Statements Of Changes In Equity

For the year ended 31 December 2022

|                                                   | Foreign    | Total       |                |             |             |          |          |
|---------------------------------------------------|------------|-------------|----------------|-------------|-------------|----------|----------|
| Called-up                                         | currency   | Profit      | Total          | Non-        | share             |          |          |
| share                                             | Share      | translation | and loss       | controlling | controlling | holders' |          |
| capital                                           | premium    | reserve     | account        | interests   | interest    | equity   |          |
| £000                                              | £000       | £000        | £000           | £000        | £000        | £000     |          |
| Group Acquired 14 July 2021                       | -          | -           | -              | -           | -           | (681)    | (681)    |
| Loss for the period                               | -          | -           | -              | (10,632)    | (10,632)    | 116      | (10,516) |
| Other comprehensive loss                          | -          | -           | (72)           | -           | (72)        | (8)      | (80)     |
| Transactions with owners Issue of shares          | -          | 218,195     | -              | -           | 218,195     | -        | 218,195  |
| At 31 December 2021                               | -          | 218,195     | (72) (10,632)  | 207,491     | (573)       | 206,918  |          |
| Loss for the period                               | -          | -           | -              | (88,057)    | (88,057)    | (354)    | (88,411) |
| Other comprehensive loss                          | -          | -           | (84)           | -           | (84)        | (9)      | (93)     |
| At 31 December 2022                               | -          | 218,195     | (156) (98,689) | 119,350     | (936)       | 118,414  |          |
| Called-up                                         | Profit and | Total       |                |             |             |          |          |
| share                                             | Share      | loss        | shareholders   |             |             |          |          |
| capital                                           | premium    | account     | ' equity       |             |             |          |          |
| £000                                              | £000       | £000        | £000           |             |             |          |          |
| Company Total comprehensive income for the period | -          | -           | -              | -           |             |          |          |
| Transactions with owners Issue of shares          | -          | 218,195     | -              | 218,195     |             |          |          |
| At 31 December 2021                               | -          | 218,195     | -              | 218,195     |             |          |          |
| Total comprehensive loss for the year             | -          | -           | (67)           | (67)        |             |          |          |
| At 31 December 2022                               | -          | 218,195     | (67)           | 218,128     |             |          |          |

The notes on pages 39 to 67 form part of these financial statements.

| Consolidated Cash Flow Statement For the year ended 31 December 2022                          | Year ended   | Period ended   |
|-----------------------------------------------------------------------------------------------|--------------|----------------|
| 31 December                                                                                   | 31 December  |                |
|                                                                                               | 2022         | 2021           |
|                                                                                               | £000         | £000           |
| Cash flows from operating activities Loss before taxation                                     | (96,447)     | (4,187)        |
| Adjustments for: Depreciation of tangible fixed assets                                        | 7,856        | 2,448          |
| Amortisation of intangible assets                                                             | 76,538       | 24,208         |
| Loss on disposal of tangible assets                                                           | 178          | -              |
| Profit on disposal of subsidiary                                                              | (4,686)      | -              |
| Transaction costs for sale of subsidiary                                                      | (1,632)      | -              |
| Fair value loss on investment properties                                                      | 605          | -              |
| Amortisation of debt arrangement fees                                                         | 1,542        | 262            |
| Unrealised loss/(gains) on investments                                                        | 5,081        | (8,813)        |
| Share of loss in associate                                                                    | 5,985        | 1,221          |
| Interest income                                                                               | (3,188)      | (2,139)        |
| Interest expense                                                                              | 39,097       | 7,256          |
| (Decrease)/increase in provisions                                                             | (5,846)      | 3,757          |
| Decrease/(increase) in debtors and prepayments                                                | (9,104)      | (12,381)       |
| Decrease/(increase) in stocks and work in progress                                            | 285          | (1,067)        |
| Increase in creditors and accruals                                                            | 157,114      | 62,684         |
| Taxation paid                                                                                 | (1,448)      | (198)          |
| Net cash inflow from operating activities                                                     | 171,930      | 73,051         |
| Cash flows from investing activities Cash paid for subsidiaries net of cash balances acquired | (253,547)    | (10,351)       |
| Cash received from sale of subsidiaries net of cash balances disposed                         | 9,900        | -              |
| Disposal of investments                                                                       | 29,490       | 1,585          |
| Purchase of intangible assets                                                                 | (34,662)     | (5,491)        |
| Purchase of tangible fixed assets                                                             | (16,948)     | (1,667)        |
| Purchase of investment property                                                               | (1,160)      | -              |
| Disposal of tangible fixed assets                                                             | -            | 67             |
| Payment of deferred consideration                                                             | (10,376)     | (10,000)       |
| Payments to acquire investments                                                               | (13,872)     | (7,241)        |
| Interest received                                                                             | 331          | 2,493          |
| Net cash outflow from investing activities                                                    | (290,844)    | (30,605)       |

| For the year ended 31 December 2022                                   | Year ended   | Period ended   |
|-----------------------------------------------------------------------|--------------|----------------|
| 31 December                                                           | 31 December  |                |
| 2022                                                                  | 2021         |                |
| £000                                                                  | £000         |                |
| Cash flows from financing activities Proceeds from issuance of shares | -            | 91,761         |
| Proceeds of new borrowings                                            | 740,599      | 97,600         |
| Repayments of borrowings                                              | (518,621)    | (170,672)      |
| Interest paid                                                         | (31,153)     | (11,369)       |
| Net cash inflow from financing activities                             | 190,825      | 7,320          |
| Net increase in cash and cash equivalents                             | 71,911       | 49,766         |
| Cash and cash equivalents at end of period                            | 121,677      | 49,766         |

The notes on pages 39 to 67 form part of these financial statements

# Notes To The Financial Statements For The Year Ended 31 December 2022