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1. Accounting policies used in the preparation of the financial statements
The Company is incorporated and domiciled in the United Kingdom and is registered on the
equity shares (commercial companies) category of the Main Market of the London Stock
Exchange (LON:CWR).
The accounting policies applied in the preparation of these consolidated financial statements are
set out below and at the start of the respective notes to these consolidated financial statements.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of the Group have been prepared on a going concern
basis, in accordance with UK-adopted International Accounting Standards (\u201cIFRS\u201d).
The Company has elected to prepare its entity financial statements in accordance with Financial
Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and these are presented on
pages 136 to 141.
The consolidated financial statements have been prepared on a historical cost basis except for
derivative financial instruments that are stated at their fair value.
Foreign currencies
The consolidated financial statements are presented in pounds sterling, which is the Company\u2019s
functional currency and the Group\u2019s presentational currency. Transactions denominated in foreign
currencies are translated into sterling at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at
the foreign exchange rate prevailing at the period end. Foreign exchange differences arising on
translation are recognised in the Consolidated Statement of Profit and Loss.
Basis of consolidation
The consolidated financial statements of Ceres Power Holdings plc include the results of the
Company, subsidiaries which are controlled by the Group and the Group\u2019s interest in associates.
The Group controls an entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the
entity. In assessing control, the Group takes into consideration substantive potential voting rights
that are currently exercisable. The acquisition date is the date on which control is transferred to
the acquirer. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
Intra-Group balances and transactions, and any unrealised income and expenses arising from
Intra-Group transactions, are eliminated.
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration transferred, which is measured at acquisition
date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree
at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-
related costs are expensed as incurred and included in administrative expenses. When the
Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances
and pertinent conditions as at the acquisition date.
Going concern
The Group has reported a loss after tax for the year ended 31 December 2025 of \u00a347.5 million
(2024: \u00a328.3 million) and net cash used in operating activities of \u00a320.1 million (2024: \u00a335.9 million).
At 31 December 2025, the Group held cash and cash equivalents and investments of \u00a383.3 million
(31 December 2024: \u00a3102.5 million).
The Directors have prepared monthly budgets and cash flow projections that extend up to 31
December 2027. The forecast operating cash requirement will be lower in 2026 compared to
2025 following the Group\u2019s restructuring. Future projections include management\u2019s expectations
of the further investment in R&D projects, new product development and capital investment as
the Group sustains its competitive advantage in licensing fuel cell and electrolysis technologies.
Future cash inflows reflects management\u2019s expectations of revenue from existing and new
licensee partners in both the power and green hydrogen markets.
The projections were stress tested by applying different scenarios in line with the Group\u2019s viability
scenarios presented on pages 46 to 47 including a slower intake of future licensee partners
leading to a loss of significant future revenue and a resulting cost mitigation. In each case the
projections demonstrated that the Group is expected to have sufficient cash reserves to meet its
liabilities as they fall due and to continue as a going concern for at least a period of 12 months.
For the above reasons, the Directors continue to adopt the going concern basis in preparing the
consolidated financial statements.
Critical accounting judgements and estimates
The preparation of financial statements in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Although these estimates are based on management\u2019s
best knowledge of the amount, event or actions, actual results may ultimately differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised.
Significant judgements
The judgements made by management in applying accounting policies that are considered to
have the most significant impact on the Group\u2019s assets and liabilities are the following:
\u2022 Revenue from customer contracts;
\u2022 Capitalisation and amortisation of development costs; and
\u2022 Determination of the term of the lease as a lessee in the event of agreements with termination
options.
Revenue from customer contracts
The Group generated \u00a332.6 million in revenue from customer contracts during the year ended
31 December 2025 (2024: \u00a351.9 million). At year end, net contract liabilities are at \u00a323.1 million
(2024: \u00a32.5 million). Note 2 provides a detailed explanation of Group\u2019s revenue recognition
accounting policies and the change in net contract liability position compared to the prior year.
Customer contracts typically include engineering services, technology hardware sales, and licensing
agreements. Recognising revenue from these contracts requires judgement in several key areas:
Enforceable rights: In determining the contract length, we assess each contract\u2019s termination
clauses to determine if there are substantive termination penalties such that enforceable rights exist
across the contracted term.
Identifying performance obligations: We assess each contract to determine the distinct promises
made to the customer. This involves judgement, as each contract can have unique elements.
Allocating revenue: We determine the appropriate allocation of revenue to each distinct performance
obligation within a contract. This requires judgement of the relative value of each element.
Assessing variable consideration: Some contracts include variable consideration. These amounts
are evaluated, including any limitations on their recognition, to ensure revenue is recognised
appropriately.
A key element of revenue recognition involves determining the nature of our technology
licences. This requires judgement to distinguish between granting a right to use existing
intellectual property (IP) and a right to access future IP developments. For example, if a
customer gains access to our existing IP at a specific point in time, this is typically treated as
a right to use licence. In contrast, where a contract confers the customer with the right to
benefit from future IP developments as they occur, that is more likely to be treated as a right
to access licence. Determining the point at which the customer fully benefits from the IP also
requires judgement, considering factors such as the customer\u2019s experience with solid oxide
cell technology.
These judgements are based on a thorough review and interpretation of the specific terms
and conditions within each customer contract. Revenue is recognised to the extent that it is
highly probable that there will not be a significant reversal in the amount of cumulative revenue
recognised in a future reporting period.
Capitalisation and amortisation of development costs
When determining the criteria for starting, and subsequently ceasing, the capitalisation
of development costs as an internally generated asset, IAS 38 requires that strict criteria
are met; in particular, that it is probable that future economic benefits will result from the
development asset.
Following the signing of commercial contracts with strategic partners in 2018, management
concluded that the probability of future economic benefits for the Group\u2019s SOFC platform had
been met, enabling capitalisation during the period of focused product development through to
2024, when the technology reached sufficient technical maturity to cease further capitalisation.
Subsequent innovation activity, including optimisation of SOEC, is undertaken through agile,
cross-functional development structures in which research and development phases occur
concurrently. As these programmes have not yet reached a stage where technical feasibility
can be evidenced, related expenditure does not meet the IAS\u202f38 capitalisation threshold and is
expensed as incurred.
Determining when capitalisation should commence is a critical judgement, as is the basis for the
appropriate stage at which to cease capitalising ongoing costs and to commence amortising the
capitalised asset.
Within the Group there is an established technology and product development process with
gated milestones that assesses the technology and product viability and maturity. Generally, until
a programme has passed the required milestone gate, all expenditure is deemed \u201cResearch\u201d and
expensed as incurred. Identifiable development expenses incurred after the milestone gate is
passed are capitalised within the parameters set out in the accounting policy. Once a programme
has passed another milestone gate, confirming development activities are completed, the
capitalisation of costs ceases. Any further expenditure is expensed, and amortisation of the
intangible asset commences.
Application of the above policy requires management\u2019s judgement around key areas such
as future commercial feasibility of the development and that future economic benefit will
be derived from the development. The Executive Committee regularly reviews the critical
judgements around capitalisation and useful economic life of development projects.
During the year ended 31 December 2025, the application of these judgements resulted
in no development costs being capitalised (2024: \u00a32.3 million) (see Note 11). The net book
value of capitalised development costs as at 31 December 2025 decreased to \u00a316.0 million
(31 December 2024: \u00a319.9 million), and amortisation of \u00a33.8 million (2024: \u00a31.3 million) was
charged during the year.
Determination of the term of the lease as a lessee in the event of agreements with
termination options
Ceres determines the term of the lease as the non-cancellable period for which the lessee
has the right to use the asset as well as periods covered by termination options if Ceres is
reasonably certain that it will not exercise that option. Both leases for premises contain a break
clause. Ceres applies judgement in evaluating whether it is reasonably certain that an option
to renew will be exercised or that an option to terminate the lease will not be exercised. In this
context, Ceres considers all relevant facts and circumstances that create an economic incentive
for Ceres to exercise, or not to exercise, the termination option.
Significant estimates and assumptions
Significant estimates and associated assumptions are those that have a significant risk of resulting
in a material adjustment to the carrying amounts of assets and liabilities within the next financial
year. Although these estimates are based on management\u2019s best knowledge of the amount,
event or actions, actual results may ultimately differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised.
The most significant estimates, assumptions and sources of uncertainty applicable in preparing
the consolidated financial statements are set out below:
\u2022 Determination of period-related revenue recognition over the course of customer contracts; and
\u2022 Recognition and measurement of dilapidation provisions.
Determination of period-related revenue recognition over the course of
customer contracts
For engineering services and development licences, revenue is recognised over time as the
performance obligation is progressively satisfied. The determination of the amount and timing
of revenue recognition requires significant estimation to assess the stage of completion for
contracts with these performance obligations.
The stage of completion for both engineering services and development licences is typically
determined using an input method, based on progress towards the contracted completion date
of the statement of work, assessed by comparing time elapsed with time remaining. Changes in
these estimates may impact the revenue recognised at the reporting date.
Recognition and measurement of dilapidation provisions
As at 31 December 2025, the Group has recognised dilapidation provisions of \u00a32.4 million
(31 December 2024: \u00a32.3 million). The amount of provision is based on the expected cost at the
termination of the lease agreements based on the current condition of the properties, to bring
the leasehold properties back to their original condition. The provision has been based on an
independent surveyor\u2019s report; however, management has applied judgement and interpretation
to determine the best estimate of the expenditure required to settle the Group\u2019s probable liability
based on this valuation, as well as to determine appropriate discount and inflation rates to apply.
If total dilapidation costs ended up being 10% higher than expected, additional costs incurred
would be in the order of \u00a30.2 million (2024: \u00a30.3 million). Note 21 sets out further details around
the Group\u2019s dilapidation provisions.
Other estimates
Recognition and measurement of warranty provisions and contingent liabilities
As at 31 December 2025, the Group recognised warranty provisions of \u00a30.2 million
(31 December 2024: \u00a30.4 million). When recognising and measuring provisions, assumptions
are required about probability of occurrence, maturity and level of risk. Determining whether a
current obligation exists is usually based on review by internal experts. The amount of provision
is based on expected expenses, and is either calculated by assessing the specific case in light of
empirical values, outcomes from comparable circumstances, evidence provided from historical
commercial settlements, or else estimated by experts.
Management believes that, based on existing knowledge, it is reasonably possible that warranty
costs could be up to 50% higher or lower than recognised. This could result in the Group
incurring additional costs of up to c.\u00a30.1 million over the next 12 months (2024: \u00a30.2 million)
as a result. Note 21 sets out further details around the Group\u2019s warranty provisions.
New standards and amendments applicable as of 1 January 2025
The Group has adopted all standards, interpretations amended or newly issued by the IASB that
were effective in the year. There is one amendment to IFRS Accounting Standards that became
applicable from 1 January 2025, adoption has not had any material effect on the consolidated
financial statements:
\u2022 IAS 21 The Effect of Changes in Foreign Exchange (Amendment \u2013 Lack of exchangeability).
As at 31 December 2025, the following agenda decisions were issued for preparation of annual
reports in 2025. None of the agenda decisions were relevant to the Group\u2019s financial statements:
\u2022 February 2025: Classification of Cash Flows related to Variation Margin Calls on \u2018Collateralised-
to-Market\u2019 Contracts (IAS 7);
\u2022 April 2025: Recognition of Revenue from Tuition Fees (IFRS 15);
\u2022 April 2025: Recognition of Intangible Assets from Climate-related Expenditure (IAS 38);
\u2022 April 2025: Guarantees Issued on Obligations of Other Entities; and
\u2022 July 2025: Assessing indicators of Hyperinflationary Economies (IAS 29).
New standards and amendments issued but not yet effective
The following adopted IFRSs have been issued, have an effective date for annual periods
beginning on or after 1 January 2026 and have not been applied by the Group in these
consolidated financial statements. Their adoption is not expected to have a material effect on the
consolidated financial statements unless otherwise indicated.
The following amendments are effective for the periods beginning 1 January 2026 and 1 January
2027, but have not yet been adopted by the UK Endorsement Board:
\u2022 IFRS 9 Financial Instruments (Amendment \u2013 Classification and measurement of financial
instruments);
\u2022 IFRS 9, IFRS 7 Presentation and disclosure of financial instruments (Amendment \u2013 Contracts
referencing nature-dependent electricity);
\u2022 IAS 21 Foreign currencies (Amendment \u2013 Translation to Hyperinflationary Presentation
Currency);
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements is applicable from 1 January 2027
(endorsed in the UK on 10 December 2025). Management have not yet assessed the impact;
and
\u2022 IFRS 19 Subsidiaries without Public Accountability Disclosures is applicable from 1 January
2027 has not yet been endorsed by the UK.
Revenue and direct costs
Revenue comprises the fair value of the consideration received or receivable for the provision
of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of
value added tax, other sales taxes and after eliminating sales within the Group.
Revenue primarily consists of amounts received or receivable from licence, development,
evaluation and supply contracts.
Manufacturing licence agreements
Manufacturing licence agreements serve to licence core cell and stack IP with associated
performance obligations to support the partner through to factory launch and royalty generation.
As the core IP has matured, these agreements have moved from having a focus on collaborative
development of the IP, to a less bespoke licence and support model. These two types of
manufacturing licence agreement are referred to below as \u201clegacy\u201d and \u201cnew\u201d.
Legacy manufacturing licence agreements
Engineering services \u2013 the nature of work typically includes joint development of core IP along
with stand-ready support to assist the partner to factory launch. Revenue is allocated based on
an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Revenue is
recognised based on an input method as the performance obligation is satisfied.
Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise
in their factory and system development. Revenue is allocated based on an initial cost estimate
with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to
the partner on delivery and therefore the performance obligation is satisfied at a point in time.
Right to use technology transfer licence \u2013 the right to use technology transfer licence provides
the partner with the required IP to design and construct a manufacturing facility. The performance
obligation is satisfied at a point in time when the technology transfer is provided to the partner.
Right to access development licence \u2013 the right to access development licence provides the
partner the right to access future technology advancements up until the start of production. The
performance obligation is transferred to the partner evenly over time up until the partner starts
commercial production.
Revenue for both licences is allocated on a residual basis after the allocation of engineering
services and prototype hardware.
New manufacturing licence agreements
Right to use technology transfer licence \u2013 the right to use technology transfer licence provides
the partner with the required IP to design and construct a manufacturing facility. Revenue is
allocated by reference to a stand-alone selling price observable for the performance obligation.
The performance obligation is satisfied at a point in time when the technology transfer is
provided to the partner.
Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise
in their factory and system development. Revenue is allocated based on an initial cost estimate
with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to
the partner on delivery and therefore the performance obligation is satisfied at a point in time.
Right to access development licence \u2013 the right to access development licence provides the
partner the right to access future technology advancements up until the start of production. The
performance obligations transferred to the partner evenly over time up until the partner starts
commercial production.
Engineering services \u2013 the nature of the work typically comprises stand-ready support to help
our partners with their commercialisation targets. The performance obligation is recognised as
support occurs and, without evidence to the contrary, is transferred to the partner evenly over
time up until the partner starts commercial production.
Where not directly observed, revenue is allocated to the right to access development licence
and engineering services on a residual basis after allocation of revenue to the right to use licence
and provision of prototype hardware.
Technology evaluation occurs when partners evaluate Ceres technology for potential further
uses. The performance obligations typically consist of prototype hardware and engineering
services and revenue is allocated in line with legacy manufacturing licence agreements. For
prototype hardware recognition of revenue depends on the nature of the evaluation, if the
control of the hardware remains with Ceres, revenue is recognised evenly over the period of
evaluation. If the control is transferred to the customer, revenue is recognised at the point in time
control is passed to the customer.
Other licence, development and supply agreements
Aside from the agreement types laid out above, Ceres also engage in other licence, development
and supply agreements with partners. These could contain right to use and right to access
licences, engineering services and prototype hardware supply and are typically accounted for in
the same manner as legacy manufacturing licence agreements.
Material differences in the amount of revenue in any given period may result if the judgements
or estimates prove to be incorrect or if management\u2019s estimates change on the basis of
development of the business or market conditions. This is considered further in the significant
judgements and estimates section of Note 1. The revenue recognition is subject to certainty of
receipt of cash, or when any specific conditions in agreements have been met. Where there is a
timing difference between the recognition of revenue and invoicing under a contract, a contract
asset or liability is recognised.
If a loss is expected in respect of a contract, the entire loss is recognised immediately in the
Consolidated Statement of Profit and Loss.
Variable consideration, such as for the achievement of performance targets or variation requests
under negotiation with the customer at the reporting date, can be included in the transaction
price associated with the performance obligations. These estimates of the expected value or
most likely amount are recognised to the extent that it is highly probable that there will not be a
significant reversal in the amount of cumulative revenue recognised in a future reporting period.
Contract modifications are treated as a separate contract if the scope of the contract increases
because of the addition of distinct goods or services, and the price of the contract increases by
an amount of consideration that reflects the stand-alone selling price of the additional promised
goods or services.
Where a contract modification does not meet these criteria, it is accounted for as an adjustment
to the existing contract, either prospectively, where the remaining goods or services are distinct
from the goods and services transferred before the modification, or through a cumulative
catch-up adjustment, where the remaining services are not distinct and are part of a single
performance obligation that is only partially satisfied when the contract is modified.
Research and development
The Group undertakes research and development activities and expenditures not meeting
the conditions for capitalisation (see Note 11), are written off as incurred and charged to the
Consolidated Statement of Profit and Loss.
Government grants
Grants are recognised on a case-by-case basis. Revenue grants are recognised in the
Consolidated Statement of Profit and Loss as other operating income as the related costs are
incurred and expensed. The reimbursement of the cost of an item of plant and equipment or
intangible by way of a capital grant is presented as deferred income and recognised in the
Consolidated Statement of Profit and Loss as other operating income on a basis consistent with
the depreciation or amortisation of the asset over its estimated useful life.
For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on
an accruals basis in order to match the associated expenditure with the grant income. For grants with
technical milestones, these grants are held on the Consolidated Statement of Financial Position as
deferred income and are recognised only when the relevant milestone has been achieved.
Interest income and expense
Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in
the year in which it is earned or accrued.
Pension scheme arrangements
The Group operates a defined contribution pension plan for employees. The assets of the
scheme are held separately from those of the Group in independently administered funds. The
plan is a post-employment benefit plan under which the Group pays fixed contributions during
the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the
employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are
recognised as an expense in the Consolidated Statement of Profit and Loss in the period during
which services are rendered by employees.
The pension charge represents contributions payable by the Group to the funds and amounted
to \u00a32,319,000 (31 December 2024: \u00a32,465,000). There was no outstanding payable to the
funds as at 31 December 2025 (31 December 2024: \u00a3nil).
Taxation
The taxation charge for the year comprises current and deferred tax and any adjustment to
tax payable or receivable in respect of previous years. Tax is recognised in the Consolidated
Statement of Profit and Loss except to the extent that it relates to items recognised directly
in equity, in which case it is recognised in equity. Pillar Two legislation has been enacted
or substantively enacted in certain jurisdictions in which the Group operates. However, this
legislation does not apply to the Group as its consolidated revenue is lower than \u20ac750 million.
The RDEC receivable represents the Directors\u2019 best estimate of tax due to the Group at the year
end under the RDEC credit regime.
Deferred taxation
Deferred tax is provided on temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit other than in a business combination;
and differences relating to investments in subsidiaries to the extent that they will probably not
reverse in the foreseeable future. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the year end.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the temporary difference can be utilised.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated
impairment losses. The cost includes all expenditure that is directly attributable to the acquisition
of the assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic benefits associated
with the asset will flow to the Group and the cost of the asset can be measured reliably. All other
repairs and maintenance costs are charged to the Consolidated Statement of Profit and Loss
during the financial period in which they are incurred. The Directors annually consider the need
to impair these assets.
Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis
over the estimated useful lives of each part of an item of property, plant and equipment. The
estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate,
at each balance sheet date.
The carrying values of property, plant and equipment are reviewed on an ongoing basis for any
indication of impairment. Where any indication of impairment exists, the recoverable value of the
assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and
Loss whenever the carrying value of property, plant and equipment exceeds its recoverable amount.
Assets under construction represents the cost of purchasing, constructing and installing property,
plant and equipment ahead of their productive use. The category is temporary, pending
completion of the assets and their transfer to the appropriate and permanent category of
property, plant and equipment. As such, no depreciation is charged on assets under construction.
10. Right-of-use assets
The Group holds material leases for premises, electric vehicles (EV) and lower value leases for IT
equipment, with lease terms ranging from 1 year to 10 years. The Group recognises right-of-use
assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement of Financial
Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have
a term less than 12 months). Short-term lease expense is recognised in operating expenses.
Lease liabilities are initially measured at the present value of the remaining lease payments
discounted at the Group\u2019s incremental borrowing rate. Subsequently, lease liabilities are measured
by adjusting to reflect interest on the lease liability, reducing the liability to reflect lease payments
made and to reflect any reassessment or lease modifications, or revised in-substance fixed lease
payments (refer to Note 20).
The associated right-of-use asset for property leases and other assets is initially measured at the
amount equal to the lease liability reduced for any lease incentives received, and increased for:
lease payments made at or before commencement of the lease; initial direct costs incurred; and
the amount of any provision recognised where the Group is contractually required to dismantle,
remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less
any accumulated depreciation and adjusted for any re-measurement of the lease liability. The re-
measured lease liability is calculated by discounting the revised lease payments using a revised
discount rate at the effective date of the modification. A corresponding adjustment is also made
to the right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss
may be recognised.
Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful
economic life following the periods set out in the property, plant and equipment depreciation
policy. Where the lease transfers ownership of the underlying asset to the lessee by the end
of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a
purchase option, the right-of-use asset is depreciated over its useful economic life.
Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The
carrying values of right-of-use assets are reviewed on an ongoing basis for any indication of
impairment. Where any indication of impairment exists, the recoverable value of the assets is
estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss
whenever the carrying value of a right-of-use asset exceeds its recoverable amount.
11. Intangible assets
Research and development
Expenditure incurred on research and development is distinguished as relating to a research
phase or development phase with reference to the Group\u2019s technology and product development
process.
All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as
an expense when incurred (see Note 3). Development phase expenditure is capitalised from the
point that all of the following conditions are met:
\u2022 The product or process under development is technically and commercially feasible;
\u2022 The Group intends to and has the technical ability and sufficient resources to complete the
development;
\u2022 Future economic benefits are probable; and
\u2022 The Group can measure reliably the expenditure attributable to the asset during its development.
Development phase activities involve a plan or design for the production of new or substantially
improved products or processes in relation to the Group\u2019s core solid oxide cell and system
technology and intellectual property. The expenditure capitalised includes the cost of materials,
direct labour and an appropriate proportion of overheads.
Capitalisation of development phase activities continues until the point at which the product or
process under development meets its originally mandated technical specification. For product
and process development, this is at the point where the production design version is approved
or the development is completed.
Subsequent expenditure is capitalised where it enhances the functionality of the asset and
demonstrably generates an enhanced economic benefit to the Group. All other subsequent
expenditure on the product or process is expensed as incurred.
Where development activities are funded through government grants and the cost of those
activities is capitalised under this policy, the grants received are considered capital grants and
are presented as deferred income and recognised in the Consolidated Statement of Profit and
Loss as other operating income on a basis consistent with the depreciation or amortisation of the
asset over its estimated useful life.
Patent costs incurred in the procurement of patents in relevant territories are capitalised where
the Group considers those patents relate to technology that is deemed to be commercially
feasible. Other patent costs and costs to maintain patents once granted in those territories are
expensed to in the Consolidated Statement of Profit and Loss as incurred.
Subsequent to recognition, internally generated intangible assets are reported at cost less
accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives and is presented within operating costs. The
estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date.
Intangible assets which are not yet available for use are tested for impairment at each balance
sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of
impairment. Where any indication of impairment exists, the recoverable value of the assets is
estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss
whenever the carrying value of an intangible asset exceeds its recoverable amount.
13. Inventories
Inventories consist of raw materials, work in progress and finished goods.
Trade and other receivables
Trade receivables are recognised initially at transaction price and subsequently held at amortised
cost using the effective interest method, less loss allowances. Loss allowances are calculated
using the simplified approach to determine expected credit losses, taking into account both
historical payment profiles and any credit losses experienced, together with forward-looking
macroeconomic factors. The carrying amount of these balances approximates to fair value due
to the short maturity of amounts receivable. Payment terms generally range between 30 and 60
days depending on the customer.
Although the Group\u2019s past experience of significant credit losses on these assets has been
negligible, the impairment assessment performed by the Group considers both past experience
and future expectations of credit losses. As a result of this assessment, the Group considers the
risk of expected credit losses on trade receivables and contract assets to be immaterial. Further
details on this assessment are provided in Note 19.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and
short-term deposits with an original maturity of less than or equal to one month.
17. Trade and other payables
Trade and other payables are initially recognised at fair value, which is typically the invoiced
amount and then held at amortised cost. Other payables include taxes and social security
amounts due on behalf of the Group\u2019s employees.
Derivative financial instruments
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency
exchange rates. The Group uses forward contracts, and in limited circumstances options, to
hedge against foreign currency-denominated income and expenditure commitments. The use of
financial derivatives is governed by the Group\u2019s Treasury Policy, as approved by the Board. The
Group does not use derivative financial instruments for speculative purposes. Details of financial
instruments are shown later in this note.
Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement
to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they
arise and are shown in Note 3.
The Group only uses derivative financial instruments to hedge foreign currency exposures
which arise from an underlying current or anticipated business requirement. The Group does
not currently apply hedge accounting to any derivatives in place, and derivatives are treated at
fair value through P&L. The Group does not currently use derivative instruments to manage its
interest rate risk. The Group does not trade in financial instruments.
Fair values of financial assets and financial liabilities
There is no material difference between the fair value and the carrying value of the Group\u2019s
financial assets and financial liabilities. Carrying value approximates to fair value because of the
short maturity periods of these financial instruments.
None of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2025 (31
December 2024: none).
20. Lease liabilities
The Group leases certain assets under lease agreements. The lease liability consists of leases of
land and buildings and computer equipment. The property leases expire between June 2026 and
November 2028. Full details of the accounting policy under which leases are recognised are in
Note 10.
21. Provisions and contingent liabilities
Provisions
A provision is recognised in the Consolidated Statement of Financial Position when the Group
has a present legal or constructive obligation as a result of a past event that can be reliably
measured and it is probable that an outflow of economic benefits will be required to settle the
obligation where relevant.
Contingent liabilities
Contingent liabilities are disclosed where the likelihood of payment of potential future cash
outflows is considered more than remote, but is not considered probable or cannot be measured
reliably.
Property dilapidations
Provisions have been made for future dilapidation costs on the leased properties. This provision
is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent
on future events and are updated periodically. The estimate is supported by advice received
from professional advisers. Provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between
expectations and the actual future liability will be accounted for in the period when such
determination is made.
Warranties
As at the year end, only a small proportion of technology hardware supplied or sold to
customers was provided with contractual warranties. The warranty provision is recognised in
accordance with IAS 37 as the majority of technology hardware supplied or sold to customers
has been provided without contractual warranties and there is no option to acquire a warranty
separately. Where a constructive obligation is considered to have been created through an
expectation or past practice, a provision for the associated costs of future claims has been
included at the year end. The Group recognises a provision for both contractual and constructive
obligation warranties when the underlying products and services are sold. The provision is based
on the past performance of the technology hardware, management\u2019s knowledge, customer
expectations and a weighting of possible outcomes against their associated probabilities. Where
warranty obligations are not considered to be probable, they are not provided for but instead are
disclosed as contingent liabilities unless remote.
Settlement provision At the year end, the Group recognised a provision of \u00a31,980,000 in respect of an obligation arising from the termination of a supply contract. The provision represents management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date. After the year end, the Group agreed and paid this settlement amount to the third party involved.
24. Share options
Share-based payments
The Group has a number of employee and Executive share option and award schemes under
which it makes equity-settled share-based payments.
The fair value of share-based payment awards granted to employees is recognised as an
employee expense, with a corresponding increase in equity, over the period in which the
employees become unconditionally entitled to the awards. The fair value of the awards granted
is measured using option valuation models, taking into account the terms and conditions upon
which the awards were granted. The fair value of the share-based payment, determined at the
grant date, is measured to reflect vesting conditions and for market-related vesting conditions
there is no true-up for differences between expected and actual outcomes. Expected volatility
was determined by calculating the historical volatility of the Company\u2019s shares over a period
consistent with the expected term of the options.
Where the parent Company grants options over its own shares to the employees of the Group,
these are accounted for as equity-settled in the consolidated accounts of the Group.
The total charge recognised in the year ended 31 December 2025 relating to employee share-
based payments was \u00a31,260,000 (2024: \u00a3964,000).
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", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "Basis of preparation The consolidated financial statements of the Group have been prepared on a going concern basis, in accordance with UK-adopted International Accounting Standards (\u201cIFRS\u201d). The Company has elected to prepare its entity financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and these are presented on pages 136 to 141. The consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments that are stated at their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "The consolidated financial statements of the Group have been prepared on a going concern basis, in accordance with UK-adopted International Accounting Standards (\u201cIFRS\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency. Transactions denominated in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the foreign exchange rate prevailing at the period end. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Profit and Loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "The consolidated financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "Basis of consolidation The consolidated financial statements of Ceres Power Holdings plc include the results of the Company, subsidiaries which are controlled by the Group and the Group\u2019s interest in associates. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances and transactions, and any unrealised income and expenses arising from Intra-Group transactions, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "The consolidated financial statements of Ceres Power Holdings plc include the results of the Company, subsidiaries which are controlled by the Group and the Group\u2019s interest in associates. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances and transactions, and any unrealised income and expenses arising from Intra-Group transactions, are eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition- related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition- related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "Going concern The Group has reported a loss after tax for the year ended 31 December 2025 of \u00a347.5 million (2024: \u00a328.3 million) and net cash used in operating activities of \u00a320.1 million (2024: \u00a335.9 million). At 31 December 2025, the Group held cash and cash equivalents and investments of \u00a383.3 million (31 December 2024: \u00a3102.5 million). The Directors have prepared monthly budgets and cash flow projections that extend up to 31 December 2027. The forecast operating cash requirement will be lower in 2026 compared to 2025 following the Group\u2019s restructuring. Future projections include management\u2019s expectations of the further investment in R&D projects, new product development and capital investment as the Group sustains its competitive advantage in licensing fuel cell and electrolysis technologies. Future cash inflows reflects management\u2019s expectations of revenue from existing and new licensee partners in both the power and green hydrogen markets. The projections were stress tested by applying different scenarios in line with the Group\u2019s viability scenarios presented on pages 46 to 47 including a slower intake of future licensee partners leading to a loss of significant future revenue and a resulting cost mitigation. In each case the projections demonstrated that the Group is expected to have sufficient cash reserves to meet its liabilities as they fall due and to continue as a going concern for at least a period of 12 months. For the above reasons, the Directors continue to adopt the going concern basis in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Critical accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results may ultimately differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. Significant judgements The judgements made by management in applying accounting policies that are considered to have the most significant impact on the Group\u2019s assets and liabilities are the following: \u2022 Revenue from customer contracts; \u2022 Capitalisation and amortisation of development costs; and \u2022 Determination of the term of the lease as a lessee in the event of agreements with termination options. Revenue from customer contracts The Group generated \u00a332.6 million in revenue from customer contracts during the year ended 31 December 2025 (2024: \u00a351.9 million). At year end, net contract liabilities are at \u00a323.1 million (2024: \u00a32.5 million). Note 2 provides a detailed explanation of Group\u2019s revenue recognition accounting policies and the change in net contract liability position compared to the prior year. Customer contracts typically include engineering services, technology hardware sales, and licensing agreements. Recognising revenue from these contracts requires judgement in several key areas: Enforceable rights: In determining the contract length, we assess each contract\u2019s termination clauses to determine if there are substantive termination penalties such that enforceable rights exist across the contracted term. Identifying performance obligations: We assess each contract to determine the distinct promises made to the customer. This involves judgement, as each contract can have unique elements. Allocating revenue: We determine the appropriate allocation of revenue to each distinct performance obligation within a contract. This requires judgement of the relative value of each element. Assessing variable consideration: Some contracts include variable consideration. These amounts are evaluated, including any limitations on their recognition, to ensure revenue is recognised appropriately. A key element of revenue recognition involves determining the nature of our technology licences. This requires judgement to distinguish between granting a right to use existing intellectual property (IP) and a right to access future IP developments. For example, if a customer gains access to our existing IP at a specific point in time, this is typically treated as a right to use licence. In contrast, where a contract confers the customer with the right to benefit from future IP developments as they occur, that is more likely to be treated as a right to access licence. Determining the point at which the customer fully benefits from the IP also requires judgement, considering factors such as the customer\u2019s experience with solid oxide cell technology. These judgements are based on a thorough review and interpretation of the specific terms and conditions within each customer contract. Revenue is recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Capitalisation and amortisation of development costs When determining the criteria for starting, and subsequently ceasing, the capitalisation of development costs as an internally generated asset, IAS 38 requires that strict criteria are met; in particular, that it is probable that future economic benefits will result from the development asset. Following the signing of commercial contracts with strategic partners in 2018, management concluded that the probability of future economic benefits for the Group\u2019s SOFC platform had been met, enabling capitalisation during the period of focused product development through to 2024, when the technology reached sufficient technical maturity to cease further capitalisation. Subsequent innovation activity, including optimisation of SOEC, is undertaken through agile, cross-functional development structures in which research and development phases occur concurrently. As these programmes have not yet reached a stage where technical feasibility can be evidenced, related expenditure does not meet the IAS\u202f38 capitalisation threshold and is expensed as incurred. Determining when capitalisation should commence is a critical judgement, as is the basis for the appropriate stage at which to cease capitalising ongoing costs and to commence amortising the capitalised asset. Within the Group there is an established technology and product development process with gated milestones that assesses the technology and product viability and maturity. Generally, until a programme has passed the required milestone gate, all expenditure is deemed \u201cResearch\u201d and expensed as incurred. Identifiable development expenses incurred after the milestone gate is passed are capitalised within the parameters set out in the accounting policy. Once a programme has passed another milestone gate, confirming development activities are completed, the capitalisation of costs ceases. Any further expenditure is expensed, and amortisation of the intangible asset commences. Application of the above policy requires management\u2019s judgement around key areas such as future commercial feasibility of the development and that future economic benefit will be derived from the development. The Executive Committee regularly reviews the critical judgements around capitalisation and useful economic life of development projects. During the year ended 31 December 2025, the application of these judgements resulted in no development costs being capitalised (2024: \u00a32.3 million) (see Note 11). The net book value of capitalised development costs as at 31 December 2025 decreased to \u00a316.0 million (31 December 2024: \u00a319.9 million), and amortisation of \u00a33.8 million (2024: \u00a31.3 million) was charged during the year. Determination of the term of the lease as a lessee in the event of agreements with termination options Ceres determines the term of the lease as the non-cancellable period for which the lessee has the right to use the asset as well as periods covered by termination options if Ceres is reasonably certain that it will not exercise that option. Both leases for premises contain a break clause. Ceres applies judgement in evaluating whether it is reasonably certain that an option to renew will be exercised or that an option to terminate the lease will not be exercised. In this context, Ceres considers all relevant facts and circumstances that create an economic incentive for Ceres to exercise, or not to exercise, the termination option. Significant estimates and assumptions Significant estimates and associated assumptions are those that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results may ultimately differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The most significant estimates, assumptions and sources of uncertainty applicable in preparing the consolidated financial statements are set out below: \u2022 Determination of period-related revenue recognition over the course of customer contracts; and \u2022 Recognition and measurement of dilapidation provisions. Determination of period-related revenue recognition over the course of customer contracts For engineering services and development licences, revenue is recognised over time as the performance obligation is progressively satisfied. The determination of the amount and timing of revenue recognition requires significant estimation to assess the stage of completion for contracts with these performance obligations. The stage of completion for both engineering services and development licences is typically determined using an input method, based on progress towards the contracted completion date of the statement of work, assessed by comparing time elapsed with time remaining. Changes in these estimates may impact the revenue recognised at the reporting date. Recognition and measurement of dilapidation provisions As at 31 December 2025, the Group has recognised dilapidation provisions of \u00a32.4 million (31 December 2024: \u00a32.3 million). The amount of provision is based on the expected cost at the termination of the lease agreements based on the current condition of the properties, to bring the leasehold properties back to their original condition. The provision has been based on an independent surveyor\u2019s report; however, management has applied judgement and interpretation to determine the best estimate of the expenditure required to settle the Group\u2019s probable liability based on this valuation, as well as to determine appropriate discount and inflation rates to apply. If total dilapidation costs ended up being 10% higher than expected, additional costs incurred would be in the order of \u00a30.2 million (2024: \u00a30.3 million). Note 21 sets out further details around the Group\u2019s dilapidation provisions. Other estimates Recognition and measurement of warranty provisions and contingent liabilities As at 31 December 2025, the Group recognised warranty provisions of \u00a30.2 million (31 December 2024: \u00a30.4 million). When recognising and measuring provisions, assumptions are required about probability of occurrence, maturity and level of risk. Determining whether a current obligation exists is usually based on review by internal experts. The amount of provision is based on expected expenses, and is either calculated by assessing the specific case in light of empirical values, outcomes from comparable circumstances, evidence provided from historical commercial settlements, or else estimated by experts. Management believes that, based on existing knowledge, it is reasonably possible that warranty costs could be up to 50% higher or lower than recognised. This could result in the Group incurring additional costs of up to c.\u00a30.1 million over the next 12 months (2024: \u00a30.2 million) as a result. Note 21 sets out further details around the Group\u2019s warranty provisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "New standards and amendments applicable as of 1 January 2025 The Group has adopted all standards, interpretations amended or newly issued by the IASB that were effective in the year. There is one amendment to IFRS Accounting Standards that became applicable from 1 January 2025, adoption has not had any material effect on the consolidated financial statements: \u2022 IAS 21 The Effect of Changes in Foreign Exchange (Amendment \u2013 Lack of exchangeability). As at 31 December 2025, the following agenda decisions were issued for preparation of annual reports in 2025. None of the agenda decisions were relevant to the Group\u2019s financial statements: \u2022 February 2025: Classification of Cash Flows related to Variation Margin Calls on \u2018Collateralised- to-Market\u2019 Contracts (IAS 7); \u2022 April 2025: Recognition of Revenue from Tuition Fees (IFRS 15); \u2022 April 2025: Recognition of Intangible Assets from Climate-related Expenditure (IAS 38); \u2022 April 2025: Guarantees Issued on Obligations of Other Entities; and \u2022 July 2025: Assessing indicators of Hyperinflationary Economies (IAS 29). ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "New standards and amendments applicable as of 1 January 2025 The Group has adopted all standards, interpretations amended or newly issued by the IASB that were effective in the year. There is one amendment to IFRS Accounting Standards that became applicable from 1 January 2025, adoption has not had any material effect on the consolidated financial statements: \u2022 IAS 21 The Effect of Changes in Foreign Exchange (Amendment \u2013 Lack of exchangeability). As at 31 December 2025, the following agenda decisions were issued for preparation of annual reports in 2025. None of the agenda decisions were relevant to the Group\u2019s financial statements: \u2022 February 2025: Classification of Cash Flows related to Variation Margin Calls on \u2018Collateralised- to-Market\u2019 Contracts (IAS 7); \u2022 April 2025: Recognition of Revenue from Tuition Fees (IFRS 15); \u2022 April 2025: Recognition of Intangible Assets from Climate-related Expenditure (IAS 38); \u2022 April 2025: Guarantees Issued on Obligations of Other Entities; and \u2022 July 2025: Assessing indicators of Hyperinflationary Economies (IAS 29). New standards and amendments issued but not yet effective The following adopted IFRSs have been issued, have an effective date for annual periods beginning on or after 1 January 2026 and have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a material effect on the consolidated financial statements unless otherwise indicated. The following amendments are effective for the periods beginning 1 January 2026 and 1 January 2027, but have not yet been adopted by the UK Endorsement Board: \u2022 IFRS 9 Financial Instruments (Amendment \u2013 Classification and measurement of financial instruments); \u2022 IFRS 9, IFRS 7 Presentation and disclosure of financial instruments (Amendment \u2013 Contracts referencing nature-dependent electricity); \u2022 IAS 21 Foreign currencies (Amendment \u2013 Translation to Hyperinflationary Presentation Currency); \u2022 IFRS 18 Presentation and Disclosure in Financial Statements is applicable from 1 January 2027 (endorsed in the UK on 10 December 2025). Management have not yet assessed the impact; and \u2022 IFRS 19 Subsidiaries without Public Accountability Disclosures is applicable from 1 January 2027 has not yet been endorsed by the UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "New standards and amendments issued but not yet effective The following adopted IFRSs have been issued, have an effective date for annual periods beginning on or after 1 January 2026 and have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a material effect on the consolidated financial statements unless otherwise indicated. The following amendments are effective for the periods beginning 1 January 2026 and 1 January 2027, but have not yet been adopted by the UK Endorsement Board: \u2022 IFRS 9 Financial Instruments (Amendment \u2013 Classification and measurement of financial instruments); \u2022 IFRS 9, IFRS 7 Presentation and disclosure of financial instruments (Amendment \u2013 Contracts referencing nature-dependent electricity); \u2022 IAS 21 Foreign currencies (Amendment \u2013 Translation to Hyperinflationary Presentation Currency); \u2022 IFRS 18 Presentation and Disclosure in Financial Statements is applicable from 1 January 2027 (endorsed in the UK on 10 December 2025). Management have not yet assessed the impact; and \u2022 IFRS 19 Subsidiaries without Public Accountability Disclosures is applicable from 1 January 2027 has not yet been endorsed by the UK. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "2. Revenue Revenue and direct costs Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the Group. Revenue primarily consists of amounts received or receivable from licence, development, evaluation and supply contracts. Manufacturing licence agreements Manufacturing licence agreements serve to licence core cell and stack IP with associated performance obligations to support the partner through to factory launch and royalty generation. As the core IP has matured, these agreements have moved from having a focus on collaborative development of the IP, to a less bespoke licence and support model. These two types of manufacturing licence agreement are referred to below as \u201clegacy\u201d and \u201cnew\u201d. Legacy manufacturing licence agreements Engineering services \u2013 the nature of work typically includes joint development of core IP along with stand-ready support to assist the partner to factory launch. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Revenue is recognised based on an input method as the performance obligation is satisfied. Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise in their factory and system development. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to the partner on delivery and therefore the performance obligation is satisfied at a point in time. Right to use technology transfer licence \u2013 the right to use technology transfer licence provides the partner with the required IP to design and construct a manufacturing facility. The performance obligation is satisfied at a point in time when the technology transfer is provided to the partner. Right to access development licence \u2013 the right to access development licence provides the partner the right to access future technology advancements up until the start of production. The performance obligation is transferred to the partner evenly over time up until the partner starts commercial production. Revenue for both licences is allocated on a residual basis after the allocation of engineering services and prototype hardware. New manufacturing licence agreements Right to use technology transfer licence \u2013 the right to use technology transfer licence provides the partner with the required IP to design and construct a manufacturing facility. Revenue is allocated by reference to a stand-alone selling price observable for the performance obligation. The performance obligation is satisfied at a point in time when the technology transfer is provided to the partner. Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise in their factory and system development. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to the partner on delivery and therefore the performance obligation is satisfied at a point in time. Right to access development licence \u2013 the right to access development licence provides the partner the right to access future technology advancements up until the start of production. The performance obligations transferred to the partner evenly over time up until the partner starts commercial production. Engineering services \u2013 the nature of the work typically comprises stand-ready support to help our partners with their commercialisation targets. The performance obligation is recognised as support occurs and, without evidence to the contrary, is transferred to the partner evenly over time up until the partner starts commercial production. Where not directly observed, revenue is allocated to the right to access development licence and engineering services on a residual basis after allocation of revenue to the right to use licence and provision of prototype hardware. Technology evaluation occurs when partners evaluate Ceres technology for potential further uses. The performance obligations typically consist of prototype hardware and engineering services and revenue is allocated in line with legacy manufacturing licence agreements. For prototype hardware recognition of revenue depends on the nature of the evaluation, if the control of the hardware remains with Ceres, revenue is recognised evenly over the period of evaluation. If the control is transferred to the customer, revenue is recognised at the point in time control is passed to the customer. Other licence, development and supply agreements Aside from the agreement types laid out above, Ceres also engage in other licence, development and supply agreements with partners. These could contain right to use and right to access licences, engineering services and prototype hardware supply and are typically accounted for in the same manner as legacy manufacturing licence agreements. Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further in the significant judgements and estimates section of Note 1. The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met. Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability is recognised. If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss. Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the customer at the reporting date, can be included in the transaction price associated with the performance obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price of the additional promised goods or services. Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract, either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single performance obligation that is only partially satisfied when the contract is modified.
Geographical market
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Europe
4,571
8,689
Asia
27,989
43,064
North America
83
138
32,643
51,891
For the year ended 31 December 2025, the Group has identified four major customers (defined
as customers that individually contributed more than 10% of the Group\u2019s total revenue) that
accounted for approximately 33%, 23%, 17% and 11% of the Group\u2019s total revenue recognised
in the year (year ended 31 December 2024: three customers that accounted for approximately
44%, 26% and 13% of the Group\u2019s total revenue recognised for that year).
Major product/service lines
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Provision of technology hardware
10,289
6,938
Engineering services and licences
22,244
44,953
Royalties
110
\u2014
32,643
51,891
Timing of transfer of goods and services
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Products and services transferred at a point in time
14,328
33,030
Products and services transferred over time
18,315
18,861
32,643
51,891
Contract-related assets and liabilities
31 Dec 2025 31 Dec 2024 1 Jan 2024
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
14
14,938
9,872
3,422
Contract assets \u2013 accrued income
143
7,333
1,575
Contract assets \u2013 deferred contract costs
\u2014
875
\u2014
Total contract-related assets
15,081
18,080
4,997
Contract liabilities - variable consideration
constrained
(1,500)
(525)
\u2014
Contract liabilities - deferred income
(21,784)
(10,157)
(7,469)
Total contract liabilities
(23,284)
(10,682)
(7,469)
No material expected credit losses were recognised against trade receivables or contract assets in either the current or prior year. Further details regarding the composition of trade receivables can be found in Note 14. The contract assets \u2013 accrued income \u2013 relates to consideration for work completed but not billed at the reporting date. The contract assets are transferred to trade receivables when the work is invoiced. The decrease in the balance compared with 31 December 2024 is a result of significant up front revenue recognised in the prior year from two new licence customers and timing differences with invoicing. The contract assets \u2013 deferred contract costs \u2013 relates to costs to fulfil our performance obligations under an obtained contract, but before transferring goods or services to the customer. Contract cost assets are amortised on a systematic basis consistent with the expected pattern of transfer of the related goods or services under the contract. The contract liabilities \u2013 deferred income \u2013 relates to invoices raised in advance of the performance obligation being satisfied. There are no significant financing components associated with deferred income. The increase in the balance compared with the prior year is primarily due to timing differences between revenue recognised on work performed and raising invoices to customers. The contract liabilities \u2013 The contract liabilities \u2013 variable consideration constrained \u2013 represent amounts deferred where variable consideration has been constrained due to the risk of significant revenue reversal under IFRS 15. Although the related performance obligations have been satisfied and invoiced, revenue is recognised only when the uncertainty is resolved. Revenue recognised in the current year that was included in the contract liabilities \u2013 deferred income \u2013 balance at the beginning of the year was \u00a35,550,000 (31 December 2024: \u00a33,284,000). Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Contract Contract
assets liabilities
2025 2025
\u00a3\u2019000 \u00a3\u2019000
Revenue recognised that was included in the contract liability
balance at the beginning of the year
\u2014
5,550
Increases due to invoices raised, excluding amounts recognised as
revenue
\u2014
(18,152)
Transfers from contract assets recognised at the beginning of the
year to revenue
(7,299)
\u2014
Increase in contract asset due to satisfaction of performance
obligations for which consideration is not yet due
109
\u2014
Contract Contract
assets liabilities
2024 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue recognised that was included in the contract liability
balance at the beginning of the year
\u2014
3,284
Increases due to invoices raised, excluding amounts recognised as
revenue
\u2014
(6,497)
Transfers from contract assets recognised at the beginning of the
year to revenue
(1,575)
\u2014
Increase in contract asset due to satisfaction of performance
obligations for which consideration is not yet due
7,333
\u2014
The revenue expected to be recognised in future years for evaluation and development, supply
and licence agreements in respect of performance obligations that are unsatisfied (or partially
unsatisfied) at the year end is:
2026 2027 2028
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
1
39,873
21,624
12,026
The comparatives as at 31 December 2024 are as follows:
2025 2026 2027
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
1
26,200
24,029
9,671
1. Excluding future royalties receivable from partners.
The above analysis excludes revenue which is contracted but contingent upon milestones or
decision criteria which are at the customers\u2019 discretion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "2. Revenue Revenue and direct costs Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the Group. Revenue primarily consists of amounts received or receivable from licence, development, evaluation and supply contracts. Manufacturing licence agreements Manufacturing licence agreements serve to licence core cell and stack IP with associated performance obligations to support the partner through to factory launch and royalty generation. As the core IP has matured, these agreements have moved from having a focus on collaborative development of the IP, to a less bespoke licence and support model. These two types of manufacturing licence agreement are referred to below as \u201clegacy\u201d and \u201cnew\u201d. Legacy manufacturing licence agreements Engineering services \u2013 the nature of work typically includes joint development of core IP along with stand-ready support to assist the partner to factory launch. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Revenue is recognised based on an input method as the performance obligation is satisfied. Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise in their factory and system development. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to the partner on delivery and therefore the performance obligation is satisfied at a point in time. Right to use technology transfer licence \u2013 the right to use technology transfer licence provides the partner with the required IP to design and construct a manufacturing facility. The performance obligation is satisfied at a point in time when the technology transfer is provided to the partner. Right to access development licence \u2013 the right to access development licence provides the partner the right to access future technology advancements up until the start of production. The performance obligation is transferred to the partner evenly over time up until the partner starts commercial production. Revenue for both licences is allocated on a residual basis after the allocation of engineering services and prototype hardware. New manufacturing licence agreements Right to use technology transfer licence \u2013 the right to use technology transfer licence provides the partner with the required IP to design and construct a manufacturing facility. Revenue is allocated by reference to a stand-alone selling price observable for the performance obligation. The performance obligation is satisfied at a point in time when the technology transfer is provided to the partner. Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise in their factory and system development. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to the partner on delivery and therefore the performance obligation is satisfied at a point in time. Right to access development licence \u2013 the right to access development licence provides the partner the right to access future technology advancements up until the start of production. The performance obligations transferred to the partner evenly over time up until the partner starts commercial production. Engineering services \u2013 the nature of the work typically comprises stand-ready support to help our partners with their commercialisation targets. The performance obligation is recognised as support occurs and, without evidence to the contrary, is transferred to the partner evenly over time up until the partner starts commercial production. Where not directly observed, revenue is allocated to the right to access development licence and engineering services on a residual basis after allocation of revenue to the right to use licence and provision of prototype hardware. Technology evaluation occurs when partners evaluate Ceres technology for potential further uses. The performance obligations typically consist of prototype hardware and engineering services and revenue is allocated in line with legacy manufacturing licence agreements. For prototype hardware recognition of revenue depends on the nature of the evaluation, if the control of the hardware remains with Ceres, revenue is recognised evenly over the period of evaluation. If the control is transferred to the customer, revenue is recognised at the point in time control is passed to the customer. Other licence, development and supply agreements Aside from the agreement types laid out above, Ceres also engage in other licence, development and supply agreements with partners. These could contain right to use and right to access licences, engineering services and prototype hardware supply and are typically accounted for in the same manner as legacy manufacturing licence agreements. Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further in the significant judgements and estimates section of Note 1. The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met. Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability is recognised. If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss. Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the customer at the reporting date, can be included in the transaction price associated with the performance obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price of the additional promised goods or services. Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract, either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single performance obligation that is only partially satisfied when the contract is modified. Geographical market
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Europe
4,571
8,689
Asia
27,989
43,064
North America
83
138
32,643
51,891
For the year ended 31 December 2025, the Group has identified four major customers (defined as customers that individually contributed more than 10% of the Group\u2019s total revenue) that accounted for approximately 33%, 23%, 17% and 11% of the Group\u2019s total revenue recognised in the year (year ended 31 December 2024: three customers that accounted for approximately 44%, 26% and 13% of the Group\u2019s total revenue recognised for that year). Major product/service lines
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Provision of technology hardware
10,289
6,938
Engineering services and licences
22,244
44,953
Royalties
110
\u2014
32,643
51,891
Timing of transfer of goods and services
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Products and services transferred at a point in time
14,328
33,030
Products and services transferred over time
18,315
18,861
32,643
51,891
Contract-related assets and liabilities
31 Dec 2025 31 Dec 2024 1 Jan 2024
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
14
14,938
9,872
3,422
Contract assets \u2013 accrued income
143
7,333
1,575
Contract assets \u2013 deferred contract costs
\u2014
875
\u2014
Total contract-related assets
15,081
18,080
4,997
Contract liabilities - variable consideration
constrained
(1,500)
(525)
\u2014
Contract liabilities - deferred income
(21,784)
(10,157)
(7,469)
Total contract liabilities
(23,284)
(10,682)
(7,469)
No material expected credit losses were recognised against trade receivables or contract assets
in either the current or prior year. Further details regarding the composition of trade receivables
can be found in Note 14.
The contract assets \u2013 accrued income \u2013 relates to consideration for work completed but not
billed at the reporting date. The contract assets are transferred to trade receivables when the
work is invoiced. The decrease in the balance compared with 31 December 2024 is a result of
significant up front revenue recognised in the prior year from two new licence customers and
timing differences with invoicing.
The contract assets \u2013 deferred contract costs \u2013 relates to costs to fulfil our performance
obligations under an obtained contract, but before transferring goods or services to the
customer. Contract cost assets are amortised on a systematic basis consistent with the expected
pattern of transfer of the related goods or services under the contract.
The contract liabilities \u2013 deferred income \u2013 relates to invoices raised in advance of the performance
obligation being satisfied. There are no significant financing components associated with
deferred income. The increase in the balance compared with the prior year is primarily due
to timing differences between revenue recognised on work performed and raising invoices to
customers.
The contract liabilities \u2013 The contract liabilities \u2013 variable consideration constrained \u2013 represent
amounts deferred where variable consideration has been constrained due to the risk of significant
revenue reversal under IFRS 15. Although the related performance obligations have been satisfied
and invoiced, revenue is recognised only when the uncertainty is resolved.
Revenue recognised in the current year that was included in the contract liabilities \u2013 deferred
income \u2013 balance at the beginning of the year was \u00a35,550,000 (31 December 2024: \u00a33,284,000).
Significant changes in the contract assets and the contract liabilities balances during the year are
as follows:
Contract Contract
assets liabilities
2025 2025
\u00a3\u2019000 \u00a3\u2019000
Revenue recognised that was included in the contract liability
balance at the beginning of the year
\u2014
5,550
Increases due to invoices raised, excluding amounts recognised as
revenue
\u2014
(18,152)
Transfers from contract assets recognised at the beginning of the
year to revenue
(7,299)
\u2014
Increase in contract asset due to satisfaction of performance
obligations for which consideration is not yet due
109
\u2014
Contract Contract
assets liabilities
2024 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue recognised that was included in the contract liability
balance at the beginning of the year
\u2014
3,284
Increases due to invoices raised, excluding amounts recognised as
revenue
\u2014
(6,497)
Transfers from contract assets recognised at the beginning of the
year to revenue
(1,575)
\u2014
Increase in contract asset due to satisfaction of performance
obligations for which consideration is not yet due
7,333
\u2014
The revenue expected to be recognised in future years for evaluation and development, supply and licence agreements in respect of performance obligations that are unsatisfied (or partially unsatisfied) at the year end is:
2026 2027 2028
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
1
39,873
21,624
12,026
The comparatives as at 31 December 2024 are as follows:
2025 2026 2027
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Evaluation, development, supply and licence agreements
1
26,200
24,029
9,671
1. Excluding future royalties receivable from partners. The above analysis excludes revenue which is contracted but contingent upon milestones or decision criteria which are at the customers\u2019 discretion.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Revenue and direct costs Revenue comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the Group\u2019s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the Group. Revenue primarily consists of amounts received or receivable from licence, development, evaluation and supply contracts. Manufacturing licence agreements Manufacturing licence agreements serve to licence core cell and stack IP with associated performance obligations to support the partner through to factory launch and royalty generation. As the core IP has matured, these agreements have moved from having a focus on collaborative development of the IP, to a less bespoke licence and support model. These two types of manufacturing licence agreement are referred to below as \u201clegacy\u201d and \u201cnew\u201d. Legacy manufacturing licence agreements Engineering services \u2013 the nature of work typically includes joint development of core IP along with stand-ready support to assist the partner to factory launch. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Revenue is recognised based on an input method as the performance obligation is satisfied. Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise in their factory and system development. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to the partner on delivery and therefore the performance obligation is satisfied at a point in time. Right to use technology transfer licence \u2013 the right to use technology transfer licence provides the partner with the required IP to design and construct a manufacturing facility. The performance obligation is satisfied at a point in time when the technology transfer is provided to the partner. Right to access development licence \u2013 the right to access development licence provides the partner the right to access future technology advancements up until the start of production. The performance obligation is transferred to the partner evenly over time up until the partner starts commercial production. Revenue for both licences is allocated on a residual basis after the allocation of engineering services and prototype hardware. New manufacturing licence agreements Right to use technology transfer licence \u2013 the right to use technology transfer licence provides the partner with the required IP to design and construct a manufacturing facility. Revenue is allocated by reference to a stand-alone selling price observable for the performance obligation. The performance obligation is satisfied at a point in time when the technology transfer is provided to the partner. Prototype hardware \u2013 the nature of the hardware is to supply the partner with hardware to utilise in their factory and system development. Revenue is allocated based on an initial cost estimate with an appropriate margin uplift applied (cost-plus margin). Control is assessed to have passed to the partner on delivery and therefore the performance obligation is satisfied at a point in time. Right to access development licence \u2013 the right to access development licence provides the partner the right to access future technology advancements up until the start of production. The performance obligations transferred to the partner evenly over time up until the partner starts commercial production. Engineering services \u2013 the nature of the work typically comprises stand-ready support to help our partners with their commercialisation targets. The performance obligation is recognised as support occurs and, without evidence to the contrary, is transferred to the partner evenly over time up until the partner starts commercial production. Where not directly observed, revenue is allocated to the right to access development licence and engineering services on a residual basis after allocation of revenue to the right to use licence and provision of prototype hardware. Technology evaluation occurs when partners evaluate Ceres technology for potential further uses. The performance obligations typically consist of prototype hardware and engineering services and revenue is allocated in line with legacy manufacturing licence agreements. For prototype hardware recognition of revenue depends on the nature of the evaluation, if the control of the hardware remains with Ceres, revenue is recognised evenly over the period of evaluation. If the control is transferred to the customer, revenue is recognised at the point in time control is passed to the customer. Other licence, development and supply agreements Aside from the agreement types laid out above, Ceres also engage in other licence, development and supply agreements with partners. These could contain right to use and right to access licences, engineering services and prototype hardware supply and are typically accounted for in the same manner as legacy manufacturing licence agreements. Material differences in the amount of revenue in any given period may result if the judgements or estimates prove to be incorrect or if management\u2019s estimates change on the basis of development of the business or market conditions. This is considered further in the significant judgements and estimates section of Note 1. The revenue recognition is subject to certainty of receipt of cash, or when any specific conditions in agreements have been met. Where there is a timing difference between the recognition of revenue and invoicing under a contract, a contract asset or liability is recognised. If a loss is expected in respect of a contract, the entire loss is recognised immediately in the Consolidated Statement of Profit and Loss. Variable consideration, such as for the achievement of performance targets or variation requests under negotiation with the customer at the reporting date, can be included in the transaction price associated with the performance obligations. These estimates of the expected value or most likely amount are recognised to the extent that it is highly probable that there will not be a significant reversal in the amount of cumulative revenue recognised in a future reporting period. Contract modifications are treated as a separate contract if the scope of the contract increases because of the addition of distinct goods or services, and the price of the contract increases by an amount of consideration that reflects the stand-alone selling price of the additional promised goods or services. Where a contract modification does not meet these criteria, it is accounted for as an adjustment to the existing contract, either prospectively, where the remaining goods or services are distinct from the goods and services transferred before the modification, or through a cumulative catch-up adjustment, where the remaining services are not distinct and are part of a single performance obligation that is only partially satisfied when the contract is modified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "Geographical market
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Europe
4,571
8,689
Asia
27,989
43,064
North America
83
138
32,643
51,891
For the year ended 31 December 2025, the Group has identified four major customers (defined as customers that individually contributed more than 10% of the Group\u2019s total revenue) that accounted for approximately 33%, 23%, 17% and 11% of the Group\u2019s total revenue recognised in the year (year ended 31 December 2024: three customers that accounted for approximately 44%, 26% and 13% of the Group\u2019s total revenue recognised for that year). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "For the year ended 31 December 2025, the Group has identified four major customers (defined as customers that individually contributed more than 10% of the Group\u2019s total revenue) that accounted for approximately 33%, 23%, 17% and 11% of the Group\u2019s total revenue recognised in the year (year ended 31 December 2024: three customers that accounted for approximately 44%, 26% and 13% of the Group\u2019s total revenue recognised for that year). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "3. Loss before taxation Research and development The Group undertakes research and development activities and expenditures not meeting the conditions for capitalisation (see Note 11), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating costs are split as follows:
Research and development costs
48,559
48,531
Administrative expenses
14,199
18,014
Commercial expenses
7,315
7,782
70,073
74,327
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(244)
(244)
Other operating income \u2013 RDEC tax credit
(2,924)
(2,602)
Other operating income \u2013 total
(3,168)
(2,846)
Staff costs, including share-based payments (Note 5)
41,452
44,996
Cost of inventories recognised as expense (Note 13)
5,168
7,073
Depreciation of property, plant and equipment (Note 9)
7,100
7,472
Depreciation of right-of-use assets (Note 10)
753
710
Amortisation of intangible assets (Note 11)
3,858
1,374
Repairs expenditure on property, plant and equipment
1,017
841
Net change in fair value of financial instruments at fair value
through profit or loss
90
(99)
Net foreign exchange (gain)/loss recognised in operating costs
(88)
136
Net foreign exchange loss recognised in finance expense
\u2014
79
Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent
Company and consolidated financial statements
136
127
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
328
329
\u2013 audit-related assurance services \u2013 review of interim financial
results, including audit assurance
32
31
\u2013 audit-related assurance services \u2013 2023 audit extension fees
\u2014
218
496
705
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "3. Loss before taxation Research and development The Group undertakes research and development activities and expenditures not meeting the conditions for capitalisation (see Note 11), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating costs are split as follows:
Research and development costs
48,559
48,531
Administrative expenses
14,199
18,014
Commercial expenses
7,315
7,782
70,073
74,327
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(244)
(244)
Other operating income \u2013 RDEC tax credit
(2,924)
(2,602)
Other operating income \u2013 total
(3,168)
(2,846)
Staff costs, including share-based payments (Note 5)
41,452
44,996
Cost of inventories recognised as expense (Note 13)
5,168
7,073
Depreciation of property, plant and equipment (Note 9)
7,100
7,472
Depreciation of right-of-use assets (Note 10)
753
710
Amortisation of intangible assets (Note 11)
3,858
1,374
Repairs expenditure on property, plant and equipment
1,017
841
Net change in fair value of financial instruments at fair value
through profit or loss
90
(99)
Net foreign exchange (gain)/loss recognised in operating costs
(88)
136
Net foreign exchange loss recognised in finance expense
\u2014
79
Services provided by the Group\u2019s auditor
During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent
Company and consolidated financial statements
136
127
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
328
329
\u2013 audit-related assurance services \u2013 review of interim financial
results, including audit assurance
32
31
\u2013 audit-related assurance services \u2013 2023 audit extension fees
\u2014
218
496
705
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Research and development The Group undertakes research and development activities and expenditures not meeting the conditions for capitalisation (see Note 11), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 3). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 The product or process under development is technically and commercially feasible; \u2022 The Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 Future economic benefits are probable; and \u2022 The Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core solid oxide cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Research and development The Group undertakes research and development activities and expenditures not meeting the conditions for capitalisation (see Note 11), are written off as incurred and charged to the Consolidated Statement of Profit and Loss. Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 3). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 The product or process under development is technically and commercially feasible; \u2022 The Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 Future economic benefits are probable; and \u2022 The Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core solid oxide cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount.
Internal
developments
in relation to Internal Perpetual
manufacturing development software
site programmes licences Patent costs Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
411
20,190
525
1,209
22,335
Additions
\u2014
2,010
\u2014
284
2,294
At 31 December 2024
411
22,200
525
1,493
24,629
Additions
\u2014
\u2014
87
\u2014
87
At 31 December 2025
411
22,200
612
1,493
24,716
Accumulated amortisation
At 1 January 2024
328
2,514
285
154
3,281
Charge for the year
83
1,019
124
148
1,374
At 31 December 2024
411
3,533
409
302
4,655
Charge for the year
\u2014
3,382
42
434
3,858
At 31 December 2025
411
6,915
451
736
8,513
Net book value
At 31 December 2025
\u2014
15,285
161
757
16,203
At 31 December 2024
\u2014
18,667
116
1,191
19,974
At 1 January 2024
83
17,676
240
1,055
19,054
The internal development intangible relates to the design, development and configuration of the Group\u2019s core solid oxide cell and system technology. Amortisation of capitalised development commences once the developed technology is complete and is available for use. The net book value of internal development programmes that are not available for use at 31 December 2025 are \u00a3nil (2024: \u00a3812,000). Amortisation of the 640 programme commenced in November 2024 with an assessed useful life of 7 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Government grants Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Profit and Loss as other operating income as the related costs are incurred and expensed. The reimbursement of the cost of an item of plant and equipment or intangible by way of a capital grant is presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to match the associated expenditure with the grant income. For grants with technical milestones, these grants are held on the Consolidated Statement of Financial Position as deferred income and are recognised only when the relevant milestone has been achieved. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating costs are split as follows:
Research and development costs
48,559
48,531
Administrative expenses
14,199
18,014
Commercial expenses
7,315
7,782
70,073
74,327
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(244)
(244)
Other operating income \u2013 RDEC tax credit
(2,924)
(2,602)
Other operating income \u2013 total
(3,168)
(2,846)
Staff costs, including share-based payments (Note 5)
41,452
44,996
Cost of inventories recognised as expense (Note 13)
5,168
7,073
Depreciation of property, plant and equipment (Note 9)
7,100
7,472
Depreciation of right-of-use assets (Note 10)
753
710
Amortisation of intangible assets (Note 11)
3,858
1,374
Repairs expenditure on property, plant and equipment
1,017
841
Net change in fair value of financial instruments at fair value
through profit or loss
90
(99)
Net foreign exchange (gain)/loss recognised in operating costs
(88)
136
Net foreign exchange loss recognised in finance expense
\u2014
79
", "dimensions": { "concept": "cerespowerplc:DisclosureOfOtherOperatingIncomeExpense", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating costs are split as follows:
Research and development costs
48,559
48,531
Administrative expenses
14,199
18,014
Commercial expenses
7,315
7,782
70,073
74,327
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(244)
(244)
Other operating income \u2013 RDEC tax credit
(2,924)
(2,602)
Other operating income \u2013 total
(3,168)
(2,846)
Staff costs, including share-based payments (Note 5)
41,452
44,996
Cost of inventories recognised as expense (Note 13)
5,168
7,073
Depreciation of property, plant and equipment (Note 9)
7,100
7,472
Depreciation of right-of-use assets (Note 10)
753
710
Amortisation of intangible assets (Note 11)
3,858
1,374
Repairs expenditure on property, plant and equipment
1,017
841
Net change in fair value of financial instruments at fair value
through profit or loss
90
(99)
Net foreign exchange (gain)/loss recognised in operating costs
(88)
136
Net foreign exchange loss recognised in finance expense
\u2014
79
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating costs are split as follows:
Research and development costs
48,559
48,531
Administrative expenses
14,199
18,014
Commercial expenses
7,315
7,782
70,073
74,327
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(244)
(244)
Other operating income \u2013 RDEC tax credit
(2,924)
(2,602)
Other operating income \u2013 total
(3,168)
(2,846)
Staff costs, including share-based payments (Note 5)
41,452
44,996
Cost of inventories recognised as expense (Note 13)
5,168
7,073
Depreciation of property, plant and equipment (Note 9)
7,100
7,472
Depreciation of right-of-use assets (Note 10)
753
710
Amortisation of intangible assets (Note 11)
3,858
1,374
Repairs expenditure on property, plant and equipment
1,017
841
Net change in fair value of financial instruments at fair value
through profit or loss
90
(99)
Net foreign exchange (gain)/loss recognised in operating costs
(88)
136
Net foreign exchange loss recognised in finance expense
\u2014
79
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating costs are split as follows:
Research and development costs
48,559
48,531
Administrative expenses
14,199
18,014
Commercial expenses
7,315
7,782
70,073
74,327
Loss before taxation is stated after (crediting)/charging:
Other operating income \u2013 grant income
(244)
(244)
Other operating income \u2013 RDEC tax credit
(2,924)
(2,602)
Other operating income \u2013 total
(3,168)
(2,846)
Staff costs, including share-based payments (Note 5)
41,452
44,996
Cost of inventories recognised as expense (Note 13)
5,168
7,073
Depreciation of property, plant and equipment (Note 9)
7,100
7,472
Depreciation of right-of-use assets (Note 10)
753
710
Amortisation of intangible assets (Note 11)
3,858
1,374
Repairs expenditure on property, plant and equipment
1,017
841
Net change in fair value of financial instruments at fair value
through profit or loss
90
(99)
Net foreign exchange (gain)/loss recognised in operating costs
(88)
136
Net foreign exchange loss recognised in finance expense
\u2014
79
9. Property, plant and equipment Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Profit and Loss during the financial period in which they are incurred. The Directors annually consider the need to impair these assets. Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying values of property, plant and equipment are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of property, plant and equipment exceeds its recoverable amount. Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction.
Leasehold Plant and Computer Fixtures Assets under
improvements machinery equipment and fittings construction Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
8,813
31,317
2,042
391
6,429
48,992
Additions
554
2,786
29
\u2014
1,805
5,174
Transfers
32
2,357
\u2014
\u2014
(2,389)
\u2014
Disposals
(267)
(640)
(321)
(15)
\u2014
(1,243)
At 31 December 2024
9,132
35,820
1,750
376
5,845
52,923
Additions
161
30
15
\u2014
1,570
1,776
Transfers
386
2,055
\u2014
\u2014
(2,441)
\u2014
Disposals
(168)
(1,435)
(259)
(16)
\u2014
(1,878)
At 31 December 2025
9,511
36,470
1,506
360
4,974
52,821
Accumulated depreciation
At 1 January 2024
3,844
17,273
1,725
268
\u2014
23,110
Charge for the year
1,564
5,635
224
49
\u2014
7,472
Depreciation on disposals
(267)
(640)
(321)
(15)
\u2014
(1,243)
At 31 December 2024
5,141
22,268
1,628
302
\u2014
29,339
Charge for the year
1,238
5,719
91
52
\u2014
7,100
Depreciation on disposals
(120)
(1,417)
(259)
(16)
\u2014
(1,812)
At 31 December 2025
6,259
26,570
1,460
338
\u2014
34,627
Net book value
At 31 December 2025
3,252
9,900
46
22
4,974
18,194
At 31 December 2024
3,991
13,552
122
74
5,845
23,584
At 1 January 2024
4,969
14,044
317
123
6,429
25,882
Assets under construction primarily comprise plant and machinery and leasehold improvements related to the Group\u2019s manufacturing and testing facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "2025 2024 \u00a3\u2019000 \u00a3\u2019000 Operating costs are split as follows: Research and development costs 48,559 48,531 Administrative expenses 14,199 18,014 Commercial expenses 7,315 7,782 70,073 74,327 Loss before taxation is stated after (crediting)/charging: Other operating income \u2013 grant income (244) (244) Other operating income \u2013 RDEC tax credit (2,924) (2,602) Other operating income \u2013 total (3,168) (2,846) Staff costs, including share-based payments (Note 5) 41,452 44,996 Cost of inventories recognised as expense (Note 13) 5,168 7,073 Depreciation of property, plant and equipment (Note 9) 7,100 7,472 Depreciation of right-of-use assets (Note 10) 753 710 Amortisation of intangible assets (Note 11) 3,858 1,374 Repairs expenditure on property, plant and equipment 1,017 841 Net change in fair value of financial instruments at fair value through profit or loss 90 (99) Net foreign exchange (gain)/loss recognised in operating costs (88) 136 Net foreign exchange loss recognised in finance expense \u2014 7", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Services provided by the Group\u2019s auditor During the year the Group obtained the following services from the Group\u2019s auditor as detailed below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the Company\u2019s auditor for the audit of parent
Company and consolidated financial statements
136
127
Fees payable to the Company\u2019s auditor for other services:
\u2013 the audit of the Company\u2019s subsidiaries
328
329
\u2013 audit-related assurance services \u2013 review of interim financial
results, including audit assurance
32
31
\u2013 audit-related assurance services \u2013 2023 audit extension fees
\u2014
218
496
705
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "4. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest received
4,060
5,807
Total interest income
4,060
5,807
Interest on lease liabilities
(245)
(243)
Unwinding of discount on provisions
(92)
(40)
Unwinding of the finance component of a customer contract
(250)
\u2014
Foreign exchange loss on cash, cash equivalents and short-term
deposits
\u2014
(79)
Total interest expense
(587)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "4. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest received
4,060
5,807
Total interest income
4,060
5,807
Interest on lease liabilities
(245)
(243)
Unwinding of discount on provisions
(92)
(40)
Unwinding of the finance component of a customer contract
(250)
\u2014
Foreign exchange loss on cash, cash equivalents and short-term
deposits
\u2014
(79)
Total interest expense
(587)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "4. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest received
4,060
5,807
Total interest income
4,060
5,807
Interest on lease liabilities
(245)
(243)
Unwinding of discount on provisions
(92)
(40)
Unwinding of the finance component of a customer contract
(250)
\u2014
Foreign exchange loss on cash, cash equivalents and short-term
deposits
\u2014
(79)
Total interest expense
(587)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "4. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest received
4,060
5,807
Total interest income
4,060
5,807
Interest on lease liabilities
(245)
(243)
Unwinding of discount on provisions
(92)
(40)
Unwinding of the finance component of a customer contract
(250)
\u2014
Foreign exchange loss on cash, cash equivalents and short-term
deposits
\u2014
(79)
Total interest expense
(587)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "4. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest received
4,060
5,807
Total interest income
4,060
5,807
Interest on lease liabilities
(245)
(243)
Unwinding of discount on provisions
(92)
(40)
Unwinding of the finance component of a customer contract
(250)
\u2014
Foreign exchange loss on cash, cash equivalents and short-term
deposits
\u2014
(79)
Total interest expense
(587)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "4. Finance income and expense Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest received
4,060
5,807
Total interest income
4,060
5,807
Interest on lease liabilities
(245)
(243)
Unwinding of discount on provisions
(92)
(40)
Unwinding of the finance component of a customer contract
(250)
\u2014
Foreign exchange loss on cash, cash equivalents and short-term
deposits
\u2014
(79)
Total interest expense
(587)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "Interest income and expense Interest income and expense is recognised in the Consolidated Statement of Profit and Loss in the year in which it is earned or accrued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
5. Employees and Directors
The average number of persons (including Executive Directors) employed by the Group during
the year was:
2025 2024
Number Number
By activity:
Research and development
201
364
Prototype production
175
102
Administration
49
62
Commercial
37
18
462
546
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Staff costs (for the above persons) comprised:
Wages and salaries, including compensation for loss of office
33,761
37,278
Social security costs
4,112
4,289
Other pension costs (Note 6)
2,319
2,465
Share-based payments (Note 24)
1,260
964
41,452
44,996
Less: staff costs absorbed
(4,220)
(6,389)
Staff costs expensed in the year
37,232
38,607
In the above, absorbed staff costs relates to costs that have been recognised on the
Consolidated Statement of Financial Position. This arises upon the creation of inventory work in
progress. In 2024 this also included capitalisation of intangible assets.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Directors\u2019 emoluments:
Aggregate emoluments
1,285
1,658
Company contributions to defined contribution pension schemes
54
49
Gain on exercise of share options and other share schemes
1
\u2014
363
1,339
2,070
1. The Directors had LTIPs with an aggregate value of \u00a31,501,736 exercisable as at 31 December 2025 (31 December
2024: \u00a31,120,513).
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Highest-paid Director:
Aggregate emoluments
756
872
Company contributions to defined contribution pension schemes
30
25
Gain on exercise of share options and other share schemes
\u2014
363
786
1,260
Two Directors (2024: two Directors) have retirement benefits accruing under defined
contribution pension schemes.
Additional information on the emoluments of the Directors, together with information regarding
the share interests and share options of the Directors, is included in the Remuneration Report on
pages 72 to 90, which forms part of these audited financial statements.
Key management compensation
The Directors consider that the key management of the Group comprises the Executive
Directors, Non-Executive Directors and the Executive Committee. The key management
compensation is summarised in the following table:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Salaries and other short-term employment benefits
3,374
4,513
Post-employment benefits
118
130
Share-based payments
13
206
3,505
4,849
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "Key management compensation The Directors consider that the key management of the Group comprises the Executive Directors, Non-Executive Directors and the Executive Committee. The key management compensation is summarised in the following table:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Salaries and other short-term employment benefits
3,374
4,513
Post-employment benefits
118
130
Share-based payments
13
206
3,505
4,849
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "6. Pensions Pension scheme arrangements The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Profit and Loss in the period during which services are rendered by employees. The pension charge represents contributions payable by the Group to the funds and amounted to \u00a32,319,000 (31 December 2024: \u00a32,465,000). There was no outstanding payable to the funds as at 31 December 2025 (31 December 2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "6. Pensions Pension scheme arrangements The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Profit and Loss in the period during which services are rendered by employees. The pension charge represents contributions payable by the Group to the funds and amounted to \u00a32,319,000 (31 December 2024: \u00a32,465,000). There was no outstanding payable to the funds as at 31 December 2025 (31 December 2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Pension scheme arrangements The Group operates a defined contribution pension plan for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The plan is a post-employment benefit plan under which the Group pays fixed contributions during the employee\u2019s service and will have no legal or constructive obligation to pay amounts after the employee\u2019s service ends. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Profit and Loss in the period during which services are rendered by employees. The pension charge represents contributions payable by the Group to the funds and amounted to \u00a32,319,000 (31 December 2024: \u00a32,465,000). There was no outstanding payable to the funds as at 31 December 2025 (31 December 2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "7. Taxation and deferred taxation Taxation The taxation charge for the year comprises current and deferred tax and any adjustment to tax payable or receivable in respect of previous years. Tax is recognised in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is lower than \u20ac750 million. The RDEC receivable represents the Directors\u2019 best estimate of tax due to the Group at the year end under the RDEC credit regime.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK corporation tax
\u2014
\u2014
Foreign tax suffered
1,248
2,445
Adjustment in respect of prior periods
(8)
(12)
Taxation charge
1,240
2,433
The current tax rate is 25% (2024: 25%). A tax charge has arisen as a result of expenditure surrendered and claimed under the SME R&D regime in the prior year and foreign tax and withholding tax arising on licence income received from customers based in China, South Korea and Taiwan. Withholding tax is recognised in the statement of profit and loss in line with the recognition of the underlying revenues. The tax result for the year is different from the standard rate of UK corporation tax of 25% (2024: 25%). The differences are explained below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loss before taxation
(46,306)
(25,872)
Loss before taxation multiplied by the UK tax rate of 25%
(2024: 25%)
(11,577)
(6,468)
Effects of:
Expenses not deductible
809
110
Effect of overseas tax rates
1,268
1,973
Adjustment in respect of prior periods \u2013 overseas tax
(7)
(12)
Movement in deferred tax not recognised
10,747
6,830
Total taxation charge
1,240
2,433
Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised.
Opening Closing
temporary temporary
difference difference
(Asset)/liability Movement (Asset)/liability
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fixed asset timing differences
(3,623)
658
(2,965)
Intangible fixed asset deferred tax liability
3,623
(658)
2,965
Net deferred tax (asset)/liability recognised
\u2014
\u2014
\u2014
Potential deferred tax assets have not been recognised. The gross temporary differences at the
year end are set out below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences:
Difference between capital allowances and depreciation
(20,455)
(9,560)
Deductions relating to share options
(422)
(2,374)
Other timing differences
(142)
(194)
Losses carried forward
(279,028)
(243,011)
(300,047)
(255,139)
The deferred tax assets have not been recognised as the Directors consider that it is not probable
that the asset will be realised in the foreseeable future. The element of the RDEC credit that can
only be set off against future UK corporation tax liability is \u00a34,054,000 (2024: \u00a33,423,000) and
has not been recognised as the Directors consider that it is not probable that this asset will be
realised in the foreseeable future and it does not have an expiry date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "Taxation The taxation charge for the year comprises current and deferred tax and any adjustment to tax payable or receivable in respect of previous years. Tax is recognised in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is lower than \u20ac750 million. The RDEC receivable represents the Directors\u2019 best estimate of tax due to the Group at the year end under the RDEC credit regime. Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "The taxation charge for the year comprises current and deferred tax and any adjustment to tax payable or receivable in respect of previous years. Tax is recognised in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is lower than \u20ac750 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised.
Opening Closing
temporary temporary
difference difference
(Asset)/liability Movement (Asset)/liability
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fixed asset timing differences
(3,623)
658
(2,965)
Intangible fixed asset deferred tax liability
3,623
(658)
2,965
Net deferred tax (asset)/liability recognised
\u2014
\u2014
\u2014
17. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade payables
1,352
2,007
Other payables
1,390
1,531
2,742
3,538
18. Other liabilities
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Accruals
3,907
6,581
Deferred income
242
244
4,149
6,825
Non-current:
Deferred income
976
1,221
Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year end, and to the Group\u2019s employees for various employee-related payments, including redundancy payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised.
Opening Closing
temporary temporary
difference difference
(Asset)/liability Movement (Asset)/liability
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fixed asset timing differences
(3,623)
658
(2,965)
Intangible fixed asset deferred tax liability
3,623
(658)
2,965
Net deferred tax (asset)/liability recognised
\u2014
\u2014
\u2014
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
14,938
9,872
VAT receiva ble
687
1,120
RDEC receivable
2,814
6,790
Other receivables
297
103
18,736
17,885
Non-current:
Other receivables
741
741
The RDEC receivable is a receivable from the UK Government for the Group\u2019s 2025 RDEC claim. Non-current other receivables comprise rent deposit guarantees held by landlords in respect of the Group\u2019s leased properties. There is no material difference between the fair value of trade and other receivables and their carrying values and they are not materially overdue at the year end. There are no expected credit losses recognised during the year ended 31 December 2025 (31 December 2024: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are primarily denominated in pounds sterling, euros and US dollars (as set out in Note 19). 15. Other current assets
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,449
1,430
1,449
1,430
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised.
Opening Closing
temporary temporary
difference difference
(Asset)/liability Movement (Asset)/liability
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fixed asset timing differences
(3,623)
658
(2,965)
Intangible fixed asset deferred tax liability
3,623
(658)
2,965
Net deferred tax (asset)/liability recognised
\u2014
\u2014
\u2014
Potential deferred tax assets have not been recognised. The gross temporary differences at the year end are set out below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences:
Difference between capital allowances and depreciation
(20,455)
(9,560)
Deductions relating to share options
(422)
(2,374)
Other timing differences
(142)
(194)
Losses carried forward
(279,028)
(243,011)
(300,047)
(255,139)
The deferred tax assets have not been recognised as the Directors consider that it is not probable that the asset will be realised in the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is \u00a34,054,000 (2024: \u00a33,423,000) and has not been recognised as the Directors consider that it is not probable that this asset will be realised in the foreseeable future and it does not have an expiry date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "Deferred taxation Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. A deferred tax liability in respect of intangible fixed assets is recognised where tax relief has been accelerated through RDEC credits. An equivalent deferred tax asset in respect of fixed asset timing differences is therefore also recognised.
Opening Closing
temporary temporary
difference difference
(Asset)/liability Movement (Asset)/liability
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fixed asset timing differences
(3,623)
658
(2,965)
Intangible fixed asset deferred tax liability
3,623
(658)
2,965
Net deferred tax (asset)/liability recognised
\u2014
\u2014
\u2014
Potential deferred tax assets have not been recognised. The gross temporary differences at the year end are set out below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences:
Difference between capital allowances and depreciation
(20,455)
(9,560)
Deductions relating to share options
(422)
(2,374)
Other timing differences
(142)
(194)
Losses carried forward
(279,028)
(243,011)
(300,047)
(255,139)
The deferred tax assets have not been recognised as the Directors consider that it is not probable that the asset will be realised in the foreseeable future. The element of the RDEC credit that can only be set off against future UK corporation tax liability is \u00a34,054,000 (2024: \u00a33,423,000) and has not been recognised as the Directors consider that it is not probable that this asset will be realised in the foreseeable future and it does not have an expiry date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
8. Loss per share
Basic and diluted loss per \u00a30.10 ordinary share of 24.52p for the year ended 31 December 2025
(31 December 2024: 14.64p) is calculated by dividing the loss for the financial year attributable
to ordinary shareholders by the weighted average number of ordinary shares in issue during the
year. Given the losses reported during the year, there is no dilution of losses per share for the
year ended 31 December 2025 (31 December 2024: no dilution).
The Group has outstanding share-based payment awards that could potentially dilute earnings
per share in future periods; however, given the losses reported, these were anti-dilutive for the
year ended 31 December 2025 and have therefore been excluded from the diluted loss per
share calculation.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loss for the financial year attributable to shareholders
(47,546)
(28,305)
Weighted average number of shares in issue
193,896,776
193,321,401
Loss per \u00a30.10 ordinary share (basic and diluted)
(24.52)p
(14.64)p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "9. Property, plant and equipment Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Profit and Loss during the financial period in which they are incurred. The Directors annually consider the need to impair these assets. Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying values of property, plant and equipment are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of property, plant and equipment exceeds its recoverable amount. Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction.
Leasehold Plant and Computer Fixtures Assets under
improvements machinery equipment and fittings construction Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
8,813
31,317
2,042
391
6,429
48,992
Additions
554
2,786
29
\u2014
1,805
5,174
Transfers
32
2,357
\u2014
\u2014
(2,389)
\u2014
Disposals
(267)
(640)
(321)
(15)
\u2014
(1,243)
At 31 December 2024
9,132
35,820
1,750
376
5,845
52,923
Additions
161
30
15
\u2014
1,570
1,776
Transfers
386
2,055
\u2014
\u2014
(2,441)
\u2014
Disposals
(168)
(1,435)
(259)
(16)
\u2014
(1,878)
At 31 December 2025
9,511
36,470
1,506
360
4,974
52,821
Accumulated depreciation
At 1 January 2024
3,844
17,273
1,725
268
\u2014
23,110
Charge for the year
1,564
5,635
224
49
\u2014
7,472
Depreciation on disposals
(267)
(640)
(321)
(15)
\u2014
(1,243)
At 31 December 2024
5,141
22,268
1,628
302
\u2014
29,339
Charge for the year
1,238
5,719
91
52
\u2014
7,100
Depreciation on disposals
(120)
(1,417)
(259)
(16)
\u2014
(1,812)
At 31 December 2025
6,259
26,570
1,460
338
\u2014
34,627
Net book value
At 31 December 2025
3,252
9,900
46
22
4,974
18,194
At 31 December 2024
3,991
13,552
122
74
5,845
23,584
At 1 January 2024
4,969
14,044
317
123
6,429
25,882
Assets under construction primarily comprise plant and machinery and leasehold improvements related to the Group\u2019s manufacturing and testing facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost includes all expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Statement of Profit and Loss during the financial period in which they are incurred. The Directors annually consider the need to impair these assets. Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying values of property, plant and equipment are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of property, plant and equipment exceeds its recoverable amount. Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Depreciation is charged to the Consolidated Statement of Profit and Loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:
Leasehold improvements
Ten years or the lease term if shorter
Plant and machinery
Three to ten years
Computer equipment
Three years
Fixtures and fittings
Three to ten years
Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at each balance sheet date. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "Assets under construction represents the cost of purchasing, constructing and installing property, plant and equipment ahead of their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "10. Right-of-use assets The Group holds material leases for premises, electric vehicles (EV) and lower value leases for IT equipment, with lease terms ranging from 1 year to 10 years. The Group recognises right-of-use assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement of Financial Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have a term less than 12 months). Short-term lease expense is recognised in operating expenses. Lease liabilities are initially measured at the present value of the remaining lease payments discounted at the Group\u2019s incremental borrowing rate. Subsequently, lease liabilities are measured by adjusting to reflect interest on the lease liability, reducing the liability to reflect lease payments made and to reflect any reassessment or lease modifications, or revised in-substance fixed lease payments (refer to Note 20). The associated right-of-use asset for property leases and other assets is initially measured at the amount equal to the lease liability reduced for any lease incentives received, and increased for: lease payments made at or before commencement of the lease; initial direct costs incurred; and the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less any accumulated depreciation and adjusted for any re-measurement of the lease liability. The re- measured lease liability is calculated by discounting the revised lease payments using a revised discount rate at the effective date of the modification. A corresponding adjustment is also made to the right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss may be recognised. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The carrying values of right-of-use assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of a right-of-use asset exceeds its recoverable amount. 20. Lease liabilities The Group leases certain assets under lease agreements. The lease liability consists of leases of land and buildings and computer equipment. The property leases expire between June 2026 and November 2028. Full details of the accounting policy under which leases are recognised are in Note 10.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "10. Right-of-use assets The Group holds material leases for premises, electric vehicles (EV) and lower value leases for IT equipment, with lease terms ranging from 1 year to 10 years. The Group recognises right-of-use assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement of Financial Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have a term less than 12 months). Short-term lease expense is recognised in operating expenses. Lease liabilities are initially measured at the present value of the remaining lease payments discounted at the Group\u2019s incremental borrowing rate. Subsequently, lease liabilities are measured by adjusting to reflect interest on the lease liability, reducing the liability to reflect lease payments made and to reflect any reassessment or lease modifications, or revised in-substance fixed lease payments (refer to Note 20). The associated right-of-use asset for property leases and other assets is initially measured at the amount equal to the lease liability reduced for any lease incentives received, and increased for: lease payments made at or before commencement of the lease; initial direct costs incurred; and the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less any accumulated depreciation and adjusted for any re-measurement of the lease liability. The re- measured lease liability is calculated by discounting the revised lease payments using a revised discount rate at the effective date of the modification. A corresponding adjustment is also made to the right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss may be recognised. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The carrying values of right-of-use assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of a right-of-use asset exceeds its recoverable amount.
Land and Computer Electric
buildings equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
4,658
43
\u2014
4,701
Additions
\u2014
\u2014
290
290
Disposal
\u2014
\u2014
(38)
(38)
Adjustment of lease term
145
\u2014
\u2014
145
At 31 December 2024
4,803
43
252
5,098
Additions
935
\u2014
106
1,041
Disposal
\u2014
\u2014
(111)
(111)
At 31 December 2025
5,738
43
247
6,028
Accumulated depreciation
At 1 January 2024
2,522
38
\u2014
2,560
Charge for the year
648
5
57
710
Disposal
\u2014
\u2014
(6)
(6)
At 31 December 2024
3,170
43
51
3,264
Charge for the year
658
\u2014
95
753
Disposal
\u2014
\u2014
(52)
(52)
At 31 December 2025
3,828
43
94
3,965
Net book value
At 31 December 2025
1,910
\u2014
153
2,063
At 31 December 2024
1,633
\u2014
201
1,834
At 1 January 2024
2,136
5
\u2014
2,141
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "10. Right-of-use assets The Group holds material leases for premises, electric vehicles (EV) and lower value leases for IT equipment, with lease terms ranging from 1 year to 10 years. The Group recognises right-of-use assets and lease liabilities (i.e. leases are recognised on the Consolidated Statement of Financial Position) for all leases other than for short-term leased plant and machinery (i.e. leases that have a term less than 12 months). Short-term lease expense is recognised in operating expenses. Lease liabilities are initially measured at the present value of the remaining lease payments discounted at the Group\u2019s incremental borrowing rate. Subsequently, lease liabilities are measured by adjusting to reflect interest on the lease liability, reducing the liability to reflect lease payments made and to reflect any reassessment or lease modifications, or revised in-substance fixed lease payments (refer to Note 20). The associated right-of-use asset for property leases and other assets is initially measured at the amount equal to the lease liability reduced for any lease incentives received, and increased for: lease payments made at or before commencement of the lease; initial direct costs incurred; and the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequently, right-of-use assets are measured at cost less any accumulated depreciation and adjusted for any re-measurement of the lease liability. The re- measured lease liability is calculated by discounting the revised lease payments using a revised discount rate at the effective date of the modification. A corresponding adjustment is also made to the right-of-use asset unless the scope of the lease is decreased, in which case a gain or loss may be recognised. Right-of-use assets are depreciated over the shorter of the lease term and the relevant useful economic life following the periods set out in the property, plant and equipment depreciation policy. Where the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated over its useful economic life. Right-of-use assets are tested for impairment by applying IAS 36 Impairment of Assets. The carrying values of right-of-use assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of a right-of-use asset exceeds its recoverable amount.
Land and Computer Electric
buildings equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
4,658
43
\u2014
4,701
Additions
\u2014
\u2014
290
290
Disposal
\u2014
\u2014
(38)
(38)
Adjustment of lease term
145
\u2014
\u2014
145
At 31 December 2024
4,803
43
252
5,098
Additions
935
\u2014
106
1,041
Disposal
\u2014
\u2014
(111)
(111)
At 31 December 2025
5,738
43
247
6,028
Accumulated depreciation
At 1 January 2024
2,522
38
\u2014
2,560
Charge for the year
648
5
57
710
Disposal
\u2014
\u2014
(6)
(6)
At 31 December 2024
3,170
43
51
3,264
Charge for the year
658
\u2014
95
753
Disposal
\u2014
\u2014
(52)
(52)
At 31 December 2025
3,828
43
94
3,965
Net book value
At 31 December 2025
1,910
\u2014
153
2,063
At 31 December 2024
1,633
\u2014
201
1,834
At 1 January 2024
2,136
5
\u2014
2,141
20. Lease liabilities The Group leases certain assets under lease agreements. The lease liability consists of leases of land and buildings and computer equipment. The property leases expire between June 2026 and November 2028. Full details of the accounting policy under which leases are recognised are in Note 10.
\u00a3\u2019000
Balance as at 1 January 2024
2,596
New finance leases recognised
290
Lease payments
(1,017)
Interest expense
243
Adjustment of lease term (see Note 10)
111
Balance as at 31 December 2024
2,223
New finance leases recognised
106
Lease payments
(1,037)
Interest expense
245
Disposals
(63)
Adjustment of lease term (see Note 10)
935
Balance as at 31 December 2025
2,409
Current
834
Non-current
1,575
Balance as at 31 December 2025
2,409
Current
731
Non-current
1,492
Balance as at 31 December 2024
2,223
Lease liability contractual maturities (representing undiscounted contractual cash flows) are set out in Note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "11. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 3). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 The product or process under development is technically and commercially feasible; \u2022 The Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 Future economic benefits are probable; and \u2022 The Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core solid oxide cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "11. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 3). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 The product or process under development is technically and commercially feasible; \u2022 The Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 Future economic benefits are probable; and \u2022 The Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core solid oxide cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "11. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 3). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 The product or process under development is technically and commercially feasible; \u2022 The Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 Future economic benefits are probable; and \u2022 The Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core solid oxide cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount.
Internal
developments
in relation to Internal Perpetual
manufacturing development software
site programmes licences Patent costs Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
411
20,190
525
1,209
22,335
Additions
\u2014
2,010
\u2014
284
2,294
At 31 December 2024
411
22,200
525
1,493
24,629
Additions
\u2014
\u2014
87
\u2014
87
At 31 December 2025
411
22,200
612
1,493
24,716
Accumulated amortisation
At 1 January 2024
328
2,514
285
154
3,281
Charge for the year
83
1,019
124
148
1,374
At 31 December 2024
411
3,533
409
302
4,655
Charge for the year
\u2014
3,382
42
434
3,858
At 31 December 2025
411
6,915
451
736
8,513
Net book value
At 31 December 2025
\u2014
15,285
161
757
16,203
At 31 December 2024
\u2014
18,667
116
1,191
19,974
At 1 January 2024
83
17,676
240
1,055
19,054
The internal development intangible relates to the design, development and configuration of the Group\u2019s core solid oxide cell and system technology. Amortisation of capitalised development commences once the developed technology is complete and is available for use. The net book value of internal development programmes that are not available for use at 31 December 2025 are \u00a3nil (2024: \u00a3812,000). Amortisation of the 640 programme commenced in November 2024 with an assessed useful life of 7 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "11. Intangible assets Research and development Expenditure incurred on research and development is distinguished as relating to a research phase or development phase with reference to the Group\u2019s technology and product development process. All research phase expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense when incurred (see Note 3). Development phase expenditure is capitalised from the point that all of the following conditions are met: \u2022 The product or process under development is technically and commercially feasible; \u2022 The Group intends to and has the technical ability and sufficient resources to complete the development; \u2022 Future economic benefits are probable; and \u2022 The Group can measure reliably the expenditure attributable to the asset during its development. Development phase activities involve a plan or design for the production of new or substantially improved products or processes in relation to the Group\u2019s core solid oxide cell and system technology and intellectual property. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalisation of development phase activities continues until the point at which the product or process under development meets its originally mandated technical specification. For product and process development, this is at the point where the production design version is approved or the development is completed. Subsequent expenditure is capitalised where it enhances the functionality of the asset and demonstrably generates an enhanced economic benefit to the Group. All other subsequent expenditure on the product or process is expensed as incurred. Where development activities are funded through government grants and the cost of those activities is capitalised under this policy, the grants received are considered capital grants and are presented as deferred income and recognised in the Consolidated Statement of Profit and Loss as other operating income on a basis consistent with the depreciation or amortisation of the asset over its estimated useful life. Patent costs incurred in the procurement of patents in relevant territories are capitalised where the Group considers those patents relate to technology that is deemed to be commercially feasible. Other patent costs and costs to maintain patents once granted in those territories are expensed to in the Consolidated Statement of Profit and Loss as incurred. Subsequent to recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives and is presented within operating costs. The estimated useful lives are reviewed and adjusted as appropriate, at each balance sheet date. Intangible assets which are not yet available for use are tested for impairment at each balance sheet date. The following useful lives are used in the calculation of amortisation:
Capitalised development
Two to seven years
Patent costs
Three years
Perpetual software licenses
Three years
The carrying values of intangible assets are reviewed on an ongoing basis for any indication of impairment. Where any indication of impairment exists, the recoverable value of the assets is estimated. An impairment loss is recognised in the Consolidated Statement of Profit and Loss whenever the carrying value of an intangible asset exceeds its recoverable amount.
Internal
developments
in relation to Internal Perpetual
manufacturing development software
site programmes licences Patent costs Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
411
20,190
525
1,209
22,335
Additions
\u2014
2,010
\u2014
284
2,294
At 31 December 2024
411
22,200
525
1,493
24,629
Additions
\u2014
\u2014
87
\u2014
87
At 31 December 2025
411
22,200
612
1,493
24,716
Accumulated amortisation
At 1 January 2024
328
2,514
285
154
3,281
Charge for the year
83
1,019
124
148
1,374
At 31 December 2024
411
3,533
409
302
4,655
Charge for the year
\u2014
3,382
42
434
3,858
At 31 December 2025
411
6,915
451
736
8,513
Net book value
At 31 December 2025
\u2014
15,285
161
757
16,203
At 31 December 2024
\u2014
18,667
116
1,191
19,974
At 1 January 2024
83
17,676
240
1,055
19,054
The internal development intangible relates to the design, development and configuration of the Group\u2019s core solid oxide cell and system technology. Amortisation of capitalised development commences once the developed technology is complete and is available for use. The net book value of internal development programmes that are not available for use at 31 December 2025 are \u00a3nil (2024: \u00a3812,000). Amortisation of the 640 programme commenced in November 2024 with an assessed useful life of 7 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
12. Subsidiary undertakings and associates
Details of the Group\u2019s subsidiaries and associates at 31 December 2025 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the Type of
Name of undertaking incorporation shares held Company entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary
100%
1
Subsidiary
shares
Ceres Intellectual Property
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
Company Ltd shares
Ceres Power Intermediate
England and Wales
\u00a30.01 ordinary
100%
1
Subsidiary
Holdings Ltd shares
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Engineering Consulting
Shanghai, China
\u00a31.00 ordinary
100%
2
Subsidiary
(Shanghai) Co Ltd shares
RFC Power Ltd
England and Wales
\u00a30.001 ordinary
100%
3
Subsidiary
shares
1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power
Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is
Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX.
2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West
Zhongshan Road, Changning District, Shanghai, China.
3. 100% held directly by Ceres Power Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex,
RH13 5PX.
The principal activity of:
\u2022 Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell
and electrochemical technology.
\u2022 Ceres Intellectual Property Company Ltd is the administration of registered intellectual
property developed within the Group.
\u2022 Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies
and to manage the Group\u2019s cash, cash equivalents and investments.
\u2022 Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services.
\u2022 Ceres Holdings International Ltd is dormant.
\u2022 Ceres Engineering Consulting (Shanghai) Co Ltd is to provide business development and
technical support to our business and partners in China.
\u2022 RFC Power Ltd is to develop novel flow battery technologies for energy storage systems.
On 1 August 2025, the Group obtained control of RFC Power Ltd and then acquired the
remaining share capital for \u00a31 on 30 September 2025, resulting in Ceres Power Limited obtaining
full ownership. The net assets of RFC Power Ltd at the acquisition date were immaterial to
the Group\u2019s financial position. At 31 December 2025, a loan of \u00a3375,000 was outstanding and
payable by RFC Power Ltd to Ceres Power Ltd.
Prior to this acquisition, RFC Power Ltd was accounted for as an associate. The Group
recognised its share of RFC Power Ltd\u2019s loss for the period ended 31 July 2025 amounting to
\u00a360,000, and the remaining carrying amount of the investment (\u00a32,158,000) was fully impaired
before acquisition due to concerns regarding the entity\u2019s ability to continue as a going concern.
From the date control was obtained, the Group has recognised the fair value of RFC Power Ltd\u2019s
identifiable net assets and has consolidated its results for the five-month period to 31 December
2025 which are also not material.
The financial results of all subsidiaries listed above, together with the newly acquired RFC Power
Ltd from the date of acquisition, are included in these consolidated financial statements.
On 15 August 2022, the Group established a new international holding company, Ceres Holdings
International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate
Holdings Ltd and is currently dormant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "12. Subsidiary undertakings and associates Details of the Group\u2019s subsidiaries and associates at 31 December 2025 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the Type of
Name of undertaking incorporation shares held Company entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary
100%
1
Subsidiary
shares
Ceres Intellectual Property
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
Company Ltd shares
Ceres Power Intermediate
England and Wales
\u00a30.01 ordinary
100%
1
Subsidiary
Holdings Ltd shares
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Engineering Consulting
Shanghai, China
\u00a31.00 ordinary
100%
2
Subsidiary
(Shanghai) Co Ltd shares
RFC Power Ltd
England and Wales
\u00a30.001 ordinary
100%
3
Subsidiary
shares
1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. 2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China. 3. 100% held directly by Ceres Power Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. The principal activity of: \u2022 Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and electrochemical technology. \u2022 Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed within the Group. \u2022 Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. \u2022 Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services. \u2022 Ceres Holdings International Ltd is dormant. \u2022 Ceres Engineering Consulting (Shanghai) Co Ltd is to provide business development and technical support to our business and partners in China. \u2022 RFC Power Ltd is to develop novel flow battery technologies for energy storage systems. On 1 August 2025, the Group obtained control of RFC Power Ltd and then acquired the remaining share capital for \u00a31 on 30 September 2025, resulting in Ceres Power Limited obtaining full ownership. The net assets of RFC Power Ltd at the acquisition date were immaterial to the Group\u2019s financial position. At 31 December 2025, a loan of \u00a3375,000 was outstanding and payable by RFC Power Ltd to Ceres Power Ltd. Prior to this acquisition, RFC Power Ltd was accounted for as an associate. The Group recognised its share of RFC Power Ltd\u2019s loss for the period ended 31 July 2025 amounting to \u00a360,000, and the remaining carrying amount of the investment (\u00a32,158,000) was fully impaired before acquisition due to concerns regarding the entity\u2019s ability to continue as a going concern. From the date control was obtained, the Group has recognised the fair value of RFC Power Ltd\u2019s identifiable net assets and has consolidated its results for the five-month period to 31 December 2025 which are also not material. The financial results of all subsidiaries listed above, together with the newly acquired RFC Power Ltd from the date of acquisition, are included in these consolidated financial statements. On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant. 16. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
3,287
10,338
Money market funds
32,548
37,156
Cash and cash equivalents
35,835
47,494
Short-term bank deposits greater than one month and less than 12
months
47,437
54,971
83,272
102,465
The Group holds surplus funds in accordance with the Treasury Policy, as set out in Note 19.
Interest 31 Dec 2025 31 Dec 2024
rate type \u00a3\u2019000 \u00a3\u2019000
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
3,287
10,338
Money market funds
Floating
32,548
37,156
Short-term bank deposits greater than one month
and less than or equal to 12 months
Floating
23,308
22,635
Short-term bank deposits greater than one month
and less than or equal to 12 months
Fixed
24,129
32,336
83,272
102,465
During the year ended 31 December 2025 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between one month and two months (31 December 2024: between one and two months) and earned interest of between 3.84% and 4.02% (31 December 2024: 4.60% and 4.99%). The credit quality of financial assets has been assessed by reference to external credit ratings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "12. Subsidiary undertakings and associates Details of the Group\u2019s subsidiaries and associates at 31 December 2025 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the Type of
Name of undertaking incorporation shares held Company entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary
100%
1
Subsidiary
shares
Ceres Intellectual Property
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
Company Ltd shares
Ceres Power Intermediate
England and Wales
\u00a30.01 ordinary
100%
1
Subsidiary
Holdings Ltd shares
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Engineering Consulting
Shanghai, China
\u00a31.00 ordinary
100%
2
Subsidiary
(Shanghai) Co Ltd shares
RFC Power Ltd
England and Wales
\u00a30.001 ordinary
100%
3
Subsidiary
shares
1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. 2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China. 3. 100% held directly by Ceres Power Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. The principal activity of: \u2022 Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and electrochemical technology. \u2022 Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed within the Group. \u2022 Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. \u2022 Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services. \u2022 Ceres Holdings International Ltd is dormant. \u2022 Ceres Engineering Consulting (Shanghai) Co Ltd is to provide business development and technical support to our business and partners in China. \u2022 RFC Power Ltd is to develop novel flow battery technologies for energy storage systems. On 1 August 2025, the Group obtained control of RFC Power Ltd and then acquired the remaining share capital for \u00a31 on 30 September 2025, resulting in Ceres Power Limited obtaining full ownership. The net assets of RFC Power Ltd at the acquisition date were immaterial to the Group\u2019s financial position. At 31 December 2025, a loan of \u00a3375,000 was outstanding and payable by RFC Power Ltd to Ceres Power Ltd. Prior to this acquisition, RFC Power Ltd was accounted for as an associate. The Group recognised its share of RFC Power Ltd\u2019s loss for the period ended 31 July 2025 amounting to \u00a360,000, and the remaining carrying amount of the investment (\u00a32,158,000) was fully impaired before acquisition due to concerns regarding the entity\u2019s ability to continue as a going concern. From the date control was obtained, the Group has recognised the fair value of RFC Power Ltd\u2019s identifiable net assets and has consolidated its results for the five-month period to 31 December 2025 which are also not material. The financial results of all subsidiaries listed above, together with the newly acquired RFC Power Ltd from the date of acquisition, are included in these consolidated financial statements. On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "12. Subsidiary undertakings and associates Details of the Group\u2019s subsidiaries and associates at 31 December 2025 are as follows:
Proportion of
nominal value
of shares held
Country of Description of by the Type of
Name of undertaking incorporation shares held Company entity
Ceres Power Ltd
England and Wales
\u00a30.001 ordinary
100%
1
Subsidiary
shares
Ceres Intellectual Property
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
Company Ltd shares
Ceres Power Intermediate
England and Wales
\u00a30.01 ordinary
100%
1
Subsidiary
Holdings Ltd shares
Ceres Power Licence Company Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Holdings International Ltd
England and Wales
\u00a31.00 ordinary
100%
1
Subsidiary
shares
Ceres Engineering Consulting
Shanghai, China
\u00a31.00 ordinary
100%
2
Subsidiary
(Shanghai) Co Ltd shares
RFC Power Ltd
England and Wales
\u00a30.001 ordinary
100%
3
Subsidiary
shares
1. Ceres Power Ltd, Ceres Intellectual Property Company Ltd, Ceres Holdings International Ltd and Ceres Power Licence Company Ltd are 100% held directly by Ceres Power Intermediate Holdings Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. 2. 100% held directly by Ceres Power Ltd. Registered address is Office 1903i, Floor 19/F, Tower B, No.1065 West Zhongshan Road, Changning District, Shanghai, China. 3. 100% held directly by Ceres Power Ltd. Registered address is Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX. The principal activity of: \u2022 Ceres Power Ltd is the commercialisation and continued development of the Group\u2019s fuel cell and electrochemical technology. \u2022 Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed within the Group. \u2022 Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group companies and to manage the Group\u2019s cash, cash equivalents and investments. \u2022 Ceres Power Licence Company Ltd is the provision of overseas licence and royalty services. \u2022 Ceres Holdings International Ltd is dormant. \u2022 Ceres Engineering Consulting (Shanghai) Co Ltd is to provide business development and technical support to our business and partners in China. \u2022 RFC Power Ltd is to develop novel flow battery technologies for energy storage systems. On 1 August 2025, the Group obtained control of RFC Power Ltd and then acquired the remaining share capital for \u00a31 on 30 September 2025, resulting in Ceres Power Limited obtaining full ownership. The net assets of RFC Power Ltd at the acquisition date were immaterial to the Group\u2019s financial position. At 31 December 2025, a loan of \u00a3375,000 was outstanding and payable by RFC Power Ltd to Ceres Power Ltd. Prior to this acquisition, RFC Power Ltd was accounted for as an associate. The Group recognised its share of RFC Power Ltd\u2019s loss for the period ended 31 July 2025 amounting to \u00a360,000, and the remaining carrying amount of the investment (\u00a32,158,000) was fully impaired before acquisition due to concerns regarding the entity\u2019s ability to continue as a going concern. From the date control was obtained, the Group has recognised the fair value of RFC Power Ltd\u2019s identifiable net assets and has consolidated its results for the five-month period to 31 December 2025 which are also not material. The financial results of all subsidiaries listed above, together with the newly acquired RFC Power Ltd from the date of acquisition, are included in these consolidated financial statements. On 15 August 2022, the Group established a new international holding company, Ceres Holdings International Ltd. This company is a 100% owned subsidiary of Ceres Power Intermediate Holdings Ltd and is currently dormant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "13. Inventories Inventories consist of raw materials, work in progress and finished goods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "13. Inventories Inventories consist of raw materials, work in progress and finished goods. Inventories are stated at the lower of cost and net realisable value. Cost comprises direct material cost and, where applicable, direct labour costs and direct overheads that have been incurred. Cost is calculated using the first-in, first-out (\u201cFIFO\u201d) method. Net realisable value represents the estimated selling price less all estimated costs to completion and selling costs to be incurred.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Raw materials
1,313
1,621
Work in progress
1,319
759
Finished goods
571
376
3,203
2,756
During the year ended 31 December 2025, inventories of \u00a35.2 million (31 December 2024: \u00a37.1 million) were recognised as an expense and were included within cost of sales. As at 31 December 2025, a provision of \u00a30.1 million was recognised against quarantined stacks (2024: \u00a30.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "14. Trade and other receivables Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 19.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
14,938
9,872
VAT receiva ble
687
1,120
RDEC receivable
2,814
6,790
Other receivables
297
103
18,736
17,885
Non-current:
Other receivables
741
741
The RDEC receivable is a receivable from the UK Government for the Group\u2019s 2025 RDEC claim.
Non-current other receivables comprise rent deposit guarantees held by landlords in respect of
the Group\u2019s leased properties. There is no material difference between the fair value of trade
and other receivables and their carrying values and they are not materially overdue at the year
end. There are no expected credit losses recognised during the year ended 31 December 2025
(31 December 2024: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are
primarily denominated in pounds sterling, euros and US dollars (as set out in Note 19).
15. Other current assets
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,449
1,430
1,449
1,430
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Trade and other receivables Trade receivables are recognised initially at transaction price and subsequently held at amortised cost using the effective interest method, less loss allowances. Loss allowances are calculated using the simplified approach to determine expected credit losses, taking into account both historical payment profiles and any credit losses experienced, together with forward-looking macroeconomic factors. The carrying amount of these balances approximates to fair value due to the short maturity of amounts receivable. Payment terms generally range between 30 and 60 days depending on the customer. Although the Group\u2019s past experience of significant credit losses on these assets has been negligible, the impairment assessment performed by the Group considers both past experience and future expectations of credit losses. As a result of this assessment, the Group considers the risk of expected credit losses on trade receivables and contract assets to be immaterial. Further details on this assessment are provided in Note 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
14,938
9,872
VAT receiva ble
687
1,120
RDEC receivable
2,814
6,790
Other receivables
297
103
18,736
17,885
Non-current:
Other receivables
741
741
15. Other current assets
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,449
1,430
1,449
1,430
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade receivables
14,938
9,872
VAT receiva ble
687
1,120
RDEC receivable
2,814
6,790
Other receivables
297
103
18,736
17,885
Non-current:
Other receivables
741
741
The RDEC receivable is a receivable from the UK Government for the Group\u2019s 2025 RDEC claim. Non-current other receivables comprise rent deposit guarantees held by landlords in respect of the Group\u2019s leased properties. There is no material difference between the fair value of trade and other receivables and their carrying values and they are not materially overdue at the year end. There are no expected credit losses recognised during the year ended 31 December 2025 (31 December 2024: \u00a3nil). The carrying amounts of the Group\u2019s trade and other receivables are primarily denominated in pounds sterling, euros and US dollars (as set out in Note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "15. Other current assets
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Prepayments
1,449
1,430
1,449
1,430
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "16. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
3,287
10,338
Money market funds
32,548
37,156
Cash and cash equivalents
35,835
47,494
Short-term bank deposits greater than one month and less than 12
months
47,437
54,971
83,272
102,465
The Group holds surplus funds in accordance with the Treasury Policy, as set out in Note 19.
Interest 31 Dec 2025 31 Dec 2024
rate type \u00a3\u2019000 \u00a3\u2019000
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
3,287
10,338
Money market funds
Floating
32,548
37,156
Short-term bank deposits greater than one month
and less than or equal to 12 months
Floating
23,308
22,635
Short-term bank deposits greater than one month
and less than or equal to 12 months
Fixed
24,129
32,336
83,272
102,465
During the year ended 31 December 2025 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between one month and two months (31 December 2024: between one and two months) and earned interest of between 3.84% and 4.02% (31 December 2024: 4.60% and 4.99%). The credit quality of financial assets has been assessed by reference to external credit ratings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "16. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
3,287
10,338
Money market funds
32,548
37,156
Cash and cash equivalents
35,835
47,494
Short-term bank deposits greater than one month and less than 12
months
47,437
54,971
83,272
102,465
The Group holds surplus funds in accordance with the Treasury Policy, as set out in Note 19.
Interest 31 Dec 2025 31 Dec 2024
rate type \u00a3\u2019000 \u00a3\u2019000
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
3,287
10,338
Money market funds
Floating
32,548
37,156
Short-term bank deposits greater than one month
and less than or equal to 12 months
Floating
23,308
22,635
Short-term bank deposits greater than one month
and less than or equal to 12 months
Fixed
24,129
32,336
83,272
102,465
During the year ended 31 December 2025 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between one month and two months (31 December 2024: between one and two months) and earned interest of between 3.84% and 4.02% (31 December 2024: 4.60% and 4.99%). The credit quality of financial assets has been assessed by reference to external credit ratings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "16. Cash, cash equivalents and investments Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. Short-term investments Short-term investments include bank deposits with an original maturity greater than one month and a maturity as at the date of the Consolidated Statement of Financial Position of less than or equal to 12 months.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
3,287
10,338
Money market funds
32,548
37,156
Cash and cash equivalents
35,835
47,494
Short-term bank deposits greater than one month and less than 12
months
47,437
54,971
83,272
102,465
The Group holds surplus funds in accordance with the Treasury Policy, as set out in Note 19.
Interest 31 Dec 2025 31 Dec 2024
rate type \u00a3\u2019000 \u00a3\u2019000
Interest rate risk profile of the Group\u2019s financial assets:
Cash at bank and in hand
Floating
3,287
10,338
Money market funds
Floating
32,548
37,156
Short-term bank deposits greater than one month
and less than or equal to 12 months
Floating
23,308
22,635
Short-term bank deposits greater than one month
and less than or equal to 12 months
Fixed
24,129
32,336
83,272
102,465
During the year ended 31 December 2025 the fixed rate short-term bank deposits were primarily designated in pounds sterling, had remaining terms of between one month and two months (31 December 2024: between one and two months) and earned interest of between 3.84% and 4.02% (31 December 2024: 4.60% and 4.99%). The credit quality of financial assets has been assessed by reference to external credit ratings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Cash and cash equivalents Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original maturity of less than or equal to one month. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "17. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade payables
1,352
2,007
Other payables
1,390
1,531
2,742
3,538
18. Other liabilities
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Accruals
3,907
6,581
Deferred income
242
244
4,149
6,825
Non-current:
Deferred income
976
1,221
Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year end, and to the Group\u2019s employees for various employee-related payments, including redundancy payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "17. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "17. Trade and other payables Trade and other payables are initially recognised at fair value, which is typically the invoiced amount and then held at amortised cost. Other payables include taxes and social security amounts due on behalf of the Group\u2019s employees.
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Trade payables
1,352
2,007
Other payables
1,390
1,531
2,742
3,538
18. Other liabilities
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Accruals
3,907
6,581
Deferred income
242
244
4,149
6,825
Non-current:
Deferred income
976
1,221
Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year end, and to the Group\u2019s employees for various employee-related payments, including redundancy payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
18. Other liabilities
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Accruals
3,907
6,581
Deferred income
242
244
4,149
6,825
Non-current:
Deferred income
976
1,221
Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year
end, and to the Group\u2019s employees for various employee-related payments, including redundancy
payments. Deferred income consists of grant income and RDEC tax credits deferred in relation
to associated development costs which have been capitalised as an intangible asset. Grant
income is recognised in the Consolidated Statement of Profit and Loss in the same period as the
expenditure to which the grant relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "18. Other liabilities
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Current:
Accruals
3,907
6,581
Deferred income
242
244
4,149
6,825
Non-current:
Deferred income
976
1,221
Accruals include estimates of amounts owed to suppliers that have not been invoiced at the year end, and to the Group\u2019s employees for various employee-related payments, including redundancy payments. Deferred income consists of grant income and RDEC tax credits deferred in relation to associated development costs which have been capitalised as an intangible asset. Grant income is recognised in the Consolidated Statement of Profit and Loss in the same period as the expenditure to which the grant relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "19. Financial instruments Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s Treasury Policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 3. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. None of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2025 (31 December 2024: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "19. Financial instruments Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s Treasury Policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 3. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. None of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2025 (31 December 2024: none). The fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying Carrying
amount Fair value amount Fair value
Fair value 31 Dec 2025 31 Dec 2025 31 Dec 2024 31 Dec 2024
hierarchy \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets at amortised
cost
Trade and other receivables
15,235
15,235
9,975
9,975
Cash, cash equivalents and
investments
83,272
83,272
102,465
102,465
98,507
98,507
112,440
112,440
Financial assets measured at
fair value through profit or loss
Forward exchange contracts
Level 2
\u2014
\u2014
8
8
Financial liabilities measured
at amortised cost
Trade and other payables and
accruals
(5,205)
(5,205)
(9,407)
(9,407)
Capital management The Group\u2019s capital is considered to comprise cash at bank and short-term investments as set out in Note 16. The Group\u2019s approach to managing its capital is described in the \u201ccredit risk\u201d section below.
Financial risk management
The Group\u2019s operations expose it to a variety of financial risks that include credit risk and market
risk arising from changes to interest rates and foreign currency exchange rates. The Board
reviews and agrees policies for managing each of these risks.
The principal risks addressed are as follows:
Credit risk
The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and
investments, and if a counterparty or customer fails to meet its contractual obligations.
The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents
and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a
detrimental effect on the business. The Group places surplus funds of no more than \u00a330 million
per institution into pooled money market funds with same-day access and of no more than \u00a312
million per institution for bank deposits with durations of up to 24 months. During the year the
Group\u2019s Treasury Policy restricted investments in short-term money market funds to those which
carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s)
and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and
short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10%
ordinary equity.
Trade receivables at the year end relate to eight customers (31 December 2024: seven) of which
\u00a3320,000 relates to the Europe geographic region, \u00a315,000 relates to the US and \u00a314,603,000
to Asia (31 December 2024: \u00a3443,000 relates to the Europe geographic region, \u00a3280,000
relates to the US and \u00a39,149,000 to Asia).
Contract assets at the year end related to two customers of which \u00a328,000 relates to the
Europe geographic region and \u00a3115,000 to Asia (31 December 2024: related to four customers
of which \u00a3138,000 relates to the Europe geographic region and \u00a37,195,000 to Asia).
The Group\u2019s customers are generally large multinational companies or research institutions and
are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All
trade receivables are due within the agreed credit terms for the current and preceding year and
are consequently stated at cost.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables and other contract assets
(primarily unbilled work in progress).
To measure expected credit losses, trade receivables and other contract assets are analysed
based on their credit risk characteristics including days past due and the specific payment profile
of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted
to reflect current and forward-looking information on macroeconomic factors that the Group
considers could affect the ability of its customers to settle the receivables.
The Group has followed this approach as at 31 December 2025 and as a result has not recognised
a loss allowance for trade receivables or other contract assets (31 December 2024: no loss
allowance). Management does not consider that a reasonably possible change in the estimation
of expected credit losses would have a material impact on the results of the following year.
Interest rate risk
Interest rate risk on the Group\u2019s liabilities is minimal.
The Group\u2019s finance income is sensitive to changes in interest rates. A change of 0.5% in interest
rates on all variable rate instruments held by the Group at 31 December 2025 would have
impacted the finance income by \u00a3304,000 (31 December 2024: \u00a3308,000).
The increase in sensitivity to interest rate changes is driven by the increase mix of variable rate
cash, cash equivalents and investments held at the balance sheet date when compared with
31 December 2024. Interest rate risk is mitigated by investing in deposit accounts of different
durations ranging from 32 days to up to 24 months and by utilising deposit accounts with fixed
interest rates.
Liquidity risk
Liquidity risk is the risk arising from the Group not being able to meet its financial obligations. The Group manages its liquidity needs by preparing cash flow forecasts, including forecasting of the
Group\u2019s liquidity requirements, to ensure the Group has sufficient cash to meet its operational needs.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:
31 December 2025
31 December 2024
Carrying Contractual 1 year 1 to 2 2 to 5 Carrying Contractual 1 year 1 to 2 2 to 5
amount cash flows or less years years >5 years amount cash flows or less years years >5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-derivative financial
liabilities
Trade and other payables and
accruals
(5,205)
(5,205)
(5,205)
\u2014
\u2014
\u2014
(9,407)
(9,407)
(9,407)
\u2014
\u2014
\u2014
Lease liabilities
(2,409)
(2,619)
(1,027)
(993)
(321)
\u2014
(2,223)
(2,590)
(1,027)
(812)
(751)
\u2014
Derivative financial liabilities
Forward exchange contracts:
(Outflow)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(827)
(827)
\u2014
\u2014
\u2014
\u2014
Inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
848
848
\u2014
\u2014
\u2014
\u2014
Foreign currency exposures
The Group\u2019s primary transaction currency is pound sterling. Exposures to foreign currency-denominated contracted receivables and commitments arise from the Group\u2019s overseas sales and
purchases, which are primarily denominated in euros, US dollars, Canadian dollars and Japanese yen.
The Group seeks to mitigate its foreign currency exposure by entering into forward currency exchange contracts, and in limited circumstances, currency options in accordance with the Group\u2019s
Treasury Policy. Where the amounts to be paid and received in a specific currency are expected to largely offset one another, no further hedging activity is undertaken. Forward currency exchange
contracts and options are primarily entered into for significant foreign currency exposures that are not expected to be offset by other currency transactions. The Group\u2019s objectives and policies are
largely unchanged in the reporting periods under review.
Forward exchange contracts include forward currency contracts to sell \u20ac1.0 million in total and buy US dollars over the next 12 months and considering the impact of foreign exchange, the carrying
value of derivative financial instruments asset (net) at the year end is \u00a3nil (2024: liability of \u00a38,000). \u2003
The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling. Foreign exchange differences arising on the retranslation of these
monetary assets and liabilities are taken to the Consolidated Statement of Profit and Loss.
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
1,321
120
\u2014
4
171
19
Trade and other receivables
14
\u2014
\u2014
\u2014
\u2014
2
Other current assets
\u2014
\u2014
\u2014
\u2014
22
\u2014
Trade payables and payments on account
(11)
(134)
\u2014
\u2014
(86)
\u2014
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(14)
\u2014
Forward currency contracts \u2013 (outflow)/inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance sheet exposure
1,324
(14)
\u2014
4
93
21
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
2,268
2,910
171
52
167
5
Trade and other receivables
425
280
\u2014
\u2014
\u2014
\u2014
Other current assets
\u2014
\u2014
\u2014
\u2014
21
\u2014
Trade payables and payments on account
(155)
(139)
\u2014
\u2014
\u2014
\u2014
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
Forward currency contracts \u2013 (outflow)/inflow
(827)
848
\u2014
\u2014
\u2014
\u2014
Balance sheet exposure
1,711
3,899
171
52
177
5
A 10% weakening of the following currencies against pound sterling at 31 December 2025 (or 31 December 2024) would have resulted in a profit or loss charge to the Consolidated Statement of
Profit and Loss by the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date.
This analysis assumes that all other variables, in particular other exchange rates and interest rates,
remain constant. The analysis is performed on the same basis for the comparative period.
Profit or (loss)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Euro
(132)
(171)
US dollar
1
(390)
Canadian dollar
\u2014
(17)
Japanese yen
\u2014
(5)
Chinese renminbi
(9)
(18)
Other
(2)
(1)
A 10% strengthening of the above currencies against pound sterling at 31 December 2025 (or 31
December 2024) would have had the equal but opposite effect on the above currencies to the
amounts shown above, on the basis that all other variables remain constant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s Treasury Policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 3. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s Treasury Policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 3. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Derivative financial instruments The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses forward contracts, and in limited circumstances options, to hedge against foreign currency-denominated income and expenditure commitments. The use of financial derivatives is governed by the Group\u2019s Treasury Policy, as approved by the Board. The Group does not use derivative financial instruments for speculative purposes. Details of financial instruments are shown later in this note. Derivative financial instruments are recognised at fair value. The gains or losses on re-measurement to fair value are recognised immediately in the Consolidated Statement of Profit and Loss as they arise and are shown in Note 3. The Group only uses derivative financial instruments to hedge foreign currency exposures which arise from an underlying current or anticipated business requirement. The Group does not currently apply hedge accounting to any derivatives in place, and derivatives are treated at fair value through P&L. The Group does not currently use derivative instruments to manage its interest rate risk. The Group does not trade in financial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. None of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2025 (31 December 2024: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. None of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2025 (31 December 2024: none). The fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the balance sheet, are as follows:
Carrying Carrying
amount Fair value amount Fair value
Fair value 31 Dec 2025 31 Dec 2025 31 Dec 2024 31 Dec 2024
hierarchy \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets at amortised
cost
Trade and other receivables
15,235
15,235
9,975
9,975
Cash, cash equivalents and
investments
83,272
83,272
102,465
102,465
98,507
98,507
112,440
112,440
Financial assets measured at
fair value through profit or loss
Forward exchange contracts
Level 2
\u2014
\u2014
8
8
Financial liabilities measured
at amortised cost
Trade and other payables and
accruals
(5,205)
(5,205)
(9,407)
(9,407)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "Fair values of financial assets and financial liabilities There is no material difference between the fair value and the carrying value of the Group\u2019s financial assets and financial liabilities. Carrying value approximates to fair value because of the short maturity periods of these financial instruments. None of the Group\u2019s assets and liabilities were measured at fair value at 31 December 2025 (31 December 2024: none).
The fair values of all financial assets and financial liabilities by class, together with their carrying
amounts shown in the balance sheet, are as follows:
Carrying Carrying
amount Fair value amount Fair value
Fair value 31 Dec 2025 31 Dec 2025 31 Dec 2024 31 Dec 2024
hierarchy \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets at amortised
cost
Trade and other receivables
15,235
15,235
9,975
9,975
Cash, cash equivalents and
investments
83,272
83,272
102,465
102,465
98,507
98,507
112,440
112,440
Financial assets measured at
fair value through profit or loss
Forward exchange contracts
Level 2
\u2014
\u2014
8
8
Financial liabilities measured
at amortised cost
Trade and other payables and
accruals
(5,205)
(5,205)
(9,407)
(9,407)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
Capital management
The Group\u2019s capital is considered to comprise cash at bank and short-term investments as set out
in Note 16. The Group\u2019s approach to managing its capital is described in the \u201ccredit risk\u201d section
below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Capital management The Group\u2019s capital is considered to comprise cash at bank and short-term investments as set out in Note 16. The Group\u2019s approach to managing its capital is described in the \u201ccredit risk\u201d section below. Financial risk management The Group\u2019s operations expose it to a variety of financial risks that include credit risk and market risk arising from changes to interest rates and foreign currency exchange rates. The Board reviews and agrees policies for managing each of these risks. The principal risks addressed are as follows: Credit risk The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or customer fails to meet its contractual obligations. The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds of no more than \u00a330 million per institution into pooled money market funds with same-day access and of no more than \u00a312 million per institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s Treasury Policy restricted investments in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity. Trade receivables at the year end relate to eight customers (31 December 2024: seven) of which \u00a3320,000 relates to the Europe geographic region, \u00a315,000 relates to the US and \u00a314,603,000 to Asia (31 December 2024: \u00a3443,000 relates to the Europe geographic region, \u00a3280,000 relates to the US and \u00a39,149,000 to Asia). Contract assets at the year end related to two customers of which \u00a328,000 relates to the Europe geographic region and \u00a3115,000 to Asia (31 December 2024: related to four customers of which \u00a3138,000 relates to the Europe geographic region and \u00a37,195,000 to Asia). The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current and preceding year and are consequently stated at cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and other contract assets (primarily unbilled work in progress). To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables. The Group has followed this approach as at 31 December 2025 and as a result has not recognised a loss allowance for trade receivables or other contract assets (31 December 2024: no loss allowance). Management does not consider that a reasonably possible change in the estimation of expected credit losses would have a material impact on the results of the following year. Interest rate risk Interest rate risk on the Group\u2019s liabilities is minimal. The Group\u2019s finance income is sensitive to changes in interest rates. A change of 0.5% in interest rates on all variable rate instruments held by the Group at 31 December 2025 would have impacted the finance income by \u00a3304,000 (31 December 2024: \u00a3308,000). The increase in sensitivity to interest rate changes is driven by the increase mix of variable rate cash, cash equivalents and investments held at the balance sheet date when compared with 31 December 2024. Interest rate risk is mitigated by investing in deposit accounts of different durations ranging from 32 days to up to 24 months and by utilising deposit accounts with fixed interest rates. Liquidity risk Liquidity risk is the risk arising from the Group not being able to meet its financial obligations. The Group manages its liquidity needs by preparing cash flow forecasts, including forecasting of the Group\u2019s liquidity requirements, to ensure the Group has sufficient cash to meet its operational needs. The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:
31 December 2025
31 December 2024
Carrying Contractual 1 year 1 to 2 2 to 5 Carrying Contractual 1 year 1 to 2 2 to 5
amount cash flows or less years years >5 years amount cash flows or less years years >5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-derivative financial
liabilities
Trade and other payables and
accruals
(5,205)
(5,205)
(5,205)
\u2014
\u2014
\u2014
(9,407)
(9,407)
(9,407)
\u2014
\u2014
\u2014
Lease liabilities
(2,409)
(2,619)
(1,027)
(993)
(321)
\u2014
(2,223)
(2,590)
(1,027)
(812)
(751)
\u2014
Derivative financial liabilities
Forward exchange contracts:
(Outflow)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(827)
(827)
\u2014
\u2014
\u2014
\u2014
Inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
848
848
\u2014
\u2014
\u2014
\u2014
Foreign currency exposures The Group\u2019s primary transaction currency is pound sterling. Exposures to foreign currency-denominated contracted receivables and commitments arise from the Group\u2019s overseas sales and purchases, which are primarily denominated in euros, US dollars, Canadian dollars and Japanese yen. The Group seeks to mitigate its foreign currency exposure by entering into forward currency exchange contracts, and in limited circumstances, currency options in accordance with the Group\u2019s Treasury Policy. Where the amounts to be paid and received in a specific currency are expected to largely offset one another, no further hedging activity is undertaken. Forward currency exchange contracts and options are primarily entered into for significant foreign currency exposures that are not expected to be offset by other currency transactions. The Group\u2019s objectives and policies are largely unchanged in the reporting periods under review. Forward exchange contracts include forward currency contracts to sell \u20ac1.0 million in total and buy US dollars over the next 12 months and considering the impact of foreign exchange, the carrying value of derivative financial instruments asset (net) at the year end is \u00a3nil (2024: liability of \u00a38,000). The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling. Foreign exchange differences arising on the retranslation of these monetary assets and liabilities are taken to the Consolidated Statement of Profit and Loss.
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
1,321
120
\u2014
4
171
19
Trade and other receivables
14
\u2014
\u2014
\u2014
\u2014
2
Other current assets
\u2014
\u2014
\u2014
\u2014
22
\u2014
Trade payables and payments on account
(11)
(134)
\u2014
\u2014
(86)
\u2014
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(14)
\u2014
Forward currency contracts \u2013 (outflow)/inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance sheet exposure
1,324
(14)
\u2014
4
93
21
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
2,268
2,910
171
52
167
5
Trade and other receivables
425
280
\u2014
\u2014
\u2014
\u2014
Other current assets
\u2014
\u2014
\u2014
\u2014
21
\u2014
Trade payables and payments on account
(155)
(139)
\u2014
\u2014
\u2014
\u2014
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
Forward currency contracts \u2013 (outflow)/inflow
(827)
848
\u2014
\u2014
\u2014
\u2014
Balance sheet exposure
1,711
3,899
171
52
177
5
A 10% weakening of the following currencies against pound sterling at 31 December 2025 (or 31 December 2024) would have resulted in a profit or loss charge to the Consolidated Statement of Profit and Loss by the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the comparative period.
Profit or (loss)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Euro
(132)
(171)
US dollar
1
(390)
Canadian dollar
\u2014
(17)
Japanese yen
\u2014
(5)
Chinese renminbi
(9)
(18)
Other
(2)
(1)
A 10% strengthening of the above currencies against pound sterling at 31 December 2025 (or 31 December 2024) would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "Credit risk The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or customer fails to meet its contractual obligations. The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds of no more than \u00a330 million per institution into pooled money market funds with same-day access and of no more than \u00a312 million per institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s Treasury Policy restricted investments in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity. Trade receivables at the year end relate to eight customers (31 December 2024: seven) of which \u00a3320,000 relates to the Europe geographic region, \u00a315,000 relates to the US and \u00a314,603,000 to Asia (31 December 2024: \u00a3443,000 relates to the Europe geographic region, \u00a3280,000 relates to the US and \u00a39,149,000 to Asia). Contract assets at the year end related to two customers of which \u00a328,000 relates to the Europe geographic region and \u00a3115,000 to Asia (31 December 2024: related to four customers of which \u00a3138,000 relates to the Europe geographic region and \u00a37,195,000 to Asia). The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current and preceding year and are consequently stated at cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and other contract assets (primarily unbilled work in progress). To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables. The Group has followed this approach as at 31 December 2025 and as a result has not recognised a loss allowance for trade receivables or other contract assets (31 December 2024: no loss allowance). Management does not consider that a reasonably possible change in the estimation of expected credit losses would have a material impact on the results of the following year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Credit risk The Group\u2019s exposure to credit risk arises from holdings of cash, cash equivalents and investments, and if a counterparty or customer fails to meet its contractual obligations. The Group\u2019s primary objective to manage credit risk from its holdings of cash, cash equivalents and investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect on the business. The Group places surplus funds of no more than \u00a330 million per institution into pooled money market funds with same-day access and of no more than \u00a312 million per institution for bank deposits with durations of up to 24 months. During the year the Group\u2019s Treasury Policy restricted investments in short-term money market funds to those which carry short-term credit ratings of at least two of AAAm (Standard & Poor\u2019s), Aaa-mf (Moody\u2019s) and AAAmmf (Fitch) and deposits with banks with minimum long-term rating of A-/A3/A and short-term rating of A-2/P-2/F-1 for banks in which the UK Government holds less than 10% ordinary equity. Trade receivables at the year end relate to eight customers (31 December 2024: seven) of which \u00a3320,000 relates to the Europe geographic region, \u00a315,000 relates to the US and \u00a314,603,000 to Asia (31 December 2024: \u00a3443,000 relates to the Europe geographic region, \u00a3280,000 relates to the US and \u00a39,149,000 to Asia). Contract assets at the year end related to two customers of which \u00a328,000 relates to the Europe geographic region and \u00a3115,000 to Asia (31 December 2024: related to four customers of which \u00a3138,000 relates to the Europe geographic region and \u00a37,195,000 to Asia). The Group\u2019s customers are generally large multinational companies or research institutions and are consequentially not considered to add significantly to the Group\u2019s credit risk exposure. All trade receivables are due within the agreed credit terms for the current and preceding year and are consequently stated at cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and other contract assets (primarily unbilled work in progress). To measure expected credit losses, trade receivables and other contract assets are analysed based on their credit risk characteristics including days past due and the specific payment profile of the customer to determine a suitable historical loss rate. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that the Group considers could affect the ability of its customers to settle the receivables. The Group has followed this approach as at 31 December 2025 and as a result has not recognised a loss allowance for trade receivables or other contract assets (31 December 2024: no loss allowance). Management does not consider that a reasonably possible change in the estimation of expected credit losses would have a material impact on the results of the following year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Interest rate risk Interest rate risk on the Group\u2019s liabilities is minimal. The Group\u2019s finance income is sensitive to changes in interest rates. A change of 0.5% in interest rates on all variable rate instruments held by the Group at 31 December 2025 would have impacted the finance income by \u00a3304,000 (31 December 2024: \u00a3308,000). The increase in sensitivity to interest rate changes is driven by the increase mix of variable rate cash, cash equivalents and investments held at the balance sheet date when compared with 31 December 2024. Interest rate risk is mitigated by investing in deposit accounts of different durations ranging from 32 days to up to 24 months and by utilising deposit accounts with fixed interest rates. Foreign currency exposures The Group\u2019s primary transaction currency is pound sterling. Exposures to foreign currency-denominated contracted receivables and commitments arise from the Group\u2019s overseas sales and purchases, which are primarily denominated in euros, US dollars, Canadian dollars and Japanese yen. The Group seeks to mitigate its foreign currency exposure by entering into forward currency exchange contracts, and in limited circumstances, currency options in accordance with the Group\u2019s Treasury Policy. Where the amounts to be paid and received in a specific currency are expected to largely offset one another, no further hedging activity is undertaken. Forward currency exchange contracts and options are primarily entered into for significant foreign currency exposures that are not expected to be offset by other currency transactions. The Group\u2019s objectives and policies are largely unchanged in the reporting periods under review. Forward exchange contracts include forward currency contracts to sell \u20ac1.0 million in total and buy US dollars over the next 12 months and considering the impact of foreign exchange, the carrying value of derivative financial instruments asset (net) at the year end is \u00a3nil (2024: liability of \u00a38,000). The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling. Foreign exchange differences arising on the retranslation of these monetary assets and liabilities are taken to the Consolidated Statement of Profit and Loss.
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
1,321
120
\u2014
4
171
19
Trade and other receivables
14
\u2014
\u2014
\u2014
\u2014
2
Other current assets
\u2014
\u2014
\u2014
\u2014
22
\u2014
Trade payables and payments on account
(11)
(134)
\u2014
\u2014
(86)
\u2014
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(14)
\u2014
Forward currency contracts \u2013 (outflow)/inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance sheet exposure
1,324
(14)
\u2014
4
93
21
Canadian Japanese Chinese
Euro US dollar dollar yen renminbi Other
31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Exposures to foreign currency risk:
Cash and cash equivalents
2,268
2,910
171
52
167
5
Trade and other receivables
425
280
\u2014
\u2014
\u2014
\u2014
Other current assets
\u2014
\u2014
\u2014
\u2014
21
\u2014
Trade payables and payments on account
(155)
(139)
\u2014
\u2014
\u2014
\u2014
Other current liabilities
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
Forward currency contracts \u2013 (outflow)/inflow
(827)
848
\u2014
\u2014
\u2014
\u2014
Balance sheet exposure
1,711
3,899
171
52
177
5
A 10% weakening of the following currencies against pound sterling at 31 December 2025 (or 31 December 2024) would have resulted in a profit or loss charge to the Consolidated Statement of Profit and Loss by the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to risk exposures existing at that date. This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant. The analysis is performed on the same basis for the comparative period.
Profit or (loss)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Euro
(132)
(171)
US dollar
1
(390)
Canadian dollar
\u2014
(17)
Japanese yen
\u2014
(5)
Chinese renminbi
(9)
(18)
Other
(2)
(1)
A 10% strengthening of the above currencies against pound sterling at 31 December 2025 (or 31 December 2024) would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Liquidity risk Liquidity risk is the risk arising from the Group not being able to meet its financial obligations. The Group manages its liquidity needs by preparing cash flow forecasts, including forecasting of the Group\u2019s liquidity requirements, to ensure the Group has sufficient cash to meet its operational needs. The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:
31 December 2025
31 December 2024
Carrying Contractual 1 year 1 to 2 2 to 5 Carrying Contractual 1 year 1 to 2 2 to 5
amount cash flows or less years years >5 years amount cash flows or less years years >5 years
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-derivative financial
liabilities
Trade and other payables and
accruals
(5,205)
(5,205)
(5,205)
\u2014
\u2014
\u2014
(9,407)
(9,407)
(9,407)
\u2014
\u2014
\u2014
Lease liabilities
(2,409)
(2,619)
(1,027)
(993)
(321)
\u2014
(2,223)
(2,590)
(1,027)
(812)
(751)
\u2014
Derivative financial liabilities
Forward exchange contracts:
(Outflow)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(827)
(827)
\u2014
\u2014
\u2014
\u2014
Inflow
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
848
848
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "21. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "21. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "21. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Settlement provision At the year end, the Group recognised a provision of \u00a31,980,000 in respect of an obligation arising from the termination of a supply contract. The provision represents management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date. After the year end, the Group agreed and paid this settlement amount to the third party involved. The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2025 is set out below along with the value of provisions at 31 December 2024:
Property Contract
dilapidations Warranties Settlement losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
2,282
603
\u2014
44
2,929
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
40
\u2014
\u2014
\u2014
40
Unused provision reversed
\u2014
(206)
\u2014
\u2014
(206)
Increase in provision
18
\u2014
\u2014
\u2014
18
At 31 December 2024
2,340
397
\u2014
44
2,781
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
92
\u2014
\u2014
\u2014
92
Unused provision reversed
\u2014
\u2014
\u2014
(44)
(44)
Change in provision
(56)
(163)
1,980
\u2014
1,761
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
234
1,980
\u2014
2,214
Non-current
2,376
\u2014
\u2014
\u2014
2,376
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
397
\u2014
44
441
Non-current
2,340
\u2014
\u2014
\u2014
2,340
At 31 December 2024
2,340
397
\u2014
44
2,781
The dilapidation provision at 31 December 2025 represents the present value of costs to be incurred in making good the Group\u2019s leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was performed by a specialist for the year ended 31 December 2025. The warranty provision at the year end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as set out in Note 1. 26. Capital commitments Capital expenditure that has been contracted for but has not been provided for in the consolidated financial statements amounts to \u00a3320,000 as at 31 December 2025 (31 December 2024: \u00a3725,000). The reduction in capital commitments this year reflects Ceres\u2019 continued progression through its technology and manufacturing lifecycle, with major development and test-related investment now largely complete as we transition toward a commercially focused operating model.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "21. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Settlement provision At the year end, the Group recognised a provision of \u00a31,980,000 in respect of an obligation arising from the termination of a supply contract. The provision represents management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date. After the year end, the Group agreed and paid this settlement amount to the third party involved. The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2025 is set out below along with the value of provisions at 31 December 2024:
Property Contract
dilapidations Warranties Settlement losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
2,282
603
\u2014
44
2,929
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
40
\u2014
\u2014
\u2014
40
Unused provision reversed
\u2014
(206)
\u2014
\u2014
(206)
Increase in provision
18
\u2014
\u2014
\u2014
18
At 31 December 2024
2,340
397
\u2014
44
2,781
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
92
\u2014
\u2014
\u2014
92
Unused provision reversed
\u2014
\u2014
\u2014
(44)
(44)
Change in provision
(56)
(163)
1,980
\u2014
1,761
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
234
1,980
\u2014
2,214
Non-current
2,376
\u2014
\u2014
\u2014
2,376
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
397
\u2014
44
441
Non-current
2,340
\u2014
\u2014
\u2014
2,340
At 31 December 2024
2,340
397
\u2014
44
2,781
The dilapidation provision at 31 December 2025 represents the present value of costs to be
incurred in making good the Group\u2019s leasehold properties at the break points of the leases in
approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that
will be incurred at the end of the respective leases. A revaluation of the property dilapidation
was performed by a specialist for the year ended 31 December 2025.
The warranty provision at the year end is primarily the result of a constructive obligation and
reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect
to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty
provisions are utilised or released over the periods of the various warranty obligations, which
are expected to be less than two years. There are several areas of uncertainty supporting the
provision, including determining the amount of technology hardware that may require repairing
or replacing and respective timing as manufacturing costs are expected to reduce over time.
In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than
contractual obligation and there is limited history of warranty claims with the Group\u2019s current
customers, any final warranty obligation will be subject to negotiation with the respective
customer. The calculation of the warranty provision is subject to certain estimates, as set out
in Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "21. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote. Settlement provision At the year end, the Group recognised a provision of \u00a31,980,000 in respect of an obligation arising from the termination of a supply contract. The provision represents management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date. After the year end, the Group agreed and paid this settlement amount to the third party involved. The movement in provisions charged to the Consolidated Statement of Profit and Loss for the year ended 31 December 2025 is set out below along with the value of provisions at 31 December 2024:
Property Contract
dilapidations Warranties Settlement losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
2,282
603
\u2014
44
2,929
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
40
\u2014
\u2014
\u2014
40
Unused provision reversed
\u2014
(206)
\u2014
\u2014
(206)
Increase in provision
18
\u2014
\u2014
\u2014
18
At 31 December 2024
2,340
397
\u2014
44
2,781
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
92
\u2014
\u2014
\u2014
92
Unused provision reversed
\u2014
\u2014
\u2014
(44)
(44)
Change in provision
(56)
(163)
1,980
\u2014
1,761
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
234
1,980
\u2014
2,214
Non-current
2,376
\u2014
\u2014
\u2014
2,376
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
397
\u2014
44
441
Non-current
2,340
\u2014
\u2014
\u2014
2,340
At 31 December 2024
2,340
397
\u2014
44
2,781
The dilapidation provision at 31 December 2025 represents the present value of costs to be incurred in making good the Group\u2019s leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was performed by a specialist for the year ended 31 December 2025. The warranty provision at the year end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as set out in Note 1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "21. Provisions and contingent liabilities Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation where relevant. Contingent liabilities Contingent liabilities are disclosed where the likelihood of payment of potential future cash outflows is considered more than remote, but is not considered probable or cannot be measured reliably. Property dilapidations Provisions have been made for future dilapidation costs on the leased properties. This provision is the Directors\u2019 best estimate as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. The estimate is supported by advice received from professional advisers. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Warranties As at the year end, only a small proportion of technology hardware supplied or sold to customers was provided with contractual warranties. The warranty provision is recognised in accordance with IAS 37 as the majority of technology hardware supplied or sold to customers has been provided without contractual warranties and there is no option to acquire a warranty separately. Where a constructive obligation is considered to have been created through an expectation or past practice, a provision for the associated costs of future claims has been included at the year end. The Group recognises a provision for both contractual and constructive obligation warranties when the underlying products and services are sold. The provision is based on the past performance of the technology hardware, management\u2019s knowledge, customer expectations and a weighting of possible outcomes against their associated probabilities. Where warranty obligations are not considered to be probable, they are not provided for but instead are disclosed as contingent liabilities unless remote.
Settlement provision
At the year end, the Group recognised a provision of \u00a31,980,000 in respect of an obligation
arising from the termination of a supply contract. The provision represents management\u2019s best
estimate of the expenditure required to settle the obligation at the reporting date.
After the year end, the Group agreed and paid this settlement amount to the third party
involved.
The movement in provisions charged to the Consolidated Statement of Profit and Loss for
the year ended 31 December 2025 is set out below along with the value of provisions at 31
December 2024:
Property Contract
dilapidations Warranties Settlement losses Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
2,282
603
\u2014
44
2,929
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
40
\u2014
\u2014
\u2014
40
Unused provision reversed
\u2014
(206)
\u2014
\u2014
(206)
Increase in provision
18
\u2014
\u2014
\u2014
18
At 31 December 2024
2,340
397
\u2014
44
2,781
Movements in the Consolidated
Statement of Profit and Loss:
Unwinding of discount
92
\u2014
\u2014
\u2014
92
Unused provision reversed
\u2014
\u2014
\u2014
(44)
(44)
Change in provision
(56)
(163)
1,980
\u2014
1,761
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
234
1,980
\u2014
2,214
Non-current
2,376
\u2014
\u2014
\u2014
2,376
At 31 December 2025
2,376
234
1,980
\u2014
4,590
Current
\u2014
397
\u2014
44
441
Non-current
2,340
\u2014
\u2014
\u2014
2,340
At 31 December 2024
2,340
397
\u2014
44
2,781
The dilapidation provision at 31 December 2025 represents the present value of costs to be incurred in making good the Group\u2019s leasehold properties at the break points of the leases in approximately two to three years\u2019 time. The main uncertainty relates to estimating the cost that will be incurred at the end of the respective leases. A revaluation of the property dilapidation was performed by a specialist for the year ended 31 December 2025. The warranty provision at the year end is primarily the result of a constructive obligation and reflects the Directors\u2019 best estimate of the cost required to fulfil these obligations with respect to a number of the Group\u2019s customer contracts. Subsequent to their initial recognition, warranty provisions are utilised or released over the periods of the various warranty obligations, which are expected to be less than two years. There are several areas of uncertainty supporting the provision, including determining the amount of technology hardware that may require repairing or replacing and respective timing as manufacturing costs are expected to reduce over time. In addition, as most of the Group\u2019s warranty provisions relate to constructive rather than contractual obligation and there is limited history of warranty claims with the Group\u2019s current customers, any final warranty obligation will be subject to negotiation with the respective customer. The calculation of the warranty provision is subject to certain estimates, as set out in Note 1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
22. Share capital
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Number
of \u00a30.10 Number
ordinary of \u00a30.10
shares
\u00a3\u2019000
ordinary shares
\u00a3\u2019000
Allotted and fully paid
At 1 January
193,699,380
19,370
192,968,096
19,297
Allotted \u00a30.10 Ordinary shares on
exercise of employee share options
995,163
99
731,284
73
At 31 December
194,694,543
19,469
193,699,380
19,370
During the year ended 31 December 2025, 995,163 ordinary \u00a30.10 shares were allotted
for cash consideration of \u00a399,516 on the exercise of employee share options (year ended
31 December 2024: 731,284 ordinary \u00a30.10 shares were allotted for cash consideration
of \u00a3538,913) (see Note 24).
23. Reserves The Consolidated Statement of Financial Position includes a merger reserve and a capital redemption reserve. The merger reserve represents a reserve arising on consolidation using book value accounting for the acquisition of Ceres Power Limited at 1 July 2004. The reserve represents the difference between the book value and the nominal value of the shares issued by the Company to acquire Ceres Power Limited. The capital redemption reserve was created in the year ended 30 June 2014 when 86,215,662 deferred ordinary shares of \u00a30.04 each were cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "22. Share capital
31 Dec 2025 31 Dec 2024
\u00a3\u2019000 \u00a3\u2019000
Number
of \u00a30.10 Number
ordinary of \u00a30.10
shares
\u00a3\u2019000
ordinary shares
\u00a3\u2019000
Allotted and fully paid
At 1 January
193,699,380
19,370
192,968,096
19,297
Allotted \u00a30.10 Ordinary shares on
exercise of employee share options
995,163
99
731,284
73
At 31 December
194,694,543
19,469
193,699,380
19,370
During the year ended 31 December 2025, 995,163 ordinary \u00a30.10 shares were allotted for cash consideration of \u00a399,516 on the exercise of employee share options (year ended 31 December 2024: 731,284 ordinary \u00a30.10 shares were allotted for cash consideration of \u00a3538,913) (see Note 24).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "
23. Reserves
The Consolidated Statement of Financial Position includes a merger reserve and a capital
redemption reserve. The merger reserve represents a reserve arising on consolidation using
book value accounting for the acquisition of Ceres Power Limited at 1 July 2004. The reserve
represents the difference between the book value and the nominal value of the shares issued
by the Company to acquire Ceres Power Limited. The capital redemption reserve was created
in the year ended 30 June 2014 when 86,215,662 deferred ordinary shares of \u00a30.04 each
were cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "24. Share options Share-based payments The Group has a number of employee and Executive share option and award schemes under which it makes equity-settled share-based payments. The fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using option valuation models, taking into account the terms and conditions upon which the awards were granted. The fair value of the share-based payment, determined at the grant date, is measured to reflect vesting conditions and for market-related vesting conditions there is no true-up for differences between expected and actual outcomes. Expected volatility was determined by calculating the historical volatility of the Company\u2019s shares over a period consistent with the expected term of the options. Where the parent Company grants options over its own shares to the employees of the Group, these are accounted for as equity-settled in the consolidated accounts of the Group. The total charge recognised in the year ended 31 December 2025 relating to employee share- based payments was \u00a31,260,000 (2024: \u00a3964,000). The Company has a number of share option schemes and savings-related share option plans for its employees and a separate historical scheme for Executive Directors.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
a) Sharesave schemes
51
(159)
b) Long Term Incentive Plan (\u201cLTIP\u201d)
1,209
1,123
1,260
964
a) Sharesave scheme
During 2019 a new HMRC-approved savings-related share option scheme was implemented,
under which employees save on a monthly basis, over a three-year period, towards the purchase
of shares at a fixed price determined when the option is granted. Ordinarily, this price is set at a
20% discount to the market price. In view of share price performance, no discount was applied
to the grant in 2025. The options must be exercised within six months of maturity of the savings
contract, otherwise they lapse.
Movements in the total number of share options outstanding and their relative weighted average
exercise price are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
3,000
\u00a31.16
850
\u00a33.52
Granted
2,996
\u00a30.71
3,284
\u00a31.07
Exercised
\u2014
\u2014
\u2014
\u2014
Lapsed/cancelled
(2,294)
\u00a31.14
(1,134)
\u00a32.65
Outstanding at 31 December
3,702
\u00a30.81
3,000
\u00a31.16
Exercisable
\u2014
\u2014
\u2014
\u2014
There were no Sharesave scheme exercises and therefore the weighted average share price on
the exercise date of options was \u00a3nil (2024: \u00a3nil).
The weighted average fair value of options granted in the year was \u00a30.46 (2024: \u00a31.05).
The expiry dates of options outstanding at the end of the year are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2025
\u2014
\u2014
33
\u00a34.27
2026
40
\u00a33.75
88
\u00a33.13
2027
786
\u00a31.23
2,879
\u00a31.07
2028
2,876
\u00a30.73
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 2.75
years (2024: 2.86 years).
b) LTIP
During 2016 a Long Term Incentive Plan (\u201cLTIP\u201d) was implemented by the Remuneration and
Nomination Committee. Participation in the LTIP is at the invitation of the Committee and is
intended to be used to incentivise the performance and retention of the Company\u2019s Executives
and certain key employees.
The maximum awards for all participants are determined by the Remuneration and Nomination
Committee with appropriate input from independent advisers. Performance is based on
achieving targets. Targets include major milestones aligned to the Group\u2019s strategic plan, a
sliding scale of total shareholder return (\u201cTSR\u201d), and time-based performance criteria, which
are measured over a period of three years with an additional holding period of two years for
Executives. Malus and clawback conditions apply.
Movements in the total number of share options outstanding and their relative weighted average
exercise price are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
7,486
\u00a30.10
4,490
\u00a30.10
Granted
6,892
\u00a30.10
4,672
\u00a30.10
Exercised
(994)
\u00a30.10
(101)
\u00a30.10
Lapsed
(1,138)
\u00a30.10
(1,575)
\u00a30.10
Outstanding at 31 December
12,246
\u00a30.10
7,486
\u00a30.10
Exercisable
1,326
\u00a30.10
2,044
\u00a30.10
The weighted average fair value of options granted in the year ending 31 December 2025 was
\u00a31.46 (2024: \u00a32.05).
The weighted average share price on the exercise date of options was \u00a32.45 (2024: \u00a32.59).
The expiry dates of options outstanding at the end of the year are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2026
405
\u00a30.10
829
\u00a30.10
2027
154
\u00a30.10
279
\u00a30.10
2028
308
\u00a30.10
490
\u00a30.10
2029
294
\u00a30.10
445
\u00a30.10
2030
\u2014
\u2014
\u2014
\u2014
2031
\u2014
\u2014
\u2014
\u2014
2032
166
\u00a30.10
283
\u00a30.10
2033
1,004
\u00a30.10
1,186
\u00a30.10
2034
3,215
\u00a30.10
3,974
\u00a30.10
2035
6,700
\u00a30.10
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 8.37
years (2024: 7.43 years).
Assumptions
The fair values of the Sharesave scheme were measured by use of the Black\u2013Scholes pricing
model. The inputs to the Black\u2013Scholes model were as follows:
Sharesave Sharesave Sharesave
scheme 2025 scheme 2024 scheme 2023
Grant date 13 June 2025 10 May 2024 28 April 2023
Share price at date of grant (\u00a3)
0.7115
1.332
3.494
Exercise price (\u00a3)
0.7115
1.066
3.128
Expected volatility (%)
75%
70%
69%
Expected option life (years)
3.25 years
3.25 years
3.25 years
Average risk-free interest rate (%)
3.81%
4.15%
3.61%
Expected dividend yield
Nil
Nil
Nil
The exercise prices of options are stated above. The expected life of the options is based on the
best estimate of the average number of years expected from grant to exercise. The expected
volatility is based on historical volatility of the Company\u2019s shares since the Company restructured
in 2012. The risk-free rate of return is management\u2019s estimate of the yield on zero-coupon UK
Government bonds of a term consistent with the expected option life. The fair values of the LTIP
schemes were measured using a binomial pricing model and Monte Carlo simulation model.
The inputs to the Monte Carlo simulation model were as follows:
LTIP 2025 LTIP 2025 LTIP 2024 LTIP 2023
01 December 26 June 28 May 23 March
Grant date 2025 2025 2024 2023
Share price at date of grant (\u00a3)
3.550
0.7910
2.152
3.91
Exercise price (\u00a3)
0.1
0.1
0.1
0.1
Expected volatility (%)
80%
75%
75%
69%
Expected option life (years)
Up to 7 years
Up to 7 years
Up to 7 years
Up to 7 years
Average risk-free interest rate (%)
3.76%
3.81%
4.31%
3.61%
Expected dividend yield
Nil
Nil
Nil
Nil
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "24. Share options Share-based payments The Group has a number of employee and Executive share option and award schemes under which it makes equity-settled share-based payments. The fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using option valuation models, taking into account the terms and conditions upon which the awards were granted. The fair value of the share-based payment, determined at the grant date, is measured to reflect vesting conditions and for market-related vesting conditions there is no true-up for differences between expected and actual outcomes. Expected volatility was determined by calculating the historical volatility of the Company\u2019s shares over a period consistent with the expected term of the options. Where the parent Company grants options over its own shares to the employees of the Group, these are accounted for as equity-settled in the consolidated accounts of the Group. The total charge recognised in the year ended 31 December 2025 relating to employee share- based payments was \u00a31,260,000 (2024: \u00a3964,000). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "a) Sharesave scheme During 2019 a new HMRC-approved savings-related share option scheme was implemented, under which employees save on a monthly basis, over a three-year period, towards the purchase of shares at a fixed price determined when the option is granted. Ordinarily, this price is set at a 20% discount to the market price. In view of share price performance, no discount was applied to the grant in 2025. The options must be exercised within six months of maturity of the savings contract, otherwise they lapse. Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
3,000
\u00a31.16
850
\u00a33.52
Granted
2,996
\u00a30.71
3,284
\u00a31.07
Exercised
\u2014
\u2014
\u2014
\u2014
Lapsed/cancelled
(2,294)
\u00a31.14
(1,134)
\u00a32.65
Outstanding at 31 December
3,702
\u00a30.81
3,000
\u00a31.16
Exercisable
\u2014
\u2014
\u2014
\u2014
There were no Sharesave scheme exercises and therefore the weighted average share price on the exercise date of options was \u00a3nil (2024: \u00a3nil). The weighted average fair value of options granted in the year was \u00a30.46 (2024: \u00a31.05). The expiry dates of options outstanding at the end of the year are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2025
\u2014
\u2014
33
\u00a34.27
2026
40
\u00a33.75
88
\u00a33.13
2027
786
\u00a31.23
2,879
\u00a31.07
2028
2,876
\u00a30.73
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 2.75 years (2024: 2.86 years). b) LTIP During 2016 a Long Term Incentive Plan (\u201cLTIP\u201d) was implemented by the Remuneration and Nomination Committee. Participation in the LTIP is at the invitation of the Committee and is intended to be used to incentivise the performance and retention of the Company\u2019s Executives and certain key employees. The maximum awards for all participants are determined by the Remuneration and Nomination Committee with appropriate input from independent advisers. Performance is based on achieving targets. Targets include major milestones aligned to the Group\u2019s strategic plan, a sliding scale of total shareholder return (\u201cTSR\u201d), and time-based performance criteria, which are measured over a period of three years with an additional holding period of two years for Executives. Malus and clawback conditions apply. Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
(\u2019000) exercise price (\u2019000) exercise price
Outstanding at 1 January
7,486
\u00a30.10
4,490
\u00a30.10
Granted
6,892
\u00a30.10
4,672
\u00a30.10
Exercised
(994)
\u00a30.10
(101)
\u00a30.10
Lapsed
(1,138)
\u00a30.10
(1,575)
\u00a30.10
Outstanding at 31 December
12,246
\u00a30.10
7,486
\u00a30.10
Exercisable
1,326
\u00a30.10
2,044
\u00a30.10
The weighted average fair value of options granted in the year ending 31 December 2025 was \u00a31.46 (2024: \u00a32.05). The weighted average share price on the exercise date of options was \u00a32.45 (2024: \u00a32.59). The expiry dates of options outstanding at the end of the year are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Weighted Weighted
Number average Number average
Expiry date \u2013 31 December (\u2019000) exercise price (\u2019000) exercise price
2026
405
\u00a30.10
829
\u00a30.10
2027
154
\u00a30.10
279
\u00a30.10
2028
308
\u00a30.10
490
\u00a30.10
2029
294
\u00a30.10
445
\u00a30.10
2030
\u2014
\u2014
\u2014
\u2014
2031
\u2014
\u2014
\u2014
\u2014
2032
166
\u00a30.10
283
\u00a30.10
2033
1,004
\u00a30.10
1,186
\u00a30.10
2034
3,215
\u00a30.10
3,974
\u00a30.10
2035
6,700
\u00a30.10
\u2014
\u2014
The options outstanding at the end of the year have a weighted average contractual life of 8.37 years (2024: 7.43 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
25. Events after the balance sheet date
After the year end, Ceres agreed and paid a settlement of \u00a31,980,000 with a third party in
connection with the early termination of a contract (see Note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
26. Capital commitments
Capital expenditure that has been contracted for but has not been provided for in the
consolidated financial statements amounts to \u00a3320,000 as at 31 December 2025 (31 December
2024: \u00a3725,000). The reduction in capital commitments this year reflects Ceres\u2019 continued
progression through its technology and manufacturing lifecycle, with major development and
test-related investment now largely complete as we transition toward a commercially focused
operating model.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
27. Related party transactions
As at 31 December 2025 the Group\u2019s related parties were its Directors. Information around key
management compensation is set out in Note 5.
Major shareholders have been considered in the Directors\u2019 report and it was concluded that they
do not meet the definition of a related party in line with IAS 24 \u2018Related Party Disclosures\u2019.
During the year ended 31 December 2025 none of the Directors exercised share options.
RFC Power Ltd were a related party up until control was obtained on 1 August 2025. There were
no transactions with RFC Power Ltd while they were a related party. See Note 12 for information
around acquisition.
During the year ended 31 December 2024 one Director exercised 380,424 share options
under the Ceres Power Holdings plc 2004 Employees\u2019 Share Option Scheme. The Director sold
282,077 shares and retained 98,347 shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "27. Related party transactions As at 31 December 2025 the Group\u2019s related parties were its Directors. Information around key management compensation is set out in Note 5. Major shareholders have been considered in the Directors\u2019 report and it was concluded that they do not meet the definition of a related party in line with IAS 24 \u2018Related Party Disclosures\u2019. During the year ended 31 December 2025 none of the Directors exercised share options. RFC Power Ltd were a related party up until control was obtained on 1 August 2025. There were no transactions with RFC Power Ltd while they were a related party. See Note 12 for information around acquisition. During the year ended 31 December 2024 one Director exercised 380,424 share options under the Ceres Power Holdings plc 2004 Employees\u2019 Share Option Scheme. The Director sold 282,077 shares and retained 98,347 shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
28. Non-cash movements reconciliation for consolidated statement of cash
flows
Short-term
Fixed assets investments
At 1 January 2025
23,584
54,971
Accruals
\u2014
4,060
Non-cash impact from disposals
(66)
\u2014
Depreciation
(7,100)
\u2014
Finance income received
\u2014
(4,149)
Cash flows
1,776
(7,445)
At 31 December 2025
18,194
47,437
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
29. Exceptional operating costs
Exceptional operating costs
Ceres and a supplier settled a contractual dispute for the sum of \u00a31,440,000.
The Group also recognised a provision of \u00a31,980,000 in respect of an obligation arising from the
termination of a supply contract. The provision represents management\u2019s best estimate of the
expenditure required to settle the obligation at the reporting date (see Note 21).
Impairment of investment in associate
The 24.2% interest in the associate, RFC Power Limited, has been impaired to \u00a3nil. During the
period the Group identified indicators to suggest RFC could not carry on as a going concern.
As this cost arises from events outside the ordinary course of business, it has been presented
separately within the Consolidated Statement of Profit and Loss to provide clarity on the
Group\u2019s underlying operating performance.
Subsequently, the Group obtained control of RFC on 1 August 2025 (see Note 12).
", "dimensions": { "concept": "cerespowerplc:DisclosureOfExceptionalOperatingCosts", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "Ceres Power Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Ceres Power Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Viking House Foundry Lane Horsham West Sussex RH13 5PX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800N7AAHSXQUOA733", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }