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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Tax Expense |
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | $000s |  |  | $000s |  |  | $000s |
Current Tax Expense |  |  |  |  |  |  |  |  |
Current Year |  |  | 845 |  |  |  | 956 |  |  |  | 192 |
Changes in estimate related to prior years |  |  | - |  |  |  | - |  |  |  | 496 |
Total current tax |  |  | 845 |  |  |  | 956 |  |  |  | 688 |
Deferred Tax Expense |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | - |  |  |  | - |  |  |  | - |
Recognition of previously unrecognized tax losses |  |  | - |  |  |  | - |  |  |  | - |
Recognition of previously unrecognized tax losses (derecognition of previously recognized) deductible temporary differences |  |  | - |  |  |  | - |  |  |  | - |
Taxation |  |  | 845 |  |  |  | 956 |  |  |  | 688 |
Schedule of Reconciliation of Income Tax Credit | Reconciliation of the income tax credit at standard rate of U.K. corporation tax to the current tax credit are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | $000s |  |  | $000s |  |  | $000s |
Loss before tax |  |  | (44,464 | ) |  |  | (53,272 | ) |  |  | (49,646 | )
Tax credit at the standard rate of U.K. corporation tax of 25% (2023: 25%; 2022: 19%) |  |  | 11,116 |  |  |  | 12,530 |  |  |  | 9,432 |
Income not taxable |  |  | 3,356 |  |  |  | 2,286 |  |  |  | 1,346 |
Effect of overseas tax rate |  |  | 308 |  |  |  | 334 |  |  |  | 673 |
Change in valuation allowances |  |  | (15,423 | ) |  |  | (15,641 | ) |  |  | (11,456 | )
Adjustment in respect of prior year |  |  | - |  |  |  | - |  |  |  | (495 | )
Effect of overseas taxes |  |  | (202 | ) |  |  | (465 | ) |  |  | (188 | )
|  |  | (845 | ) |  |  | (956 | ) |  |  | (688 | )
A reconciliation of the standard U.K. statutory income tax rate to the effective tax rate is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (%) |  |  | (%) |  |  | (%) |
Income tax using U.K. statutory rate |  |  | (25.0 | ) |  |  | (23.5 | ) |  |  | (19.0 | )
Income not taxable |  |  | (7.5 | ) |  |  | (4.3 | ) |  |  | (2.7 | )
Effect of overseas tax rate |  |  | (0.7 | ) |  |  | (0.6 | ) |  |  | (1.4 | )
Change in valuation allowances |  |  | 34.7 |  |  |  | 29.4 |  |  |  | 23.1 |
Adjustment in respect of prior year |  |  | - |  |  |  | - |  |  |  | - |
Effect of overseas taxes |  |  | 0.5 |  |  |  | 0.9 |  |  |  | 0.4 |
Effective tax rate for loss from continuing operations |  |  | 1.9 |  |  |  | 1.9 |  |  |  | 0.4 |
Schedule of Deferred Tax Assets | Components of the Group’s deferred tax assets as at December 31, 2024 and 2023 are as follows:
|  | Year ended December 31, |
|  | Gross |  |  | Gross |
|  | 2024 |  |  | 2023 |
|  | $000s |  |  | $000s |
Deferred tax assets: |  |  |  |  |  |
Trading Losses 1 |  |  | 55,316 |  |  |  | 57,563 |
Share-based payments |  |  | 3,663 |  |  |  | 3,670 |
Capital losses |  |  | 2,467 |  |  |  | 2,506 |
Gross deferred tax asset |  |  | 61,446 |  |  |  | 63,739 |
Valuation allowance |  |  | (61,446 | ) |  |  | (63,739 | )
Total deferred tax, net |  |  | - |  |  |  | - |
(1) Included i n trading losses is $7.4 million of accumulated tax losses as of December 31, 2024 ($8.6 million as of December 31, 2023) related to its operations in Germany for corporate income taxes and $6.5 million of accumulated losses related to trade taxes in its German entity ($7.5 million as of Decem ber 31, 2023).
Schedule of Movements in Deferred Tax Valuation Allowance | Movements in deferred tax valuation allowance:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Valuation allowance at January 1 |  |  | 63,739 |  |  |  | 61,703 |
(Decrease)/increase in valuation allowance |  |  | (2,293 | ) |  |  | 2,036 |
Valuation allowance at December 31 |  |  | 61,446 |  |  |  | 63,739 |

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