Company registration number 07529895 (England and Wales)
LANTUM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LANTUM LTD
COMPANY INFORMATION
Directors
M K A Morris
I C Hamilton
H J Farrar
A Ghei
W B J Vorstman
(Appointed 13 March 2023)
Secretary
C Lucey
Company number
07529895
Registered office
1 Mark Square
4th Floor
London
EC2A 4EG
Auditor
Kingswood LLP
3 Coldbath Square
London
EC1R 5HL
Business address
1 Mark Square
4th Floor
London
EC2A 4EG
LANTUM LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
LANTUM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Business review

The principal activities of the group continued to be the provision of workforce management software to the healthcare industry.

 

Overall revenue has increased 7% to £6,054,124 (2022: £5,662,906) as the business continued its growth plan. The directors report an EBITDA loss of £1,503,039 compared with £1,477,963 in 2022.

 

The directors and management team work closely together to anticipate risks from economic factors and plan accordingly.

 

We remain confident in our business prospects as we continue to maintain and expand our dominant market share.

Key Performance Indicators

Turnover

For the year under review, turnover increased to £6,054,124 compared to £5,662,906 in the previous year due primarily to an increased volume of business.

 

Operating loss

For the year under review, the operating loss was £4,093,492 (2020: £3,360,102). This reflects the investment in future growth particularly in our Technology, Operations and Sales divisions.

 

Headcount

The headcount increased from an average of 89 in the previous year to 90 in the year under review.

 

Shareholders’ funds

Shareholders’ funds have decreased to £1,568,829 from £3,823,330 in the previous year. This is a reflection of raising additional capital as an extension of a previous round less the movement in the P&L reserves.

Principal risks and uncertainties

The directors have assessed the main risks facing the group as being liquidity risk, employee retention and regulation / Industry changes.

 

Liquidity risk

Liquidity risk is managed on a day-to-day basis by the Finance Team who are regularly reviewing cash flow, financial performance and projections. This forms a key part of Board discussions, with the business looking at both short term and long term liquidity on an ongoing basis.

 

Retention

The Company’s performance and growth is dependent on the ability to hire and retain the right people with the mix of skills and experience to serve our customers, attract new ones and develop our product.

 

Regulation / Industry Changes

The company operates within the Healthcare sector which is highly regulated. Any changes to regulations could impact the way in which we provide services.

 

 

 

 

LANTUM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future development and performance

Lantum’s vision is to be a leading provider of workforce management software in healthcare and radically improve how workforces connect to healthcare organisations via “Connected Scheduling”.

 

For the year under review, turnover increased to £6,054,124 compared to £5,662,906 in the previous year, as Lantum grew its market share. Lantum will continue to grow its market share through expanding its product offering.

 

Financial Instruments

The group only has basic financial instruments and does not enter into any foreign currency forward contracts or formal hedging activities.

 

Going concern

The directors have prepared detailed budgets and cash flow forecasts having considered all available information and future strategies of the group. During June 2024 the group received £800,000 in the form of new convertible loan notes from existing shareholders and completed a restructuring exercise that significantly reduced the ongoing cost base and cash burn rate on a month to month basis. During August 2024 the business drew an additional £1m of bank debt. These factors combined are projected to give the business cash runway into the early part of 2025.

 

In light of the above the directors are now in the planning phase for a new funding round to ensure the business has sufficient cash flow for the medium term to enable it to achieve its growth targets in its core primary care market.

 

On the basis of an expectation that the business manages its cash flow appropriately and completes a successful funding round in the coming months, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future, being a period of 12 months from the date of approval of these financial statements. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The Board and management confidently look forward to a successful future for the benefit of all stakeholders.

On behalf of the board

M K A Morris
Director
14 August 2024
LANTUM LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 8.

No ordinary or preference dividends were paid in the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M K A Morris
I C Hamilton
H J Farrar
A Ghei
K C R Setterwall
(Resigned 13 March 2023)
W B J Vorstman
(Appointed 13 March 2023)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

Kingswood LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LANTUM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M K A Morris
Director
14 August 2024
LANTUM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANTUM LTD
- 5 -
Opinion

We have audited the financial statements of Lantum Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

Material uncertainty related to going concern

We draw attention to Note 1.4 in the financial statements, which indicates that at the year ended 31 December 2023 the group’s going concern assessment includes the reliance on a funding round to be undertaken towards the end of 2024 or early into 2025, the timing of which may require interim short term funding pending completion of the full funding round. We therefore highlight the short and medium term going concern status of the group as being dependent on raising further funding, short term or otherwise, in the near future. These conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

LANTUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANTUM LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

LANTUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANTUM LTD
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non‑compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non‑compliance. Auditing standards also limit the audit procedures required to identify non‑compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Richard Behan FCA (Senior Statutory Auditor)
For and on behalf of Kingswood LLP
14 August 2024
Chartered Accountants
Statutory Auditor
3 Coldbath Square
London
EC1R 5HL
LANTUM LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
6,054,124
5,662,906
Administrative expenses
(10,370,247)
(9,062,842)
Other operating income
222,631
39,834
Operating loss
4
(4,093,492)
(3,360,102)
Interest receivable and similar income
8
498
-
0
Interest payable and similar expenses
9
(647,846)
(261,171)
Loss before taxation
(4,740,840)
(3,621,273)
Tax on loss
10
646,646
1,059,351
Loss for the financial year
23
(4,094,194)
(2,561,922)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 30 form part of these financial statements.

LANTUM LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,349,754
965,360
Other intangible assets
11
5,737,318
4,549,083
Total intangible assets
10,087,072
5,514,443
Tangible assets
12
61,901
60,943
10,148,973
5,575,386
Current assets
Debtors
15
6,722,021
7,311,914
Cash at bank and in hand
1,795,632
973,740
8,517,653
8,285,654
Creditors: amounts falling due within one year
16
(6,422,609)
(6,627,434)
Net current assets
2,095,044
1,658,220
Total assets less current liabilities
12,244,017
7,233,606
Creditors: amounts falling due after more than one year
17
(10,675,188)
(3,410,276)
Net assets
1,568,829
3,823,330
Capital and reserves
Called up share capital
22
5,960
4,623
Share premium account
23
22,155,944
20,317,588
Profit and loss reserves
23
(20,593,075)
(16,498,881)
Total equity
1,568,829
3,823,330
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
M K A Morris
Director
Company registration number 07529895 (England and Wales)

The notes on pages 14 to 30 form part of these financial statements.

LANTUM LTD
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,792,029
268,203
Other intangible assets
11
5,737,318
4,549,083
Total intangible assets
9,529,347
4,817,286
Tangible assets
12
61,901
60,943
Investments
13
799,410
799,409
10,390,658
5,677,638
Current assets
Debtors
15
6,758,691
7,351,746
Cash at bank and in hand
1,737,813
939,303
8,496,504
8,291,049
Creditors: amounts falling due within one year
16
(6,431,223)
(6,803,263)
Net current assets
2,065,281
1,487,786
Total assets less current liabilities
12,455,939
7,165,424
Creditors: amounts falling due after more than one year
17
(10,675,188)
(3,410,276)
Net assets
1,780,751
3,755,148
Capital and reserves
Called up share capital
22
5,960
4,623
Share premium account
23
22,155,944
20,317,588
Profit and loss reserves
23
(20,381,153)
(16,567,063)
Total equity
1,780,751
3,755,148

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,814,090 (2022 - £1,734,306 loss).

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
M K A Morris
Director
Company registration number 07529895 (England and Wales)

The notes on pages 14 to 30 form part of these financial statements.

LANTUM LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
4,153
19,064,124
(13,936,959)
5,131,318
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(2,561,922)
(2,561,922)
Issue of share capital
22
470
1,253,464
-
1,253,934
Balance at 31 December 2022
4,623
20,317,588
(16,498,881)
3,823,330
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(4,094,194)
(4,094,194)
Issue of share capital
22
1,337
1,838,356
-
1,839,693
Balance at 31 December 2023
5,960
22,155,944
(20,593,075)
1,568,829

The notes on pages 14 to 30 form part of these financial statements.

LANTUM LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
4,153
19,064,124
(14,832,757)
4,235,520
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(1,734,306)
(1,734,306)
Issue of share capital
22
470
1,253,464
-
1,253,934
Balance at 31 December 2022
4,623
20,317,588
(16,567,063)
3,755,148
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(3,814,090)
(3,814,090)
Issue of share capital
22
1,337
1,838,356
-
1,839,693
Balance at 31 December 2023
5,960
22,155,944
(20,381,153)
1,780,751

The notes on pages 14 to 30 form part of these financial statements.

LANTUM LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(1,327,417)
(6,610,377)
Interest paid
(487,660)
(261,171)
Income taxes refunded
1,406,276
201,038
Net cash outflow from operating activities
(408,801)
(6,670,510)
Investing activities
Purchase of intangible assets
(5,628,701)
(3,176,464)
Purchase of tangible fixed assets
(36,529)
(51,797)
Proceeds from disposal of tangible fixed assets
-
1,406
Net cash used in investing activities
(5,665,230)
(3,226,855)
Financing activities
Proceeds from issue of shares
1,759,693
1,253,934
Issue of convertible loans
3,500,000
-
Net new bank loans
1,636,230
5,778,062
Net cash generated from financing activities
6,895,923
7,031,996
Net increase/(decrease) in cash and cash equivalents
821,892
(2,865,369)
Cash and cash equivalents at beginning of year
973,740
3,839,109
Cash and cash equivalents at end of year
1,795,632
973,740

The notes on pages 14 to 30 form part of these financial statements.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Lantum Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Mark Square, 4th Floor, London, EC2A 4EG.

 

The group consists of Lantum Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lantum Ltd together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

The directors have prepared detailed budgets and cash flow forecasts having considered all available information and future strategies of the group. During June 2024 the group received £800,000 in the form of new convertible loan notes from existing shareholders and completed a restructuring exercise that significantly reduced the ongoing cost base and cash burn rate on a month to month basis. During August 2024 the business drew an additional £1m of bank debt. These factors combined are projected to give the business cash runway into the early part of 2025.

 

In light of the above the directors are now in the planning phase for a new funding round to ensure the business has sufficient cash flow for the medium term to enable it to achieve its growth targets in its core primary care market.

 

On the basis of an expectation that the business manages its cash flow appropriately and completes a successful funding round in the coming months, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future, being a period of 12 months from the date of approval of these financial statements. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Goodwill is amortised to the Group Statement of Comprehensive Income over its estimated economic life of ten years, subject to any impairment review.

1.8
Intangible fixed assets other than goodwill

Intangible assets are stated at cost less accumulated amortisation and are tested annually for impairment with any impairment being immediately recognised in the Group Statement of Comprehensive Income.

 

Development expenditure is capitalised and amortised over 5 years during which the company is expected to benefit as the directors are satisfied as to the technical, commercial and financial viability of individual projects.

1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
Straight line over 3 years
Fixtures and fittings
Straight line over 4 years
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any

accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.12
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss is recognised in profit or loss. The impairment reversal is recognised in profit or loss.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Compound instruments

The component parts of compound instruments issued by the group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life and residual value of intangible fixed assets

The assessment of the useful economic life and residual value of the group's intangible fixed assets involves a significant amount of judgement based on historical experience with similar assets as well as anticipation of future events which may impact their useful life, such as changes in technology. The group undertakes a review of the remaining useful lives of each class of intangible fixed assets at the end of each reporting period and will adjust the remaining useful lives, or impairment where necessary.

3
Turnover

The group's turnover is wholly generated in the United Kingdom.

4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
6,978
5,253
Government grants
(222,631)
-
Depreciation of owned tangible fixed assets
34,381
29,160
Loss/(profit) on disposal of tangible fixed assets
1,192
(818)
Amortisation of intangible assets
2,556,072
1,852,979
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,750
11,750
Audit of the financial statements of the company's subsidiaries
-
4,000
15,750
15,750
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administrative
15
15
15
15
Sales and marketing
11
17
11
17
Operations
64
57
64
57
Total
90
89
90
89

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,918,840
5,453,730
5,918,840
5,453,730
Social security costs
676,001
651,612
676,001
651,612
Pension costs
477,664
422,226
477,664
422,226
7,072,505
6,527,568
7,072,505
6,527,568
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
228,000
207,024
Company pension contributions to defined contribution schemes
13,452
13,252
241,452
220,276
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
193,310
172,824
Company pension contributions to defined contribution schemes
11,852
11,652
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
498
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank loans
408,034
143,637
Interest on convertible loan notes
160,188
-
0
Interest on other loans
67,250
117,534
635,472
261,171
Other finance costs:
Other interest
12,374
-
Total finance costs
647,846
261,171
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(646,646)
(1,059,351)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(4,740,840)
(3,621,273)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(1,185,210)
(688,042)
Tax effect of expenses that are not deductible in determining taxable profit
642,451
353,966
Unutilised tax losses carried forward
542,758
334,076
Research and development tax credit
(646,645)
(1,059,351)
Taxation credit
(646,646)
(1,059,351)

At 31 December 2023 tax losses carried forward by the company amounted to £15,278,191 (2022: £12,157,402). The company has not recognised deferred tax asset in respect of these losses.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 22 -

UK Finance Act 2021 was substantially enacted on 24 May 2021, which included the increase in the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. This will increase the company’s future current tax charge accordingly. The company’s deferred tax assets and liabilities at 31 December 2023 have been calculated at 25%.

11
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023
2,633,596
8,330,730
10,964,326
Additions - internally developed
-
0
3,277,499
3,277,499
Additions - separately acquired
3,613,226
237,976
3,851,202
At 31 December 2023
6,246,822
11,846,205
18,093,027
Amortisation and impairment
At 1 January 2023
1,668,236
3,781,647
5,449,883
Amortisation charged for the year
228,832
2,327,240
2,556,072
At 31 December 2023
1,897,068
6,108,887
8,005,955
Carrying amount
At 31 December 2023
4,349,754
5,737,318
10,087,072
At 31 December 2022
965,360
4,549,083
5,514,443
Company
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023
1,239,279
8,317,730
9,557,009
Additions - internally developed
-
0
3,277,499
3,277,499
Additions - separately acquired
3,613,226
237,976
3,851,202
At 31 December 2023
4,852,505
11,833,205
16,685,710
Amortisation and impairment
At 1 January 2023
971,076
3,768,647
4,739,723
Amortisation charged for the year
89,400
2,327,240
2,416,640
At 31 December 2023
1,060,476
6,095,887
7,156,363
Carrying amount
At 31 December 2023
3,792,029
5,737,318
9,529,347
At 31 December 2022
268,203
4,549,083
4,817,286
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Tangible fixed assets
Group
Computer equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
118,675
1,827
120,502
Additions
36,529
-
0
36,529
Disposals
(3,892)
-
0
(3,892)
At 31 December 2023
151,312
1,827
153,139
Depreciation and impairment
At 1 January 2023
57,732
1,827
59,559
Depreciation charged in the year
34,381
-
0
34,381
Eliminated in respect of disposals
(2,702)
-
0
(2,702)
At 31 December 2023
89,411
1,827
91,238
Carrying amount
At 31 December 2023
61,901
-
0
61,901
At 31 December 2022
60,943
-
0
60,943
Company
Computer equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
109,131
1,827
110,958
Additions
36,529
-
0
36,529
Disposals
(3,892)
-
0
(3,892)
At 31 December 2023
141,768
1,827
143,595
Depreciation and impairment
At 1 January 2023
48,188
1,827
50,015
Depreciation charged in the year
34,381
-
0
34,381
Eliminated in respect of disposals
(2,702)
-
0
(2,702)
At 31 December 2023
79,867
1,827
81,694
Carrying amount
At 31 December 2023
61,901
-
0
61,901
At 31 December 2022
60,943
-
0
60,943
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
799,410
799,409
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,644,351
Additions
1
At 31 December 2023
1,644,352
Impairment
At 1 January 2023 and 31 December 2023
844,942
Carrying amount
At 31 December 2023
799,410
At 31 December 2022
799,409
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Innovative Medic Ltd
England
Ordinary
100.00
-
Locum Organiser Limited
England
Ordinary
100.00
-
Locum Organiser UK Limited
England
Ordinary
-
100.00
CPAK Rota Ltd
England
Ordinary
100.00
-

The registered office of the above companies is 1 Mark Square, 4th Floor, London, EC2A 4EG.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,593,058
5,271,116
4,593,058
5,271,116
Corporation tax recoverable
646,646
1,406,276
646,646
1,406,276
Amounts owed by group undertakings
-
-
48,912
48,912
Other debtors
1,207,785
341,716
1,207,785
341,716
Prepayments and accrued income
274,532
292,806
262,290
283,726
6,722,021
7,311,914
6,758,691
7,351,746
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
3,944,222
4,412,716
3,944,222
4,412,716
Trade creditors
888,134
565,979
888,134
565,979
Amounts owed to group undertakings
-
0
-
0
33,303
204,613
Other taxation and social security
300,582
300,882
284,393
280,598
Other creditors
144,213
233,144
143,213
232,144
Accruals
356,479
357,990
348,979
350,490
Deferred income
788,979
756,723
788,979
756,723
6,422,609
6,627,434
6,431,223
6,803,263

Bank loans includes amounts related to an invoice finance facility totalling £3,934,222 (2022: £3,787,991)

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Convertible loans
19
3,660,188
-
0
3,660,188
-
0
Bank loans
18
5,515,000
3,410,276
5,515,000
3,410,276
Other creditors
1,500,000
-
0
1,500,000
-
0
10,675,188
3,410,276
10,675,188
3,410,276
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Loans
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
9,459,222
7,822,992
9,459,222
7,822,992
Payable within one year
3,944,222
4,412,716
3,944,222
4,412,716
Payable after one year
5,515,000
3,410,276
5,515,000
3,410,276

The bank loans are secured by fixed charges over the group's assets.

The amounts payable after one year represents bank loans, repayable by equal instalments within the next five years.

19
Convertible loan notes
Group
Company
2023
2022
2023
2022
£
£
£
£
Liability component of convertible loan notes
3,660,188
-
3,660,188
-

In October 2023, the company issued £3,500,000 convertible loan notes at par with no interest payable, convertible into shares of the company at the election of the Lender or repayable 1.95 times of the principal amount in October 2026.

The net proceeds received from the issue of the convertible loan notes have been considered for split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity. On the basis that the effective rate of cost of the convertible loan is considered to approximate the company's borrowing rate, equity element recognised is deemed to be £nil.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate.

The effective rate of interest is 24.93%.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
389,067
345,571

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the year ended 31 December 2023 total amounts payable to the scheme included in current liabilities amounted to £25,787 (2022: £19,889).

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Share-based payment transactions

The Company operates an approved share option schemes for key personnel to incentivise performance through equity participation. Exercise of any share options under the scheme is subject to contractual agreements.

Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
1,267,382
199,058
0.10
0.10
Granted
556,280
1,180,207
0.10
0.10
Forfeited
(388,904)
(87,935)
-
-
Exercised
(879,690)
(23,948)
0.10
0.10
Outstanding at 31 December 2023
555,068
1,267,382
0.10
0.10
Exercisable at 31 December 2023
555,068
1,267,382
0.10
0.10

The options outstanding at 31 December 2023 had an exercise price of 10p per share, and a remaining contractual life of 10 years.

During the current and previous year, no expense has been recognised in relation to share based payment transactions due to the fair value of the options being commensurate with the strike price.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
1,737,272
702,749
1,737
702
A1 Ordinary shares of 0.1p each
39,400
39,400
39
39
A2 Ordinary shares of 0.1p each
25,641
25,641
26
26
Series A shares of 0.1p each
101,942
101,942
102
102
Deferred shares of 0.1p each
10,500
10,500
11
11
Series B shares of 0.1p each
3,338,877
3,036,921
3,339
3,037
5,253,632
3,917,153
5,254
3,917
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share capital
(Continued)
- 28 -
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preferred shares of 0.1p each
706,188
706,188
706
706
Preference shares classified as equity
706
706
Total equity share capital
5,960
4,623

With exception to the Deferred shares, all share classes carry normal voting rights. The dividends and capital rights attached to each class of shares are varied and are detailed in the company's Articles of Associations.

During the year 1,034,523 Ordinary shares of 0.1p each were issued for an aggregate consideration of £964,691.

 

The company also issued 301,956 Series B shares of 0.1p each for an aggregate consideration of £875,000.

23
Reserves
Profit and loss reserves

Retained earnings comprise all current and prior years retained profits and losses less dividends paid .

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
59,700
150,000
59,700
150,000
59,700
150,000
59,700
150,000
25
Contingent liabilities

At 31 December 2023 and 31 December 2022 the group and company had no contingent liabilities.

LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
26
Related party transactions

Group and company

 

The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions or balances with its parent company and wholly owned subsidiaries.

 

In September 2023, the group provided a loan facility to one of the directors. The loan is repayable after 24 months and the interest rate applicable is 2.25%. As at 31 December 2023, the outstanding balance was £80,498.

27
Controlling party

No one party has overall control of the company.

28
Cash absorbed by group operations
2023
2022
£
£
Loss for the year after tax
(4,094,194)
(2,561,922)
Adjustments for:
Taxation credited
(646,646)
(1,059,351)
Finance costs
647,846
261,171
Investment income
(498)
-
0
Loss/(gain) on disposal of tangible fixed assets
1,192
(818)
Amortisation and impairment of intangible assets
2,556,072
1,852,979
Depreciation and impairment of tangible fixed assets
34,381
29,160
Movements in working capital:
Increase in debtors
(89,239)
(2,882,967)
Increase/(decrease) in creditors
263,669
(2,248,629)
Cash absorbed by operations
(1,327,417)
(6,610,377)
29
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
973,740
821,892
1,795,632
Borrowings excluding overdrafts
(7,822,992)
(1,636,230)
(9,459,222)
Convertible loan notes
-
(3,660,188)
(3,660,188)
(6,849,252)
(4,474,526)
(11,323,778)
LANTUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
30
Subsidiary audit exemption

The following wholly owned subsidiary has taken advantage of the available exemption from audit under section 479a of the Companies Act 2006:

 

Locum Organiser Limited (registered number: 06905012, England & Wales)

Locum Organiser UK Limited (registered number: 07519933. England & Wales)

 

Lantum Ltd have provided guarantee under section 479C in respect of these companies.

 

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