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1
General information
The Company was incorporated on 31 March 2021 as Bay Capital Limited, a private limited company under
the laws of Jersey with registered number 134743. On 8 September 2021 the Company was re-registered as
an unlisted public limited company and its name was changed to Bay Capital Plc. On 30 September 2021
the Company shares were admitted to trading onto the Main Market of the London Stock Exchange. The
Company is the parent company of Bay Capital Subco Limited (a private limited company under the laws
of Jersey with registered number 134744).
The address of its registered office is 28 Esplanade, St. Helier, Channel Islands, JE2 3QA, Jersey. The Group
has been incorporated for the purpose of identifying suitable acquisition opportunities in accordance with
the Group's investment and acquisition strategy with a view to creating shareholder value. The Group will
retain a flexible investment and acquisition strategy which will, subject to appropriate levels of due
diligence, enable it to deploy capital in target companies by way of minority or majority investments, or full
acquisitions where it is in the interests of shareholders to do so. This will include transactions with target
companies located in the UK and internationally.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "On 8 September 2021 the Company was re-registered as an unlisted public limited company and its name was changed to Bay Capital Plc.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Bay Capital Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "28 Esplanade, St. Helier, Channel Islands, JE2 3QA, Jersey", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
2 Significant accounting policies
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods
presented in theses consolidated financial statements.
The principal policies adopted in the preparation of the consolidated financial statements are as follows:
(a) Basis of preparation
These consolidated financial statements have been prepared in accordance with the requirements of UK
adopted International Financial Reporting Standards (\u201cIFRS\u201d) and the requirements of the Companies
(Jersey) Law 1991.
The consolidated financial statements are prepared on the historical cost basis.
(b) Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiaries (the \u201cGroup\u201d)
as if they formed a single entity. Intercompany transactions and balances between Group companies are
therefore eliminated in full.
Where the Group has control over a Company, it is classified as a subsidiary. The Group controls a Company
if all three of the following elements are present: power over the Company, exposure to variable returns
from the Company, and the ability of the Group to use its power to affect those variable returns. Control is
reassessed whenever facts and circumstances indicate that there may be a change in any of these elements
of control.
The consolidated financial statements incorporate the results of business combinations using the acquisition
method. In the consolidated statement of financial position, the acquiree\u2019s identifiable assets, liabilities and
contingent liabilities are initially recognised at their fair values at the acquisition date. The acquisition
related costs are included in the consolidated statement of comprehensive income on an accruals basis. The
results of acquired operations are included in the consolidated statement of comprehensive income from the
date on which control is obtained.
(c) Functional and presentational currency
The Group\u2019s functional and presentational currency for these financial statements is the pound sterling.
(d) Going concern
The Directors, having made due and careful enquiry, are of the opinion that the Group has adequate working
capital to execute its operations over the next 12 months. The Group\u2019s unaudited cash balance as at 14 April
2026 was \u00a34,237,470.31, and excluding the consummation of any investment or acquisition which will likely
require specific funding, has adequate resources available to fund the on-going forecasted operating expenses
for at least twelve months following approval of the financial statements. The Directors, therefore, have
made an informed judgement, at the time of approving the financial statements, that there is a reasonable
expectation that the Group has adequate resources to continue in operational existence for the foreseeable
future. As a result, the Directors have adopted the going concern basis of accounting in preparing the annual
financial statements.
(e) Employee benefits
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A liability is recognised for the amount expected to be paid under short-term
cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the obligation can be estimated reliably.
(f) Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income
statement except to the extent that it relates to items recognised in other comprehensive income or directly
in equity, in which case it is recognised in other comprehensive income or equity respectively.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. The following temporary
differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit other than in a business combination, and
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates and laws enacted or substantively
enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilised.
(g) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and short-term deposits with an original maturity of three
months or less from inception, held for meeting short term commitments.
(h) Financial assets and liabilities
The Group\u2019s financial assets and liabilities comprise cash and cash equivalents, other receivables and
accruals. Financial assets are stated at amortised cost less provision for expected credit losses. Financial
liabilities are stated at amortised cost.
(i) Share-based payments
The Group operates an equity-settled share-based payment plan. The fair value of the employee services
received in exchange for the grant of options is recognised as an expense over the vesting period, based on
the Group\u2019s estimate of awards that will eventually vest, with a corresponding increase in equity as a share-
based payment reserve.
This plan includes market-based vesting conditions for which the fair value at grant date reflects and are
therefore not subsequently revisited. The fair value is determined using a binomial model.
(j) Warrants
Warrants issued as part of share issues have been determined as equity instruments under IAS 32. Since the
fair value of the shares issued at the same time as the warrants is equal to the price paid, these warrants, by
deduction, are considered to have been issued at fair value.
(k) Accounting standards issued
The following amendments to standards were issued and adopted in the year, with no material impact on the
financial statements (all effective for annual periods beginning on or after 1 January 2025):
Reference to the Conceptual Framework - Amendments to IFRS 3
Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of
exchangeability.
There were no other new accounting standards issued that have been adopted in the year.
(l) Standards in issue but not yet effective
At the date of authorisation of these financial statements there were amendments to standards which were
in issue, but which were not yet effective, and which have not been applied. The principal ones are detailed
below:
The Directors do not expect the adoption of these standards or amendments to standards to have a material
impact on the financial statements, with the exception of presentational changes as a result of IFRS 18
Presentation and Disclosure in Financial Statements. Given that IFRS 18 is not effective until the period
beginning 1 January 2027, the impact assessment of this standard is ongoing and will be considered further
in the coming years.
Effective for annual periods beginning on or after 1 January 2026
Amendments to IFRS 7 and IFRS 9 Financial Instruments \u2013 The classification and measurement
of financial instruments
Annual improvements to IFRS Accounting Standards \u2013 Volume 11 (including minor amendments
to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial
Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9
Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash
Flows)
Effective for annual periods beginning on or after 1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 19 Subsidiaries without Public Accountability: Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "value": "(a) Basis of preparation These consolidated financial statements have been prepared in accordance with the requirements of UK adopted International Financial Reporting Standards (\u201cIFRS\u201d) and the requirements of the Companies (Jersey) Law 1991. The consolidated financial statements are prepared on the historical cost basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-152": { "value": "These consolidated financial statements have been prepared in accordance with the requirements of UK adopted International Financial Reporting Standards (\u201cIFRS\u201d) and the requirements of the Companies (Jersey) Law 1991. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "value": "(b) Basis of consolidation The consolidated financial statements present the results of the Company and its subsidiaries (the \u201cGroup\u201d) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. Where the Group has control over a Company, it is classified as a subsidiary. The Group controls a Company if all three of the following elements are present: power over the Company, exposure to variable returns from the Company, and the ability of the Group to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the consolidated statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The acquisition related costs are included in the consolidated statement of comprehensive income on an accruals basis. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-125": { "value": "(c) Functional and presentational currency The Group\u2019s functional and presentational currency for these financial statements is the pound sterling.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-126": { "value": "(d) Going concern The Directors, having made due and careful enquiry, are of the opinion that the Group has adequate working capital to execute its operations over the next 12 months. The Group\u2019s unaudited cash balance as at 14 April 2026 was \u00a34,237,470.31, and excluding the consummation of any investment or acquisition which will likely require specific funding, has adequate resources available to fund the on-going forecasted operating expenses for at least twelve months following approval of the financial statements. The Directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors have adopted the going concern basis of accounting in preparing the annual financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-127": { "value": "(e) Employee benefits Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-153": { "value": "(f) Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or equity respectively. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates and laws enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-128": { "value": "(f) Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or equity respectively. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates and laws enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-129": { "value": "(g) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits with an original maturity of three months or less from inception, held for meeting short term commitments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-168": { "value": "(h) Financial assets and liabilities The Group\u2019s financial assets and liabilities comprise cash and cash equivalents, other receivables and accruals. Financial assets are stated at amortised cost less provision for expected credit losses. Financial liabilities are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-154": { "value": "(h) Financial assets and liabilities The Group\u2019s financial assets and liabilities comprise cash and cash equivalents, other receivables and accruals. Financial assets are stated at amortised cost less provision for expected credit losses. Financial liabilities are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-130": { "value": "(h) Financial assets and liabilities The Group\u2019s financial assets and liabilities comprise cash and cash equivalents, other receivables and accruals. Financial assets are stated at amortised cost less provision for expected credit losses. Financial liabilities are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-131": { "value": "(i) Share-based payments The Group operates an equity-settled share-based payment plan. The fair value of the employee services received in exchange for the grant of options is recognised as an expense over the vesting period, based on the Group\u2019s estimate of awards that will eventually vest, with a corresponding increase in equity as a share- based payment reserve. This plan includes market-based vesting conditions for which the fair value at grant date reflects and are therefore not subsequently revisited. The fair value is determined using a binomial model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-132": { "value": "(j) Warrants Warrants issued as part of share issues have been determined as equity instruments under IAS 32. Since the fair value of the shares issued at the same time as the warrants is equal to the price paid, these warrants, by deduction, are considered to have been issued at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-155": { "value": "(k) Accounting standards issued The following amendments to standards were issued and adopted in the year, with no material impact on the financial statements (all effective for annual periods beginning on or after 1 January 2025): Reference to the Conceptual Framework - Amendments to IFRS 3 Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of exchangeability. There were no other new accounting standards issued that have been adopted in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-133": { "value": "(k) Accounting standards issued The following amendments to standards were issued and adopted in the year, with no material impact on the financial statements (all effective for annual periods beginning on or after 1 January 2025): Reference to the Conceptual Framework - Amendments to IFRS 3 Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of exchangeability. There were no other new accounting standards issued that have been adopted in the year. (l) Standards in issue but not yet effective At the date of authorisation of these financial statements there were amendments to standards which were in issue, but which were not yet effective, and which have not been applied. The principal ones are detailed below: The Directors do not expect the adoption of these standards or amendments to standards to have a material impact on the financial statements, with the exception of presentational changes as a result of IFRS 18 Presentation and Disclosure in Financial Statements. Given that IFRS 18 is not effective until the period beginning 1 January 2027, the impact assessment of this standard is ongoing and will be considered further in the coming years. Effective for annual periods beginning on or after 1 January 2026 Amendments to IFRS 7 and IFRS 9 Financial Instruments \u2013 The classification and measurement of financial instruments Annual improvements to IFRS Accounting Standards \u2013 Volume 11 (including minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows) Effective for annual periods beginning on or after 1 January 2027 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 19 Subsidiaries without Public Accountability: Disclosures", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-156": { "value": "(l) Standards in issue but not yet effective At the date of authorisation of these financial statements there were amendments to standards which were in issue, but which were not yet effective, and which have not been applied. The principal ones are detailed below: The Directors do not expect the adoption of these standards or amendments to standards to have a material impact on the financial statements, with the exception of presentational changes as a result of IFRS 18 Presentation and Disclosure in Financial Statements. Given that IFRS 18 is not effective until the period beginning 1 January 2027, the impact assessment of this standard is ongoing and will be considered further in the coming years. Effective for annual periods beginning on or after 1 January 2026 Amendments to IFRS 7 and IFRS 9 Financial Instruments \u2013 The classification and measurement of financial instruments Annual improvements to IFRS Accounting Standards \u2013 Volume 11 (including minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows) Effective for annual periods beginning on or after 1 January 2027 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 19 Subsidiaries without Public Accountability: Disclosures", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-134": { "value": "
3
Accounting estimates and judgements
In preparing the consolidated financial statements, the Directors have to make judgments on how to apply
the Group's accounting policies and make estimates about the future. The Directors do not consider there to
be any critical estimates or judgments that have been made in arriving at the amounts recognised in the
consolidated financial statements with the exception of the valuation of share-based payments. Please see
Note 18 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-135": { "value": "
4 Employees
Staff costs, including Directors, consist of:
Year ended 31
Year ended 31
December 2025 December 2024
\u00a3 \u00a3
Wages and salaries
74,612
246,411
Social security costs
186
20,155
Pension costs
713
5,850
_______
_______
75,511
272,416
_______ _______
Pension costs related to the Company\u2019s defined contribution pension scheme. Contributions outstanding at
31 December 2025 were \u00a3nil (2024: \u00a3488).
Year ended 31 Year ended 31
December 2025 December 2024
Number
Number
The average number of employees, including Directors, during
the year was:
2
3
_______ _______
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-136": { "value": "
5 Directors\u2019 remuneration
Year ended 31 Year ended 31
December 202
5
December 202
4
\u00a3
\u00a3
Directors\u2019 emoluments
50,000
50,000
________
________
50,000
50,000
________
________
The former Chairman\u2019s fees were paid through Rise Rocks Limited, a Company wholly owned by the
Chairman. The two Company Directors and the former Company Chief Financial Officer are considered the
only key management personnel. In 2025, the total emoluments for key management personnel were
\u00a375,511 (2024: \u00a3252,261).
19 Related party transactions
Transactions with key management personnel
Key management personnel comprise the Directors and executive officers. The remuneration of the
individual Directors is disclosed in the Report of the Directors and key management personnel in note 5.
On 28 November 2025, the Chairman stepped down from the Board and sold his shareholding. David
William has acquired 1,694,916 ordinary shares in the Company and holds a total of 15,944,916 ordinary
shares, representing 22.8% of the Company\u2019s issued share capital.
The Company\u2019s strategic advisor, Tony Morris, has joined as a Non-Executive Director and does not receive
any director\u2019s fee.
Other transactions
The Company has entered into an arm\u2019s length strategic advisory agreement with Tessera Investment
Management Limited, a company of which Tony Morris is a director and holds 50% shareholding. During
the year, it received strategic advisory fees of \u00a3121,256 (2024: \u00a3120,060).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-137": { "value": "
6 Operating loss
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
This has been arrived at after charging:
Professional services
196,151
226,843
Acquisition related costs
-
60,031
Fees payable to the Company\u2019s independent auditor for the audit
of the parent and consolidated accounts
28,000
2
5,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-169": { "value": "6 Operating loss
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
This has been arrived at after charging:
Professional services
196,151
226,843
Acquisition related costs
-
60,031
Fees payable to the Company\u2019s independent auditor for the audit
of the parent and consolidated accounts
28,000
2
5,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-157": { "value": "6 Operating loss
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
This has been arrived at after charging:
Professional services
196,151
226,843
Acquisition related costs
-
60,031
Fees payable to the Company\u2019s independent auditor for the audit
of the parent and consolidated accounts
28,000
2
5,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-138": { "value": "
7 Taxation
Year ended 31 Year ended 31
December 2025 December 2024
Jersey corporation tax
\u00a3
\u00a3
Corporation tax on loss for the
year
-
-
________
Total taxation on loss on ordinary activities
-
-
________ ________
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against
which the deductible temporary differences and carry forward tax losses/credits can be utilised. Accordingly,
the Group has not recognised deferred tax assets in respect of deductible temporary differences and carry
forward tax losses as at 31 December 2025 and 31 December 2024 respectively, as it is not probable at year
end that relevant taxable profits will be available in future based on the current activities of the Group as a
holding group. There are no expiry dates on these tax losses as at the year end. The unrecognised deferred
tax asset is summarised below:
Tax losses and unrecognised deferred tax asset carried forward
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
Cumulative temporary differences and carry forward tax losses
2,740,958
2,417,707
Unrecognised deferred tax asset on above at 10% (based on the
enacted tax rate at the date of signing the financial statements)
274,096
241,771
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-170": { "value": "7 Taxation
Year ended 31 Year ended 31
December 2025 December 2024
Jersey corporation tax
\u00a3
\u00a3
Corporation tax on loss for the
year
-
-
________
Total taxation on loss on ordinary activities
-
-
________ ________ Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences and carry forward tax losses/credits can be utilised. Accordingly, the Group has not recognised deferred tax assets in respect of deductible temporary differences and carry forward tax losses as at 31 December 2025 and 31 December 2024 respectively, as it is not probable at year end that relevant taxable profits will be available in future based on the current activities of the Group as a holding group. There are no expiry dates on these tax losses as at the year end. The unrecognised deferred tax asset is summarised below: Tax losses and unrecognised deferred tax asset carried forward
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
Cumulative temporary differences and carry forward tax losses
2,740,958
2,417,707
Unrecognised deferred tax asset on above at 10% (based on the
enacted tax rate at the date of signing the financial statements)
274,096
241,771
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-158": { "value": "7 Taxation
Year ended 31 Year ended 31
December 2025 December 2024
Jersey corporation tax
\u00a3
\u00a3
Corporation tax on loss for the
year
-
-
________
Total taxation on loss on ordinary activities
-
-
________ ________ Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences and carry forward tax losses/credits can be utilised. Accordingly, the Group has not recognised deferred tax assets in respect of deductible temporary differences and carry forward tax losses as at 31 December 2025 and 31 December 2024 respectively, as it is not probable at year end that relevant taxable profits will be available in future based on the current activities of the Group as a holding group. There are no expiry dates on these tax losses as at the year end. The unrecognised deferred tax asset is summarised below: Tax losses and unrecognised deferred tax asset carried forward
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
Cumulative temporary differences and carry forward tax losses
2,740,958
2,417,707
Unrecognised deferred tax asset on above at 10% (based on the
enacted tax rate at the date of signing the financial statements)
274,096
241,771
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-139": { "value": "
8
Earnings per share
Earnings per share is calculated by dividing the loss after tax for the year by the weighted average number
of shares in issue for the year, these figures being as follows:
Year ended 31 Year ended 31
December 2025 December 2024
\u00a3
\u00a3
Loss used in basic and diluted EPS, being loss after tax
(
323,251
)
(550,616)
Adjustments:
Share
-
based
payment charge
10,980
10,981
________
________
Adjusted earnings used in adjusted EPS
(312,271)
(539,635)
________ ________
The Subco Incentive Scheme share options (Note 18) have not been included in the diluted EPS on the basis
that they are anti-dilutive, however they may become dilutive in future periods.
2025
2024
Number
Number
Weighted average number of ordinary shares of 1p each used as
the denominator in calculating basic and diluted EPS
70,000,000
70,000,000
________
________
Loss
per share
Basic and diluted
(0.46p)
(0.79p)
Adjusted
\u2013
basic and
diluted
(0.45p)
(0.77p)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-140": { "value": "
9 Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA)
2025
2024
\u00a3
\u00a3
Operating loss
(
338,698
)
(587,513)
EBITDA loss
(338,698)
(587,513)
Share
-
based payment charge
10,980
10,981
Adjusted EBITDA loss
(327,718)
(576,532)
", "dimensions": { "concept": "baycapitalplc:DisclosureOfAdjustedEarningsBeforeInterestTaxDepreciationAndAmortisation", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-141": { "value": "
1
0
Subsidiaries
The Company directly owns the ordinary share capital of its subsidiary undertakings as set out below:
Proportion of A Proportion of B
Nature of Country of ordinary shares held ordinary shares held
Subsidiary business incorporation by Company by Company
Bay Capital Intermediate Jersey, Channel
100 per cent.
0 per cent.
Subco Limited holding company Islands
The address of the registered office of Bay Capital Subco Limited (the \"Subco\") is 28 Esplanade, St. Helier,
Channel Islands, JE2 3QA, Jersey. The Subco was incorporated on 31 March 2021.
The A ordinary shares have full voting rights, full rights to participate in a dividend and full rights to
participate in a distribution of capital. The B ordinary shares have been issued pursuant to the Company\u2019s
Subco Incentive Scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-171": { "value": "10Subsidiaries The Company directly owns the ordinary share capital of its subsidiary undertakings as set out below:
Proportion of A Proportion of B
Nature of Country of ordinary shares held ordinary shares held
Subsidiary business incorporation by Company by Company
Bay Capital Intermediate Jersey, Channel
100 per cent.
0 per cent.
Subco Limited holding company Islands
The address of the registered office of Bay Capital Subco Limited (the \"Subco\") is 28 Esplanade, St. Helier, Channel Islands, JE2 3QA, Jersey. The Subco was incorporated on 31 March 2021. The A ordinary shares have full voting rights, full rights to participate in a dividend and full rights to participate in a distribution of capital. The B ordinary shares have been issued pursuant to the Company\u2019s Subco Incentive Scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-159": { "value": "10Subsidiaries The Company directly owns the ordinary share capital of its subsidiary undertakings as set out below:
Proportion of A Proportion of B
Nature of Country of ordinary shares held ordinary shares held
Subsidiary business incorporation by Company by Company
Bay Capital Intermediate Jersey, Channel
100 per cent.
0 per cent.
Subco Limited holding company Islands
The address of the registered office of Bay Capital Subco Limited (the \"Subco\") is 28 Esplanade, St. Helier, Channel Islands, JE2 3QA, Jersey. The Subco was incorporated on 31 March 2021. The A ordinary shares have full voting rights, full rights to participate in a dividend and full rights to participate in a distribution of capital. The B ordinary shares have been issued pursuant to the Company\u2019s Subco Incentive Scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-142": { "value": "
11 Cash and cash equivalents
2025
2024
\u00a3
\u00a3
Cash and cash equivalents
4,338,374
4,659,886
________
________
4,338,374
4,659,886
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-160": { "value": "11 Cash and cash equivalents
2025
2024
\u00a3
\u00a3
Cash and cash equivalents
4,338,374
4,659,886
________
________
4,338,374
4,659,886
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-143": { "value": "
12 Trade and other receivables
2025
2024
\u00a3
\u00a3
Prepayments
9,293
9,011
Other
receivables
2,752
-
________
________
1
2,045
9,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-172": { "value": "12 Trade and other receivables
2025
2024
\u00a3
\u00a3
Prepayments
9,293
9,011
Other
receivables
2,752
-
________
________
1
2,045
9,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-161": { "value": "12 Trade and other receivables
2025
2024
\u00a3
\u00a3
Prepayments
9,293
9,011
Other
receivables
2,752
-
________
________
1
2,045
9,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-144": { "value": "
13
Trade and other payables
2025
2024
Current trade and other payables
\u00a3
\u00a3
Accruals
8
5
,
459
80,100
Other tax
and social security
-
5,391
Payroll related creditors
-
6,175
________
________
85,459
91,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-178": { "value": "13 Trade and other payables
2025
2024
Current trade and other payables
\u00a3
\u00a3
Accruals
8
5
,
459
80,100
Other tax
and social security
-
5,391
Payroll related creditors
-
6,175
________
________
85,459
91,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-173": { "value": "13 Trade and other payables
2025
2024
Current trade and other payables
\u00a3
\u00a3
Accruals
8
5
,
459
80,100
Other tax
and social security
-
5,391
Payroll related creditors
-
6,175
________
________
85,459
91,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-162": { "value": "13 Trade and other payables
2025
2024
Current trade and other payables
\u00a3
\u00a3
Accruals
8
5
,
459
80,100
Other tax
and social security
-
5,391
Payroll related creditors
-
6,175
________
________
85,459
91,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-145": { "value": "
14 Financial instruments
The Group\u2019s financial assets and liabilities mainly comprise cash, trade and other receivables and trade and
other payables. The carrying value of all financial assets and liabilities equals fair value given their short
term in nature.
Financial assets
measured at amortised cost
2025
2024
Current financial assets
\u00a3
\u00a3
Cash and cash equivalents
4,338,374
4,659,886
Other receivables
2,752
-
________
________
4,341,126
4,659,886
________
________
Financial liabilities
measured at amortised cost
2025
2024
Current financial liabilities
\u00a3
\u00a3
Accruals
85,459
80,100
Payroll related creditors
-
6,175
________
________
85,459
86,275
________ ________
Credit risk
The Group's credit risk is wholly attributable to its cash balance and other receivables. All cash balances
and other receivables are held at a reputable bank in Jersey. The credit risk from its cash and cash equivalents
and other receivables are deemed to be low due to the nature and size of the balances held.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group\u2019s approach to liquidity risk is to ensure that sufficient liquidity is available to meet foreseeable
requirements and to invest funds securely and profitably.
The following table details the contractual maturity of financial liabilities based on the dates the liabilities
are due to be settled:
Financial liabilities:
Less than 1 More than 5
year
2 to 5 Years
years
Total
\u00a3
\u00a3
\u00a3
\u00a3
Accruals
85,459
-
-
85,459
_________
_________
_________
_________
At 31 December 202
5
85,459
-
-
85,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-174": { "value": "14 Financial instruments The Group\u2019s financial assets and liabilities mainly comprise cash, trade and other receivables and trade and other payables. The carrying value of all financial assets and liabilities equals fair value given their short term in nature.
Financial assets
measured at amortised cost
2025
2024
Current financial assets
\u00a3
\u00a3
Cash and cash equivalents
4,338,374
4,659,886
Other receivables
2,752
-
________
________
4,341,126
4,659,886
________ ________
Financial liabilities
measured at amortised cost
2025
2024
Current financial liabilities
\u00a3
\u00a3
Accruals
85,459
80,100
Payroll related creditors
-
6,175
________
________
85,459
86,275
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-163": { "value": "14 Financial instruments The Group\u2019s financial assets and liabilities mainly comprise cash, trade and other receivables and trade and other payables. The carrying value of all financial assets and liabilities equals fair value given their short term in nature.
Financial assets
measured at amortised cost
2025
2024
Current financial assets
\u00a3
\u00a3
Cash and cash equivalents
4,338,374
4,659,886
Other receivables
2,752
-
________
________
4,341,126
4,659,886
________ ________
Financial liabilities
measured at amortised cost
2025
2024
Current financial liabilities
\u00a3
\u00a3
Accruals
85,459
80,100
Payroll related creditors
-
6,175
________
________
85,459
86,275
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-175": { "value": "Credit risk The Group's credit risk is wholly attributable to its cash balance and other receivables. All cash balances and other receivables are held at a reputable bank in Jersey. The credit risk from its cash and cash equivalents and other receivables are deemed to be low due to the nature and size of the balances held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-164": { "value": "Credit risk The Group's credit risk is wholly attributable to its cash balance and other receivables. All cash balances and other receivables are held at a reputable bank in Jersey. The credit risk from its cash and cash equivalents and other receivables are deemed to be low due to the nature and size of the balances held. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to liquidity risk is to ensure that sufficient liquidity is available to meet foreseeable requirements and to invest funds securely and profitably. The following table details the contractual maturity of financial liabilities based on the dates the liabilities are due to be settled: Financial liabilities:
Less than 1 More than 5
year
2 to 5 Years
years
Total
\u00a3
\u00a3
\u00a3
\u00a3
Accruals
85,459
-
-
85,459
_________
_________
_________
_________
At 31 December 202
5
85,459
-
-
85,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-176": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to liquidity risk is to ensure that sufficient liquidity is available to meet foreseeable requirements and to invest funds securely and profitably. The following table details the contractual maturity of financial liabilities based on the dates the liabilities are due to be settled: Financial liabilities:
Less than 1 More than 5
year
2 to 5 Years
years
Total
\u00a3
\u00a3
\u00a3
\u00a3
Accruals
85,459
-
-
85,459
_________
_________
_________
_________
At 31 December 202
5
85,459
-
-
85,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-147": { "value": "
15 Share capital
Allotted, called up and fully paid
2025
2024
2025
2024
Number
Number
\u00a3
\u00a3
Ordinary shares of 1p each:
70,000,000
70,000,000
700,000
700,000
_________
_________
_________
_________
At 31 December
70,000,000
70,000,000
700,000
700,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-165": { "value": "15 Share capital
Allotted, called up and fully paid
2025
2024
2025
2024
Number
Number
\u00a3
\u00a3
Ordinary shares of 1p each:
70,000,000
70,000,000
700,000
700,000
_________
_________
_________
_________
At 31 December
70,000,000
70,000,000
700,000
700,000
_________ _________ _________ _________ 16 Reserves Share premium and retained earnings represent balances conventionally attributed to those descriptions. The transaction costs relating to the issue of shares was deducted from share premium. Capital redemption reserve includes amounts in relation to deferred shared capital. The Group having no regulatory capital or similar requirements, its primary capital management focus is on maximising earnings per share and therefore shareholder return. The Directors have proposed that there will be no final dividend in respect of 2025 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-146": { "value": "
16 Reserves
Share premium and retained earnings represent balances conventionally attributed to those descriptions. The
transaction costs relating to the issue of shares was deducted from share premium.
Capital redemption reserve includes amounts in relation to deferred shared capital.
The Group having no regulatory capital or similar requirements, its primary capital management focus is on
maximising earnings per share and therefore shareholder return.
The Directors have proposed that there will be no final dividend in respect of 2025 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "
17 Share Incentive Plan
On 14 September 2021, the Group created a Subco Incentive Scheme within its wholly owned subsidiary
Bay Capital Subco Limited (\"Subco\"). Under the terms of the Subco Incentive Scheme, scheme participants
are only rewarded if a predetermined level of shareholder value is created over a three to five year period or
upon a change of control of the Company or Subco (whichever occurs first), calculated on a formula basis
by reference to the growth in market capitalisation of the Company, following adjustments for the issue of
any new Ordinary shares and taking into account dividends and capital returns (\"Shareholder Value\"),
realised by the exercise by the beneficiaries of a put option in respect of their shares in Subco and satisfied
either in cash or by the issue of new ordinary shares at the election of the Company.
Under these arrangements in place, participants are entitled to up to a share of 15 percent of the Shareholder
Value created, subject to such Shareholder Value having increased by at least 10 percent. per annum
compounded over a period of between three and five years from admission or following a change of control
of the Company or Subco.
", "dimensions": { "concept": "baycapitalplc:DisclosureOfShareIncentivePlan", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-149": { "value": "
18 Share-based payments
The Subco Incentive Scheme detailed in Note 17 is an equity-settled share option plan which allows
employees and advisors of the Group to sell their B shares to the Company in exchange for a cash payment
or for shares in the Company (at the Company\u2019s election) if certain conditions are met.
These conditions include good and bad leaver provisions and that growth in Shareholder Value of 10 percent
compound per annum is delivered over a three to five year period for the scheme to vest. This second
condition is therefore a market condition which has been taken into account in the measurement at grant
date of the fair value of the options.
The weighted average exercise price of the outstanding B share options is \u00a30.10 which have a weighted
average contractual life of 9 months. 110,000 B share options were issued in the nine-month period to 31
December 2021, all of which were outstanding at the current year end. No B share options were exercised
in the current or prior period. No B share options have expired during the current or prior period.
The Group recognised \u00a310,980 (2024: \u00a310,981) of expenditure statement of total comprehensive income in
relation to equity-settled share-based payments in the year.
The fair value of options was determined by applying a binominal model. The expense is apportioned over
the vesting period of the option and is based on the number which are expected to vest and the fair value of
these options at the date of grant.
The inputs into the binomial model in respect of options granted in the prior period are as follows:
Opening share price
10.0p
Expected volatility of share price
16.67%
Expected life of options
5 years
Risk
-
free rate
0.73%
Target increase in share price per annum
10%
Fair value of options
50.342p
Expected volatility was estimated by reference to the average 5-year volatility of the FTSE SmallCap Index.
The target increase in Shareholder Value is laid out in the Articles of Association of the Subco and represents
the compounded target annual increase in market capitalisation (adjusted for capital raises and dividends)
that needs to be met between the third and fifth anniversary of the Group\u2019s admission onto the London Stock
Exchange in order for the scheme to vest.
The Group did not enter into any share-based payment transactions with parties other than employees and
advisors during the current or prior period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-167": { "value": "19 Related party transactions Transactions with key management personnel Key management personnel comprise the Directors and executive officers. The remuneration of the individual Directors is disclosed in the Report of the Directors and key management personnel in note 5. On 28 November 2025, the Chairman stepped down from the Board and sold his shareholding. David William has acquired 1,694,916 ordinary shares in the Company and holds a total of 15,944,916 ordinary shares, representing 22.8% of the Company\u2019s issued share capital. The Company\u2019s strategic advisor, Tony Morris, has joined as a Non-Executive Director and does not receive any director\u2019s fee. Other transactions The Company has entered into an arm\u2019s length strategic advisory agreement with Tessera Investment Management Limited, a company of which Tony Morris is a director and holds 50% shareholding. During the year, it received strategic advisory fees of \u00a3121,256 (2024: \u00a3120,060). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-177": { "value": "19 Related party transactions Transactions with key management personnel Key management personnel comprise the Directors and executive officers. The remuneration of the individual Directors is disclosed in the Report of the Directors and key management personnel in note 5. On 28 November 2025, the Chairman stepped down from the Board and sold his shareholding. David William has acquired 1,694,916 ordinary shares in the Company and holds a total of 15,944,916 ordinary shares, representing 22.8% of the Company\u2019s issued share capital. The Company\u2019s strategic advisor, Tony Morris, has joined as a Non-Executive Director and does not receive any director\u2019s fee. Other transactions The Company has entered into an arm\u2019s length strategic advisory agreement with Tessera Investment Management Limited, a company of which Tony Morris is a director and holds 50% shareholding. During the year, it received strategic advisory fees of \u00a3121,256 (2024: \u00a3120,060).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-150": { "value": "
2
0
Post balance sheet events
There are no events subsequent to the reporting date which would have a material impact on the financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-151": { "value": "
21 Contingent liabilities
There are no contingent liabilities at the reporting date which would have a material impact on the financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-166": { "value": "21 Contingent liabilities There are no contingent liabilities at the reporting date which would have a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800F59868OZQU6E56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }