| Schedule of financial liabilities at fair value through profit and loss |
| | | | | | | | | | | Convertible Senior | | Convertible | | | | | | | Secured Notes | | Preferred Shares | | Warrants | | Total | | | £ 000 | | £ 000 | | £ 000 | | £ 000 | As at December 31, 2025 | | 188,526 | | — | | 287 | | 188,813 | New issuances | | 7,717 | | 17,746 | | — | | 25,463 | In-kind interest paid and accrued | | 6,956 | | — | | — | | 6,956 | Fair value movements | | (112,989) | | 4,634 | | 83 | | (108,272) | Conversions to ordinary shares | | — | | (20,636) | | — | | (20,636) | Exchange differences on translation | | 1,061 | | 55 | | 4 | | 1,120 | As at June 30, 2026 | | 91,271 | | 1,799 | | 374 | | 93,444 |
| | | | | | | | | | | Carrying Value | | Fair Value | | | June 30, 2026 | | December 31, 2025 | | June 30, 2026 | | December 31, 2025 | | | £ 000 | | £ 000 | | £ 000 | | £ 000 | Convertible Senior Secured Notes | | 91,271 | | 188,526 | | 91,271 | | 188,526 | Convertible Preferred Shares | | 1,799 | | — | | 1,799 | | — | Warrant liabilities | | 374 | | 287 | | 374 | | 287 | | | 93,444 | | 188,813 | | 93,444 | | 188,813 |
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