Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Cash Flow Statement

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Consolidated Cash Flow Statement - GBP (£)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Loss before tax £ (14,983,467) £ (6,629,844) £ (6,894,049)
Adjustments for:      
Depreciation 765,031 826,750 669,079
Amortization of intangible assets 63,451 51,889 52,847
Amortization of right of use assets 196,576 196,576 182,543
Share-based payment expense 804,714 835,792
Change in fair value of convertible loan derivatives 4,181,545
Net foreign exchange losses 64,983 1,891 61,922
Finance income (33) (1,029) (21,903)
Finance costs 3,438,548 292,062 275,410
Loss on disposal of intangible assets 10,769
Movements in working capital:      
Decrease in deferred income (1,978,659) (1,978,659) (2,030,746)
(Increase)/decrease in trade and other receivables (591,617) 1,728,796 258,046
Increase/(decrease) in trade and other payables 2,338,197 326,556 (41,615)
Cash used in operations (6,505,445) (4,380,298) (6,641,905)
Interest paid (254,653) (290,208) (87,468)
Interest received 33 1,029 21,903
Income tax received / (paid) 1,179,043 1,237,609 (22,153)
Net cash flows used in operating activities (5,581,022) (3,431,868) (6,729,623)
Cash flows from investing activities      
Purchase of property, plant and equipment (20,033) (34,899) (2,026,545)
Purchase of intangible assets (123,191) (170,094) (170,057)
Net cash flows used in investing activities (143,224) (204,993) (2,196,602)
Cash flows from financing activities      
Repayment of lease liabilities (122,469) (415,273) (184,401)
Receipt from issuance of convertible loan (net of issue costs) 6,383,659
Receipt of sale and leaseback asset finance 319,937
Proceeds received on issue of shares 285,108 3,898,818 3,138,131
Share issue costs (21,160) (53,273)
Net cash flows from financing activities 6,525,138 3,430,272 3,273,667
Net increase/(decrease) in cash and cash equivalents 800,892 (206,589) (5,652,558)
Foreign exchange movements on cash and cash equivalents 17,781 (1,891) (61,922)
Cash and cash equivalents at the beginning of the year 748,015 956,495 6,670,975
Cash and cash equivalents at the end of the year £ 1,566,688 £ 748,015 £ 956,495