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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2022
Share Based Payments [Abstract]  
Schedule of Recognized a Share Based Charge The Group recognized a share-based charge for the year as follows:
   Year ended
December 31
2022		   Year ended
December 31
2021		   Year ended
December 31
2020		 
   £’000   £’000   £’000 
             
Incentive Equity Plan   44,312    13,599    
-
 
SAYE   184    
-
    
-
 
EMI prior to the Transaction   
-
    73    182 
Unapproved prior to the Transaction   
-
    29,096    3,577 
Modification at the Transaction   
-
    1,103    
-
 
                
    44,496    43,871    3,759 
Schedule of Options Were Granted The following options were granted during the year ended December 31, 2022:
Scheme  Number   Grant date  Expiry date
           
Incentive Equity Plan   2,295,099   01/01/2022  01/01/2032
Incentive Equity Plan   1,269,100    01/04/2022  01/04/2032
Incentive Equity Plan   1,087,250   01/07/2022  01/07/2032
Incentive Equity Plan   427,300   01/10/2022  01/10/2032
Incentive Equity Plan – Directors   3,933,339   01/10/2022  01/10/2032
SAYE   1,496,903   26/01/2022  31/08/2025
            
Total 2022   10,508,991       
            
            
Unapproved prior to the Transaction   469,000   01/01/2021  01/01/2031
Unapproved prior to the Transaction   2,023,516   01/04/2021  01/04/2031
Incentive Equity Plan   23,915,248   01/10/2021  01/10/2031
            
Total 2021   26,407,764       

 
Schedule of Reconciles the Share Options Outstanding The following reconciles the share options outstanding at the beginning and end of the year.
   EMI   Unapproved   Incentive
Equity Plan		   SAYE 
   Number of
options		   Number of
options		   Number of
options		   Number of
options		 
At December 31, 2020   4,683,683    8,121,393    
-
    
-
 
                     
Granted prior to the Transaction   
-
    2,492,516    
-
    
-
 
Forfeited prior to the Transaction   (66,413)   (579,713)   
-
    
-
 
Cash settled at the Transaction   (34,690)   (44,114)   
-
    
-
 
Replacements at the Transaction1   (4,582,580)   (9,990,082)   50,347,491    
-
 
Granted after the Transaction   
-
    
-
    23,915,248    
-
 
At December 31, 2021   
-
    
-
    74,262,739    
-
 
                     
Granted during the year   
-
    
-
    9,012,088    1,496,903 
Exercised during the year   
-
    
-
    (9,513,868)   
-
 
Forfeited during the year   
-
    
-
    (10,732,364)   (884,823)
Expired during the year   
-
    
-
    (599,238)   
-
 
At December 31, 2022   
-
    
-
    

62,429,357

    612,080 
1The replacement options granted at the Transaction reflect the exchange ratio established in the Business Combination Agreement. Refer to Note 1 for further details.
Schedule of the Determination of Fair Value of Options Granted The following information is relevant in the determination of fair value of the employee share options granted during 2022:
   Incentive Equity
Plan		  Incentive Equity
Plan – Executive
Directors		  SAYE
          
Valuation method  N/A1  Monte-Carlo  Black-Scholes
Exercise price 
£nil
 
£nil
  £3.60
Expected volatility 
N/A
  98%  53%
Dividend yield 
Nil
 
Nil
 
Nil
Risk free interest rate 
N/A
  4.2%  1.2%
Fair value per share  £0.40 - £4.46  £0.31  £0.98
1Considering that the Incentive Equity Plan awards vest over time without any further restrictions, the fair value is equal to the Company’s closing stock price as of the grant date.

 

The following information is relevant in the determination of fair value of the employee share options granted during 2021:
   Unapproved  Incentive Equity
Plan		  Incentive Equity
Plan – Executive
Directors
          
Valuation method  Monte-Carlo  N/A  Monte-Carlo
Exercise price  £nil  £nil  £nil
Expected volatility  50% 
N/A
  53%
Dividend yield 
Nil
 
Nil
 
Nil
Risk free interest rate  0.0% 
N/A
  1.2%
Fair value per share  £8.27 - £23.74  £5.33  £2.93