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"fact-308": { "value": "MAST Energy Developments Plc", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "The principal activities of the Company and its subsidiaries are related to the development and production of power generation projects in the United Kingdom. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "Statement of Material Accounting Policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. Basis of Preparation The Group and Company financial statements are prepared on the historical cost basis except for certain financial instruments which are at fair value. The accounting policies have been applied consistently throughout the Group entities, and are consistent with those of the comparative period. The Group and Company financial statements have been prepared on a going concern basis as explained in the notes to the financial statements. The individual financial information of each Group entity is measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). The consolidated financial information of the Group is presented in Pounds Sterling, which is the presentation currency for the Group. The functional currency of each of the Group entities is the local currency of each individual entity. Use of Estimates and Judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. In particular, there are significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements. Estimation uncertainty: Information about estimates and assumptions that may have the most significant effect on recognition and measurement on assets, liabilities and expenses is provided below: Impairment assessment of non-financial assets In applying IAS 36, impairment assessments are performed whenever events or changes in circumstances indicate that the carrying amount of an asset or cash generating unit (\u201cCGU\u201d) may not be recoverable. Estimates are made in determining the recoverable amount of assets which includes the estimation of cash flows and discount rates used. In estimating the cash flows, management bases cash flow projections on reasonable and supportable assumptions that represent management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful life of the assets. The discount rates used reflect the current market assessment of the time value of money and the risks specific to the assets for which the future cash flow estimates have not been adjusted. Refer to Note 11 for detailed sensitivity analysis related to a potential change in the key estimation uncertainties inherent in the impairment assessment. Useful life of Intangible assets Amortisation is charged on a systematic basis over the estimated useful lives of the assets after taking into account the estimated residual values of the assets. Useful life is either the period of time over which the asset is expected to be used or the number of production or similar units expected to be obtained from the use of the asset. Estimation uncertainty in the valuation of share-based instruments in issue Share-based instruments issued, such as warrants or options, or payments made require significant judgment and estimate concerning the method of valuation applied and key inputs applied respectively. In order to calculate the charge for share based warrants issued or payments as required by IFRS 9 and IFRS 2 respectively, the Group makes estimates principally relating to the assumptions used in its option-pricing model. Refer to Note 18 for details on valuation of share-based transactions, including options and warrants granted. Useful life of Property, plant and Equipment The depreciable amounts of assets are allocated on a systematic basis over their useful lives. In determining the depreciable amount, management makes assumptions in respect of the residual value of assets based on the expected estimated amount that the entity would currently obtain from disposing the asset, after deducting the estimated costs of disposal. If an asset is expected to be abandoned, the residual value is estimated at \u00a3nil. In determining the useful lives of assets, management considers the expected period of use of assets, expected physical wear and tear, legal or similar limits of assets such as rights, condition and location of the asset as well as obsolescence. Estimation uncertainty in the accrual for variable revenue in relation to electricity generation The group\u2019s revenue is dependent on the sale of electricity through an offtake partner based on the quantity of variable units generated over the course of the year. The utilisation rate is determined by the offtake partner who in turn relies on on-demand electricity request from the applicable service area. The group estimates its accrued revenue based on preliminary data received from the offtake partner which is obtained daily from the portal. Upon receipt of the final monthly invoice, which is usually in time for year-end reporting purposes, the estimates are updated to the actual values. No estimation uncertainties exist over fixed amount contracts for management fees and capacity market revenues. Critical judgements: Information about critical judgements that may have the most significant effect on recognition and measurement on assets, liabilities and expenses is provided below: Going Concern Management applies judgement in determining whether or not the Group is able to continue as a going concern for the foreseeable future, in identifying the matters which give rise to the existence of the material uncertainty, and in developing responses thereto in order to address the risk of material uncertainty. The Group generated revenue of \u00a31,629,410 (2024: \u00a3737,158) for the year ended 31 December 2025 and had a net asset position of \u00a31,149,154 (2024: net liability position of \u00a31,238,271). As at year end, the Group had liquid assets in the form of cash and cash equivalent and other receivables of \u00a31,436,943 and \u00a3110,647 (year to 31 December 2024: \u00a3146,446 and \u00a3364,469), respectively. The Group has a net current liability position of \u00a31,786,672 (2024: \u00a32,154,323). The current liabilities causing the net current liability position are the Pyebridge specific term loan of \u00a32,203,715 and the Riverfort/Sloane loan of \u00a3849,253. The Sloane loan is expected to be settled in shares, consistent with the conversions to date, with no cash repayment anticipated. This debt is not at Company level. The Group has options available to repay the current liabilities as described in note 27. Critical Judgement \u2013 Consulting Services Settled through the Exercise of Warrants Management exercised significant judgement in determining the accounting treatment of consulting services settled through the exercise of warrants. Based on the nature of the services received, management concluded that the costs were directly attributable to the issue of equity instruments and therefore constitute share issue costs rather than operating expenses. Accordingly, the fair value of the consulting services has been recognised as a deduction from equity against the share premium reserve. This treatment is consistent with IAS 32 paragraphs 35 and 37, which require incremental costs directly attributable to an equity transaction to be recognised as a deduction from equity. In determining the amount recognised, management also considered the measurement principles of IFRS 2 paragraphs 8, 10, 11 and 13A relating to equity-settled share-based payment transactions. If management had concluded that the consulting services related to the Company's ongoing operating activities rather than the equity transaction, the costs would have been recognised as an expense in profit or loss, with a corresponding credit to equity. Consolidation The consolidated annual financial statements comprise the financial statements of Quantum Data Energy Plc and its subsidiaries for the year ended 31 December 2025, over which the Company has control. Control is achieved when the Company: \u2022 has the power over the investee; \u2022 is exposed, or has rights, to variable return from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. Subsidiaries are fully consolidated from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Intragroup balances and any unrealised gains or losses or income or expenses arising from intragroup transactions are eliminated in preparing the Group financial statements, except to the extent they provide evidence of impairment. The Group accounts for business combinations using the acquisition method of accounting. The cost of the business combination is measured as the aggregate of the fair values of assets given, liabilities incurred or assumed and equity instruments issued. Costs directly attributable to the business combination are expensed as incurred, except the costs to issue debt which are amortised as part of the effective interest and costs to issue equity which are included in equity. The acquiree's identifiable assets, liabilities and contingent liabilities which meet the recognition conditions of IFRS 3 Business Combinations are recognised at their fair values at acquisition date. Contingent liabilities are only included in the identifiable assets and liabilities of the acquiree where there is a present obligation at acquisition date. Non-controlling interest arising from a business combination is measured either at their share of the net asset value of the assets and liabilities of the acquiree or at fair value. The treatment is not an accounting policy choice but is selected for each individual business combination, and disclosed in the note for business combinations. Changes in the Group\u2019s interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Intangible Assets Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives which are disclosed in Note 11. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. Impairment Non-financial assets Assets are reviewed for impairment at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income immediately. Property, Plant and Equipment Property, Plant and Equipment is stated at cost, less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the items of property, plant and equipment. The cost of self-constructed items of property, plant and equipment includes the cost of materials and direct labour, any other costs directly attributable to bringing the items of property, plant and equipment to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Assets under construction are not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: - Plant & machinery at 5% straight line; - Right of Use assets straight line over the lower of asset life or lease term. Depreciation methods, useful lives and residual values are reviewed at each reporting date. Useful lives are affected by technology innovations, maintenance programmes and future economic benefits. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. On disposal of property, plant and equipment the cost and the related accumulated depreciation and impairments are removed from the financial statements and the net amount, less any proceeds, is taken to the Statement of Comprehensive Income. Right-of-use assets and corresponding lease liability For any new contracts entered into the Group considers whether a contract is, or contains a lease. A lease is defined as \u2018a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration\u2019. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether:
\u2022
the contract contains an identified asset, which is either explicitly identified in the contract or implicitly
specified by being identified at the time the asset is made available to the Group.
\u2022
the Group has the right to obtain substantially all of the economic benefits from use of the identified asset
throughout the period of use, considering its rights within the defined scope of the contract
\u2022
the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess
whether it has the right to direct \u2018how and for what purpose\u2019 the asset is used throughout the period of use.
At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, and any lease payments made in advance of the lease commencement date. The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group\u2019s incremental borrowing rate. In determining the present value of the lease liability, the Group has used its incremental borrowing rate of prime as the rate implicit in the lease was not readily available. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in trade payables. Income Tax Income tax expense comprises current and deferred tax. Income tax expense is recognised in the Income Statement. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The balance of unrecognised deferred tax assets for the year ended 31 December 2025 is \u00a32,008,599 (2024: \u00a31,684,628). 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 bonuses or profit-sharing plans if the Company 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. Finance income and expense Finance income comprises interest income on funds invested, dividend income, gains on the disposal of available-for- sale financial assets, and changes in the fair value of financial assets at fair value through profit or loss. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established, which in the case of listed securities is the ex-dividend date. Finance expenses comprise interest expense on borrowings, unwinding of discount on provisions, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on forward exchange contracts that are recognised in profit or loss. All borrowing costs are recognised in profit or loss using the effective interest method. Earnings per Share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. Financial Instruments Recognition Financial instruments comprise loans receivable, trade and other receivables, cash and cash equivalents, trade and other payables, other financial liabilities and bank overdrafts. Financial assets and liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instruments. Classification The Group classifies financial assets on initial recognition as measured at amortised cost as the Group\u2019s business model and objective is to hold the financial asset in order to collect the contractual cash flow and the contractual terms allows for cash flows on specified dates for the payment of the principal amounts outstanding. Financial liabilities are classified at amortised cost.
Financial assets
Classification
Trade and other receivables
Financial assets at amortised cost
Cash and cash equivalents
Financial assets at amortised cost
Financial liabilities
Classification
Loans from related parties
Financial liabilities at amortised cost
Trade and other payables
Financial liabilities at amortised cost
Other financial liability
Financial liabilities at amortised cost
CLN Derivative liability
Financial liabilities at fair value through profit or loss
Financial assets are classified as current if expected to be realised or settled within 12 months from the reporting date; if not, they are classified as non-current. Financial liabilities are classified as non-current if the Group has an unconditional right to defer payment for more than 12 months from the reporting date. Measurement on Initial recognition All financial assets and liabilities are initially measured at fair value, including transaction costs. Subsequent measurement Financial assets held at amortised cost are subsequently measured at amortised cost using the effective interest method, less any impairment losses. Financial liabilities are subsequently measured at amortised cost using the effective interest method. Financial assets held at fair value through profit or loss are revalued at year end to relevant market prices of the underlying instruments. De-recognition Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligations specified in the contracts are discharged, cancelled or expire. On de-recognition of a financial asset/liability, any difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss. Impairment of Financial Assets not carried at Fair value Under IFRS 9 the Group calculates its allowance for credit losses as expected credit losses (ECLs) for financial assets measured at amortised cost. ECLs are a probability weighted estimate of credit losses. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in Groups that share similar credit risk characteristics. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in the profit or loss. Share based payments reserve For such grants of share options or warrants qualifying as equity-settled share-based payments, the fair value as at the date of grant is calculated using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options or warrants were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options or warrants that are likely to vest, except where forfeiture is only due to market-based conditions not achieving the threshold for vesting. Share capital Incremental costs directly attributable to the issue of ordinary shares are recognised directly in equity. Share-based payment transactions of the company Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. Inventories Inventories represent replacement parts and consumables used in the normal course of business in maintaining the property, plant and equipment. These replacements parts are not considered significant components requiring recognition under IAS 16. Inventories are measured at the lower of cost and net realisable value on the first-in-first-out basis. The cost of inventories comprises of all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Write downs and reversals of write downs of inventories are included as part of the cost of goods sold. Revenue from contracts with customers The Group and Company recognise revenue from the following major sources: \u2022 Sale of electricity generated through small scale flexible power plants. \u2022 Receipt of payments based on Capacity Market contracts to provide electricity capacity to the UK market during stress events. \u2022 Provision of management services by the Company to its subsidiaries. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is recognised in accordance with the timing specific to each revenue stream, as set out below:. Over time Capacity market \u2013 the revenue is recognised over time as the performance obligation is satisfied over the duration for which the capacity market contract has been agreed. The performance obligation relates to the availability to provide emergency capacity to the National Grid ESO in the event that a grid stress event occurs. The consideration for the contract term is fixed, however the value of the monthly payments is variable to the extent in which the monthly weightings have been applied to variable factors applicable to the cyclical nature of electricity supply throughout any given year. The revenue is recognised monthly with the availability of capacity being tested during Satisfactory Performance Days (\u201cSPD\u201d). In the event that a stress event occurs QDE will accrue further electricity utilisation revenues based on the capacity utilised by the National Grid ESO. Management services \u2013 the revenue is recognised over time as the performance obligation is satisfied over the duration of the contract review period. The performance obligations include a number of management related functions provided by QDE to the projects under its control. The consideration for the contract term is fixed annually based on a fixed Tier Sum multiplied by the expected MW capacity of the relevant project. The capacity is determined by the generator hardware installed and its condition at review date. At a point in time Sale of electricity \u2013 the revenue is recognised at a point in time as the performance obligation is satisfied as it is consumed. The performance obligations are not predetermined in value and no requirements exist to provide a targeted amount of Power (measured in MW) during any given month. The consumer does not take any responsibility for the operation and maintenance of the power generation facilities. The revenue is recognised monthly based on the units consumed multiplied by the applicable market electricity price. Customers are invoiced on a monthly basis and consideration is payable when invoiced. NEW STANDARDS AND INTERPRETATIONS Standards issued but not yet effective: At the date of authorisation of these financial statements, the following standards and interpretations relevant to the Group and which have not been applied in these financial statements, were in issue but were not yet effective. Standard Effective date, annual period beginning on or after IFRS 18 (Presentation and Disclosure in Financial Statements) The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity\u2019s assets, liabilities, equity, income and expenses. 01 January 2027. IAS 8 (Basis of Preparation of Financial Statements) IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. In replacing IAS 1 the International Accounting Standards Board (Board) carried over some requirements in IAS 1 to IAS 8. The requirements that the Board decided to move are the concepts of fair presentation and compliance with IFRS Accounting Standards, whether an entity is a going concern, the accrual basis of accounting and disclosure of an entity\u2019s selection and application of accounting policies. Consequently, the Board decided to change the title of IAS 8 to Basis of Preparation of Financial Statements to better reflect the amended content of IAS 8. 01 January 2027. The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material financial impact other than additional disclosures on the financial statements of the Group. The Group expects to adopt all relevant standards and interpretations as and when they become effective. Standards and interpretations which are effective in the current period (Changes in accounting policies): None of the standards which became effective during the period which are applicable to the Group, have had a material impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "
Basis of Preparation
The Group and Company financial statements are prepared on the historical cost basis except for certain financial
instruments which are at fair value. The accounting policies have been applied consistently throughout the Group
entities, and are consistent with those of the comparative period. The Group and Company financial statements have
been prepared on a going concern basis as explained in the notes to the financial statements.
The individual financial information of each Group entity is measured and presented in the currency of the primary
economic environment in which the entity operates (its functional currency). The consolidated financial information
of the Group is presented in Pounds Sterling, which is the presentation currency for the Group. The functional
currency of each of the Group entities is the local currency of each individual entity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
Use of Estimates and Judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the basis of making
judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
In particular, there are significant areas of estimation, uncertainty and critical judgements in applying accounting
policies that have the most significant effect on the amounts recognised in the financial statements.
Estimation uncertainty:
Information about estimates and assumptions that may have the most significant effect on recognition and
measurement on assets, liabilities and expenses is provided below:
Impairment assessment of non-financial assets
In applying IAS 36, impairment assessments are performed whenever events or changes in circumstances indicate
that the carrying amount of an asset or cash generating unit (\u201cCGU\u201d) may not be recoverable. Estimates are made in
determining the recoverable amount of assets which includes the estimation of cash flows and discount rates used. In
estimating the cash flows, management bases cash flow projections on reasonable and supportable assumptions that
represent management\u2019s best estimate of the range of economic conditions that will exist over the remaining useful
life of the assets. The discount rates used reflect the current market assessment of the time value of money and the
risks specific to the assets for which the future cash flow estimates have not been adjusted. Refer to Note 11 for
detailed sensitivity analysis related to a potential change in the key estimation uncertainties inherent in the
impairment assessment.
Useful life of Intangible assets
Amortisation is charged on a systematic basis over the estimated useful lives of the assets after taking into account
the estimated residual values of the assets. Useful life is either the period of time over which the asset is expected to
be used or the number of production or similar units expected to be obtained from the use of the asset.
Estimation uncertainty in the valuation of share-based instruments in issue
Share-based instruments issued, such as warrants or options, or payments made require significant judgment and
estimate concerning the method of valuation applied and key inputs applied respectively. In order to calculate the
charge for share based warrants issued or payments as required by IFRS 9 and IFRS 2 respectively, the Group makes
estimates principally relating to the assumptions used in its option-pricing model. Refer to Note 18 for details on
valuation of share-based transactions, including options and warrants granted.
Useful life of Property, plant and Equipment
The depreciable amounts of assets are allocated on a systematic basis over their useful lives. In determining the
depreciable amount, management makes assumptions in respect of the residual value of assets based on the expected
estimated amount that the entity would currently obtain from disposing the asset, after deducting the estimated costs
of disposal. If an asset is expected to be abandoned, the residual value is estimated at \u00a3nil. In determining the useful
lives of assets, management considers the expected period of use of assets, expected physical wear and tear, legal or
similar limits of assets such as rights, condition and location of the asset as well as obsolescence.
Estimation uncertainty in the accrual for variable revenue in relation to electricity generation
The group\u2019s revenue is dependent on the sale of electricity through an offtake partner based on the quantity of variable
units generated over the course of the year. The utilisation rate is determined by the offtake partner who in turn relies
on on-demand electricity request from the applicable service area. The group estimates its accrued revenue based on
preliminary data received from the offtake partner which is obtained daily from the portal. Upon receipt of the final
monthly invoice, which is usually in time for year-end reporting purposes, the estimates are updated to the actual
values. No estimation uncertainties exist over fixed amount contracts for management fees and capacity market
revenues.
Critical judgements:
Information about critical judgements that may have the most significant effect on recognition and measurement on
assets, liabilities and expenses is provided below:
Going Concern
Management applies judgement in determining whether or not the Group is able to continue as a going concern for
the foreseeable future, in identifying the matters which give rise to the existence of the material uncertainty, and in
developing responses thereto in order to address the risk of material uncertainty.
The Group generated revenue of \u00a31,629,410 (2024: \u00a3737,158) for the year ended 31 December 2025 and had a net
asset position of \u00a31,149,154 (2024: net liability position of \u00a31,238,271). As at year end, the Group had liquid assets in
the form of cash and cash equivalent and other receivables of \u00a31,436,943 and \u00a3110,647 (year to 31 December 2024:
\u00a3146,446 and \u00a3364,469), respectively. The Group has a net current liability position of \u00a31,786,672 (2024:
\u00a32,154,323). The current liabilities causing the net current liability position are the Pyebridge specific term loan of
\u00a32,203,715 and the Riverfort/Sloane loan of \u00a3849,253. The Sloane loan is expected to be settled in shares, consistent
with the conversions to date, with no cash repayment anticipated. This debt is not at Company level. The Group has
options available to repay the current liabilities as described in note 27.
Critical Judgement \u2013 Consulting Services Settled through the Exercise of Warrants
Management exercised significant judgement in determining the accounting treatment of consulting services settled
through the exercise of warrants. Based on the nature of the services received, management concluded that the costs
were directly attributable to the issue of equity instruments and therefore constitute share issue costs rather than
operating expenses.
Accordingly, the fair value of the consulting services has been recognised as a deduction from equity against the share
premium reserve. This treatment is consistent with IAS 32 paragraphs 35 and 37, which require incremental costs
directly attributable to an equity transaction to be recognised as a deduction from equity. In determining the amount
recognised, management also considered the measurement principles of IFRS 2 paragraphs 8, 10, 11 and 13A relating
to equity-settled share-based payment transactions.
If management had concluded that the consulting services related to the Company's ongoing operating activities
rather than the equity transaction, the costs would have been recognised as an expense in profit or loss, with a
corresponding credit to equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
Consolidation
The consolidated annual financial statements comprise the financial statements of Quantum Data Energy Plc and its
subsidiaries for the year ended 31 December 2025, over which the Company has control.
Control is achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable return from its involvement with the investee; and
\u2022 has the ability to use its power to affect its returns.
In assessing control, potential voting rights that are currently exercisable or convertible are taken into account.
Subsidiaries are fully consolidated from the date that control commences until the date that control ceases.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group. Intragroup balances and any unrealised gains or losses or income or expenses arising from
intragroup transactions are eliminated in preparing the Group financial statements, except to the extent they provide
evidence of impairment.
The Group accounts for business combinations using the acquisition method of accounting. The cost of the business
combination is measured as the aggregate of the fair values of assets given, liabilities incurred or assumed and equity
instruments issued. Costs directly attributable to the business combination are expensed as incurred, except the costs
to issue debt which are amortised as part of the effective interest and costs to issue equity which are included in
equity.
The acquiree's identifiable assets, liabilities and contingent liabilities which meet the recognition conditions of IFRS
3 Business Combinations are recognised at their fair values at acquisition date.
Contingent liabilities are only included in the identifiable assets and liabilities of the acquiree where there is a present
obligation at acquisition date.
Non-controlling interest arising from a business combination is measured either at their share of the net asset value
of the assets and liabilities of the acquiree or at fair value. The treatment is not an accounting policy choice but is
selected for each individual business combination, and disclosed in the note for business combinations.
Changes in the Group\u2019s interest in subsidiaries that do not result in a loss of control are accounted for as equity
transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
Intangible Assets
Intangible assets acquired separately
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful
lives which are disclosed in Note 11. The estimated useful life and amortisation method are reviewed at the end of
each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Derecognition of intangible assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or
disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the
net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is
derecognised.
Impairment
Non-financial assets
Assets are reviewed for impairment at each reporting date or whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes
of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows
(cash generating units).
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is
recognised in the Statement of Comprehensive Income immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
Property, Plant and Equipment
Property, Plant and Equipment is stated at cost, less accumulated depreciation.
Cost includes expenditure that is directly attributable to the acquisition of the items of property, plant and equipment.
The cost of self-constructed items of property, plant and equipment includes the cost of materials and direct labour,
any other costs directly attributable to bringing the items of property, plant and equipment to a working condition
for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are
located. Assets under construction are not depreciated.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components) of property, plant and equipment.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected
useful life, as follows:
- Plant & machinery at 5% straight line;
- Right of Use assets straight line over the lower of asset life or lease term.
Depreciation methods, useful lives and residual values are reviewed at each reporting date. Useful lives are affected
by technology innovations, maintenance programmes and future economic benefits. Residual value assessments
consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
On disposal of property, plant and equipment the cost and the related accumulated depreciation and impairments are
removed from the financial statements and the net amount, less any proceeds, is taken to the Statement of
Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
Right-of-use assets and corresponding lease liability
For any new contracts entered into the Group considers whether a contract is, or contains a lease. A lease is defined
as \u2018a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in
exchange for consideration\u2019. To apply this definition the Group assesses whether the contract meets three key
evaluations which are whether:
\u2022
the contract contains an identified asset, which is either explicitly identified in the contract or implicitly
specified by being identified at the time the asset is made available to the Group.
\u2022
the Group has the right to obtain substantially all of the economic benefits from use of the identified asset
throughout the period of use, considering its rights within the defined scope of the contract
\u2022
the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess
whether it has the right to direct \u2018how and for what purpose\u2019 the asset is used throughout the period of use.
At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the statement of
financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease
liability, any initial direct costs incurred by the Group, and any lease payments made in advance of the lease
commencement date. The Group depreciates the right-of-use assets on a straight-line basis from the lease
commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date,
the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using
the interest rate implicit in the lease if that rate is readily available or the Group\u2019s incremental borrowing rate. In
determining the present value of the lease liability, the Group has used its incremental borrowing rate of prime as the
rate implicit in the lease was not readily available. Lease payments included in the measurement of the lease liability
are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts
expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be
exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is
remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When
the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss
if the right-of-use asset is already reduced to zero.
The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients.
Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an
expense in profit or loss on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets have been included in property, plant and equipment and
lease liabilities have been included in trade payables.
", "dimensions": { "concept": "qde:RightOfUseAssetsAndCorrespondingLeaseLiability", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
Income Tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the Income Statement.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial
recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably
will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to
the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by
the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against
which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will be realised. The balance of unrecognised
deferred tax assets for the year ended 31 December 2025 is \u00a32,008,599 (2024: \u00a31,684,628).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The balance of unrecognised deferred tax assets for the year ended 31 December 2025 is \u00a32,008,599 (2024: \u00a31,684,628). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
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 bonuses or profit-sharing plans if
the Company 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:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
Finance income and expense
Finance income comprises interest income on funds invested, dividend income, gains on the disposal of available-for-
sale financial assets, and changes in the fair value of financial assets at fair value through profit or loss. Interest income
is recognised as it accrues in profit or loss, using the effective interest method. Dividend income is recognised in profit
or loss on the date that the Group\u2019s right to receive payment is established, which in the case of listed securities is the
ex-dividend date.
Finance expenses comprise interest expense on borrowings, unwinding of discount on provisions, changes in the fair
value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses
on forward exchange contracts that are recognised in profit or loss. All borrowing costs are recognised in profit or
loss using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Finance expenses comprise interest expense on borrowings, unwinding of discount on provisions, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets and losses on forward exchange contracts that are recognised in profit or loss. All borrowing costs are recognised in profit or loss using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
Earnings per Share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of
ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable
to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all
dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
Financial Instruments
Recognition
Financial instruments comprise loans receivable, trade and other receivables, cash and cash equivalents, trade and
other payables, other financial liabilities and bank overdrafts.
Financial assets and liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes
a party to the contractual provisions of the instruments.
Classification
The Group classifies financial assets on initial recognition as measured at amortised cost as the Group\u2019s business
model and objective is to hold the financial asset in order to collect the contractual cash flow and the contractual terms
allows for cash flows on specified dates for the payment of the principal amounts outstanding.
Financial liabilities are classified at amortised cost.
Financial assets
Classification
Trade and other receivables
Financial assets at amortised cost
Cash and cash equivalents
Financial assets at amortised cost
Financial liabilities
Classification
Loans from related parties
Financial liabilities at amortised cost
Trade and other payables
Financial liabilities at amortised cost
Other financial liability
Financial liabilities at amortised cost
CLN Derivative liability
Financial liabilities at fair value through profit or loss
Financial assets are classified as current if expected to be realised or settled within 12 months from the reporting
date; if not, they are classified as non-current. Financial liabilities are classified as non-current if the Group has an
unconditional right to defer payment for more than 12 months from the reporting date.
Measurement on Initial recognition
All financial assets and liabilities are initially measured at fair value, including transaction costs.
Subsequent measurement
Financial assets held at amortised cost are subsequently measured at amortised cost using the effective interest
method, less any impairment losses.
Financial liabilities are subsequently measured at amortised cost using the effective interest method. Financial assets
held at fair value through profit or loss are revalued at year end to relevant market prices of the underlying
instruments.
De-recognition
Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have been
transferred and the Group has transferred substantially all risks and rewards of ownership.
Financial liabilities are derecognised when the obligations specified in the contracts are discharged, cancelled or
expire.
On de-recognition of a financial asset/liability, any difference between the carrying amount extinguished and the
consideration paid is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "De-recognition Financial assets are derecognised when the rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligations specified in the contracts are discharged, cancelled or expire. On de-recognition of a financial asset/liability, any difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "Impairment of Financial Assets not carried at Fair value Under IFRS 9 the Group calculates its allowance for credit losses as expected credit losses (ECLs) for financial assets measured at amortised cost. ECLs are a probability weighted estimate of credit losses. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in Groups that share similar credit risk characteristics. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in the profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
Share based payments reserve
For such grants of share options or warrants qualifying as equity-settled share-based payments, the fair value as at
the date of grant is calculated using the Black-Scholes option pricing model, taking into account the terms and
conditions upon which the options or warrants were granted. The amount recognised as an expense is adjusted to
reflect the actual number of share options or warrants that are likely to vest, except where forfeiture is only due to
market-based conditions not achieving the threshold for vesting.
", "dimensions": { "concept": "qde:DescriptionOfAccountingPolicyForShareBasedPaymentsReserve", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
Share capital
Incremental costs directly attributable to the issue of ordinary shares are recognised directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
Share-based payment transactions of the company
Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of
the goods or services received, except where that fair value cannot be estimated reliably, in which case they are
measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the
counterparty renders the service.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Inventories Inventories represent replacement parts and consumables used in the normal course of business in maintaining the property, plant and equipment. These replacements parts are not considered significant components requiring recognition under IAS 16. Inventories are measured at the lower of cost and net realisable value on the first-in-first-out basis. The cost of inventories comprises of all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Write downs and reversals of write downs of inventories are included as part of the cost of goods sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
Revenue from contracts with customers
The Group and Company recognise revenue from the following major sources:
\u2022 Sale of electricity generated through small scale flexible power plants.
\u2022 Receipt of payments based on Capacity Market contracts to provide electricity capacity to the UK market
during stress events.
\u2022 Provision of management services by the Company to its subsidiaries.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured.
Revenue is recognised in accordance with the timing specific to each revenue stream, as set out below:.
Over time
Capacity market \u2013 the revenue is recognised over time as the performance obligation is satisfied over the duration
for which the capacity market contract has been agreed. The performance obligation relates to the availability to
provide emergency capacity to the National Grid ESO in the event that a grid stress event occurs. The consideration
for the contract term is fixed, however the value of the monthly payments is variable to the extent in which the
monthly weightings have been applied to variable factors applicable to the cyclical nature of electricity supply
throughout any given year. The revenue is recognised monthly with the availability of capacity being tested during
Satisfactory Performance Days (\u201cSPD\u201d). In the event that a stress event occurs QDE will accrue further electricity
utilisation revenues based on the capacity utilised by the National Grid ESO.
Management services \u2013 the revenue is recognised over time as the performance obligation is satisfied over the
duration of the contract review period. The performance obligations include a number of management related
functions provided by QDE to the projects under its control. The consideration for the contract term is fixed annually
based on a fixed Tier Sum multiplied by the expected MW capacity of the relevant project. The capacity is determined
by the generator hardware installed and its condition at review date.
At a point in time
Sale of electricity \u2013 the revenue is recognised at a point in time as the performance obligation is satisfied as it is
consumed. The performance obligations are not predetermined in value and no requirements exist to provide a
targeted amount of Power (measured in MW) during any given month. The consumer does not take any responsibility
for the operation and maintenance of the power generation facilities. The revenue is recognised monthly based on the
units consumed multiplied by the applicable market electricity price.
Customers are invoiced on a monthly basis and consideration is payable when invoiced.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "Standards issued but not yet effective: At the date of authorisation of these financial statements, the following standards and interpretations relevant to the Group and which have not been applied in these financial statements, were in issue but were not yet effective. Standard Effective date, annual period beginning on or after IFRS 18 (Presentation and Disclosure in Financial Statements) The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity\u2019s assets, liabilities, equity, income and expenses. 01 January 2027. IAS 8 (Basis of Preparation of Financial Statements) IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. In replacing IAS 1 the International Accounting Standards Board (Board) carried over some requirements in IAS 1 to IAS 8. The requirements that the Board decided to move are the concepts of fair presentation and compliance with IFRS Accounting Standards, whether an entity is a going concern, the accrual basis of accounting and disclosure of an entity\u2019s selection and application of accounting policies. Consequently, the Board decided to change the title of IAS 8 to Basis of Preparation of Financial Statements to better reflect the amended content of IAS 8. 01 January 2027. The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material financial impact other than additional disclosures on the financial statements of the Group. The Group expects to adopt all relevant standards and interpretations as and when they become effective. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
Standards and interpretations which are effective in the current period (Changes in accounting policies):
None of the standards which became effective during the period which are applicable to the Group, have had a
material impact.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
1. Segment analysis
The Group discloses segmental analysis based on its different operations, being ADV 001 (Hindlip Lane), ARL 018 (Stather Road), Bordersley, Rochdale and Pyebridge.
ADV001
ARL018
Bordersley
Rochdale
Pyebridge
Treasury and
Group
Hindlip Lane
Stather Road
Investment
31 December 2025
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Revenue
-
-
-
-
1,629,410
-
1,629,410
Cost of sales
-
-
-
-
(1,133,065)
-
(1,133,065)
Administrative and other
expenses
(200)
(10,276)
(9,273)
-
(55,194)
(1,190,732)
(1,265,675)
Depreciation
-
-
(1,192)
-
(125,221)
(838)
(127,251)
Project costs
4,690
(2,525)
(7,081)
-
(184,002)
58,982
(129,936)
Other income
-
33,439
-
-
-
118,288
151,727
Derecognition of subsidiary
-
-
-
-
-
(110,968)
(110,968)
Listing and other expenses
-
-
-
-
-
(134,912)
(134,912)
Share in loss from associate
-
-
-
-
-
(28,066)
(28,066)
Finance costs
-
-
(30,320)
-
(288,063)
(51,563)
(369,946)
Profit/(loss) before tax
4,490
20,638
(47,866)
-
(156,135)
(1,339,809)
(1,518,682)
Total assets
-
5,976
82,379
-
3,578,046
1,220,804
4,887,205
Total liabilities
-
(40,767)
(346,230)
-
(2,232,142)
(1,118,912)
(3,738,051)
31 December 2024
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Revenue
-
-
-
-
737,158
-
737,158
Cost of sales
-
-
-
-
(441,541)
-
(441,541)
Administrative
and
other
(36,470)
(9,820)
(9,248)
(2,616)
(73,218)
(763,490)
(894,862)
expenses
Depreciation
-
-
-
-
(77,305)
(1,589)
(78,894)
Project costs
(2,278)
(512)
(6,717)
(1,171)
(299,424)
48,414
(261,688)
Other income
-
70,673
16,350
87,023
Finance costs
(230)
(3,690)
(29,309)
-
(136,329)
(75,071)
(244,629)
Profit/(loss) before tax
(38,978)
56,651
(45,274)
(3,787)
(290,659)
(775,386)
(1,097,433)
Total assets
110,597
5,248
50,749
-
3,591,046
279,210
4,036,850
Capital expenditure
-
-
-
-
1,636,555
-
1,636,555
Total liabilities
(128,077)
(59,657)
(398,656)
-
(2,595,350)
(2,093,381)
(5,275,121)
As the Group currently operates solely from the United Kingdom, consequently there is no segmented disclosure with regard to different geographic areas of operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "2. Revenue Revenue at group level comprised electricity sales and capacity market receipts. Revenue at company level comprised management fees charged to subsidiaries.
31 December
31 December
2025 (\u00a3)
2024 (\u00a3)
Group
Group
Wholesale electricity sales
1,456,816
463,073
Capacity market
172,594
274,085
Disaggregation of Income:
1,629,410
737,158
-
At a point in time
1,456,816
463,072
-
Over time
172,594
274,085
1,629,410
737,158
31 December
31 December
2025 (\u00a3)
2024 (\u00a3)
Company
Company
Management fee
59,610
48,600
Disaggregation of Income:
-
Over time
59,610
48,600
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "3. Other Income During the financial year the Group had no other income not listed above.
31 December
31 December
2025(\u00a3)
2024 (\u00a3)
Group
Group
Gain on settlement of liability
151,727
-
Gain on disposal of subsidiary assets
-
16,332
Gain on derecognition of lease
-
70,673
151,727
87,005
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
4. Loss on ordinary activities before taxation
Loss on ordinary activities before taxation is stated after the following
31 December
31 December
key transactions:
2025 (\u00a3)
2024 (\u00a3)
Group
Group
Depreciation of property, plant and equipment
127,251
78,894
Derecognition of subsidiary on loss of control
110,968
-
Administrative expenses consist of:
Accounting fees
39,681
53,061
Auditing fees (also refer to note 5)
53,500
53,275
Consulting, legal and professional fees
278,607
238,971
Employee costs
323,290
319,506
Non-cash employee share options scheme
157,181
-
Insurance
43,095
43,489
Public relations costs
337,839
25,766
Other administrative expenses
32,482
30,373
1,265,675
764,441
Listing and other corporate fees consist of:
Listing fees
86,622
115,718
Registrar fees
48,290
14,703
134,912
130,421
Average number of employees 1 1 Management consultants are appointed though service contracts and not considered employees. Fees paid to Management Consultants who were also awarded share options (excluding directors) in 2025 is \u00a3132,230.", "dimensions": { "concept": "qde:DisclosureOfLossOnOrdinaryActivitiesBeforeTaxation", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
5. Auditors\u2019 remuneration
31 December
31 December
2025 (\u00a3)
2024 (\u00a3)
Audit fees for the audit of the Company\u2019s annual accounts
31,500
21,000
Fees payable to the Company\u2019s auditor and its associates for:
Audit fees for audit of Company\u2019s subsidiaries required by legislation
22,000
32,275
Audit fees to the Company\u2019s auditors
53,500
53,275
Non-audit services (Reporting Accountant Engagement)
30,000
-
The fees disclosed above were accrued for in the accounts for the previous auditors. Subsequent to year-end the
previous auditors resigned. The Company engaged new auditors on 2 June 2026. The agreed fees for the group
audit is \u00a3 59,650. No non audit services were delivered by the new auditors. The new audit fee was not accrued as
it is considered a non-adjusting event.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
6. Directors\u2019 emoluments
Group
Group
Company
Company
31 December
31 December
31 December
31 December
2025 (\u00a3)
2024 (\u00a3)
2025(\u00a3)
2024 (\u00a3)
Basic salary and fees
245,216
221,444
245,216
221,444
Share based payments
128,073
-
128,073
-
373,289
221,444
373,289
221,444
The emoluments of the Chairman were \u00a327,000 (2024: \u00a320,550).
The emoluments of the highest paid Director were \u00a3196,613 (2024: \u00a3157,844).
The following table summarises the remuneration applicable to each of the individuals who held office as a Director
during the reporting period:
31 December 2025
Salary and
Other benefits
Options
Total
fees
issued*
\u00a3
\u00a3
\u00a3
\u00a3
Celia Li
21,603
-
-
21,603
Paul Venter
27,000
-
11,643
38,643
Pieter Kr\u00fcgel
180,000
16,613
116,430
313,043
Total
228,603
16,613
128,073
373,289
31 December 2024
Salary and
Other benefits
Options
Total
fees
issued
\u00a3
\u00a3
\u00a3
\u00a3
Louis Coetzee
20,550
-
-
20,550
Pieter Kr\u00fcgel
144,000
13,844
-
157,844
Paul Venter
22,500
-
-
22,500
Dominic Traynor
20,550
-
-
20,550
Total
207,600
13,844
-
221,444
Director salaries and fees accrued as at 31 December 2025 amount to \u00a30 (2024: \u00a3182,912). During the year amounts
due to former directors in the amount of \u00a328,998 were waived. There were no other elements of Director\u2019s
remuneration incurred in the current or prior period, other than those stated above.
*Options issued is a non-cash item. The value of options was calculated using the Black Scholes method as explained
in the accounting policy for the Share based payment reserve.
", "dimensions": { "concept": "qde:DisclosureOfDirectorsEmoluments", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
7. Taxation
Current tax
31 December
31 December
2025 (\u00a3)
2024 (\u00a3)
Charge for the period in the United Kingdom
-
-
Total tax charge
-
-
The difference between the total current tax shown above and the amount calculated by applying the standard
rate of corporation tax for various jurisdictions to the loss before tax is as follows:
2025 (\u00a3)
2024 (\u00a3)
Loss on ordinary activities before tax
(1,518,682)
(1,097,433)
Income tax expense calculated at 25%
(379,671)
(274,358)
Expenses which are not deductible \u2013 Impairment of intangible assets and
property, plant and equipment
27,742
-
Derecognition of calculated losses relating to derecognised subsidiaries
27,957
Losses available for carry forward and temporary differences for which no
deferred tax assets are recognised
323,971
274,358
Income tax expense recognised in the Statement of Profit or Loss
-
-
The effective tax rate used for the December 2025 and December 2024 reconciliations above is the corporate rate
of 25% payable by corporate entities on taxable profits under tax law in the United Kingdom.
No provision has been made for the 2025 deferred taxation as no taxable income has been received to date, and the
probability of future taxable income is indicative of current market conditions which remain uncertain.
At the Statement of Financial Position date, the Directors estimate that the Group has unused tax losses of
\u00a38,031,397 (2024: \u00a36,735,512) available for potential offset against future profits which equates to an estimated
potential deferred tax asset of \u00a32,008,599 (2024: \u00a31,684,628).
Losses may be carried forward indefinitely in accordance with the applicable taxation regulations ruling within each
of the above jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
8. Loss of parent Company
As permitted by Section 408 of the Companies Act 2006, the Statement of Profit or Loss of the parent Company has
not been separately disclosed in these financial statements. The parent Company\u2019s loss for the financial period was
\u00a31,191,390 (2024: loss of \u00a3783,394).
Furthermore, in terms of the Section 414(1) of the Companies Act 2006, the Statement of Profit or Loss of the parent
Company has been approved by the Directors.
", "dimensions": { "concept": "qde:DisclosureOfLossOfParentCompany", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "9. Loss per share Basic loss per share The basic loss and weighted average number of ordinary shares used for calculation purposes comprise the following:
Basic loss per share
31 December
31 December
2025 (\u00a3)
2024 (\u00a3)
Loss for the period attributable to equity holders of the
parent
(1,518,682)
(1,097,433)
Weighted average number of ordinary shares for the
purposes of basic loss per share
2,302,118,792
340,131,101
Basic loss per ordinary share (pence)
(0.07)
(0.32)
The Group has no dilutive instruments in issue as at year end (2024: none). Warrants and options in issue (Note 18) are anti-dilutive as the Group reported a loss for the year and have been excluded from the diluted loss per share calculation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
10. Property, plant and equipment
Group
Land
Plant &
Machinery
Right of
use assets
Computer
Equipment
Asset under
construction
Total
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Cost
Cost as at 1
January 2025
512,500
2,872,969
355,440
4,766
159,015
3,904,690
Disposals
-
-
-
-
(32,215)
(32,215)
Change in lease
-
-
30,996
-
-
30,996
Closing Cost as at
31 December 2025
512,500
2,872,969
386,436
4,766
126,800
3,903,471
Accumulated
Depreciation
(\u201cAcc Depr\u201d)
Acc Depr as at 1
January 2025
-
(188,442)
(355,440)
(3,928)
(78,350)
(626,160)
Depreciation
-
(125,221)
(1,192)
(838)
-
(127,251)
Acc Depr as at 31
December 2025
-
(313,663)
(356,632)
(4,766)
(78,350)
(753,411)
Carrying value
Carrying value as
at 31 December
2024
512,500
2,684,527
-
838
80,665
3,278,530
Carrying value as
at 31 December
2025
512,500
2,559,306
29,804
-
48,450
3,150,060
During the year, the Group reassessed its property, plant and equipment\u2019s value in use and found that the conditions
that previously lead to its impairment have improved, however no reversal of previously recognised impairments
were recognised. No assets have been impaired in the current year.
The Group has two lease contracts recognised as right of use assets for:
\u2022 Land located at Bordesley, Liverpool St. Birmingham and;
\u2022 Land lying on the South Side of Stather Road, Flixborough. This lease has been derecognised following deed
of variations entered into with the lessors delaying the inception date of the lease until such time that the
conditions linked to the inception date are met. There is no clear indication of the date in which the
conditions will be met.
The land has a lease term of 20 years, with an option to extend for 10 years which the Group has opted to include
due to the highly likely nature of extension as at the time of the original assessment.
The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. The Group\u2019s incremental
borrowing rate is 10.38% (2024: 10.38%).
The Group has tested its property, plant and equipment for impairment in line with its directors\u2019 estimation of the
recoverable amount for those assets. Refer to note 11 for the key variables used in the estimation of the value
thereof.
31 December
31 December
2025(\u00a3)
2024(\u00a3)
Right of use assets
Group
Group
Set
out
below
are
the
carrying
amounts
of
right-of-use
assets
recognised and the movements during the period:
Opening balance
-
-
Change in lease
30,996
-
Depreciation
(1,192)
-
Closing balance
29,804
-
Lease liability
Set out below are the carrying amounts of lease liabilities and the
movements during the period:
Opening balance
345,016
409,595
Interest
30,320
35,621
Change in lease
30,996
(60,373)
Repayment
(35,461)
(39,826)
Closing balance
370,871
345,016
Split of lease liability between current and non-current portions:
Non-current
366,301
341,149
Current
4,570
3,867
Total
370,871
345,016
Future minimum lease payments fall due as follows
- within 1 year
35,729
32,866
- later than 1 year but within 5 years
142,918
159,304
- later than 5 years
714,588
690,186
Subtotal
893,235
882,356
- Unearned future finance charges
(522,364)
(537,340)
Closing balance
370,871
345,016
A 100bp change in the Incremental Borrowing Rate (\u201cIBR\u201d), would result in a \u00a325,840 (2024: \u00a327,636) change in
the Right of Use Asset, and corresponding Lease Liability on transaction date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
11. Intangible assets
Intangible assets consist of separately identifiable assets or intellectual property acquired either through business
combinations or through separate asset acquisitions. These intangible assets are recognised at the respective fair
values of the underlying asset acquired, or where the fair value of the underlying asset acquired is not readily
available, the fair value of the consideration.
The following reconciliation serves to summarise the composition of intangible assets as at period end:
Group
Rochdale
Bordersley
ARL 018
ADV 001
Total
Power
Power
Stather
Hindlip
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Carrying value as at 1 January
150,273
-
-
247,506
397,779
2024
Disposal of Rochdale Power
(150,273)
-
-
-
(150,273)
Modification
(101)
(101)
Carrying value as at 31 December
-
-
-
247,405
247,405
2024
Loss of control of subsidiary
-
-
-
(247,405)
(247,405)
Carrying value as at 31 December
-
-
-
-
-
2025
Intangible assets are amortised once commercial production commenced, over the remaining useful life of the
project, which is estimated to be 20 years, depending on the unique characteristics of each project.
Until such time as the underlying operations commence production, the Group performs regular impairment
reviews to determine whether any impairment indicators exist.
When the following circumstance arises, it indicates that an entity should test an intangible asset for impairment:
\u2022 the carrying value of the project assets (deemed to be property, plant and equipment as well as intangible
asset) exceed the recoverable amount of the assets.
In assessing whether a write-down is required in the carrying value of a potentially impaired intangible asset, the
asset\u2019s carrying value is compared with its recoverable amount. The recoverable amount is the higher of the asset\u2019s
fair value less cost of disposal (FVLCD) and value in use (VIU). The valuation techniques applicable to the valuation
of the abovementioned intangible assets comprise a combination of fair market values, discounted cash flow
projections and historic transaction prices.
The following key assumptions influence the measurement of the intangible assets\u2019 recoverable amounts, through
utilising the forecast-based estimates performed:
\u2022 energy prices pegged from base year;
\u2022 commercial viability period;
\u2022 cost of capital related to funding requirements;
\u2022 applicable inflationary increases in energy prices and related costs;
\u2022 future operating expenditure for developments of the project; and
\u2022 co-operation of key project partners going forward.
Through review of the project specific financial, operational, market and economic indicators applicable to the above
intangible assets, as well as consideration of the various elements which contribute toward the indication of
impairment or reversals thereof, it was concluded no impairment or reversal of impairment was necessary in the
2025 financial period.
The directors have performed further sensitivity analysis on the forecasts with the following variables being
assessed:
Key estimation variables
Reason for assessment
Projects delayed by 6 months
The projects may be delayed due to project funding restrictions.
250bps Increase/Decrease in
WACC
The market interest rates have been volatile during the financial year and due
to the above average interest rate increases an assessment of 250bps increase
or decrease was performed.
250bps Increase/Decrease in
\u00a3/MW output
The energy market has experienced above average movements during the
financial year and an assessment of 250bps increase or decrease was
performed.
Projects life reduced by 5 years
The projects may be abandoned in 15 years due to excessive wear on the plant
or significant change in market sentiment regarding natural gas.
A summary of the assessment performed for each of the intangible assets are detailed below.
Key estimation variables
ADV 001
ARL 018
Recoverable value of project
\u00a31,665,358
\u00a3331,927
Recoverable value method of calculation
Value in use
Value in use
Life of project
20 years
20 years
Weighted average cost of capital (\u201cWACC\u201d)
9.50%
8.70%
Output
7.0 MW
2.4 MW
Average \u00a3/MW output
\u00a3179,754
\u00a3182,300
Debt/Equity ratio
74/26
74/26
Sensitivity analysis (impact on value)
Project delayed by 6 months
(\u00a380,278)
\u00a352,260
250bps Increase/Decrease in WACC
(\u00a3367,732) / \u00a3483,520
(\u00a3548,649) / \u00a3771,840
250bps Increase/Decrease in \u00a3/MW output
\u00a3155,967 /
(\u00a3155,967)
\u00a3204,379 /
(\u00a3204,379)
Project life decreased by 5 years
(\u00a3191,490)
(\u00a3373,691)
Key estimation variables
Bordersley
Pyebridge
Recoverable value of project
\u00a32,162,159
\u00a37,210,746
Recoverable value method of calculation
Value in use
Value in use
Life of project
20 years
20 years
Weighted average cost of capital (\u201cWACC\u201d)
9.45%
9.84%
Output
5.0 MW
8.1 MW
Average annual \u00a3/MW output
\u00a3167,245
\u00a3262,058
Debt/Equity ratio
74/26
74/26
Sensitivity analysis (impact on value)
Project delayed by 6 months
(\u00a3202,265)
No impact
250bps Increase/Decrease in WACC
(\u00a3878,666) / \u00a31,161,628
(\u00a31,351,414) / \u00a31,790,091
250bps Increase/Decrease in \u00a3/MW output
\u00a3344,052 /
(\u00a3344,053)
\u00a3625,359 /
(\u00a3625,358)
Project life decreased by 5 years
(\u00a3417,206)
(\u00a31,602,978)
The Group is exposed to significant market volatility in its estimate of the weighted average cost of capital. The risk
free rate for the market in which the Group operates has slightly improved from the previous year, however ongoing
conflict still contributes to an elevated risk free rate. The prevailing UK CPI rate of 3.4% at year-end, considered in
the assessments of the value in use, did not exceed the long-term average inflation for the energy sector.
The market interest rates have slightly decreased year on year and the weighted average cost of capital decreased
from 8.29% in the previous year to 7.32% for the current financial year. This has resulted in potential impairment
reversals for the investments and intangible assets.
The assessment of the value in use of the property, plant and equipment and intangible assets resulted in a
potential reversal of impairment of \u00a31,696,503 (2024: potential reversal of impairment of \u00a3388,200). The most
significant contributor to the improved value in use of the projects were the reductions in inflation, improvements
in the spark spread and a general reduction in the banking interest rate environment.
The directors have elected to continue monitoring the markets to confirm that the value in use improvements will
be of a more permanent nature before recognising reversals of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
12. Investment in associate
Group
(\u00a3)
Opening balance as at 1 January 2025
-
Additions
166,667
Share in loss of associate
(28,066)
Advances to associate
13,466
Closing balance as at 31 December 2025
152,067
QDE signed a binding investment agreement (the \"Investment Agreement\") with Powertree (Holdings) Ltd
(\"Powertree\"). The Investment Agreement formalizes the long-term partnership between QDE and Powertree to
deploy capital into the portfolio of development flexible power generation projects that QDE owns, starting with its
7.5MW construction-ready Hindlip project (the \"Growth Capital Partnership\").
Under the Investment Agreement, Powertree will invest up to \u00a35,000,000 into QDE's Hindlip project (the
\"Investment Consideration\"), resulting in the Hindlip project being fully funded.
The Investment Consideration will consist of \u00a3500,000 for 75% of the fully diluted ordinary equity of the Hindlip
SPV, ADV 001 Ltd and, up to \u00a34,500,000 will be by way of secured loan (the \"Investor Loan\") entered into between
Powertree (as the lender) and the Hindlip SPV (as the borrower).
QDE shall retain 25% of the fully diluted ordinary equity of the Hindlip SPV with no further funding obligations. The
retained 25% ownership was valued at \u00a3166,667 on disposal date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
13. Acquisitions and disposal of interests in other entities
ADV 001 Limited \u2013 2025
During 2025, Sloane disposed of 75% of its interest in ADV 001 Limited for an amount of \u00a3500,000. The fair value
of the 25% retained ownership is calculated as \u00a3166 667 using the disposal price as basis. The net asset value of the
project assets and liabilities at disposal date was \u00a330,230 and the intangible asset (refer note 11) was \u00a3247,405 .
The group recognised a loss on derecognition of \u00a3110,968.
The investment was held as an investment in associate upon disposal of the 75% interest (refer note 12).
", "dimensions": { "concept": "qde:DisclsoreOfAcquisitionsAndDisposalOfInterestsInOtherEntities", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
14. Trade and other receivables
Group
Group
Company
Company
2025
2024
2025
2024
Consists of:
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Trade receivables
41,690
16,941
-
-
Other receivables
68,957
347,528
32,253
27,622
110,647
364,469
32,253
27,622
The carrying value of current trade and other receivables approximates their fair value due to the short nature
thereof.
Trade and other receivables pledged as security
None of the above stated trade and other receivables were pledged as security at period end. Credit quality of trade
and other receivables that are neither past due nor impaired can be assessed by reference to historical repayment
trends of the individual debtors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "15. Cash and cash equivalents
Group
Group
Company
Company
2025
2024
2025
2024
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Cash consists of:
Cash at bank and in hand
1,436,943
146,446
1,372,535
43,207
1,436,943
146,446
1,372,535
43,207
Cash and cash equivalents have not been ceded or placed as encumbrance toward any liabilities as at year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "
16. Inventory
Group
Group
Company
Company
2025
2024
2025
2024
(\u00a3)
(\u00a3)
(\u00a3)
(\u00a3)
Inventory consists of:
Plant/Machinery Spares
37,488
-
-
-
37,488
-
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "17. Share capital - Group and Company The called-up and fully paid share capital of the Company is as follows:
2025
2024
Allotted, issued and fully paid shares
(2024:
426,354,067
Ordinary shares of \u00a30.001 each)
-
\u00a3426,354
(2025:
166,385,735
Ordinary shares of \u00a30.001 each)
\u00a3166,385
-
\u00a3166,385
\u00a3426,354
Number of
Ordinary
Share Premium
Deferred Shares (\u00a3)
Shares
Share Capital
(\u00a3)
(\u00a3)
Balance at 31 December
263,854,067
263,854
13,183,277
-
2023
Issue of shares
162,500,000
162,500
143,000
-
Balance at 31 December
426,354,067
426,354
13,326,277
-
2024
Issue of shares
1,958,469
1,958
100,082
-
Share consolidation
(415,695,215)
(415,695)
-
415,695
Broker warrants issued
-
-
(103,297)
-
Share issue costs
-
-
(2,559,630)
-
Warrants exercised
153,768,414
153,768
6,007,223
-
Balance at 31 December
166,385,735
166,385
16,770,655
415,695
2025
All ordinary shares issued have the right to vote, right to receive dividends, a copy of the annual report, and the right to transfer ownership of their shares. Deferred shares carry no entitlement to dividends or any other income, and their holders have no right to notice of, attendance at, or voting at general meetings, nor are they counted towards quorum. The group and company issued the following ordinary shares during the year, with regard to key transactions: \u2022 On 11 July 2025, the Company passed a resolution to subdivide and reclassify each existing ordinary share of \u00a30.001 into one ordinary share of \u00a30.000025 and 39 deferred shares of \u00a30.000025. Deferred shares of \u00a3415,695 were recognised. \u2022 On 11 July 2025, the Company further resolved to consolidate the ordinary shares of \u00a30.000025 on a 40:1 basis into ordinary shares of \u00a30.001, and to consolidate the deferred shares of \u00a30.000025 on a 40:1 basis into deferred shares of \u00a30.001. \u2022 On 15 July 2025, the Company issued 1,926,000 ordinary shares of \u00a30.001 each in settlement of the director\u2019s loan. On the same date, a further 14 ordinary shares of \u00a30.001 each were issued. Share capital of \u00a31,926 and share premium of \u00a375,144 was recognised during this issuance. \u2022 On 25 July 2025, 243,750 warrants were exercised, resulting in the issuance of 243,750 ordinary shares of \u00a30.001 each. Share capital of \u00a3244 and share premium of \u00a319,744 was recognised during this issuance. \u2022 On 31 July 2025, the Company issued 32,469 ordinary shares of \u00a30.001 each in settlement of outstanding creditor balances. Share capital of \u00a332 and share premium of \u00a324,968 was recognised during this issuance. \u2022 During the period from July to December 2025, 123,849,664 prepaid warrants were exercised, resulting in the issuance of 123,849,664 ordinary shares of \u00a30.001 each. Over the same period, 29,675,000 cash warrants were exercised, resulting in the issuance of 29,675,000 ordinary shares of \u00a30.001 each. Share capital of \u00a3123,849 and \u00a329,675, as well as share premium of \u00a34,830,137 and \u00a31,157,325 was recognised for the issuance of the prepaid and cash warrants respectively. \u2022 Total cash receipts for the above issuances were \u00a3102,040 for shares issued (net of issuance costs) and \u00a33,673,383 for warrants exercised by warrant instrument holders.
\u2022 During the year the Company received consulting services in the amount of \u00a32,000,000 which were settled
through the exercise of warrants. The transaction was recognised as a deduction of share premium.
\u2022 Further share issue costs for the year amounted to \u00a3559,630 which was treated as a deduction of share
premium.
\u2022 During the year 7,500,000 warrants amounting to \u00a3103,297 were issued to brokers as payment for share
issuances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "
18. Reserves
Common control reserve
The common control reserve is the result of the capital reorganisation between the company, its holding and
ultimate holding company during the 2020 financial year. As the reorganisation was outside the scope of IFRS 3,
predecessor valuation accounting was applied as a result of the common control transaction. The common control
reserve amounts to \u00a3383,048 (2024: \u00a3383,048).
Other reserves - Non-controlling interest acquired
On 31 July 2020, Sloane Developments Limited, MAST Energy Projects Limited and St. Anderton on Vaal Limited
entered into the Share Exchange Agreement relating to the acquisition by Sloane Developments Limited of the
remaining 40% of the issued share capital of MAST Energy Projects Limited. Under the Share Exchange Agreement,
the Company will pay St Anderton on Vaal Limited the sum of \u00a34,065,586 payable by the issue of 36,917,076
ordinary shares of \u00a30.001 each in the Company. Completion of the Share Exchange Agreement was subject to and
conditional upon the Admission of MAST Energy Developments Limited to the London Stock Exchange.
Following the completion of the IPO on 14 April 2021, the Group acquired the remaining equity interest in MAST
Energy Projects Ltd for the consideration equal to 36,917,076 shares at a total value of \u00a34,065,586. As the controlling
stake in the entity had already been acquired and was under control of QDE (MED at the time), the transaction was
seen as a transaction with owners, and the financial impact recognised directly in equity of \u00a34,065,586.
The rationale for the transaction was to acquire the remaining equity within MAST Energy Projects Limited in order
to have the exclusive see-through equity interest in the Bordersley project, held in the form of royalty and revenue
agreements between MAST Energy Projects Limited and Bordersley Power Limited, from which QDE (MED at the
time) could restructure the Group through its SPV\u2019s.
Share based payments reserve
The share based payments reserve consists of warrants and options issued by the Company. The following
reconciliation serves to summarise the value attributable to the share-based payment reserve as at period end for
the Company:
Group and Company (\u00a3)
2025
2024
Opening balance
400,241
380,741
Issue of warrants
103,297
19,500
Warrants exercised
(488)
-
Share consolidation
(19,012)
-
Employee share option scheme
157,181
-
Warrants expired
(380,741)
-
Closing balance
260,478
400,241
Share based payments reserve - Warrants
The following reconciliation serves to summarise the quantity of warrants in issue as at period end:
Group and Company
(number of warrants)
2025
2024
Opening balance
96,564,562
86,814,562
New warrants issued
7,500,000
9,750,000
Warrants exercised
(243,750)
-
Share consolidation
(9,506,250)
-
Warrants expired
(86,814,562)
-
Closing balance
7,500,000
96,564,562
The weighted average fair value of the warrants are 0.44 pence per warrant (2024: 0.41p)
At 31 December 2025 the Group had 7,500,000 (2024: 96,564,562) warrants outstanding:
Date of Grant
Issue date
Expiry date
Exercise price
Number
Exercisable
granted
as at 31
December
2025
09 July 2025
09 July 2025
08 July 2029
4p
7,500,000
7,500,000
7,500,000
7,500,000
Total contingently issuable shares
7,500,000
7,500,000
Share based payments reserve - Share options
The following reconciliation serves to summarise the value attributable to the share options as at year end for the
Company:
Group and Company (\u00a3)
2025
2024
Opening balance
-
-
Issue of options
157,181
-
Closing balance
157,181
-
The following reconciliation serves to summarise the quantity of options in issue as at year end:
Group and Company
(number of options)
2025
2024
Opening balance
-
-
New options issued
8,750,018
-
Closing balance
8,750,018
-
The following share options were issued during the year:
\u2022 A share option plan whereby the Board and Management of the Company were granted options (\u201cOptions\u201d)
over a total of 21,799,291new ordinary shares of \u00a30.01 each in the capital of the Company (\u201cOrdinary Shares\u201d)
The Options are exercisable at 10 pence per Ordinary Share, constituting a c. 600% premium to the Company\u2019s
recent closing share price of 1.65 pence per share on 8 July 2025. The Options have an expiry date of 10 January
2033. The options vest over a period from issuance date until 8 July 2026 of which 8,750,018 was
recognised for services received in terms of IFRS 02 par 7 to 9 as of 31 December 2025. A reserve pool of
7,084,769 options have not been allocated. During the year share option plan expenses in the amount of
\u00a3157,181 have been recognised (refer note 4).
The weighted average fair value of the options are 1.80 pence per option (2024: 0.0p). At 31 December 2025 the
Group had 8,750,018 options outstanding:
Share options
Date of
Issue date
Expiry date
Exercise price
Number granted
Exercisable
Grant
as at 31
December
2025
09 July 2025
09 July 2025
10 Jan 2033
10p
8,750,018
-
8,750,018
-
Total contingently issuable shares
8,750,018
-
The inputs to the Black-Scholes model were as follows:
Description of key input
Key
assumptions
Date issued
8 July 2025
Options granted
8,750,018
Stock price
\u00a30.0165
Exercise price
\u00a30.1000
Risk free rate
4.06%
Volatility
140.34%
Time to maturity
7.5 years
Unexercised prepaid warrants reserve
The following pre-paid warrants remain unexercised at 31 December 2025
Group 2025
Company
(\u00a3)
2025 (\u00a3)
1,150,336 prepaid warrants
46,013
46,013
46,013
46,013
Reconciliation of prepaid and cash warrants
Group and Company
(number of warrants)
2025
2024
Opening balance
-
-
New warrants issued
375,000,000
-
Warrants exercised
(153,524,664)
-
Closing balance
221,475,336
-
At 31 December 2025 the Group had 221,475,336 (2024: none) unexercised prepaid and cash warrants
outstanding:
Date of Grant
Issue date
Expiry date
Exercise price
Number
Exercisable
granted
as at 31
December
2025
09 July 2025
09 July 2025
09 July 2026
4p
1,150,336
1,150,336
09 July 2025
09 July 2025
07 January 2026
4p
95,325,000
95,325,000
09 July 2025
09 July 2025
09 July 2026
4p
125,000,000
125,000,000
221,475,336
221,475,336
Total contingently issuable shares
221,475,336
221,475,336
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Share based payments reserve The share based payments reserve consists of warrants and options issued by the Company. The following reconciliation serves to summarise the value attributable to the share-based payment reserve as at period end for the Company:
Group and Company (\u00a3)
2025
2024
Opening balance
400,241
380,741
Issue of warrants
103,297
19,500
Warrants exercised
(488)
-
Share consolidation
(19,012)
-
Employee share option scheme
157,181
-
Warrants expired
(380,741)
-
Closing balance
260,478
400,241
Share based payments reserve - Warrants The following reconciliation serves to summarise the quantity of warrants in issue as at period end:
Group and Company
(number of warrants)
2025
2024
Opening balance
96,564,562
86,814,562
New warrants issued
7,500,000
9,750,000
Warrants exercised
(243,750)
-
Share consolidation
(9,506,250)
-
Warrants expired
(86,814,562)
-
Closing balance
7,500,000
96,564,562
The weighted average fair value of the warrants are 0.44 pence per warrant (2024: 0.41p) At 31 December 2025 the Group had 7,500,000 (2024: 96,564,562) warrants outstanding:
Date of Grant
Issue date
Expiry date
Exercise price
Number
Exercisable
granted
as at 31
December
2025
09 July 2025
09 July 2025
08 July 2029
4p
7,500,000
7,500,000
7,500,000
7,500,000
Total contingently issuable shares
7,500,000
7,500,000
Share based payments reserve - Share options The following reconciliation serves to summarise the value attributable to the share options as at year end for the Company: Group and Company (\u00a3)
2025
2024
Opening balance
-
-
Issue of options
157,181
-
Closing balance
157,181
-
The following reconciliation serves to summarise the quantity of options in issue as at year end:
Group and Company
(number of options)
2025
2024
Opening balance
-
-
New options issued
8,750,018
-
Closing balance
8,750,018
-
The following share options were issued during the year: \u2022 A share option plan whereby the Board and Management of the Company were granted options (\u201cOptions\u201d) over a total of 21,799,291new ordinary shares of \u00a30.01 each in the capital of the Company (\u201cOrdinary Shares\u201d) The Options are exercisable at 10 pence per Ordinary Share, constituting a c. 600% premium to the Company\u2019s recent closing share price of 1.65 pence per share on 8 July 2025. The Options have an expiry date of 10 January 2033. The options vest over a period from issuance date until 8 July 2026 of which 8,750,018 was recognised for services received in terms of IFRS 02 par 7 to 9 as of 31 December 2025. A reserve pool of 7,084,769 options have not been allocated. During the year share option plan expenses in the amount of \u00a3157,181 have been recognised (refer note 4). The weighted average fair value of the options are 1.80 pence per option (2024: 0.0p). At 31 December 2025 the Group had 8,750,018 options outstanding: Share options
Date of
Issue date
Expiry date
Exercise price
Number granted
Exercisable
Grant
as at 31
December
2025
09 July 2025
09 July 2025
10 Jan 2033
10p
8,750,018
-
8,750,018
-
Total contingently issuable shares
8,750,018
-
The inputs to the Black-Scholes model were as follows: Description of key input Key assumptions Date issued 8 July 2025 Options granted 8,750,018 Stock price \u00a30.0165 Exercise price \u00a30.1000 Risk free rate 4.06% Volatility 140.34% Time to maturity 7.5 years Unexercised prepaid warrants reserve The following pre-paid warrants remain unexercised at 31 December 2025
Group 2025
Company
(\u00a3)
2025 (\u00a3)
1,150,336 prepaid warrants
46,013
46,013
46,013
46,013
Reconciliation of prepaid and cash warrants
Group and Company
(number of warrants)
2025
2024
Opening balance
-
-
New warrants issued
375,000,000
-
Warrants exercised
(153,524,664)
-
Closing balance
221,475,336
-
At 31 December 2025 the Group had 221,475,336 (2024: none) unexercised prepaid and cash warrants outstanding:
Date of Grant
Issue date
Expiry date
Exercise price
Number
Exercisable
granted
as at 31
December
2025
09 July 2025
09 July 2025
09 July 2026
4p
1,150,336
1,150,336
09 July 2025
09 July 2025
07 January 2026
4p
95,325,000
95,325,000
09 July 2025
09 July 2025
09 July 2026
4p
125,000,000
125,000,000
221,475,336
221,475,336
Total contingently issuable shares
221,475,336
221,475,336
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
19. Loans to/(from) related parties
Group
2025 (\u00a3)
Group
2024 (\u00a3)
Company
2025(\u00a3)
Company
2024 (\u00a3)
Amounts falling due within one year:
Sloane Developments Limited
157,634
-
Pyebridge Power Limited
-
-
(252,175)
(375,047)
-
-
(94,541)
(375,047)
The loan is unsecured, carries interest at 0%, and is repayable on demand. The carrying value of loans from related
parties equals their fair value mainly due to the short-term nature of the liability.
", "dimensions": { "concept": "qde:DisclsoureOfLoansToFromRelatedParties", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
20. Trade and other payables
Group
Group
Company
Company
Amounts falling due within one year:
2025 (\u00a3)
2024 (\u00a3)
2025 (\u00a3)
2024 (\u00a3)
Trade payables
314,212
696,049
243,714
405,883
314,212
696,049
243,714
405,883
The carrying value of current trade and other payables equals their fair value due mainly to the short term nature
of these payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
21. Other financial liabilities
Liable Group
Group
Group
Company
Company
Amounts
falling
due
Company
2025(\u00a3)
2024 (\u00a3)
2025(\u00a3)
2024 (\u00a3)
within one year:
Convertible loan notes
QDE
-
854,594
-
854,594
Loan \u2013 RiverFort
Sloane Developments
849,253
849,253
-
-
Term loan - Powertree
Hindlip
-
70,230
-
-
Term loan \u2013 RiverFort
Pyebridge
2,203,715
107,563
-
-
Accrued interest on
director\u2019s loan
QDE
-
5,998
-
5,998
Director\u2019s loan
QDE
-
78,329
-
78,329
Amounts
falling
due
3,052,968
1,965,967
-
938,921
between
five years:
one
year
and
Term loan - RiverFort
Pyebridge
-
2,268,089
-
-
-
2,268,089
-
-
3,052,968
4,234,056
-
938,921
Convertible loan notes
Convertible loan notes consist of a facility from institutional lenders which reprofiled the outstanding convertible
loan notes held during the previous financial year. The interest accrues at 9.5% to 10% per annum based on the
terms applied for each advance of the facility. The convertible loan notes have embedded derivative liabilities which
were recognised at fair value.
Term loans
\u2022 The \u201cTerm loan \u2013 Powertree\u201d is payable by the Hindlip project SPV. The loan was used to pay the Capacity
Market deposit. This loan was payable in full during the 2025 financial year and bears interest at 10% per
annum. This term loan has been rolled up into the investment agreement after year-end. Refer to note 26.
\u2022 The \u201cTerm loan \u2013 RiverFort\u201d is payable by the Pyebridge SPV. The funding was used to overhaul the 2 engines
at the Pyebridge site. The loan consists of three separate drawdowns all repayable during the 2026 financial
year and bear interest at 12% per annum.
\u2022 The \u201cLoan \u2013 Riverfort\u201d is the historic shareholder loan owing by the Company to its former parent company,
Kibo Energy PLC (\u201cKibo\u201d), which Kibo sold to RiverFort during 2024. This loan has no fixed repayment terms
and is repayable on demand and bears no interest.
Director\u2019s loan and accrued interest on director\u2019s loan
The director\u2019s loan consists of interest payable on a director\u2019s loan which was settled in shares in 2025, refer to note
17. The interest is accrued at 7% per annum.
Reconciliation of movements in other financial, CLN derivative liabilities and loans (to)/from related parties
Group
Other
Total
financial
liabilities
(\u00a3)
(\u00a3)
At 1 January 2025
4,234,056
4,234,056
Disposal of subsidiary (Powertree loan)
(70,230)
(70,230)
Interest accrued on term loans
326,721
326,721
Loan reduction
(118,288)
(118,288)
Payments on director\u2019s loans
(87,041)
(87,041)
Payments on term loans
(1,232,250)
(1,232,250)
At 31 December 2025
3,052,968
3,052,968
Notes
21
Consisting of:
Other financial liabilities
3,052,968
At 31 December 2025
3,052,968
Company
Loans to /
Other
Total
(from)
financial
related
liabilities
parties
(\u00a3)
(\u00a3)
(\u00a3)
At 1 January 2025
(375,047)
(938,921)
(1,313,968)
Interest accrued on director\u2019s loan
-
(2,713)
(2,713)
Payments on director\u2019s loan
-
87,041
87,041
Payments on convertible loan notes
-
854,593
854,593
Loans from related parties settled
310,454
-
310,454
Loans advanced from related parties
(187,582)
-
(187,582)
Loans advanced to related parties
157,634
157,634
At 31 December 2025
(94,541)
-
(94,541)
Notes
19
21
Consisting of:
Loans to related parties
157,634
Loans (from) related parties
(252,175)
At 31 December 2025
(94,541)
Charges registered with Companies House
Charges in terms of Chapter A1 Part 25 of the Companies Act 2006 have been registered with Companies House over
the following investments on 18 May 2023, and 18 December 2024 and remain in effect as at reporting date:
\u2022 ARL 018 Limited
\u2022 Bordersley Power Ltd
\u2022 Pyebridge Power Ltd
\u2022 Sloane Developments Limited
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
22. Investment in Group undertakings
Subsidiary undertakings
31 December
31 December
2025
2024
(\u00a3)
(\u00a3)
Sloane Developments Limited
4,303,801
4,303,801
Total cost of investments
4,303,801
4,303,801
Subsidiary undertakings
(\u00a3)
Investments at Cost
At 1 January 2025
4,303,801
At 31 December 2025 (\u00a3)
4,303,801
The above investment in subsidiaries comprises the carrying value of the investments in Sloane Developments
Limited held by Quantum Data Energy Plc. Sloane Developments Limited holds the investments in Bordersley Power
Ltd, Pyebridge Power Ltd, as well as ARL 018 Limited, the capital contributions, net of impairment.
As at reporting period end, the investment in Sloane Developments Limited was subject to impairment review,
incorporating the underlying recoverable amount estimate of each individual project owned by Sloane
Developments Limited, being Pyebridge Power Ltd, Bordersley Power Ltd, as well as ARL 018 Limited. Refer to Note
11 which includes further details surrounding the parameters utilised in determining the recoverable amounts for
each of the underlying projects which support the recoverable amount of the investment in Sloane Developments
Limited.
At 31 December 2025 the Company had the following undertakings:
Interest
Interest
Description
Subsidiary
Activity
Incorporat
held
held
ed in
(2025)
(2024)
Directly held Investments
Sloane Developments Limited
Subsidiary
Project
United
100%
100%
holding
Kingdom
Company
Indirectly held Investments
Bordersley Power Ltd
Subsidiary
Energy
United
100%
100%
production
Kingdom
Pyebridge Power Ltd
Subsidiary
Energy
United
100%
100%
production
Kingdom
ARL 018
Limited (Stather
Subsidiary
Energy
United
100%
100%
Road)
production
Kingdom
ADV001 Limited (Hindlip
Associate
Energy
United
25%
100%
Lane)
production
Kingdom
Sloane Energy Limited
Subsidiary
Dormant
United
100%
100%
Kingdom
The registered address for all of the above is: 6th Floor, 99 Gresham Street, London, EC2V 7NG.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "23. Related party transactions Related parties of the Group comprise subsidiaries, significant shareholders and the Directors.
Relationships
Board of Directors/ Key Management
Name
Relationship (Directors of:)
Paul Venter
Non-Executive Chairman of QDE and Director of PSCD Power 1 Ltd
Celia Li
Non-Executive Director of QDE
Pieter Kr\u00fcgel
Chief Executive Officer of QDE
Noel O\u2019Keeffe
Director of subsidiaries Sloane Developments Limited, ADV001 Ltd, ARL018
Ltd and Sloane Energy Limited.
Louis Coetzee
Kibo Energy PLC and Katoro Gold PLC (up to July 2024)
Dominic Traynor
Druces LLP (up to Nov 2024)
Quantum Data Energy PLC is a shareholder of the following companies and as such are considered related
parties:
Directly held subsidiaries:
Sloane Developments Limited
Indirectly held subsidiaries:
ARL 018
Limited
Bordersley Power Ltd
Pyebridge Power Ltd
Sloane Energy Ltd
Balances
Name
Amount (\u00a3)
Amount (\u00a3)
2025
2024
Paul Venter \u2013 Director\u2019s loan owing (liability)
-
78,329
Paul Venter \u2013 Director\u2019s loan owing accrued interest
-
5,733
Kibo Energy PLC - Management and administration services accrued
-
31,170
Katoro Gold PLC \u2013 Receivable for management services paid on Katoro\u2019s
-
4,246
behalf
Paul Venter \u2013 Director\u2019s remuneration due
-
43,500
Louis Coetzee \u2013 Director\u2019s remuneration due
-
47,550
Dominic Traynor\u2013 Director\u2019s remuneration due
-
48,018
Pieter Kr\u00fcgel \u2013 Director\u2019s remuneration due
-
43,844
Noel O\u2019Keeffe \u2013Professional services remuneration due
-
4,500
Druces LLP \u2013 Supplier balance for professional services
-
52,675
Transactions
Name
Amount (\u00a3)
Amount (\u00a3)
2025
2024
Paul Venter \u2013 Interest on Director\u2019s loan
2,714
5,733
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on
consolidation. The transactions during the period between the Company and its subsidiaries included the settlement
of expenditure to/from subsidiaries, working capital funding, and settlement of the Company\u2019s liabilities through
the issue of equity in subsidiaries. The loans from related parties do not have fixed repayment terms and are
unsecured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
24. Financial Instruments and Financial Risk Management
The Group and Company\u2019s principal financial instruments comprise cash. The main purpose of these financial
instruments is to provide finance for the Group and Company\u2019s operations. The Group has various other financial
assets and liabilities such as other receivables and trade payables, which arise directly from its operations.
It is and has been throughout the 2025 and 2024 financial period, the Group and Company\u2019s policy not to undertake
trading in derivatives. The Group and Company may however recognise derivative liabilities arising from
convertible instruments.
The main risks arising from the Group and Company\u2019s financial instruments are credit risk, liquidity risk, interest
rate risk and capital risk. Management reviews and agrees policies for managing each of these risks which are
summarised below.
Credit risk
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss
to the Group. As the Group has minimal sales to third parties, this risk is limited.
2025 (\u00a3)
2024 (\u00a3)
Financial instruments of the Group are:
Financial
Financial
Financial
Financial
assets
liabilities
assets
liabilities
Financial assets at amortised cost
Trade and other receivables - current
110,647
-
364,469
-
Cash
1,436,943
-
146,446
-
Financial liabilities at amortised cost
Trade payables
-
314,212
-
696,049
Other financial liabilities
-
3,052,968
-
4,234,056
Lease liability
-
370,871
-
345,016
Financial liabilities at fair value
Other financial liabilities
-
-
-
-
1,547,590
3,738,051
510,915
5,275,121
2025 (\u00a3)
2024 (\u00a3)
Financial instruments of the Company
Financial
Financial
Financial
Financial
are:
assets
liabilities
assets
liabilities
Financial assets at amortised cost
Trade and other receivables - current
32,253
-
27,622
-
Cash
1,372,535
-
43,207
-
Financial liabilities at amortised cost
Trade payables
-
243,714
-
405,883
Loans from related parties
-
252,175
375,047
Financial liabilities at fair value
Other financial liabilities
-
-
-
938,921
1,404,788
495,889
70,829
1,719,851
The Group and Company\u2019s financial assets comprise receivables and cash and cash equivalents. The credit risk on
cash and cash equivalents is limited because the counterparties are banks with high credit-ratings assigned by
international credit rating agencies. The Group and Company\u2019s exposure to credit risk arise from default of its
counterparty, with a maximum exposure equal to the carrying amount of cash and cash equivalents in its
consolidated statement of financial position.
The Group does not have any significant credit risk exposure to any single counterparty or any Group of
counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if
they are connected or related entities.
The expected credit losses for the Group and Company are \u00a3Nil for the year ended 2025 (2024: \u00a3Nil).
Financial assets exposed to credit risk at period end were as follows:
Financial instruments
Group (\u00a3)
Company (\u00a3)
2025
2024
2025
2024
Trade & other receivables
110,647
364,469
32,253
27,622
Cash
1,436,943
146,446
1,372,535
43,207
1,547,590
510,915
1,404,788
70,829
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an
appropriate liquidity risk management framework for the management of the Group and Company\u2019s short, medium
and long-term funding and liquidity management requirements.
The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and
actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash forecasts are regularly
produced to identify the liquidity requirements of the Group.
The Group and Company\u2019s financial liabilities as at 31 December 2025 were all payable on demand, or within the 12
months following 31 December 2025, other than the lease liabilities.
Group (\u00a3)
Within 1 year
Later than 1
Later than 2
Later than 3
year but within
years but
years
2 years
within 3 years
At 31 December 2025
Trade and other payables
314,212
-
-
-
Other financial liabilities
3,052,968
-
-
-
Lease Liabilities
35,729
35,729
35,729
786,048
3,402,909
35,729
35,729
786,048
At 31 December 2024
Trade and other payables
696,049
-
-
-
Other financial liabilities
2,000,391
-
2,652,739
-
Lease Liabilities
32,866
32,866
32,866
755,918
2,729,306
32,866
2,685,605
755,918
Company (\u00a3)
Within 1 year
At 31 December 2025
Trade and other payables
243,714
Loans from related parties
252,175
495,889
Company (\u00a3)
Within 1 year
At 31 December 2024
Trade and other payables
405,883
Loans from related parties
375,047
Other financial liabilities
938,921
1,719,851
Interest rate risk
The Group and Company does not have significant exposure to the risk of changes in market interest rates relating
to holdings of cash and short term deposits.
It is the Group and Company\u2019s policy as part of its management of the budgetary process to place surplus funds on
short term deposit in order to maximise interest earned.
The repayments terms for the financial liabilities are payable on demand except for Other Financial Liabilities and
Lease Liabilities which include agreements with deferred payment terms. Refer to notes 21 and 10 respectively for
their repayment terms.
Group Sensitivity Analysis:
Currently no significant impact exists due to possible interest rate changes on the Company\u2019s interest bearing
instruments.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To
maintain or adjust its capital structure, the Group may adjust or issue new shares or raise debt. No changes were
made in the objectives, policies or processes during the year ended 31 December 2025. The capital structure of the
Group consists of equity attributable to equity holders of the parent, comprising issued capital, reserves and
retained losses as disclosed in the consolidated statement of changes in equity.
Fair values
The carrying amount of the Group and Company\u2019s financial assets and financial liabilities recognised at amortised
cost in the financial statements approximate their fair value. For those assets held at fair value (such as CLN
derivative liabilities), they are remeasured at the reporting date.
Hedging
At 31 December 2025, the Group had no outstanding contracts designated as hedges (2024: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Credit risk Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. As the Group has minimal sales to third parties, this risk is limited. The Group and Company\u2019s financial assets comprise receivables and cash and cash equivalents. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit-ratings assigned by international credit rating agencies. The Group and Company\u2019s exposure to credit risk arise from default of its counterparty, with a maximum exposure equal to the carrying amount of cash and cash equivalents in its consolidated statement of financial position. The Group does not have any significant credit risk exposure to any single counterparty or any Group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are connected or related entities. The expected credit losses for the Group and Company are \u00a3Nil for the year ended 2025 (2024: \u00a3Nil). Financial assets exposed to credit risk at period end were as follows:
Financial instruments
Group (\u00a3)
Company (\u00a3)
2025
2024
2025
2024
Trade & other receivables
110,647
364,469
32,253
27,622
Cash
1,436,943
146,446
1,372,535
43,207
1,547,590
510,915
1,404,788
70,829
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Group and Company\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash forecasts are regularly produced to identify the liquidity requirements of the Group. The Group and Company\u2019s financial liabilities as at 31 December 2025 were all payable on demand, or within the 12 months following 31 December 2025, other than the lease liabilities.
Group (\u00a3)
Within 1 year
Later than 1
Later than 2
Later than 3
year but within
years but
years
2 years
within 3 years
At 31 December 2025
Trade and other payables
314,212
-
-
-
Other financial liabilities
3,052,968
-
-
-
Lease Liabilities
35,729
35,729
35,729
786,048
3,402,909
35,729
35,729
786,048
At 31 December 2024
Trade and other payables
696,049
-
-
-
Other financial liabilities
2,000,391
-
2,652,739
-
Lease Liabilities
32,866
32,866
32,866
755,918
2,729,306
32,866
2,685,605
755,918
Company (\u00a3)
Within 1 year
At 31 December 2025
Trade and other payables
243,714
Loans from related parties
252,175
495,889
Company (\u00a3)
Within 1 year
At 31 December 2024
Trade and other payables
405,883
Loans from related parties
375,047
Other financial liabilities
938,921
1,719,851
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "
25. Commitments and Contingencies
The Group does not have any identifiable material commitments and contingencies as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
26. Events after reporting period
\u2022 Pyebridge\u2019s 8.1 MW operational flexible generation power asset was successful in securing an additional
Capacity Market (\"CM\") T-4 contract for the 2029/2030 delivery year in the recent CM auction. The recent
CM T-4 auction resulted in a clearing price of \u00a327.10/kW/pa for the 2029/2030 delivery year. This clearing
price is in line with the average CM T-4 auction prices over the past number of years, with the exception of
2024 and 2025 which were higher. After adjusting for inflation, the contract is estimated to yield c.
\u00a330/kW/year (c. \u00a3217,400 per annum) in the year of delivery. Pyebridge now holds seven uninterrupted
1-year CM contracts up to 2030. Total contracted CM income across all CM agreements equals \u00a31,924,108.
\u2022 During January 2026, 5,000,000 Cash Warrants were exercised, and the Company accordingly issued fully
paid Ordinary shares.
\u2022 As announced on 9 March 2026 QDE has signed a binding definitive investment agreement (the \"Investment
Agreement\") with Power Balancing Services Ltd (\"PBS\") which fully funds the construction capex of its
Bordesley 5 MW flexible generation power project, at project SPV level.
\u2022 As announced on 9 February 2026, to fund QDE's capital requirements for the construction of Bordersley,
an acceleration capital funding (the \"Acceleration Capital\") has been undertaken to support the expeditious
completion. QDE has existing sufficient cash reserves to support the Company's working capital
requirements, and therefore the Acceleration Capital use of proceeds is solely intended to provide capital
to increase QDE's MWs in production. The Acceleration Capital raised \u00a31,165,000 gross via the issue of
46,600,000 new ordinary shares at an issue price of 2.5p per new ordinary share.
\u2022 Post reporting period, on 29 April 2026, the Company raised gross proceeds of \u00a3500,000 via the issue of
19,230,770 new ordinary shares at an issue price of 2.6p per new ordinary share.
\u2022 As announced on 29 April 2026, the Company received a section 519 of the Companies Act 2006 notification
of the resignation of Crowe UK LLP as auditors of the Company. Following the resignation, the Company is
temporarily suspended of its listing from the Official List and from trading on the London Stock Exchange
as required under UKLR 21.3. On 2 June 2026 the Company finalised the formal appointment of Parker
Russell UK LLP as the statutory auditor to the Company under section 489(3) of the Companies Act 2006.
The above are non-adjusting events per IAS 10 as they arose after the reporting date and do not require
adjustment to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "
27. Going concern
Going Concern
The financial results have been prepared on the going concern basis that contemplates the continuity of normal
business activities, the realisation of assets and the settlement of liabilities in the normal course of business.
In performing the going concern assessment, the Board considered various factors, including the availability of cash
and cash equivalents, data relating to working capital requirements for the foreseeable future, cashflows from
operational activities, available information about the future, the possible outcomes of planned events, changes in
future conditions, geopolitical events (e.g. escalation of the Israel-Iran conflict), and the responses to such events
and conditions that would be available to the Board.
The Board has, inter alia, considered the following specific factors in determining whether the Group is a going
concern:
\u2022 The total comprehensive loss for the year of \u00a31,518, 682 compared to \u00a31,097,433 for the preceding 12
month-financial period. The majority of the increase in loss for the year comprises non-recurring, non-cash
items, principally the employee share option scheme \u00a3157,181, and the derecognition of subsidiary
(\u00a3110,968) during the year (note 4).
\u2022 Cash and cash equivalents available to the Group in the amount of \u00a31,436,943 (2024: \u00a3146,446) in order to
pay its creditors and maturing liabilities in the amount of \u00a3255,130 (excluding the loan facilities owing to
RiverFort).
\u2022 QDE and Pyebridge has a secured funding facility of up to GBP 4 million from RiverFort, of which the
Company has drawn \u00a32,769,297. The main focus of the facility is to overhaul the Pyebridge gensets to enable
the site to generate at its full efficiency and income potential. The current outstanding balance is \u00a32,203,715
following repayments totalling \u00a3989,969. The loan is being reprofiled, subsequent to year-end both parties
signed a Heads of Terms according to which the repayment date is 12 months after the date of this report.
\u2022 Pyebridge, the Group\u2019s operational 8.1 MW flexible-generation facility, is profitable and cash-flow positive,
generating net cash contributions that support the Group\u2019s working capital requirements and the servicing
of the RiverFort facility.
\u2022 Whether the Group has available cash resources, or equivalent short term funding opportunities in the
foreseeable future, to deploy in developing and growing existing operations or invest in new opportunities.
\u2022 On 20 March 2025, the Company announced it has signed a binding definitive investment agreement (the
\"Investment Agreement\") with Powertree (Holdings) Ltd (\"Powertree\"). Under the Investment
Agreement, Powertree will invest up to \u00a35,000,000 into QDE's Hindlip project (the \"Investment
Consideration\"), resulting in the Hindlip project being fully funded.
\u2022 Post reporting period, on 9 March 2026, the Company announced that it has signed an Investment
Agreement with Power Balancing Services Ltd (\u201cPBS\u201d) to develop and construct the Bordersley 5 MW site.
PBS will invest up to \u00a31.75m and QDE will invest up to \u00a31m.
\u2022 Post reporting period, on 29 April 2026, the Company raised gross proceeds of \u00a3500,000 via the issue of
19,230,770 new ordinary shares at an issue price of 2.6p per new ordinary share.
The Directors have evaluated the Group\u2019s liquidity requirements to confirm the Group has adequate cash resources
to continue as a going concern for the foreseeable future. Considering the net current liability position, the Directors
have reviewed financial projections to 30 November 2027 which include estimates and assumptions regarding the
future revenues and costs and timing of these. The financial projection includes profit generated by the Pyebridge
engines based on actual previous performance and the signed capacity market contracts income.
Based on the cash flow forecast the group experiences cash surplus for 14 months throughout the forecast period,
up to July 2027. In July 2027 a positive cash balance of \u00a3513k is forecast. The 18 month forecast ends with a shortfall
of c. \u00a31.8 million at the end of November 2027. The reason for the shortfall is the repayment requirement of the
Pyebridge loan facility, assuming an unlikely scenario where a repayment extension cannot be negotiated with the
lender. The cashflow forecast is reliant on the current cash balance of the Group, successful electricity generation
by Pyebridge, as well as loan repayments through either conversions or cash. Unforeseen challenges with the
aforementioned may cause a risk that the Company may not be able to meet its current liabilities without another
cash injection. In the event that further funding cannot be secured, the Group may experience cash shortfalls from
Aug 2027. The directors are in negotiations with funders and lenders to upgrade and/or develop the sites as per the
business model of the Company.
In response to the net current liability position and to address future cashflow requirements, detailed liquidity
improvement initiatives have been identified and are being pursued, with their implementation regularly monitored
in order to ensure the Group is able to ensure any liquidity constraints do not occur in the foreseeable future. Cost
saving measures on operational expenditure remains a focus for the Board.
The Group has identified the below options to manage the liquidity risk of the Group ongoing basis:
\u2022 Successful conclusion of current funding opportunities of the Group with strategic funders regarding the
funding of specific projects and/or the business.
\u2022 Raising of further medium term working capital and project capex funding, by way of capital placings. The
company\u2019s corporate broker confirmed commitment and an expectation to be able to raise the needed
capital for the project investments. This additional funding is only needed when expanding the capital
portfolio, the current cash and cash equivalents are sufficient to cover current working capital requirements
as explained above.
\u2022 Obtaining debt funding or other funding instruments such as credit loan notes to fund QDE projects.
\u2022 Successful cash generation from the Pyebridge power-generation facilities in order to achieve net-cash
positive contributions toward the debt repayment.
\u2022 Successful extension of the Pyebridge loan facility repayment when it falls due later in 2027.
Although there is no guarantee, the Directors have a reasonable expectation that the Group will be able to raise
further financing to support its ongoing development and commercialisation activities and continue in operational
existence for the next 12 months, from date of sign off of these financial statements. The directors have concluded
that the combination of these circumstances represents a material uncertainty that casts a significant doubt upon
the Group\u2019s ability to continue as a going concern and that, therefore, the Group may be unable to realise its assets
and discharge its liabilities in the normal course of business. As the Board is confident it would be able to successfully
implement the above responses, it has adopted the going concern basis of accounting in preparing the consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HFVHGJ9YGO9F71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }