v3.25.0.1

Lease liabilities

12 Months Ended

Dec. 31, 2024

Lease liabilities.

Lease liabilities

17Lease liabilities

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

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2024	​	2023
​	​	£ 000	​	£ 000
Long term lease liabilities		1,620		1,977
Current lease liabilities		581		643
Total lease liabilities		2,201		2,620

​

Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease liabilities maturity analysis

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

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2024	​	2023
​	​	£ 000	​	£ 000
Less than one year		705		760
Within 2 - 5 years		1,409		1,916
More than 5 years		496		496
Total lease liabilities (undiscounted)		2,610		3,172

​

17Lease liabilities(continued)

Total cash outflows related to leases

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

​

​	​	​	​	​
​		December 31,		December 31,
​	​	2024	​	2023
Payment	​	£ 000	​	£ 000
Right of use assets		771		669
Low value leases		—		—
Short term leases		63		224
Total cash outflow		834		893

​

A reconciliation of the lease creditors is shown below:

​

​	​	​
​		£ 000
As at January 1, 2023		3,161
Additions	​	182
Reversal of lease liability	​	(193)
Interest element of payments to lease creditors		(199)
Principal element of payments to lease creditors		(530)
Interest expense of leases		199
As at December 31, 2023		2,620
Additions	​	196
Reversal of lease liability	​	—
Interest element of payments to lease creditors	​	(156)
Principal element of payments to lease creditors	​	(615)
Interest expense of leases	​	156
As at December 31, 2024	​	2,201

​

Lease creditors relate to property in Bristol and Kemble, UK. The cost, depreciation charge and carrying value for the right-of-use asset is disclosed in note 11 Right of use assets. The interest expense on lease liabilities is disclosed in note 7.

X

- Definition

The entire disclosure for leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2024-01-01
-Section Presentation
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI
-URIDate 2024-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2024-01-01
-Section Disclosure
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI
-URIDate 2024-03-27

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X

- References

No definition available.

+ Details

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Namespace Prefix:	ifrs-full_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration