Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.12. Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.13. Prior Year Restatement
During the preparation of the financial statements for the current year, it was identified that the company's 'Amounts owed to Group undertakings' (2022: £38,736,406) had been incorrectly stated as a creditor due after one year. We have since reviewed the loan agreement and noted the loan is repayable on demand; consequently, we have restated the prior year's financial statements to correct this and the same balance can now be found under 'Amounts owed to Group undertakings' within Creditors: Amounts Falling Due Within One Year.