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"scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "-534000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:984500FV43C9G16DK633", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "31000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "565000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500FV43C9G16DK633", "period": "2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "-29000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:984500FV43C9G16DK633", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "8775000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500FV43C9G16DK633", "period": "2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "31000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "1) General information The Company is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The registered office and principal place of business is 9th Floor, 16 Great Queen Street, London WC2B 5DG. The Company was incorporated on 19 March 2021. On 2 July 2025, the Company announced its intention to change its name to Satsuma Technology PLC (Ticker SATS). The Company's TIDM has changed from \"TAO\" to \"SATS\" from 14 July 2025. The Company's website has been changed to www.satsuma.digital. During the year the Company was a publicly listed technology company whose principal activity was the holding of the decentralised digital cryptocurrency known as Bitcoin (\u201cBTC\u201d) as a treasury reserve asset. The Company also operated a decentralised artificial intelligence (\u201cAI\u201d) business focused on publicly traded companies known to hold Bitcoin. During the year a new subsidiary entity, Satsuma Technology Pte Ltd (now called STT1 PTE Ltd) was incorporated in Singapore for the purposes of supporting the Group\u2019s treasury operations in a tax and regulatorily favourable jurisdiction. STT1 PTE Ltd is a wholly owned subsidiary of Satsuma Technology Plc, and its results have been consolidated in accordance with applicable accounting standards, aligned with the accounting policies adopted and implemented by the Group. The figures for the period represent the consolidated results for the period since incorporation of the subsidiary to and at the reporting date. As explained in Note 24, the Company ceased to pursue its Digital Asset Treasury Strategy after the reporting date and its principal activity going forward is that of a cash shell. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-343": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-360": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-342": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-391": { "value": "9th Floor, 16 Great Queen Street, London WC2B 5DG.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-361": { "value": "9th Floor, 16 Great Queen Street, London WC2B 5DG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-393": { "value": "2) Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of preparation of Financial Statements The financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 applicable to companies reporting under those standards. The financial statements are presented in Sterling, which is the functional currency of the Company. Monetary amounts are rounded to the nearest \u00a3'000, unless otherwise stated. The financial statements have been prepared under the historical cost convention, except for certain intangible assets measured under the revaluation model and certain financial instruments measured at fair value, as described in the accounting policies below. New and amended standards (a) New and amended standards effective for the current financial year The Group has applied the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability, which are effective for annual reporting periods beginning on or after 1 January 2025. The adoption of these amendments did not have a material impact on the financial statements. (b) New standards, amendments and interpretations in issue but not yet effective and not early adopted Standards, amendments and interpretations that are not yet effective and have not been early adopted are as follows: Standard\u202f\u202f Impact on initial application Effective date IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 IFRS 9 & IFRS 7 (Amendments) Classification and measurement of Financial Instruments 1 January 2026 IFRS 9 & IFRS 7 (Amendments) Contracts Referencing Nature-dependent Electricity 1 January 2026 Annual improvements to IFRS - Volume 11 Various amendments 1 January 2026 The Group is currently assessing the impact of these new and amended standards. With the exception of IFRS 18, which is expected to affect the presentation and disclosure of the Group's financial statements, the Directors do not currently expect their adoption to have a material impact on the Group's financial statements. 2.2 Going Concern The Directors have prepared the financial statements on a going concern basis. The Group incurred a loss for the year of \u00a376,914k (2025: \u00a3708k) and, at 28 February 2026, had net assets of \u00a338,578k (2025: net liabilities of \u00a3113k). In assessing the appropriateness of the going concern basis, the Directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. Following the General Meeting held on 20 July 2026, at which shareholders approved the return of substantially all of the Company\u2019s capital and the cancellation of the Company\u2019s listing, the Group has ceased to pursue its digital asset treasury strategy, and the Company\u2019s principal activity going forward is that of a cash shell. The forecasts reflect the Company\u2019s position following the return of capital and settlement of transformation and termination costs, estimated at \u00a32.7 million, after which the Company expects to retain approximately \u00a32 million of cash and will have no borrowings, no digital asset holdings and no trading operations. Following the settlement of transformation and termination costs, in addition to the return of capital, the Company\u2019s annualised cost base is expected to significantly decrease as the Group\u2019s operations are closed and the Company\u2019s listing is cancelled. The Directors have also considered the costs of the return of capital and the associated Court process, the costs of maintaining the Company while a new venture is identified, and the sensitivity of the Company\u2019s cash position to a delay in identifying a suitable opportunity. Having considered these sensitivities, the Directors believe that the Company will have sufficient working capital to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements. 2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertaking. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over the investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power to affect those returns. The results of subsidiary undertakings acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. In preparing the consolidated financial statements, intra-group balances, transactions, income and expenses are eliminated in full. 2.4 Foreign currencies Functional and presentation currency Items included in the financial statements of each Group entity are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The functional currency of the Company is Pound Sterling (\u201cGBP\u201d), while the functional currency of the Company's subsidiary, STT1 Pte Ltd, is the Singapore Dollar (\u201cSGD\u201d). The consolidated financial statements are presented in Pound Sterling. Transactions and balances Foreign currency transactions are translated into the relevant functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rates prevailing at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the retranslation of monetary assets and liabilities are recognised in profit or loss. On consolidation, the assets and liabilities of foreign operations are translated into Pound Sterling at the exchange rates prevailing at the reporting date. Income and expenses are translated at average exchange rates for the period, unless exchange rates fluctuate significantly, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on translation are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. 2.5 Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, which is responsible for allocating resources and assessing the performance of the Group's operating segments, has been identified as the executive Board of Directors. During the year, the Group operated as a single operating segment, being the holding and management of digital assets and related treasury activities. All material operations, assets and liabilities were reviewed and managed on a consolidated basis. 2.6 Fair Value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group measures certain financial and non-financial assets and liabilities at fair value at each reporting date, including digital assets, listed investments and derivative liabilities. Fair values are determined using valuation techniques appropriate in the circumstances and for which sufficient data is available, maximising the use of observable market inputs and minimising the use of unobservable inputs. Quoted prices in active markets are used where available. Where quoted market prices are not available, fair value is determined using appropriate valuation techniques, including option pricing models and other valuation methodologies. For the purposes of fair value disclosures, the Group categorises fair value measurements into the following hierarchy in accordance with IFRS 13 Fair Value Measurement: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: unobservable inputs for the asset or liability. The classification within the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement. 2.7 Revenue Revenue is recognised in accordance with IFRS 15 Revenue from Contracts with Customers when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration to which the Group expects to be entitled. During the year, the Group earned advisory, consultancy and infrastructure-related income in connection with digital asset and network activities. Revenue is recognised at the point in time or over the period in which the relevant services are provided and the Group\u2019s performance obligations are satisfied. Where consideration is denominated in Pound Sterling but is settled through the transfer of cryptocurrency or other digital assets, revenue is recognised based on the amount of consideration to which the Group is entitled under the contractual terms. Digital assets received in settlement are initially recognised at fair value when control of those assets transfers to the Group. Digital assets received in settlement of revenue are subsequently accounted for as intangible assets in accordance with IAS 38 Intangible Assets. 2.8 Intangible assets The Group\u2019s intangible assets principally comprise digital assets, primarily Bitcoin. Cryptocurrencies, including Bitcoin, are classified as intangible assets in accordance with IAS 38 Intangible Assets. They are identifiable non-monetary assets without physical substance and do not meet the definition of cash or a financial asset. The Group holds cryptocurrencies for treasury and strategic purposes rather than for sale in the ordinary course of business. The Group does not apply the requirements of IAS 2 Inventories. Digital assets purchased for cash are initially recognised at cost, comprising the purchase price and directly attributable transaction costs. Where digital assets are received as non-cash consideration, their initial carrying amount is determined by reference to the requirements applicable to the underlying transaction. Bitcoin received in settlement of subscriptions for convertible loan notes during the year was initially recognised at fair value when control of the Bitcoin transferred to the Group. The Group assesses, at each reporting date, whether an active market exists for each class of cryptocurrency held by the Group, having regard to quoted market prices, trading volumes, liquidity and market activity. Where an active market exists, cryptocurrencies are subsequently measured using the revaluation model prescribed by IAS 38. Under this model, cryptocurrencies are carried at fair value at each reporting date, determined by reference to quoted prices in the relevant active market. The Group's cryptocurrency intangible assets are considered to have indefinite useful lives as there is no foreseeable limit to the period over which they are expected to generate economic benefits for the Group. Consequently, these assets are not amortised. Increases in carrying value arising on revaluation are recognised in other comprehensive income (\u201cOCI\u201d) and accumulated in the revaluation reserve, except to the extent that they reverse a previous revaluation decrease in respect of the same asset recognised in profit or loss, in which case the increase is recognised in profit or loss. Decreases in carrying value arising on revaluation are recognised in profit or loss, except to the extent of any existing credit balance in the revaluation reserve relating to the same asset, in which case the decrease is recognised in OCI. Upon disposal of cryptocurrencies, the difference between the disposal proceeds and the carrying amount of the asset at the date of disposal is recognised in profit or loss. Any related balance held within the revaluation reserve is transferred directly to retained losses and is not recycled through profit or loss. As cryptocurrencies are non-monetary assets for the purposes of IAS 21 The Effects of Changes in Foreign Exchange Rates, cryptocurrency balances held by foreign operations are translated into the Group's presentation currency in accordance with the Group's foreign currency accounting policy. Exchange differences arising on the translation of foreign operations are recognised in OCI and accumulated in the foreign currency translation reserve. Purchases and disposals of cryptocurrencies are classified as investing activities in the consolidated statement of cash flows, reflecting the Group's purpose in holding cryptocurrencies for treasury and strategic purposes rather than for sale in the ordinary course of business. 2.9 Financial Instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, other than those measured at fair value through profit or loss (\u201cFVTPL\u201d), are added to or deducted from the fair value of the financial asset or financial liability, as appropriate, on initial recognition. Transaction costs directly attributable to financial instruments measured at FVTPL are recognised immediately in profit or loss. Financial assets Financial assets are classified and subsequently measured in accordance with IFRS 9 Financial Instruments. The Group's financial assets comprise principally cash and cash equivalents, trade and other receivables and investments. Financial assets held within a business model whose objective is to hold assets to collect contractual cash flows, where those contractual cash flows consist solely of payments of principal and interest, are subsequently measured at amortised cost using the effective interest method, net of any impairment losses. Equity investments that are not held for trading and for which the Group has not made an irrevocable election to present subsequent changes in fair value in other comprehensive income are measured at FVTPL. Changes in fair value are recognised in profit or loss. Impairment of financial assets The Group recognises loss allowances for expected credit losses (\u201cECLs\u201d) on financial assets measured at amortised cost. Loss allowances are measured in accordance with the requirements of IFRS 9, taking into account reasonable and supportable information available without undue cost or effort. Financial liabilities Financial liabilities are classified as either financial liabilities at amortised cost or at FVTPL. Financial liabilities measured at amortised cost are subsequently measured using the effective interest method. Interest expense and other movements arising through the effective interest method are recognised in profit or loss. Financial liabilities are measured at FVTPL where required by IFRS 9. Changes in the fair value of derivative liabilities are recognised in profit or loss unless otherwise required by the applicable accounting standards. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are transferred and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised when the Group's contractual obligations are discharged, cancelled or expire. 2.10 Investments Equity investments are accounted for in accordance with IFRS 9 Financial Instruments. Investments are initially recognised at fair value and are subsequently measured at fair value through profit or loss (\u201cFVTPL\u201d). Changes in fair value are recognised in profit or loss in the period in which they arise. Fair value is determined using observable market data, including quoted market prices, where available. Where a quoted price is available in an active market for an identical investment, the investment is classified as Level 1 within the fair value hierarchy. Where an active market does not exist, fair value is determined using an appropriate valuation technique based on observable market inputs, where available. Such measurements are classified within Level 2 of the fair value hierarchy where all significant inputs to the valuation are observable. Purchases and disposals of investments are recognised on the trade date. Cash flows relating to the acquisition and disposal of investments are classified as investing activities in the consolidated statement of cash flows. 2.11 Derivative liabilities Derivative liabilities principally arose from warrant entitlements associated with the Group's convertible loan note and fundraising arrangements. Derivative liabilities are initially recognised at fair value when the Group becomes party to the contractual provisions giving rise to the derivative. They are subsequently measured at fair value through profit or loss (\u201cFVTPL\u201d), with changes in fair value recognised in profit or loss in the period in which they arise. Fair value is determined using appropriate valuation techniques, including Monte Carlo simulation and Black-Scholes option pricing models, where appropriate, incorporating observable and unobservable market inputs. Immediately prior to derecognition or settlement, derivative liabilities are remeasured to fair value, with any resulting gain or loss recognised in profit or loss. Derivative liabilities are derecognised when the contractual obligation is extinguished, cancelled or expires, or where the arrangement is settled through the issue of an equity instrument that qualifies for equity classification under IAS 32 Financial Instruments: Presentation. Where settled through the issue of qualifying equity instruments, the carrying amount of the derivative liability at the date of settlement is transferred to equity. 2.12 Convertible Loan Notes Where the terms of convertible loan notes give rise to both liability and equity components, the instruments are separated on initial recognition into their respective liability and equity components in accordance with IAS 32 Financial Instruments: Presentation. The liability component is initially measured at the fair value of the contractual cash flows discounted using the market rate of interest applicable to a comparable financial liability without an equity conversion feature. The residual amount is recognised within equity. Transaction costs that are incremental and directly attributable to the issue of a compound financial instrument are allocated between the liability and equity components in proportion to their respective initial carrying amounts. Transaction costs may include cash costs and the fair value of equity instruments issued as consideration for services directly attributable to the fundraising. Transaction costs allocated to the liability component are deducted from its initial carrying amount and subsequently recognised in profit or loss using the effective interest method. Transaction costs allocated to the equity component are recognised as a deduction from equity. Where convertible loan note arrangements give rise to derivative financial liabilities requiring separate recognition under IAS 32 and IFRS 9 Financial Instruments, those derivative liabilities are initially recognised separately at fair value and subsequently accounted for in accordance with the Group's accounting policy for derivative liabilities. Following initial recognition, the liability component of convertible loan notes is subsequently measured at amortised cost using the effective interest rate (\u201cEIR\u201d) method. Finance costs, including coupon interest, amortisation of transaction costs and other amounts arising from application of the effective interest method, are recognised in profit or loss over the relevant term of the instrument. Where convertible loan notes are extinguished or otherwise settled other than through conversion in accordance with their original contractual terms, the liability component is derecognised and any resulting gain or loss is recognised in profit or loss in accordance with IFRS 9. Upon conversion of a compound convertible loan note into equity in accordance with its original contractual terms, the carrying amount of the liability component is transferred to equity and no gain or loss is recognised on conversion. The equity component recognised on initial recognition remains within equity. Cash flows relating to convertible loan notes are classified as financing activities in the consolidated statement of cash flows. 2.13 Taxation Current tax represents the amount expected to be paid to or recovered from taxation authorities in respect of taxable profits or losses for the current and prior periods, using tax rates and laws enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases, together with unused tax losses and credits to the extent applicable. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which deductible temporary differences and unused tax losses and credits can be utilised. Current and deferred tax are recognised in profit or loss, except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity, respectively. 2.14 Loss per share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by adjusting the loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. Potential ordinary shares are treated as anti-dilutive and excluded from the calculation of diluted loss per share when their inclusion would decrease the loss per share. 2.15 Investments in subsidiaries Investments in subsidiary undertakings are recognised in the parent Company financial statements at cost less accumulated impairment losses. At each reporting date, the Company assesses whether there is any indication that an investment may be impaired. Where such indicators exist, the recoverable amount of the investment is determined in accordance with IAS 36 Impairment of Assets. Recoverable amount is the higher of fair value less costs of disposal and value in use. Where the carrying amount of an investment exceeds its recoverable amount, an impairment loss is recognised immediately in profit or loss. Where fair value less costs of disposal is used to determine recoverable amount, fair value is estimated using an appropriate valuation methodology having regard to the nature of the subsidiary and the information available at the reporting date. Impairment losses recognised in prior periods are assessed at each reporting date for indications that the loss has decreased or no longer exists. Where appropriate, an impairment loss is reversed to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss previously been recognised. 2.16 Trade and other receivables Trade receivables are initially recognised at their transaction price where they do not contain a significant financing component. Other receivables are initially recognised at fair value. Trade and other receivables are subsequently measured at amortised cost, less expected credit losses where applicable. Cash flows relating to trade and other receivables are classified as operating activities in the consolidated statement of cash flows. 2.17 Cash and cash equivalents Cash and cash equivalents comprise cash held at bank that is readily available for use by the Group. For the purposes of the consolidated statement of cash flows, cash and cash equivalents exclude balances subject to restrictions on use. Digital assets, including Bitcoin and USDC, are not classified as cash or cash equivalents and are accounted for separately in accordance with the Group's accounting policy for intangible assets. 2.18 Trade and other payables Trade and other payables are initially recognised at fair value and are subsequently measured at amortised cost. Trade and other payables comprise trade creditors, accruals, taxation and social security liabilities and other short-term balances. Cash flows relating to trade and other payables are classified as operating activities in the consolidated statement of cash flows. 2.19 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are measured at the Group\u2019s best estimate of the expenditure required to settle the present obligation at the reporting date. Where the effect of the time value of money is material, provisions are discounted to present value using a pre-tax discount rate reflecting current market assessments of the time value of money and the risks specific to the obligation. Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the restructuring will be carried out. Where the effect of discounting is immaterial, provisions are measured on an undiscounted basis. 2.20 Share capital and Share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares or other equity instruments are recognised as a deduction from equity, net of any related tax effect. Share premium represents amounts received in excess of the nominal value of shares issued by the Company. Upon the exercise of warrants, the nominal value of shares issued is recognised within share capital and any excess of the exercise proceeds over nominal value is recognised within share premium. Amounts previously recognised within the warrant reserve in respect of warrants exercised may be transferred within equity to retained losses. Upon conversion of compound convertible loan notes in accordance with their contractual terms, amounts previously recognised within the convertible loan note reserve may be transferred within equity to retained losses. Such transfers represent reclassifications within equity and do not result in the recognition of a gain or loss. 2.21 Warrant reserve The warrant reserve comprises amounts recognised in respect of equity-classified warrants issued by the Company. Warrants that meet the requirements for classification as equity instruments under IAS 32 Financial Instruments: Presentation are recognised within equity and are not subsequently remeasured. Where equity-classified warrants are issued in exchange for goods or services, the transaction is accounted for in accordance with the applicable accounting standard. The fair value of the goods or services received is recognised in accordance with the requirements applicable to the underlying transaction, with a corresponding amount recognised within the warrant reserve. Where fair value is required to be determined in respect of warrants issued by the Group, an appropriate valuation technique is used, including the Black-Scholes option pricing model where applicable. On exercise or lapse of equity-classified warrants, any related balance within the warrant reserve may be transferred within equity to retained losses. 2.22 Revaluation Reserve The revaluation reserve comprises cumulative revaluation gains arising on cryptocurrencies measured using the revaluation model under IAS 38 Intangible Assets, to the extent that those gains have been recognised in other comprehensive income. Upon disposal of the related assets, amounts recognised within the revaluation reserve are transferred directly to retained losses and are not recycled through profit or loss. 2.23 Foreign currency translation reserve Exchange differences arising on the translation of foreign operations are recognised in other comprehensive income and accumulated within the foreign currency translation reserve. On disposal of a foreign operation, the cumulative amount of exchange differences relating to that foreign operation is reclassified to profit or loss where required by IAS 21 The Effects of Changes in Foreign Exchange Rates. 2.24 Capital Management During the year, the Group's objectives in managing capital were to maintain sufficient financial resources to support its activities and continue as a going concern, while managing the balance between debt and equity funding and seeking to generate returns for shareholders. The Group monitors its capital structure and available liquidity having regard to its operating requirements, financial commitments and strategic objectives ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-330": { "value": "2.1 Basis of preparation of Financial Statements The financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 applicable to companies reporting under those standards. The financial statements are presented in Sterling, which is the functional currency of the Company. Monetary amounts are rounded to the nearest \u00a3'000, unless otherwise stated. The financial statements have been prepared under the historical cost convention, except for certain intangible assets measured under the revaluation model and certain financial instruments measured at fair value, as described in the accounting policies below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-331": { "value": "(a) New and amended standards effective for the current financial year The Group has applied the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability, which are effective for annual reporting periods beginning on or after 1 January 2025. The adoption of these amendments did not have a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-333": { "value": "(b) New standards, amendments and interpretations in issue but not yet effective and not early adopted Standards, amendments and interpretations that are not yet effective and have not been early adopted are as follows: Standard\u202f\u202f Impact on initial application Effective date IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 IFRS 9 & IFRS 7 (Amendments) Classification and measurement of Financial Instruments 1 January 2026 IFRS 9 & IFRS 7 (Amendments) Contracts Referencing Nature-dependent Electricity 1 January 2026 Annual improvements to IFRS - Volume 11 Various amendments 1 January 2026 The Group is currently assessing the impact of these new and amended standards. With the exception of IFRS 18, which is expected to affect the presentation and disclosure of the Group's financial statements, the Directors do not currently expect their adoption to have a material impact on the Group's financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-334": { "value": "2.2 Going Concern The Directors have prepared the financial statements on a going concern basis. The Group incurred a loss for the year of \u00a376,914k (2025: \u00a3708k) and, at 28 February 2026, had net assets of \u00a338,578k (2025: net liabilities of \u00a3113k). In assessing the appropriateness of the going concern basis, the Directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. Following the General Meeting held on 20 July 2026, at which shareholders approved the return of substantially all of the Company\u2019s capital and the cancellation of the Company\u2019s listing, the Group has ceased to pursue its digital asset treasury strategy, and the Company\u2019s principal activity going forward is that of a cash shell. The forecasts reflect the Company\u2019s position following the return of capital and settlement of transformation and termination costs, estimated at \u00a32.7 million, after which the Company expects to retain approximately \u00a32 million of cash and will have no borrowings, no digital asset holdings and no trading operations. Following the settlement of transformation and termination costs, in addition to the return of capital, the Company\u2019s annualised cost base is expected to significantly decrease as the Group\u2019s operations are closed and the Company\u2019s listing is cancelled. The Directors have also considered the costs of the return of capital and the associated Court process, the costs of maintaining the Company while a new venture is identified, and the sensitivity of the Company\u2019s cash position to a delay in identifying a suitable opportunity. Having considered these sensitivities, the Directors believe that the Company will have sufficient working capital to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-335": { "value": "2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertaking. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over the investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power to affect those returns. The results of subsidiary undertakings acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. In preparing the consolidated financial statements, intra-group balances, transactions, income and expenses are eliminated in full. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-336": { "value": "2.4 Foreign currencies Functional and presentation currency Items included in the financial statements of each Group entity are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The functional currency of the Company is Pound Sterling (\u201cGBP\u201d), while the functional currency of the Company's subsidiary, STT1 Pte Ltd, is the Singapore Dollar (\u201cSGD\u201d). The consolidated financial statements are presented in Pound Sterling. Transactions and balances Foreign currency transactions are translated into the relevant functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rates prevailing at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the retranslation of monetary assets and liabilities are recognised in profit or loss. On consolidation, the assets and liabilities of foreign operations are translated into Pound Sterling at the exchange rates prevailing at the reporting date. Income and expenses are translated at average exchange rates for the period, unless exchange rates fluctuate significantly, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on translation are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-344": { "value": "Functional and presentation currency Items included in the financial statements of each Group entity are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The functional currency of the Company is Pound Sterling (\u201cGBP\u201d), while the functional currency of the Company's subsidiary, STT1 Pte Ltd, is the Singapore Dollar (\u201cSGD\u201d). The consolidated financial statements are presented in Pound Sterling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-337": { "value": "2.6 Fair Value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group measures certain financial and non-financial assets and liabilities at fair value at each reporting date, including digital assets, listed investments and derivative liabilities. Fair values are determined using valuation techniques appropriate in the circumstances and for which sufficient data is available, maximising the use of observable market inputs and minimising the use of unobservable inputs. Quoted prices in active markets are used where available. Where quoted market prices are not available, fair value is determined using appropriate valuation techniques, including option pricing models and other valuation methodologies. For the purposes of fair value disclosures, the Group categorises fair value measurements into the following hierarchy in accordance with IFRS 13 Fair Value Measurement: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3: unobservable inputs for the asset or liability. The classification within the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-338": { "value": "2.7 Revenue Revenue is recognised in accordance with IFRS 15 Revenue from Contracts with Customers when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration to which the Group expects to be entitled. During the year, the Group earned advisory, consultancy and infrastructure-related income in connection with digital asset and network activities. Revenue is recognised at the point in time or over the period in which the relevant services are provided and the Group\u2019s performance obligations are satisfied. Where consideration is denominated in Pound Sterling but is settled through the transfer of cryptocurrency or other digital assets, revenue is recognised based on the amount of consideration to which the Group is entitled under the contractual terms. Digital assets received in settlement are initially recognised at fair value when control of those assets transfers to the Group. Digital assets received in settlement of revenue are subsequently accounted for as intangible assets in accordance with IAS 38 Intangible Assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-339": { "value": "2.8 Intangible assets The Group\u2019s intangible assets principally comprise digital assets, primarily Bitcoin. Cryptocurrencies, including Bitcoin, are classified as intangible assets in accordance with IAS 38 Intangible Assets. They are identifiable non-monetary assets without physical substance and do not meet the definition of cash or a financial asset. The Group holds cryptocurrencies for treasury and strategic purposes rather than for sale in the ordinary course of business. The Group does not apply the requirements of IAS 2 Inventories. Digital assets purchased for cash are initially recognised at cost, comprising the purchase price and directly attributable transaction costs. Where digital assets are received as non-cash consideration, their initial carrying amount is determined by reference to the requirements applicable to the underlying transaction. Bitcoin received in settlement of subscriptions for convertible loan notes during the year was initially recognised at fair value when control of the Bitcoin transferred to the Group. The Group assesses, at each reporting date, whether an active market exists for each class of cryptocurrency held by the Group, having regard to quoted market prices, trading volumes, liquidity and market activity. Where an active market exists, cryptocurrencies are subsequently measured using the revaluation model prescribed by IAS 38. Under this model, cryptocurrencies are carried at fair value at each reporting date, determined by reference to quoted prices in the relevant active market. The Group's cryptocurrency intangible assets are considered to have indefinite useful lives as there is no foreseeable limit to the period over which they are expected to generate economic benefits for the Group. Consequently, these assets are not amortised. Increases in carrying value arising on revaluation are recognised in other comprehensive income (\u201cOCI\u201d) and accumulated in the revaluation reserve, except to the extent that they reverse a previous revaluation decrease in respect of the same asset recognised in profit or loss, in which case the increase is recognised in profit or loss. Decreases in carrying value arising on revaluation are recognised in profit or loss, except to the extent of any existing credit balance in the revaluation reserve relating to the same asset, in which case the decrease is recognised in OCI. Upon disposal of cryptocurrencies, the difference between the disposal proceeds and the carrying amount of the asset at the date of disposal is recognised in profit or loss. Any related balance held within the revaluation reserve is transferred directly to retained losses and is not recycled through profit or loss. As cryptocurrencies are non-monetary assets for the purposes of IAS 21 The Effects of Changes in Foreign Exchange Rates, cryptocurrency balances held by foreign operations are translated into the Group's presentation currency in accordance with the Group's foreign currency accounting policy. Exchange differences arising on the translation of foreign operations are recognised in OCI and accumulated in the foreign currency translation reserve. Purchases and disposals of cryptocurrencies are classified as investing activities in the consolidated statement of cash flows, reflecting the Group's purpose in holding cryptocurrencies for treasury and strategic purposes rather than for sale in the ordinary course of business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-340": { "value": "2.9 Financial Instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, other than those measured at fair value through profit or loss (\u201cFVTPL\u201d), are added to or deducted from the fair value of the financial asset or financial liability, as appropriate, on initial recognition. Transaction costs directly attributable to financial instruments measured at FVTPL are recognised immediately in profit or loss. Financial assets Financial assets are classified and subsequently measured in accordance with IFRS 9 Financial Instruments. The Group's financial assets comprise principally cash and cash equivalents, trade and other receivables and investments. Financial assets held within a business model whose objective is to hold assets to collect contractual cash flows, where those contractual cash flows consist solely of payments of principal and interest, are subsequently measured at amortised cost using the effective interest method, net of any impairment losses. Equity investments that are not held for trading and for which the Group has not made an irrevocable election to present subsequent changes in fair value in other comprehensive income are measured at FVTPL. Changes in fair value are recognised in profit or loss. Impairment of financial assets The Group recognises loss allowances for expected credit losses (\u201cECLs\u201d) on financial assets measured at amortised cost. Loss allowances are measured in accordance with the requirements of IFRS 9, taking into account reasonable and supportable information available without undue cost or effort. Financial liabilities Financial liabilities are classified as either financial liabilities at amortised cost or at FVTPL. Financial liabilities measured at amortised cost are subsequently measured using the effective interest method. Interest expense and other movements arising through the effective interest method are recognised in profit or loss. Financial liabilities are measured at FVTPL where required by IFRS 9. Changes in the fair value of derivative liabilities are recognised in profit or loss unless otherwise required by the applicable accounting standards. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are transferred and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised when the Group's contractual obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-347": { "value": "Financial assets Financial assets are classified and subsequently measured in accordance with IFRS 9 Financial Instruments. The Group's financial assets comprise principally cash and cash equivalents, trade and other receivables and investments. Financial assets held within a business model whose objective is to hold assets to collect contractual cash flows, where those contractual cash flows consist solely of payments of principal and interest, are subsequently measured at amortised cost using the effective interest method, net of any impairment losses. Equity investments that are not held for trading and for which the Group has not made an irrevocable election to present subsequent changes in fair value in other comprehensive income are measured at FVTPL. Changes in fair value are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-346": { "value": "Impairment of financial assets The Group recognises loss allowances for expected credit losses (\u201cECLs\u201d) on financial assets measured at amortised cost. Loss allowances are measured in accordance with the requirements of IFRS 9, taking into account reasonable and supportable information available without undue cost or effort. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-345": { "value": "Financial liabilities Financial liabilities are classified as either financial liabilities at amortised cost or at FVTPL. Financial liabilities measured at amortised cost are subsequently measured using the effective interest method. Interest expense and other movements arising through the effective interest method are recognised in profit or loss. Financial liabilities are measured at FVTPL where required by IFRS 9. Changes in the fair value of derivative liabilities are recognised in profit or loss unless otherwise required by the applicable accounting standards. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are transferred and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised when the Group's contractual obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-350": { "value": "2.10 Investments Equity investments are accounted for in accordance with IFRS 9 Financial Instruments. Investments are initially recognised at fair value and are subsequently measured at fair value through profit or loss (\u201cFVTPL\u201d). Changes in fair value are recognised in profit or loss in the period in which they arise. Fair value is determined using observable market data, including quoted market prices, where available. Where a quoted price is available in an active market for an identical investment, the investment is classified as Level 1 within the fair value hierarchy. Where an active market does not exist, fair value is determined using an appropriate valuation technique based on observable market inputs, where available. Such measurements are classified within Level 2 of the fair value hierarchy where all significant inputs to the valuation are observable. Purchases and disposals of investments are recognised on the trade date. Cash flows relating to the acquisition and disposal of investments are classified as investing activities in the consolidated statement of cash flows. ", "dimensions": { "concept": "sats:DescriptionOfAccountingPolicyInvestment", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-348": { "value": "2.11 Derivative liabilities Derivative liabilities principally arose from warrant entitlements associated with the Group's convertible loan note and fundraising arrangements. Derivative liabilities are initially recognised at fair value when the Group becomes party to the contractual provisions giving rise to the derivative. They are subsequently measured at fair value through profit or loss (\u201cFVTPL\u201d), with changes in fair value recognised in profit or loss in the period in which they arise. Fair value is determined using appropriate valuation techniques, including Monte Carlo simulation and Black-Scholes option pricing models, where appropriate, incorporating observable and unobservable market inputs. Immediately prior to derecognition or settlement, derivative liabilities are remeasured to fair value, with any resulting gain or loss recognised in profit or loss. Derivative liabilities are derecognised when the contractual obligation is extinguished, cancelled or expires, or where the arrangement is settled through the issue of an equity instrument that qualifies for equity classification under IAS 32 Financial Instruments: Presentation. Where settled through the issue of qualifying equity instruments, the carrying amount of the derivative liability at the date of settlement is transferred to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-349": { "value": "2.12 Convertible Loan Notes Where the terms of convertible loan notes give rise to both liability and equity components, the instruments are separated on initial recognition into their respective liability and equity components in accordance with IAS 32 Financial Instruments: Presentation. The liability component is initially measured at the fair value of the contractual cash flows discounted using the market rate of interest applicable to a comparable financial liability without an equity conversion feature. The residual amount is recognised within equity. Transaction costs that are incremental and directly attributable to the issue of a compound financial instrument are allocated between the liability and equity components in proportion to their respective initial carrying amounts. Transaction costs may include cash costs and the fair value of equity instruments issued as consideration for services directly attributable to the fundraising. Transaction costs allocated to the liability component are deducted from its initial carrying amount and subsequently recognised in profit or loss using the effective interest method. Transaction costs allocated to the equity component are recognised as a deduction from equity. Where convertible loan note arrangements give rise to derivative financial liabilities requiring separate recognition under IAS 32 and IFRS 9 Financial Instruments, those derivative liabilities are initially recognised separately at fair value and subsequently accounted for in accordance with the Group's accounting policy for derivative liabilities. Following initial recognition, the liability component of convertible loan notes is subsequently measured at amortised cost using the effective interest rate (\u201cEIR\u201d) method. Finance costs, including coupon interest, amortisation of transaction costs and other amounts arising from application of the effective interest method, are recognised in profit or loss over the relevant term of the instrument. Where convertible loan notes are extinguished or otherwise settled other than through conversion in accordance with their original contractual terms, the liability component is derecognised and any resulting gain or loss is recognised in profit or loss in accordance with IFRS 9. Upon conversion of a compound convertible loan note into equity in accordance with its original contractual terms, the carrying amount of the liability component is transferred to equity and no gain or loss is recognised on conversion. The equity component recognised on initial recognition remains within equity. Cash flows relating to convertible loan notes are classified as financing activities in the consolidated statement of cash flows. ", "dimensions": { "concept": "sats:DescriptionOfAccountingPolicyConvertibleLoanNotes", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-351": { "value": "2.13 Taxation Current tax represents the amount expected to be paid to or recovered from taxation authorities in respect of taxable profits or losses for the current and prior periods, using tax rates and laws enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases, together with unused tax losses and credits to the extent applicable. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which deductible temporary differences and unused tax losses and credits can be utilised. Current and deferred tax are recognised in profit or loss, except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-362": { "value": "Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases, together with unused tax losses and credits to the extent applicable. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which deductible temporary differences and unused tax losses and credits can be utilised. Current and deferred tax are recognised in profit or loss, except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case they are recognised in other comprehensive income or directly in equity, respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-363": { "value": "2.15 Investments in subsidiaries Investments in subsidiary undertakings are recognised in the parent Company financial statements at cost less accumulated impairment losses. At each reporting date, the Company assesses whether there is any indication that an investment may be impaired. Where such indicators exist, the recoverable amount of the investment is determined in accordance with IAS 36 Impairment of Assets. Recoverable amount is the higher of fair value less costs of disposal and value in use. Where the carrying amount of an investment exceeds its recoverable amount, an impairment loss is recognised immediately in profit or loss. Where fair value less costs of disposal is used to determine recoverable amount, fair value is estimated using an appropriate valuation methodology having regard to the nature of the subsidiary and the information available at the reporting date. Impairment losses recognised in prior periods are assessed at each reporting date for indications that the loss has decreased or no longer exists. Where appropriate, an impairment loss is reversed to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss previously been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-364": { "value": "2.16 Trade and other receivables Trade receivables are initially recognised at their transaction price where they do not contain a significant financing component. Other receivables are initially recognised at fair value. Trade and other receivables are subsequently measured at amortised cost, less expected credit losses where applicable. Cash flows relating to trade and other receivables are classified as operating activities in the consolidated statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-365": { "value": "2.17 Cash and cash equivalents Cash and cash equivalents comprise cash held at bank that is readily available for use by the Group. For the purposes of the consolidated statement of cash flows, cash and cash equivalents exclude balances subject to restrictions on use. Digital assets, including Bitcoin and USDC, are not classified as cash or cash equivalents and are accounted for separately in accordance with the Group's accounting policy for intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-366": { "value": "2.18 Trade and other payables Trade and other payables are initially recognised at fair value and are subsequently measured at amortised cost. Trade and other payables comprise trade creditors, accruals, taxation and social security liabilities and other short-term balances. Cash flows relating to trade and other payables are classified as operating activities in the consolidated statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-367": { "value": "2.19 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are measured at the Group\u2019s best estimate of the expenditure required to settle the present obligation at the reporting date. Where the effect of the time value of money is material, provisions are discounted to present value using a pre-tax discount rate reflecting current market assessments of the time value of money and the risks specific to the obligation. Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the restructuring will be carried out. Where the effect of discounting is immaterial, provisions are measured on an undiscounted basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-368": { "value": "2.20 Share capital and Share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares or other equity instruments are recognised as a deduction from equity, net of any related tax effect. Share premium represents amounts received in excess of the nominal value of shares issued by the Company. Upon the exercise of warrants, the nominal value of shares issued is recognised within share capital and any excess of the exercise proceeds over nominal value is recognised within share premium. Amounts previously recognised within the warrant reserve in respect of warrants exercised may be transferred within equity to retained losses. Upon conversion of compound convertible loan notes in accordance with their contractual terms, amounts previously recognised within the convertible loan note reserve may be transferred within equity to retained losses. Such transfers represent reclassifications within equity and do not result in the recognition of a gain or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-369": { "value": "2.21 Warrant reserve The warrant reserve comprises amounts recognised in respect of equity-classified warrants issued by the Company. Warrants that meet the requirements for classification as equity instruments under IAS 32 Financial Instruments: Presentation are recognised within equity and are not subsequently remeasured. Where equity-classified warrants are issued in exchange for goods or services, the transaction is accounted for in accordance with the applicable accounting standard. The fair value of the goods or services received is recognised in accordance with the requirements applicable to the underlying transaction, with a corresponding amount recognised within the warrant reserve. Where fair value is required to be determined in respect of warrants issued by the Group, an appropriate valuation technique is used, including the Black-Scholes option pricing model where applicable. On exercise or lapse of equity-classified warrants, any related balance within the warrant reserve may be transferred within equity to retained losses.", "dimensions": { "concept": "sats:DescriptionOfAccountingPolicyForWarrantReserve", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-370": { "value": "2.22 Revaluation Reserve The revaluation reserve comprises cumulative revaluation gains arising on cryptocurrencies measured using the revaluation model under IAS 38 Intangible Assets, to the extent that those gains have been recognised in other comprehensive income. Upon disposal of the related assets, amounts recognised within the revaluation reserve are transferred directly to retained losses and are not recycled through profit or loss.", "dimensions": { "concept": "sats:DescriptionOfAccountingPolicyForRevaluationReserve", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-371": { "value": "2.23 Foreign currency translation reserve Exchange differences arising on the translation of foreign operations are recognised in other comprehensive income and accumulated within the foreign currency translation reserve. On disposal of a foreign operation, the cumulative amount of exchange differences relating to that foreign operation is reclassified to profit or loss where required by IAS 21 The Effects of Changes in Foreign Exchange Rates.", "dimensions": { "concept": "sats:DescriptionOfAccountingPolicyForForeignCurrencyTranslationReserve", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-372": { "value": "2.24 Capital Management During the year, the Group's objectives in managing capital were to maintain sufficient financial resources to support its activities and continue as a going concern, while managing the balance between debt and equity funding and seeking to generate returns for shareholders. The Group monitors its capital structure and available liquidity having regard to its operating requirements, financial commitments and strategic objectives ", "dimensions": { "concept": "sats:DescriptionOfAccountingPolicyForCapitalManagement", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-373": { "value": "3) Critical accounting judgements and significant accounting estimates The preparation of the financial statements in accordance with UK-adopted international accounting standards requires the Directors to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Judgements, estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and other factors, including expectations of future events that are considered reasonable in the circumstances. The critical judgements made in applying the Group's accounting policies and the significant accounting estimates and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the financial statements are set out below. Critical Accounting Judgements Classification of warrants and derivative liabilities (Note 9) The Directors exercised significant judgement in assessing whether warrant arrangements entered into during the year met the requirements for classification as equity instruments under IAS 32 Financial Instruments: Presentation, including consideration of the contractual settlement terms and the \u201cfixed-for-fixed\u201d criterion. In particular, judgement was required in determining the appropriate classification of the Seed Warrant entitlement associated with the second convertible loan note fundraising. A derivative liability was recognised when the Group became party to the contractual provisions giving rise to the warrant entitlement. Following completion of the secondary fundraising event, the Directors considered whether the entitlement should be reclassified to equity at that date or continue to be accounted for as a derivative liability until the warrants were formally issued. Having considered the contractual terms and the status of the warrant entitlement, the Directors concluded that it was appropriate to continue to recognise the arrangement as a derivative liability until formal issuance of the executed warrant instruments in December 2025. Immediately prior to derecognition, the derivative liability was remeasured to fair value through profit or loss. On formal issuance, the Directors concluded that the warrants met the requirements for equity classification under IAS 32 and the derivative liability was derecognised and recognised within equity. Further information is provided in Note 9. Recognition of deferred tax assets (Note 10) The Group has accumulated tax losses and other deductible temporary differences for which deferred tax assets may potentially arise. The Directors have exercised judgement in assessing whether it is probable that sufficient future taxable profits will be available against which those amounts can be utilised. In making this assessment, the Directors considered the Group's recent loss history, current position and the uncertainty surrounding the timing and availability of future taxable profits. Based on this assessment, the Directors concluded that recognition of the relevant deferred tax assets was not appropriate at the reporting date. Further information is provided in Note 10. Classification of cryptocurrencies (Note 12) The Directors have exercised judgement in determining the appropriate accounting treatment for the Group's cryptocurrency holdings. In particular, the Directors considered the purpose for which the assets were held and concluded that they were held for treasury and strategic purposes rather than for sale in the ordinary course of business. Consequently, the holdings are accounted for as intangible assets under IAS 38 Intangible Assets rather than as inventory under IAS 2 Inventories. The Directors have also exercised judgement in determining whether an active market exists for each class of cryptocurrency to which the revaluation model is applied. In making this assessment, the Directors\u2019 considered the frequency and volume of transactions, market liquidity and the availability of quoted prices. Where an active market exists, fair value is determined by reference to the quoted price in the principal market at the reporting date. Further information is provided in Note 12. Impairment of investment in subsidiary (Note 13) The Directors exercised judgement in assessing the recoverability of the Company's investment in its subsidiary following the identification of impairment indicators during the year. The Directors determined that fair value less costs of disposal was the appropriate basis for determining recoverable amount, having regard to the nature and circumstances of the subsidiary. Fair value less costs of disposal was determined principally by reference to the subsidiary's adjusted net assets, taking into account the carrying values and recoverability of its underlying assets and liabilities and estimated costs of disposal. Based on this assessment, an impairment loss of \u00a345,145k was recognised during the year. Further information is provided in Note 13. Recoverability of receivables (Note 14) The Directors exercised judgement in assessing the recoverability of certain receivable balances where recovery depended on the specific facts and circumstances applicable to the counterparty or balance. During the year, the Directors assessed amounts due from subsidiary undertakings and certain VAT receivables and concluded that recovery was not sufficiently probable. Consequently, impairment charges of \u00a31,205k and \u00a3895k, respectively, were recognised. These conclusions were based on information available at the reporting date. As no asset was recognised at 28 February 2026 in respect of the relevant balances, they are not considered to represent a key source of estimation uncertainty at the reporting date. Significant accounting estimates and key sources of estimation uncertainty Convertible Loan Notes (Note 9) The initial measurement of the liability components of the convertible loan notes required the Directors to estimate an appropriate market rate of interest for comparable debt instruments without an equity conversion feature. The Directors determined that a market discount rate of 12% was appropriate, having regard to the terms of the instruments and the Group's assessment of an appropriate market rate for comparable debt financing. The discount rate had a significant effect on the allocation of the proceeds between the liability and equity components on initial recognition and, consequently, on the finance costs recognised through application of the effective interest method over the term of the instruments. A different discount rate would have resulted in a different initial carrying amount of the liability component, equity component and subsequent finance costs recognised during the year. Further information on the convertible loan notes and the amounts recognised is provided in Note 9. Provisions (Note 17) The recognition and measurement of provisions required the Directors to estimate the expenditure expected to be required to settle obligations existing at the reporting date. In determining the amounts recognised, the Directors considered the contractual terms, circumstances existing at the reporting date and, where relevant, the range and likelihood of potential outcomes. At 28 February 2026, the Group recognised provisions of \u00a31,457k, comprising \u00a31,158k in respect of restructuring obligations and \u00a3299k in respect of other obligations. The amounts recognised represent the Directors\u2019 best estimate of the expenditure required to settle those obligations. Actual settlement amounts may differ from the amounts provided. Further information is provided in Note 17. Share options (Note 19) In determining the share-based payment expense, the Directors are required to estimate the number of awards expected to vest where awards are subject to service or other non-market vesting conditions. At 28 February 2026, having considered the circumstances existing at the reporting date, including the expected cessation of employment of the relevant participants, the Directors estimated that no outstanding awards subject to those conditions would vest. Consequently, no share-based payment expense was recognised in respect of those awards.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-374": { "value": "4) Revenue Revenue during the year principally comprised advisory and infrastructure-related services provided in connection with digital asset hosting and network activities. Of the revenue recognised during the year, \u00a342k related to services for which consideration was determined by reference to a contractual share of emissions generated from the relevant digital asset network activities and was settled in digital assets. The consideration for these services was denominated and invoiced in Pounds Sterling, with the amount payable determined by reference to the market value of the relevant digital assets in accordance with the contractual terms. The invoiced amounts were settled through the transfer of digital assets to the Company. \u00a3\u2019000 20262025 Advisory and infrastructure-related revenue 42 1 Consultancy services 10 - 52 1 All revenue recognised in these Consolidated Financial Statements was generated by the Company and, accordingly, n separate disclosure of Group and Company revenue has been presented. Certain revenue recognised during the year arose from transactions with related parties. Further details are provided in Not 22 - Related party transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-375": { "value": "5) Operating Loss Operating loss for the year is stated after charging the following: Fees payable to the former and current auditors in respect of the audit of the Group and Company financial statements and for non-audit services were as follows: Included within Former auditor \u2013 Audit fees is \u00a3210k in respect of the review of the Group's interim financial information (2025: \u00a3nil).
Auditor\u2019s remuneration (\u00a3\u2019000)
2026
2025
Former auditor \u2013 Audit fees
460
42
Current auditor \u2013 Audit fees
160
-
Total Audit fees
620
42
Former auditor \u2013 non-audit services (reporting accountant services)
294
-
Current auditor \u2013 non-audit services (reporting accountant services)
75
-
Total non-audit services
369
-
Total Auditor\u2019s remuneration
989
42
Administrative expenses (\u00a3\u2019000)
2026
2025
Directors Fees
3,625
203
Legal, professional and regulatory fees
5,371
450
Operations costs
2,035
17
Share-based payment charges
1,038
39
Total Administrative expenses
12,069
709
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-376": { "value": "6) Material items of expenditure The Directors consider the items below to be material by virtue of their size or nature. They principally relate to the Group's Admission, fundraising and financing activities, and organisational restructuring during the year. These items are largely transactional in nature and are not expected to recur at similar levels in future periods. The separately disclosed items are included within administrative expenses and finance costs in the Consolidated Statement of Comprehensive Income. Pre-Admission restructuring costs principally comprise executive recruitment, corporate establishment, contractor and advisory support, and specialist accounting and advisory fees incurred in preparation for Admission. Admission-related cash costs principally comprise professional advisory, legal, sponsor, regulatory and security-related costs associated with Admission, together with related incentive arrangements for Directors, employees and contractors. Financing costs \u2013 cash comprise broker commissions and other fundraising costs settled in cash during the year. Post-Admission executive transition and restructuring costs principally comprise executive transition arrangements, legal costs and contract termination and restructuring activities following Admission.
Separately disclosed items (\u00a3\u2019000)
2026
Pre-admission restructuring costs
667
Admission-related cash costs
3,961
Post-Admission executive transition and restructuring costs
2,112
Total separately disclosed items included within administrative expenses
6,740
Financing Costs - cash
1,699
Total separately disclosed items included within finance costs
1,699
Total separately disclosed items
8,439
", "dimensions": { "concept": "sats:DisclosureOfMaterialItemsOfExpenditure", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-377": { "value": "7) Employee Costs The Group had a maximum of three employees at any time during the year. With the exception of Andrew Smith, the Directors were not employees of the Group and were engaged under letters of appointment or through service companies. Directors\u2019 Remuneration is disclosed in Note 8.
\u00a3\u2019000
2026
2025
Wages and salaries
669
1
Social security costs
99
-
Pension costs
14
-
782
1
Average monthly number of persons employed during the year \u2013 Group & Company
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-378": { "value": "8) Directors\u2019 Remuneration Directors\u2019 remuneration for the year was as follows. Further details are included within the Directors\u2019 Remuneration Report. The highest paid Director had remuneration and other amounts recognised in respect of their services of \u00a31,861k (2025: \u00a392k), of which \u00a31,050k related to settlement and termination costs recognised within the restructuring provision at the reporting date. Further information on the restructuring provision is provided in Note 17. Included within Fees and remuneration are consultancy fees payable to Directors of \u00a3146k (2025: \u00a3nil). Share-based payments relate to warrants issued to Directors during the year. Further information is provided in Note 19. Settlement and termination costs principally relate to restructuring activities undertaken during the year, including payments in lieu of notice (\u201cPILON\u201d).
\u00a3\u2019000
2026
2025
Fees and remuneration
642
169
Wages and salaries
328
30
Bonuses
950
-
Settlement and termination
1,541
-
Social security costs
164
4
Share-based payments
1,038
13
4,663
216
", "dimensions": { "concept": "sats:DisclosureOfDierctorRemueration", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-379": { "value": "9) Convertible Loan Notes and Derivative Liabilities Convertible Loan Note 1 On 17 June 2025, the Company entered into its first convertible loan note instrument (\"CLN 1\"), under which the Company raised gross proceeds of \u00a35.0 million from seed investors. The notes carried no coupon, were due to mature on 30 November 2025 and were secured by a first-ranking debenture over the assets of the Group. CLN 1 contained a fixed conversion price of \u00a30.002 per share and provided for automatic conversion into ordinary shares of the Company where the required conditions were satisfied by the Long Stop date. These conditions comprised: \u2022 publication of a prospectus prepared under the Prospectus Regulation; and \u2022 admission of the relevant shares to the London Stock Exchange's Main Market (Equity Shares (Commercial Companies) category). Prior to the Long Stop date, conversion was mandatory upon Admission, following which conversion became optional for both parties. If the notes remained unconverted at maturity, the outstanding principal became repayable. On 11 July 2025, the Company entered into a deed of amendment with the CLN 1 noteholders. The amendment extended the maturity date from 30 November 2025 to 30 December 2025 and the Long Stop date from 31 August 2025 to 30 September 2025. The deed also amended the Seed Warrant arrangements described below, extending the subscription period from 24 months to five years. The modification of CLN 1 was assessed under IFRS 9 and did not result in a substantial modification or extinguishment of the financial liability. In addition to the conversion rights, CLN 1 provided noteholders with a contingent entitlement to performance-linked warrants over ordinary shares in the Company (\"Seed Warrants\"). For each \u00a31.0 million raised above the Target Raise of \u00a3100 million, investors became entitled to Seed Warrants representing a further 1% of the principal amount subscribed. CLN 1 \u2013 Accounting treatment CLN 1 was accounted for as a compound financial instrument, together with a separately accounted-for derivative liability in respect of the contingent Seed Warrant entitlement. On initial recognition, the host liability was measured at \u00a32,682k, representing the fair value of the liability component excluding the equity conversion feature and Seed Warrant derivative. An amount of \u00a3169k was recognised within the convertible loan note reserve in respect of the equity conversion feature, with \u00a32,149k recognised as a derivative financial liability in respect of the Seed Warrant entitlement. Transaction costs of \u00a3250k were allocated to the components of CLN 1 based on their respective initial allocations. Transaction costs attributable to the host liability were included in its initial carrying amount and subsequently recognised through the effective interest method, costs attributable to the equity component were recognised directly in equity, and costs attributable to the derivative liability were recognised immediately in profit or loss. The host liability was subsequently measured at amortised cost using the effective interest method, resulting in a finance cost of \u00a32,452k being recognised prior to conversion and repayment. Seed Warrant derivative The contingent Seed Warrant entitlement was accounted for separately as a derivative financial liability and measured at fair value through profit or loss. Prior to the number of Seed Warrants becoming fixed, the fair value of the derivative reflected the contractual terms of the Seed Warrant entitlement and the Directors\u2019 assessment of the amount expected to be raised and, consequently, the number of Seed Warrants expected to become issuable. The derivative was classified as a Level 3 fair value measurement. Further information regarding the valuation methodology and significant inputs used in determining its fair value is provided in Note 19. Following completion of CLN 2, the number of Seed Warrants to be issued became fixed. Immediately prior to issue of the warrants, the derivative liability was remeasured to fair value, resulting in a fair value loss of \u00a39,446k recognised in the Consolidated Statement of Comprehensive Income. On 12 December 2025, 1,598,725,000 Seed Warrants were issued pursuant to the warrant instrument. The warrants had an exercise price of \u00a30.002 per share and an exercise period of five years from 12 December 2025. On issue, the warrants met the requirements for classification as equity. Accordingly, the derivative financial liability of \u00a311,595k was derecognised and a corresponding amount was recognised within the warrant reserve. The Seed Warrants remained unexercised at 28 February 2026. Conversion and repayment of CLN 1 On 19 December 2025, pursuant to the applicable conversion provisions, \u00a34.0 million of the outstanding principal under CLN 1 converted into 2,000,000,000 ordinary shares at the contractual conversion price of \u00a30.002 per share. The remaining \u00a31.0 million of principal was subsequently repaid. Convertible Loan Note 2 On 25 July 2025, the Company entered into a second convertible loan note instrument (\"CLN 2\"), under which the Company raised gross proceeds of \u00a3163,949k. The notes carried no coupon, were due to mature on 31 December 2025, had a Long Stop date of 30 September 2025 and were secured by a first-ranking debenture over the assets of the Group. CLN 2 contained a fixed conversion price of \u00a30.01 per share and provided for automatic conversion into ordinary shares of the Company where the required conditions were satisfied by the Long Stop date. These conditions comprised: \u2022 publication of a prospectus prepared under the Prospectus Regulation; and \u2022 admission of the relevant shares to the London Stock Exchange's Main Market (Equity Shares (Commercial Companies) category). Prior to the Long Stop date, conversion was mandatory upon Admission, following which conversion became optional for both parties. If the notes remained unconverted at maturity, the outstanding principal became repayable. CLN 2 \u2013 Accounting treatment CLN 2 was accounted for as a compound financial instrument. On initial recognition \u00a3156,003k was allocated to the host liability, representing the fair value of a comparable liability without the equity conversion feature, with the residual amount of \u00a37,946k recognised within the convertible loan note reserve in equity. Transaction costs allocated to the host liability were deducted from its initial carrying amount and subsequently recognised through the effective interest method. Transaction costs allocated to the equity component were recognised directly in equity. Following the allocation of transaction costs, the host liability and conversion equity component were initially recognised at \u00a3145,287k and \u00a37,400k respectively. The host liability was subsequently measured at amortised cost using the effective interest method, resulting in a finance cost of \u00a318,661k being recognised prior to conversion and repayment.
CLN 1 - Initial Recognition
\u00a3\u2019000
Derivative liability \u2013 Seed Warrants
2,149
Host liability \u2013 gross allocation
2,682
Conversion equity component
169
Gross principal
5,000
Transaction costs allocated to host liability
(134)
Transaction costs allocated to equity
(8)
Transaction costs expensed in respect of the derivative liability
(107)
Total transaction costs
(250)
Initial carrying amount of host liability
2,548
Initial carrying amount of conversion equity component
161
CLN 1 \u2013 Host liability
\u00a3\u2019000
Initial carrying amount
2,548
Effective interest finance cost
2,452
Conversion
(4,000)
Repayment
(1,000)
Closing balance
-
CLN 1 \u2013 Seed Warrant Derivative liability
\u00a3\u2019000
Initial carrying amount
2,149
Fair value loss
9,446
Transfer to equity on warrant issuance
(11,595)
Closing derivative liability
-
Broker Warrants In connection with CLN 2, the Company became obligated on 25 July 2025 to issue 536,904,348 warrants to one of its brokers as consideration for fundraising services provided in connection with the financing. The warrants had an exercise price of \u00a30.0115 per share and an exercise period of five years. The Broker Warrants met the requirements for classification as equity on 25 July 2025. Their fair value at that date was \u00a33,383k, determined using a Monte Carlo valuation model, and was recognised within the Warrant reserve as a transaction cost directly attributable to CLN 2. The Broker Warrants were formally issued on 15 December 2025. As the obligation had already been recognised as an equity instrument on 25 July 2025, formal issuance did not result in any further recognition or remeasurement. Conversion and repayment of CLN 2 On 19 December 2025, pursuant to the applicable conversion provisions, \u00a386,761k of the outstanding principal under CLN 2 converted into 8,676,100,000 ordinary shares at the contractual conversion price of \u00a30.01 per share. The remaining \u00a377,187k of principal was subsequently repaid. The related cash outflow presented in the Consolidated Statement of Cash Flows was \u00a377,971k in aggregate for CLN 1 and CLN 2, compared with aggregate principal repayments of \u00a378,187k. The difference principally arose from foreign exchange movements associated with settlement of the liabilities. Settlement of convertible loan note subscriptions in Bitcoin A loss of \u00a32,142k was recognised during the year arising from the settlement of CLN 2 subscriptions using Bitcoin. The Convertible Loan Notes were denominated in GBP. Certain investors elected to settle their subscriptions in Bitcoin, with settlement notices specifying the quantity of Bitcoin required to settle each investor's GBP subscription. Where settlement was not completed within the relevant funding window, revised notices were issued using updated Bitcoin reference prices. Bitcoin received was recognised initially at fair value on the date control transferred to the Group in accordance with IAS 38. Movements in the Bitcoin price between the applicable pricing date and receipt resulted in the fair value of Bitcoin recognised differing from the contractual GBP subscription amount. The Bitcoin received was accepted as full settlement and the resulting \u00a32,142k difference was recognised as a loss in the Consolidated Statement of Comprehensive Income. Further information regarding the Group's accounting policy for cryptocurrencies is provided in Note 12.
CLN 2 - Initial Recognition
\u00a3\u2019000
Host liability \u2013 gross allocation
156,003
Conversion equity component
7,946
Gross principal
163,949
Transaction costs allocated to host liability
(10,716)
Transaction costs allocated to equity
(546)
Total transaction costs
(11,262)
Initial carrying amount of host liability
145,287
Initial carrying amount of equity component
7,400
CLN 2 \u2013 Host liability
\u00a3\u2019000
Initial carrying amount
145,287
Effective interest finance cost
18,661
Conversion
(86,761)
Repayment
(77,187)
Closing balance
-
Gross Principal The gross principal raised under both CLNs reconciles to the Consolidated Statement of Cashflows as follows:
Gross Principal Reconciliation
\u00a3\u2019000
Gross principal raised through CLN 1 and CLN 2
168,949
Non-cash subscriptions \u2013 CLN 1
(160)
CLN 1 transaction costs settled through subscription
(250)
CLN 2 transaction costs settled through subscription
(6,174)
Settlement loss on CLN 2 subscriptions received in Bitcoin
(2,142)
Bank Fees
(23)
Bitcoin received in settlement of CLN 2 subscriptions (Note 12)
(95,297)
Cash proceeds from convertible loan notes
64,903
", "dimensions": { "concept": "sats:DisclosureOfConvertibleLoanNotesandDerivativeLiabilities", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-380": { "value": "10) Taxation Reconciliation of the tax charge The tax charge for the year is reconciled to profit before taxation per the statement of comprehensive income as follows: The standard rate of UK corporation tax applicable to the Group for the year was 25% (2025: 25%). Unrecognised deferred tax assets No deferred tax assets have been recognised in respect of unused tax losses and other deductible temporary differences as it is not considered probable that sufficient future taxable profits will be available against which these amounts can be utilised. At 28 February 2026, the Group had unused tax losses and other deductions of approximately \u00a315,293k (2025: \u00a35,474k) for which no deferred tax asset has been recognised. The Group also had capital losses and other deductible temporary differences of approximately \u00a3195k (2025: \u00a3nil) for which no deferred tax asset has been recognised.
2026
2025
Current
\u00a3\u2019000
\u00a3\u2019000
UK corporation tax \u2013 current year
-
-
Deferred
Originating and reversing temporary differences
-
-
Total tax charge
-
-
2026
2025
\u00a3\u2019000
\u00a3\u2019000
Loss before tax
(76,914)
(708)
Tax at the applicable tax rate of 25% (2025: 25%)
(19,229)
(177)
Unutilised tax losses carried forward
-
177
Expenses not deductible for tax purposes
16,750
-
Income not subject to tax
(291)
-
Capital losses realised and unrealised
(8,146)
Foreign exchange differences
550
Deferred tax assets not recognised
10,366
-
-
The total potential deferred tax asset in respect of these amounts was approximately \u00a33,872k (2025: \u00a31,369k). No deferred tax asset has been recognised as it is not considered probable that sufficient future taxable profits or capital gains will be available against which these amounts can be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-382": { "value": "11) Loss Per Share The calculation of the basic and diluted earnings per share is calculated by dividing the loss for the year by the weighted average number of ordinary shares in issue during the year. The Group had outstanding warrants during the year which could potentially dilute basic loss per share in future periods. These potential ordinary shares have been excluded from the calculation of diluted loss per share for the year ended 28 February 2026 as their inclusion would be anti-dilutive. Accordingly, diluted loss per share is equal to basic loss per share. Further information on the outstanding warrants is provided in Note 19.
Basic loss per share
2026
2025
Loss for the year from operations from continuing operations - \u00a3'000
(76,914)
(708)
Weighted number of ordinary shares in issue
2,606,487,599
399,075,001
Basic loss per share from continuing operations
(2.95)p
(0.18)p
Diluted loss per share
2026
2025
Loss for the year from operations from continuing operations - \u00a3\u2019000
(76,914)
(708)
Weighted average number of ordinary shares and potential shares
2,606,487,599
399,075,001
Diluted loss per share from continuing operations
(2.95)p
(0.18)p
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-352": { "value": "11) Loss Per Share The calculation of the basic and diluted earnings per share is calculated by dividing the loss for the year by the weighted average number of ordinary shares in issue during the year. The Group had outstanding warrants during the year which could potentially dilute basic loss per share in future periods. These potential ordinary shares have been excluded from the calculation of diluted loss per share for the year ended 28 February 2026 as their inclusion would be anti-dilutive. Accordingly, diluted loss per share is equal to basic loss per share. Further information on the outstanding warrants is provided in Note 19.
Basic loss per share
2026
2025
Loss for the year from operations from continuing operations - \u00a3'000
(76,914)
(708)
Weighted number of ordinary shares in issue
2,606,487,599
399,075,001
Basic loss per share from continuing operations
(2.95)p
(0.18)p
Diluted loss per share
2026
2025
Loss for the year from operations from continuing operations - \u00a3\u2019000
(76,914)
(708)
Weighted average number of ordinary shares and potential shares
2,606,487,599
399,075,001
Diluted loss per share from continuing operations
(2.95)p
(0.18)p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-381": { "value": "12) Intangible Assets The Group's cryptocurrency holdings at 28 February 2026 principally comprise Bitcoin, which is accounted for as an intangible asset under IAS 38 Intangible Assets and measured using the revaluation model. Unrealised gains and losses on cryptocurrencies represent revaluation movements recognised during the year. Revaluation increases are recognised in Other Comprehensive Income and accumulated within the Revaluation Reserve, except to the extent that they reverse a previous revaluation decrease recognised in profit or loss. Revaluation decreases are recognised in profit or loss, except to the extent of any existing credit balance in the Revaluation Reserve relating to the same asset. Intangible assets at 28 February 2026 were as follows: Bitcoin Bitcoin additions during the year comprised cash purchases of \u00a38,204k and \u00a395,297k of Bitcoin received from investors in settlement of subscriptions for convertible loan notes. The Bitcoin received was initially recognised at fair value when control transferred to the Group. During the year, the Group disposed of Bitcoin holdings with a carrying value of \u00a346,554k for cash proceeds of \u00a339,943k. Where Bitcoin was held through STT1 Pte Ltd, the disposal result was determined in the subsidiary's functional currency and translated into the Group's presentation currency in accordance with IAS 21. Accordingly, the translated disposal result does not directly correspond to the difference between the sterling carrying value and cash proceeds presented above. Group (\u00a3\u2019000) BitcoinUSDCTAO AlphaAROK 20262025 Valuation at 1 March - - - 45 45 - Additions at cost/fair value 103,50219,352 42 -122,896 1 Disposals (46,554)(19,352) - -(65,906) - Write-off of digital assets - - -(45) (45) - Unrealised gains on digital assets - - - - - 44 Unrealised losses on digital assets (25,862) - (19) -(25,881) - Net exchange differences arising on translation (277) - - - (277) - Valuation at 28 February 30,809 - 23 -30,832 45 At 28 February 2026, the Bitcoin holdings of the Group were subject to security arrangements entered into in connection with the Convertible Loan Notes, for the gross principal amounts of \u00a3168,949k. The Group entered into these agreements on 31 July 2025. The security was released subsequent to the reporting date following settlement of the related obligations \u2013 refer to Note 24 for further information. Net exchange differences arising on translation relate to Bitcoin held by the Group\u2019s subsidiary, STT1 Pte Ltd, which has a functional currency of SGD. Had the Group applied the cost model under IAS 38, the carrying value of Bitcoin at 28 February 2026 would have been \u00a330,812k (2025: \u00a3nil), being cost less accumulated impairment. USDC During the year, the Group purchased and subsequently disposed of USDC through STT1 Pte Ltd, whose functional currency is SGD. The USDC was purchased for \u00a319,352k and had the same carrying value immediately prior to disposal. It was sold for cash proceeds of \u00a319,081k. The disposal result was determined in the subsidiary's functional currency and translated into the Group's presentation currency in accordance with IAS 21. Accordingly, the translated disposal result does not directly correspond to the difference between the sterling carrying value and cash proceeds presented above. Realised losses on the disposal of digital assets recognised in the Consolidated Statement of Comprehensive Income amounted to \u00a36,763k in aggregate, comprising \u00a36,600k in respect of Bitcoin and \u00a3163k in respect of USDC. TAO Alpha TAO Alpha tokens are valued at each reporting date by reference to the quoted market price for the relevant token on the principal market on which it is traded. Other Crypto Holdings In addition to the above, the Group derecognised certain legacy cryptocurrency holdings (AROK Tokens) with a carrying value of \u00a345k. The derecognition resulted in amounts being recognised within both the Revaluation Reserve and the Consolidated Statement of Comprehensive Income. The fair value of cryptocurrencies held at 28 February 2026 has been determined by reference to quoted prices in active markets and is categorised within Level 1 of the IFRS 13 fair value hierarchy.
Company (\u00a3\u2019000)
Bitcoin
TAO Alpha
AROK
2026
2025
Valuation at 1 March
-
-
45
45
-
Additions at fair value
95,297
42
-
95,339
1
Transfers to subsidiary
(94,872)
-
-
(94,872)
-
Write-off of digital assets
-
-
(45)
(45)
-
Unrealised gains on digital assets
-
-
-
-
44
Unrealised losses on digital assets
(192)
(20)
-
(212)
-
Valuation at 28 February
233
22
-
255
45
Bitcoin Bitcoin additions during the year comprised \u00a395,297k of Bitcoin received from investors in settlement of subscriptions for convertible loan notes. The Bitcoin received was initially recognised at fair value when control transferred to the Company. During the year, subsequent to the receipt of Bitcoin in relation to convertible loan note transactions, the Company transferred Bitcoin with a carrying value of \u00a394,872k to its subsidiary as part of the Group's treasury and operational structuring activities. As noted further above, the security arrangements entered into by the Group also applied to the Bitcoin held by the Company as at 28 February 2026. The remaining cryptocurrency holdings at 28 February 2026 principally comprise Bitcoin held directly by the Company. Had the Company applied the cost model under IAS 38, the carrying value of cryptocurrencies at 28 February 2026 would have been \u00a3232k (2025: \u00a3nil), being cost less accumulated impairment. TAO Alpha TAO Alpha tokens are valued at each reporting date by reference to the quoted market price for the relevant token on the principal market on which it is traded. Other Crypto Holdings In addition to the above, the Company derecognised certain legacy cryptocurrency holdings (AROK Tokens) with a carrying value of \u00a345k. The derecognition resulted in amounts being recognised within both the Revaluation Reserve and profit or loss. The fair value of cryptocurrencies held by the Company at 28 February 2026 has been determined by reference to quoted prices in active markets and is categorised within Level 1 of the IFRS 13 fair value hierarchy. At 28 February 2026 the Group and Company held the following Cryptocurrencies in treasury:
Group
Company
Group
Fair value
Company
Fair value
Cryptocurrency
Number
\u00a3
Number
\u00a3
Bitcoin (BTC)
620
30,809,321
5
232,517
TAO Alpha Tokens
137
22,873
137
22,873
30,832,194
255,390
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-383": { "value": "13) Investments Investments comprise of: The Group holds a quoted equity investment which is measured at fair value through profit or loss in accordance with IFRS 9. The investment was made in January 2025 for a cost of \u00a3250k. The investment is measured at fair value using Level 2 inputs within the IFRS 13 fair value hierarchy. Fair value was determined by reference to the quoted market price of Roundhouse Digital Ltd\u2019s shares on Aquis at the reporting date. The investment has been classified as Level 2 as the market for the shares was not considered to be active at the reporting date. No adjustment was made to the quoted market price used in determining fair value. During the year, a fair value gain of \u00a31,163k (2025: \u00a3nil) was recognised in the Consolidated Statement of Comprehensive Income in relation to the remeasurement of the investment to fair value at the reporting date. Further information regarding the Group\u2019s relationship with Roundhouse Digital Ltd is provided in Note 22. Investments in subsidiaries are stated at cost less accumulated impairment losses. During the year, the Company acquired its investment in STT1 Pte Ltd for total consideration of \u00a376,951k. Only \u00a3100 was paid in cash for this investment, with 893 Bitcoin being transferred for consideration of the remainder. An impairment assessment was performed at the reporting date and, as a result, an impairment loss of \u00a345,145k was recognised against the carrying value of the investment, reducing its carrying amount to \u00a331,806k at 28 February 2026. The following indicators of impairment were identified: \u2022 the decline in the market price of Bitcoin held by STT1 Pte Ltd \u2022 the realised losses recognised on disposals of Bitcoin during the year, and; \u2022 adverse foreign exchange movements affecting the carrying value of STT1 Pte Ltd\u2019s net asset value.
%
Listed investments \u2013 Group (\u00a3\u2019000)
Holding
2026
2025
Listed equity investment - Roundhouse Digital Ltd
10
1,413
250
1,413
250
%
Investments \u2013 Company (\u00a3\u2019000)
Holding
2026
2025
Listed equity investment - Roundhouse Digital Ltd
10
1,413
250
Investment in subsidiary - STT1 PTE Ltd
100
31,806
-
33,219
250
In accordance with IAS 36 Impairment of Assets, the Directors determined the recoverable amount of the investment by reference to fair value less costs of disposal (\u201cFVLCD\u201d). The Directors considered FVLCD to represent the most appropriate basis for assessing recoverability having regard to the nature of STT1 Pte Ltd and the composition of its underlying assets and liabilities. The recoverable amount was estimated at approximately \u00a331,806k, determined with reference to the fair value of STT1 Pte Ltd\u2019s underlying net assets at the reporting date, excluding reciprocal intercompany balances which eliminate on consolidation. Based on this assessment, the Directors recognised an impairment loss of \u00a345,145k, reducing the carrying amount of the investment in STT1 Pte Ltd to its estimated recoverable amount of \u00a331,806k at 28 February 2026. The impairment loss was recognised in the Company Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-384": { "value": "14) Trade and other receivables Trade and other receivables comprise of: During the year, the Company recognised an impairment loss of \u00a31,205k (2025: \u00a3nil) in respect of amounts due from subsidiary undertakings, fully impairing the balance. The impairment reflects the Directors\u2019 assessment of the amounts expected to be recoverable, having regard to the financial position of the relevant subsidiaries and their ability to generate or otherwise access sufficient resources to settle the amounts due (refer to Note 13 for further information). During the year, the Company recognised an impairment charge of \u00a3895k (2025: \u00a3nil) in respect of Social security and other taxation. Based on the facts and circumstances existing at the reporting date, the Directors concluded that recovery of these amounts was not sufficiently probable and, accordingly, no asset was recognised in respect of these amounts at 28 February 2026.
Group
Company
\u00a3\u2019000
2026
2025
2026
2025
Prepayments
150
11
150
11
Social security and other taxation
-
14
-
14
Total trade and other receivables
150
25
150
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-385": { "value": "15) Cash and cash equivalents Cash and cash equivalents comprise of: Cash and cash equivalents comprise amounts held with banks which are available on demand. The Group and Company had no restricted cash at 28 February 2026 or 28 February 2025. Group Company \u00a3\u2019000 20262025 20262025 Bank balances 8,775 31 6,848 31 Total cash and cash equivalents 8,775 31 6,848 31", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-386": { "value": "16) Trade and other payables Trade and other payables comprise of: Amounts owed to subsidiary undertakings principally comprise balances arising from funding, asset transfers and cash settlements between Group entities. The balances are unsecured, interest-free and have no fixed repayment terms. Group Company \u00a3\u2019000 20262025 20262025 Trade Payables 538 311 538311 Amounts owed to subsidiary undertakings - - 12,987 - Accruals and other creditors 292 152 289152 Social security and other taxation 305 1 305 1 Total trade and other payables 1,135 464 14,119464", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-387": { "value": "17) Provisions The following table sets out movements in the Group\u2019s and Company\u2019s provisions during the year: The restructuring provision relates primarily to costs associated with the Group's operational restructuring activities, including contractual Director termination costs of \u00a31,050k, with the remainder relating to contractual exit costs. The amounts provided represent the Directors' best estimate of the expenditure required to settle obligations existing at the reporting date. The provisions are expected to be utilised within 12 months of the reporting date. The effect of discounting has not been recognised as the Directors consider the impact of the time value of money to be immaterial.
Group
Company
\u00a3\u2019000
Restructuring
Other
Restructuring
Other
Provision
Provisions
Total
Provision
Provisions
Total
At 1 March 2025
-
-
-
-
-
-
Provided for during the year
1,158
299
1,457
458
299
757
Utilised during the year
-
-
-
-
-
-
At 28 February 2026
1,158
299
1,457
458
299
757
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-388": { "value": "18) Share capital and Share premium
Number of
Company (\u00a3\u2019000)
shares
Share capital
Share premium
Total
At 1 March 2024
378,732,535
379
4,880
5,259
Issue of new shares \u2013 22 November 2024
75,000,000
75
-
75
At 28 February 2025
453,732,535
454
4,880
5,334
Shares issued following warrant exercises
74,067,665
74
1,140
1,214
Shares issued on Convertible Loan Note
10,676,100,000
10,676
80,085
90,761
conversions
At 28 February 2026
11,203,900,200
11,204
86,105
97,309
During the year, the Company issued 10,676,100,000 ordinary shares pursuant to the conversion of Convertible Loan Notes. In connection with these conversions, amounts previously recognised within the Convertible Loan Note Reserve were transferred to Retained Losses. During the year, the Company also issued 74,067,665 ordinary shares following the exercise of warrants. Upon exercise, amounts previously recognised within the Warrant Reserve were transferred to Retained Losses, alongside warrants expiring during the year. The Company has one class of ordinary shares with a nominal value of \u00a30.001 each. All ordinary shares rank pari passu in all respects and carry equal rights with respect to voting, dividends and distributions. All issued shares were fully paid at 28 February 2026. There were no unpaid shares as at 28 February 2026 (2025: nil). 19) Warrants Reserve The principal terms and valuation assumptions relating to warrants issued during the year are summarised below.
\u00a3\u2019000
2026
2025
Opening balance at 1 March
743
704
Warrants issued
16,016
39
Warrants exercised
(1,139)
-
Warrants lapsed
(569)
-
Closing balance at 28 February
15,051
743
Share Exercise Exercise Measurement Number ofShare Price Price Price Price Expected Risk-freeExpecte date warrants \u00a3 Pence \u00a3 Pence Volatility Expected life ratedividend 14 July 2025 11,000,000 0.100310.03 0.002 0.2162.34% 3 years3.95% 0.0% 25 July 2025 536,904,348 0.01 10.0115 1.15 78.8% 5 years4.06% 0.0% 12 December 1,598,725,000 0.0084 0.84 0.002 0.2 78.8% 5 years3.95% 0.0% 2025 The outstanding warrants at 28 February 2026 are summarised below:
Outstanding at 28
Exercisable at 28
Issue date
Expiry period
Exercise price
February 2026
February 2026
05 January 2023
5 years from date of issue
\u00a30.03
4,600,000
4,600,000
28 June 2023
3 years from date of issue
\u00a30.025
3,333,333
3,333,333
21 November 2024
3 years from date of issue
\u00a30.002
1,000,000
1,000,000
12 December 2025
5 years from date of issue
\u00a30.002
1,598,725,000
1,598,725,000
15 December 2025
5 years from date of issue
\u00a30.0115
536,904,348
536,904,348
2,144,562,681
2,144,562,681
During the year, the Company issued warrants principally in connection with financing and capital raising activities, including seed investors and broker warrant arrangements associated with Convertible Loan Note transactions, alongside warrants issued to Directors. On 14 July 2025, 11,000,000 warrants were issued to Directors of the Company, with an exercise price of \u00a30.002 per share and a three-year exercise period. These warrants were exercised in full on 25 July 2025. The fair value of the warrants at the grant date was \u00a31,038k. Refer to Note 22 for further information. On 12 December 2025, 1,598,725,000 warrants were issued to Seed investors in connection with subscriptions for the first Convertible Loan Note issued by the Company, with an exercise price of \u00a30.002 per share and a five-year exercise period. The estimated fair value of these warrants was \u00a311,595k. Of the 1,598,725,000 warrants issued to Seed investors, 31,974,500 warrants were issued to related parties. The estimated aggregate fair value of these related party warrants was \u00a3232k. These warrants were exercised subsequent to the reporting date. Refer to Note 24 for further information. On 15 December 2025, 536,904,348 warrants were issued to a broker in connection with fundraising activities relating to the second Convertible Loan Note, with an exercise price of \u00a30.0115 per share and a five-year exercise period. The warrants may be settled on a cashless basis in accordance with their contractual terms. The estimated fair value of these warrants was \u00a33,383k. Upon exercise of warrants during the year, amounts previously recognised within the Warrant Reserve were transferred to Retained Losses. Amounts relating to warrants which lapsed unexercised during the year were transferred from the Warrant Reserve to Retained Losses.
Weighted average
Number of
exercise price
warrants
Outstanding at the beginning of the year
3.13p
129,199,998
Issued during the year
0.44p
2,146,629,348
Exercised during the year
1.61p
(74,067,665)
Lapsed during the year
4.98p
(57,199,000)
Outstanding at the end of the year
0.45p
2,144,562,681
Exercisable at the end of the year
0.45p
2,144,562,681
Share Options The Company operates an Employee Share Option Plan (\u201cESOP\u201d) for senior management and Directors. During the year, no material share-based payment charge was recognised in respect of the ESOP, as the Directors concluded that the applicable service and other vesting conditions were not expected to be satisfied. At 28 February 2026, the scheme included options over 952,331,517 ordinary shares, with exercise prices ranging from \u00a30.01 to \u00a30.02 per ordinary share and vesting periods of up to four years.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-389": { "value": "20) Financial instruments and risk management Financial instruments Categories of financial assets Group
Financial Assets
2026
2025
\u00a3\u2019000
Amortised Cost
FVTPL
Total
Amortised Cost
FVTPL
Total
Equity investment
1,413
1,413
-
250
250
Trade and other receivables
-
-
-
-
-
-
Cash and cash equivalents
8,775
-
8,775
31
-
31
8,775
1,413
10,188
31
250
281
Company
Financial Assets
2026
2025
\u00a3\u2019000
Amortised Cost
FVTPL
Total
Amortised Cost
FVTPL
Total
Equity investment
1,413
1,413
-
250
250
Trade and other receivables
-
-
-
-
-
-
Cash and cash equivalents
6,848
-
6,848
31
-
31
6,848
1,413
8,261
31
250
281
Categories of financial liabilities
Financial Liabilities
2026
2025
2026
2025
Group
Group
Company
Company
\u00a3\u2019000
Amortised
Amortised
Amortised
Amortised
Cost
Cost
cost
cost
Trade and other payables
830
312
827
312
Amounts owed to Subsidiary undertakings
-
-
12,987
-
830
312
13,814
312
Fair value of financial instruments The carrying amounts of the Group\u2019s and Company\u2019s financial assets and financial liabilities measured at amortised cost approximate their fair values due to their short-term nature. Financial assets measured at fair value through profit or loss are carried at fair value, as disclosed in Note 13. Capital risk management The Group\u2019s objective is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an appropriate capital structure while growing the business. The capital structure of the Company consists of total shareholders\u2019 equity as set out in the Statement of Changes in Equity. The Group finances its working capital requirements through existing cash resources and financing activities. Capital is managed on a day-to-day basis to ensure that all entities in the Group are able to operate as a going concern. The Group\u2019s capital requirements are primarily driven by its operating and financing activities. Liquidity risk management Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities as they fall due. The Group manages liquidity risk through regular monitoring of cash balances, forecast cash flows and future financial commitments to ensure that sufficient liquidity is maintained to meet its obligations as they fall due. The Board receives forward-looking cash flow projections at periodic intervals during the year as well as information regarding cash balances. At the reporting date, the Group had cash balances of \u00a38,775k and the financial forecasts indicate that the Group had sufficient cash resources to meet its obligations as they fall due for the foreseeable future without the need for additional financing, prior to the outcome of the General Meeting held on 20 July 2026. After this date, as noted above in the going concern assessment, and Note 24, the Group is forecast to hold sufficient cash resources to meet its obligations as they fall due for the foreseeable future without the need for additional financing. The table below analyses the Group\u2019s financial liabilities into relevant maturity groups based on the remaining period from the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities based on the earliest date on which the Group or Company can be required to pay.
No fixed
contractual
Financial Liabilities
Less than
maturity
\u00a3\u2019000
1 month
1 \u2013 3 months
date
Total
Group
Trade and other payables
830
-
-
830
Company
Trade and other payables
827
-
-
827
Amounts owed to Subsidiary undertakings
-
-
12,987
12,987
Company total
827
-
12,987
13,814
Credit risk management Credit risk arises principally from cash and cash equivalents held with financial institutions. The carrying amount of cash and cash equivalents represents the Group\u2019s and Company\u2019s maximum exposure to credit risk in respect of these balances. The Group manages its exposure to credit risk by maintaining cash balances with regulated financial institutions which the Directors consider to have appropriate financial standing and liquidity. At the reporting date, the Directors did not consider the Group or Company to have any significant concentration of credit risk. Due to the short-term nature of these assets and historical experience, cash and cash equivalents are regarded as having a low probability of default and therefore the related expected credit loss is deemed to be insignificant.
Group
Group
Company
Company
\u00a3\u2019000
2026
2025
2026
2025
Cash and cash equivalents
8,775
31
6,848
31
8,775
31
6,848
31
Digital Asset Price Risk The Group is exposed to price risk arising from its holdings of digital assets, principally Bitcoin. Bitcoin is accounted for as an intangible asset under IAS 38 and is therefore not a financial instrument within the scope of IFRS 7. The Group's digital asset holdings are measured using the revaluation model by reference to quoted prices in active markets. The market value of Bitcoin may be subject to significant volatility as a result of changes in market sentiment, regulatory developments, liquidity conditions and broader macroeconomic factors. The Directors monitor market conditions and the Group's exposure on an ongoing basis. The Group disposed of its entire remaining holding of Bitcoin after the reporting date and no longer carries this exposure, as explained in Note 24. Currency risk Foreign currency risk arises from monetary assets and liabilities denominated in currencies other than the functional currencies of the relevant Group entities, principally Singapore Dollars (\u201cSGD\u201d). At 28 February 2026, the Group's net monetary exposure to foreign currencies was not material. Accordingly, the Directors consider that a reasonably possible change in relevant foreign exchange rates would not have a material effect on profit or loss and no foreign currency sensitivity analysis has been presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-392": { "value": "20) Financial instruments and risk management Financial instruments Categories of financial assets Group
Financial Assets
2026
2025
\u00a3\u2019000
Amortised Cost
FVTPL
Total
Amortised Cost
FVTPL
Total
Equity investment
1,413
1,413
-
250
250
Trade and other receivables
-
-
-
-
-
-
Cash and cash equivalents
8,775
-
8,775
31
-
31
8,775
1,413
10,188
31
250
281
Company
Financial Assets
2026
2025
\u00a3\u2019000
Amortised Cost
FVTPL
Total
Amortised Cost
FVTPL
Total
Equity investment
1,413
1,413
-
250
250
Trade and other receivables
-
-
-
-
-
-
Cash and cash equivalents
6,848
-
6,848
31
-
31
6,848
1,413
8,261
31
250
281
Categories of financial liabilities
Financial Liabilities
2026
2025
2026
2025
Group
Group
Company
Company
\u00a3\u2019000
Amortised
Amortised
Amortised
Amortised
Cost
Cost
cost
cost
Trade and other payables
830
312
827
312
Amounts owed to Subsidiary undertakings
-
-
12,987
-
830
312
13,814
312
Fair value of financial instruments The carrying amounts of the Group\u2019s and Company\u2019s financial assets and financial liabilities measured at amortised cost approximate their fair values due to their short-term nature. Financial assets measured at fair value through profit or loss are carried at fair value, as disclosed in Note 13. Capital risk management The Group\u2019s objective is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an appropriate capital structure while growing the business. The capital structure of the Company consists of total shareholders\u2019 equity as set out in the Statement of Changes in Equity. The Group finances its working capital requirements through existing cash resources and financing activities. Capital is managed on a day-to-day basis to ensure that all entities in the Group are able to operate as a going concern. The Group\u2019s capital requirements are primarily driven by its operating and financing activities. Liquidity risk management Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities as they fall due. The Group manages liquidity risk through regular monitoring of cash balances, forecast cash flows and future financial commitments to ensure that sufficient liquidity is maintained to meet its obligations as they fall due. The Board receives forward-looking cash flow projections at periodic intervals during the year as well as information regarding cash balances. At the reporting date, the Group had cash balances of \u00a38,775k and the financial forecasts indicate that the Group had sufficient cash resources to meet its obligations as they fall due for the foreseeable future without the need for additional financing, prior to the outcome of the General Meeting held on 20 July 2026. After this date, as noted above in the going concern assessment, and Note 24, the Group is forecast to hold sufficient cash resources to meet its obligations as they fall due for the foreseeable future without the need for additional financing. The table below analyses the Group\u2019s financial liabilities into relevant maturity groups based on the remaining period from the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities based on the earliest date on which the Group or Company can be required to pay.
No fixed
contractual
Financial Liabilities
Less than
maturity
\u00a3\u2019000
1 month
1 \u2013 3 months
date
Total
Group
Trade and other payables
830
-
-
830
Company
Trade and other payables
827
-
-
827
Amounts owed to Subsidiary undertakings
-
-
12,987
12,987
Company total
827
-
12,987
13,814
Credit risk management Credit risk arises principally from cash and cash equivalents held with financial institutions. The carrying amount of cash and cash equivalents represents the Group\u2019s and Company\u2019s maximum exposure to credit risk in respect of these balances. The Group manages its exposure to credit risk by maintaining cash balances with regulated financial institutions which the Directors consider to have appropriate financial standing and liquidity. At the reporting date, the Directors did not consider the Group or Company to have any significant concentration of credit risk. Due to the short-term nature of these assets and historical experience, cash and cash equivalents are regarded as having a low probability of default and therefore the related expected credit loss is deemed to be insignificant.
Group
Group
Company
Company
\u00a3\u2019000
2026
2025
2026
2025
Cash and cash equivalents
8,775
31
6,848
31
8,775
31
6,848
31
Digital Asset Price Risk The Group is exposed to price risk arising from its holdings of digital assets, principally Bitcoin. Bitcoin is accounted for as an intangible asset under IAS 38 and is therefore not a financial instrument within the scope of IFRS 7. The Group's digital asset holdings are measured using the revaluation model by reference to quoted prices in active markets. The market value of Bitcoin may be subject to significant volatility as a result of changes in market sentiment, regulatory developments, liquidity conditions and broader macroeconomic factors. The Directors monitor market conditions and the Group's exposure on an ongoing basis. The Group disposed of its entire remaining holding of Bitcoin after the reporting date and no longer carries this exposure, as explained in Note 24. Currency risk Foreign currency risk arises from monetary assets and liabilities denominated in currencies other than the functional currencies of the relevant Group entities, principally Singapore Dollars (\u201cSGD\u201d). At 28 February 2026, the Group's net monetary exposure to foreign currencies was not material. Accordingly, the Directors consider that a reasonably possible change in relevant foreign exchange rates would not have a material effect on profit or loss and no foreign currency sensitivity analysis has been presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-353": { "value": "Fair value of financial instruments The carrying amounts of the Group\u2019s and Company\u2019s financial assets and financial liabilities measured at amortised cost approximate their fair values due to their short-term nature. Financial assets measured at fair value through profit or loss are carried at fair value, as disclosed in Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-354": { "value": "Liquidity risk management Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities as they fall due. The Group manages liquidity risk through regular monitoring of cash balances, forecast cash flows and future financial commitments to ensure that sufficient liquidity is maintained to meet its obligations as they fall due. The Board receives forward-looking cash flow projections at periodic intervals during the year as well as information regarding cash balances. At the reporting date, the Group had cash balances of \u00a38,775k and the financial forecasts indicate that the Group had sufficient cash resources to meet its obligations as they fall due for the foreseeable future without the need for additional financing, prior to the outcome of the General Meeting held on 20 July 2026. After this date, as noted above in the going concern assessment, and Note 24, the Group is forecast to hold sufficient cash resources to meet its obligations as they fall due for the foreseeable future without the need for additional financing. The table below analyses the Group\u2019s financial liabilities into relevant maturity groups based on the remaining period from the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities based on the earliest date on which the Group or Company can be required to pay.
No fixed
contractual
Financial Liabilities
Less than
maturity
\u00a3\u2019000
1 month
1 \u2013 3 months
date
Total
Group
Trade and other payables
830
-
-
830
Company
Trade and other payables
827
-
-
827
Amounts owed to Subsidiary undertakings
-
-
12,987
12,987
Company total
827
-
12,987
13,814
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-355": { "value": "
Credit risk management
Credit risk arises principally from cash and cash equivalents held with financial institutions. The carrying amount of cash and
cash equivalents represents the Group\u2019s and Company\u2019s maximum exposure to credit risk in respect of these balances.
The Group manages its exposure to credit risk by maintaining cash balances with regulated financial institutions which the
Directors consider to have appropriate financial standing and liquidity.
At the reporting date, the Directors did not consider the Group or Company to have any significant concentration of credit risk.
Due to the short-term nature of these assets and historical experience, cash and cash equivalents are regarded as having a
low probability of default and therefore the related expected credit loss is deemed to be insignificant.
Group
Group
Company
Company
\u00a3\u2019000
2026
2025
2026
2025
Cash and cash equivalents
8,775
31
6,848
31
8,775
31
6,848
31
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-356": { "value": "21) Capital commitments and contingent liabilities At 28 February 2026, the Group and Company had no material capital commitments or contingent liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-357": { "value": "22) Related party transactions Related parties comprise Directors, key management personnel (\u201cKMP\u201d), and entities controlled by Directors and subsidiary undertakings. Related party transactions were undertaken on terms agreed between the parties and approved by the Board where appropriate. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed within the Group financial statements except where separately indicated. Key management compensation is disclosed within Note 8 and should be considered in tandem with the Directors\u2019 Remuneration Report. Amounts below relate to related party transactions. The following transactions relate to entities controlled by Directors and key management personnel. All amounts outstanding at 28 February 2026 are included within Trade and other payables detailed in Note 16, with the exception of amounts owed to Henry Elder, which form part of Provisions detailed in Note 17.
Amounts
Relationship
Amounts transacted
outstanding at
(at 28
during the year ended
28 February
Connected
February
28 February 2026
2026
Director
Related Party
2026)
Nature of Transactions
\u00a3\u2019000
\u00a3\u2019000
Carraway Capital
Entity
Mark Rutledge
Corp.
controlled by
Director Remuneration
55
-
Roundhouse
former KMP
and warrant exercises
Digital Pte Ltd
Dark Peak
Entity
Director Remuneration,
Nicholas Lyth
Services Ltd
controlled by
consultancy services,
203
-
former KMP
warrants issued and
warrant exercises
Potentially AI Plc
Shared
Nicholas Lyth
(formerly Tiger
directorship
Revenue
10
-
Royalties and
with former
Investments Plc)
KMP
Letter 4
Entity
Director Remuneration,
Darcy Taylor
Consulting Ltd
controlled by
warrants issued and
135
5
former KMP
warrant exercises
Fidelio Partners
Pte Ltd
Marallo Holdings
Entity
Director Remuneration,
Matthew Lodge
Pte Ltd
controlled by
warrants issued and
208
5
Kaikalani Pte Ltd
Director
warrant exercises
Astrid Intelligence
Plc (formerly Cel
AI Plc)
Marallo Holdings
Entity
Michael
Inc
controlled by
Warrant exercises
12
-
Edwards
Marallo Holdings
former KMP
Pte Ltd
Ranald
Bridgend Finance
Entity
McGregor-
Limited
controlled by
Director Remuneration
48
20
Smith
Director
Entity
Henry Elder
Knox LLC
controlled by
Director Remuneration
1,426
700
Director
During the year, on 14 July 2025, warrants over 11,000,000 Ordinary Shares were issued to entities controlled by Directors.
The warrants had an exercise price of \u00a30.002 per share and an estimated aggregate fair value of \u00a31,038k. All such warrants
were exercised on 25 July 2025. Further details are included within Note 19. Cash proceeds received in relation to warrants
exercised during the year are included within the table above.
Mark Rutledge
Carraway Capital Corp transacted with the Group in relation to Mr Mark Rutledge. Remuneration for the year, included within
transaction amounts above, totalled \u00a312k (2025: \u00a336k), in addition to PILON of \u00a318k. There were no amounts outstanding at
28 February 2026 (2025: \u00a339k). Included within transaction amounts above was \u00a325k of cash proceeds received for the
exercise of warrants (2025: \u00a3nil), settled by Roundhouse Digital Pte Ltd.
Nicholas Lyth
Dark Peak Services Ltd transacted with the Group in relation to Mr Nicholas Lyth. During the year, total transaction amounts
were \u00a3203k (2025: \u00a330k) with no amounts outstanding at 28 February 2026 (2025: \u00a337,500). Included within transaction
amounts above was \u00a3146k for consultancy services (2025: \u00a3nil), Director\u2019s remuneration of \u00a325k (2025: \u00a330k), and cash
proceeds for the exercise of warrants totalling \u00a332k (2025: \u00a3nil). The exercise of warrants includes 4,000,000 warrants issued
during the year in addition to 10,000,000 previously issued warrants. Amounts due on exercise were partially settled through
offset against balances owed by the Group at the exercise date.
Trading with Tiger Royalties and Investments Plc
During the year, the Company recognised total revenue of \u00a342k from services provided to Tiger Royalties and Investments
Plc (now trading as Potentially AI Plc), of which \u00a310k related to the period up to 1 August 2025 when Tiger Royalties and
Investments Plc was a related party due to the Directorship of Nicholas Lyth.
Darcy Taylor
Letter 4 Consulting Ltd transacted with the Group in relation to Mr Darcy Taylor. Remuneration for the year totalled \u00a375k
(2025: \u00a310k), including PILON of \u00a330k. At 28 February 2026, an amount of \u00a35k was outstanding (2025: \u00a310k). Included within
transaction amounts above was \u00a360k of cash proceeds received for the exercise of warrants (2025: \u00a3nil), paid by Darcy
Taylor. The exercise of warrants includes 3,000,000 warrants issued during the year in addition to 2,500,000 previously issued
warrants. Amounts due on exercise were partially settled through offset against balances owed by the Group at the exercise
date.
Matthew Lodge
Mr Matthew Lodge transacted with the Group through several related party companies, principally Fidelio Partners Pte Ltd.
Remuneration for the year totalled \u00a3128k (2025: \u00a38k). The amounts outstanding at 28 February 2026 totalled \u00a310k, (2025:
\u00a310k). Included within transaction amounts above was \u00a380k of cash proceeds received, from entities with shared Directorships
being Kaikalani Pte Ltd and Astrid Intelligence Plc (formerly Cel AI Plc), for the exercise of warrants (2025: \u00a3nil). The exercise of warrants includes 4,000,000 warrants issued during the year in addition to 2,500,000 previously issued warrants. Amounts due on exercise were partially settled through offset against balances owed by the Group at the exercise date. Michael Edwards Marallo Holdings Inc historically transacted with the Group in relation to Mr Michael Edwards. There were no amounts outstanding at 28 February 2026 (2025: \u00a3108k). Included within transaction amounts above was \u00a312k of cash proceeds received for the exercise of warrants (2025: \u00a3nil). The exercise of warrants related to 10,000,000 previously issued warrants to Marallo Holdings Inc and 10,000,000 to Marallo Holdings Pte Ltd. Amounts due on exercise were partially settled through offset against balances owed by the Group at the exercise date, and amounts owed to Marallo Holdings Inc were used to offset amounts due on exercise in relation to Marallo Holdings Pte Ltd. Ranald McGregor-Smith Bridgend Finance Limited transacted with the Group in relation to Mr Ranald McGregor-Smith in relation to Director\u2019s remuneration for the year, totalling \u00a348k (2025: \u00a3nil). The amounts outstanding at 28 February 2026 totalled \u00a320k, (2025: \u00a3nil). Henry Elder Knox LLC transacted with the Group in relation to Mr Henry Elder. Remuneration for the year totalled \u00a31,426k (2025: \u00a3nil). An amount of \u00a3700k remained outstanding at 28 February 2026 and was included within the restructuring provision (Note 17), relating to estimated loss of office and termination payments (2025: \u00a3nil). During the year, 31,974,500 warrants were issued to Mr Henry Elder in connection with the seed investor issuance, with an estimated aggregate fair value of \u00a3232k. These warrants were exercised after the reporting date as explained in Note 24. Roundhouse Digital Ltd During the year, the Group entered into transactions with Roundhouse Digital Ltd amounting to \u00a310k of Revenue (2025: \u00a3nil), which were recognised within the Consolidated Statement of Comprehensive Income. At 28 February 2026, the carrying amount of the Group's investment in Roundhouse Digital Ltd was \u00a31,413k (2025: \u00a3250k). Refer to Note 13 for further information. Matthew Lodge, Non-Executive Director of the Company, is the Chief Executive Officer of Roundhouse Digital Ltd. The Directors have considered whether the Group's investment in Roundhouse Digital Ltd, and common Director, gives rise to significant influence for the purposes of IAS 28 Investments in Associates and Joint Ventures. In making this assessment, the Directors considered the Group's shareholding, governance rights, Board representation and participation in policy- making decisions. The Directors concluded that, notwithstanding the relationship described above, the Group does not have significant influence over Roundhouse Digital Ltd as it does not have the power to participate in the financial and operating policy decisions of the investee. As a result of this, the investment continues to be accounted for as a financial asset in accordance with IFRS 9. Software development fees paid to related parties During the prior year, the Group incurred software development fees of \u00a35k in relation to services provided by a related party entity controlled by former key management personnel. No such costs were incurred during the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-359": { "value": "23) Ultimate controlling party In the opinion of the Directors as at the year end and the date of these financial statements, there is no single ultimate controlling party. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-358": { "value": "24) Events after the reporting date Subsequent to the reporting date, Henry Elder resigned as Chief Executive Officer of the Company and transitioned from executive responsibilities on 6 March 2026. In connection with his departure and the wider restructuring activities undertaken by the Group, the Group entered into settlement arrangements with the Henry Elder under which a cash payment of US$1.0 million was agreed. At 28 February 2026, \u00a31,050k had been recognised within the restructuring provision in respect of the anticipated costs associated with his departure, as disclosed in Note 17. Under the terms of the former Chief Executive Officer's existing share option arrangements, certain options were subject to accelerated vesting upon the occurrence of specified termination conditions. Following his departure on 6 March 2026, the relevant termination conditions were met and the options vested on an accelerated basis. In aggregate, 560,195,010 options vested on an accelerated basis. Other obligations arising from the restructuring programme were settled following the reporting date. These settlements related principally to other contractual obligations recognised within the restructuring provision at 28 February 2026. On 6 March 2026, Ranald McGregor-Smith assumed the role of Executive Chairman, having previously served as a Non- Executive Director. On the same date, Clive Carver was appointed as an Executive Director, having previously served as a Non-Executive Director. Both of these appointments were on an interim basis. Subsequent to the reporting date, security arrangements previously granted over certain Bitcoin holdings of the Group in connection with Convertible Loan Note facilities were released following settlement of the related obligations, from 25 March 2026 onwards. On 7 April 2026, the Company appointed Nicholas Lee and Patrick Charles Thomas Dean to the Board as Non-Executive Directors. During April 2026, the Group acquired additional Bitcoin holdings totalling approximately 48.4 BTC for aggregate consideration of \u00a32.7 million. On 24 April 2026, the Company completed the appointment of PKF Littlejohn LLP as auditor to the Group following the resignation of BDO LLP, as part of the Group\u2019s cost reduction programme. In May 2026, a group of shareholders requested that the Company convene a General Meeting to consider a resolution to return substantially all of the Company\u2019s capital to shareholders in cash, with the consequence that the Company would also cancel the admission of its Ordinary Shares to the Official List and to trading on the Main Market of the London Stock Exchange. On 20 July 2026, the Company announced the result of a General Meeting held on this date, in which Special Resolutions were passed to seek cancellation of the Company\u2019s listing on the Equity Shares (Commercial Companies) category of the Official List of the Financial Conduct Authority in addition to passing a resolution to return capital to its shareholders. Ahead of the High Court hearings required in connection with the return of capital, the Group disposed of its entire remaining holding of Bitcoin for proceeds of \u00a331.9 million, realising a loss of \u00a31.3 million, together with a separate restructuring provision of \u00a32.6 million, during the year ending 28 February 2027. The Court approved the return of capital on 8 September 2026, with the payments to shareholders expected to be complete by 28 September 2026. The return of capital was effected through the issue and subsequent redemption of B Shares, returning approximately \u00a330.7 million in aggregate, being \u00a30.002734 per Ordinary Share. A two-week period to allow warrant holders to exercise their warrants and participate in the return of capital ended on 3 August 2026. On 28 July 2026, 31,974,500 warrants were exercised, resulting in the issuance of 31,974,500 new ordinary shares. Following the return of capital, and settlement of termination and transformation costs anticipated to amount to \u00a32.7 million, the Company expects to retain approximately \u00a32 million in cash, with the intention that this will help fund the creation of a new business which will in due course aim to seek admission to an appropriate stock market. The disposal of the Group\u2019s remaining Bitcoin, the approval of the return of capital and the decision to close the Group\u2019s operating entities are non-adjusting events after the reporting period. They do not affect the amounts recognised in these financial statements at 28 February 2026, but they will have a material effect on the Group\u2019s financial position and results for the year ending 28 February 2027. The Directors have considered the events occurring after the reporting date and concluded that, other than as disclosed above, there were no adjusting or significant non-adjusting events requiring disclosure in these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:984500FV43C9G16DK633", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } } } }