The directors are of the opinion that, notwithstanding the Company having total net liabilities of £12,717k (Dec 23: £7,784k) including convertible loan liabilities of £13,658k with a maturity date of 30 November 2025, the Company is expected to have sufficient liquid assets, including cash, to meet short-term obligations.
Furthermore, the Company is actively pursuing ongoing funding plans to strengthen its financial position. These plans include seeking new equity investors, applying for additional grant funding, and raising funding from the issuance of additional convertible loans.
The directors have a reasonable expectation that, through these measures alongside the Company's current assets, there are adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.