Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 396

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 396
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 was £107k. The loan was repaid in
February 2021 prior to the liquidation of MPE.

| F-56 |

| 17 | Provisions |

| Schedule of provisions           |     |            |   |     |            |   |     |            |
|                                  |     | 2023 £’000 |   |     | 2022 £’000 |   |     | 2021 £’000 |
| Opening provision at 1 January   |     |        207 |   |     |         50 |   |     |         50 |
| Utilisation of provision         |     |       (207 | ) |     |        (43 | ) |     |          – |
| Provision recognised in the year |     |          – |   |     |        200 |   |     |          – |
| At 31 December                   |     |          – |   |     |        207 |   |     |         50 |
| Less: non-current portion        |     |          – |   |     |          – |   |     |          – |
| Current portion                  |     |          – |   |     |        207 |   |     |         50 |

The provision as at
31 December 2021 represents management’s best estimate of the ‘making good’ clause on the Cardiff office which was vacated
during the fourth quarter of 2021. This liability was settled during 2022.

Bioasis Loans

On
19 December 2022 the Company entered into a Promissory Note and Security Agreement with Bioasis to assist in the short term with Bioasis’
working capital requirements. Under the agreement the Company agreed to advance Bioasis up to US$750,000 in 3 tranches payable on 19 December
2022, 3 January 2023 and 6 February 2023. The terms of the agreement are set out in note 13.

The
Company advanced US$250,000 to Bioasis in the year to 31 December 2022. A further advance of US$250,000 was made to Bioasis on 3 January
2023.

Management
considered recovery of the debt to be uncertain and in 2022 recognised an impairment provision of £207,000 against the advance made
in December 2022, see note 13, and a provision of £207,000 against future credit losses
resulting from the Prom