REG - Active Energy Group - Interim Results for Six Months Ended 30 June 2025
30/09/2025 07:00
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RNS Number : 3022B Active Energy Group PLC 30 September 2025
30 September 2025
Active Energy Group Plc
('Active Energy', 'AEG', the 'Company' or the 'Group')
Interim Results for the Six Months Ended 30 June 2025
Active Energy, an alternative energy company focused on the deployment of
renewable infrastructure and the integration of advanced digital technologies,
announces its unaudited interim results for the six months ended 30 June 2025.
HIGHLIGHTS
Operational Highlights:
· The appointment of a strengthened leadership team: Pankaj Rajani
as Non-Executive Chairman and Paul Elliott as Chief Executive Officer.
· Finalisation of patents granted for CoalSwitch® technology,
reinforcing the Company's intellectual property position.
Financial Highlights:
§ Loss from continuing operations of £0.4 million (H1 24: £0.9 million)
§ Cash position of £0.03 million (H1 2024: £0.29 million)
§ Secured a £500,000 convertible loan facility, with an initial £200,000
drawdown providing flexibility for near-term working capital requirements.
Post Period End Activity and Outlook:
· Two successful oversubscribed fundraises totalling £2.85m
· Strong progress in Q3 2025, with early benefits now evident from
strategic initiatives launched in the first half of the year.
· Adoption of a disciplined crypto treasury strategy, permitting up
to 30% of working capital to be allocated to digital assets. This provides
potential value appreciation while also serving as a hedge against inflation
and currency fluctuations.
· Appointment of additional specialist advisers across both the
crypto and solar divisions, ensuring robust expertise in treasury strategy and
renewable energy execution.
· Advancement of the Solar & Battery Rooftop Programme, with an
initial pipeline of 10 sites secured; development of the first three projects
is well underway.
· Appointment of James Voce as Executive Director to strengthen the
Board and expand management capability.
· Continued development of the UAE digital infrastructure pipeline,
with containerised data centres using surplus renewable and conventional
energy positioned to support Bitcoin mining, AI, and data-hosting solutions.
Paul Elliott, CEO of Active Energy, commented: "The introduction of new
leadership, and the injection of fresh capital have realigned Active Energy
Group's strategy and set a clear path forward. With new executive
appointments, and the support of experienced advisers, we are now executing on
both our renewable energy and digital asset initiatives.
Investor awareness has grown, supported by two successful oversubscribed
fundraises totalling £2.85m that provide the capital required to advance our
plans. We are confident that the momentum generated in the second half of 2025
will carry through into the final quarter, positioning AEG to accelerate
delivery and achieve its 2026 growth forecasts"
Enquiries:
Website LinkedIn Twitter
www.aegplc.com www.linkedin.com/company/activeenergy https://twitter.com/aegplc (https://twitter.com/aegplc)
@aegplc
Enquiries
Active Energy Group Plc Paul Elliott (CEO) info@aegplc.com
Pankaj Rajani (Non-Executive Chairman)
Zeus Antonio Bossi / Darshan Patel Tel: +44 (0) 203 829 5000
Nominated Adviser and Broker (Investment Banking)
Nick Searle
(Sales)
BOARD'S STATEMENT
Introduction
Active Energy has undertaken a significant period of transformation during the
first half of the year, redefining its strategy and strengthening its
corporate and operational foundations. With a refreshed leadership team,
enhanced advisory support, and the finalisation of key intellectual property
protections, the Company is now positioned to deliver against its four
strategic pillars. These encompass renewable energy deployment in the UK,
expansion of AI and Bitcoin infrastructure in the UAE, establishment of
digital asset treasury, and the commercialisation of its proprietary
CoalSwitch® technology. Together, these initiatives provide a clear roadmap
for growth and value creation.
Operational review during the period
During the period, Active Energy undertook a comprehensive refresh of its
Board and leadership team. The newly appointed directors bring strengthened
governance, energy sector expertise, and a clear focus on executing the
Company's proposed strategy. This refreshed leadership has already provided
greater clarity of direction and renewed momentum across AEG's operations.
The Company has also reinforced its corporate framework with the appointment
of Zeus Capital Limited as its Nominated Adviser and Broker, and Blake Morgan
as corporate legal counsel, ensuring strong advisory support as AEG advances
its growth plans. Furthermore, the finalisation and granting of patents for
CoalSwitch® technology has strengthened the Company's intellectual property
position, underpinning future commercialisation opportunities for this unique
biomass solution.
Post period end activities
The Board of Active Energy has undertaken a comprehensive review of the
Company's strategy and has repositioned the business around four distinct but
complementary growth pillars. This strategic reset reflects both the evolving
energy transition landscape and AEG's ability to align with high-growth,
high-value market opportunities.
The first pillar is the rollout of rooftop and ground-mounted solar generation
with integrated battery storage across the UK. To date, the Company has
already identified over 30MW of potential locations, which will provide
secure, long-term revenue streams once deployed and allow AEG to participate
directly in the country's accelerating demand for renewable and decentralised
energy solutions. Working alongside our specialist advisor, Brian Glendinning,
we are advancing an initial pipeline of 10 commercial warehouse rooftops with
a combined capacity of approximately 2.3 MW. These projects are in the final
stages of securing long-term leases and power purchase agreements, with
contracted revenues expected to exceed £10 million over 20 years. This
programme marks the first step in a broader strategy to develop both rooftop
and ground-mounted solar and battery assets, creating predictable,
inflation-linked revenues with the potential for refinancing to recycle equity
into new opportunities.
The second pillar is the development of AEG's pipeline in the UAE, where the
focus is on building scalable infrastructure, using surplus renewable and
conventional energy, for artificial intelligence (AI) data hosting and Bitcoin
mining. With access to subsidised land, competitively priced power, and
partnerships with experienced operators, Active Energy has established a
scalable roadmap starting at 60 MW+, with a roadmap to grow up to 300MW of
installed capacity, this opportunity positions AEG to capture a share of one
of the fastest-growing digital infrastructure markets globally.
The third pillar is the implementation of a disciplined crypto treasury
strategy as part of working capital management. Managed under strict limits
and governance, this provides a potential hedge against inflation and currency
risk, while enhancing liquidity and aligning the Company with
innovation-focused investors. The strategy is led by Adrian Rowles, appointed
Crypto Strategist (non-Board), who brings extensive experience in market
analysis, risk management, and digital asset execution from leading global
institutions. By deploying up to 30% of working capital at any given time into
Bitcoin and selecting digital assets, the Company is not only positioning
itself to benefit from long-term value appreciation, but also to hedge against
inflationary pressures and currency fluctuations. This approach combines
defensive value protection with active participation in one of the most liquid
and dynamic asset classes.
The fourth and final pillar is the commercialisation of AEG's patented
CoalSwitch® biomass technology. With renewed emphasis on licensing and
industrial partnerships, the Board remains confident in unlocking its full
commercial potential, providing an innovative alternative fuel source with
clear sustainability credentials.
Together, these four pillars reflect AEG's commitment to building a resilient,
future-facing business. By combining renewable energy generation with advanced
digital infrastructure and a carefully managed treasury approach, the Company
is positioning itself to deliver sustainable returns, diversify revenue
streams, and align with global trends in energy transition and
high-performance computing.
FINANCIAL REVIEW
The Unaudited Interim Condensed Consolidated Financial Statements for the
six-month period ended 30 June 2025 ("reporting period" or "H1 25") are
compared to the six-month period ended 30 June 2024 ("prior period" or "H1
24") as required by International Financial Reporting Standards ("IFRS")
The group did not raise debt or equity finance during the period.
Performance
The operating loss from continuing operations for the period was £0.4 million
(H1 24: £0.9 million), comprising administrative expenses.
The loss for the period includes foreign exchange gains of Nil (H1 24: losses
of Nil) resulting from movements in the US Dollar relative to Sterling.
The basic and diluted loss per share was 0.27 pence (H1 24: earnings per share
of 0.57 pence)
Cash Flows
The Group reports a cash position at 30 June 2025 of £0.03 million (31
December 2024: £0.29 million).
The Board has carefully considered the Company's financial position and is
satisfied that Active Energy Group plc ("AEG") remains a going concern. During
the period, the Company successfully completed two equity fundraisings, both
of which were oversubscribed, raising in aggregate over £2.8 million. These
fundraises were supported by existing investors and new institutional
participants, underlining the growing confidence in AEG's revised strategic
direction. In addition, the Company has benefited from the continued support
of Zen Ventures Ltd and Wager Holdings Limited, particularly throughout the
refinement of its strategy.
These capital inflows, combined with the successful redefinition of AEG's
strategy around its four growth pillars, have materially strengthened the
Company's balance sheet and operational runway. The Board has also implemented
strict budgetary controls and disciplined accounting practices to ensure that
operating costs remain aligned with its growth trajectory. Accordingly, the
Board believes that the Company has sufficient resources to continue to
operate, deliver on its strategy, and has the ability to continue as a going
concern.
Directors Responsibility Statement
The Directors confirm that to the best of their knowledge the unaudited
interim financial statements have been prepared in accordance with IAS 34
'Interim Financial Reporting'.
A list of the current Directors is available on the Company's website:
www.aegplc.com.
Pankaj Rajani and Paul Elliott
Chairman and Chief Executive Officer
29 September 2025
CONDENSED CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025
30 June 2025 30 June 2024
Unaudited Unaudited
Note £ £
CONTINUING OPERATIONS
REVENUE - -
GROSS PROFIT - -
Administrative expenses (429,774) (941,825)
OPERATING LOSS (429,774) (941,825)
Finance (costs)/income 5 - (307)
Foreign exchange gains/(losses) 272 127,261
LOSS BEFORE TAXATION (429,502) (814,871)
Taxation - -
LOSS FROM CONTINUING OPERATIONS 6 (429,502) (814,871)
LOSS FROM DISCONTINUED OPERATIONS 7 - (106,210)
LOSS FOR THE PERIOD - attributable to Parent (429,502) (921,081)
Basic and Diluted loss per share (£):
- Continuing operations 6 (0.27) (0.50)
- Discontinued operations 6 - (0.07)
- Total operations 6 (0.27) (0.57)
OTHER COMPREHENSIVE LOSS
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translation of operations - (125,279)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (429,502) (1,046,360)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
30 June 2025 30 June 2024
Unaudited Unaudited
Note £ £
NON-CURRENT ASSETS
Intangible assets 9 - 50,121
Other financial assets 10 683,248 683,248
683,248 733,369
CURRENT ASSETS
Trade and other receivables 11 47,758 43,894
Cash and cash equivalents 13 29,691 287,415
77,449 331,309
TOTAL ASSETS 760,697 1,064,678
CURRENT LIABILITIES
Trade and other payables 12 341,633 276,999
Loans and borrowings 13 574,502 99,341
916,135 376,340
NON-CURRENT LIABILITIES
Deferred income tax liabilities - -
Loans and borrowings 13 - -
- -
TOTAL LIABILITIES 916,135 376,340
NET ASSETS (155,438) 688,338
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
Share capital - Ordinary shares 14 566,521 566,521
Share capital - Deferred shares 12,746,608 12,746,608
Share premium 39,263,037 39,263,037
Merger reserve 1,502,500 1,502,500
Foreign exchange reserve - 414,274
Own shares held reserve (180,150) (180,150)
Convertible debt / warrant reserve 12,798 12,798
Retained earnings (54,066,752) (53,637,250)
TOTAL EQUITY (155,438) 688,338
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIOD
ENDED 30 JUNE 2025
Share capital Share premium Merger reserve Foreign exchange reserve Own shares held reserve Convertible debt and warrant reserve Retained earnings
Total equity
£ £ £ £ £ £ £ £
At 30 June 2023 13,313,129 39,263,037 1,502,500 - (180,150) 461,857 (53,144,127) 1,216,246
Total comprehensive loss - - - - - - (1,046,360) (1,046,360)
Release of warrant reserve - - - - - (461,857) 461,857 -
Convertible debt issued 12,798 12,798
Share based payments 91,380 91,380
At 30 June 2024 13,313,129 39,263,037 1,502,500 - (180,150) 12,798 (53,637,250) 274,064
At 30 June 2024 13,313,129 39,263,067 1,502,500 - (180,150) 12,798 (53,637,250) 274,064
Total comprehensive loss - - - - - - (429,502) (429,502)
Release of warrant reserve - - - - - - - -
Share based payments - -
At 30 June 2025 13,313,129 39,263,067 1,502,500 - (180,150) 12,798 (54,066,752) (155,438)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED
30 JUNE 2025
30 June 2025 30 June 2024
Unaudited Unaudited
Note £ £
Cash flows from operating activities
Loss for the period (429,502) (917,152)
Adjustments for:
Non-cash and non-operating items 20 (364,243) (389,685)
Working capital (increase)/decrease 60,860 374,920
Net cash outflow from operations 20 (732,885) (931,917)
Income tax received - 285,188
Net cash outflow from operating activities (732,885) (646,729)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment - 689,959
Net cash inflow from investing activities - 689,059
Cash flows from financing activities
Loans drawdown/(repaid) 475,161 (7,554)
Net cash /(outflow) from financing activities inflow 475,161 (7,554)
Net increase/(decrease) in cash and cash equivalents (257,724) 34,776
Cash and cash equivalents at beginning of the period 287,415 251,224
Exchange gains/(losses) on cash and cash equivalents - 1,414
Cash and cash equivalents at end of the period 29,691 287,415
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH
PERIOD ENDED 30 JUNE 2025
1. GENERAL INFORMATION
Active Energy Group plc ("AEG") is a renewable energy company focused on the
production and development of next generation biomass products that have the
potential to transform the traditional coal fired-power industry and the
existing renewable biomass industry. The Company is quoted in London (AIM:
AEG); however, its shares are currently suspended from trading.
The Company is incorporated in England and Wales (Company number 03148295) and
the address of the registered office is 27-28 Eastcastle Street, London, W1W
8DH, United Kingdom.
2. BASIS OF PRESENTATION
The annual financial statements are prepared and approved by the Directors in
accordance with International Financial Reporting Standards ("IFRS") as
adopted in the UK, and with those parts of the Companies Act 2006 applicable
to companies reporting under IFRS.
The condensed consolidated interim financial report for the half-year
reporting period ended 30 June 2025 has been prepared in accordance with the
UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
The Interim Financial Statements do not include all the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Group's consolidated financial statements for the year
ended 31 December 2024. The Interim Financial Statements are presented in GBP,
except as otherwise indicated. The Interim Financial Statements have been
prepared on a going concern basis, under the historical cost convention,
except for the revaluation of certain financial instruments.
The Interim Financial Statements are unaudited and do not constitute full
statutory accounts under Section 434 of the Companies Act 2006. The financial
information in respect of the year ended 31 December 2024 has been extracted
from the statutory accounts which have been delivered to the Registrar of
Companies. The Group's independent auditor's report on those accounts was
unqualified and did not contain a statement under section 498(2) or 498(3) of
the Companies Act 2006. The auditor's report on those accounts highlighted a
material uncertainty in relation to going concern. The auditor did not qualify
their report in respect of this matter. The financial information for the half
years ended 30 June 2025 and 30 June 2024 is unaudited and the twelve months
to 31 December 2024 is audited.
The accounting policies applied by the Group in this financial information are
the same as those applied by the Group in its financial statements for the
year ended 31 December 2024 and which will form the basis of the 2025
financial statements, except for the new and amended standards which have
become effective since the beginning of the previous financial year. These new
and amended standards are not expected to materially affect the Group.
The preparation of financial statements in compliance with IFRS requires the
use of certain critical accounting estimates. It also requires management to
exercise judgment in the most appropriate application of the Group's
accounting policies. The areas where significant judgments and estimates have
been made in preparing these interim financial statements are not materially
different from those disclosed in the financial statements for the year ended
31 December 2024.
Restatement of prior period
The statement of comprehensive income for the six months ended 30 June 2024
has been restated to report the loss for that period from operations
discontinued later in 2024 within the loss from discontinued operations line
(see note 7). The overall loss for the six months ended 30 June 2023, the
total comprehensive loss for the period and net assets at 30 June 2024 are
unaffected.
These Interim Financial Statements were approved by the Board of Directors on
29 September 2025.
3. GOING CONCERN
The Directors are required to give careful consideration to the
appropriateness of the going concern basis in the preparation of the interim
financial statements.
Following the termination of the Group's relationship with Player Design, Inc.
the Company is now principally a holding company, and its projected future
cash requirements comprise its ongoing compliance and management costs. The
Company has prepared cash flow forecasts to estimate these future cash
requirements, and the resources available to it, and these indicate that the
Company should have sufficient cash resources to continue in operation for at
least one year from the date of approval of these financial statements.
In October 2024 the Company received loan note finance of £200,000 from Zen
Ventures Limited and it has subsequently received a commitment to provide
additional future funding from Zen Ventures Limited and parties connected to
Zen Ventures Limited. The Board, having reviewed the cash flow forecasts,
consider that this funding commitment will be sufficient to enable the Company
to settle its liabilities as they fall due for at least one year from the date
of approval of these financial statements.
The financial statements have therefore been prepared on a going concern
basis.
The Zen Ventures Limited loan note finance includes £27,616 of convertible
loan notes that will convert to new ordinary shares representing 29.9% of the
Company's issued share capital on 31 December 2024, contingent upon, inter
alia, the suspension in trading in the Company's shares on AIM, a market
operated by the London Stock Exchange plc, having been lifted by this date. To
achieve this the Company must, inter alia, publish its interim results for the
six months ended 30 June 2024 and the Board are very confident of meeting this
requirement before 31 December 2024.
However, the loan notes, and by extension the future funding from Zen Ventures
Limited and its connected parties, are also subject to approval by the
Company's shareholders at its next general meeting. The Board consider that
this represents a material uncertainty that may cast significant doubt on the
Company's ability to continue as a going concern.
The financial statements do not include any of the adjustments that would be
required if they were not prepared on a going concern basis.
4. Basis of consolidation
The financial information incorporates the results of AEG and entities
controlled by AEG (its subsidiaries). Control is achieved when the Group has
power over relevant activities, is exposed, or has rights, to variable returns
from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The consolidated interim financial
statements present the financial results of AEG and its subsidiaries (the
Group) as if they formed a single entity. Where necessary, adjustments are
made to the results of subsidiaries to bring the accounting policies used into
line with those used by the Group. All intra-Group transactions, balances,
income and expenses are eliminated on consolidation.
5. NET FINANCE GAINS/(COSTS)
30 June
30 June
2025 2024
Unaudited Unaudited
£ £
Continuing operations
Interest receivable - -
Loan interest - (307)
Net finance cost of continuing operations - (307)
Discontinued operations
Loan interest and charges - (290)
Net finance cost of discontinued operations - (290)
Total operations - (597)
6. LOSS PER SHARE
30 June
30 June
2025 2024
Unaudited Unaudited
Weighted average ordinary shares in issue (Number) 161,863,136 161,863,136
Loss for the period (£):
Continuing operations (429,774) (814,871)
Discontinued operations - (106,210)
Total operations (429,774) (921,081)
(0.27) (0.50)
Basic and diluted loss per share (£):
Continuing operations
Discontinued operations - (0.07)
Total operations (0.27) (0.57)
Basic and diluted loss per share is the same where the effect of any potential
shares is anti-dilutive and is therefore excluded.
7. DISCONTINUED OPERATIONS
During 2023 the Group discontinued its CoalSwitch® operations in Ashland,
Maine. During 2022 the Group sold the Lumberton property that was used for its
wood processing operations. The results of these businesses are disclosed as a
single line item in the Consolidated Statement of Income in accordance with
IFRS5. The analysis between continuing and discontinued operations is as
follows:
Six months to 30 June 2025 (Unaudited) Continuing Discontinued Total
operations operations
£ £ £
Revenue - - -
Gross loss - - -
Administrative expenses (429,774) - (429,774)
Operating loss (429,774) - (429,774)
Finance costs - - -
Foreign exchange gains 272 - 272
Loss before taxation (429,502) - (429,502)
Taxation - - -
Loss for the period (429,022) - (429,502)
Cash (outflows)/inflows from operating activities (732,885) - (732,885)
Cash inflows from investing activities - - -
Cash outflows from financing activities 475,161 - 475,161
Discontinued operations
Six months to 30 June 2024 (Unaudited)
£
Revenue -
Gross loss -
Administrative expenses (1,334,399)
Operating loss (1,334,399)
Finance income/(costs) (597)
Foreign exchange (loss)/gains 127,505
Loss before taxation (1,207,491)
Taxation 286,410
Loss for the period (921,081)
Cash (outflows)/inflows from operating (646,729)
activities
Cash inflows from investing activities 689,959
Cash outflows from financing activities (7,554)
6 months to 30 June 2024 wholly attributable to discontinued operations.
8. SEGMENTAL INFORMATION
The Group reports two business segments:
· "CoalSwitch®" denotes the Group's renewable wood pellet
business. Activities have ceased and are reported as discontinued operations.
· "Corporate and other" denotes the Group's corporate and other
costs.
The business segments are aligned to the Group's strategy as disclosed in the
Strategic Report within its 2023 Annual Report.
Factors that management used to identify the Group's reportable segments
The Group's reportable segments are strategic business units that offer
different products or services.
Measurement of operating segment profit or loss
The Group evaluates segmental performance on the basis of profit or loss from
operations calculated in accordance with IFRS but excluding the results from
discontinued operations in accordance with IFRS 5.
Six months to 30 June 2025 CoalSwitch Corporate Total
& Other
(Unaudited) £ £ £
Revenue - - -
Operating segment (loss) - (429,502) (429,502)
Segment (loss) before tax - - -
Tax - - -
Segment (loss) for the period - - -
Total Assets - 760,697 760,697
Total Liabilities - 916,135 916,135
Other segmental information:
Depreciation & amortisation - - -
Six months to 30 June 2024
CoalSwitch Corporate Total
& Other
(Unaudited) £ £ £
Revenue - - -
Operating segment (loss) - (941,825) (941,825)
Segment (loss) before tax (106,210) (814,871) (921,081)
Tax - - -
Segment (loss) for the period (106,210) (814,871) (921,081)
Total Assets 50,121 1,014,557 1,064,678
Total Liabilities - 376,340 376,340
9. INTANGIBLE ASSETS
Intellectual Total
property
£ £
Cost
At 30 June 2024 (unaudited) 6,112,562 6,112,562
Adjustment to prior year additions - -
At 30 June 2024 (unaudited) 6,112,562 6,112,562
Additions - -
At 30 June 2025 (unaudited) 6,112,562 6,112,562
Accumulated amortisation
At 30 June 2024 (unaudited) 6,062,441 6,062,441
Impairment of intangibles 50,121 50,121
At 30 June 2024 (audited) 6,112,562 6,112,562
Amortisation charge - -
At 30 June 2025 (unaudited) 6,112,562 6,112,562
Net book value
At 30 June 2025 (unaudited) - -
At 30 June 2024 (unaudited) 50,121 50,121
These Assets have now been discontinued.
10. OTHER FINANCIAL ASSETS
30 June 30 June
2025 2024
Unaudited Unaudited
£ £
Fair value at previous year end 683,248 684,248
Foreign exchange movements - -
Fair value at period end 683,248 683,248
Other financial assets consist of an unquoted equity instrument which is
valued at fair value through other comprehensive income and classified as a
non-current asset. The instrument is denominated in Pounds Sterling.
This asset is valued according to Level 3 inputs as defined by IFRS 13 and is
therefore subject to management's judgement of unobservable inputs. The asset
is currently held at its historic cost which represents management's best
estimate of its fair value.
11. TRADE AND OTHER RECEIVABLES
30 June 31 December
2025 2024
Unaudited Unaudited
£ £
Project advances - -
Prepayments 7,891 33,509
Other receivables 39,867 10,385
47,758 43,894
No impairment provisions have been raised against trade and other receivables.
The carrying value of trade and other receivables approximates to fair value.
12. TRADE AND OTHER PAYABLES
30 June 30 June
2025 2024
Unaudited Unaudited
£ £
Trade payables 128,423 63,782
Social security and other taxes - -
Accruals and deferred income 213,210 213,217
341,633 276,999
The carrying value of trade and other payables approximates to fair value.
13. NET CASH
30 June 30 Jun
2025 2024
Unaudited Unaudited
£ £
Cash and cash equivalents 29,691 287,415
Loans and borrowings - current liabilities (574,502) (99,341)
Loans and borrowings - non-current liabilities - -
Loans and borrowings - Total liabilities (574,502) (99,341)
(544,811) (188,074)
14. SHARE CAPITAL - ORDINARY SHARES
Number of £
shares
Allotted, called up and fully paid shares of 0.01p each
At 30 June 2024 and 30 June 2025 161,863,136 619,421
15. CONTINGENT LIABILITIES
The Group has received legal claims from former subcontractors in the USA in
respect of alleged unpaid remuneration. The Group disputes these claims and is
advised that they are unlikely to be successful, and the Board therefore does
not consider it likely that any payment will be required to settle the claims.
The Board's best estimate of the cost to the Group, were these claims to be
successful, is $360,653. No provision has been made for this sum in these
financial statements.
16. RELATED PARTY DISCLOSURES
As at 30 June 2025 all fees complied with directors' contractual obligations
and were paid up to date. Details of directors' remuneration are set out in
the Directors' report.
During the period, the Group paid £8,500 (H1 2024: £14,921) to Rowan &
Associates Limited, a company owned by Michael Rowan (a director of the
Company), in respect of director's fees.
During the period, the Group paid Nil (H1 2024: £8,703) to Zimmfor Management
Services Limited, a company owned by Jason Zimmerman (a director of the
Company), in respect of director's fees.
Transactions between the Company and its subsidiaries, which are related party
transactions, have been eliminated on consolidation. These transactions, which
are incurred in the ordinary course of business and under normal commercial
terms, are substantially the same in nature as those disclosed in the Annual
report and Accounts at 31 December 2024.
17. CAPITAL COMMITMENTS
The Group had no capital commitments at 30 June 2025 (30 June 2024: Nil).
18. SUBSEQUENT EVENTS
The Company's shares were suspended from trading on AIM on 1 July 2024 and
will remain suspended, pursuant to AIM Rule 19, until the Company has
published interim report and accounts for the six months ended 30 June 2024.
On 22 July 2024 the Group placed its subsidiary Advanced Biomass Solutions
Limited into a members' voluntary liquidation. The Group expects the company
to realise its assets and settle its liabilities at amounts approximate to
their carrying values.
19. RECONCILIATION OF LOSS FOR THE PERIOD TO CASH OUTFLOWS FROM OPERATING ACTIVITIES
30 June 30 June
2025 2024
Unaudited Unaudited
£ £
Loss for the period (429,502) (921,081)
Adjusted for:
Non cash and non operating items (364,243) (389,685)
Income tax received - (286,410)
(793,745) (1,021,649)
Decrease/(increase) in trade and other receivables (3,864) 624,516
(Decrease)/increase in trade and other payables 64,724 (249,596)
Net cash outflow from operations (732,885) (646,729)
20. COPIES OF THE INTERIM FINANCIAL STATEMENTS
Copies of the Consolidated Interim Financial Statements will be made available
on the Company's website at www.aegplc.com (http://www.aegplc.com) .
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