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Income Taxes (Tables)

12 Months Ended

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 in 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 December 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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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