The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Going concern
The Company’s financial statements have been prepared on a going concern basis as at the balance sheet date, however this is dependent on the company continuing to be successful in securing further investment funds. The company raised £4,142,901 of investment funds during the year ended 31 December 2022 and raised £4,214,161 in the 18 months post the balance sheet date.
Post the balance sheet date in 2024, the company has been in active negotiations with a consortium of strategic investors to provide significant additional investment funds into the business which would be sufficient to fund the company for in excess of 12 months and to deliver on its plans to launch in the US. However, the lead strategic investor’s requirements unexpectedly changed in late July 2024, and as a result of this the company has engaged Begbies Traynor, a leading independent business recovery specialist, to run an Accelerated M&A and Investment process.
For the company to continue to trade, this Accelerated M&A and Investment process will have to conclude successfully and there is no guarantee that this will be the case. As such, the going concern assumption in these accounts is subject to a successful outcome of the Accelerated M&A and Investment process, which is in itself subject to material risk and uncertainty.