| SCHEDULE OF INCOME TAXES |
SCHEDULE OF INCOME TAXES
| |
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
December 31,
2024
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
| |
|
£ |
|
|
£ |
|
|
£ |
|
| Current tax |
|
|
|
|
|
|
|
|
|
|
|
|
| Corporation tax credit |
|
|
651,971 |
|
|
|
1,088,729 |
|
|
|
1,720,000 |
|
| Total current tax credit |
|
|
651,971 |
|
|
|
1,088,729 |
|
|
|
1,720,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of loss before tax to the tax credit for the year |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on ordinary activities multiplied by the standard rate of tax of 25% (2023: 23.5%) |
|
|
3,201,500 |
|
|
|
1,643,985 |
|
|
|
576,384 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments in respect of prior years |
|
|
- |
|
|
|
45,136 |
|
|
|
154,422 |
|
| Non-deductible expenses |
|
|
(1,130,034 |
) |
|
|
(414,859 |
) |
|
|
(1,834,581 |
) |
| Super deductions |
|
|
- |
|
|
|
- |
|
|
|
13,178 |
|
| Change in deferred tax asset |
|
|
2,220,942 |
|
|
|
- |
|
|
|
(186,879 |
) |
| Change in valuation allowance |
|
|
(1,817,638 |
) |
|
|
357,897 |
|
|
|
(671,566 |
) |
| Foreign rate differential |
|
|
- |
|
|
|
(29,318 |
) |
|
|
- |
|
| Other |
|
|
(75,288 |
) |
|
|
(233,096 |
) |
|
|
- |
|
| Additional allowance in respect of enhanced R&D relief |
|
|
- |
|
|
|
- |
|
|
|
4,198,115 |
|
| Surrender of tax losses for R&D tax credit refund |
|
|
(876,305 |
) |
|
|
(1,082,905 |
) |
|
|
(2,109,111 |
) |
| Adjustments relating to GAAP |
|
|
(1,523,177 |
) |
|
|
(241,704 |
) |
|
|
14,460 |
|
| R&D tax credits generated |
|
|
651,971 |
|
|
|
1,043,593 |
|
|
|
1,565,578 |
|
| Current tax credit |
|
|
651,971 |
|
|
|
1,088,729 |
|
|
|
1,720,000 |
|
|
| SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS |
Significant components of the
Company’s deferred tax assets as of December 31, 2024 and 2023 are summarized below.
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS
| |
|
2024 |
|
|
2023 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating losses |
|
£ |
6,190,130 |
|
|
£ |
4,357,668 |
|
| Fixed asset |
|
|
73,012 |
|
|
|
79,338 |
|
| Other |
|
|
9,448 |
|
|
|
17,946 |
|
| Total deferred tax assets |
|
|
6,272,590 |
|
|
|
4,454,952 |
|
| |
|
|
|
|
|
|
|
|
| Valuation allowance |
|
|
(6,272,590 |
) |
|
|
(4,454,952 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax asset, net of valuation allowance |
|
£ |
- |
|
|
£ |
– |
|
|
| SCHEDULE OF DOMESTIC AND FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES |
The domestic and foreign components
of loss before income taxes for the years ended December 31, 2024, 2023 and 2022 are as follows:
SCHEDULE OF DOMESTIC AND
FOREIGN COMPONENTS OF LOSS BEFORE INCOME TAXES
| |
|
Year Ended December 31, 2024
|
|
|
Year Ended December 31, 2023
|
|
|
Year Ended December 31, 2022
|
|
| Domestic |
|
£ |
(11,923,810 |
) |
|
£ |
(5,816,637 |
) |
|
£ |
(2,265,019 |
) |
| Foreign |
|
|
(882,191 |
) |
|
|
(1,179,045 |
) |
|
|
(768,582 |
) |
| Net loss, before tax |
|
£ |
(12,806,001 |
) |
|
£ |
(6,995,682 |
) |
|
£ |
(3,033,601 |
) |
|