TIDMEDEN

RNS Number : 5003Y

Eden Research plc

05 May 2023

5 May 2023

Eden Research

("Eden" or "the Company")

Preliminary results for the year ended 31 December 2022

Eden Research (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces its preliminary results for the year ended 31 December 2022.

Commercial and operational highlights

-- Regulatory approval granted by the United States Environmental Protection Agency (EPA) in September 2022 for all six petitions submitted, covering the Company's three active ingredients (eugenol, geraniol and thymol), two formulated products (Mevalone(R) and Cedroz(TM)) and formulation technology (Sustaine(R))

-- Certification received in November 2022 for use in organic farming in Greece for both of Mevalone(R) and Cedroz(TM) products

-- Agreement signed with Corteva France in December 2022 which allows Corteva to market, distribute and sell Eden's fungicide product, Mevalone(R), in France on an exclusive basis.

-- New insecticide product advancing towards commercialisation with extensive registration and commercial evaluation field trials

-- Commercialisation of seed treatment product, in partnership with Corteva, progressing towards commercial launch potentially in time for the 2024 growing season

   --    Richard Horsman appointed as Non-Executive Director, with effect from 1 September 2022 
   --    New Development Team Lead and Formulation Team members recruited 

Post period events

-- First regulatory approval for the home garden market following clearance for Mevalone(R) in Italy

   --    Regulatory approval across a number of US states for Mevalone(R) and Cedroz(TM) 

-- Regulatory approval in Poland for use of Mevalone(R) on grapes and post-harvest storage diseased in apples

Financial highlights

-- Revenue for the year was GBP1.8 million (2021: GBP1.2 million), with a loss before tax of GBP2.6 million (2021: GBP3.4 million) and statutory operating loss of GBP2.6 million (2021: GBP3.2 million)

   --    Adjusted EBITDA was GBP1.7 million loss (2021: GBP2.0 million loss) 
   --    Cash position at the year-end was GBP2.0 million (2021: GBP3.9 million) 

The Group's full Financial Statements are available at: www.edenresearch.com .

Lykele van der Broek, Chairman of Eden Research plc, commented:

"2022 was a positive year for Eden with a return to strong sales growth and approval for Eden's two commercial products, Mevalone(R) and Cedroz ä , and three active ingredients granted approval in the US. 2023 looks set to provide a number of significant opportunities including further territorial expansion and targeted diseases, increased products sales, and the continued development of other product lines such as our seed treatment and insecticide projects."

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, contact:

 
 Eden Research plc                                     www.edenresearch.com 
 Sean Smith 
  Alex Abrey                                                  01285 359 555 
 
 Cenkos Securities plc (Nominated advisor 
  and broker) 
 Giles Balleny / Max Gould (corporate finance) 
  Michael Johnson (sales)                                     020 7397 8900 
 
 Hawthorn Advisors (Financial PR) 
 Felix Meston                                     eden@hawthornadvisors.com 
  Simon Woods 
 

Notes to Editors:

Eden Research is the only UK-listed company focused on biopesticides for sustainable agriculture. It develops and supplies innovative biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries.

Eden's products are formulated with terpene active ingredients, based on natural plant defence metabolites. To date, they have been primarily used on high-value fruits and vegetables, improving crop yields and marketability, with equal or better performance when compared with conventional pesticides. Eden has two products currently on the market:

Based on plant-derived active ingredients, Mevalone (R) is a foliar biofungicide which initially targets a key disease affecting grapes and other high-value fruit and vegetable crops. It is a useful tool in crop defence programmes and is aligned with the requirements of integrated pest management programmes. It is approved for sale in a number of key countries whilst Eden and its partners pursue regulatory clearance in new territories thereby growing Eden's addressable market globally.

Cedroz (TM) is a bionematicide that targets free living nematodes which are parasitic worms that affect a wide range of high-value fruit and vegetable crops globally. Cedroz is registered for sale on two continents and Eden's commercial collaborator, Eastman Chemical, is pursuing registration and commercialisation of this important new product in numerous countries globally.

Eden's Sustaine (R) encapsulation technology is used to harness the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic compounds to enhance their performance and ease-of-use. Sustaine microcapsules are naturally-derived, plastic-free, biodegradable micro-spheres derived from yeast. It is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN. It was awarded the London Stock Exchange Green Economy Mark in January 2021, which recognises London-listed companies that derive over 50% of their total annual revenue from products and services that contribute to the global green economy. Eden derives 100% of its total annual revenues from sustainable products and services.

   For more information about Eden, please visit:   www.edenresearch.com . 

Chairman's Statement

2022 has been a positive year for Eden with a return to strong sales growth and approval for Eden's two commercial products, Mevalone(R) and Cedroz ä , and three active ingredients granted in the US. 2023 looks set to provide a number of significant opportunities including further territorial expansion and targeted diseases, increased products sales, and the continued development of other product lines such as our seed treatment and insecticide projects.

The wine grape market in Europe has recovered well, meaning that farmers have been returning to pre-pandemic levels of pesticide applications, with further increase in demand expected in 2023 as the industry returns to normal.

This trend, in conjunction with regulatory approvals and label extensions granted for Mevalone in recent years in countries such as Australia and Spain has resulted in strong product sales growth in 2022 of around 45%, a trend which we expect to continue in 2023.

With time, we expect that the US market will provide Eden with a market opportunity which could rival that of Southern Europe, which has provided the vast majority of Eden's product sales revenue to date.

Our distribution partner for Mevalone in the US, Sipcam Agro USA, is well prepared for commercial launch in 2023. It has already ordered its first batch of product for this coming growing season.

Good progress has also been made with Corteva Agriscience, our partner for our seed treatment product. A significant effort has been made by both parties in developing the product in readiness for launch in the 2024 growing season, subject to the necessary regulatory approvals.

Towards the end of 2022, Eden expanded its relationship with Corteva by entering into an exclusive distribution agreement for Mevalone in France, a key market for that product. This new distribution agreement, in conjunction with our development projects, reflects the growing influence that Eden is building across the agrochemicals sector, particularly amongst the industry's major international corporations.

Work is well advanced to expand Mevalone's label into additional disease targets. It is expected that this will significantly increase the addressable market for Mevalone in France.

Over the past three years, Eden's team has expanded across research and development, sales and distribution, product management, and regulatory affairs functions. This increased capacity means that we are able to undertake an unprecedented level of development activity for current and new products.

To that end, Eden's insecticide product has been formulated and samples provided to multiple interested parties who are undertaking their own trial work, further to Eden running its own field trials in 2021 and 2022 which produced encouraging results.

In the background, we continue to work with several partners with our polymer-free Sustaine microencapsulation technology which enables Eden to provide a solution to incumbent products which currently use microplastics in their formulations as encapsulation systems.

Eden has never been short of opportunities, and this continues to be the case. The market drivers which underpin Eden's investment case continue to increase with growing regulatory pressure on older agrochemicals and a shift in business and consumer preferences to use sustainable, low residue alternatives.

Clearly, the key to Eden's success is converting this opportunity into commercial success through sustained, strong product sales growth. I believe that we have seen the start of that growth in 2022.

Whilst Eden may not have the level of resources that some of its much larger competitors may have, we do have a valuable, diverse product and technology portfolio coupled with a creative, focussed team that can deliver success using the advantages we have of nimbleness, low bureaucracy, free thinking, and individuals who know that their contribution will make a difference.

As ever, I would like to thank Eden's shareholders for their ongoing and much appreciated support.

Lykele van der Broek

Non-Executive Chairman

4 May 2023

Chief Executive Officer's Review for the year ended 31 December 2022

Section one: Introduction

2022 saw an immense effort by the whole Eden team to achieve a number of significant landmarks which has built the foundations for significant growth in 2023 and beyond.

In 2022, we observed some of the hottest temperatures recorded across the globe which led to dry growing conditions across Europe, high food prices, and reduced supply. Furthermore, the war in Ukraine has required companies to navigate difficult supply chain issues while also managing high energy costs against the background of a global energy crisis. This has had an adverse effect on the demand for pesticide products driven by a reduction of fungal disease and a generally reduced demand for pesticides in many major categories.

Despite this, Eden has successfully executed several key label extensions across new crop types and target diseases, as well as authorisations in new territories. We have not only beaten last year's sales performance, but we have also outperformed market expectations in terms of both volume and value.

Most notably, the Company gained US Environmental Protection Agency (EPA) approval, granting us access to the US market, paving the way for a very significant market entry. This has been the result of the regulatory team's tireless efforts over the past four years, working with the EPA to ensure Eden met its extensive list of strict requirements. At the state level we have currently received regulatory approval in 17 US states for Mevalone(R), and 8 US states for Cedroz(TM). We continue to work to gain approvals from the other states, including key states such as California.

Section two: Delivering on our strategy

By 2027, it is estimated that the global biopesticide market will be worth more than $11 billion, growing at a CAGR of 15% per annum. On average, the time it takes to bring new conventional agricultural products to the market is estimated at around 10 to 12 years at a cost of $300 million. With that as the backdrop, it is important to note that Eden's leverage of its three registered active ingredients and formulation delivery system, Sustaine(R), allows us to move relatively quickly to formulate new products and introduce new solutions to the increasing challenges facing growers, particularly as regulatory compliance becomes more demanding.

As the only UK-quoted company developing plant-derived biopesticide formulations and plastic free encapsulation technology, we believe that Eden is uniquely positioned to offer investors exposure to a compelling segment of the sustainable agricultural market.

The Company strategy is built on four key objectives:

   a)    Business line diversification 
   -     Pursuit of opportunities in seed treatments 
   -     Development of insecticides 
   -     Expand crops and diseases treated, increasing the addressable market for existing products 
   -     Geographic diversification 
   b)    Research, development, and operations 
   -     Supply chain optimisation 
   -     Expansion of in-house screening and field trials capability 
   -     Accelerate commercialisation of Sustaine(R) for conventional actives 
   -     Increase self-reliance in R&D 
   -     Reduce time to market 
   c)    Commercial growth 
   -     Regulatory clearance in new countries, crops, and diseases 
   -     Accelerate Sustaine(R) development 
   -     Partnerships for Mevalone(R) in new territories 
   -     Pursue collaboration with majors and select national partners 
   -     Route to market optimisation 
   d)    Strengthening and growing the team 

- Added capacity in R&D, including microbiology, plant biology, agronomy, and analytical chemistry

   -     Robust approach to data quality 
   -     Expand commercial team 

- Addition of in-house regulatory expertise - accelerating time to market and reducing regulatory costs

Reflecting on these objectives, I believe that we have made significant progress with expanding the growth of our existing products while also continuing to pursue new opportunities through new product development. Eden has been delivering against these objectives in the following ways:

   a)    Widening our global market opportunities 

USA EPA Approval

In September 2022, Eden was granted regulatory approval from the United States EPA for all five petitions submitted, covering the Company's three active ingredients (eugenol, geraniol and thymol), formulation technology (Sustaine(R)) and two formulated products (Mevalone(R) and Cedroz(TM)). It is worth noting that regulatory clearance on a federal level of our active ingredients will allow for easier and faster registration for all future formulations based on these ingredients.

Eden stands amongst very few British crop protection companies to obtain approvals for multiple biopesticides in the US. The market potential in the US for Mevalone(R) and Cedroz(TM) alone stands at approximately EUR94 million and EUR189 million per annum, respectively. This excludes the opportunities for bioinsecticides which are estimated to be worth an additional EUR237 million. With increasing regulatory pressure on conventional pesticide products across the country and a general steer towards sustainably grown produce, the market opportunities are only likely to expand.

Since receiving EPA approval at federal level, Eden has also obtained a number of important state authorisation such as Florida, Washington, Oregon, and New York. With these individual approvals now in place, our distribution partner, Sipcam Agro USA, can start to sell Mevalone(R) in the 2023 growing season. In December 2022, Eden fulfilled its first order for the US market.

Mevalone(R)

Over the course of the year, Eden received various label extensions for Mevalone(R), including in Italy where Eden and Sipcam are now allowed to target two new fungal pathogens and a wide range of new crop types with an expanded Mevalone(R) label (sold in Italy under the brand name 3logy(R) by Sipcam). We estimate that this expansion of the label for 3logy(R) adds thousands of hectares of high-value crops to our addressable market.

We are currently hard at work to further optimise our distribution network, and we anticipate announcing new partnerships in the coming months; all aimed at adding new territories or expanding our use case in existing countries. An outstanding example of such optimisation is the appointment of Corteva France as our exclusive distribution partner in France in December of 2022, replacing the incumbent distributor. Corteva's assessment of the French market is that new opportunities have emerged as the consequence of the removal of key conventional pesticides.

Working with Corteva, Eden is pursuing the significant expansion of the label for Mevalone in France, targeting both downy mildew and powdery mildew and resulting in an up to ten-fold expansion of the addressable market in France. Preparation of the necessary regulatory submissions is well under way with the efficacy trials data required to support these submissions now complete.

Post period end, we were pleased to secure our first regulatory approval for the consumer market with clearance for Mevalone(R) in Italy for home garden use. This will allow Italian gardeners the same access as commercial farmers to a sustainable fungicide to protect their plants and crops from destructive fungal pathogens.

Organic certification

In November 2022, it was announced that Mevalone(R) and Cedroz(TM) received certification for organic farming in Greece. The certification, received by Eden's regional partner, K&N Efthymiadis (K&NE), follows the authorisation of Eden's three EU-registered active ingredients for use in organic farming in 2020.

   b)    Expanding our product line and applicable uses 

Insecticide

Field trials in 2021 and 2022 have produced encouraging results for our insecticide candidates. The Company is pleased to be in position where it has now agreed on a final formulation, entered into testing agreements and sent trial-scale samples to multiple interested parties who are undertaking their own trial work. Eden has started to see results from its potential partners come in and we are pleased to say that they are, thus far, in line with our own results. The Company expects there to be a high level of interest for this product, particularly in the key markets of Europe and the US.

Seed treatment

We continue to make steady progress with the development of our seed treatment product, in partnership with Corteva Agriscience. During the last two years, the companies have worked closely together to undertake field trials and other development work. The field trials conducted during this time yielded positive results with efficacy that is comparable to, or better than, the incumbent product that is being removed from the market. We are now in the final stages of collating the information that is required to make a full submission for authorisation of the product in the EU and selected additional territories. It is expected that launch of the product in the EU will occur in time for the 2024 growing season, although both companies acknowledge that this is an estimate and is subject to revision, dependent on development and product registration milestones being achieved as anticipated and the pace of regulatory action by the authorities.

Eden is also pursuing further opportunities in seed treatments, including fungicidal and nematicidal applications.

Sustaine(R)

Over the course of Sustaine's existence, Eden has received numerous enquiries about using the technology with third party active ingredients which also require an alternative solution to plastic. Field trials are currently underway with multiple partners to fully exploit its capability and decisions regarding future evaluations based on current trials are expected in due course.

   c)    New team additions to drive next phase of growth 

Our recent growth is largely attributable to the core skills and strengths of the team that drives Eden. Over the course of the year, we have hired new staff across vital divisions of our business from regulatory affairs to research and development. The Eden team now has the necessary capabilities to formulate, develop, test and register products that it has created. Our headcount by year end stood at 19, which we view as the optimum level at this time to continue to progress along our high growth trajectory at a faster pace than possible in the past.

In September 2022, we welcomed Richard Horsman as a Non-Executive Director to the Company. Richard possesses an abundance of industry, commercial and corporate acumen and expertise which will help drive Eden through our next phase of growth. This not only applies to maximising the potential of our existing opportunities, but also driving new opportunities that share synergies with our core business.

Section three: Financial review

Revenue for the year was GBP1.8 million which marked a 50% increase on the previous year (FY21: GBP1.2m). This reflects a significant increase in product sales which were GBP1.6m, a 45% rise on last year's products sales (FY21: GBP1.1m).

Our earnings before tax have also improved. In 2022, we recorded a reduced loss of GBP2.6m which compared favourably to the previous year's performance (FY21: GBP3.4m loss).

Administrative expenses remained flat at GBP2.7m (2021: GBP2.7m), while additions to intangible assets, including development costs, reduced to GBP1.0m from GBP1.6m in 2021.

Our cash balance at year-end was GBP2.0m (2021: GBP3.8m).

At present, there is currently no near-term plan to pay a dividend. However, the Board continues to review the Company's dividend policy.

Section four: 2023 outlook

With the groundwork having been laid throughout the course 2022, our strategy for 2023 is to maximise the sales potential of our current products in existing markets, continue to expand our geographic reach and target disease portfolio, and accelerate the development of new products and formulations based upon our terpene-based active ingredients and yeast-derived, plastic-free formulation technology.

Continuing our progress in the US market in 2022 (where in September we received authorisation for our portfolio of three active ingredients formulation system and two formulated products, Mevalone(R) and Cedroz(TM), from the US EPA), subsequently Eden applied for state-level authorisations in multiple states, including Florida, Washington, Oregon and California. A number of states - including New York State - have already granted their authorisations with more due in 2023, including the largest US market for Eden: California.

Eden is also targeting regulatory approval in the United Kingdom where we have submitted an application for authorisation for Mevalone(R). While the addressable market potential in the United Kingdom is not as significant as it is elsewhere, the opportunity as a British-based business to provide our products to the British market is exciting. Furthermore, despite its size, the market for botryticides in the UK is growing rapidly as the number of hectares dedicated to wine production increases. We are looking forward to forming close partnerships locally and being part of the UK's efforts to meet its sustainable agricultural goals.

Elsewhere, we continue to pursue other territories across the globe and have numerous applications for regulatory approvals of Mevalone(R) and Cedroz(TM) pending. This includes Germany, Poland, New Zealand, Morocco and Tunisia.

Eden is also exploring the suitability for Mevalone(R) application on cannabis in the US and Canada. The market potential for Eden in cannabis production could be significant considering recent legislation changes in the US and the significant need for pesticides on this crop. Furthermore, cannabis has multiple crop cycles per year which require year-round application of crop protection products. Field trials commenced in 2022 and we continue to assess the effectiveness of Mevalone(R) against several diseases including botrytis.

Evaluations in additional areas of significant commercial potential include black sigatoka (banana), potato blight and potato cyst nematodes. In each case, the initial evaluations have produced encouraging results.

Following our first regulatory approval for consumer home and garden use in Italy, we look forward to continuing this momentum as we look at accessing other territories worldwide so the home gardener can also benefit from the safety and efficacy that Mevalone(R) provides. Our breakthrough in one consumer market is the beginning and the ability to offer home gardeners the same tools serves as another demonstration of the versatility of our sustainable products and technology.

Finally, we are working hard to move forward with new products including insecticides, seed treatments, and optimised fungicides. Subject to regulatory authorisation, we expect to see the first sales of our seed treatments developed with Corteva in 2024 and the first sales of our insecticides in the US in 2024/2025 and in the EU in 2025/2026. Ongoing EU regulatory developments around the use of intentionally added microplastics in agricultural products should also prompt accelerated development and deployment of our propriety Sustaine(R) microencapsulation technology across a number of active ingredients in addition to our own.

Section five: Driving positive impact

Sustainability lies at the heart of what we do at Eden. We are focused on providing innovative and sustainable solutions to the global agriculture industry and beyond. It is with this philosophy that we aim to perform a fundamental role for farmers looking to adopt sustainable farming practices without adversely impacting their output or bottom line.

Sustainability can often pose a systematic challenge for the agricultural industry as it looks to contend with feeding a growing population while also protecting our planet. Our growing portfolio of products helps farmers to protect natural biological ecosystems, as well as their high value crops, meeting the growing demands of both consumers and regulators. The ingredients we use to formulate our products; geraniol, eugenol and thymol, are naturally-occurring materials used by plants themselves as a part of their own defence systems.

Moreover, our products have been certified as organic in the EU. This is a valuable classification for Eden as we are seeing rising demand for organic produce amongst consumers and growers, a trend also reinforced by regulation. Under its Farm to Fork strategy, the EU has proposed that at least 25% of the EU's agricultural land should be farmed organically by 2030, and the action plan supporting this change has now reached the public consultation phase.

Increasingly, regulatory restrictions over crop protection product usage and a drive towards organic farming is apparent right across the globe and demonstrated quite clearly in the UK with the introduction of the Department of Environment, Food, and Rural Affairs' new Environmental Land Management Schemes (ELMS). Under ELMS, farmers in England will be entitled to a Sustainable Farming Incentive payment which focuses on soil health and reducing the use of damaging inputs such as fertilisers and insecticides. In the context of our regulatory application in the UK, we continue to review the associated opportunities and risks. Moving forward, we look forward to working with our distribution partner and local farmers as these regulations evolve in a post-Brexit environment.

TerpeneTech (UK)

Sales of geraniol into the biocide sector have continued to increase year on year and TerpeneTech (UK) is investigating the potential to register additional active ingredients under the EU's Biocide Directive.

Sales of the head-lice treatment product have still not started outside of the U.K. as had been expected. Eden is in discussion with TerpeneTech (UK) to determine the best way forward with this product.

TerpeneTech (Ireland)

TerpeneTech (Ireland) was established in 2019 to hold the registration of geraniol under the EU's Biocidal Products Regulation, due to changes brought about by Brexit. As such, TerpeneTech (Ireland) receives royalty income from TerpeneTech (UK) on the sales of geraniol but is otherwise non-operational.

Ukraine

Eden does not currently have any business activities in Russia or Ukraine and, as such, has not seen any direct impact on its business.

The knock-on effect of the conflict on other countries also appears to be minimal and so we do not envisage significant disruption to the current business in the short term.

Section six: Summary

Eden has pivoted from being a small agrochemical development and licensing company to an operating business with meaningful and growing product sales and a strong development pipeline. This is reflected in our 2022 results which show that we have beaten last year's sales performance and outperformed market expectations in terms of volume and value. With each milestone that we pass, Eden remains ambitious in our plans to continue expanding our regulatory and commercial footprint, growing our network of partners, and increasing the size our addressable markets. We also remain risk-aware to changing consumer and regulatory trends as well as global climatic and economic conditions, and I can confidently say that our business model has so far proven to be resilient to all these factors and we will continue to ensure Eden remains firmly grounded.

I am proud of the role Eden is playing in helping create more sustainable agricultural practices as the only UK-quoted company focused on sustainable chemistry for the biopesticide industry. Today we are viewed by our peers as the biocontrol standard for biofungicides. I would like to take this opportunity to thank our team which has played a significant role in delivering the results for 2022, and to our shareholders who have backed us throughout the year.

Sean Smith

Chief Executive Officer

4 May 2023

Consolidated statement of comprehensive income f or the year ended 31 December 2022

 
                                                  2022         2021 
                                    Notes          GBP          GBP 
 
Revenue                               4      1,827,171    1,228,580 
Cost of sales                                (997,011)      (667,343) 
 
 
 
Gross profit                                   830,160      561,237 
 
Amortisation of intangible 
 assets                                      (495,818)      (434,630) 
Administrative expenses                    (2,749,240)    (2,694,290) 
Share based payments                         (152,135)      (640,597) 
 
 
 
Operating loss                        5    (2,567,033)    (3,208,280) 
 
Interest income                       8            192           98 
Finance costs                         9       (22,046)       (32,074) 
Foreign exchange gains/(losses)       9         52,736       (97,247) 
Share of loss of equity accounted 
 Investee, net of tax                 15      (31,444)       (58,177) 
 
 
 
Loss before taxation                       (2,567,595)    (3,395,680) 
 
Income tax income                    10        323,716      618,137 
 
 
 
Loss and total comprehensive 
 income for the year                       (2,243,879)    (2,777,543) 
 
 
 
Total comprehensive income for the 
 year is attributable to: 
- Owners of the parent Company             (2,237,262)    (2,788,973) 
- Non-controlling interests                    (6,617)       11,430 
 
 
 
                                           (2,243,879)    (2,777,543) 
 
 
 
Earnings per share                   11 
Basic                                          (0.59p)        (0.73p) 
Diluted                                        (0.59p)        (0.73p) 
 
 
 

Consolidated statement of financial position a s at 31 December 2022

 
                                              2022        2021 
                                Notes          GBP         GBP 
 
Non-current assets 
Intangible assets                 12     8,447,226   7,919,780 
Property, plant and equipment     13       198,786     232,278 
Right-of-Use assets               14       332,814     372,787 
Investments                       15       330,244     361,688 
 
 
 
                                         9,309,070   8,886,533 
 
 
 
Current assets 
Inventories                       17       625,458     521,351 
Trade and other receivables       18       658,866     886,587 
Current tax recoverable             10     323,716     903,245 
Cash and cash equivalents                1,994,472   3,829,369 
 
 
 
                                         3,602,512   6,140,552 
 
 
 
Current liabilities 
 
Trade and other payables          19     1,813,341   1,711,518 
Lease liabilities                 20       139,547      99,924 
 
 
 
                                         1,952,888   1,811,442 
 
 
 
Net current assets                       1,649,624   4,329,110 
 
 
 
Non-current liabilities 
 
Trade and other payables          19             -      87,740 
Lease liabilities                 20       215,776     298,428 
 
 
 
                                           215,776     386,168 
 
 
 
Net assets                              10,742,918  12,829,475 
 
 
 
 
 
                                                                                 2022          2021 
                                                               Notes              GBP           GBP 
 
Equity 
 
Called up share capital                                         23          3,808,589     3,803,402 
Share premium account                                           24         39,308,529    39,308,529 
Warrant reserve                                                 25            701,065       937,505 
Merger reserve                                                  26         10,209,673    10,209,673 
Retained earnings                                                        (43,309,440)    (41,460,753) 
Non-controlling interest                                       27              24,502        31,119 
 
 
 
Total equity                                                               10,742,918    12,829,475 
 
 
The financial statements were approved by the Board of Directors 
 and authorised for issue on 4 May 2023 and are signed on its behalf 
 by: 
 
 
Sean Smith 
Director 
 
 

Company statement of financial position as at 31 December 2022

 
                                               2022          2021 
                                Notes           GBP           GBP 
 
Non-current assets 
Intangible assets                12       8,354,299     7,813,583 
Property, plant and equipment    13         198,786       232,278 
Right-of-Use Assets              14         332,814       372,787 
Investments                      15         330,244       361,688 
 
 
 
                                          9,216,143     8,780,336 
 
 
 
Current assets 
Inventories                      17         625,458       521,351 
Trade and other receivables      18         786,791       970,587 
Current tax recoverable            10       323,716       903,245 
Cash and cash equivalents                 1,994,472     3,829,369 
 
 
 
                                          3,730,437     6,224,552 
 
 
 
Current liabilities 
 
Trade and other payables         19       1,813,341     1,667,557 
Lease liabilities                20         139,547        99,924 
 
 
 
                                          1,952,888     1,767,481 
 
 
 
Net current assets                        1,777,549     4,457,071 
 
 
 
Non-current liabilities 
 
Trade and other payables         19               -        87,740 
Lease liabilities                20         215,776       298,428 
 
 
 
                                            215,776       386,168 
 
 
 
Net assets                               10,777,916    12,851,239 
 
 
 
Equity 
 
Called up share capital          23       3,808,589     3,803,402 
Share premium account            24      39,308,529    39,308,529 
Warrant reserve                  25         701,065       937,505 
Merger reserve                   26      10,209,673    10,209,673 
Retained earnings                      (43,249,940)    (41,407,870) 
 
 
 
Total equity                             10,777,916    12,851,239 
 
 
 
 
 
 
  As permitted by s408 Companies Act 2006, the Company has not presented 
  its own income statement and related notes. The Company's loss for 
  the year was GBP2,230,645 (2021 - GBP2,764,403). 
 
The financial statements were approved by the Board of Directors 
 and authorised for issue on 4 May 2023 and are signed on its behalf 
 by: 
 
 
Sean Smith 
Director 
 
Company Registration No. 03071324 
 

Consolidated statement of changes in equity f or the year ended 31 December 2022

 
                           Share       Share      Merger    Warrant          Retained earnings                  Total  Non-controlling        Total 
                         capital     premium     reserve    reserve                                                           interest 
                                     account 
                Notes        GBP         GBP         GBP        GBP                        GBP                    GBP              GBP          GBP 
Balance at 1 
 January 2021          3,803,402  39,308,529  10,209,673    429,915               (38,842,259)             14,909,260           19,689   14,928,949 
 
Year ended 31 
December 2021: 
Loss and total 
 comprehensive 
 income for 
 the 
 year                          -           -           -          -                (2,788,973)            (2,788,973)           11,430  (2,777,543) 
Issue of share 
 capital        23/24          -           -           -          -                          -                      -                -            - 
Options 
 granted         22            -           -           -    678,069                          -                678,069                -      678,069 
Options lapsed   22            -           -           -  (170,479)                    170,479                      -                -            - 
 
 
 
Balance at 31 
 December 
 2021                  3,803,402  39,308,529  10,209,673    937,505               (41,460,753)             12,798,356           31,119   12,829,475 
 
 
 
Year ended 31 
December 2022: 
Loss and total 
 comprehensive 
 income for 
 the 
 year                          -           -           -          -                (2,237,262)            (2,237,262)          (6,617)  (2,243,879) 
Issue of share 
 capital        23/24      5,187           -           -          -                          -                  5,187                -        5,187 
Options 
 granted         22            -           -           -    152,135                          -                152,135                -      152,135 
Options lapsed   22            -           -           -  (388,575)                    388,575                      -                -            - 
 
 
 
Balance at 31 
 December 
 2022                  3,808,589  39,308,529  10,209,673    701,065               (43,309,440)             10,718,416           24,502   10,742,918 
 
 
 
 

Share capital is the number of shares issued in the Company at their nominal value. The share premium account represents the gross proceeds from issue of shares, less their nominal value.

Company statement of changes in equity f or the year ended 31 December 2022

 
                             Share         Share      Merger      Warrant      Retained        Total 
                           capital       premium     reserve      reserve      earnings 
                                         account 
                Notes          GBP           GBP         GBP          GBP           GBP          GBP 
Balance at 1 
 January 2021            3,803,402    39,308,529  10,209,673      429,915  (38,813,946)   14,937,573 
 
Year ended 31 
December 2021: 
Loss and total 
 comprehensive 
 income for 
 the year                        -             -           -            -   (2,764,403)    (2,764,403) 
Issue of share 
 capital        23/24            -             -           -            -             -            - 
Options 
 granted         22              -             -           -      678,069             -      678,069 
Options lapsed   22              -             -           -    (170,479)       170,479            - 
 
 
 
Balance at 31 
 December 2021           3,803,402    39,308,529  10,209,673      937,505  (41,407,870)   12,851,239 
 
 
 
Year ended 31 
December 2022: 
Loss and total 
 comprehensive 
 income for 
 the year                        -             -           -            -   (2,230,645)    (2,230,645) 
Issue of share 
 capital        23/24        5,187             -           -            -             -        5,187 
Options 
 granted         22              -             -           -      152,135             -      152,135 
Options lapsed   22              -             -           -    (388,575)       388,575            - 
 
 
 
Balance at 31 
 December 2022           3,808,589    39,308,529  10,209,673      701,065  (43,249,940)   10,777,916 
 
 
 
 

Share capital is the number of shares issued in the Company at their nominal value. The share premium account represents the gross proceeds from issue of shares, less their nominal value.

 
                                               2022                                 2021 
                         Notes            GBP          GBP                     GBP          GBP 
 
Cash flows from 
 operating activities 
 
Cash absorbed by                               (1, 586,531 
 operations                   33                         )                          (1,586,582) 
R&D tax credit 
 received                                          903,244                                    - 
 
 
 
Net cash outflow from 
 operating activities                            (683,287)                          (1,586,582) 
 
Investing activities 
Development of 
 intangible assets                (1,023,262)                          (1,624,927) 
Purchase of property, 
 plant and equipment                 (30,929)                            (101,269) 
Interest received                         192                                   98 
 
 
 
Net cash used 
 in investing 
 activities                                    (1,053,999)                          (1,726,098) 
 
Financing activities 
Payment of lease 
 liabilities                        (128,301)                             (90,387) 
Interest on lease 
 liabilities                         (22,046)                             (32,074) 
 
 
 
Net cash generated 
 from/(used in) 
 financing activities                            (150,347)                            (122,461) 
 
 
 
Net 
 increase/(decrease) 
 in cash and cash 
 equivalents                                   (1,887,633)                          (3,435,141) 
 
Cash and cash 
 equivalents 
 at beginning of 
 year                                            3,829,369                            7,286,503 
Effect of foreign 
 exchange rates                                     52,736                             (21,993) 
 
 
 
 
 
 
Cash and cash equivalents 
 at end of year                1,994,472  3,829,369 
 
 
 
 
  Relating to: 
  Bank balances                1,994,472  3,829,369 
 
 
 
 

Non-cash movement on account of financing activities:

Note

   14           Lease liability additions GBP87,228 (2021: GBP76,464) 
   22           Share based payment charge GBP152,135 (2021: GBP640,957) 
   23           Issue of shares GBP5,187 (2021: GBPnil) where proceeds remain unpaid at the year end. 

Company statement of cash flows for the year ended 31 December 2022

 
                               2022                              2021 
  Notes                   GBP                       GBP     GBP               GBP 
 
Cash flows from 
 operating activities 
 
Cash absorbed                               (1, 586,531 
 by operations             33                         )                            (1,586,582) 
R&D tax credit 
 received                                       903,244                                      - 
 
 
 
Net cash outflow from 
 operating activities                         (683,287)                            (1,586,582) 
Investing activities 
Development of 
 intangible assets             (1,023,262)                            (1,624,927) 
Purchase of property, 
 plant and equipment              (30,929)                              (101,269) 
Interest received                      192                                     98 
 
 
 
Net cash used 
 in investing 
 activities                                 (1,053,999)                            (1,726,098) 
 
Financing activities 
Payment of lease 
 liabilities                     (128,301)                               (90,387) 
Interest on lease 
 liabilities                      (22,046)                               (32,074) 
 
 
 
Net cash generated 
 from/(used in) 
 financing activities                         (150,347)                              (122,461) 
 
 
 
Net increase/(decrease) 
 in cash and cash 
 equivalents                                (1,887,633)               (3,435,141) 
 
Cash and cash 
 equivalents at 
 beginning of 
 year                                         3,829,369                 7,286,503 
Effect of 
 foreign exchange 
 rates                                           52,736                ( 21,993 ) 
 
 
 
Cash and 
 cash equivalents 
 at end of 
 year                                         1,994,472                 3,829,369 
 
 
 
Relating 
 to: 
 
 
  Bank balances                               1,994,472                 3,829,369 
 
 
 
 

Non-cash movement on account of financing activities:

Note

   14           Lease liability additions GBP87,228 (2021: GBP76,464) 
   22           Share based payment charge GBP152,135 (2021: GBP640,957) 
   23           Issue of shares GBP5,187 (2021: GBPnil) where the proceeds remain unpaid 

Notes to the Group financial statements f or the year ended 31 December 2022

 
1    Accounting policies 
     Company information 
     Eden Research plc is a public company limited by shares incorporated 
      in England and Wales. The registered office is 67C Innovation 
      Drive, Milton Park, Abingdon, Oxfordshire, OX14 4RQ. The 
      Company's principal activities and nature of its operations 
      are disclosed in the Directors' report. 
 
      The Group consists of Eden Research plc, its subsidiaries, 
      TerpeneTech Limited (Ireland), Eden Research Europe Limited 
      (Ireland) (see note 16) and its associate company, TerpeneTech 
      Limited (UK) (see note 15). 
1.1  Accounting convention 
     The Group and Company financial statements have been prepared 
      in accordance with UK-adopted international accounting standards 
      and as applied in accordance with the provisions of the Companies 
      Act 2006. 
     The financial statements are prepared in pound sterling, 
      which is the functional currency of the Group. Monetary amounts 
      in these financial statements are rounded to the nearest 
      GBP. 
 
      They have been prepared on the historical cost basis. The 
      principal accounting policies adopted are set out below. 
 
      See note 2 for further information on changes to standards 
      adopted or in issue during the year end. 
 
 
1.2  Basis of consolidation 
      The consolidated financial statements consolidate the financial 
      statements of the Company and its subsidiary undertakings 
      up to 31 December 2022. The profits and losses of the Company 
      and its subsidiary are consolidated from the date from which 
      control is achieved. All members of the Group have the same 
      reporting period. 
 
      Subsidiary undertakings are entities controlled by the Company. 
      The Company controls an entity when it is exposed to, or 
      has the right to, variable returns from its involvement with 
      the entity and has the ability to affect those returns through 
      its power over the entity. 
 
      Associates 
 
      Associates are those entities in which the Company has significant 
      influence, but not control, over the financial and operating 
      policies. Significant influence is presumed to exist when 
      the Company holds between 20 and 50 percent of the voting 
      power of another entity, or where the Company has a lower 
      interest but the right to appoint a Director. The Company 
      acquired 29.9% of TerpeneTech Limited ("TerpeneTech (UK)") 
      during 2015; TerpeneTech (UK) is an associated undertaking. 
 
      Application of the equity method to associates 
 
      The investment in TerpeneTech (UK) is accounted for using 
      the equity method. The investment was initially recognised 
      at cost. The Company's investment includes goodwill identified 
      on acquisition, net of any accumulated impairment losses 
      and any separable intangible assets. The financial statements 
      include the Company's share of the total comprehensive income 
      and equity movements of TerpeneTech (UK), from the date that 
      significant influence commenced. 
 
 
1.3  Going concern 
     The Directors have, at the time of approving the financial 
      statements, a reasonable expectation that the Group and Company 
      have adequate resources to continue in operational existence 
      for at least 12 months from the approval of the financial 
      statements. Thus, the financial statements have been prepared 
      on a going concern basis which contemplates the realisation 
      of assets and the settlement of liabilities in the ordinary 
      course of business. 
 
      The Group has reported a loss for the year after taxation 
      of GBP2,243,879 (2021: GBP2,777,543). Net current assets 
      at that date amounted to GBP1,649,624 (2021: GBP4,329,110). 
      Cash at that date amounted to GBP1,994,472 (2021: GBP3,829,369). 
 
      The Company has reported a loss for the year after taxation 
      of GBP2,230,645 (2021 - GBP2,764,403). Net current assets 
      at that date amounted to GBP 1,777,549 (2021: GBP4,457,071). 
      Cash at that date amounted to GBP1,994,472 (2021: GBP3,829,369). 
 
      The Directors have prepared budgets and projected cash flow 
      forecasts, based on forecast sales provided by Eden's distributors 
      where available, for a period of at least 12 months from 
      the date of approval of the financial statements and they 
      consider that the Group and Company will be able to operate 
      with the cash resources that are available to it for this 
      period. 
 
      The forecasts adopted include revenue derived from existing 
      contracts as well as expected new contracts in respect of 
      products not yet available for use. 
 
      The impact of COVID has been considered in the forecasts. 
      The Group has been impacted by the pandemic as it has led 
      to some delays in regulatory approvals, product development 
      process and limited promotional activity, which resulted 
      in lower than forecast sales in 2020 and 2021. The forecasts 
      reflect this with the development expenditure timing based 
      on the latest experience with regulatory authorities and 
      sales volumes on the latest distributors' information which 
      reflects their post-COVID demand. 
 
      In addition, the Group has relatively low fixed running costs, 
      as production is undertaken through toll manufacturers, and 
      the Directors have previously demonstrated ability and willingness 
      to delay certain costs, such as research and development 
      expenditure, where required and are willing and able to delay 
      costs in the forecast period should the need arise. A positive 
      cash balance is forecasted to be maintained in this base 
      scenario throughout the entire forecast period. 
 
      The Directors have also considered a downside scenario which 
      includes reductions to revenue derived from existing contracts 
      as well as elimination of revenue from products not yet available 
      for use offset by mitigations around research and development 
      expenditure as well as some reductions in expansionary overheads. 
      Under this scenario, a positive cash balance would be maintained 
      over the forecast period. 
 
      Consequently, the Directors are confident that the Group 
      and Company will have sufficient funds to continue to meet 
      their liabilities as they fall due for at least 12 months 
      from the date of approval of the financial statements and 
      therefore have prepared the financial statements on a going 
      concern basis. 
 

The Group's achievement of long-term positive cash generation is reliant on the completion of ongoing product development and successful initial approval and registration of these products with various regulatory bodies, as well as the registration of existing products in new territories. While the Group is forecasted to become cash generative in 2024 under the base budget, the Directors consider it reasonably possible that the Group may seek further funding prior to that point.

The Group has planned its cashflows taking into account its current cash availability and is satisfied that it can continue for the foreseeable future, albeit with careful management of the levels of investment in the short term, depending on the positive outcome and/or timing of certain commercial and regulatory events.

However, given the plethora of opportunities and strong interest that the Group is presented with, the Board of Eden may seek to invest to a greater extent than it is currently able to and to expedite the commercialisation of its product portfolio. To that end, the Board continues to assess all funding and commercial opportunities, taking into account commercial and market conditions.

 
1.4  Revenue 
 
       Revenue received by the Group is recognised net of any 
       taxes and in accordance with IFRS 15. Policies for each 
       significant revenue stream are as follows: 
 
       Licensing fees 
     The Group receives licensing fees from partners who have 
      taken a licence for the right to use Eden's intellectual 
      property, usually defined by field of use and territory. 
      These are identified as the right to use as the Group does 
      not have an obligation to undertake activities that significantly 
      affect the relevant intellectual property. 
 
      Each sale of a licence by the Group is assessed to determine 
      whether the licence is distinct from the sale of other goods 
      and services, and whether the licence granted provides use 
      of the Group's intellectual property as it exists at that 
      point in time, with no ongoing obligation on the Group, or 
      alternatively provides access to the intellectual property 
      as it develops over time. Where the Group has discharged 
      all of its ongoing obligations associated with the licence 
      granted, revenue is recognised on invoicing of the licence 
      fee payment at which point the customer can use and benefit 
      from the licence. Where there is an ongoing obligation on 
      the Group, revenue is recognised in the periods to which 
      the obligations pertain. 
 
      Milestone payments 
 
      The Group receives milestone payments from other commercial 
      arrangements, including any fees it has charged to partners 
      for rights granted in respect of distribution agreements. 
      These agreements are bespoke and any such revenue is specific 
      to the particular agreement. Consequently, for each such 
      agreement, the nature of the underlying performance obligations 
      is assessed in order to determine whether revenue should 
      be recognised at a point in time or over time. 
 
      Revenue is then recognised based on the above assessment 
      upon satisfaction of the performance obligation. 
 
      The Corteva agreement entered into in 2021 includes milestone 
      payments of GBP141,293 received in 2021 and a further GBP164,148 
      in 2022. These milestone payments have been assessed to relate 
      to a performance obligation being satisfied at a point in 
      time. As at year end, this performance obligation had not 
      been reached and, consequently, the amounts received deferred 
      (presented within Accruals and Deferred Income in note 19). 
 
      Further milestone payments are contractually due in the year 
      ending 31 December 2023. The performance obligation is expected 
      to be met no later than by 31 December 2023. 
 
      The second performance obligation relates to product sales 
      and will be accounted for in line with the product sales 
      policy disclosed below once the commercial sales have commenced. 
 
      Upfront and annual payments made by customers at commencement 
      and for renewal of distribution and other agreements are 
      recognised in accordance with the terms of the agreement. 
      Where there is no ongoing obligation on the Group under the 
      agreement, the payment is recognised in full in the period 
      in which it is made. Where there is an ongoing obligation 
      on the Group, the separate performance obligations under 
      the agreement are identified and revenue allocated to each 
      performance obligation. Revenue is then recognised when a 
      corresponding performance obligation has been met. 
 
 
 
  R & D charges 
  The Group sometimes charges its partners for R&D costs that 
  it has incurred which usually relate to specific projects 
  and which it has incurred through a third party. 
 
  Upon agreement with a partner, or if some specific milestone 
  is met, then Eden will raise an invoice which is usually payable 
  between 30 and 120 days. Revenue is recognised upon satisfaction 
  of the underlying performance obligation. 
 
  Royalties 
  The Group receives royalties from partners who have entered 
   into a licence arrangement with Eden to use its intellectual 
   property and who have sold products, which then gives rise 
   to an obligation to pay Eden a royalty on those sales. 
 
    Generally, royalties relate to specific time periods, such 
     as quarterly or annual dates, in which product sales have 
     been made. Revenue is recognised in line with when these sales 
     occur. 
 
     Once an invoice is raised by Eden, following the period to 
     which the royalties relate, payment is due to the Company 
     is 30 to 60 days. 
 
     Sales-based royalty income arising from licences of the Group's 
     intellectual property is recognised in accordance with the 
     terms of the underlying contract and is based on net sales 
     value of product sold by Eden's licensees. It is recognised 
     when the underlying sales occur. 
  Product sales 
  Generally, where the Group has entered into a distribution 
   agreement with a partner, Eden is responsible for supplying 
   product to that partner once a sales order has been signed. 
 
  At that point, Eden has the product manufactured through a 
   third-party, toll manufacturer. At the point at which the product 
   is finished and is made available to the partner to collect, 
   or, if the Group is responsible for the shipping, the product 
   has been shipped, the partner is liable for the product and 
   obliged to pay Eden. Normal terms for product sales are 90 
   to 120 days. Returns are accepted and refunds are only made 
   when product supplied is notified as defective within 60 days. 
 
   The Group does not have any contract assets or liabilities 
   other than the liability in respect of the Corteva milestone 
   payments noted in the milestone section (2021: none, other 
   than the Corteva milestone payment). 
 
   Product sales are recorded once the ownership and related rights 
   and responsibilities are passed to the customer and the product 
   is made available to the partner to collect, or, if the Group 
   is responsible for the shipping, the product has been shipped 
   to the customer. 
 
 
 
1.5    Intangible assets other than goodwill 
       Intellectual property, which is made up of patent costs, 
        trademarks and development costs, is capitalised and amortised 
        on a straight-line basis over its remaining estimated useful 
        economic life of 8 years (2021: 9 years) in line with the 
        remaining life of the Group's master patent, which was originally 
        20 years, with additional Supplementary Protection Certificates 
        having been granted in the majority of the countries in the 
        EU in which Eden is selling Mevalone (R) and Cedroz Ô 
        . The useful economic life of intangible assets is reviewed 
        on an annual basis. 
 
               An internally generated intangible asset arising from the 
               Group's development activities is recognised only if all 
               the following conditions are met: 
                *    the project is technically and commercially feasible; 
 
 
                *    an asset is created that can be identified; 
 
 
                *    the Company intends to complete the asset and use or 
                     sell it and has the ability to do so; 
 
 
                *    it is probable that the asset created will generate 
                     future economic benefits; 
 
 
                *    the development cost of the asset can be measured 
                     reliably; and 
 
 
                *    there are sufficient resources available to complete 
                     the project. 
 
 
 
               Internally-generated intangible assets are amortised on a 
               straight-line basis over their useful lives from the date 
               they are available for use. Where no internally-generated 
               intangible asset can be recognised, development expenditure 
               is recognised as an expense in the period in which it is 
               incurred. 
 
1.6    Property, plant and equipment 
       Property, plant and equipment are initially measured at cost 
        and subsequently measured at cost, net of depreciation and 
        any impairment losses. 
 
       Depreciation is recognised so as to write off the cost or 
        valuation of assets less their residual values over their 
        useful lives on the following bases: 
 
       Leasehold land and buildings                                          Over the term of the lease 
       Fixtures and fittings                                                 5 years straight line 
       Motor vehicles                                                        Over the term of the lease 
 
       The gain or loss arising on the disposal of an asset is determined 
        as the difference between the sale proceeds and the carrying 
        value of the asset, and is recognised in the income statement. 
 
1.7    Impairment of tangible and intangible 
        assets 
       The Directors regularly review the intangible assets for 
        impairment and provision is made if necessary. Assets that 
        are subject to amortisation and those that are under development 
        are reviewed for impairment whenever events or changes in 
        circumstances indicate that the carrying amount may not be 
        recoverable. An impairment loss is recognised for the amount 
        by which the asset's carrying amount exceeds its recoverable 
        amount. The recoverable amount is the higher of an asset's 
        fair value less costs to sell and value in use. For the purposes 
        of assessing impairment, assets are grouped at the lowest 
        levels for which there are separately identifiable cash flows 
        (cash-generating units). Non-financial assets other than 
        goodwill that suffered an impairment are reviewed for possible 
        reversal of the impairment at each reporting date. 
1.8    Inventories 
       Inventories are stated at the lower of cost and estimated 
        selling price, less costs to complete and sell. Cost is based 
        on the first-in-first-out principle. Cost comprises direct 
        materials and, where applicable, direct labour costs and 
        those overheads that have been incurred in bringing the inventories 
        to their present location and condition. 
 
1.9  Financial instruments 
      (i) Recognition and initial measurement 
       Trade receivables are initially recognised when they are 
       originated. All other financial assets and financial liabilities 
       are initially recognised when the Group becomes a part to 
       the contractual provisions of the instrument. 
 
       A financial asset (unless it is a trade receivable with a 
       significant financing component) or financial liability is 
       initially measured at fair value plus, for an item not at 
       fair value through profit or loss ("FVTPL"), transaction 
       costs that are directly attributable to its acquisition or 
       issue. A trade receivable without a significant financing 
       component is initially measured at the transaction price. 
 
       (ii) Classification and subsequent measurement 
       Financial assets 
 
       (a) Classification 
       On initial recognition, a financial asset is classified as 
       measured at amortised cost or FVTPL. 
 
       Financial assets are not reclassified subsequently to their 
       initial recognition unless the Group changes its business 
       model for managing financial assets in which case all affected 
       financial assets are reclassified on the first day of the 
       first reporting period following the change in the business 
       model. 
 
       A financial asset is measured at amortised cost if it meets 
       both of the following conditions: 
        *    It is held within a business model whose objective is 
             to hold assets to collect contractual cash flows; and 
 
 
        *    Its contractual terms give rise on specific dates to 
             cash flows that are solely payments of principal and 
             interest on the principal amount outstanding. 
 
 
 
       Investments in associates accounted for using the equity 
       method and subsidiaries are carried at cost less impairment. 
 
 
 
  Cash and cash equivalents 
   Cash and cash equivalents comprise cash balances and call 
   deposits. Bank overdrafts that are repayable on demand and 
   form an integral part of the Group's cash management are 
   included as a component of cash and cash equivalents for 
   the purpose only of the cash flow statement. 
  (b) Subsequent measurement and gains and losses 
 
   Financial assets at amortised cost - These assets are subsequently 
   measured at amortised cost using the effective interest method. 
   The amortised cost is reduced by impairment losses. Interest 
   income, foreign exchange gains and losses and impairment 
   are recognised in profit or loss. Any gain or loss on derecognition 
   is recognised in profit or loss. 
 
 
 
  To the extent that this definition is not met, the proceeds 
   of issue are classified as a financial liability. Where the 
   instrument so classified takes the legal form of the Group 
   's own shares, the amounts presented in these financial statements 
   for called up share capital and share premium account exclude 
   amounts in relation to those shares. 
 
   Financial liabilities are classified as measured at amortised 
   cost or FVTPL. A financial liability is classified as at 
   FVTPL if it is classified as held-for-trading, it is a derivative 
   or it is designated as such on initial recognition. Financial 
   liabilities at FVTPL are measured at fair value and net gains 
   and losses, including any interest expense, are recognised 
   in profit or loss. Other financial liabilities are subsequently 
   measured at amortised cost using the effective interest method. 
   Interest expense and foreign exchange gains and losses are 
   recognised in profit or loss. Any gain or loss on derecognition 
   is also recognised in profit or loss. 
 
   Where a financial instrument that contains both equity and 
   financial liability components exists these components are 
   separated and accounted for individually under the above 
   policy. 
 
   (iii) Impairment 
  The Group recognises loss allowances for expected credit 
   losses (ECLs) on financial assets measured at amortised cost. 
 
   The Group measures loss allowances at an amount equal to 
   lifetime ECL, except for other debt securities and bank balances 
   for which credit risk (i.e. the risk of default occurring 
   over the expected life of the financial instrument) has not 
   increased significantly since initial recognition, which 
   are measured as 12-month ECL. 
 
   Loss allowances for trade receivables and contract assets 
   are always measured at an amount equal to lifetime ECL. During 
   the year, an expected credit loss provision of GBP107,188 
   (2021:GBPNil) has been recognised on trade receivables over 
   12 months old, on which payment is uncertain. 
 
   When determining whether the credit risk of a financial asset 
   has increased significantly since initial recognition and 
   when estimating ECL, the Group considers reasonable and supportable 
   information that is relevant and available without undue 
   cost or effort. This includes both quantitative and qualitative 
   information and analysis, based on the Company's historical 
   experience and informed credit assessment and including forward-looking 
   information. 
 
 
 
 
   The Group considers a financial asset to be in default when: 
     *    the borrower is unlikely to pay its credit 
          obligations to the Company in full, without recourse 
          by the Company to actions such as realising security 
          (if any is held); or 
 
 
     *    the financial asset is more than 120 days past due. 
 
 
 
    Lifetime ECLs are the ECLs that result from all possible 
    default events over the expected life of a financial instrument. 
 
    12-month ECLs are the portion of ECLs that result from default 
    events that are possible within the 12 months after the reporting 
    date (or a shorter period if the expected life of the instrument 
    is less than 12 months). 
 
    The maximum period considered when estimating ECLs is the 
    maximum contractual period over which the Group is exposed 
    to credit risk. 
  Measurement of ECLs 
   ECLs are a probability-weighted estimate of credit losses. 
   Credit losses are measured as the present value of all cash 
   shortfalls (i.e. the difference between the cash flows due 
   to the entity in accordance with the contract and the cash 
   flows that the Group expects to receive). ECLs are discounted 
   at the effective interest rate of the financial asset. 
  Credit-impaired financial assets 
   At each reporting date, the Group assesses whether financial 
   assets carried at amortised cost are credit-impaired. A financial 
   asset is 'credit-impaired' when one or more events that have 
   a detrimental impact on the estimated future cash flows of 
   the financial asset have occurred. 
 
    Write-offs 
    The gross carrying amount of a financial asset is written 
    off (either partially or in full) to the extent that there 
    is no realistic prospect of recovery. 
 
 
 
 
1.10  Taxation 
      The tax expense represents the sum of the tax currently payable 
       and deferred tax. 
 
      Current tax 
      The tax currently payable is based on taxable profit for 
       the year. Taxable profit differs from net profit as reported 
       in the income statement because it excludes items of income 
       or expense that are taxable or deductible in other years 
       and it further excludes items that are never taxable or deductible. 
       The Group 's liability for current tax is calculated using 
       tax rates that have been enacted or substantively enacted 
       by the reporting end date. The current tax charge includes 
       any research and development tax credits claimed by the Group 
       . 
 
       R&D tax credits are accounted for by reference to IAS 12 
       and are calculated based on development costs incurred by 
       the Group through third party contractors, as well as members 
       of staff who are involved in research and development of 
       the Group's products. 
 
      Deferred tax 
      Deferred tax is the tax expected to be payable or recoverable 
       on differences between the carrying amounts of assets and 
       liabilities in the financial statements and the corresponding 
       tax bases used in the computation of taxable profit, and 
       is accounted for using the balance sheet liability method. 
       Deferred tax liabilities are generally recognised for all 
       taxable temporary differences and deferred tax assets are 
       recognised to the extent that it is probable that taxable 
       profits will be available against which deductible temporary 
       differences can be utilised. Such assets and liabilities 
       are not recognised if the temporary difference arises from 
       goodwill or from the initial recognition of other assets 
       and liabilities in a transaction that affects neither the 
       tax profit nor the accounting profit. 
 
       Deferred tax liabilities are recognised for taxable temporary 
       differences arising on investments in subsidiaries and associates, 
       and interest in joint ventures, except where the Group is 
       able to control the reversal of the temporary difference 
       and it is probable that the temporary difference will not 
       reverse in the foreseeable future. 
 
       The carrying amount of deferred tax assets is reviewed at 
       each reporting end date and reduced to the extent that it 
       is no longer probable that sufficient taxable profits will 
       be available to allow all or part of the asset to be recovered. 
 
       Deferred tax is calculated at the tax rates that are expected 
       to apply in the period when the liability is settled or the 
       asset is realised based on the tax rates that have been enacted 
       or substantively enacted by the end of the reporting period. 
       Deferred tax is charged or credited to profit or loss, except 
       when it relates to items charged or credited directly to 
       equity, in which case the deferred tax is also dealt with 
       in equity. 
 
       Deferred tax assets and liabilities are offset when the Group 
       has a legally enforceable right to offset current tax assets 
       against current tax liabilities and when they relate to income 
       taxes levied by the same taxation authority and the Group 
       intends to settle its current tax assets and liabilities 
       on a net basis. 
 
 
1.11  Employee benefits 
      The costs of short-term employee benefits are recognised 
       as a liability and an expense, unless those costs are required 
       to be recognised as part of the cost of inventories or non-current 
       assets. 
 
       The cost of any unused holiday entitlement is recognised 
       in the period in which the employee's services are received. 
 
       Termination benefits are recognised immediately as an expense 
       when the Group is demonstrably committed to terminate the 
       employment of an employee or to provide termination benefits. 
 
1.12  Retirement benefits 
      Payments to defined contribution retirement benefit schemes 
       are charged as an expense as they fall due. 
 
1.13  Share-based payments 
      The Company has applied the requirements of IFRS 2 Share-Based 
       Payments. 
 
       Unapproved share option scheme 
 
       The Company operated an unapproved share option scheme for 
       executive directors, senior management and certain employees 
       up to September 2017. 
 
       Long-Term Incentive Plan ('LTIP') 
 
       In 2017, the Company established a LTIP to incentivise the 
       Executives to deliver long-term value creation for shareholders 
       and ensure alignment with shareholder interest. Awards were 
       made annually and were subject to continued service and challenging 
       performance conditions usually over a three year period. 
       The performance conditions were reviewed on an annual basis 
       to ensure they remained appropriate and were based on increasing 
       shareholder value. Awards were structured as nil cost options 
       with a seven year lift after vesting. 
 
       Other than in exceptional circumstances, awards were up to 
       100% of salary in any one year and granted subject to achieving 
       challenging performance conditions set at the date of the 
       grant. A percentage of the award vested for 'Threshold' performance 
       with full vesting taking place for equalling or exceeding 
       the performance 'Target'. In between the Threshold and Target 
       there was pro rata vesting. 
 
       The LTIP was adopted by the Board of Directors of Eden on 
       28 September 2017. 
 
 
 
      Long-Term Incentive Plan ('LTIP') (continued) 
 
       Where share options are awarded to employees, the fair value 
       of the options at the date of grant is charged to the Statement 
       of Profit or Loss and Other Comprehensive Income over the 
       vesting period. Non-market vesting conditions are taken into 
       account by adjusting the number of equity instruments expected 
       to vest at each reporting date so that ultimately the cumulative 
       amount recognised over the vesting period is based on the 
       number of options that eventually vest. Market vesting conditions 
       are factored into the fair value of the options granted, 
       as long as other vesting conditions are satisfied. The cumulative 
       expense is not adjusted for failure to achieve a market vesting 
       condition. 
 
       Where the terms and conditions of options are modified before 
       they vest, the increase in fair value of the options, measured 
       immediately before and after the modification is also charged 
       to the Statement of Profit or Loss and Other Comprehensive 
       Income over the remaining vesting period. 
 
       In June 2021, the Company made changes to the LTIP. 
 
       The changes to the LTIP have been treated as a modification 
       of the existing plan for financial reporting purposes which 
       means that the Fair Value of previous awards has been recognised 
       over their remaining term and the incremental Fair Value 
       of the new options granted has been recognised separately 
       over their own vesting period. 
 
       The Company issued options under the modified LTIP, details 
       of which can be found on note 22. These include graded vesting. 
 
       Share options which vest in instalments over a specified 
       vesting period (graded vesting) where the only vesting condition 
       is service from grant date to vesting date of each instalment 
       are accounted for as separate share-based payments. Each 
       instalment's fair value is assessed separately based on its 
       term and the resulting charge recognised over each instalment's 
       vesting period. 
 
       Other share options 
 
       In addition to the LTIP grants, the Company awarded certain 
       employees approved options. Details of these options can 
       be found in note 22. The accounting treatment for these options 
       is consistent with that indicated under the LTIP section 
       at the start of this page. 
1.14  Leases 
      At inception, the Group assesses whether a contract is, or 
       contains, a lease within the scope of IFRS 16. A contract 
       is, or contains, a lease if the contract conveys the right 
       to control the use of an identified asset for a period of 
       time in exchange for consideration. Where a tangible asset 
       is acquired through a lease, the Group recognises a right-of-use 
       asset and a lease liability at the lease commencement date. 
       Right-of-use assets are included within property, plant and 
       equipment, apart from those that meet the definition of investment 
       property. 
 
 
 
 
      The right-of-use asset is initially measured at cost, which 
       comprises the initial amount of the lease liability adjusted 
       for any lease payments made at, or before, the commencement 
       date, plus any initial direct costs and an estimate of the 
       cost of obligations to dismantle, remove, refurbish or restore 
       the underlying asset and the site on which it is located, 
       less any lease incentives received. 
 
       The right-of-use asset is subsequently depreciated using 
       the straight-line method from the commencement date to the 
       earlier of the end of the useful life of the right-of-use 
       asset or the end of the lease term. The estimated useful 
       lives of right-of-use assets are determined on the same basis 
       as those of other property, plant and equipment. The right-of-use 
       asset is periodically reduced by impairment losses, if any, 
       and adjusted for certain remeasurements of the lease liability. 
 
      The lease liability is initially measured at the present 
       value of the lease payments that are unpaid at the commencement 
       date, discounted using the interest rate implicit in the 
       lease or, if that rate cannot be readily determined, the 
       Group's incremental borrowing rate. Lease payments included 
       in the measurement of the lease liability comprise fixed 
       payments, variable lease payments that depend on an index 
       or a rate, amounts expected to be payable under a residual 
       value guarantee, and the cost of any options that the Group 
       is reasonably certain to exercise, such as the exercise price 
       under a purchase option, lease payments in an optional renewal 
       period, or penalties for early termination of a lease. 
 
      The lease liability is measured at amortised cost using the 
       effective interest method. It is remeasured when there is 
       a change in: future lease payments arising from a change 
       in an index or rate; the Group's estimate of the amount expected 
       to be payable under a residual value guarantee; or the Group's 
       assessment of whether it will exercise a purchase, extension 
       or termination option. When the lease liability is remeasured 
       in this way, a corresponding adjustment is made to the carrying 
       amount of the right-of-use asset, or is recorded in profit 
       or loss if the carrying amount of the right-of-use asset 
       has been reduced to zero. 
 
      The Group has elected not to recognise right-of-use assets 
       and lease liabilities for short-term leases of machinery 
       that have a lease term of 12 months or less, or for leases 
       of low-value assets including IT equipment. The payments 
       associated with these leases are recognised in profit or 
       loss on a straight-line basis over the lease term. 
 
1.15  Grants 
      Government grants are recognised when there is reasonable 
       assurance that the grant conditions will be met and the grants 
       will be received. 
 
1.16  Foreign exchange 
      Transactions in currencies other than pounds sterling are 
       recorded at the rates of exchange prevailing at the dates 
       of the transactions. At each reporting end date, monetary 
       assets and liabilities that are denominated in foreign currencies 
       are retranslated at the rates prevailing on the reporting 
       end date. Gains and losses arising on translation are included 
       in the income statement for the period. 
 
       Whilst the majority of the Group 's revenue is in Euros, 
       the Company also incurs a significant level of expenditure 
       in that currency. As such, the Company does not currently 
       use any hedging facilities and instead chooses to keep some 
       of its cash at the bank in Euros. 
 
 
 
1.17  Research and development 
      Expenditure on research activities is recognised as an expense 
       in the period in which it is incurred. 
 
1.18  Defined contribution plan 
      A defined contribution plan is a post-employment benefit 
       plan under which the Group pays fixed contributions into 
       a separate entity and will have no legal or constructive 
       obligation to pay further amounts. Obligations for contributions 
       to defined contribution pension plans are recognised as an 
       expense in the income statement in the periods during which 
       services are rendered by employees. 
 
1.19  Financial risk management 
      The Group 's activities expose it to a variety of financial 
       risks: market risks (including currency risk and interest 
       rate risks), credit risk and liquidity risk. Risk management 
       focuses on minimising any potential adverse effect on the 
       Company's financial performance and is carried out under 
       policies approved by the Board of Directors. See note 32 
       for further information. 
1.20  Functional and presentation currency 
 
        The Group's consolidated financial statements are presented 
        in pound sterling, which is the Group's functional currency 
        due to its own operations and assets being based in the U.K.. 
        For each entity, the Group determines the functional currency, 
        and items included in the financials tatements of each entity 
        are measured using that functional currency.The Company's 
        financial statements are prepared and presented in sterling, 
        which is its functional currency. 
 

1.21 Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation (where items are remeasured). Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Foreign exchange gains and losses resulting from the settlement of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. All foreign exchange gains and losses are presented in the income statement within administrative expenses.

Translation differences related to items classified through other comprehensive income are recognised in other comprehensive income (OCI), while remaining translation differences are recognised in the income

statement.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss respectively).

In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) or the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.

1.22 Cash and cash equivalents

Cash and cash equivalents comprise cash balances and short-term highly liquid investments with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

1.23 Current versus non-current classification

The Group classifies assets and liabilities in the statement of financial position as either current or non-current.

An asset is classified as current when it is:

   --    Expected to be realised or intended to be sold or consumed in the normal operating cycle 
   --    Held primarily for the purpose of trading 
   --    Expected to be realised within twelve months after the reporting period; or 

-- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is classified as current when it is:

Expected to be settled in the normal operating cycle

Held primarily for the purpose of trading

Due to be settled within twelve months after the reporting period ; or

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as non-current.

1.24 Equity and reserves

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds shown in share premium. Share premium represents the proceeds from shares, less the nominal value and directly attributable costs.

1.25 Earnings per share

Basic earnings per share is calculated by dividing:

-- the profit or loss attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares;

-- by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

-- the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and

-- the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.

       2     New standards and interpretations 

The IASB and IFRS Interpretations Committee have issued the following standards and interpretations with an effective date of implementation for accounting periods beginning after the date on which the Group's financial statements for the current year commenced.

i) New standards and amendments - applicable 1 January 2022

The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1 January 2022:

 
                                                         Effective 
                                                          for accounting 
                                                          periods beginning 
                                                          on or after         Impact 
-------------------------------------------------------  ------------------  ------- 
Property, Plant and Equipment: Proceeds before intended  1 January 
 use - Amendments to IAS 16                               2022               None 
Reference to the Conceptual Framework - Amendments       1 January 
 to IFRS 3                                                2022               None 
Onerous Contracts: Cost of Fulfilling a Contract -       1 January 
 Amendments to IAS 37                                     2022               None 
-------------------------------------------------------  ------------------  ------- 
                                                         1 January 
Annual Improvements to IFRS Standards 2018-2020           2022               None 
-------------------------------------------------------  ------------------  ------- 
 

ii) Forthcoming requirements

As at 31 December 2022, the following standards and interpretations had been issued but were not mandatory for annual reporting periods commencing on or after 1 January 2023.

 
                                                 Effective for 
                                                  accounting periods 
                                                  beginning on                               Expected 
                                                  or after                                    Impact 
-----------------------------------------------  ------------------------------------------  --------------------- 
IFRS 17 Insurance Contracts                      1 January 2023                              None 
Amendments to IAS 1: Classification of 
Liabilities 
as Current or Non-current                        1 January 2023                              None 
Definition of Accounting Estimates - Amendments 
 to IAS 8                                        1 January 2023                              None 
Disclosure of Accounting Policies - Amendments 
 to IAS 1 and IFRS Practice Statement 2          1 January 2023                              None 
Deferred Tax related to Assets and Liabilities 
 arising from a Single Transaction - Amendments 
 to IAS 12                                       1 January 2023                              None 
 
3                                              Critical accounting estimates and judgements 
 
 
                                               The Group and Company make estimates and assumptions concerning 
                                               the future. The resulting accounting estimates will, by definition, 
                                               seldom equal the related actual results. The estimates and assumptions 
                                               that have a significant risk to the carrying amounts of assets 
                                               and liabilities within the next financial year are discussed 
                                               below: 
 
                                               Going concern 
                                               The Directors have considered the ability of the Group and the 
                                               Company to continue as a going concern and this is considered 
                                               to be a significant judgement made by the Directors in preparing 
                                               the financial statements. 
 
                                               The ability of the Group and Company to continue as a going concern 
                                               is ultimately dependent upon the amount and timing of cash flows 
                                               arising from the exploitation of the Group and Company's intellectual 
                                               property and the availability of existing and/or additional funding 
                                               to meet the short term needs of the business until the commercialisation 
                                               of the Group and Company's portfolio is reached. The Directors 
                                               consider it is appropriate for the financial statements to be 
                                               prepared on a going concern basis based on the estimates they 
                                               have made. See note 1 for further information. 
 
                                               Associate 
                                               A judgement has been made that Eden exerts significant influence 
                                               on TerpeneTech (UK) such that it is an associate company and, 
                                               as such, adoption of equity accounting is appropriate. 
 
                                               COVID-19 
                                               The Group has made accounting judgements and estimates based 
                                               on there being minimal impact of COVID-19 on the business in 
                                               the long term. This is impacting, in particular, the forecasts 
                                               used as the basis for intangibles impairment review, investment 
                                               impairment review and going concern. Clearly, this is still a 
                                               degree of uncertainty as to exactly how and if the business could 
                                               be impacted and the Directors will continue to monitor the situation 
                                               closely. 
  The Group and Company make estimates and assumptions concerning 
   the future. The resulting accounting estimates will, by definition, 
   seldom equal the related actual results. The estimates and assumptions 
   that have a significant risk to the carrying amounts of assets 
   and liabilities within the next financial year are discussed 
   below: 
 
   Going concern 
   The Directors have considered the ability of the Group and the 
   Company to continue as a going concern and this is considered 
   to be a significant judgement made by the Directors in preparing 
   the financial statements. 
 
   The ability of the Group and Company to continue as a going 
   concern is ultimately dependent upon the amount and timing of 
   cash flows arising from the exploitation of the Group and Company's 
   intellectual property and the availability of existing and/or 
   additional funding to meet the short term needs of the business 
   until the commercialisation of the Group and Company's portfolio 
   is reached. The Directors consider it is appropriate for the 
   financial statements to be prepared on a going concern basis 
   based on the estimates they have made. See note 1 for further 
   information. 
 
   Associate 
   A judgement has been made that Eden exerts significant influence 
   on TerpeneTech (UK) such that it is an associate company and, 
   as such, adoption of equity accounting is appropriate. 
 
   COVID-19 
   The Group has made accounting judgements and estimates based 
   on there being minimal impact of COVID-19 on the business in 
   the long term. This is impacting, in particular, the forecasts 
   used as the basis for intangibles impairment review, investment 
   impairment review and going concern. Clearly, this is still 
   a degree of uncertainty as to exactly how and if the business 
   could be impacted and the Directors will continue to monitor 
   the situation closely 
 
   Impairment assessment of intangibles and investments 
 
   The Group has made estimates future revenues that are likely 
   to be derived from the business when considering the carrying 
   value of intangible assets owned by the Group. Assumptions have 
   been made the products will be successfully developed, registered 
   and commercialised in reasonable timescales and at reasonable 
   cost. Estimates have also been made for weighted average cost 
   of capital and profit margins. See note 12 and note 15 for further 
   information of assumptions and estimates made. 
 
   Assessment of useful life of intangible assets 
 
   The Group has estimated the useful life of intangible assets 
   by considering intellectual property protection that it owns, 
   such a patents which have a known expiry date. See note 12 and 
   note 15 for further information of assumptions and estimates 
   made. 
 
   Share based payments 
 
   The Group has used appropriate models to value share options 
   granted by the Company. Please refer to note 22 for information 
   on estimates and judgements used. 
 
 

Impairment assessment of intangibles and investments

The Group has made estimates future revenues that are likely to be derived from the business when considering the carrying value of intangible assets owned by the Group. Assumptions have been made the products will be successfully developed, registered and commercialised in reasonable timescales and at reasonable cost. Estimates have also been made for weighted average cost of capital and profit margins. See note 12 and note 15 for further information of assumptions and estimates made.

Assessment of useful life of intangible assets

The Group has estimated the useful life of intangible assets by considering intellectual property protection that it owns, such a patents which have a known expiry date. See note 12 and note 15 for further information of assumptions and estimates made.

Share based payments

The Group has used appropriate models to value share options granted by the Company. Please refer to note 22 for information on estimates and judgements used.

Other accounting judgements

In addition to the above, the Group has made other judgements which are considered of lesser significance.

Capitalised development costs and Intellectual property

The Directors have exercised a judgement that the development costs incurred meet the criteria in IAS 38 Intangible Assets for capitalisation. In making this judgement, the Directors considered the following key factors:

-- The availability of the necessary financial resources and hence the ability of the Group and Company to continue as a going concern.

-- The assumptions surrounding the perceived market sizes for the products and the achievable market share for the Group .

-- The successful conclusion of commercial arrangements, which serves as an indicator as to the likely success of the projects and, as such, any need to potential impairment.

GBP64,273 of research expenditure has been recognised as an expense in the current year in the P&L in excess of the amortisation of intangible assets as disclosed in note 12 (2021: GBP11,215).

Revenue - Performance obligations

The Directors have exercised a judgement that the performance obligations set out in a contract with a customer have note yet been met and, as such, have not recognised revenue which has been invoiced and paid. See note 1 for further information on policies applied.

 
    Revenue and Segmental Information 
 4 
 
    IFRS 8 requires operating segments to be reported in a manner 
     consistent with the internal reporting provided to the chief 
     operating decision-maker. The chief operating decision-maker, 
     who is responsible for the resource allocation and assessing 
     performance of the operating segments has been identified as 
     the Executive Directors as they are primarily responsible for 
     the allocation of the resources to segments and the assessment 
     of performance of the segments. 
 
     The Executive Directors monitor and then assess the performance 
     of segments based on product type and geographical area using 
     a measure of adjusted EBITDA. This is the operating loss of 
     the segment after excluding the share based payment charge, 
     a mortisation on intangible and Right of Use assets and d epreciation 
     of plant, property and equipment . These items, together with 
     interest income and expense are allocated to Agrochemicals, 
     being the Company's primary focus. 
The segment information for the year ended 31 December 2022 is 
 as follows: 
 
 
                                    Agrochemicals   Consumer    Animal       Total 
                                                     products    health 
                                   --------------  ----------  --------  ------------ 
 Revenue                                 GBP           GBP        GBP         GBP 
                                   --------------  ----------  --------  ------------ 
 Milestone payments                                     -          -           - 
                                   --------------  ----------  --------  ------------ 
 R & D charges                         75,334        14,309        -        89,643 
                                   --------------  ----------  --------  ------------ 
 Royalties                             17,694        100,038       -        117,732 
                                   --------------  ----------  --------  ------------ 
 Product sales                        1,619,796         -          -       1,619,796 
                                   --------------  ----------  --------  ------------ 
 Total revenue                        1,712,824      114,347       -       1,827,171 
                                   --------------  ----------  --------  ------------ 
 Adjusted EBITDA                     (1,841,805)     114,347       -      (1,727,458) 
                                   --------------  ----------  --------  ------------ 
 Share Based Payment charge           (152,135)         -          -       (152,135) 
                                   --------------  ----------  --------  ------------ 
 EBITDA                              (1,993,940)     114,347       -      (1,879,593) 
                                   --------------  ----------  --------  ------------ 
 Amortisation on intangible                                                ( 495,818 
  and Right of Use assets             (482,546)     (13,272)       -           ) 
                                   --------------  ----------  --------  ------------ 
 Depreciation of plant, property 
  and equipment                       (191,622)         -          -       (191,622) 
                                   --------------  ----------  --------  ------------ 
 Finance costs, foreign exchange 
  and investment revenues              30,882           -          -        30,882 
                                   --------------  ----------  --------  ------------ 
 Income Tax                            323,716          -          -        323,716 
                                   --------------  ----------  --------  ------------ 
 Share of Associate's loss                -         (31,444)       -       (31,444) 
                                   --------------  ----------  --------  ------------ 
 (Loss)/Profit for the Year          (2,313,510)     69,631        -      (2,243,879) 
                                   --------------  ----------  --------  ------------ 
 Total Assets                        12,812,579      99,003        -      12,911,582 
                                   --------------  ----------  --------  ------------ 
 Total assets includes: 
                                   --------------  ----------  --------  ------------ 
 Additions to Non-Current 
  Assets                              1,141,418         -          -       1,141,418 
                                   --------------  ----------  --------  ------------ 
 Total Liabilities                    2,168,664         -          -       2,168,664 
                                   --------------  ----------  --------  ------------ 
 

The segment information for the year ended 31 December 2021 is as follows:

 
                                    Agrochemicals   Consumer    Animal       Total 
                                                     products    health 
                                   --------------  ----------  --------  ------------ 
 Revenue                                 GBP           GBP        GBP         GBP 
                                   --------------  ----------  --------  ------------ 
 Milestone payments                     5,250           -          -         5,250 
                                   --------------  ----------  --------  ------------ 
 R & D charges                            -           7,760        -         7,760 
                                   --------------  ----------  --------  ------------ 
 Royalties                             57,170        36,131        -        93,301 
                                   --------------  ----------  --------  ------------ 
 Product sales                        1,122,269         -          -       1,122,269 
                                   --------------  ----------  --------  ------------ 
 Total revenue                        1,184,689      43,891        -       1,228,580 
                                   --------------  ----------  --------  ------------ 
 Adjusted EBITDA                     (2,021,602)     43,891        -      (1,977,711) 
                                   --------------  ----------  --------  ------------ 
 Share Based Payment charge           (640,597)         -          -       (640,597) 
                                   --------------  ----------  --------  ------------ 
 EBITDA                              (2,662,199)     43,891        -      (2,618,308) 
                                   --------------  ----------  --------  ------------ 
 Amortisation on intangible                                                ( 434,630 
  and Right of Use assets             (421,358)     (13,272)       -           ) 
                                   --------------  ----------  --------  ------------ 
 Depreciation of plant, property 
  and equipment                       (155,342)         -          -       (155,342) 
                                   --------------  ----------  --------  ------------ 
 Finance costs, foreign exchange 
  and investment revenues             (129,223)         -          -       (129,223) 
                                   --------------  ----------  --------  ------------ 
 Impairment of investment                 -             -          -           - 
  in associate 
                                   --------------  ----------  --------  ------------ 
 Income Tax                            618,137          -          -        618,137 
                                   --------------  ----------  --------  ------------ 
 Share of Associate's loss                -         (58,177)       -       (58,177) 
                                   --------------  ----------  --------  ------------ 
 (Loss)/Profit for the Year          (2,749,985)    (27,558)       -      (2,777,543) 
                                   --------------  ----------  --------  ------------ 
 Total Assets                        15,004,888      22,197        -      15,027,085 
                                   --------------  ----------  --------  ------------ 
 Total assets includes: 
                                   --------------  ----------  --------  ------------ 
 Additions to Non-Current 
  Assets                              1,802,660         -          -       1,802,660 
                                   --------------  ----------  --------  ------------ 
 Total Liabilities                    2,153,649      43,961        -       2,197,610 
                                   --------------  ----------  --------  ------------ 
 
 
                                                2022       2021 
                                                 GBP        GBP 
 Revenue analysed by geographical market 
 UK                                          114,347     83,891 
 Europe                                    1,712,824  1,144,689 
 
 
 
                                           1,827,171  1,228,580 
 
 
 
 

The above analysis represents sales to the Group's direct customers who further distribute these products to their end markets.

Revenues of approximately GBP1,655,329 (2021: GBP1,036,156) are derived from two customers who each account for greater than 10% of the Group's total revenues:

 
                  2022      2022     2021     2021 
   Customer        GBP        %       GBP       % 
      A        1,450,518   75.4    900,364   73.3 
              ----------  ------  --------  ------ 
      B         204,811    10.6    134,192   10.9 
              ----------  ------  --------  ------ 
 

100% of the revenue generated in the year (2021: 100%) was recognised at a point in time.

 
5   Operating loss 
                                                                                2022       2021 
                                                                                 GBP        GBP 
    Operating loss for the year is stated after charging/(crediting): 
 Fees payable to the Company's auditor 
  for the audit of the Company's financial 
  statements                                                                  67,000     55,000 
 Fees payable to the Company's auditor 
  for interim review of half-yearly results                                    3,500          - 
 
 Depreciation of right-of-use assets (included 
  within administrative expenses)                                            127,200     98,287 
 Depreciation on property, plant and equipment                               191,622    155,343 
 Amortisation of intangible assets                                           495,818    434,630 
 Provision for doubtful debts                                                107,188          - 
 Research expenses                                                            64,273     11,215 
 Share-based payments                                                        152,135    640,597 
 
 
 
6   Employees 
 
    The average monthly number of persons (including directors) employed 
     by the Group during the year was: 
                                                                                2022       2021 
                                                                              Number     Number 
 
 Management                                                                        4          4 
 Operational                                                                      13         12 
 
 
                                                                                  17         16 
 
 
 
      Their aggregate remuneration comprised: 
                                                                                2022       2021 
                                                                                 GBP        GBP 
 
 Wages and salaries                                                        1,205,424  1,422,841 
 Social security costs                                                       145,871    172,142 
 Pension costs                                                                47,964     53,836 
 Benefits in kind                                                              6,486      5,826 
 Share based payment charge                                                  152,135    678,069 
 
 
 
                                                                           1,557,880  2,332,714 
 
 
 
 
 
7             Directors' remuneration 
                                                                              2022          2021 
                                                                               GBP           GBP 
 Remuneration for qualifying services                                      478,440       629,060 
 Company pension contributions to defined 
  contribution schemes                                                      33,491        31,009 
 Non-executive Directors' fees                                              96,667        85,000 
 Share based payment charge relating 
  to all Directors                                                         119,083       632,836 
 
 
                                                                           727,681     1,377,905 
 Benefits in kind                                                            6,486         5,826 
 Social security costs                                                      71,708        91,901 
 
 
 
                                                                           805,875     1,475,632 
 
 
 
              The number of Directors for whom retirement benefits are accruing 
               under defined contribution schemes amounted to 2 (2021 - 2). 
 
              The number of Directors who are entitled to receive shares under 
               long term incentive schemes during the year is 2 (2021 - 2). 
 
              Remuneration disclosed above includes the following amounts paid 
               to the highest paid Director: 
                                                                              2022          2021 
                                                                               GBP           GBP 
 Remuneration for qualifying services 
  including pension                                                        292,367       376,972 
 
 
 
              The Executive Directors are considered to also be the key management 
               personnel of the Company and Group. 
 2022                Salary        Bonus          Fees       Pension   Share Based       Total 
                                                                          Payments 
                        GBP          GBP           GBP           GBP           GBP         GBP 
 A Abrey            205,200            -             -        14,364        51,074     270,638 
 S Smith            273,240            -             -        19,127        68,009     360,376 
 R Cridland               -            -        40,000             -             -      40,000 
 L van der 
  Broek                   -            -        45,000             -             -      45,000 
 R Horsman                -            -        11,667             -             -      11,667 
                    478,440            -        96,667        33,491       119,083     727,681 
                ===========  ===========  ============  ============  ============  ========== 
 
 2021                Salary        Bonus          Fees       Pension   Share Based       Total 
                                                                          Payments 
                        GBP          GBP           GBP           GBP           GBP         GBP 
 A Abrey            190,000       79,800             -        13,297       271,256     554,353 
 S Smith            253,000      106,260             -        17,712       361,580     738,552 
 R Cridland               -            -        40,000             -             -      40,000 
 L van der 
  Broek                   -            -        45,000             -             -      45,000 
                -----------  -----------  ------------  ------------  ------------  ---------- 
                    443,000      186,060        85,000        31,009       632,836   1,377,905 
                ===========  ===========  ============  ============  ============  ========== 
 
8              Interest income 
                                                                              2022          2021 
                                                                               GBP           GBP 
               Interest income 
               Bank deposits                                                   192            98 
 
 
 
               Total interest income for financial assets that are not held 
                at fair value through profit or loss is GBP192 (2021: GBP98). 
 
9              Finance costs and foreign exchange (gains)/losses 
                                                                              2022          2021 
                                                                               GBP           GBP 
 
               Interest on lease liabilities                                22,046        32,074 
 
 
 
         Finance costs                                                      22,046        32,074 
 
 
               Exchange differences on working capital                     (2,825)        75,254 
               Effect of exchange rate fluctuations on cash               (49,911)        21,993 
 
 
 
         Exchange losses and (gains)                                      (52,736)        97,247 
 
 
 
 
 
 
 
10   Income tax income 
                                                    2022       2021 
                                                     GBP        GBP 
     Current tax 
 UK corporation tax on profit or loss 
  for the current period                       (323,716)    (572,585) 
 Adjustments in respect of prior periods               -     (45,552) 
 
 
 
 Total UK current tax income                   (323,716)    (618,137) 
 
 
 
 
 
 
 The credit for the year can be reconciled to the loss per the 
  income statement as follows: 
 
                                                                        2022         2021 
                                                                         GBP          GBP 
 Loss                                                            (2,567,595)    (3,395,680) 
 
 
 Expected tax credit based on a corporation 
  tax rate of 19% (2021: 19.00%)                                   (487,843)      (645,179) 
 
 Ineligible fixed asset differences                                    9,489       11,639 
 Expenses not deductible for tax purposes                             75,663      129,845 
 Additional deduction for R&D expenditure                          (239,754)      (424,074) 
 R&D claim                                                         (323,716)      (572,585) 
 Surrender of tax losses for R&D tax 
  credit refund                                                      424,180      750,284 
 Adjustment in respect of prior years                                      -       (45,552) 
 Deferred tax not recognised                                         218,265        177,485 
 
 
 
 Taxation credit for the year                                      (323,716)      (618,137) 
 
 
 
 

On 10 June 2021, the Finance Act 2021 received Royal Assent, confirming that the UK rate of corporation tax will increase from 19% to 25% from 1 April 2023.

The taxation credit for the year represents the research and development credit for the year ended 31 December 2022.

The current tax recoverable as at 31 December 2022 represents R&D tax credits and is made up as follows:

 
                                                   2022       2021 
                                                    GBP        GBP 
 Current tax 
 R & D cash tax credit for the current 
  period                                      (323,716)    (572,585) 
 R & D cash tax credit for the prior period           -    (330,660) 
 
 
 
 Total UK current tax recoverable             (323,716)    (903,245) 
 
 
 
 
 

Deferred Tax

The losses carried forward, after the above offset, for which no deferred tax asset has been recognised, amount to approximately GBP29,199,472 (2021: GBP27,548,529).

The unprovided deferred tax asset of GBP7,299,868 (2021: GBP5,234,221) arises principally in respect of trading losses. It has been calculated at 25% (2021: 19%) and has not been recognised due to the uncertainty of timing of future profits against which it may be realised.

Only U.K. tax is considered as most of the operations are in the U.K. and Ireland is immaterial in terms of operations.

 
11   Earnings per share 
                                                                        2022         2021 
                                                                         GBP          GBP 
 Weighted average number of ordinary shares 
  for basic and diluted earnings per share                       380,549,418  380,340,229 
                                                              ==============  =========== 
 
 
     Earnings (all attributable to equity shareholders of the Company) 
 
 Loss for the period                                             (2,243,879)  (2,777,543) 
                                                              ==============  =========== 
 
 
 Basic earnings per share                                            (0.59p)      (0.73p) 
 Diluted earnings per share                                          (0.59p)      (0.73p) 
 
 Basic earnings per share is calculated by dividing the earnings 
  attributable to ordinary shareholders by the weighted average 
  number of ordinary shares outstanding during the period. 
 
  Diluted earnings per share is calculated using the weighted average 
  number of shares adjusted to assume the conversion of all dilutive 
  potential ordinary shares. 
 
  Share options outstanding are anti dilutive in nature due to loss 
  incurred and therefore not considered for computing diluted EPS 
 
 
 
12   Intangible assets 
 
     Group 
 
                                          Licences  Development  Intellectual       Total 
                                    and trademarks        costs      property 
                                               GBP          GBP           GBP         GBP 
     Cost 
 At 1 January 2021                         448,896    6,624,406     9,316,281  16,389,583 
 Additions                                   7,788    1,525,734        91,405   1,624,927 
 
 
 
 At 31 December 2021                       456,684    8,150,140     9,407,686  18,014,510 
 Additions                                       -      923,891        99,371   1,023,262 
 
 
 
 At 31 December 2022                       456,684    9,074,031     9,507,057  19,037,772 
 
 
 
     Amortisation and impairment 
 At 1 January 2021                         448,896    2,494,523     6,716,681   9,660,100 
 Charge for the year                             -      214,682       219,948     434,630 
 
 
 
 At 31 December 2021                       448,896    2,709,205     6,936,627  10,094,728 
 Charge for the year                         1,296      284,174       210,348     495,818 
 
 
 
 At 31 December 2022                       450,192    2,993,379     7,146,975  10,590,546 
 
 
 
     Carrying amount 
 At 31 December 2022                         6,492    6,080,652     2,360,082   8,447,226 
 
 
 
 At 31 December 2021                         7,788    5,440,935     2,471,057   7,919,780 
 
 
 
 
 
 
 Company 
 
                                                             Licences  Development  Intellectual       Total 
                                                       and trademarks        costs      property 
                                                                  GBP          GBP           GBP         GBP 
 Cost 
 At 1 January 2021                                            448,896    6,624,406     9,183,538  16,256,840 
 Additions                                                      7,788    1,525,734        91,405   1,624,927 
 
 
 
 At 31 December 2021                                          456,684    8,150,140     9,274,943  17,881,767 
 Additions                                                          -      923,890        99,371   1,023,261 
 
 
 
 At 31 December 2022                                          456,684    9,074,030     9,374,314  18,905,028 
 
 
 
 Amortisation and impairment 
 At 1 January 2021                                            448,896    2,494,523     6,703,407   9,646,826 
 Charge for the year                                                -      214,682       206,676     421,358 
 
 
 
 At 31 December 2021                                          448,896    2,709,205     6,910,083  10,068,184 
 Charge for the year                                            1,296      284,174       197,075     482,545 
 
 
 
 At 31 December 2022                                          450,192    2,993,379     7,107,158  10,550,729 
 
 
 
 Carrying amount 
 At 31 December 2022                                            6,492    6,080,651     2,267,156   8,354,299 
 
 
 
 At 31 December 2021                                            7,788    5,440,935     2,364,860   7,813,583 
 
 
 
 Intellectual property represents intellectual property in relation 
  to use of encapsulated terpenes in agrochemicals in the form 
  of licences, patents and development costs. The remaining useful 
  economic life of these asset is 8 years (2021: 9 years). 
 
  Licences and trademarks includes an inward licence in respect 
  of a patented technology. 
 
  Development costs includes trials and study costs relating to 
  products that have been, or are being developed by Eden. 
 
  Intellectual property includes patents and know-how acquired 
  by Eden. 
 
  GBP3,799,161 (2021: GBP2,985,482) of development costs relate 
  to assets under development for which no amortisation has been 
  charged in 2022 or 2021. 
 
 
 
 
  An annual impairment review is undertaken by the Board of Directors. 
   The Directors have considered the progress of the business in 
   the current year, including a review of the potential market 
   for its products, the progress the Company has made in registering 
   its products and other key commercial factors to perform the 
   review. 
 
   Of GBP8,447,226 carrying amount of intangible assets, GBP3,799,161 
   are under development and GBP4,555,138 have been allocated to 
   the Agrochemicals Cash Generating Unit (CGU). The remaining intangible 
   assets, GBP92,927, have been allocated to the Consumer products 
   CGU. For impairment assessment we have allocated asset under 
   development to the agrochemical CGU as all the assest under delvelopment 
   relates to the agrochemical industry. 
 
   The Directors have prepared a discounted cash-flow forecast, 
   based on product sales forecasts including those provided by 
   the Company's commercial partners, and have taken into account 
   the market potential for Eden's products and technologies using 
   third party market data that Eden has acquired licences to. The 
   discounted cash-flow forecast is limited to those products which 
   are already being sold, or are expected to be sold in 2023, or 
   early 2024. 
 
   The forecast covers a period of 8 years, with no terminal value, 
   reflecting the useful economic life of the patent in respect 
   of the underlying technology. Financial forecasts for 2023 are 
   based on the approved annual budget. Financial forecasts for 
   2024-2025 are based on the approved long-term plan. Financial 
   forecasts for 2026-2030 are extrapolated based on the long-term 
   growth rate average of 25%. 
 
   The estimated recoverable amount of the CGU exceeded its carrying 
   amount by GBP0.9m and based on the review carried out management 
   is satisfied that intangible assets are not impaired. 
 
   As set out in the Strategic Report, the business is in a critical 
   phase of its development as the development of products is transitioned 
   to revenue generation. The value of the CGU is supported by forecasts 
   of continued revenue growth of existing products and the successful 
   introduction and growth of sales of products currently under 
   development. 
 
   The key assumptions of the forecast are the future cash flows, 
   driven primarily by level of sales, and the discount rate. The 
   discount rate is estimated using pre-tax rates that reflect current 
   market assessments of the time value of money and the risk specific 
   to the CGU. The rate used was 13.5% (2021: 12.4%). The increase 
   in the rate reflects the wider market movements as based on the 
   comparable group as well as increased forecasting risk given 
   high, current inflation rates. 
 
   The impact of increasing the discount rate by 1%, which is considered 
   a reasonably possible change, would be a decrease in the recoverable 
   amount to GBP0.4m. The discount rate would have to increase to 
   over 15% to reduce the headroom to GBPnil. 
 
   The average annual growth rate has been assumed at 45% (2021: 
   51%), reflecting the latest forecasts based on information provided 
   by customers and own market analysis. The rate stands at 79% 
   up to 2025, reflecting commercialisation of new products in the 
   period, reducing to 25% from 2026 onwards. 
 
   Forecast sales would have to reduce by an average of, approximately, 
   15% per annum to reduce headroom to GBPnil, which is not considered 
   likely. 
 
 
13   Property, plant and equipment 
 
     Consolidated and Company 
                                                                       Fixtures    Total 
                                                                   and fittings 
                                                                            GBP      GBP 
     Cost 
 At 1 January 2021                                                      200,758  200,758 
 Additions - owned                                                      101,269  101,269 
 
 
 
 At 31 December 2021                                                    302,027  302,027 
 Additions - owned                                                       30,929   30,929 
 
 
 
 At 31 December 2022                                                    332,956  332,956 
 
 
 
     Accumulated depreciation and 
      impairment 
 At 1 January 2021                                                       12,693   12,693 
 Charge for the year                                                     57,056   57,056 
 
 
 
 At 31 December 2021                                                     69,749   69,749 
 Charge for the year                                                     64,421   64,421 
 
 
 
 At 31 December 2022                                                    134,170  134,170 
 
 
 
 
     Carrying amount 
 At 31 December 2022                                                    198,786  198,786 
 
 
 
 At 31 December 2021                                                    232,278  232,278 
 
 
 
 
 
 
14   Right-of-Use Assets 
 
     Consolidated and Company 
 
                                    Leasehold  Motor vehicles     Total 
                                     premises 
                                          GBP             GBP       GBP 
     Cost 
 
 At 1 January 2021                    417,521          35,865   453,386 
 Additions                             26,256          50,208    76,464 
     Disposals                              -               -         - 
                                    ---------  --------------  -------- 
 
 
 At 31 December 2021                  443,777          86,073   529,850 
 Additions                                  -          87,228    87,228 
 Disposals                                  -        (35,865)  (35,865) 
                                    ---------  --------------  -------- 
 
 
 At 31 December 2022                  443,777         137,436   581,213 
 
 
     Accumulated depreciation and 
      impairment 
 At 1 January 2021                     36,361          22,415    58,776 
 Charge for the year                   83,504          14,783    98,287 
                                    ---------  --------------  -------- 
 
 
 At 31 December 2021                  119,865          37,198   157,063 
 Charge for the year                   90,876          36,325   127,201 
 Eliminated on disposals                    -        (35,865)  (35,865) 
                                    ---------  --------------  -------- 
 
 
 At 31 December 2022                  210,741          37,658   248,399 
 
 
     Carrying amount 
 At 31 December 2022                  233,036          99,778   332,814 
 
 
 
 At 31 December 2021                  323,912          48,875   372,787 
 
 
 
 
15                 Investments 
                                                                                   Current                           Non-current 
                                                                                   2022                2021             2022        2021 
                                                                                    GBP                 GBP              GBP         GBP 
 
 Investments in associates                                                            -                   -          330,244     361,688 
 
 
 
                    Details of the Group's associates at 31 December 
                     2022 are as follows: 
 
                    Name of                Registered            Principal               Class                   % held 
                     undertaking            office                activities             of shares                Direct       Voting 
                                                                                         held 
                                                                 Research and 
                                                                 experimental 
                    TerpeneTech            United                development 
                     Limited (UK)           Kingdom              on biotechnology        Ordinary               29.90  29.90 
                                                                                                                        2022        2021 
                                                                                                                         GBP         GBP 
         Non-current assets                                                                                          378,271     440,601 
 
         Current assets                                                                                              382,753     287,576 
         Non-current liabilities                                                                                    (92,341)    (98,806) 
         Current liabilities                                                                                       (340,419)   (269,026) 
                                                                                                             ---------------  ---------- 
         Net assets (100%)                                                                                           328,264     360,345 
 
         Company's share of net assets                                                                                98,151     107,743 
         Separable intangible assets                                                                                 126,249     140,817 
         Goodwill                                                                                                    412,649     412,649 
         Impairment of investment in associate                                                                     (299,521)   (299,521) 
                                                                                                             ---------------  ---------- 
         Carrying value of interest in associate                                                                     337,528     361,688 
 
         Revenue                                                                                                     497,292     361,307 
         100% of loss after tax                                                                                     (56,440)   (145,849) 
         29.9% of loss after tax                                                                                    (16,876)    (43,609) 
         Amortisation of separable intangible                                                                       (14,568)    (14,568) 
         Company's share of loss including amortisation 
          of separable intangible asset                                                                             (31,444)    (58,177) 
 
 
             The separable intangible assets relate to the biocide registration for 
               geraniol which TerpeneTech co-owns which was originally valued using discounted 
               cashflows. 
 
               The associate is included in the Consumer Products operating segment. 
 
                      TerpeneTech Limited's ("TerpeneTech (UK)") registered office is 
                      Kemp House, 152 City Road, London, EC1V 2NX and its principal place 
                      of business is 3 rue de Commandant Charcot, 22410, St Quay Portrieux, 
                      France. 
 
                      The Directors have considered the progress of the business in the 
                      current year, including a review of the potential market for its 
                      products, the progress TerpeneTech (UK) has made in registering 
                      its products and other key commercial factors to determine whether 
                      any indicators of impairment exist. As a result of identification 
                      of indicators of impairment, an impairment review of the investment 
                      in TerpeneTech (UK) was undertaken by the Board of Directors. 
 
                      The Directors have used discounted cash-flow forecasts, based on 
                      product sales forecasts provided by TerpeneTech (UK), and have 
                      taken into account the market potential for those products. These 
                      forecasts cover an 8-year period, with no terminal value, in line 
                      with the patent of the underlying technology. 
 
                      The key assumptions of the forecast are the growth rate and the 
                      discount rate. The discount rate is estimated using pre-tax rates 
                      that reflect current market assessments of the time value of money 
                      and the risk specific to the asset. The rate used was 13.5% (2021: 
                      15%). The use of a reduced discount rate reflects a reduction in 
                      uncertainty in geraniol sales, following another year of double 
                      digit growth, offset by increased inflation rates globally. 
 
                      Based on the review the Directors carried out, it was determined 
                      that the Investment was not impaired and, as such, no impairment 
                      charge (2021: GBPnil) was recognised. 
 
                      An increase in the discount rate has to be substantial to result 
                      in an impairment. 
 
                      The growth rates are derived from discussions with the Company's 
                      commercial partner, TerpeneTech (UK), as described above. 
 
                      The average annual growth rate has been assumed at 15% (2021: 21%) 
                      and is based on the sales of geraniol only. 
 
                      Even with no growth in the forecast geraniol sales over the entire 
                      forecast period there would be no impairment. 
 
                      The Directors have also considered whether any reasonable change 
                      in assumptions would lead to a material change in impairment recognised 
                      and are satisfied that this is not the case. 
 
 
 
 
16     Subsidiaries 
 
       Details of the Company's subsidiaries at 31 December 2022 are as 
        follows: 
 
       Name of undertaking     Registered office       Principal              Class of          % Held 
                                                        activities 
                                                                              shares held   Direct  Voting 
 
 TerpeneTech                                       Sale of biocide 
  Limited                 Republic of Ireland       products               Ordinary          50.00   50.00 
 Eden Research 
  Europe Limited          Republic of Ireland      Dormant                 Ordinary         100.00  100.00 
 
       TerpeneTech Limited ("TerpeneTech (Ireland)"), whose registered 
        office is 108 Q House, Furze Road, Sandyford, Dublin, Ireland, 
        was incorporated on 15 January 2019 and is jointly owned by both 
        Eden Research plc and TerpeneTech (UK), the Company's associate. 
 
        Eden has the right to appoint a director as chairperson who will 
        have a casting vote, enabling the Group to exercise control over 
        the Board of Directors in the absence of an equivalent right for 
        TerpeneTech (UK). Eden owns 500 ordinary shares in TerpeneTech 
        (Ireland). 
 
        Eden Research Europe Limited, whose registered office is 108 Q 
        House, Furze Road, Sandyford, Dublin, Ireland, was incorporated 
        on 18 November 2020 and is wholly owned by both Eden Research plc. 
 
         Non-controlling interests 
 
         The following table summarises the information relating to the Group's 
         subsidiary with material non-controlling interest, before intra-Group 
         eliminations: 
                                                                                      2022            2021 
 
                                                                                       GBP             GBP 
         NCI percentage                                                                50%             50% 
 
         Non-current assets                                                         92,927         106,199 
         Current assets                                                              6,076               - 
         Non-current liabilities                                                         -               - 
         Current liabilities                                                      (50,000)        (43,962) 
         Net liabilities (100%)                                                     49,003          62,237 
 
 
         Carrying amount of NCI (50% of net liabilities)                            24,502          31,119 
 
         Revenue                                                                    50,038          36,131 
         Loss after tax                                                           (13,234)          22,859 
         OCI                                                                             -               - 
         Total comprehensive income                                               (13,234)          22,859 
 
         Share of NCI (50% of net Total comprehensive 
          income)                                                                  (6,617)          11,430 
         Cash flows from operating activities                                            -               - 
         Cashflows form investing activities                                             -               - 
         Cashflows from financing activities                                             -               - 
         Net increase / (decrease) in cash and cash equivalents                          -               - 
 
         Dividends paid to non-controlling interests                                     -               - 
 
 
 
 
17                         Inventories 
                                                                                   Group and Company 
                                                                                       2022     2021 
                                                                                        GBP      GBP 
 
                            Raw materials                                           115,929   75,677 
                            Goods in transit                                        411,181  424,025 
                            Finished goods                                           98,348   21,649 
 
 
 
                                                                                    625,458  521,351 
 
Inventory above is shown net of a provision of: 
                            Provision for obsolete inventory                         76,250        - 
 
 
 
                                                                                     76,250        - 
 
 
 
  Raw materials of GBP580,851 (2021:GBP646,786) were consumed during 
  the year. 
18                         Trade and other receivables 
                                                          Group                     Company 
                                                           2022     2021               2022     2021 
                                                            GBP      GBP                GBP      GBP 
 
 Trade receivables                                      322,489  693,948            322,489  693,948 
 VAT recoverable                                        179,214  104,760            179,214  104,760 
 Other receivables                                       67,410   65,957            195,335  149,957 
 Prepayments                                             89,753   21,922             89,753   21,922 
 
 
 
                                                        658,866  886,587            786,791  970,587 
 
 
 
                                                                                   Group and Company 
                                                                                       2022     2021 
                                                                                        GBP      GBP 
Trade receivables above are shown net of a provision for doubtul 
 debt of: 
 Provision for doubtful 
  debts                                                                             107,188        - 
 
 
 
                                                                                    107,188        - 
 
 
 
 
 
 
  Trade receivables disclosed above are measured at amortised cost. The Directors 
   consider that 
   the carrying amount of trade and other receivables approximates their fair value. 
 
 
19   Trade and other payables 
                                                   Group                    Company 
                                                 2022       2021               2022       2021 
                                                  GBP        GBP                GBP        GBP 
     Current 
 Trade payables                             1,150,873  1,147,823          1,150,873  1,147,823 
 Accruals and deferred income                 515,860    440,416            515,860    440,416 
 Social security and other 
  taxation                                     52,849     45,495             52,849     45,495 
 Other payables                                93,759     77,784             93,759     33,823 
 
 
 
                                            1,813,341  1,711,518          1,813,341  1,667,557 
 
 
 
     Non-current 
 Other payables (note 22, 
  'Xinova liability')                               -     87,740                  -     87,740 
 
 
 
                                                    -     87,740                  -     87,740 
 
 
 
 
20   Lease liabilities 
                                                                  Group and Company 
                                                                               2022       2021 
     Maturity analysis - total payments due under                               GBP        GBP 
      leases: 
 
 Within one year                                                            156,548    128,553 
 In two to five years                                                       226,541    307,275 
 
 
 
 Total undiscounted liabilities                                             383,089    435,828 
 Future finance charges and other adjustments                              (27,766)     (37,476) 
 
 
 
 Lease liabilities in the financial statements                              355,323    398,352 
 
 
 
 
 
 
     Lease liabilities are classified based on the amounts that are 
      expected to be settled within the next 12 months and after more 
      than 12 months from the reporting date, as follows: 
 
                                                                                   2022     2021 
                                                                                    GBP      GBP 
 
 Current liabilities                                                            139,547   99,924 
 Non-current liabilities                                                        215,776  298,428 
 
 
 
                                                                                355,323  398,352 
 
 
 
                                                                                   2022     2021 
     Amounts recognised in profit or loss include                                   GBP      GBP 
      the following: 
 
 Interest on lease liabilities                                                   22,046   32,074 
 
 
 
 Other leasing information is included in note 29. 
 
21   Retirement benefit schemes 
 
 Defined contribution schemes 
 The Group operates a defined contribution pension scheme for 
  all qualifying employees. The assets of the scheme are held separately 
  from those of the Group in an independently administered fund. 
 
 The total costs charged to the income statement in respect of 
  defined contribution plans is GBP47,964 (2021: GBP53,836). 
 
 
 
22  Share-based payment transactions 
    Long-Term Incentive Plan ("LTIP") 
 
     Since September 2017 Eden has operated an option scheme for 
     executive directors, senior management and certain employees 
     under an LTIP which allows for certain qualifying grants to 
     be HMRC approved. 
 
     2019 Award 
 
     On 28 June 2019, 5,891,111 shares were awarded under the LTIP 
     scheme to the Chief Executive Officer and the Chief Financial 
     Officer ("2019 Award"). 
    The share-based payment charge for the 2019 Award is set out 
     as follows: 
 
 
 
    Financial year                                                Share based 
     ended                                                     payment charge 
     31 December                                                          GBP 
    2017                                                               27,210 
    2018                                                               85,372 
    2019                                                              110,743 
    2020                                                               94,176 
    2021                                                               51,909 
    2022                                                              16,959* 
                                                                      386,369 
 
     * As these options lapsed in 2021, the charge of GBP16,959 
     was not made in 2022. 
 
     The following information is relevant in the determination of 
     the fair value of options granted under the 2019 Award. 
                                                  2017 Award       2018 Award 
    Grant date                                    28/06/2019       28/06/2019 
    Number of awards                               2,868,889        3,022,222 
    Share price                                        0.115            0.115 
    Exercise price                                    GBPnil           GBPnil 
    Expected dividend yield                               -%               -% 
    Expected volatility                               50.82%           50.82% 
    Risk free rate                                    0.614%           0.614% 
                                                          80               80 
    Vesting period                                   2 years          3 years 
    Expected Life (from date                         2 years          3 years 
     of grant) 
 
    A summary of the number of awards modified in the year ended 
     31 December 2021 and their fair values is set out in the table 
     below: 
     Fair Value of Awards   Incremental Fair    Incremental Fair 
      at 31 December 2021       Value GBP      Value per Award GBP 
          2017 Awards           231,846              0.048 
          2018 Awards           229,998              0.046 
             Total              461,844 
 
 
     Share-based payment charge 
 
     The total share-based payment charge to be recognised by Eden 
     in respect of the LTIP Replacement Award in the year ended 31 
     December 2021 and subsequent periods are as follows: 
                        2017 Awards            2018 Awards        Total 
        Charge     Original  Replacement  Original  Replacement  Annual 
      for grants    Annual      Annual     Annual      Annual      GBP 
      during the      GBP        GBP         GBP        GBP 
        period 
      31 Dec 21     17,735     231,846     34,174     229,998    513,753 
      31 Dec 22       -           -       16,959*        -       16,959 
    * As these options lapsed in 2021, the charge of GBP16,959 was 
     not made in 2022. 
    The following information is relevant in the determination of 
     the fair value of options granted under the LTIP Replacement 
     Award. 
 
 
 
                                               Replacement 
                                                    Awards 
    Grant date                                  30/06/2021 
 Number of awards                               10,500,000 
    Share price                                    GBP0.10 
    Exercise price                                 GBP0.06 
    Expected dividend yield                             -% 
 Expected volatility                                   55% 
    Risk free rate                                   0.03% 
                                                        80 
 Vesting period                                        Nil 
 Expected Life (from date                  0.5/1/1.5 years 
  of grant) 
 

As the options have been issued at a significant discount to the share price, the expected exercise has been assumed to equal the midpoint between the vest and lapse date.

During the year, 3,500,000 of the above options lapsed and GBP171,251 (2021: GBPnil) was transferred from the warrant reserve to retained earnings.

2021 Award

Also in 2021, the Company made a further grant of options in order to ensure continuity of long term incentive of options over 7,183,784 new Ordinary Shares in Eden, at a strike price of 10.37p each, in the amounts of 4,102,703 awarded to Sean Smith and 3,081,081 awarded to Alex Abrey.

These grants expire on 31 July 2025 and vest as follows:

1/3 upon grant

1/3 12 months from the date of grant

1/3 24 months from the date of grant

The share-based payment charge for the year ended 31 December 2022 in respect of the above 2021 LTIP awards was GBP119,083 (2021: GBP119,083).

Other share options

2021 Award

In addition to the options granted under the LTIP, certain employees were awarded approved options over a total of 996,220 shares. These have been issued at a strike price of 10-10.37p with expiry date between 30 June 2022 and 30 June 2024. 640,664 of these vested immediately with the remainder vesting over a 3-year period. The share-based payments charge in respect of all these options for the year ended 31 December 2022 was GBPnil (2021: GBP45,233). During the year, 518,738 of these options were exercised and 355,556 lapsed and GBP63,498 (2021: GBPnil) was transferred from the warrant reserve to retained earnings.

2022 Award

During the year, the Company granted to employees a total of 2,006,939 options at an average exercise price of 6p. No awards were made to directors in 2022.

50% of the options vest immediately, with the remaining 50% vesting after one year.

 
Grant date                             30/6/22 
Number of awards                     2,006,939 
Share price                            GBP0.04 
Exercise price                         GBP0.06 
Expected dividend yield                      - 
Expected volatility                        63% 
Risk free rate                           0.95% 
Vesting period                          1 year 
Expected Life (from date of grant)     3 years 
 

The share-based payment charge for the year ended 31 December 2022 was GBP33,052

A summary of all the above options is set out in the table below.

 
       Options awards 
                                  Number of share           Weighted average 
                                       options            exercise price (pence) 
                                     2022         2021                 2022  2021 
 Outstanding at 1 January      18,680,004    5,891,111                    7     - 
 Granted during the year        2,006,939   18,680,004                    5     7 
 Exercised during the year      (518,738)            -                    1     - 
 Lapsed during the year       (3,855,556)  (5,891,111)                    6     - 
 
 Exercisable at 31 December   16,312,649    18,680,004                    8     7 
 
 
 
 
         The exercise price of options outstanding at the end of the 
          year ranged between 6p and 10p (2021: 1p and 10p) and their 
          weighted average contractual life was 1.9 years (2021: 2.4 years.) 
 
          The share-based payment charge for the year, in respect of options, 
          was GBP152,135 (2021: GBP678,069). 
 
         Options granted prior to the 2017 LTIP 
         Prior to the implementation of the LTIP in 2017, Eden had granted 
          options to its Executive Directors, senior management and certain 
          employees, as follows: 
 
                              Number of share options             Weighted average 
                                                               exercise price (pence) 
                                           2022          2021       2022         2021 
 
         Outstanding 
          at 1 
          January                             -     1,050,000          -           13 
         Granted 
         during the 
         year                                 -             -          -            - 
         Exercised 
         during the 
         year                                 -             -          -            - 
         Lapsed 
          during the 
          year                                -   (1,050,000)          -           13 
 
 
 
         Exercisable 
         at 31 
         December                             -             -          -            - 
 
 
 
 
       Warrants 
                                 Number of warrants               Weighted average 
                                                               exercise price (pence) 
                                           2022          2021       2022   2021 
         Outstanding 
          at 1 
          January                     2,989,865     2,989,865         19     19 
         Granted                              -             -          -      - 
         during the 
         year 
         Exercised                            -             -          -      - 
         during the 
         year 
         Lapsed 
          during the 
          year                      (2,989,865)             -         19      - 
 
         Exercisable 
          at 31 
          December                       -          2,989,865          -     19 
 
 
         The exercise price of warrants outstanding at the end of the 
          year was nil p (2021: 12p and 30p) and their weighted average 
          contractual life was nil years (2021: 0.4 years.) 
 
          The share-based payment charge for the year, in respect of warrants, 
          was GBPnil (2021: GBPnil). 
 
          During the year, 2,989,865 of these options lapsed and GBP153,826 
          (2021: GBPnil) was transferred from the warrant reserve to retained 
          earnings. 
 
          For those options which were granted under the Company's LTIP, 
          except for the 2021 Award, Monte Carlo techniques were used 
          to simulate future share price movements of the Company to assess 
          the likelihood of the performance criteria being met and the 
          fair value of the awards upon vesting. The modelling calculates 
          many scenarios in order to estimate the overall fair value based 
          on the average value where awards vest. 
 
          All other options and warrants, fair value is measured using 
          the Black-Scholes model. The expected life used in the model 
          has been adjusted, based on management's best estimate, for 
          the effects of non-transferability, exercise restrictions and 
          behavioural conditions. 
 
          Xinova liability 
 
          In September 2015, the Company entered into a Collaboration and 
          Licence agreement with Invention Development Management Company 
          LLC (part of Intellectual Ventures, now called Xinova LLC) ("Xinova"). 
          As part of this agreement, upon successful completion of a number 
          of different tasks, Xinova will be entitled to a payment which 
          is calculated using a percentage (initially 3.17%, reduced to 
          1.6% following the fundraise in March 2020) of the fully diluted 
          equity value, reduced by cash and cash equivalents, of the Company 
          on the date on which payment becomes due which is expected to 
          be 30 September 2025. This has been accounted for as a cash-settled 
          share-based payment under IFRS 2. 
 
          An amount of GBP67,462, being the estimated fair value of the 
          liability due to Xinova, was recognised during 2016 and included 
          as a non-current liability, as disclosed in note 19 to the accounts. 
          It was not believed that the value of the services provided by 
          Xinova can be reliably measured, and so this amount was calculated 
          based on the Company's market capitalisation at 31 December 2016, 
          adjusted to reflect the percentage of work completed by Xinova 
          at that date based on a pre-determined schedule of tasks. 
 
          During the year, Eden was informed that Xinova had begun to wind 
          down its operations. 
 
          As a consequence, Eden began communications with an agent acting 
          on behalf of Xinova to effect the wind down in respect of the 
          liability owed to Xinova by Eden. 
 
          On 22 April 2022, Eden signed a 'full and final' settlement agreement 
          with Xinova which resulted in Eden paying an amount of GBP43,870, 
          which represented a 50% discount to the liability of GBP87,740 
          as at 31 December 2021, in line with the then existing contract. 
 
          At the year end, an amount of GBPnil (2021: GBP87,740) was owed 
          to Xinova and is shown in note 19 as non-current other liabilities. 
       Share capital 
 23 
 
                              2022          2021                    2022               2021 
       Ordinary share       Number        Number                     GBP                GBP 
        capital 
       Issued and 
        fully paid 
 Ordinary 
  shares 
  of 1p each           380,858,607   380,240,229               3,808,589    3,803,402 
 
 
  Each ordinary share of GBP0.01 has voting and dividend rights attached 
  to them. 
       Share premium account 
 24 
                                                                    Group and Company 
                                                         2022                          2021 
                                                          GBP                           GBP 
 
 At the beginning of the year                      39,308,529                    39,308,529 
       Issue of new shares                                  -                             - 
 
 
 
 At the end of the year                            39,308,529                    39,308,529 
 
 
 
       Warrant reserve 
 25 
                                                                    Group and Company 
                                                                                        GBP 
 
 Balance at 1 January 2021                                                            429,915 
 Share-based payment expense in respect of options 
  granted                                                                             678,069 
 Share-based payment expense in respect of options 
  lapsed                                                                            (170,479) 
 
 
 
 Balance at 1 January 2022                                                            937,505 
 Share-based payment expense in respect of options 
  granted                                                                             152,135 
 Share-based payment expense in respect of options/ 
  warrants lapsed/ exercised                                                        (388,575) 
 
 
 
 Balance at 31 December 2022                                                          701,065 
 
 
 
      The warrant reserve represents the fair value of share options and 
       warrants grants, and not exercised or lapsed, in accordance with 
       the requirements of IFRS 2 Share Based Payments. 
 
 
 
 
26        Merger reserve 
                                                                          Group and Company 
                                                                          2022         2021 
                                                                           GBP          GBP 
 
          At the beginning and end of the year                      10,209,673   10,209,673 
 
 
 
          The merger reserve arose on historical acquisitions of subsidiary 
           undertakings for which merger relief was permitted under the 
           Companies Act 2006. 
27        Non-controlling interest 
                                                                                      Group 
                                                                          2022         2021 
                                                                           GBP          GBP 
          Non-controlling interest                                      24,502       31,119 
 
 
          The non-controlling interest arose from Eden Research plc's 50% 
           share in TerpeneTech (Ireland) Limited. See note 16 for further 
           information. 
28        Other interest-bearing loans and borrowings - Group and Company 
         Changes in liabilities, arising from financing activities are presented 
          below: 
                                                                          2022         2021 
                                                                           GBP          GBP 
          Balance as at 1 January                                      398,352      415,248 
          Changes from financing cashflows 
          Payment of lease liabilities*                              (128,301)     (90,388) 
 
          Total changes from financing cashflows                     (128,301)     (90,388) 
 
          Other changes 
          New leases 
           Inter                                                        87,228       50,209 
          Adjustment to Right of Use Assets 
           Inter                                                        33,909       23,283 
          Surrender of lease                                          (35,865)            - 
 
          Total other changes                                           85,272       73,492 
 
          Balance as at 31 December                                    355,323      398,352 
 
          *excluding lease interest of GBP22,047 (2021: GBP32,074) 
29        Other leasing information 
          Amounts recognised in profit or loss as an expense during the 
           period in respect of lease arrangements are as follows: 
 
                                                                          2022         2021 
                                                                           GBP          GBP 
 
          Expense relating to leases of low-value assets                   740          740 
 
 
 
          Set out below are the future cash outflows to which the lessee 
           is exposed to that are reflected in the measurement of lease 
           liabilities: 
 
                                                                          2022         2021 
          Land and buildings                                               GBP          GBP 
 
          Within one year                                              106,735       92,143 
          Between two and five years                                   166,684      256,935 
 
 
 
                                                                       273,419      349,078 
 
 
 
                                                                          2022         2021 
          Motor vehicles                                                   GBP          GBP 
 
          Within one year                                               49,813       18,361 
          Between two and five years                                    59,857       30,914 
 
 
 
                                                                       109,670       49,275 
 
 
 
          Cash paid in respect of lease liabilities in the year was GBP128,301. 
           The Group holds eight leases, for two properties and six vehicles. 
           All leases have fixed lease repayments and average remaining 
           terms of 2.6 years (2021: 3.5 years) for the properties and 2.3 
           years (2021: 2.2 years) for the vehicles. 
 
           The incremental borrowing rates applied to lease liabilities 
           recognised in the statement of financial position at the date 
           of initial application of IFRS 16 were 4.75% for land and buildings 
           and 8.71% for other assets. 
 
          Information relating to lease liabilities is included in note 
           20. 
 
30        Capital risk management 
 
          The Group is not subject to any externally imposed capital requirements. 
 
 
 
 
31  Related party transactions 
 
    Remuneration of key management personnel 
    The remuneration of key management personnel, including directors, 
     is set out in note 7 in aggregate for each of the categories specified 
     in IAS 24 Related Party Disclosures. 
 
 
    Group 
 
     During the year, Eden invoiced its associate, TerpeneTech (UK), 
     GBP7,212 for R&D charges (2021: GBP7,760) and accrued income of 
     GBP50,000 (2021: GBP40,000) for minimum royalties due under the 
     head-lice agreement. 
 
     Also, during the year Eden paid GBP7,096 (2021: GBP8,787) for 
     expenses on behalf of TerpeneTech (UK). 
 
     At the year end, an amount of GBP238,375 was due from TerpeneTech 
     (UK) (2021: GBP165,644) to Eden. This amount is included within 
     Trade Receivables. 
 
     At the year end, an amount of GBP93,759 was due to TerpeneTech 
     (UK) (2021: GBP5,085) from Eden. This amount is included within 
     Other Payables. The movement in the year is due to the reallocation 
     to Eden of royalties paid by TerpeneTech (UK) to Eden instead 
     of TerpeneTech (Ireland) of GBP88,780 (2021: GBPnil). 
 
     At the year end, a net amount of GBP6,076 was due to TerpeneTech 
     (Ireland) from TerpeneTech (UK) (2021: GBP43,962 due from TerpeneTech 
     (Ireland) to TerpeneTech (UK)). It represents the amount due in 
     respect of the intangible asset reduced by fees receivable in 
     respect of sales which amounted to GBP50,038 (2021: GBP36,131). 
     This amount is included within Other Receivables. 
 
     Company 
 
     During the year, Eden invoiced its associate, TerpeneTech (UK), 
     GBP7,212 for R&D charges (2021: GBP7,760) and accrued income of 
     GBP50,000 (2021: GBP40,000) for minimum royalties due under the 
     head-lice agreement. 
 
     Also, during the year Eden paid GBP7,096 (2021: GBP8,787) for 
     expenses on behalf of TerpeneTech (UK). 
 
     Further, at year end, GBP50,000 has been accrued in respect of 
     management recharges from Eden to TerpeneTech (Ireland) (2021: 
     GBP36,000). An amount of GBP134,000 (2021: GBP84,000) is included 
     within the Other Receivables. 
 
     At the year end, an amount of GBP238,375 was due from TerpeneTech 
     (UK) (2021: GBP165,644). This amount is included within Trade 
     Receivables. 
 
     At the year end, an amount of GBP93,759 was due to TerpeneTech 
     (UK) (2021: GBP5,085) from Eden. This amount is included within 
     Other Payables. The movement in the year is due to the reallocation 
     to Eden of royalties paid by TerpeneTech (UK) to Eden instead 
     of TerpeneTech (Ireland) of GBP88,780 (2021: GBPnil). 
 
 
32   Financial risk management 
 
     Credit risk 
                                                                          Group and Company 
                                                                       2022            2021 
                                                                        GBP             GBP 
 Cash and cash equivalents                                        1,994,472       3,829,369 
 Trade receivables (net of provision)                               322,489         693,948 
                                                                  2,316,961       4,523,317 
 
 The average credit period for sales of goods and services is 64 
  days (2021: 206). No interest is charged on overdue trade receivables. 
  At 31 December 2022, trade receivables of GBP219,727 (2021: GBP272,912) 
  were past due. During the year the Company provided for doubtful 
  debts in the amount of GBP107,188 (2021: GBPnil). 
 
  Trade receivables of GBP184,746 (2021: GBP563,273) at the reporting 
  date were held in Euros and GBP117,229 (2021: GBP104,866) were 
  held in USD. 
 
  Cash at bank of GBP1,824,866 (2021: GBP1,171,856) at the reporting 
  date were held in Euros and GBP10,829 (2021: GBP1,044) were held 
  in USD. 
 
  The Company's policy is to recognise loss allowances for expected 
  credit losses (ECLs) on financial assets measured at amortised 
  cost. The Group measures loss allowances for trade receivables 
  at an amount equal to lifetime ECL. When determining whether the 
  credit risk of a financial asset has increased significantly since 
  initial recognition and when estimating ECL, the Group considered 
  reasonable and supportable information that is relevant and available 
  without undue cost of effect. This includes both quantitative 
  and qualitative information and analysis, based on the Group's 
  historical experience and information credit assessment and including 
  forward-looking information. 
 
  The largest trade debtor at the year is TerpeneTech (UK), Eden's 
  associate company, which owed gross GBP238,375 (2021: GBP170,279) 
  to Eden at the year-end. 
 
  TerpeneTech (UK), is a cash-positive business, albeit in its infancy, 
  with good shareholder support and, again, Eden has had no issue 
  of collecting debtors due from TerpeneTech (UK) before and does 
  not expect to have any going forward. 
 
  Considering these factors, the Directors consider the ECL to be 
  immaterial. 
 
 
 
 
 Liquidity risk Group and Company 
                                                 2022                 2021 
                                                  GBP                  GBP 
 Trade payables                             1,150,873            1,147,823 
 Other payables                                93,759               77,784 
 Accruals                                     210,419              299,123 
                                            1,455,051            1,524,730 
 
 
   The carrying amount of trade and other payables approximates their 
   fair value. 
 The average credit period on purchases of goods is 141 days (2021: 
  95 days). No interest is charged on trade payables. The Company 
  has policies in place to ensure that trade payables are paid within 
  the credit timeframe or as otherwise agreed. 
 
  Trade payables of GBP233,410 (2021: GBP273,211) at the reporting 
  date were held in Euros and GBP460,470 (2021: GBP528,552) were 
  held in USD. 
 
 
 
 Maturity of financial liabilities (excluding lease liabilities) 
 The maturity profile of the Group's financial liabilities at 31 
  December 2022 was as follows: 
 
                                                                2022           2021 
                                                                 GBP            GBP 
 In one year or less, or on demand                         1,813,341      1,711,518 
 Over one year                                                     -         87,740 
                                                           1,813,341      1,799,258 
 
 Liquidity risk is managed by regular monitoring of the Company's 
  level of cash and cash equivalents, debtor and creditor management 
  and expected future cash flows. See note 1 for further details 
  on the going concern position of the Company. For details of lease 
  liabilities, see notes 20 and 29. 
 Market price risk 
 The company's exposure to market price risk comprises currency 
  risk exposure. It monitors this exposure primarily through a process 
  known as sensitivity analysis. This involves estimating the effect 
  on results before tax over various periods of a range of possible 
  changes in exchange rates. The sensitivity analysis model used 
  for this purpose makes no assumptions about any interrelationships 
  between such rates or about the way in which such changes may 
  affect the economies involved. As a consequence, figures derived 
  from the Company's sensitivity analysis model should be used in 
  conjunction with other information about the Company's risk profile. 
     The Company's policy towards currency risk is to eliminate all exposures 
      that will impact on reported results as soon as they arise. Based 
      on the forign currency break down provided under credit risk and 
      liquidity risk, the impact of 5%-10% movement in foreign exchange 
      will not have material effect. 
 
 
 
 
 
  Capital risk management 
 
  The primary objective of the Company's capital management is 
   to ensure that it maintains healthy capital ratios in order to 
   support its business and maximise shareholder value. 
 
  The Company seeks to enhance shareholder value by capturing business 
   opportunities as they develop. To achieve this goal, the Company 
   maintains sufficient capital to support its business. 
 
  The Company manages its capital structure and makes adjustments 
   to it in light of changes in economic conditions. 
 
  The Company looks to maintain a reasonable debt position by repaying 
   debt or issuing equity, as and when it is deemed to be required. 
 
  No changes were made in the objectives, policies or processes 
   for managing capital during the years ended 31 December 2022 
   and 31 December 2021. 
 
  The Company monitors capital using a gearing ratio, which is 
   net debt divided by total capital plus net debt. The Company's 
   policy is to keep the gearing ratio below 10% (2021: below 10%). 
   The Company includes within net debt, any interest bearing loans 
   and borrowings (none in current or prior year), any loans from 
   a venture partner (none in the current or prior year), trade 
   and other payables, less cash and cash equivalents. 
 
 
33   Cash absorbed by operations 
     Consolidated 
                                                        2022         2021 
                                                         GBP          GBP 
 
 Loss for the year after tax                     (2,243,879)  (2,777,543) 
 
     Adjustments for: 
 Taxation charged/(credited)                       (323,716)    (618,137) 
 Finance costs                                        22,046      122,311 
 Interest income                                       (192)         (98) 
 Foreign exchange currency (gains)/losses           (74,782)       21,993 
 Amortisation and impairment of intangible 
  assets                                             495,818      434,630 
 Xinova liability written off                         43,855            - 
 
 Depreciation and property, plant and 
  equipment and right-of-use assets                  191,622      155,341 
 Share of associate's loss                            31,444       58,177 
 Share-based payment expense                         152,135      640,597 
 Inventory provision                                  76,250            - 
 Doubtful debt provision                             107,188            - 
 
     Movements in working capital: 
 Increase in inventories                           (180,357)    (296,929) 
 Decrease in trade and other receivables             125,720      509,721 
 (Decrease)/Increase in trade and other 
  payables                                           (9,683)      163,355 
 
 
 
 Cash absorbed by operations                     (1,586,531)  (1,586,582) 
 
 
 
 
 
33   Cash absorbed by operations 
     Company 
                                                        2022                2021 
                                                         GBP                 GBP 
 
 Loss for the year after tax                     (2,230,645)         (2,764,402) 
 
     Adjustments for: 
 Taxation charged/(credited)                       (323,716)           (618,137) 
 Finance costs                                        22,046  122,311 
 Interest income                                       (192)     (98) 
 Foreign exchange currency (gains)/losses           (74,782)              21,993 
 Amortisation and impairment of intangible 
  assets                                             482,546             421,358 
 Xinova liability written off                         43,855                   - 
 
 Depreciation and impairment of property, 
  plant and equipment and right-of-use 
  assets                                             191,622             155,341 
 Share of associate's loss                            31,444              58,177 
 Share-based payment expense                         152,135             640,597 
 Inventory provision                                  76,250        - 
 Doubtful debt provision                             107,188        - 
 
     Movements in working capital: 
 Increase in inventories                           (180,357)           (296,929) 
 Decrease in trade and other receivables              75,720             473,721 
 Increase in trade and other payables                 40,355             199,486 
 
 
 
 Cash absorbed by operations                     (1,586,531)         (1,586,582) 
 
 
 
 
 
34  Capital commitments 
 
     As at 31 December 2022, an amount of GBP102,109 (2021: GBP54,831) 
     had been committed to by Eden, but the work not yet completed, 
     or invoiced. The work relates on-going field trials and other 
     regulatory studies and is expected to be invoiced during 2023. 
 
 
35  Post balance sheet events 
 
 Since the year end, the Group has received regulatory authorisation 
 in Poland. The certification will allow farmers to apply Mevalone 
 to their wine and table grapes to protect and treat outbreaks of 
 Botrytis cinerea as well as on apples to prevent post-harvest storage 
 diseases thereby helping to reduce food waste in the supply chain. 
 
 Poland represents a significant new market for Eden and the commercialisation 
 of Mevalone, given it is the EU's largest producer of apples, producing 
 almost 2.5 million tons annually. Eden expects to receive additional 
 regulatory approvals in due course in additional Central European 
 member states such as Germany, Austria, and Hungary, where high levels 
 of wine production are found. Central Europe is a strategic target 
 market for Eden with the ultimate addressable market for Eden's products 
 being comparable in value to that of Southern Europe and potential 
 sales of Mevalone estimated to peak at EUR3.2m. 
 
 Also since the year end, Eden announced that it has to date received 
 regulatory approval in 17 US states for its formulated product Mevalone(R) 
 , and 8 US states for its formulated product Cedroz(TM). 
 
 These approvals follow regulatory authorisation from the United States 
 Environmental Protection Agency (EPA) in September 2022 for all six 
 petitions submitted by Eden (three active ingredients, two formulated 
 products and Eden's Sustaine(R) polymer-free encapsulation technology; 
 making up the building blocks of current and future products), opening 
 up significant revenue opportunities for the Company with a market 
 potential in the United States of approximately EUR94 million for 
 Mevalone and EUR189 million for Cedroz. 
 
 Mevalone has been approved for use on botrytis on table and wine 
 grapes in the following states: Alabama, Arizona, Florida, Georgia, 
 Idaho, Illinois, Michigan, Mississippi, Missouri, New York, North 
 Carolina, Oregon, Pennsylvania, Texas, Virginia, Washington, and 
 West Virginia. 
 
 Eden has also received approval for its second commercial product, 
 Cedroz, which can now be applied to fruits and vegetables to defend 
 against destructive parasitic nematodes that affect crops grown both 
 indoors and outdoors. Cedroz approvals have been granted for a wide 
 range of crops, including eggplant, peppers, tomatoes, cantaloupes, 
 cucumbers, pumpkins, squash, zucchini, carrots, strawberries, and 
 grapes; in the following states: Florida, Georgia, Michigan, New 
 York, Oregon, Texas, Washington, and Wisconsin. 
 

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