Company: BDRX
Filing Date: 2025-01-17
Form Type: F-1
Source: 0001214659-25-000922
Chunk: 367

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-17
Form: F-1
Chunk 367
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 use its power over the investee to affect the amount of the investor’s returns. All subsidiaries have a reporting date of 31 December.

All transactions and
balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group
companies. Where unrealised losses on intra-Group asset sales are reversed on consolidation, the underlying asset is also tested for impairment
from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency
with the accounting policies adopted by the Group.

The consolidated financial
statements consist of the results of the following entities:

| Schedule of entities                                                               |                                     |
| Entity                                                                             | Summary description                 |
| Biodexa Pharmaceuticals PLC                                                        | Ultimate holding company            |
| Biodexa Limited (formerly Midatech Limited)                                        | Trading company                     |
| Biodexa Pharmaceuticals (Wales) Limited formerly (Midatech Pharma (Wales) Limited) | Trading company                     |
| Haaland UK Limited                                                                 | Dormant – incorporated October 2022 |
| Haaland Jersey Limited                                                             | Incorporated January 2023           
 Dissolved March 2023                |
| Midatech Pharma (Espana) SL (formerly Midatech Biogune SL)                         | Liquidated - 2021                   |
| PharMida AG                                                                        | Dormant                             |

Going concern – material uncertainty

We have
experienced net losses and significant cash outflows from cash used in operating activities over the past years as it develops its
portfolio. For the year ended 31 December 2023, the Group incurred a consolidated loss for the year of £7.08million
and negative cash flows from operating activities of £6.83million.
As of 31 December 2023, the Group had an accumulated deficit of £142.82million.

Our future viability
is dependent on our ability to raise cash from financing activities to finance its development plans until milestones and/or royalties
can be secured from partnering the Company’s assets. Our failure to raise capital as and when needed could have a negative impact
on its financial condition and ability to pursue its business strategies.

We believe there are
adequate options and time available to secure additional financing for the Company and after considering the uncertainties, we consider
it is appropriate to continue to adopt the going concern basis in preparing these financial statements. The Group's consolidated financial
statements have therefore been presented on a going concern basis, which contemplates the realization of assets and the satisfaction