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Financial instruments (Tables)

12 Months Ended

Dec. 31, 2021

Financial instruments

Schedule of financial assets at amortized cost

​

​	​	​	​	​	​	​	​	​
​		Carrying value				Fair value
​		December 31,		December 31,		December 31,		December 31,
​	​	2021	​	2020	​	2021	​	2020
Cash at bank		212,660		839		212,660		839
Trade and other receivables		672		810		672		810
​		213,332		1,649		213,332		1,649

Schedule of financial liabilities

Financial liabilities at amortized cost:

​

​	​	​	​	​	​	​	​	​
​		Carrying Value				Fair Value
​		December 31,		December 31,		December 31,		December 31,
​	​	2021	​	2020	​	2021	​	2020
​	​	£ 000	​	£ 000	​	£ 000	​	£ 000
Trade and other payables		45,717		2,128		45,717		2,128
Borrowings		—		6,309		—		6,309
Lease liabilities		1,942		1,021		1,942		1,021
​		47,659		9,458		47,659		9,458

​

​

25Financial instruments (continued)

Financial liabilities at fair value through profit or loss:

​

​	​	​	​	​	​	​	​	​
​		Carrying Value				Fair Value
​		December 31,		December 31,		December 31,		December 31,
​	​	2021	​	2020	​	2021	​	2020
​	​	£ 000	​	£ 000	​	£ 000	​	£ 000
Convertible Senior Secured Notes	​	112,799		—	​	112,799		—
Warrant liabilities (Note 21)	​	10,730		—	​	10,730		—
​	​	123,529		—	​	123,529		—

Schedule of estimated fair value of convertible senior secured notes by using binomial lattice framework

​

​	​	​
​		December 31,
​	​	2021
Interest rate (%)		9.0
Risk-free rate (%)		1.25
Dividend yield	​	—
Volatility (%)		52.5
Credit spread (%)		21.8

X

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The tabular disclosure for Significant Unobservable Inputs Used In Fair Value Measurement Of Warrant Liabilities Explanatory.

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The disclosure of financial assets. [Refer: Financial assets]

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-Paragraph 7
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