,990)
(249)
37
(4,202)
Net Assets
43,029
(327)
(6,650)
36,052
\n
For the year ended 31 December 2024:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Intersegmental
\u00a0
\u00a0
UK
US
Eliminations
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
Non-current Assets
4,400
144
(3,491)
1,053
Current Assets
34,887
5,332
-
40,219
Non-current Liabilities
(178)
(1,239)
1,239
(178)
Current Liabilities
(2,528)
(4,391)
176
(6,743)
Net Assets
36,581
(154)
(2,076)
34,351
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00167": { "value": "6
Employee Bene\ufb01ts Expense
The aggregate payroll costs (including Directors\u2019 remuneration) were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Wages and Salaries
13,296
11,109
Social Security Costs
1,690
1,215
Pension Costs, De\ufb01ned Contribution Scheme
322
294
\u00a0
15,308
12,618
Share-based Payments Expense
4,331
3,150
\u00a0
19,639
15,768
The average number of persons employed by the Group (including Directors) during the year,
analysed by category, was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
No.
No.
Executive Management
10
10
Technology and Product
45
44
Marketing
23
18
Customer Service
79
82
Legal, Compliance and Risk
19
15
Administration and Other
22
24
\u00a0
198
193
\n23
Pensions and Other Schemes
The Group operates a de\ufb01ned contribution pension scheme (UK employees) and 401(k) (US
employees). The retirement cost charge for the year represents contributions payable by the Group
to the schemes and amounted to \u00a3293,000 (2024: \u00a3294,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "value": "The average number of persons employed by the Group (including Directors) during the year,
analysed by category, was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
No.
No.
Executive Management
10
10
Technology and Product
45
44
Marketing
23
18
Customer Service
79
82
Legal, Compliance and Risk
19
15
Administration and Other
22
24
\u00a0
198
193
2
Staff Numbers
The Company does not have employees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "7
Directors\u2019 Remuneration
The Directors\u2019 remuneration for the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Remuneration
1,197
1,008
Group Contributions paid to De\ufb01ned Contribution Pension Schemes
11
11
Amount of Gains made on the Exercise of Share Options
622
293
\u00a0
1,830
1,312
\n
During the year the number of Directors who were receiving bene\ufb01ts and share incentives was as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
No.
No.
Members of De\ufb01ned Contribution Pension Schemes
5
5
\n
In respect of the highest paid Director:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Remuneration
272
218
Group Contributions paid to De\ufb01ned Contribution Pension Schemes
2
2
Amount of Gains made on the Exercise of Share Options
322
293
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Key Management Compensation
\u00a0 \u00a0
Salaries and Other Short-term Employee Bene\ufb01ts
2,711
2,175
Other Long-term Bene\ufb01ts
26
26
Share-based Payment
2,310
1,971
\u00a0
5,047
4,172
\n
Transactions with Key Management
During the year ended 31 December 2025, Matthew Loft repaid \u00a318,613.48 to PensionBee Inc. in
respect of secondment accommodation costs made on his behalf in the year. As at the year ended
31 December 2025, there is \u00a3nil outstanding (2024: \u00a3nil). During the year ended 31 December 2025,
there were no other transactions with Key Management (2024: none).
Some Key Management use the Group\u2019s services on commercial terms which are consistent with
the standard terms and conditions as available on the website.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "8
Other Expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Auditor\u2019s Remuneration
251
256
Money Manager Costs
6,046
4,315
Other Expenses
8,172
6,463
\u00a0
14,469
11,034
\n
Included in Other Expenses are technology and platform costs, professional services fees,
irrecoverable VAT and general and administrative costs.
9
Other Income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Marketing Costs Reimbursement
3,766
767
Research and Development Expenditure Credit
267
-
\u00a0
4,033
767
\n
During the year ended 31 December 2024 the Company (through its subsidiary, PensionBee Inc.)
entered into an agreement with State Street under which it will provide meaningful marketing
support to PensionBee Inc. Under the terms of the agreement, State Street reimburses marketing
costs incurred by PensionBee Inc. The annual amount of the Marketing Costs Reimbursement is
based on the achievement of certain net new asset thresholds. Marketing Costs Reimbursement
relates to marketing costs reimbursements received from State Street. Amounts received in advance
have been accounted for as deferred income and will be released to Other Income to the extent
that a qualifying marketing cost has been incurred by PensionBee Inc. Research and Development
Expenditure Credit relates to Research and Development gross credit on projects that quali\ufb01ed for
Research and Development under the Department for Science, Innovation and Technology (DSIT)
Guidelines. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "8
Other Expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Auditor\u2019s Remuneration
251
256
Money Manager Costs
6,046
4,315
Other Expenses
8,172
6,463
\u00a0
14,469
11,034
\n
Included in Other Expenses are technology and platform costs, professional services fees,
irrecoverable VAT and general and administrative costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "9
Other Income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Marketing Costs Reimbursement
3,766
767
Research and Development Expenditure Credit
267
-
\u00a0
4,033
767
\n
During the year ended 31 December 2024 the Company (through its subsidiary, PensionBee Inc.)
entered into an agreement with State Street under which it will provide meaningful marketing
support to PensionBee Inc. Under the terms of the agreement, State Street reimburses marketing
costs incurred by PensionBee Inc. The annual amount of the Marketing Costs Reimbursement is
based on the achievement of certain net new asset thresholds. Marketing Costs Reimbursement
relates to marketing costs reimbursements received from State Street. Amounts received in advance
have been accounted for as deferred income and will be released to Other Income to the extent
that a qualifying marketing cost has been incurred by PensionBee Inc. Research and Development
Expenditure Credit relates to Research and Development gross credit on projects that quali\ufb01ed for
Research and Development under the Department for Science, Innovation and Technology (DSIT)
Guidelines. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "10
Finance Income and Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Finance Income
\u00a0 \u00a0
Interest Income
1,018
102
\u00a0
1,018
102
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Finance Costs
\u00a0 \u00a0
Interest Expense on Lease Liabilities
14
22
Interest Expense on Dilapidations Provision
3
4
\u00a0
17
26
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "10
Finance Income and Costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Finance Income
\u00a0 \u00a0
Interest Income
1,018
102
\u00a0
1,018
102
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Finance Income
\u00a0 \u00a0
Interest Income
1,018
102
\u00a0
1,018
102
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Finance Costs
\u00a0 \u00a0
Interest Expense on Lease Liabilities
14
22
Interest Expense on Dilapidations Provision
3
4
\u00a0
17
26
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "11
Auditors\u2019 Remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Audit of the Company\u2019s Financial Statements
71
76
Audit of the Company\u2019s Subsidiary Financial Statements
137
140
Total Audit Fees
208
216
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Audit Related Assurance Services
43
40
Total Audit Related Assurance Fees
43
40
\n
Auditor\u2019s remuneration has been shown net of VAT. Audit Related Assurance Fees relate to the half
year review of the Group\u2019s \ufb01nancial statements and CASS audit services received by PensionBee
Limited. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "12
Taxation
Tax charged/(credited) in the Statement of Comprehensive Income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Current Tax
\u00a0 \u00a0
Current tax expense/(credit) on pro\ufb01ts for the year
57
(11)
Adjustment in respect of prior periods
4
-
Total current tax expense/(credit)
61
(11)
Deferred Taxation
-
-
Arising from Origination and Reversal of Temporary Differences
-
-
Arising from Tax Rate Changes
-
-
Total Deferred Taxation
-
-
Tax Expense/(Credit) in the Statement of Comprehensive Income
61
(11)
\n
The tax on the Group loss for the year was computed at the UK rate of corporation tax of 25%
(2024: 25%). From 1 April 2023, the corporation tax rate of 25% was effective for companies with
pro\ufb01ts of \u00a3250,000 and over. PensionBee will likely utilise its carried forward losses while making
pro\ufb01ts exceeding \u00a3250,000 and incurring corporation tax at the rate of 25%.
The differences are reconciled below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Pro\ufb01t/(Loss) before Tax
(2,789)
(3,147)
Corporation Tax at Standard Rate
(697)
(787)
Impact of pro\ufb01ts/losses earned in territories
\u00a0\u00a0
with different statutory rates to the UK
15
(227)
Non-deductible Expenses
131
13
Non-deductible Income
-
(13)
Utilisation of Tax Losses
(966)
-
Share-based Payments
416
258
Unrecognised Tax Losses
1,101
984
Adjustment in respect of prior period
4
-
Franchise Tax
6
-
Research and Development tax expense/(relief)
51
(239)
Total Tax Credit
61
(11)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Fixed Assets Temporary Differences
(148)
(73)
Total Deferred Tax Liability
(148)
(73)
Losses available for offsetting against Future Taxable Income
148
73
Total Deferred Tax Asset
148
73
Net Deferred Tax
-
-
\n
The Group has \u00a386,000,000 of non-expiring carried forward tax losses at 31 December 2025 (2024:
\u00a384,528,000) against which no deferred tax asset has been recognised. A deferred tax asset has not
been recognised on the basis that there is insuf\ufb01cient certainty over the recovery of these tax losses
in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "12
Taxation
Tax charged/(credited) in the Statement of Comprehensive Income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Current Tax
\u00a0 \u00a0
Current tax expense/(credit) on pro\ufb01ts for the year
57
(11)
Adjustment in respect of prior periods
4
-
Total current tax expense/(credit)
61
(11)
Deferred Taxation
-
-
Arising from Origination and Reversal of Temporary Differences
-
-
Arising from Tax Rate Changes
-
-
Total Deferred Taxation
-
-
Tax Expense/(Credit) in the Statement of Comprehensive Income
61
(11)
\n
The tax on the Group loss for the year was computed at the UK rate of corporation tax of 25%
(2024: 25%). From 1 April 2023, the corporation tax rate of 25% was effective for companies with
pro\ufb01ts of \u00a3250,000 and over. PensionBee will likely utilise its carried forward losses while making
pro\ufb01ts exceeding \u00a3250,000 and incurring corporation tax at the rate of 25%.
The differences are reconciled below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Pro\ufb01t/(Loss) before Tax
(2,789)
(3,147)
Corporation Tax at Standard Rate
(697)
(787)
Impact of pro\ufb01ts/losses earned in territories
\u00a0\u00a0
with different statutory rates to the UK
15
(227)
Non-deductible Expenses
131
13
Non-deductible Income
-
(13)
Utilisation of Tax Losses
(966)
-
Share-based Payments
416
258
Unrecognised Tax Losses
1,101
984
Adjustment in respect of prior period
4
-
Franchise Tax
6
-
Research and Development tax expense/(relief)
51
(239)
Total Tax Credit
61
(11)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Fixed Assets Temporary Differences
(148)
(73)
Total Deferred Tax Liability
(148)
(73)
Losses available for offsetting against Future Taxable Income
148
73
Total Deferred Tax Asset
148
73
Net Deferred Tax
-
-
\n
The Group has \u00a386,000,000 of non-expiring carried forward tax losses at 31 December 2025 (2024:
\u00a384,528,000) against which no deferred tax asset has been recognised. A deferred tax asset has not
been recognised on the basis that there is insuf\ufb01cient certainty over the recovery of these tax losses
in the near future.6
Deferred Taxation
Deferred tax assets have not been recognised in respect of tax losses as there is insuf\ufb01cient evidence
of recoverability in the near future. The Company has tax losses of \u00a33,254,000 (2024: \u00a33,118,000) that
are inde\ufb01nitely available against future taxable pro\ufb01ts of the Company for which no deferred tax has
been provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "13
Earnings per Share
Basic Earnings per Share is calculated by dividing the Loss Attributable to Equity Holders of the
Company by the Weighted Average Number of ordinary Shares Outstanding during the year.
Diluted Earnings per Share is calculated by dividing the Loss Attributable to Equity Holders of the
Company adjusted for the effect that would result from the weighted average number of ordinary
shares plus the weighted average number of shares that would be issued on the conversion of all
the dilutive potential shares under option. At each balance sheet date reported below, the following
potential ordinary shares under option are anti-dilutive and are therefore excluded from the
weighted average number of ordinary shares for the purpose of Diluted Earnings per Share.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Number of Potential Ordinary Shares
11,561,884
9,649,849
Pro\ufb01t/(Loss) Attributable to Equity Holders of PensionBee
\u00a0 \u00a0
Group plc (\u00a3)
(2,850,000)
(3,136,000)
Weighted Average Number of Ordinary Shares Outstanding
\u00a0 \u00a0
during the Year
237,126,328
226,562,419
Basic and Diluted Earnings per Share (pence per Share)
(1.20)
(1.38)
\nBasic Earnings per Share was (1.20)p for 2025 (2024: (1.38)p). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "14
Property, Plant and Equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixtures and
Leasehold
Computer
\u00a0
\u00a0
Fittings
Improvements
Equipment
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
63
418
415
896
Additions
4
-
114
118
Disposals
-
-
(16)
(16)
At 31 December 2024
67
418
513
998
At 1 January 2025
67
418
513
998
Additions
4
-
174
178
Disposals
-
-
(41)
(41)
At 31 December 2025
71
418
646
1,135
Accumulated Depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
60
232
299
591
Charge for the year
1
59
85
145
Eliminated on Disposal
-
-
(14)
(14)
At 31 December 2024
61
291
370
722
At 1 January 2025
61
291
370
722
Charge for the year
2
60
109
171
Eliminated on Disposal
-
-
(41)
(41)
At 31 December 2025
63
351
438
852
Carrying Amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
8
67
208
283
At 31 December 2024
6
127
143
276
At 1 January 2024
3
186
116
305
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "14
Property, Plant and Equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixtures and
Leasehold
Computer
\u00a0
\u00a0
Fittings
Improvements
Equipment
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
63
418
415
896
Additions
4
-
114
118
Disposals
-
-
(16)
(16)
At 31 December 2024
67
418
513
998
At 1 January 2025
67
418
513
998
Additions
4
-
174
178
Disposals
-
-
(41)
(41)
At 31 December 2025
71
418
646
1,135
Accumulated Depreciation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
60
232
299
591
Charge for the year
1
59
85
145
Eliminated on Disposal
-
-
(14)
(14)
At 31 December 2024
61
291
370
722
At 1 January 2025
61
291
370
722
Charge for the year
2
60
109
171
Eliminated on Disposal
-
-
(41)
(41)
At 31 December 2025
63
351
438
852
Carrying Amount
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
8
67
208
283
At 31 December 2024
6
127
143
276
At 1 January 2024
3
186
116
305
\n
15
Intangible Assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capitalised
\u00a0
\u00a0
Development Costs
Total
\u00a0
\u00a3 000
\u00a3 000
Cost
\u00a0 \u00a0
At 1 January 2024
-
-
Additions
267
267
Disposals
-
-
At 31 December 2024
267
267
At 1 January 2025
267
267
Additions
365
365
Disposals
-
-
At 31 December 2025
632
632
Accumulated Depreciation
\u00a0 \u00a0
At 1 January 2024
-
-
Charge for the year
3
3
Eliminated on Disposal
-
-
At 31 December 2024
\u00a0
3
3
At 1 January 2025
\u00a0
3
3
Charge for the year
45
45
Eliminated on Disposal
-
-
At 31 December 2025
48
48
Carrying Amount
\u00a0 \u00a0
At 31 December 2025
584
584
At 31 December 2024
264
264
At 1 January 2024
-
-
\n16
Right of Use Asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3 000
Cost
\u00a0
At 1 January 2024
706
Additions
-
Disposals
-
At 31 December 2024
706
At 1 January 2025
706
Additions
-
Disposals
-
At 31 December 2025
706
Accumulated Depreciation
\u00a0
At 1 January 2024
294
Charge for the year
142
Eliminated on Disposal
-
At 31 December 2024
436
At 1 January 2025
436
Charge for the year
142
Eliminated on Disposal
-
At 31 December 2025
577
Carrying Amount
\u00a0
At 31 December 2025
129
At 31 December 2024
270
At 1 January 2024
412
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "15
Intangible Assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capitalised
\u00a0
\u00a0
Development Costs
Total
\u00a0
\u00a3 000
\u00a3 000
Cost
\u00a0 \u00a0
At 1 January 2024
-
-
Additions
267
267
Disposals
-
-
At 31 December 2024
267
267
At 1 January 2025
267
267
Additions
365
365
Disposals
-
-
At 31 December 2025
632
632
Accumulated Depreciation
\u00a0 \u00a0
At 1 January 2024
-
-
Charge for the year
3
3
Eliminated on Disposal
-
-
At 31 December 2024
\u00a0
3
3
At 1 January 2025
\u00a0
3
3
Charge for the year
45
45
Eliminated on Disposal
-
-
At 31 December 2025
48
48
Carrying Amount
\u00a0 \u00a0
At 31 December 2025
584
584
At 31 December 2024
264
264
At 1 January 2024
-
-
Capitalised development costs include employee costs and directly attributable supplier costs
incurred in the development of the technology platform and mobile application.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "16
Right of Use Asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3 000
Cost
\u00a0
At 1 January 2024
706
Additions
-
Disposals
-
At 31 December 2024
706
At 1 January 2025
706
Additions
-
Disposals
-
At 31 December 2025
706
Accumulated Depreciation
\u00a0
At 1 January 2024
294
Charge for the year
142
Eliminated on Disposal
-
At 31 December 2024
436
At 1 January 2025
436
Charge for the year
142
Eliminated on Disposal
-
At 31 December 2025
577
Carrying Amount
\u00a0
At 31 December 2025
129
At 31 December 2024
270
At 1 January 2024
412
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "17
Trade and Other Receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Trade Receivables
3,985
3,037
Prepayments
2,136
2,105
Other Receivables
264
82
\u00a0
6,385
5,224
\n
Trade and Other Receivables are measured at amortised cost and management assessed that the
carrying value is approximately their fair value due to the short-term maturities of these balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "17
Trade and Other Receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Trade Receivables
3,985
3,037
Prepayments
2,136
2,105
Other Receivables
264
82
\u00a0
6,385
5,224
\n
Trade and Other Receivables are measured at amortised cost and management assessed that the
carrying value is approximately their fair value due to the short-term maturities of these balances.4
Other Receivables
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Other Receivables
64
8
\u00a0
64
8
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "18
Share Capital
Allotted, Called Up and Fully Paid Shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
No. 000
\u00a3 000
No. 000
\u00a3 000
At 1 January
236,122
236
223,963
224
Shares issued
1,786
2
12,159
12
At 31 December
237,908
238
236,122
236
\n
During the year, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options
totalling 1,786,530 ordinary shares (2024: 1,348,265) of \u00a30.001 each. The exercise price for each
exercised share option was \u00a30.001 (2024: \u00a30.001).
On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of \u00a30.001 each
to raise capital. Each share was issued at \u00a31.85. Transaction costs incurred and directly attributable
to the issuance of these shares amounted to \u00a3762,000. These costs were recognised as a reduction
to the share premium.
Each ordinary share carries one vote per share and ranks pari passu with respect to dividends
and capital.
19
Reserves
Share Premium
The Share Premium account represents the excess of the issue price over the par value
on shares issued, less transaction costs arising on the issue.
Share-based Payment Reserve
The Share-based Payment Reserve is used to recognise the value of equity-settled share-based
payments provided to employees, including key management personnel, as part of their
remuneration.
Foreign Exchange Reserve
The Foreign Exchange Reserve comprises cumulative exchange differences arising from the
translation of the Group\u2019s foreign operations into the presentation currency. Exchange differences
are recognised in the Statement of Comprehensive Pro\ufb01t/(Loss) and accumulated in this reserve.
Retained Earnings
The balance in the Retained Earnings account represents the distributable reserves of the Group. 8
Share Capital
Allotted, Called Up and Fully Paid Shares
\u00a0
2025
2024
\u00a0
No. 000
\u00a3 000
No. 000
\u00a3 000
At 1 January
236,122
236
223,963
224
Shares Issued
1,786
2
12,159
12
At 31 December
237,908
238
236,122
236
\n
During the year, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options
totalling 1,786,530 ordinary shares (2024: 1,348,265) of \u00a30.001 each. The exercise price for each
exercised share option was \u00a30.001 (2024: \u00a30.001).
On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of \u00a30.001 each to raise
capital. Each share was issued at \u00a31.85. Transaction costs incurred and directly attributable to the
issuance of these shares amounted to \u00a3762,000. These costs were recognised as a reduction to the
share premium.
Each ordinary share carries one vote per share and ranks pari passu with respect to dividends
and capital.
9
Reserves
Share Premium
The share premium account represents the excess of the issue price over the par value on shares
issued, less transaction costs arising on the issue.
Share-based Payment Reserve
The Share-based Payment Reserve is used to recognise the value of equity-settled share-based
payments provided to subsidiary employees, including key management personnel, as part of their
remuneration.
Retained Earnings
The balance in the retained earnings account represents the distributable reserves of the standalone
company, PensionBee Group plc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "18
Share Capital
Allotted, Called Up and Fully Paid Shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
No. 000
\u00a3 000
No. 000
\u00a3 000
At 1 January
236,122
236
223,963
224
Shares issued
1,786
2
12,159
12
At 31 December
237,908
238
236,122
236
\n
During the year, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options
totalling 1,786,530 ordinary shares (2024: 1,348,265) of \u00a30.001 each. The exercise price for each
exercised share option was \u00a30.001 (2024: \u00a30.001).
On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of \u00a30.001 each
to raise capital. Each share was issued at \u00a31.85. Transaction costs incurred and directly attributable
to the issuance of these shares amounted to \u00a3762,000. These costs were recognised as a reduction
to the share premium.
Each ordinary share carries one vote per share and ranks pari passu with respect to dividends
and capital.8
Share Capital
Allotted, Called Up and Fully Paid Shares
\u00a0
2025
2024
\u00a0
No. 000
\u00a3 000
No. 000
\u00a3 000
At 1 January
236,122
236
223,963
224
Shares Issued
1,786
2
12,159
12
At 31 December
237,908
238
236,122
236
\n
During the year, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options
totalling 1,786,530 ordinary shares (2024: 1,348,265) of \u00a30.001 each. The exercise price for each
exercised share option was \u00a30.001 (2024: \u00a30.001).
On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of \u00a30.001 each to raise
capital. Each share was issued at \u00a31.85. Transaction costs incurred and directly attributable to the
issuance of these shares amounted to \u00a3762,000. These costs were recognised as a reduction to the
share premium.
Each ordinary share carries one vote per share and ranks pari passu with respect to dividends
and capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "19
Reserves
Share Premium
The Share Premium account represents the excess of the issue price over the par value
on shares issued, less transaction costs arising on the issue.
Share-based Payment Reserve
The Share-based Payment Reserve is used to recognise the value of equity-settled share-based
payments provided to employees, including key management personnel, as part of their
remuneration.
Foreign Exchange Reserve
The Foreign Exchange Reserve comprises cumulative exchange differences arising from the
translation of the Group\u2019s foreign operations into the presentation currency. Exchange differences
are recognised in the Statement of Comprehensive Pro\ufb01t/(Loss) and accumulated in this reserve.
Retained Earnings
The balance in the Retained Earnings account represents the distributable reserves of the Group. 9
Reserves
Share Premium
The share premium account represents the excess of the issue price over the par value on shares
issued, less transaction costs arising on the issue.
Share-based Payment Reserve
The Share-based Payment Reserve is used to recognise the value of equity-settled share-based
payments provided to subsidiary employees, including key management personnel, as part of their
remuneration.
Retained Earnings
The balance in the retained earnings account represents the distributable reserves of the standalone
company, PensionBee Group plc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "20
Leases
In December 2021, the Group entered into a new property lease with a 5-year lease term ending
in December 2026. At inception, the lease liability was determined using a discount rate linked to
London of\ufb01ce rental yields, adjusted for the risk premium for certain company speci\ufb01c factors as well
as taking into consideration the interest rate associated with the revolving credit facility entered into
in March 2021 and subsequently cancelled in September 2021. The discount rate applied was 7%.
The lease terms have not been amended since inception.
The carrying amounts of Right of Use Assets recognised and the movements during each year are
set out in Note 16. Set out as follows are the carrying amounts of lease liabilities and the movements
during the year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
As at 1 January
292
398
Accretion of Interest
14
22
Payments
(181)
(128)
As at 31 December
125
292
\n
Lease Liabilities included in the Consolidated Statement of Financial Position:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Non-current
-
125
Current
125
167
As at 31 December
125
292
\n
The following are the amounts recognised in the Consolidated Statement of Comprehensive
Income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Depreciation on Right of Use Asset
142
142
Interest on Lease Liability
14
22
\u00a0
156
164
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "21
Provisions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Dilapidations
\u00a0\u00a0
As at 1 January
-
49
Interest
-
4
As at 31 December
-
53
Non-current Liabilities
-
53
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Dilapidations
\u00a0 \u00a0
As at 1 January
53
-
Interest
3
-
As at 31 December
56
-
Non-current Liabilities
56
-
\n
The Group is required to restore the leased premises of its of\ufb01ces to their original condition at the
end of the lease term. The lease term ends on 2 December 2026. A provision has been recognised
at the present value of the estimated expenditure required to remove any leasehold improvements.
These costs have been capitalised as part of the Right of Use Asset and are amortised over the useful
life of the asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "22
Trade and Other Payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Trade Payables
414
111
Accrued Expenses
3,365
2,257
Other Payables
217
77
Deferred Income
25
4,131
\u00a0
4,021
6,576
\n
Trade and Other Payables are measured at amortised cost and management assessed that the
carrying value is approximately their fair value due to the short-term maturities of these balances.
Deferred income arises as a result of marketing funding received in advance from State Street
Investment Management, a US-based global \ufb01nancial institution, see Note 9.5
Trade and Other Payables
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Accrued Expenses
45
115
Amounts due to Subsidiary
37
580
\u00a0
82
695
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "22
Trade and Other Payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Trade Payables
414
111
Accrued Expenses
3,365
2,257
Other Payables
217
77
Deferred Income
25
4,131
\u00a0
4,021
6,576
\n
Trade and Other Payables are measured at amortised cost and management assessed that the
carrying value is approximately their fair value due to the short-term maturities of these balances.
Deferred income arises as a result of marketing funding received in advance from State Street
Investment Management, a US-based global \ufb01nancial institution, see Note 9.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "24
Share-based Payments
PensionBee EMI and Non-EMI Share Option Scheme
Scheme Details and Movements
Under the PensionBee EMI and Non-EMI Share Option Scheme share options were granted to
eligible employees who have passed their probation period at the Group. The exercise price of all
share options is \u00a30.001 per share.
The share options normally vest on the later of the following tranches, 25% of the shares vest on the
\ufb01rst anniversary of the vesting commencement date with the remaining 75% of the shares vesting
quarterly in equal instalments over the following three years.
The fair value of the share options granted is estimated on the date of grant by reference to the
prevailing share price. Before the Company was listed in 2021, the fair value was determined by
reference to the price paid by external investors as part of periodic funding rounds.
The weighted average fair value of share options granted during the year was \u00a3nil (2024: \u00a3 nil).
During the year ended 31 December 2021, share options could be exercised upon the occurrence of
an exit event, a takeover, reconstruction, liquidation and sale of the business, to the extent they had
vested. In the event that there had been no exit event before the tenth anniversary of the date of
grant, the Directors were able to determine that an option holder could exercise their option in the
30 day period before such anniversary.
Following the listing of the Company in 2021, share options can be exercised upon satisfying the
service condition.
The movements in the number of share options during the year were as follows:
\n\n \n
2025
2024
No.
No.
Outstanding, start of the year
514,734
1,517,770
Exercised during the year
(513,734)
(995,726)
Expired during the year
(500)
(7,310)
Outstanding, end of the year
500
514,734
Exercisable, end of the year
500
506,984
\n
The weighted average share price on the dates the share options were exercised during the year was
\n
\u00a31.53 (2024: \u00a31.51) and the weighted average remaining contractual life is nil (2024: one month).
\n
Deferred Share Bonus Awards
\n
Scheme Details and Movements
\n
Under the PensionBee Deferred Share Bonus Plan, awards (\u2018DSB Awards\u2019) are granted to eligible
\n
employees who are, or were, an employee (including an Executive Director) of the Group who have
\n
been granted a bonus. DSB Awards are granted in the subsequent \ufb01nancial year once the annual
\n
bonus outturn has been determined. The DSB Awards are granted by way of share options, with an
\n
exercise price of \u00a30.001 per share.
\n
For the two Executive Directors that were in of\ufb01ce as of 31 December 2021, their 2022 granted DSB
\n
Awards cliff vest on the third anniversary of the date of grant. For the rest of the employees and the
\n
subsequent grants, DSB Awards vest in three equal instalments over a service period of three years
\n
from grant date. DSB Awards vest upon satisfying the service condition.
\n
The fair value of the DSB Awards is the share price on the grant date. DSB Awards can be exercised to
\n
the extent they have vested.
\n
The weighted average fair value of DSB Awards granted during 2025 was \u00a31.47 (2024: \u00a30.97).
\n
The movements in the number of DSB Awards during the year were as follows:
\n\n \n
2025
2024
No.
No.
Outstanding, start of the year
2,470,757
1,280,762
Granted during the year
1,942,412
1,582,724
Exercised during the year
(1,188,218)
(352,539)
Lapsed during the year
(18,165)
(40,190)
Outstanding, end of the year
3,206,786
2,470,757
Exercisable, end of the year
49,668
145,348
\n
The weighted average share price on the dates the share options were exercised during the year was
\n
\u00a31.49 (2024: \u00a31.50). The weighted average remaining contractual life is 11 months (2024: 11 months).
\n
Long Term Incentives
\n
Scheme Details and Movements
\n
Under the PensionBee Long Term Incentives Plan, restricted share plan awards (\u2018RSP Awards\u2019) are
\n
granted to eligible employees who are or were employees (including an Executive Director) of the
\n
Group, at mid-level management or higher. RSP Awards are granted in the subsequent \ufb01nancial year
\n
following a bonus grant. The RSP Awards are granted by way of share options, with an exercise price
\n
of \u00a30.001 per share.
\n
The RSP Awards vest in tranches, a third of the RSP Awards vest on the third anniversary, a third on
\n
the fourth anniversary and the last third on the \ufb01fth anniversary of the grant date.
\n
The fair value of the RSP Awards is the share price on the grant date discounted for the restricted
\n
selling period. RSP Awards can be exercised to the extent they have vested and after a \ufb01ve-year
\n
holding period.
\n
The weighted average fair value of RSP Awards granted during 2025 was \u00a31.41 (2024: \u00a30.94).
The movements in the number of RSP Awards during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
No.
No.
Outstanding, start of the year
6,664,358
3,959,249
Granted during the year
1,823,217
2,803,728
Exercised during the year
(84,578)
-
Lapsed during the year
(48,399)
(98,619)
Outstanding, end of the year
8,354,598
6,664,358
Exercisable, end of the year
-
-
\n
The weighted average share price on the dates the share options were exercised during the year
was \u00a31.70 (2024: no exercises) and the weighted average remaining contractual life is one year and
eleven months. (2024: two years and \ufb01ve months).
Charge/Credit arising from Share-based Payments
The total charge for the year for the Share-based Payments was \u00a34,331,000 (2024: \u00a33,150,000), all of
which related to equity-settled share-based payment transactions.7
Share-based Payments
Full disclosure of PensionBee\u2019s share option scheme is given in Note 24 to the Consolidated Financial
Statements. The disclosures required in relation to Directors\u2019 emoluments and share option plans are
given in Note 7 to the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "25
Financial Risks Review
This note presents information about the Group\u2019s exposure to \ufb01nancial risks and the Group\u2019s
management of capital. Financial risk exposure results from the operations of the Subsidiary.
The Company is not trading and therefore is structured to avoid, in so far as possible, all forms
of \ufb01nancial risk.
Financial Risk Management Objectives
The Group has identi\ufb01ed the \ufb01nancial risks arising from its activities and has established policies and
procedures to manage these risks in accordance with its risk appetite. These risks included market
risk, credit risk and liquidity risk. The Group does not enter or trade \ufb01nancial instruments, including
derivative \ufb01nancial instruments. Assisted by the Audit and Risk Committee, the Board of Directors
has overall responsibility for establishing and overseeing the Group\u2019s risk management framework
and risk appetite.
The Group\u2019s \ufb01nancial risk management policies are intended to ensure that risks, including emerging
risks are identi\ufb01ed, evaluated and subject to ongoing close monitoring and mitigation where
appropriate. The Board of Directors regularly reviews \ufb01nancial risk management policies, procedures
and systems to re\ufb02ect changes in the business, risk horizon, markets and \ufb01nancial instruments used
by the Group. The Group\u2019s senior management is responsible for the day-to-day management of
these risks in accordance with the Group\u2019s risk management framework.
Market Risk
Market risk is the risk that the fair value or future cash \ufb02ows of \ufb01nancial instruments will \ufb02uctuate
because of changes in market prices. Market risk comprises risks including interest rate risk, currency
risk and price risk.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will
\ufb02uctuate because of changes in market interest rates. The Group considers interest rate risk to be
insigni\ufb01cant due to no debt.
Price Risk
The main source of Revenue is based on the value of Assets under Administration (\u2018AUA\u2019), a measure
of the total assets for which a \ufb01nancial institution provides administrative services. The Group has an
indirect exposure to price risk on investments held on behalf of customers. These assets are not on
the Group\u2019s Statement of Financial Position. The risk of lower revenues is partially mitigated by asset
class diversi\ufb01cation. The Group does not hedge its revenue exposure to movements in the value of
customers\u2019 assets arising from these risks, and so the interests of the Group are aligned to those of its
customers.
A 10% change in equity markets would have an approximate 7.5% impact on Revenue. The 10%
change in equity markets is a reasonable approximation of possible change. The key assumption in
this assessment is the percentage change of market volatility over the next 12 months from the year
ended 2025.
Foreign Exchange Risk
Foreign exchange risk arises when the group entities enter into transactions denominated in a
currency other than its functional currency. The Group\u2019s policy is, where possible, to allow group
entities to settle liabilities denominated in its functional currency with the cash generated from their
own operations in that currency.
The Group aims to fund expenses and investments in the respective currency and to manage foreign
exchange risk at a local level by matching the currency in which Revenue is generated and expenses
are incurred.
Credit Risk
Credit risk is the risk that a counterparty will be unable to pay amounts in full when due. The Group\u2019s
exposure to credit risk arises principally from its cash balances held with banks and trade receivables.
The Group\u2019s trade receivables are the contractual cash \ufb02ow obligations that the payors must meet.
The payors are BlackRock and State Street which are high credit rated \ufb01nancial institutions. Assets
they hold on behalf of the Group are a small percentage of their net assets and on this basis, credit
risk is considered to be low. The Group utilises the simpli\ufb01ed approach to provide for expected credit
losses allowing the use of lifetime loss allowances to be made. In determining expected credit losses,
\ufb01nancial assets have been grouped based on shared credit risk characteristics, such as number of
days past due and the counterparty.
At the end of the reporting period no assets were determined to be impaired and there was no
balance past due.
In certain cases, the Group will also consider a \ufb01nancial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering
the contractual cash \ufb02ows.
Due to the Group\u2019s \ufb01nancial assets primarily being trade receivables which all have an expected
lifetime of less than 12 months, the Group has elected to measure the expected credit losses at 12
months only. The Group\u2019s expected credit loss is \u00a3nil (2024: \u00a3nil).
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Days Past Due
\u00a0
\u00a0 \u00a0
< 30
30-60
61-90
>91
\u00a0
\u00a0
Current
days
days
days
days
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Gross Trade Receivables
3,985
-
-
-
-
3,985
Other Receivables
264
-
-
-
-
264
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Gross Trade Receivables
3,037
-
-
-
-
3,037
Other Receivables
72
-
-
5
5
82
\n
The Group\u2019s Trade Receivables are concentrated in the following money managers:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
%
%
BlackRock
38
75
State Street
62
25
\u00a0
100
100
\n
Other Receivables mainly comprise of interest due from banking partners and the of\ufb01ce rental
deposit. The probability of default by these parties is deemed low. The credit risk on liquid funds
\ufb01nancial instruments is limited because the counterparties are banks with high credit-ratings
assigned by international credit-rating agencies. The Group\u2019s principal Banks are Barclays Bank and
HSBC Innovation Banking. The Group only uses banks with a credit rating of at least BBB+ (Standard
& Poor\u2019s). The Group\u2019s liquid funds are concentrated in Barclays, which holds 58% of the total balance
as at year end (2024: 67%), HSBC, which holds 40% of the total balance as at year end (2024: 31%)
and CitiBank which holds 2% of the total balance as at the year end (2024: 0%).
Liquidity Risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting obligations to settle its
liabilities. This is managed through cash \ufb02ow forecasting.
Undiscounted Maturity Analysis
The following table sets out the remaining contractual maturities of the group\u2019s \ufb01nancial liabilities by
type:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
After more
\u00a0
\u00a0
Within 1 year
1 and 5 years
than 5 years
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Trade and Other Payables
4,021
-
-
4,021
Lease Liabilities
125
-
-
125
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
After more
\u00a0
\u00a0
Within 1 year
1 and 5 years
than 5 years
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Trade and Other Payables
6,576
-
-
6,576
Lease Liabilities
167
125
-
292
\n
Capital Risk Management
For the purpose of the Group\u2019s capital management, capital includes issued share capital, share
premium and all other equity reserves attributable to the equity holders of the Company.
The Group manages its capital to ensure that it will be able to continue as a going concern by
ensuring compliance with regulatory capital requirements set by the FCA and maximising returns to
shareholders through optimal capital deployment. Regulatory capital is determined in accordance
with the requirements prescribed by the FCA. The Group performs capital assessments and
maintains a surplus over the regulatory capital requirement at all times.
The Group met its regulatory capital requirement throughout the years 2024 and 2025.
The Group manages its capital structure and makes adjustments considering changes in economic
conditions. To maintain or adjust the capital structure, the Group may return capital to shareholders
or issue new shares.
Externally Imposed Capital Requirements
The capital adequacy of the business is monitored on a quarterly basis as part of general business
planning by the Finance Team. The Group conducts a capital adequacy assessment process, as
required by the Financial Conduct Authority (\u2018FCA\u2019) to assess and maintain the appropriate levels.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "Market Risk
Market risk is the risk that the fair value or future cash \ufb02ows of \ufb01nancial instruments will \ufb02uctuate
because of changes in market prices. Market risk comprises risks including interest rate risk, currency
risk and price risk.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will
\ufb02uctuate because of changes in market interest rates. The Group considers interest rate risk to be
insigni\ufb01cant due to no debt.
Price Risk
The main source of Revenue is based on the value of Assets under Administration (\u2018AUA\u2019), a measure
of the total assets for which a \ufb01nancial institution provides administrative services. The Group has an
indirect exposure to price risk on investments held on behalf of customers. These assets are not on
the Group\u2019s Statement of Financial Position. The risk of lower revenues is partially mitigated by asset
class diversi\ufb01cation. The Group does not hedge its revenue exposure to movements in the value of
customers\u2019 assets arising from these risks, and so the interests of the Group are aligned to those of its
customers.
A 10% change in equity markets would have an approximate 7.5% impact on Revenue. The 10%
change in equity markets is a reasonable approximation of possible change. The key assumption in
this assessment is the percentage change of market volatility over the next 12 months from the year
ended 2025.
Foreign Exchange Risk
Foreign exchange risk arises when the group entities enter into transactions denominated in a
currency other than its functional currency. The Group\u2019s policy is, where possible, to allow group
entities to settle liabilities denominated in its functional currency with the cash generated from their
own operations in that currency.
The Group aims to fund expenses and investments in the respective currency and to manage foreign
exchange risk at a local level by matching the currency in which Revenue is generated and expenses
are incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "Foreign Exchange Risk
Foreign exchange risk arises when the group entities enter into transactions denominated in a
currency other than its functional currency. The Group\u2019s policy is, where possible, to allow group
entities to settle liabilities denominated in its functional currency with the cash generated from their
own operations in that currency.
The Group aims to fund expenses and investments in the respective currency and to manage foreign
exchange risk at a local level by matching the currency in which Revenue is generated and expenses
are incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "Credit Risk
Credit risk is the risk that a counterparty will be unable to pay amounts in full when due. The Group\u2019s
exposure to credit risk arises principally from its cash balances held with banks and trade receivables.
The Group\u2019s trade receivables are the contractual cash \ufb02ow obligations that the payors must meet.
The payors are BlackRock and State Street which are high credit rated \ufb01nancial institutions. Assets
they hold on behalf of the Group are a small percentage of their net assets and on this basis, credit
risk is considered to be low. The Group utilises the simpli\ufb01ed approach to provide for expected credit
losses allowing the use of lifetime loss allowances to be made. In determining expected credit losses,
\ufb01nancial assets have been grouped based on shared credit risk characteristics, such as number of
days past due and the counterparty.
At the end of the reporting period no assets were determined to be impaired and there was no
balance past due.
In certain cases, the Group will also consider a \ufb01nancial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering
the contractual cash \ufb02ows.
Due to the Group\u2019s \ufb01nancial assets primarily being trade receivables which all have an expected
lifetime of less than 12 months, the Group has elected to measure the expected credit losses at 12
months only. The Group\u2019s expected credit loss is \u00a3nil (2024: \u00a3nil).
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Days Past Due
\u00a0
\u00a0 \u00a0
< 30
30-60
61-90
>91
\u00a0
\u00a0
Current
days
days
days
days
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Gross Trade Receivables
3,985
-
-
-
-
3,985
Other Receivables
264
-
-
-
-
264
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Gross Trade Receivables
3,037
-
-
-
-
3,037
Other Receivables
72
-
-
5
5
82
\n
The Group\u2019s Trade Receivables are concentrated in the following money managers:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
%
%
BlackRock
38
75
State Street
62
25
\u00a0
100
100
\n
Other Receivables mainly comprise of interest due from banking partners and the of\ufb01ce rental
deposit. The probability of default by these parties is deemed low. The credit risk on liquid funds
\ufb01nancial instruments is limited because the counterparties are banks with high credit-ratings
assigned by international credit-rating agencies. The Group\u2019s principal Banks are Barclays Bank and
HSBC Innovation Banking. The Group only uses banks with a credit rating of at least BBB+ (Standard
& Poor\u2019s). The Group\u2019s liquid funds are concentrated in Barclays, which holds 58% of the total balance
as at year end (2024: 67%), HSBC, which holds 40% of the total balance as at year end (2024: 31%)
and CitiBank which holds 2% of the total balance as at the year end (2024: 0%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "Liquidity Risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting obligations to settle its
liabilities. This is managed through cash \ufb02ow forecasting.
Undiscounted Maturity Analysis
The following table sets out the remaining contractual maturities of the group\u2019s \ufb01nancial liabilities by
type:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
After more
\u00a0
\u00a0
Within 1 year
1 and 5 years
than 5 years
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Trade and Other Payables
4,021
-
-
4,021
Lease Liabilities
125
-
-
125
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Between
After more
\u00a0
\u00a0
Within 1 year
1 and 5 years
than 5 years
Total
\u00a0
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Trade and Other Payables
6,576
-
-
6,576
Lease Liabilities
167
125
-
292
\n
Capital Risk Management
For the purpose of the Group\u2019s capital management, capital includes issued share capital, share
premium and all other equity reserves attributable to the equity holders of the Company.
The Group manages its capital to ensure that it will be able to continue as a going concern by
ensuring compliance with regulatory capital requirements set by the FCA and maximising returns to
shareholders through optimal capital deployment. Regulatory capital is determined in accordance
with the requirements prescribed by the FCA. The Group performs capital assessments and
maintains a surplus over the regulatory capital requirement at all times.
The Group met its regulatory capital requirement throughout the years 2024 and 2025.
The Group manages its capital structure and makes adjustments considering changes in economic
conditions. To maintain or adjust the capital structure, the Group may return capital to shareholders
or issue new shares.
Externally Imposed Capital Requirements
The capital adequacy of the business is monitored on a quarterly basis as part of general business
planning by the Finance Team. The Group conducts a capital adequacy assessment process, as
required by the Financial Conduct Authority (\u2018FCA\u2019) to assess and maintain the appropriate levels.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "26
Related Party Transactions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
Key Management Compensation
\u00a0 \u00a0
Salaries and Other Short-term Employee Bene\ufb01ts
2,711
2,175
Other Long-term Bene\ufb01ts
26
26
Share-based Payment
2,310
1,971
\u00a0
5,047
4,172
\n
Transactions with Key Management
During the year ended 31 December 2025, Matthew Loft repaid \u00a318,613.48 to PensionBee Inc. in
respect of secondment accommodation costs made on his behalf in the year. As at the year ended
31 December 2025, there is \u00a3nil outstanding (2024: \u00a3nil). During the year ended 31 December 2025,
there were no other transactions with Key Management (2024: none).
Some Key Management use the Group\u2019s services on commercial terms which are consistent with
the standard terms and conditions as available on the website. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "27
Events After the Reporting Period
There were no events of material impact to the \ufb01nancial statements that occurred after
the reporting date.10
Events After the Reporting Period
There were no events of material impact to the \ufb01nancial statements that occurred
after the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "7
Company Financial Statements
Statement of Financial Position
As at 31 December 2025
\n \n
2025
2024
Note
\u00a3 000
\u00a3 000
Assets
Non-current Assets
Investment in Subsidiaries
2
373,050
364,396
Current Assets
Other Receivables
4
64
8
Cash and Cash Equivalents
14,171
19,451
14,235
19,459
Total Assets
387,285
383,855
Equity and Liabilities
Equity
Share Capital
8
238
236
Share Premium
9
72,445
72,445
Share-based Payment Reserve
9
14,885
10,554
Retained Earnings
9
299,635
299,925
Total Equity
387,203
383,160
Current Liabilities
Trade and Other Payables
5
82
695
Total Liabilities
82
695
Total Equity and Liabilities
387,285
383,855
The Company Loss for the period is \u00a3290,000
The notes on pages 153 to 157 form an integral part of these \ufb01nancial statements.
Approved by the Board on 11 March 2026 and signed on its behalf by:
Christoph J. Martin
, Chief Financial Of\ufb01cer
Statement of Changes in Equity
For the year ended 31 December 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Share-based
\u00a0 \u00a0
\u00a0 \u00a0
Share Capital
Share Premium
Payment Reserve
Retained Earnings
Total
\u00a0
Note
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
\u00a3 000
At 1 January 2024
\u00a0
224
53,218
7,404
300,719
361,565
Total Comprehensive Pro\ufb01t/(Loss)
\u00a0
-
-
-
(793)
(793)
Share-based Payment Transactions
\u00a0
-
-
3,150
-
3,150
Issue of Share Capital
8
11
19,989
-
-
20,000
Transaction Costs on Issue of Share Capital
8
-
(762)
-
-
(762)
Exercise of Share Options
8
1
-
-
(1)
-
At 31 December 2024
\u00a0
236
72,445
10,554
299,925
383,160
At 1 January 2025
\u00a0
236
72,445
10,554
299,925
383,160
Total Comprehensive Pro\ufb01t/(Loss)
\u00a0
-
-
-
(290)
(290)
Share-based Payment Transactions
\u00a0
-
-
4,331
-
4,331
Exercise of Share Options
8
2
-
-
-
2
At 31 December 2025
\u00a0
238
72,445
14,885
299,635
387,203
\nThe notes on pages 153 to 157 form an integral part of these \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "3
Investment in Subsidiaries
Summary of Company Investments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3 000
\u00a3 000
As at 1 January
364,396
359,253
Additions
8,654
5,143
As at 31 December
373,050
364,396
\n
On 21 March 2024, PensionBee Group plc incorporated a new wholly owned subsidiary PensionBee
Inc. in Delaware, USA with operational headquarters in New York. The incorporation of this subsidiary
is part of the Group\u2019s strategic initiative to expand its operations in the North American market.
On 27 November 2024, PensionBee Group plc wholly acquired PensionBee Trustees Limited at book
value of \u00a31. The subsidiary is non-operational.
Subsidiary undertakings
\u00a0 \u00a0 \u00a0
Proportion of
\u00a0 \u00a0 \u00a0
ownership interest and
Name of Subsidiary
Principal activity
Registered of\ufb01ce
voting rights held
PensionBee Limited
Retirement savings
209 Blackfriars Road
\u00a0
\u00a0
provider
SE1 8NL
100%
PensionBee Inc.
Retirement savings
85 Broad Street
\u00a0
\u00a0
provider
New York NY 10004
100%
PensionBee Trustees
Trustee to
209 Blackfriars Road
\u00a0
Limited
PensionBee Personal
SE1 8NL
100%
\u00a0
Pension Trust
\u00a0 \u00a0
\n
Impairment of Investment in Subsidiary
At each reporting period, the investment in the subsidiaries is assessed for indicators of impairment.
No indicators of impairment were identi\ufb01ed for either the UK or US entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008663P5FHPGZV74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }