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

Financial Instruments (Tables)

v3.23.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure Of Financial Instruments Text Block Abstract  
Schedule of financial assets, other than cash and short-term deposits
    At December 31     At December 31  
    2022     2021  
    £’000     £’000  
Financial assets at amortized cost            
Trade receivables     24,475       14,796  
Contract assets     248       3,451  
Lease deposits     5,664       5,124  
Total financial assets     30,387       23,371  
                 
Current     24,723       18,247  
Non-current     5,664       5,124  

 
Schedule of interest-bearing loans and borrowings
    Interest
rate		      

At 

December 31
2022

     At
December 31
2021		  
    %   Maturity   £’000     £’000  
Current                    
Convertible Notes   2%   Within one year     1,301       —  
Stocking loans   Base rate + 0.5% – 2.2%   On earlier of sale or 180 days     161,592       169,170  
Subscription facilities   Base rate + 1.7%   Within one year     14,983       10,188  
Secured asset financing   3% – 7%   Within one year     1,479       —  
Bank loans       Within one year     30       635  
Mortgages             —       547  
Lease liabilities   1% – 13%   Within one year     28,596       18,826  
              207,981       199,366  
                         
Non-current                        
Convertible Notes   2%   2027     265,631       —  
Stocking loans             —       8,809  
Subscription facilities             —       56,987  
Secured asset financing   3% – 7%   2027     4,113       —  
Bank loans             —       815  
Mortgages             —       1,502  
Lease liabilities   1% – 13%   2024 – 2042     88,864       71,574  
              358,608       139,687  

 
Schedule of other financial liabilities
   

At
December 31
2022

     At
December 31
2021		  
    £’000     £’000  
Financial liabilities at fair value through profit or loss            
Warrants     515       42,692  
Embedded derivative     82,108       —  
      82,623       42,692  
                 
Current    
—
      
—
  
Non-current     82,623       42,692  

 
Schedule of warrants outstanding
    Public     Private     Total  
    Number     Number     Number  
At December 31, 2021     20,124,748       21,129,818       41,254,566  
At December 31, 2022     20,124,748       21,129,818       41,254,566  

 
Schedule of changes in financial assets and financial liabilities
    Level 1     Level 2     Level 3     Total  
At December 31, 2022   £’000     £’000     £’000     £’000  
Warrants     166      
-
       349       555  
Embedded derivative    
-
      
-
       82,108       82,108  
      166       -       82,457       82,623  

 

    Level 1     Level 2     Level 3     Total  
At December 31, 2021   £’000     £’000     £’000     £’000  
Warrants     13,418      
-
       29,274       42,692  

 
Schedule of relevant in the determination of fair value of the private warrants
    Private
warrants		     Embedded
derivative		  
             
At December 31, 2022            
Expected term (years)     7       4  
Expected volatility     93.4 %     62.3 %
Credit spread     N/A       25.9 %
Dividend yield     Nil       Nil  
Risk free interest rate     3.9 %     4.1 %

 

    Private
warrants		  
       
At December 31, 2021      
Expected term (years)     7  
Expected volatility     47.1 %
Dividend yield     Nil  
Risk free interest rate     1.4 %

 
Schedule of fair value movements
    Public
warrants		     Private
warrants		     Embedded
derivative		     Total  
    £’000     £’000     £’000     £’000  
At December 31, 2020    
-
      
-
      
-
      
-
  
                                 
Warrants issued upon acquisition of Drover    
-
       6,566      
-
       6,566  
Fair value movement    
-
       102      
-
       102  
Exercise of warrants    
-
       (6,667 )    
-
       (6,667 )
Warrants issued in the Transaction     22,475       46,887      
-
       69,362  
Fair value movement     (9,057 )     (17,614 )    
-
       (26,671 )
At December 31, 2021     13,418       29,274      
-
       42,692  
                                 
Issuances    
-
      
-
       251,287       251,287  
Fair value movement     (14,799 )     (32,298 )     (198,769 )     (245,866 )
Foreign exchange movements     1,547       3,373       29,590       34,510  
At December 31, 2022     166       349       82,108       82,623  

 
Schedule of profit before tax is affected through the impact on floating rate borrowings
    Change     Effect on profit
before tax 2022		     Effect on profit
before tax 2021		  
    in basis points     £’000     £’000  
Loans and borrowings     +100       (2,350 )     (1,393 )
Loans and borrowings     -100       1,754       95  

 
Schedule of exposure to foreign currency changes for all other currencies is not material
    Increase/decrease    

Effect on profit
before tax

from discontinued

operations

     Effect on
pre-tax equity		  
    in EUR rate     £’000     £’000  
2022     +5 %     (8,613 )     (6,516 )
      -5 %     8,613       6,516  
2021     +5 %     (1,336 )     (1,170 )
      -5 %     1,336       1,170  

 
Schedule of financial liabilities based upon contractual undiscounted payments
    Less than one year     1 to 5 years     Over 5 years     Total  
At December 31, 2022   £’000     £’000     £’000     £’000  
                         
Convertible Notes     10,411       554,366      
-
       564,777  
Stocking loans     164,478      
-
      
-
       164,478  
Subscription facilities     15,354      
-
      
-
       15,354  
Secured asset financing     1,727       4,408      
-
       6,135  
Bank loans     30      
-
      
-
       30  
Lease liabilities     24,203       56,324       72,644       153,171  
Trade payables     68,201      
-
      
-
       68,201  
Total     284,404       615,098       72,644       972,146  

 

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

 
Schedule of changes in liabilities arising from financial activities
    Stocking loans     Subscription facilities     Secured asset financing     Bank loans     Mortgages     Lease liabilities     Convertible Notes and embedded derivative     Warrants     Total  
    £’000     £’000     £’000     £’000     £’000     £’000     £’000     £’000     £’000  
                                                       
At December 31, 2020     86,709       -       -       -       3,494       48,048       -       -       138,251  
                                                                         
New leases     -       -       -       -       -       26,228       -       -       26,228  
Acquisition of subsidiaries     -       19,878       -       1,468       -       36,352       -       6,566       64,264  
Issue of debt     665,325       107,683       -       30       -       -       -       -       773,038  
Repayment     (574,055 )     (60,386 )     -       (48 )     (1,445 )     (18,597 )     -       -       (654,531 )
Terminations     -       -       -       -       -       (2,969 )     -       -       (2,969 )
Net accrued interest     -       -       -       -       -       1,338       -       -       1,338  
Warrants issued and exercised     -       -       -       -       -       -       -       62,695       62,695  
Fair value movement     -       -       -       -       -       -       -       (26,569 )     (26,569 )
At December 31, 2021     177,979       67,175       -       1,450       2,049       90,400       -       42,692       381,745  
                                                                         
New leases     -       -       -       -       -       51,757       -       -       51,757  
Sale and leasebacks     -       -       -       -       -       5,466       -       -       5,466  
Transfers     -       -       -       -       -       (3,529 )     -       -       (3,529 )
Acquisition of subsidiaries     -       10,193       -       -       -       6,276       -       -       16,469  
Disposal of subsidiaries     -       (14,731 )     -       -       -       (5,878 )     -       -       (20,609 )
Issue of debt     1,202,039       101,967       5,971       3       11       -       460,021       -       1,770,012  
Repayment     (1,218,426 )     (120,559 )     (379 )     (1,423 )     (2,060 )     (29,198 )     -       -       (1,372,045 )
Terminations     -       -       -       -       -       (2,307 )     -       -       (2,307 )
Net accrued interest     -       -       -       -       -       5,245       33,425       -       38,670  
Fair value movement     -       -       -       -       -       -       (198,769 )     (47,098 )     (245,867 )
Foreign exchange movements     -       -       -       -       -       231       54,363       4,921       59,515  
Liabilities held for sale     -       (29,062 )     -       -       -       (1,003 )     -       -       (30,065 )
At December 31, 2022     161,592       14,983       5,592       30       -       117,460       349,040       515       649,212  

  
Schedule of stocking loans are used specifically by the group to finance the purchase of inventory
    At December 31
2022		     At December 31
2021		  
    £’000     £’000  
Inventory     232,565       364,585  
Stocking loans     (161,592 )     (177,979 )
Net inventory     70,973       186,606  
                 
Cash and cash equivalents     258,321       192,629