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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Summary of balance sheet shows the following amounts relating to lease liabilities

The balance sheet shows the following amounts relating to lease liabilities:

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2021	​	2020
​	​	£ 000	​	£ 000
Long term lease liabilities		1,580		846
Current lease liabilities		362		175
​		1,942		1,021

​

Summary of lease liabilities maturity analysis

A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2021	​	2020
​	​	£ 000	​	£ 000
Less than one year		425		175
Within 2 - 5 years		1,653		700
More than 5 years		262		397
Total lease liabilities (undiscounted)		2,340		1,272

Summary of cash outflows related to leases

Total cash outflows related to leases are presented in the table below:

​

​	​	​	​	​
​		December 31,		December 31,
Payment	​	2021	​	2020
​	​	£ 000	​	£ 000
Right of use assets		240		220
Low value leases		—		—
Short term leases		49		64
Total cash outflow		289		284

​

Summary of reconciliation of the finance lease creditors

A reconciliation of the lease creditors is shown below:

​

​	​	​
​		£000
As at January 1, 2020		1,166
Interest element of payments to finance lease creditors		(74)
Principal element of payments to finance lease creditors		(146)
Interest expense on leases		74
As at December 31, 2020		1,021
Additions	​	1,084
Interest element of payments to finance lease creditors		(78)
Principal element of payments to finance lease creditors		(162)
Interest expense on leases		77
As at December 31, 2021		1,942

​

X

- Definition

The disclosure of additional information about leasing activities of a lessee.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Paragraph 59
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_59&doctype=Standard
-URIDate 2021-03-24

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X

- Definition

The disclosure of a maturity analysis of operating lease payments. Operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Paragraph 97
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_97&doctype=Standard
-URIDate 2021-03-24

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X

- Definition

The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Paragraph C12
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C
-URIDate 2021-03-24

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X

- Definition

The explanation of the significant changes in the carrying amount of the net investment in finance leases. [Refer: Net investment in finance lease]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Paragraph 93
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&anchor=para_93&doctype=Standard
-URIDate 2021-03-24

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X

- References

No definition available.

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