The preparation of financial statements requires management to make judgements, estimates and assumptions which
affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for
expenses during the period. However, the nature of estimation means that actual outcomes could differ from those
estimates.
In preparing these financial statements, the directors have made the following judgements:
Share option and other share-based payment charges
FRS 102 requires the grant date fair value of share-based payments awards granted to employees and contractors to
be recognised as an expense, with a corresponding increase in equity, over the period in which the employees and
contractors become unconditionally entitled to the awards. Share options issued to the company’s employees and
contractors will only be exercised on an exit event. At the date of these financial statements management has
determined that an exit event is not probable and therefore no share-based payment charges have been recorded in
these financial statements