The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
In determining the ability of the Company to operate under the going concern basis, the directors have considered the current economic environment as well as the level of funding available to it.
In doing so, the company has prepared detailed forecasts which have considered:
- the current and projected levels of available cash;
- the nature and term of outstanding liabilities; and
- any future fundraising (see below).
The Company is engaged in the commercialisation of intellectual property. As is usual in this industry, it relies on funding from investors for these activities as revenues from other trading activities are not sufficient to cover expenses.
On 13th May 2026 the Company entered into a Subscription and Shareholders’ Agreement with existing and new shareholders for the allotment of 1,647,729 A4 Shares for an aggregate subscription amount of £2,570,457
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This is based on development and commercial progress to date and ongoing investor discussions that reinforce the expectation that the Company will be successful in securing additional funding from investors to support the Company's activities when the time arises.
However, if further funding is not received, this may mean that the Company cannot meet its liabilities as they fall due which gives rise to a material uncertainty regarding going concern.
On the basis of the above, the directors are satisfied that it is appropriate to prepare the financial statements of the Company on a going concern basis.