__________________________________________________________________________________________
11 Trade and other payables
31 December 31 December
2020 2019
GBP'000 GBP'000
Current trade and other payables
Trade creditors 28 30
Accruals 39 40
Total 67 70 The fair value of trade and other payables has not been disclosed as, due to their short duration, management considers the carrying amounts recognised in the balance sheet to be a reasonable approximation of their fair value.
12 Share capital Number Ordinary Deferred
of shares share share
capital capital
GBP000 GBP000
Allotted, issued and fully paid
At 31 December 2018 1,720,003 - 628
Share issue costs - - (5)
At 31 December 2019 1,720,003 - 623
Issue of new ordinary shares on 4 June 2020 40,000 - 20
At 31 December 2020 1,760,003 - 643
During the year, 40,000 shares were issued for GBP20,000 to settle certain financial liabilities
Warrants in issue
As at 31 December 2020, 30,600 warrants remain outstanding. No warrants were issued during the year
(2019: 30,600), and no warrants were exercised, or lapsed during the period ended 31 December 2020.
All of the warrants in issue and outstanding are exercisable at 50p per share, for a period up to 1
August 2023.
Share Options
The Company has as at 31 December 2020, 245,000 share options in issue and outstanding. During the year
170,000 options were issued (2019: nil), no options were exercised, cancelled or lapsed.
Notes to the financial statements (continued)
__________________________________________________________________________________________
13 Share based payments
Share Options
The Company operates share option schemes for certain employees (including directors). Options are exercisable at the option price agreed at the date of grant. The options are settled in equity once exercised. The expected life of the options is 5 years. All options issued in the period to 31 December 2020 vested immediately, with no vesting requirements.
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the period are as follows:
31 December 2020 31 December 2019
WAEP Number WAEP
Number
GBP GBP
Outstanding at the beginning of the period 75,000 0.50 75,000 0.50
Granted 170,000 0.55 - -
Exercised - - - -
Outstanding at the end of the year 245,000 0.53 75,000 0.50
Exercisable at year end 245,000 75,000 The share options outstanding at the end of the period have a weighted average remaining contractual life of 4.86 years and have the following exercise prices and fair values at the date of grant:
First exercise date (when vesting conditions are Grant date Exercise Fair 31 December 31 December
met) price value 2020 2019
GBP GBP Number Number
2 August 2018 2 August 0.50 0.3305 75,000 75,000
2018
4 June 2020 4 June 2020 0.55 0.0038 170,000 -
245,000 75,000 At 31 December 2020 245,000 options were exercisable (2019: 75,000).
For those options and warrants granted where IFRS 2 "Share-Based Payment" is applicable, the fair values were calculated using the Black-Scholes model. The inputs into the model for the current and prior year were as follows:
Risk free rate Share price volatility Expected life Share price at date of grant
2 August 2018 1.00% 84% 60 months GBP0.50
4 June 2020 0.63% 84% 60 months GBP0.60 Expected volatility was determined by calculating the historical volatility of similar listed companies share prices for 12 months prior to the date of grant. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
The Company therefore recognised total expenses of GBP1,000 relating to equity-settled share-based payment transactions during the period.
Notes to the financial statements (continued)
__________________________________________________________________________________________
14 Financial instruments
The Company's financial instruments comprise cash at bank and payables which arise in the normal course
of business. It is, and has been throughout the period under review, the Company's policy that no
speculative trading in financial instruments shall be undertaken. The Company has been solely equity
funded during the period. As a result, the main risk arising from the Company's financial instruments is
currency risk.
Details of the significant accounting policies and methods adopted, including the criteria for
recognition, the basis of measurement and the basis on which income and expenses are recognised, in
respect of each class of financial asset, financial liability and equity instrument are disclosed in note
2 of the accounts.
2020 2019
GBP'000 GBP'000
Financial assets (current)
Cash and cash equivalents 272 354
Financial liabilities (current)
Trade payables and accruals 67 70
Notes to the financial statements (continued)
__________________________________________________________________________________________
15 Related party transactions
During the period, there were no related party transactions to disclose.
Remuneration of Key Management Personnel
The remuneration of the Directors and other key management personnel of the Company are set out below in
aggregate for each of the categories specified in IAS24 Related party Disclosures.
2020 2019
GBP'000 GBP'000
Short-term employee benefits 50 51
Share-based payments 1 -
51 51
Interest rate risk and liquidity risk
The Company is funded by equity, maintaining all its funds in bank accounts. The Company's policy
throughout the period has been to minimise the risk of placing available funds on short term deposit.
The short-term deposits are placed with banks for periods up to 1 month according to funding
requirements.
The Company had no undrawn committed borrowing facilities at any time during the period.
Currency risk
The Company is directly exposed to currency risk of its investments, as they are based in Australia, and
exposed to movement against the Australian Dollar as their assets, liabilities, revenue and expenditure
are denominated therein. The company is denominated in pound sterling.
Market risk
The company is not currently exposed directly to market risk in relation to its investments, as these are
not currently listed on any stock market anywhere in the world.
Fair values
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance
sheet) comprise cash held by the company with an original maturity of three months or less. The carrying
amount of these assets approximates their fair value.
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