| Lease liabilities and similar |
17. Lease liabilities and similar
Maturity
analysis of leases and similar
Schedule
of maturity analysis
| December 31, 2022 |
|
Undiscounted lease payments
|
|
|
Interest |
|
|
Present value
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Not later than one year |
|
|
495,482 |
|
|
|
167,449 |
|
|
|
328,033 |
|
| Between one year and five years |
|
|
1,788,060 |
|
|
|
400,029 |
|
|
|
1,388,031 |
|
| More than five years |
|
|
446,766 |
|
|
|
22,347 |
|
|
|
424,419 |
|
| Lease
Liabilities |
|
|
2,730,308 |
|
|
|
589,825 |
|
|
|
2,140,483 |
|
| December 31, 2021 |
|
Undiscounted lease payments
|
|
|
Interest |
|
|
Present value
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Not later than one year |
|
|
1,010,039 |
|
|
|
244,281 |
|
|
|
765,758 |
|
| Between one year and five years |
|
|
1,849,762 |
|
|
|
525,317 |
|
|
|
1,324,445 |
|
| More than five years |
|
|
893,077 |
|
|
|
80,647 |
|
|
|
812,430 |
|
| Lease
Liabilities |
|
|
3,752,878 |
|
|
|
850,245 |
|
|
|
2,902,633 |
|
TC
BIOPHARM (HOLDINGS) PLC
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
17. Lease liabilities and similar (continued)
The
balances relating to lease liabilities and similar can be further analyzed as follows:
Lease
liabilities
Schedule
of maturity analysis
| December 31, 2022 |
|
Undiscounted lease payments
|
|
|
Interest |
|
|
Present value
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Not later than one year |
|
|
451,029 |
|
|
|
166,069 |
|
|
|
284,960 |
|
| Between one year and five years |
|
|
1,788,060 |
|
|
|
400,029 |
|
|
|
1,388,031 |
|
| More than five years |
|
|
446,766 |
|
|
|
22,347 |
|
|
|
424,419 |
|
| Lease Liabilities |
|
|
2,685,855 |
|
|
|
588,445 |
|
|
|
2,097,410 |
|
| December 31, 2021 |
|
Undiscounted lease payments
|
|
|
Interest |
|
|
Present value
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Not later than one year |
|
|
768,839 |
|
|
|
227,630 |
|
|
|
541,209 |
|
| Between one year and five years |
|
|
1,793,412 |
|
|
|
523,560 |
|
|
|
1,269,852 |
|
| More than five years |
|
|
893,077 |
|
|
|
80,647 |
|
|
|
812,430 |
|
| Lease Liabilities |
|
|
3,455,328 |
|
|
|
831,837 |
|
|
|
2,623,491 |
|
The
principal leasing activities undertaken by the Group relate to the lease of property for the business.
An
incremental borrowing rate of 8.60% has been applied to leases during the reporting period.
In
addition, the Group undertakes some sale and leaseback transactions to secure financing. From a review of the sale and leaseback agreements,
it is deemed that as no formal sale has occurred the Group continues to recognize the asset on the balance sheet with a corresponding
liability stated at amortized cost. Liabilities in relation to sale and leaseback transactions totaled £43,073
(2021:
£279,142)
and are included in the above tables. There were no gains or losses recognized on sale and leaseback transactions in the period.
Sale
and leaseback arrangements
In
addition, the Group undertakes some sale and leaseback transactions to secure financing. From a review of the sale and leaseback agreements,
it is deemed that as no formal sale has occurred the Group continues to recognize the asset on the balance sheet with a corresponding
liability stated at amortized cost. There were no gains or losses recognized on sale and leaseback transactions in the period.
Schedule
of maturity analysis
| December 31, 2022 |
|
Undiscounted lease payments
|
|
|
Interest |
|
|
Present value
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Not later than one year |
|
|
44,452 |
|
|
|
1,380 |
|
|
|
43,073 |
|
| Between one year and five years |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Lease Liabilities |
|
|
44,452 |
|
|
|
1,380 |
|
|
|
43,073 |
|
| December 31, 2021 |
|
Undiscounted lease payments
|
|
|
Interest |
|
|
Present value
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Not later than one year |
|
|
241,200 |
|
|
|
16,651 |
|
|
|
224,549 |
|
| Between one year and five years |
|
|
56,350 |
|
|
|
1,757 |
|
|
|
54,593 |
|
| Lease Liabilities |
|
|
297,550 |
|
|
|
18,408 |
|
|
|
279,142 |
|
TC
BIOPHARM (HOLDINGS) PLC
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
17. Lease liabilities and similar (continued)
Set
out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
Schedule of right-of-use
assets recognized
| |
|
Buildings £
|
|
|
Other £
|
|
|
Total £
|
|
| At January 1, 2021 |
|
1,571,829 |
|
|
10,271 |
|
|
1,582,100 |
|
| Charge for the year |
|
|
(192,469 |
) |
|
|
(4,107 |
) |
|
|
(196,576 |
) |
| At December 31, 2021 |
|
|
1,379,360 |
|
|
|
6,164 |
|
|
|
1,385,524 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| At January 1, 2022 |
|
|
1,379,360 |
|
|
|
6,164 |
|
|
|
1,385,524 |
|
| Right-of-use assets, beginning balance |
|
|
1,379,360 |
|
|
|
6,164 |
|
|
|
1,385,524 |
|
| Charge for the year |
|
|
(192,469 |
) |
|
|
(4,108 |
) |
|
|
(196,577 |
) |
| At December 31, 2022 |
|
|
1,186,891 |
|
|
|
2,056 |
|
|
|
1,188,947 |
|
| Right-of-use assets, ending balance |
|
|
1,186,891 |
|
|
|
2,056 |
|
|
|
1,188,947 |
|
The
following amounts are recognized in the consolidated statements of comprehensive loss:
Schedule of recognized
comprehensive loss
| |
|
Year ended
December 31, |
|
|
Year ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
£ |
|
|
£ |
|
| Amortization of right of use assets |
|
|
196,577 |
|
|
|
196,576 |
|
| Interest on lease liabilities |
|
|
260,206 |
|
|
|
254,653 |
|
| Total |
|
|
456,783 |
|
|
|
451,229 |
|
Total
cash outflows in respect of leases were £762,150
(2021: £122,469
and 2020: £415,273).
Receipt of cashflows in respect of sale and leaseback transactions totaled Nil
(2021: Nil
and 2020: Nil).
Total cash outflows in respect of interest on leases were £260,206
(2021: £254,653
and 2020: £290,208).
|