Idex Biometrics UK Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 09193617 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2022

for

IDEX BIOMETRICS UK LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13

Directors:

C W G Clausen

E Svela

V A Graziani

Registered office:

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Business address:

Abbey House

282 Farnborough Road

Farnborough

GU14 7NA

Registered number:

09193617 (England and Wales)

Auditors:

Dunkley's Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

The directors present their strategic report for the year ended 31 December 2022.

Principal activity

The principal activity of the company in the period under review was to conduct research and development in the field of fingerprint technology with the aim to provide to produce saleable intellectual property, and to provide engineering, supply chain and other services related to fingerprint imaging and recognition technology and devices.

Review of business

The company's activity has been largely in line with plans, with turnover for the year being £1,751,193 (2021 - £7,652,630) with a post tax loss of £2,133,025 (2021 - profit £3,993,354). The turnover for 2021 included £6,193,105 in respect of the sale of an intellectual property rights package.

The directors expect the activity level and number of employees to remain stable in the forthcoming financial year.

Principal risks and uncertainties

Lack of successful completion of saleable intellectual property packages and possible reductions in service deliveries present continuing risks and uncertainties. The directors consider the company, with the backing of its holding company, will be able to mitigate such risks and uncertainties and take advantage of opportunities that arise.

Key performance indicator

The company's main key performance indicator is the level of turnover, which as mentioned above, was £1,751,193 for the current financial year.

On behalf of the board:

E Svela - Director

29 September 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

Principal activity

The principal activity of the company in the period under review was to conduct research and development in the field of fingerprint technology with the aim to provide to produce saleable intellectual property, and to provide engineering, supply chain and other services related to fingerprint imaging and recognition technology and devices.

Going concern

As at 31 December 2022 the company had net liabilities. The company is dependent upon the support of its holding company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The holding company interim accounts contain the following statement:

"Pursuant to IAS 1 Presentation of Financial Statements, a going concern assumption has been applied in the preparation of these interim financial statements. The company does not expect that its existing cash would enable it to fund its operating expenses and capital expenditures requirements for the next twelve months. The company plans to undertake a private placement of shares or procure other substantial funding by the end of the fourth quarter of 2023 to provide additional funding to support research and development and fund working capital. While the company has been successful in the past in raising funds through private placements of shares, there is no assurance that we will be successful in the future. The company's failure to raise capital as and when needed could have a negative impact on its financial condition and its ability to pursue its business strategies."

The directors recognise that there is a material uncertainty in the company's ability to continue as a going concern, which will be dependent on the ability of the group to provide ongoing support.

Providing the group overcomes the immediate matters shown above, the directors of IDEX Biometrics UK Limited assumes that there is a reasonable expectation that the holding company will be willing and able to support IDEX Biometrics UK Limited for at least twelve months from the date of approval of the financial statements. Consequently, the directors have formed a judgement, at the time of approving the financial statements, that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis. No adjustments have been made to these financial statements that may be required were the support to be withdrawn.

If the group were to be unable to continue as a going concern, then the directors would reconsider the company's position.

Dividends

No dividends will be distributed for the year ended 31 December 2022.

Future developments

We expect to complete saleable intellectual property packages that can be sold at a profit. The service delivery is expected to remain at current levels.

Directors

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

C W G Clausen

E Svela

V A Graziani

Financial instruments

Objective and policies

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed by maintaining a balance to ensure the continuity of funding.

Trade debtors, which comprise entirely of amounts due from the company's holding company, are managed in respect of credit and cash flow risk by policies concerning the credit offered and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise entirely of loans from the company's holding company. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

E Svela - Director

29 September 2023

Opinion

We have audited the financial statements of Idex Biometrics UK Ltd (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

In making the above statement regarding going concern, we would like to draw your attention to note 3. Accounting Policies, subsection Basis of preparing the financial statements, which addresses a material uncertainty with regards the company's position as a going concern.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets;

- any matters we identified, having obtained and reviewed the company's documentation of their policies and procedures relating to:

(a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances

of non-compliance;

(b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or

alleged fraud;

(c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- enquiring of management, concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Dobbins (Senior Statutory Auditor)

for and on behalf of Dunkley's Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

29 September 2023

Turnover

1,751,193

7,652,630

Administrative expenses

(4,217,371

)

(3,641,587

)

Operating (loss)/profit

5

(2,466,178

)

4,011,043

Interest receivable and similar income

3,278

-

(2,462,900

)

4,011,043

Interest payable and similar expenses

6

-

(17,689

)

(Loss)/profit before taxation

(2,462,900

)

3,993,354

Tax on (loss)/profit

7

329,875

-

(Loss)/profit for the financial year

(2,133,025

)

3,993,354

Other comprehensive income

-

-

Total comprehensive (loss)/income for the year

(2,133,025

)

3,993,354

Fixed assets

Tangible assets

8

117,047

79,324

Current assets

Debtors

9

1,333,139

476,085

Cash at bank

28,823

647,607

1,361,962

1,123,692

Creditors

Amounts falling due within one year

10

6,820,769

4,411,751

Net current liabilities

(5,458,807

)

(3,288,059

)

Total assets less current liabilities

(5,341,760

)

(3,208,735

)

Capital and reserves

Called up share capital

11

1,000

1,000

Retained earnings

12

(5,342,760

)

(3,209,735

)

Shareholders' funds

(5,341,760

)

(3,208,735

)

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

E Svela - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2021

1,000

(7,203,089

)

(7,202,089

)

Changes in equity

Total comprehensive income

-

3,993,354

3,993,354

Balance at 31 December 2021

1,000

(3,209,735

)

(3,208,735

)

Changes in equity

Total comprehensive loss

-

(2,133,025

)

(2,133,025

)

Balance at 31 December 2022

1,000

(5,342,760

)

(5,341,760

)

Cash flows from operating activities

Cash generated from operations

16

(3,059,181

)

6,280,129

Interest paid

-

(17,689

)

Tax paid

329,875

-

Net cash from operating activities

(2,729,306

)

6,262,440

Cash flows from investing activities

Purchase of tangible fixed assets

(91,933

)

(35,437

)

Interest received

3,278

-

Net cash from investing activities

(88,655

)

(35,437

)

Cash flows from financing activities

New loans in year

2,199,177

-

Loan repayments in year

-

(5,890,900

)

Net cash from financing activities

2,199,177

(5,890,900

)

(Decrease)/increase in cash and cash equivalents

(618,784

)

336,103

Cash and cash equivalents at beginning of year

17

647,607

311,504

Cash and cash equivalents at end of year

17

28,823

647,607

1.	Statutory information

Idex Biometrics UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

As at 31 December 2022 the company had net liabilities. The company is dependent upon the support of its holding company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The holding company interim accounts contain the following statement:

"Pursuant to IAS 1 Presentation of Financial Statements, a going concern assumption has been applied in the preparation of these interim financial statements. The company does not expect that its existing cash would enable it to fund its operating expenses and capital expenditures requirements for the next twelve months. The company plans to undertake a private placement of shares or procure other substantial funding by the end of the fourth quarter of 2023 to provide additional funding to support research and development and fund working capital. While the company has been successful in the past in raising funds through private placements of shares, there is no assurance that we will be successful in the future. The company's failure to raise capital as and when needed could have a negative impact on its financial condition and its ability to pursue its business strategies."

The directors recognise that there is a material uncertainty in the company's ability to continue as a going concern, which will be dependent on the ability of the group to provide ongoing support.

Providing the group overcomes the immediate matters shown above, the directors of IDEX Biometrics UK Limited assumes that there is a reasonable expectation that the holding company will be willing and able to support IDEX Biometrics UK Limited for at least twelve months from the date of approval of the financial statements. Consequently, the directors have formed a judgement, at the time of approving the financial statements, that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis. No adjustments have been made to these financial statements that may be required were the support to be withdrawn.

If the group were to be unable to continue as a going concern, then the directors would reconsider the company's position.

Turnover

Turnover represents revenue from services provided to Idex ASA, the holding company. The services are charged at cost plus a market-based margin.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Instruments and laboratory equipment

-

20% to 33% straight line

Fixtures and fittings

-

20% straight line

Computer equipment and software tools

-

33% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

Financial liabilities

Basic financial liabilities, including trade and other creditors and loans that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

4.	Employees and directors

2022

2021

£

£

Wages and salaries

2,472,594

2,174,527

Social security costs

325,123

285,988

Other pension costs

367,439

316,782

3,165,156

2,777,297

The average number of employees during the year was as follows:

2022

2021

Operations

11

7

Product engineering

18

16

Administration

2

2

31

25

2022

2021

£

£

Directors' remuneration

-

-

5.	Operating (loss)/profit

The operating loss (2021 - operating profit) is stated after charging:

2022

2021

£

£

Other operating leases

249,235

262,175

Depreciation - owned assets

54,210

63,302

6.

Interest payable and similar expenses

2022

2021

£

£

Other interest

-

510

Group interest paid

-

17,179

-

17,689

7.

Taxation

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

(329,875

)

-

Tax on (loss)/profit

(329,875

)

-

UK corporation tax has been charged at 19% .

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022

2021

£

£

(Loss)/profit before tax

(2,462,900

)

3,993,354

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

(467,951

)

758,737

Effects of:

Expenses not deductible for tax purposes

60

156

Income not taxable for tax purposes

-

(194

)

Capital allowances in excess of depreciation

(13,156

)

-

Depreciation in excess of capital allowances

-

4,028

Research and development enhanced deduction

(432,500

)

(430,191

)

Tax losses

913,547

(332,536

)

Research and development tax credit

(329,875

)

-

Total tax credit

(329,875

)

-

The company has trading losses of £2,829,681 (2021 - £2,047,855) to carry forward to offset against any future trading profits.

8.	Tangible fixed assets

Computer

Instruments

equipment

and

Fixtures

and

laboratory

and

software

equipment

fittings

tools

Totals

£

£

£

£

Cost

At 1 January 2022

185,623

64,178

129,525

379,326

Additions

85,495

-

6,438

91,933

At 31 December 2022

271,118

64,178

135,963

471,259

Depreciation

At 1 January 2022

142,342

50,526

107,134

300,002

Charge for year

33,493

7,371

13,346

54,210

At 31 December 2022

175,835

57,897

120,480

354,212

Net book value

At 31 December 2022

95,283

6,281

15,483

117,047

At 31 December 2021

43,281

13,652

22,391

79,324

9.

Debtors: amounts falling due within one year

2022

2021

£

£

Amounts owed by group

undertakings

683,756

260,435

Other debtors

438,832

29,036

VAT

63,932

41,335

Prepayments

146,619

145,279

1,333,139

476,085

10.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

65,626

7,672

Amounts owed to group undertakings

6,317,354

4,118,175

Social security and other taxes

91,508

83,832

Other creditors

31,492

23,692

Accruals and deferred income

314,789

178,380

6,820,769

4,411,751

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1,000

Ordinary

£1

1,000

1,000

Each ordinary share ranks equally in respect of dividends, voting rights and all other matters including on a capital distribution.

12.

Reserves

Retained

earnings

£

At 1 January 2022

(3,209,735

)

Deficit for the year

(2,133,025

)

At 31 December 2022

(5,342,760

)

13.	Ultimate parent company

Idex Biometrics ASA (incorporated in Norway ) is regarded by the directors as being the company's ultimate parent company.

The registered office of Idex Biometrics ASA is Dronning Eufemias gate 16, NO-0191 Oslo, Norway. Copies of the consolidated financial statements of Idex Biometrics ASA are available from the company's website www.idexbiometrics.com.

14.	Other financial commitments

At the year end the company had financial commitments of £281,520 (2021 - £246,300) under non-cancellable operating leases.

15.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16.	Reconciliation of (loss)/profit before taxation to cash generated from operations

2022

2021

£

£

(Loss)/profit before taxation

(2,462,900

)

3,993,354

Depreciation charges

54,212

63,302

Finance costs

-

17,689

Finance income

(3,278

)

-

(2,411,966

)

4,074,345

(Increase)/decrease in trade and other debtors

(857,054

)

2,172,068

Increase in trade and other creditors

209,839

33,716

Cash generated from operations

(3,059,181

)

6,280,129

17.	Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2022

31/12/22

1/1/22

£

£

Cash and cash equivalents

28,823

647,607

Year ended 31 December 2021

31/12/21

1/1/21

£

£

Cash and cash equivalents

647,607

311,504