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@Velocio
Turns out I was right with regards to the option pool being counted post-funding... should have been pre-funding, and that's now being corrected.
We're just waiting on Companies House to process a correction to a filing and then we should be there and able to sign the term sheet... any day now (I bet I keep saying that for the next week or two).
Also today, 2 became 3. silawrenc from LFGSS is going to join us from the 11th Feb as a volunteer/intern.
He's got some knowledge of C and HTML, but that's mostly non-web based and we're going to throw him into the deep-end and give him a learning environment whilst we get an extra pair of hands to help with the development. It seems to suit us both well, so looks like a good thing to do.