Series A Equity Investment
After the year end, the company finalised an investment round which closed on 15 April 2025 and achieved further equity investment totalling £4.2m. This investment round also resulted in the conversion of all outstanding convertible loan notes into equity and repayment of all outstanding bridge loans in full.
Accruals
Included within accruals are the following provisions for estimated expenses which have been incurred during this (or prior) accounting period:
Backdated travel expenses - £35,000
Due to ongoing cashflow strain on the business the directors have not reclaimed expenses for travel undertaken on behalf of the business. In 2025 travel claims have been raised for all travel expenses incurred up to date.
Directors Remuneration -£36,000 (2023)
The company is still in the early stage and funds are being prioritised for crucial functions within the business. As such, in 2023 the directors have not received their agreed remuneration package. These costs have been accrued into 2023 and will be paid to the directors in 2025.
Legal Expenses - £165,000
As part of the work undertaken by the directors in 2024 to secure the Series A Equity investment, significant legal expenses have been incurred during the period which are expected to be invoiced around the closing of the Series A Equity Investment in 2025.