Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.22.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of financial instruments [text block] [Abstract]  
Schedule of financial assets, other than cash and short-term deposits
    At December 31     At December 31     At December 31  
    2021     2020     2019  
    £’000     £’000     £’000  
Financial assets at amortized cost                  
Trade receivables     14,796       7,243       291  
Contract assets     3,451       599       8  
Lease deposits     5,124       2,653       1,675  
                         

Total financial assets

     23,371       10,495       1,974  
                         
Current     18,247       10,495       1,974  
Non-current     5,124      
-
      
-
  

 
Schedule of interest-bearing loans and borrowings
    Interest rate     At December 31
2021		     At December 31
2020		     At December 31
2019		  
    %   Maturity   £’000     £’000     £’000  
Current                          
Lease liabilities   1 – 8%   Within one year     18,826       6,540       1,510  
Bank loans  

Base rate + 3.25% –

3.75%

 

2.5% – 7.67%

   Within one year     635       -       -  
Stocking loans   Base rate + 0.5% – 3%   On earlier of sale or 180 days / Within one year     169,170       86,709       32,477  
Subscription facilities  

Base rate +1.7% – 3.7%

 

+3.15 – 6%

   Within one year     10,188       -       -  
Mortgages   Base rate + 2%   Within one year     547       1,368       -  
              199,366       94,617       33,987  
                                 
Non-current                                
Lease liabilities   1 – 8%   2023 – 2117     71,574       41,508       4,358  
Bank loans  

Base rate + 3.25% – 3.75%

 

2.5% – 7.67%

   2023 – 2025     815      
-
      
-
  
Stocking loans   Base rate + 3%   2023     8,809      
-
      
-
  
Subscription facilities  

Base rate + 1.7% – 3.7%

 

4.05% – 6%

   2023 – 2025     56,987      
-
      
-
  
Mortgages   Base rate + 2%   2023 – 2025     1,502       2,126      
-
  
              139,687       43,634       4,358  

 

    At December 31     At December 31     At December 31  
    2021     2020     2019  
    £’000     £’000     £’000  
Financial liabilities at fair value through profit or loss                  
Warrants     42,692      
       -
      
       -
  
                         
Current    
-
      
-
      
-
  
Non-current     42,692      
-
      
-
  

 
Schedule of profit before tax is affected through the impact on floating rate borrowings
    Increase/decrease     Effect on profit
before tax 2021		     Effect on profit
before tax 2020		  
    in basis points     £’000     £’000  
Loans and borrowings     +100       (1,393 )     (298 )
Loans and borrowings     -100       95       200  

 
Schedule of exposure to foreign currency changes for all other currencies is not material
    Increase/decrease     Effect on profit
before tax		     Effect on pre-tax equity  
    in EUR rate     £’000     £’000  
2021     +5 %     (1,336 )     (1,170 )
      -5 %     1,336       1,170  
2020     +5 %    
-
      
-
  
      -5 %    
-
      
-
  

 
Schedule of financial liabilities based upon contractual undiscounted payments
    Less than one year     1 to 5 years     Over 5 years     Total  
At December 31, 2021   £’000     £’000     £’000     £’000  
                         
Bank loans     741       869       -       1,610  
Stocking loans     169,170       8,809      
-
       177,979  
Subscription facilities     12,155       65,797       -       77,952  
Lease liabilities     18,917       46,772       34,526       100,215  
Mortgages     600       1,653      
-
       2,253  
Trade payables     29,224      
-
      
-
       29,224  
Total     230,807       123,900       34,526       389,233  

  

  Less than one year     1 to 5 years     Over 5 years     Total  
At December 31, 2020   £’000     £’000     £’000     £’000  
                       
Stocking loans     86,709       -       -       86,709  
Lease liabilities     7,603       25,243       21,052       53,898  
Mortgages     1,385       2,230       -       3,615  
Trade payables     12,668       -       -       12,668  
Total     108,365       27,473       21,052       156,890  

 

  Less than one year     1 to 5 years     Over 5 years     Total  
At December 31, 2019   £’000     £’000     £’000     £’000  
                         
Stocking loans     32,477      
-
      
-
       32,477  
Lease liabilities     1,429       4,943       -       6,372  
Trade payables     1,867      
-
      
-
       1,867  
Total     35,773       4,943       -       40,716  

 
Schedule of changes in liabilities arising from financial activities
    Bank loans     Stocking loans     Subscription
facilities		     Lease liabilities     Mortgages     Warrants     Total  
    £’000     £’000     £’000     £’000     £’000     £’000     £’000  
                                           
At December 31, 2019    
-
       32,477      
-
       5,868      
-
      
-
       38,345  
                                                         
New leases    
-
      
-
      
-
       19,850      
-
      
-
       19,850  
Acquisition of subsidiary    
-
       33,870      
-
       27,972       3,937      
-
       65,779  
Issue of debt    
-
       216,444      
-
      
-
      
-
      
-
       216,444  
Repayment    
-
       (196,082 )    
-
       (6,294 )     (443 )    
-
       (202,819 )
Interest on lease liabilities    
-
      
-
      
-
       652      
-
      
-
       652  
                                                         
At December 31, 2020    
-
       86,709      
-
       48,048       3,494      
-
       138,251  
                                                         
New leases    
-
      
-
      
-
       26,228      
-
      
-
       26,228  
Acquisition of subsidiaries     1,468       -       19,878       36,352      
-
       6,566       64,264  
Issue of debt     30       665,325       107,683      
-
      
-
      
-
       773,038  
Repayment     (48 )     (574,055 )     (60,386 )     (18,597 )     (1,445 )    
-
       (654,531 )
Terminations    
-
      
-
      
-
       (2,969 )    
-
      
-
       (2,969 )
Interest on lease liabilities    
-
      
-
      
-
       1,338      
-
      
-
       1,338  
Warrants issued and exercised    
-
      
-
      
-
      
-
      
-
       62,695       62,695  
Fair value movements    
-
      
-
      
-
      
-
      
-
       (26,569 )     (26,569 )
At December 31, 2021     1,450       177,979       67,175       90,400       2,049       42,692       381,745  

  
Schedule of stocking loans are used specifically by the group to finance the purchase of inventory
    At December 31
2021		     At December 31
2020		     At December 31
2019		  
    £’000     £’000     £’000  
Inventory     364,585       114,694       42,970  
Stocking loans     (177,979 )     (86,709 )     (32,477 )
Net inventory     186,606       27,985       10,493  
                         
Cash and cash equivalents     192,629       243,524       34,539