As at 31st December 2024, the company had net current liabilities of £74,164 (2023: £1,153,509), and net liabilities of £14,207,190 (2023: £8,207,568), and reported a net loss for the year of £5,999,622 (2023: £6,193,647). The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements, which indicate that, taking into account the current economic outlook, the company will have sufficient funds, through its ability to raise cash resources from current investors, to meet its liabilities as they fall due for that period.
The current investors are committed to funding the business’ losses for the foreseeable future and providing sufficient resources to cover the going concern forecast period.
In preparing the forecasts, the directors have considered reasonable possible downside scenarios including factors resulting from the current economic outlook on the pricing and demand for the company’s products as well as input cost inflation.
Based on the forecasts prepared, including reasonable possible downside scenarios and assumptions as described above, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of the approval of these financial statements. Therefore, the financial statements are prepared on a going concern basis.