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"fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": {
"value": "\n1. GENERAL INFORMATION
Thalassa Holdings Ltd (the \u201cCompany\u201d) is a British Virgin Island (\u201cBVI\u201d) International business company (\u201cIBC\u201d), incorporated
and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of
industries.
Autonomous Robotics Limited (\u201cARL\u201d \u2013 formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an
Autonomous Underwater Vehicle (\u201dAUV\u201d) research and development company.
Apeiron Holdings is a BVI registered business and is a wholly owned by Thalassa. Until the 17 December 2021, it owned 84%
of Apeiron AG which is a company registered in Switzerland. Apeiron AG was merged with id4 AG during the period and the
resulting company (named id4 AG) was sold to Anemoi International Limited on the 17 December 2021.
Aperion Holdings (BVI) is the 100% shareholder of Alfalfa Holdings AG, a company registered in Switzerland.
WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa which is non-operational and has an additional subsidiary,
WGP Group AT GmbH which was dissolved on 24/08/2022.
2. ACCOUNTING POLICIES
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.
The financial statements are expressed in GBP from 2021 and the comparatives have been restated. Historically the financial
statements have been expressed in US dollars being the functional currency of the company and its subsidiaries other than DOA
Exploration Ltd, and Autonomous Robotics Limited which have a functional currency of pound sterling, WGP Group AT GmbH
and WGP Geosolutions Ltd of Euro and Alfalfa Holdings AG of Swiss francs.
The change to presenting in GBP is due to the lack of USD as a functional currency in either
Thalassa or its subsidiaries.
The following exchange rates were used in the translation of the accounts: -
Year end GBPUSD exchange rate as at 31 Dec 2022: 1.2103 (2021:1.350).
Average GBPUSD exchange rate as at 31 Dec 2022: 1.2802 (2021:1.357).
Year end GBPEUR exchange rate as at 31 Dec 2022: 1.1273 (2021:1.189).
Average GBPEUR exchange rate as at 31 Dec 2022: 1.158 (2021:1.154).
Year end GBPCHF exchange rate as at 31 Dec 2022: 1.1187 (2021:1.234).
Average GBPCHF exchange rate as at 31 Dec 20212 1.1764 (2021:1.221).
The principal accounting policies are summarised below. They have been applied consistently throughout the period covered by
these financial statements.
2.1. FUNCTIONAL CURRENCY
The presentational currency of the financial statements is GBP, whereas the functional currency of the Company is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
2.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group changed to UK Adopted International Accounting Standards at year-end 2021 from International Financial Reporting
Standards (IFRSs) as adopted by the European Union for the year ended 31 December 2020.
Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during
the current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors
have assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors
have concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may
result in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted
by the Group and will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new standards include:
| | 1 |
| IFRS 17 | Insurance contracts | |
| | 1 |
| IAS 1 | Presentation of financial statements and IFRS Practice Statement 2 | |
| | 1 |
| IAS 8 | Accounting policies, changes in accounting estimates and errors | |
| | 1 |
| IAS 12 | Income Taxes | |
| | 2 |
| IFRS 7 | Financial Instruments: Disclosures (Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)) | |
| | 2 |
| IFRS 16 | Leases (Amendment \u2013 to clarify how a seller-lessee subsequently measure sale and leaseback transactions) | |
| | 2 |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current) | |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants) | |
| | 2 |
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
2.3. BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of
income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income
of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-
controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
those used by other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
2.4. JUDGEMENT AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires the Directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The key judgement areas relate to the carrying value of provisions for loans receivable. Plant and Equipment is reviewed annually
for indication of impairment. Intellectual property is amortised and also reviewed annually for indication of impairment. Loans
receivable are reviewed for potential recovery and impairments included where necessary. Capitalised research and development
costs are reviewed annually for indication if impairment.
Judgement is also made in respect of the accounting treatment of the THAL Discretionary Trust. Management\u2019s assessment is based
on various indicators including activities, decision-making, benefits and risks of the Trust. Based on this assessment, management
consider that the THAL Discretionary Trust should not be consolidated.
2.5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less depreciation and any provision for impairment. Cost includes the purchase
price, including import duties, non-refundable purchase taxes and directly attributable costs incurred in bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended. Cost also includes capitalised interest on
borrowings, applied only during the period of construction.
Fixed assets are depreciated on a straight-line basis between 3 and 15 years from the point at which the asset is put into use.
2.6. INTANGIBLE ASSETS
GOODWILL
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see note
2.16) less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-
generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly
in profit or loss in the consolidated statement of income. An impairment loss recognised for goodwill is not reversed in subsequent
periods.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
As the underlying assets are not yet operational, amortisation of capitalised development has not yet begun.
DEVELOPMENT COSTS
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be
measured reliably. Such intangible assets are carried at cost less amortisation. Amortisation is charged to \u2018Administrative expenses\u2019
in the Statement of Comprehensive Income on a straight-line basis over the intangible assets\u2019 useful economic life. The amortisation
is based on a straight-line method typically over a period of 1-10 years depending on the life of the related asset.
Expenditure on research activities is recognised as an expense in the period in which it is incur
red.
Development costs are capitalised as an intangible asset only if the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefit;
\u2022 the development cost of the asset can be measured reliably;
\u2022 it meets the Group\u2019s criteria for technical and commercial feasibility; and
\u2022 sufficient resources are available to meet the development costs to either sell or use as an asset.
OTHER INTANGIBLE ASSETS
Other intangible assets, including patents and trademarks, that are acquired by the Group and have finite useful lives are measured
at cost less accumulated amortisation and any accumulated impairment losses
2.7. IMPAIRMENT OF ASSETS
An assessment is made at each reporting date of whether there is any indication of impairment of any asset, or whether there is any
indication that an impairment loss previously recognised for an asset in a prior period may no longer exist or may have decreased.
If any such indication exists, the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is calculated as the higher
of the asset\u2019s value in use or its net selling price.
An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. An impairment loss is
charged to the statement of income in the period in which it arises. A previously recognised impairment loss is reversed only if
there has been a change in the estimates used to determine the recoverable amount of an asset, however not to an amount higher
than the carrying amount that would have been determined (net of any depreciation / amortisation), had no impairment loss been
recognised for the asset in a prior period. A reversal of an impairment loss is credited to the statement of income in the period in
which it arises.
2.8. INVESTMENTS
Available for sale investments are initially measured at cost, including transaction costs. Gains and losses arising from changes in fair
value of available for sale investments are recognised at fair value through profit or loss.
2.9. REVENUE
Revenue is measured at the fair value of the consideration received or receivable.
In respect of contracts which are long term in nature and contracts for ongoing services, revenue, restricted to the amounts of costs
that can be recovered, is recognised according to the value of work performed in the period. Revenue in respect of such contracts
is calculated on the basis of time spent on the project and estimated wor
k to completion.
Where the outcome of contracts which are long term in nature and contracts for ongoing services cannot be estimated reliably,
revenue is recognised only to the extent of the costs recognised that are recoverable.
Where payments are received in advance in excess of revenue recognised in the period, this is reflected as a liability on the
statement of financial position as deferred revenue.
Rental income from investment properties leased out under operating leases is recognised net of VAT, returns, rebates and
discounts in the Income Statement on a straight-line basis over the term of the lease. The directors consider this is in line with
when the Company\u2019s performance obligations are satisfied. Standard payments terms are that services are paid in advance. When
the Group provides lease incentives to its tenants the cost of incentives are recognised over the lease term, on a straight-line basis,
as a reduction to income.
2.10. TAXATION
The Company is incorporated in the BVI as an IBC and as such is not subject to tax in the BVI. DOA Exploration Ltd and
Autonomous Robotics Ltd are incorporated in the UK and are therefore subject to UK tax regulations. Alfalfa Holdings AG is
incorporated in Switzerland in the canton of Lucerne and are subject to Swiss tax regulations.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates and laws that are enacted or substantively enacted by the reporting date. Tax is charged or credited directly to
equity if it relates to items that are credited or charged to equity. Otherwise, tax is recognised in the income statement.
Deferred tax is provided in full using the liability method on all timing differences which result in an obligation at the reporting date
to pay more tax, or the right to pay less tax, at a future date, at rates that are expected to apply when they crystalise based on
current tax rates. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary differences can be utilised. Deferred tax is not provided
when the amounts involved are not significant.
2.11. FOREIGN CURRENCY
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
DOA Exploration Ltd and Autonomous Robotics Ltd are incorporated in the UK and have a functional currency of GBP. Exchange
differences on the retranslation of operations denominated in foreign currencies are included in Other Comprehensive Income.
Year end GBPUSD exchange rate as at 31 Dec 2022: 1.2103 (2021:1.350).
Average GBPUSD exchange rate as at 31 Dec 2022: 1.2802 (2021:1.357).
Year end GBPEUR exchange rate as at 31 Dec 2022: 1.1273 (2021:1.189).
Average GBPEUR exchange rate as at 31 Dec 2022: 1.158 (2021:1.154).
Year end GBPCHF exchange rate as at 31 Dec 2022: 1.1187 (2021:1.234).
Average GBPCHF exchange rate as at 31 Dec 20212 1.1764 (2021:1.221).
2.12. BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
those assets until such a time as the assets are substantially ready for their intended use or sale. All other borrowing costs are
recognised in profit and loss in the period incurred.
2.13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position when the Group becomes party to the
contractual provisions of the instrument.
Loans and receivables are initially measured at fair value and are subsequently measured at amortised cost, plus accrued
interest, and are reduced by appropriate provisions for estimated irrecoverable amounts. Such provisions are recognised in the
statement of income.
Available for sale financial assets comprise investments which do have a fixed maturity and are classified as current
assets if they are intended to be held for the medium to long term. They are measured at fair value through profit or loss.
Trade receivables are initially measured at fair value and are subsequently measured at amortised cost less appropriate
provisions for estimated irrecoverable amounts. Such provisions are recognised in the statement of income.
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments
with maturities of three months or less at inception that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade payables are not interest-bearing and are initially valued at their fair value and are subsequently measured at amortised
cost.
Equity instruments are recorded at fair value, being the proceeds received, net of direct issue costs.
Share Capital \u2013 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of taxation, from the proceeds.
Treasury shares \u2013 Where any Group company purchases the Company\u2019s equity share capital, the consideration paid, including
any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity
holders until the shares are cancelled or reissued.
Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.
Financial instruments require classification of fair value as determined by reference to the source of inputs used to derive the fair
value. This classification uses the following three-level hierarchy:
| Level 1 \u2014 | quoted prices (unadjusted) in active markets for identical assets or liabilities; |
| Level 2 \u2014 | inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as |
| prices) or indirectly (i.e | ., derived from prices); |
| Level 3 \u2014 | inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Borrowings are initially measured at fair value and are subsequently measured at amortised cost, plus accrued interest.
2.14. BUSINESS COMBINATIONS
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination
is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group,
liabilities incurred by the Group to any former owners and the equity interests issued by the Group in exchange for control.
Acquisition-related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests and
the fair value of the acquirer\u2019s previously held equity interest (if any) over the net of the acquisition- date amounts of the identifiable
assets acquired, and the liabilities assumed.
2.15. GOING CONCERN
The financial statements have been prepared on the going concern basis as management consider that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group has fully assessed its financial commitments and at the year-end had net cash reserves of \u00a30.5m plus a further \u00a32.9m
of available for sale investments.
2.16. INVESTMENT IN ASSOCIATED ENTITIES
Investments in associates are those over which the Group has significant influence. These are accounted for using the equity
method of accounting. Significant influence is considered to be participation in the financial and operating policy decisions of the
investee and is usually evidenced when the Group owns between 20% and 50% of that company\u2019s voting rights.
Investments in associates are initially recorded at cost and the carrying amount is increased or decreased to recognise the Group\u2019s
share of the profits or losses of the associate after acquisition. At the date of acquisition any excess of the cost of acquisition over
the Group\u2019s share of the fair values of the identifiable net assets of the associate is recognised as goodwill. The carrying amount of
these investments is reduced to recognise any impairment of the value of the individual investment. If the Group\u2019s share of losses
exceeds its interest in an associate the carrying value of that investment is reduced to nil and the recognition of any further losses
is discontinued unless the Group has an obligation to make further funding contributions to that associate.
The Group\u2019s share of associates\u2019 post-acquisition profits or losses is recognised in profit or loss and the post-acquisition movements
in other comprehensive income is recognised within other comprehensive income.
3. SEGMENT INFORMATION
Management have chosen to organise the Group information by revenue generated. During the year the Group had one operating
segment comprised of rental income through the Aperion Group.
Information related to each reportable segment is set out below.
| Rental | Sale of | Total |
| Income | Services | Income |
| GBP | GBP | GBP |
| Revenue | 211,048 | - | 211,048 |
Based on these segments, the reportable segments under IFRS 8 is as follows:
| | | Total |
| Rental | Other | Continuing |
| Income | segments | Operations |
| GBP | GBP | GBP |
| Segment income statement | | | |
| Revenue | 211,048 | 84,920 | 295,968 |
| Expenses | (133,377) | (1,360,813) | (1,494,190) |
| Depreciation and amortisation | (183,673) | (122,175) | (305,848) |
| Profit/loss before tax | (106,001) | (1,398,069) | (1,504,070) |
| Attributable income tax (expense)/credit | (440) | 54,607 | 54,167 |
| Profit/(loss) for the period | (106,441) | (1,343,462) | (1,449,903) |
| | | Total |
| Rental | Other | Continuing |
| Income | segments | Operations |
| GBP | GBP | GBP |
| Segment statement of financial position | | | |
| Non-current assets | 1,990,862 | 9,287,504 | 11,278,366 |
| Current assets | (35,827) | 1,935,221 | 1,899,394 |
| Assets | 1,955,035 | 11,222,725 | 13,177,760 |
| Current liabilities | 574,711 | 794,572 | 1,369,283 |
| Non-current liabilities | 1,500,532 | 9,845 | 1,510,377 |
| Liabilities | 2,075,243 | 804,417 | 2,879,660 |
| Net assets | (120,208) | 10,418,308 | 10,298,100 |
| Shareholders\u2019 equity | (120,208) | 10,418,308 | 10,298,100 |
| Total equity | (120,208) | 10,418,308 | 10,298,100 |
4. EMPLOYEES
The average number of employees (excluding the Directors) employed by the Group was:-
| 2022 | 2021 |
| Sales | - | - |
| Development | 4 | 4 |
| Admin | - | 5 |
| 4 | 9 |
5. NET FINANCIAL EXPENSE
| 2022 | 2021 |
| GBP | GBP |
| Loan interest receivable | (53,935) | 351,714 |
| Loan interest payable | (27,791) | (41,263) |
| Bank interest receivable | 33,133 | 1,515 |
| Bank interest payable | (1,653) | (3,852) |
| Lease liability | (91,535) | (29,150) |
| Gains/(Losses) on investments | 435,545 | (540,173) |
| Foreign currency gains/(losses) | (44,229) | (93,995) |
| 249,535 | (355,204) |
6. DISCONTINUED OPERATIONS
| 2022 | 2021 |
| GBP | GBP |
| Analysis of profit for the year from discontinued operations | | |
| Revenue | - | 28,000 |
| Expenses | - | (333,509) |
| Profit before income tax | - | (305,509) |
| Income tax expense/(credit) | - | - |
| Profit after income tax of discontinued operations | - | (305,509) |
| Gain on sale of the subsidiary after income tax | - | 2,440,728 |
| Profit from discontinued operation | - | 2,135,219 |
| 2022 | 2021 |
| GBP | GBP |
| Net cash inflow from operating activities | - | 8,519 |
| Net cash outflow from investing activities | - | (418,246) |
| Net cash inflow from financing activities | - | 344,799 |
| Net cash outflow in subsidiary | - | (64,928) |
6. DISCONTINUED OPERATIONS CONTINUED
| Details of the sale of the subsidiary | 2022 | 2021 |
| GBP | GBP |
| Consideration received | | |
| Shares in Anemoi International | - | 2,240,000 |
| Carrying amount of assets sold | - | 200,728 |
| Gain on sale | - | 2,440,728 |
On 17 December 2021, Apeiron Holdings BVI, a 100% owned subsidiary of Thalassa, successfully completed the sale of its subsidiary
id4 AG to Anemoi International Ltd. Consideration consisted of shares in Anemoi International Ltd to the value of \u00a32.24m.
Prior to the disposal of the associate, the loan outstanding from Thalassa and Apeiron BVI was converted to a capital contribution
under Swiss and BVI law, this loan was used to finance the losses bought forward in id4 AG of \u00a3697,597 and therefore they have
been offset resulting in a decrease in capital of \u00a31,077,457 before the remo
val of non-controlling interest.
7. INCOME TAX EXPENSE
| 2022 | 2021 |
| GBP | GBP |
| Current tax/(credit) from continuing operations | (54,167) | (132,240) |
| Total Tax/(Credit) | (54,167) | (132,240) |
| GBP | GBP |
| Profit/(loss) before tax from continuing operations | (1,449,903) | (1,678,479) |
| Tax at applicable rates | (275,482) | (318,911) |
| Losses carried forward | 275,482 | 318,911 |
| R&D Tax (Credit) relating to current year | (54,167) | (132,240) |
| Total Tax/(Credit) on continuing operations | (54,167) | (132,240) |
| GBP | GBP |
| Profit before tax from discontinued operations | - | (305,509) |
| Tax at applicable rates | - | - |
| Total Tax on discontinued operations | - | - |
The applicable tax rates in relation to the Group\u2019s profits are BVI 0%, UK 19% & 25% and Swiss 12.3% (2021: 0%,19% and 12.3%).
The Applicable tax rate for the UK changed from 19% to 25% on 1 April 2023.
Autonomous Robotics Ltd has unprovided trading losses carried forward of approximately \u00a34.5m available for utilisation against
future trading profits.
8. EARNINGS PER SHARE
| 2022 | 2021 |
| GBP | GBP |
| The calculation of earnings per share is based on | | |
| the following loss attributable to ordinary shareholders and number of shares: | | |
| Profit/(Loss) for the year from continuing operations | (1,449,903) | 762,249 |
| Profit/(Loss) for the year from discontinued operations | - | (305,509) |
| Profit for the year | (1,449,903) | 456,740 |
| Weighted average number of shares of the Company | 7,945,838 | 7,945,838 |
| Earnings per share: | | |
| Basic and Diluted (GBP) from continuing operations | (0.18) | 0.10 |
| Basic and Diluted (GBP) from discontinued operations | - | (0.04) |
| Basic and Diluted (GBP) | (0.18) | 0.06 |
| Number of shares outstanding at the period end: | | |
| Number of shares in issue | 7,945,838 | 7,945,838 |
| Recording error | - | - |
| Treasury shares | - | - |
| Capital Redemption | - | - |
| Basic number of shares in issue | 7,945,838 | 7,945,838 |
9. INTANGIBLE ASSETS AND GOODWILL
| Development | | | | | |
| costs | Patents | Software | Sub-total | Goodwill | Total |
| GBP | GBP | GBP | GBP | GBP | GBP |
| At 31 December 2020 | | | | | | |
| Cost | 614,072 | 81,026 | - | 695,098 | 265,154 | 960,252 |
| Accumulated Impairment | - | - | - | - | (115,162) | (115,162) |
| Net book amount | 614,072 | 81,026 | - | 695,098 | 149,992 | 845,090 |
| Full-year ended | | | | | | |
| 31 December 2021 | | | | | | |
| Opening net book amount | 614,072 | 81,026 | - | 695,098 | 149,992 | 845,090 |
| Additions | 372,071 | 45,356 | 22,550 | 439,976 | - | 439,976 |
| Disposal of subsidiaries | (223,785) | - | (223,785) | (147,384) | (371,169) |
| Amortisation charge | - | - | (3,758) | (3,758) | (2,608) | (6,366) |
| Closing net book amount | 762,358 | 126,382 | 18,792 | 907,531 | - | 907,531 |
| At 31 December 2021 | | | | | | |
| Cost | 762,358 | 126,382 | 22,550 | 911,289 | - | 911,289 |
| Accumulated Impairment | - | - | (3,758) | (3,758) | - | (3,758) |
| Net book amount | 762,358 | 126,382 | 18,792 | 907,531 | - | 907,531 |
| Full-year ended | | | | | | |
| 31 December 2022 | | | | | | |
| Opening net book amount | 762,358 | 126,382 | 18,792 | 907,531 | - | 907,531 |
| Additions | 391,289 | 27,119 | - | 418,408 | - | 418,408 |
| Revaluation of c\u2019fwd amount | - | - | 2,546 | 2,546 | - | 2,546 |
| Amortisation charge | - | - | (8,790) | (8,790) | - | (8,790) |
| Closing net book amount | 1,153,647 | 153,501 | 12,548 | 1,319,695 | - | 1,319,695 |
| At 31 December 2022 | | | | | | |
| Cost | 1,153,647 | 153,501 | 25,096 | 1,332,243 | - | 1,332,243 |
| Accumulated Amortisation | - | - | (12,548) | (12,548) | - | (12,548) |
| Net book amount | 1,153,647 | 153,501 | 12,548 | 1,319,695 | - | 1,319,695 |
The intangible assets held by the group increased as a result of capitalising the development costs and patent fees of Autonomous
Robotics Ltd, alongside the introduction and build of a new finance system in Thalassa Holdings Ltd.in 2021. Systems are being
amortised over a three year period. Goodwill related to the acquisition of iD4 Ltd in December 2019 and alongside the development
costs of id4 were removed upon disposal of the subsidiary in December 2021.
10. PROPERTY, PLANT AND EQUIPMENT
| | | Plant | |
| | Land and | and | Motor |
| Total | buildings | Equipment | Vehicles |
| Cost | GBP | GBP | GBP | GBP |
| Cost at 1 January 2021 | 574,510 | 55,556 | 137,693 | 381,261 |
| FX movement | 1,713 | - | 487 | 1,226 |
| 576,223 | 55,556 | 138,180 | 382,487 |
| Additions | 1,460,666 | 1,357,726 | 708 | 102,232 |
| Disposal of Subsidiary | (19,312) | - | (19,312) | - |
| Cost at 31 December 2021 | 2,017,577 | 1,413,282 | 119,576 | 484,719 |
| Depreciation | | | | |
| Depreciation at 1 January | 267,781 | 18,519 | 117,522 | 131,740 |
| FX movement | 2,215 | - | 989 | 1,226 |
| 269,996 | 18,519 | 118,511 | 132,966 |
| Charge for the year on continuing operations | 95,116 | 9,392 | 3,940 | 81,784 |
| Foreign exchange effect on year-end translation | (137) | (135) | 952 | (954) |
| Disposal of Subsidiary | (8,479) | - | (8,479) | - |
| Depreciation at 31 December 2021 | 356,496 | 27,776 | 114,924 | 213,796 |
| Closing net book value at 31 December 2021 | 1,661,081 | 1,385,506 | 4,652 | 270,923 |
| Cost at 1 January 2022 | 2,017,577 | 1,413,282 | 119,576 | 484,719 |
| FX movement | 201,735 | 137,001 | 9,377 | 55,357 |
| 2,219,312 | 1,550,283 | 128,953 | 540,076 |
| Additions | 517,376 | 515,846 | 1,530 | - |
| Cost at 31 December 2022 | 2,736,688 | 2,066,128 | 130,483 | 540,076 |
| Depreciation | | | | |
| Depreciation at 1 January | 356,496 | 27,776 | 114,924 | 213,796 |
| FX movement | 36,920 | - | 9,315 | 27,605 |
| 393,416 | 27,776 | 124,239 | 241,401 |
| Charge for the year on continuing operations | 297,707 | 192,932 | 3,695 | 101,080 |
| Foreign exchange effect on year end translation | 14,832 | 14,832 | - | - |
| Depreciation at 31 December 2022 | 705,955 | 235,540 | 127,934 | 342,481 |
| Closing net book value at 31 December 2022 | 2,030,733 | 1,830,589 | 2,549 | 197,595 |
As outlined in note 2.7, an assessment is made at each financial reporting date as to whether there is any indication of impairment
of any asset. An impairment review of the Group\u2019s equipment has been undertaken, taking into account obsolescence, market
conditions, value in use and useful economic life. As a result, there has been no impairment charge in 2022 (2021: $nil).
11. INVESTMENTS \u2013 AVAILABLE FOR SALE FINANCIAL ASSETS
The Group classifies the following financial assets at fair value through profit or loss (FVPL):-
AFS investments have been valued incorporating Level 1 inputs in accordance with IFRS7.
Equity investments that are held for trading.
| 2022 | 2021 |
| GBP | GBP |
| Available for sale investments | | |
| At the beginning of the period | 1,187,345 | 1,417,003 |
| Additions | 3,554,617 | 3,445,080 |
| Unrealised gain/(losses) | 87,635 | (518,523) |
| Disposals | (4,461,505) | (3,172,142) |
| Forex on opening balance | 136,785 | 15,928 |
| At 31 December | 504,877 | 1,187,346 |
12. LOANS AND PORTFOLIO HOLDINGS
| 2022 | 2021 |
| GBP | GBP |
| Loans at 1 January | 1,333,599 | 1,279,849 |
| Accrued interest | 45,235 | 39,365 |
| Forex on opening balance | 153,635 | 14,385 |
| Loans at 31 December | 1,532,469 | 1,333,599 |
| Portfolio Holdings at 1 January | 4,371,674 | 4,292,777 |
| Issued | 746,009 | 255,607 |
| Interest | 325,237 | 293,767 |
| Repaid | (92) | (475,861) |
| Forex | 28,157 | 5,384 |
| Written off - Tappit Loan Interest & Option Value | (1,432,041) | - |
| Portfolio holdings at 31 December | 4,038,944 | 4,371,674 |
| Total of loans and holdings | 5,571,412 | 5,705,273 |
The Loan is to the THAL Discretionary Trust, interest is payable at 3% per annum (reviewed periodically).
The THAL Discretionary Trust is a trust, independent of Thalassa, established for the benefit of individuals or parties to whom the
Trustees wish to make awards at their discretion.
In September 2020 a loan was issued to Tappit Technologies (UK) Ltd for \u00a33m, in the form of a convertible loan note and incurred
a non-compounding interest charge of 8% with a maturity date 36 months post agreement date. As of December 31 2022, interest
of \u00a3424k was accrued. The Tappit Technologies (UK) Ltd loan notes were revalued in 2020 at fair value using a discounted cash
flow method at the market rate of 10% on final value. The discount element of the final conversion has been valued using the
Black-Scholes method to provide the fair value adjustment noted in the table above. A fair value exercise was undertaken for 2021
under the same method with no adjustment necessary due to there being no new shares or financing. The option was valued at
\u00a31,008,294.
Without prior notification, Thalassa was advised on 26 January 2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on the 20 January 2023 and that a sale of Tappit\u2019s business and assets by way of a
pre-packaged sale to Tap Holdco Limited completed on the same date.
Thalassa announced on 27 January 2023 that the position was being written down to \u00a3Nil in the books. The Chairman, commensurately
announced that on an exceptional and purely moral basis he would proceeds from the sale of personal property in the amount
of Thalassa\u2019s initial investment of \u00a33m. As a result, only the value of the accrued interest and Option value, totalling \u00a31,432,041 has
been written off, above.
Thalassa is still exploring all options including, but not limited to, possible legal action against the Directors of Tappit.
Upon formation of Anemoi International Ltd, a 10% fixed rate cumulative convertible loan note was issued for $350k, as per the
terms of the agreement the notes were converted to preference shares in December 2021 but prior to the sale of id4 to Anemoi
International Ltd on 17 December 2021 \u2013 see note 13.
In December 2021 the warrants held by Thalassa for Anemoi International Ltd, were transferred to the Anemoi Discretionary Trust
in exchange for a debt of $345,000. The debt is repayable on the exercising of the warrants by the beneficiaries of the Trust.
13. ASSOCIATED ENTITIES
| 2022 | 2021 |
| GBP | GBP |
| Fair value of investment at 1 January | 2,325,457 | |
| Fair value of investment at 17 December 2021 | | 2,086,448 |
| Share of profits/(losses) for the year attributable to the Group | (235,659) | (9,156) |
| Exchange Variance | 266,728 | |
| Conversion of loan notes to preference shares | | 248,165 |
| 2,356,526 | 2,325,457 |
There are no other entities in which the Group holds 20% or more of the equity, or otherwise exercises significant influence over
the affairs of the entity.
14. TRADE AND OTHER RECEIVABLES
| 2022 | 2021 |
| GBP | GBP |
| Trade receivables | 86,669 | 123,344 |
| Trade receivables | 86,669 | 123,344 |
| Other receivables | 440,181 | 49,608 |
| Corporation tax | 106,663 | 128,893 |
| Prepayments | 131,789 | 507,762 |
| Total trade and other receivables | 765,302 | 809,607 |
The Directors consider that the carrying value of trade and other receivables approximate to their fair value.
15. TRADE AND OTHER PAYABLES
| 2022 | 2021 |
| GBP | GBP |
| Trade payables | 677,135 | 666,526 |
| Other payables | 307,259 | 279,254 |
| Accruals | 226,416 | 167,509 |
| Total trade and other payables | 1,210,810 | 1,113,289 |
16. BORROWINGS
| 2022 | 2021 |
| Non-current liabilities | GBP | GBP |
| Lease liabilities | 1,510,377 | 1,252,335 |
| | 1,510,377 | 1,252,335 |
| 2022 | 2021 |
| Current liabilities | GBP | GBP |
| Credit facility | - | 4,324,649 |
| Lease liabilities | 158,473 | 150,911 |
| | 158,473 | 4,475,560 |
In December 2020 the group entered into a fixed-term advance GBP currency denominated credit facility.
The total available amount under the facility is GBP\u00a310.3m of which \u00a3Nil was drawn down as at 31 December 2022 (2021: \u00a34.4m).
The facility carries an interest rate of 0.7547%.
The credit facility was cancelled in December 2022.
17. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets mandatorily measured at FVPL include the following:-
| 2022 | 2021 |
| GBP | GBP |
| Non current assets | | |
| Investments in associated entities | 2,356,526 | 2,325,457 |
| Portfolio Holdings | 4,038,944 | 4,371,674 |
| Current assets | | |
| Available for sale financial assets | 504,877 | 1,187,346 |
| At 31 December | 6,900,347 | 7,884,477 |
| 2022 | 2021 |
| Amounts recognised in profit or loss:- | GBP | GBP |
| Available for sale financial assets | 224,420 | (502,595) |
| Investments in associated entities | (235,658) | (213,100) |
| Portfolio Holdings | 101,691 | 181,563 |
| 90,453 | (534,132) |
18. LEASES AS LESSEE
Thalassa\u2019s subsidiary, Autonomous Robotics Ltd, entered into a lease for the rent of the top floor of Eastleigh Court near Warminster
in January 2018 for \u00a310,000 per annum. However, the rent is being accrued and will only become payable upon successful completion
of the fund-raising exercise. A borrowing rate of 2.5% has been applied to this lease. Previously, this lease was classified as an
operating lease under IAS 17.
Thalassa\u2019s subsidiary id4 entered into a lease in January 2021, for the buildings surrounding and including Villa Kramerstein on the
banks of Lake Lucerne in Switzerland. Prior to the sale of id4, the lease was transferred to another subsidiary of Thalassa, Alfalfa
Holdings AG. Since the accounting date, some of the buildings have been sublet and therefore the income matches the expenditure.
A borrowing rate of 5% has been applied to this lease. The weighted average incremental borrowing rate of 4.94% was applied to
lease liabilities recognised at the initial adoption of IFRS 16. Where applicable, the Group has used the exemption under IFRS 16
regarding the exemption of short-term leases and have excluded from the balance sheet.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property,
plant and equipment (see note 10).
| Land and |
| buildings |
| GBP |
| Balance at 1 January 2022 | 1,385,504 |
| Additions | 515,846 |
| Depreciation charge for the year | (192,932) |
| Foreign exchange effect on year-end translation | 122,171 |
| Balance at 31 December 2022 | 1,830,589 |
Amounts recognised in pro\ue0bct or loss
| 2021 - Leases under IFRS 16 | GBP |
| Interest on lease liabilities | (91,535) |
| Expenses related to short-term leases | (38,486) |
| Right of use asset | (177,506) |
| | (307,527) |
19. SHARE CAPITAL
| As at | As at |
| 31 Dec 2022 | 31 Dec 2021 |
| GBP | GBP |
| Authorised share capital: | | |
| 100,000,000 ordinary shares of $0.01 each | 1,000,000 | 1,000,000 |
| Exchange Rate for Conversion | 1.61674 | 1.61674 |
| 100,000,000 ordinary shares of $0.01 each in GBP | 618,529 | 618,529 |
| Allotted, issued and fully paid: | | |
| 20,852,359 ordinary shares of $0.01 each | 208,522 | 208,522 |
| Average Exchange Rate for Conversion | 1.61674 | 1.61674 |
| 20,852,359 ordinary shares of $0.01 each in GBP | 128,977 | 128,977 |
| | Number of | |
| Number | Treasury | Treasury |
| of shares | shares | shares GBP |
| Balance at 31 December 2020 | 7,945,838 | 12,906,521 | 8,558,935 |
| Shares purchased | - | - | - |
| Balance at 31 December 2021 | 7,945,838 | 12,906,521 | 8,558,935 |
| Shares purchased | - | - | - |
| Balance at 31 December 2022 | 7,945,838 | 12,906,521 | 8,558,935 |
Treasury shares represents the cost of the Company buying back its shares. There were 12,906,521 shares held in Treasury as at 31
December 2022 (2021: 12,906,521 shares) which comprised 61.9% of the total issued share capital (2021: 61.9%). No purchase
took place in 2022 (2021: nil).
Under the Company\u2019s memorandum of association, the Company is authorised to issue 100,000,000 shares of one class with a
par value of US$0.01 each. Under the Company\u2019s articles of association, the Board is authorised to offer, allot, grant options over
or otherwise dispose of any unissued shares. Furthermore, the Directors are authorised to purchase, redeem or otherwise acquire
any of the Company\u2019s own shares for such consideration as they consider fit, and either cancel or hold such shares as treasury
shares. The directors may dispose of any shares held as treasury shares on such terms and conditions as they may from time to time
determine. Further, the Company may redeem its own shares for such amount, at such times and on such notice as the directors
may determine, provided that any such redemption is pro rata to each shareholders\u2019 then percentage holding in the Company.
Share capital represents 7,945,838 ordinary shares of $ 0.01 each.
The shares have been translated at the exchange rate at the point of issue and the period end movements taken to the foreign
exchange reserve. The average rate noted above therefore reflects the aggregate rate at which the final share capital balance is
recognised.
The following describes the nature and purpose of each reserve within equity:
Retained Earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere
FX Reserves: Gains/losses arising on retranslating the net assets of overseas operations into the reporting currency.
Share Premium: Amount subscribed for share capital in excess of nominal value.
Other Reserves: Other reserves include, 1. Revaluation Reserves (gains/losses arising on the revaluation of the group\u2019s property). 2.
Capital Contribution related to the merger of id4 AG into Apeiron Holdings AG.
20. CAPITAL MANAGEMENT
The Group\u2019s capital comprises ordinary share capital, retained earnings and capital reserves. The Group\u2019s objectives when managing
capital are to provide an optimum return to shareholders over the short to medium term through capital growth and income whilst
ensuring the protection of its assets by minimising risk. The Group seeks to achieve its objectives by having available sufficient cash
resources to meet capital expenditure and ongoing commitments.
At 31 December 2022, the Group had capital of \u00a310,298,100 (2021: \u00a311,153,319). The Group does not have any externally
imposed capital requirements.
21. INVESTMENT IN SUBSIDIARIES
Details of the Company\u2019s subsidiaries at the year end are as follows:
| | | Effective |
| | | Share holding |
| Name of subsidiary | Place of incorporation | 2022 | 2021 |
| DOA Alpha Ltd (formerly WGP Group Ltd) | British Virgin Islands | 100% | 100% |
| DOA Exploration Ltd (formerly WGP Exploration Ltd) | United Kingdom | 100% | 100% |
| DOA Delta Ltd (formerly WGP Survey Ltd) | British Virgin Islands | 100% | 100% |
| Apeiron Holdings (BVI) Ltd (formerly Autonomous Holdings Ltd) | British Virgin Islands | 100% | 100% |
| Autonomous Robotics Ltd | United Kingdom | 100% | 100% |
| WGP Geosolutions Limited | Cyprus | 100% | 100% |
| WGP Group AT GmbH \u2013 dissolved 24/08/2022 | Austria | 0% | 100% |
| Alfalfa Holdings AG | Switzerland | 100% | 100% |
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards (\u201cIFRS\u201d)., through
application of the appropriate standard the investments in subsidiaries are held at cost within the Group financial statements.
Due to the pre- or early stage revenue producing status, and therefore book value, of Autonomous Robotics Limited the directors
of the Group feel that the IFRS cost basis does not represent a market value of the subsidiaries.
22. RELATED PARTY TRANSACTIONS
Under the consultancy and administrative services agreement entered into on 3 January 2011 with a company in which the
Chairman has a beneficial interest, the Group accrued \u00a3307,076 in 2022 (2021: \u00a3493,622). Mr Soukup waived the 2021 balance of
\u00a3478,594 for services provided to the Group.
During the period Graham Cole, non-executive director, invoiced the Group \u00a36,215 of which \u00a3Nil was owed as at 31 December
2022 (2021: \u00a36.3k) and \u00a34,092 accrued.
During the period David Thomas, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2022 (2021: \u00a318.4k) and \u00a320,635 accrued.
During the period Kenneth Morgan, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2022 and \u00a35,091 accrued.
Athenium Consultancy Ltd, a company in which the Group owns shares invoiced the group for financial and corporate administration
services totalling \u00a3165,000 for the period (Dec 2021: nil).
The Group was due \u00a32,894 (2021: \u00a348,701) from Anemoi International Ltd, a company in which through its subsidiary Apeiron
Holdings BVI holds shares and is related by common control through the Chairman, Duncan Soukup. During the year services
amounting to \u00a322,013 (2021: \u00a348,701) were charged from Thalassa.
As at the year end the Group was due \u00a317,073 (2021: \u00a37,362) from Alina Holdings Limited, a company under common directorship.
During the year services amounting to \u00a391,167 (2021: \u00a3123,619) were charged from Thalassa.
ARL owed rent of \u00a310,000 during the period for trading premises from Eastleigh Court Limited. The beneficiaries of Eastleigh Court
Ltd include D Soukup, a director during the period.
23. FINANCIAL INSTRUMENTS
The Group\u2019s financial instruments comprise cash and cash equivalents together with various items such as trade and other receivables
and trade payables etc, that arise directly from its operations. The fair value of the financial assets and liabilities approximates the
carrying values disclosed in the financial statements.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, foreign exchange risk, credit risk and liquidity risk.
INTEREST RATE RISK
The Group does not undertake any hedging against interest rate risk. The Group finances its operations from the cash balances on
the current and deposit accounts. The Group had total borrowings of \u00a3Nil as at 31 December 2022 (2021: \u00a34.5m).
Interest rate sensitivity
The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s short-term credit facilities.
The impact of changes in interest rates on the cost is as follows:
| For the year ended December 31, 2022 | Change in |
| interest |
| | rate cost |
| | GBP \u2018000 |
| Interest rate translations of: | |
| +10 basis points | 5 |
| -10 basis points | (5) |
| +100 basis points | 20 |
| -100 basis points | (20) |
FOREIGN EXCHANGE RISK
The Group undertakes FOREX and asset risk management activities from time to time to mitigate foreign exchange risk.
An increase in foreign exchange rates of 5% at 31 December 2022 would have decreased the profit and net assets by \u00a38,718 (2021:
\u00a3141,705). A decrease of 5% would have had an equal and opposite impact.
As 31 December 2022 approximately 68% (2021: 10%) of amounts owing to suppliers are held in GBP, 8% in EUR (2021: 17%), 6%
in USD (2021: 53%), 1% in NOK (2021: 0%) and 17% in CHF (2021: 21%).
CREDIT RISK
Group credit risk is predominantly a matter of individual corporate risk. However, Group companies also operate in frontier
and challenging regions which has the potential to add risk and uncertainty both from an operational and financial point of view.
Whenever and wherever possible the Group attempts to mitigate this risk.
In line with other international companies, the Group is exposed to geopolitical risks and the possibility of sanctions which could
adversely affect our ability to perform operations or collect receivables from our clients. This risk is uninsurable and unhedgeable.
LIQUIDITY RISK
The Group\u2019s strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the
Group\u2019s expenditure. All financial liabilities are generally payable within 30 days and do not attract any other contractual cash flows.
Based on current forecasts the Group has sufficient cash to meet future obligations. The maturity analysis of the current trade and
other payables is as follows:
| 31 December 2022 | 30 days | 30-60 days | 60-90 days | 90+ days | Total |
| GBP | GBP | GBP | GBP | GBP |
| Finance lease liabilities | 13,206 | 13,206 | 13,206 | 118,855 | 158,473 |
| Trade payables | 677,135 | - | - | - | 677,135 |
| Other payables | 30,132 | - | - | 277,127 | 307,259 |
| Accruals | 43,814 | 4,110 | - | 178,492 | 226,416 |
| 764,287 | 17,316 | 13,206 | 574,474 | 1,369,283 |
24. SUBSEQUENT EVENTS
Without prior notification, Thalassa was advised on 26 January 2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on 20 January 2023 and that a sale of Tappit\u2019s business and assets by way of a pre-
packaged sale to Tap Holdco Limited completed on the same date. Please see note 12 for more detail.
25. COPIES OF THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements are available on the Company\u2019s website: www.thalassaholdingsltd.com.
26. CONTROLLING PARTIES
There is no one controlling party.
1. GENERAL INFORMATION
Thalassa Holdings Ltd (the \u201cCompany\u201d) is a British Virgin Island (\u201cBVI\u201d) International business company (\u201cIBC\u201d), incorporated
and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of
industries.
Autonomous Robotics Limited (\u201cARL\u201d \u2013 formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an
Autonomous Underwater Vehicle (\u201dAUV\u201d) research and development company.
Apeiron Holdings is a BVI registered business and is a wholly owned by Thalassa. Until the 17 December 2021, it owned 84%
of Apeiron AG which is a company registered in Switzerland. Apeiron AG was merged with id4 AG during the period and the
resulting company (named id4 AG) was sold to Anemoi International Limited on the 17 December 2021.
Aperion Holdings (BVI) is the 100% shareholder of Alfalfa Holdings AG, a company registered in Switzerland.
WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa which is non-operational and has an additional subsidiary,
WGP Group AT GmbH which was dissolved on 24/08/2022.
25. COPIES OF THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements are available on the Company\u2019s website: www.thalassaholdingsltd.com.
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"fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": {
"value": "2. ACCOUNTING POLICIES
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.
The financial statements are expressed in GBP from 2021 and the comparatives have been restated. Historically the financial
statements have been expressed in US dollars being the functional currency of the company and its subsidiaries other than DOA
Exploration Ltd, and Autonomous Robotics Limited which have a functional currency of pound sterling, WGP Group AT GmbH
and WGP Geosolutions Ltd of Euro and Alfalfa Holdings AG of Swiss francs.
The change to presenting in GBP is due to the lack of USD as a functional currency in either
Thalassa or its subsidiaries.
The following exchange rates were used in the translation of the accounts: -
Year end GBPUSD exchange rate as at 31 Dec 2022: 1.2103 (2021:1.350).
Average GBPUSD exchange rate as at 31 Dec 2022: 1.2802 (2021:1.357).
Year end GBPEUR exchange rate as at 31 Dec 2022: 1.1273 (2021:1.189).
Average GBPEUR exchange rate as at 31 Dec 2022: 1.158 (2021:1.154).
Year end GBPCHF exchange rate as at 31 Dec 2022: 1.1187 (2021:1.234).
Average GBPCHF exchange rate as at 31 Dec 20212 1.1764 (2021:1.221).
The principal accounting policies are summarised below. They have been applied consistently throughout the period covered by
these financial statements.
2.1. FUNCTIONAL CURRENCY
The presentational currency of the financial statements is GBP, whereas the functional currency of the Company is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
2.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group changed to UK Adopted International Accounting Standards at year-end 2021 from International Financial Reporting
Standards (IFRSs) as adopted by the European Union for the year ended 31 December 2020.
Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during
the current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors
have assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors
have concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may
result in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted
by the Group and will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new standards include:
| | 1 |
| IFRS 17 | Insurance contracts | |
| | 1 |
| IAS 1 | Presentation of financial statements and IFRS Practice Statement 2 | |
| | 1 |
| IAS 8 | Accounting policies, changes in accounting estimates and errors | |
| | 1 |
| IAS 12 | Income Taxes | |
| | 2 |
| IFRS 7 | Financial Instruments: Disclosures (Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)) | |
| | 2 |
| IFRS 16 | Leases (Amendment \u2013 to clarify how a seller-lessee subsequently measure sale and leaseback transactions) | |
| | 2 |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current) | |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants) | |
| | 2 |
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
2.3. BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of
income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income
of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-
controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
those used by other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
2.4. JUDGEMENT AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires the Directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The key judgement areas relate to the carrying value of provisions for loans receivable. Plant and Equipment is reviewed annually
for indication of impairment. Intellectual property is amortised and also reviewed annually for indication of impairment. Loans
receivable are reviewed for potential recovery and impairments included where necessary. Capitalised research and development
costs are reviewed annually for indication if impairment.
Judgement is also made in respect of the accounting treatment of the THAL Discretionary Trust. Management\u2019s assessment is based
on various indicators including activities, decision-making, benefits and risks of the Trust. Based on this assessment, management
consider that the THAL Discretionary Trust should not be consolidated.
2.5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less depreciation and any provision for impairment. Cost includes the purchase
price, including import duties, non-refundable purchase taxes and directly attributable costs incurred in bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended. Cost also includes capitalised interest on
borrowings, applied only during the period of construction.
Fixed assets are depreciated on a straight-line basis between 3 and 15 years from the point at which the asset is put into use.
2.6. INTANGIBLE ASSETS
GOODWILL
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see note
2.16) less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-
generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly
in profit or loss in the consolidated statement of income. An impairment loss recognised for goodwill is not reversed in subsequent
periods.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
As the underlying assets are not yet operational, amortisation of capitalised development has not yet begun.
DEVELOPMENT COSTS
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be
measured reliably. Such intangible assets are carried at cost less amortisation. Amortisation is charged to \u2018Administrative expenses\u2019
in the Statement of Comprehensive Income on a straight-line basis over the intangible assets\u2019 useful economic life. The amortisation
is based on a straight-line method typically over a period of 1-10 years depending on the life of the related asset.
Expenditure on research activities is recognised as an expense in the period in which it is incur
red.
Development costs are capitalised as an intangible asset only if the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefit;
\u2022 the development cost of the asset can be measured reliably;
\u2022 it meets the Group\u2019s criteria for technical and commercial feasibility; and
\u2022 sufficient resources are available to meet the development costs to either sell or use as an asset.
OTHER INTANGIBLE ASSETS
Other intangible assets, including patents and trademarks, that are acquired by the Group and have finite useful lives are measured
at cost less accumulated amortisation and any accumulated impairment losses
2.7. IMPAIRMENT OF ASSETS
An assessment is made at each reporting date of whether there is any indication of impairment of any asset, or whether there is any
indication that an impairment loss previously recognised for an asset in a prior period may no longer exist or may have decreased.
If any such indication exists, the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is calculated as the higher
of the asset\u2019s value in use or its net selling price.
An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. An impairment loss is
charged to the statement of income in the period in which it arises. A previously recognised impairment loss is reversed only if
there has been a change in the estimates used to determine the recoverable amount of an asset, however not to an amount higher
than the carrying amount that would have been determined (net of any depreciation / amortisation), had no impairment loss been
recognised for the asset in a prior period. A reversal of an impairment loss is credited to the statement of income in the period in
which it arises.
2.8. INVESTMENTS
Available for sale investments are initially measured at cost, including transaction costs. Gains and losses arising from changes in fair
value of available for sale investments are recognised at fair value through profit or loss.
2.9. REVENUE
Revenue is measured at the fair value of the consideration received or receivable.
In respect of contracts which are long term in nature and contracts for ongoing services, revenue, restricted to the amounts of costs
that can be recovered, is recognised according to the value of work performed in the period. Revenue in respect of such contracts
is calculated on the basis of time spent on the project and estimated wor
k to completion.
Where the outcome of contracts which are long term in nature and contracts for ongoing services cannot be estimated reliably,
revenue is recognised only to the extent of the costs recognised that are recoverable.
Where payments are received in advance in excess of revenue recognised in the period, this is reflected as a liability on the
statement of financial position as deferred revenue.
Rental income from investment properties leased out under operating leases is recognised net of VAT, returns, rebates and
discounts in the Income Statement on a straight-line basis over the term of the lease. The directors consider this is in line with
when the Company\u2019s performance obligations are satisfied. Standard payments terms are that services are paid in advance. When
the Group provides lease incentives to its tenants the cost of incentives are recognised over the lease term, on a straight-line basis,
as a reduction to income.
2.10. TAXATION
The Company is incorporated in the BVI as an IBC and as such is not subject to tax in the BVI. DOA Exploration Ltd and
Autonomous Robotics Ltd are incorporated in the UK and are therefore subject to UK tax regulations. Alfalfa Holdings AG is
incorporated in Switzerland in the canton of Lucerne and are subject to Swiss tax regulations.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates and laws that are enacted or substantively enacted by the reporting date. Tax is charged or credited directly to
equity if it relates to items that are credited or charged to equity. Otherwise, tax is recognised in the income statement.
Deferred tax is provided in full using the liability method on all timing differences which result in an obligation at the reporting date
to pay more tax, or the right to pay less tax, at a future date, at rates that are expected to apply when they crystalise based on
current tax rates. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary differences can be utilised. Deferred tax is not provided
when the amounts involved are not significant.
2.11. FOREIGN CURRENCY
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
DOA Exploration Ltd and Autonomous Robotics Ltd are incorporated in the UK and have a functional currency of GBP. Exchange
differences on the retranslation of operations denominated in foreign currencies are included in Other Comprehensive Income.
Year end GBPUSD exchange rate as at 31 Dec 2022: 1.2103 (2021:1.350).
Average GBPUSD exchange rate as at 31 Dec 2022: 1.2802 (2021:1.357).
Year end GBPEUR exchange rate as at 31 Dec 2022: 1.1273 (2021:1.189).
Average GBPEUR exchange rate as at 31 Dec 2022: 1.158 (2021:1.154).
Year end GBPCHF exchange rate as at 31 Dec 2022: 1.1187 (2021:1.234).
Average GBPCHF exchange rate as at 31 Dec 20212 1.1764 (2021:1.221).
2.12. BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
those assets until such a time as the assets are substantially ready for their intended use or sale. All other borrowing costs are
recognised in profit and loss in the period incurred.
2.13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position when the Group becomes party to the
contractual provisions of the instrument.
Loans and receivables are initially measured at fair value and are subsequently measured at amortised cost, plus accrued
interest, and are reduced by appropriate provisions for estimated irrecoverable amounts. Such provisions are recognised in the
statement of income.
Available for sale financial assets comprise investments which do have a fixed maturity and are classified as current
assets if they are intended to be held for the medium to long term. They are measured at fair value through profit or loss.
Trade receivables are initially measured at fair value and are subsequently measured at amortised cost less appropriate
provisions for estimated irrecoverable amounts. Such provisions are recognised in the statement of income.
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments
with maturities of three months or less at inception that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade payables are not interest-bearing and are initially valued at their fair value and are subsequently measured at amortised
cost.
Equity instruments are recorded at fair value, being the proceeds received, net of direct issue costs.
Share Capital \u2013 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of taxation, from the proceeds.
Treasury shares \u2013 Where any Group company purchases the Company\u2019s equity share capital, the consideration paid, including
any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity
holders until the shares are cancelled or reissued.
Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.
Financial instruments require classification of fair value as determined by reference to the source of inputs used to derive the fair
value. This classification uses the following three-level hierarchy:
| Level 1 \u2014 | quoted prices (unadjusted) in active markets for identical assets or liabilities; |
| Level 2 \u2014 | inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as |
| prices) or indirectly (i.e | ., derived from prices); |
| Level 3 \u2014 | inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Borrowings are initially measured at fair value and are subsequently measured at amortised cost, plus accrued interest.
2.14. BUSINESS COMBINATIONS
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination
is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group,
liabilities incurred by the Group to any former owners and the equity interests issued by the Group in exchange for control.
Acquisition-related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests and
the fair value of the acquirer\u2019s previously held equity interest (if any) over the net of the acquisition- date amounts of the identifiable
assets acquired, and the liabilities assumed.
2.15. GOING CONCERN
The financial statements have been prepared on the going concern basis as management consider that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group has fully assessed its financial commitments and at the year-end had net cash reserves of \u00a30.5m plus a further \u00a32.9m
of available for sale investments.
2.16. INVESTMENT IN ASSOCIATED ENTITIES
Investments in associates are those over which the Group has significant influence. These are accounted for using the equity
method of accounting. Significant influence is considered to be participation in the financial and operating policy decisions of the
investee and is usually evidenced when the Group owns between 20% and 50% of that company\u2019s voting rights.
Investments in associates are initially recorded at cost and the carrying amount is increased or decreased to recognise the Group\u2019s
share of the profits or losses of the associate after acquisition. At the date of acquisition any excess of the cost of acquisition over
the Group\u2019s share of the fair values of the identifiable net assets of the associate is recognised as goodwill. The carrying amount of
these investments is reduced to recognise any impairment of the value of the individual investment. If the Group\u2019s share of losses
exceeds its interest in an associate the carrying value of that investment is reduced to nil and the recognition of any further losses
is discontinued unless the Group has an obligation to make further funding contributions to that associate.
The Group\u2019s share of associates\u2019 post-acquisition profits or losses is recognised in profit or loss and the post-acquisition movements
in other comprehensive income is recognised within other comprehensive income.
2.1. FUNCTIONAL CURRENCY
The presentational currency of the financial statements is GBP, whereas the functional currency of the Company is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_D2059499001_CY": {
"value": "2.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group changed to UK Adopted International Accounting Standards at year-end 2021 from International Financial Reporting
Standards (IFRSs) as adopted by the European Union for the year ended 31 December 2020.
Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during
the current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors
have assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors
have concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may
result in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted
by the Group and will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new standards include:
| | 1 |
| IFRS 17 | Insurance contracts | |
| | 1 |
| IAS 1 | Presentation of financial statements and IFRS Practice Statement 2 | |
| | 1 |
| IAS 8 | Accounting policies, changes in accounting estimates and errors | |
| | 1 |
| IAS 12 | Income Taxes | |
| | 2 |
| IFRS 7 | Financial Instruments: Disclosures (Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)) | |
| | 2 |
| IFRS 16 | Leases (Amendment \u2013 to clarify how a seller-lessee subsequently measure sale and leaseback transactions) | |
| | 2 |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current) | |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants) | |
| | 2 |
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations_D689453093_CY": {
"value": "Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during
the current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors
have assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors
have concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may
result in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted
by the Group and will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new standards include:
| | 1 |
| IFRS 17 | Insurance contracts | |
| | 1 |
| IAS 1 | Presentation of financial statements and IFRS Practice Statement 2 | |
| | 1 |
| IAS 8 | Accounting policies, changes in accounting estimates and errors | |
| | 1 |
| IAS 12 | Income Taxes | |
| | 2 |
| IFRS 7 | Financial Instruments: Disclosures (Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)) | |
| | 2 |
| IFRS 16 | Leases (Amendment \u2013 to clarify how a seller-lessee subsequently measure sale and leaseback transactions) | |
| | 2 |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current) | |
| IAS 1 | Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants) | |
| | 2 |
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D189408685_CY": {
"value": "2.3. BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of
income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income
of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-
controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
those used by other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D47036111_CY": {
"value": "2.4. JUDGEMENT AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires the Directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The key judgement areas relate to the carrying value of provisions for loans receivable. Plant and Equipment is reviewed annually
for indication of impairment. Intellectual property is amortised and also reviewed annually for indication of impairment. Loans
receivable are reviewed for potential recovery and impairments included where necessary. Capitalised research and development
costs are reviewed annually for indication if impairment.
Judgement is also made in respect of the accounting treatment of the THAL Discretionary Trust. Management\u2019s assessment is based
on various indicators including activities, decision-making, benefits and risks of the Trust. Based on this assessment, management
consider that the THAL Discretionary Trust should not be consolidated.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_D598199880_CY": {
"value": "2.5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less depreciation and any provision for impairment. Cost includes the purchase
price, including import duties, non-refundable purchase taxes and directly attributable costs incurred in bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended. Cost also includes capitalised interest on
borrowings, applied only during the period of construction.
Fixed assets are depreciated on a straight-line basis between 3 and 15 years from the point at which the asset is put into use.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_D1521504000_CY": {
"value": "2.6. INTANGIBLE ASSETS
GOODWILL
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see note
2.16) less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-
generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly
in profit or loss in the consolidated statement of income. An impairment loss recognised for goodwill is not reversed in subsequent
periods.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
As the underlying assets are not yet operational, amortisation of capitalised development has not yet begun.
DEVELOPMENT COSTS
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be
measured reliably. Such intangible assets are carried at cost less amortisation. Amortisation is charged to \u2018Administrative expenses\u2019
in the Statement of Comprehensive Income on a straight-line basis over the intangible assets\u2019 useful economic life. The amortisation
is based on a straight-line method typically over a period of 1-10 years depending on the life of the related asset.
Expenditure on research activities is recognised as an expense in the period in which it is incur
red.
Development costs are capitalised as an intangible asset only if the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefit;
\u2022 the development cost of the asset can be measured reliably;
\u2022 it meets the Group\u2019s criteria for technical and commercial feasibility; and
\u2022 sufficient resources are available to meet the development costs to either sell or use as an asset.
OTHER INTANGIBLE ASSETS
Other intangible assets, including patents and trademarks, that are acquired by the Group and have finite useful lives are measured
at cost less accumulated amortisation and any accumulated impairment losses
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_D2072499656_CY": {
"value": "2.7. IMPAIRMENT OF ASSETS
An assessment is made at each reporting date of whether there is any indication of impairment of any asset, or whether there is any
indication that an impairment loss previously recognised for an asset in a prior period may no longer exist or may have decreased.
If any such indication exists, the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is calculated as the higher
of the asset\u2019s value in use or its net selling price.
An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. An impairment loss is
charged to the statement of income in the period in which it arises. A previously recognised impairment loss is reversed only if
there has been a change in the estimates used to determine the recoverable amount of an asset, however not to an amount higher
than the carrying amount that would have been determined (net of any depreciation / amortisation), had no impairment loss been
recognised for the asset in a prior period. A reversal of an impairment loss is credited to the statement of income in the period in
which it arises.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory_D2129371174_CY": {
"value": "2.8. INVESTMENTS
Available for sale investments are initially measured at cost, including transaction costs. Gains and losses arising from changes in fair
value of available for sale investments are recognised at fair value through profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_D1654421260_CY": {
"value": "2.9. REVENUE
Revenue is measured at the fair value of the consideration received or receivable.
In respect of contracts which are long term in nature and contracts for ongoing services, revenue, restricted to the amounts of costs
that can be recovered, is recognised according to the value of work performed in the period. Revenue in respect of such contracts
is calculated on the basis of time spent on the project and estimated wor
k to completion.
Where the outcome of contracts which are long term in nature and contracts for ongoing services cannot be estimated reliably,
revenue is recognised only to the extent of the costs recognised that are recoverable.
Where payments are received in advance in excess of revenue recognised in the period, this is reflected as a liability on the
statement of financial position as deferred revenue.
Rental income from investment properties leased out under operating leases is recognised net of VAT, returns, rebates and
discounts in the Income Statement on a straight-line basis over the term of the lease. The directors consider this is in line with
when the Company\u2019s performance obligations are satisfied. Standard payments terms are that services are paid in advance. When
the Group provides lease incentives to its tenants the cost of incentives are recognised over the lease term, on a straight-line basis,
as a reduction to income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D793056107_CY": {
"value": "2.10. TAXATION
The Company is incorporated in the BVI as an IBC and as such is not subject to tax in the BVI. DOA Exploration Ltd and
Autonomous Robotics Ltd are incorporated in the UK and are therefore subject to UK tax regulations. Alfalfa Holdings AG is
incorporated in Switzerland in the canton of Lucerne and are subject to Swiss tax regulations.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates and laws that are enacted or substantively enacted by the reporting date. Tax is charged or credited directly to
equity if it relates to items that are credited or charged to equity. Otherwise, tax is recognised in the income statement.
Deferred tax is provided in full using the liability method on all timing differences which result in an obligation at the reporting date
to pay more tax, or the right to pay less tax, at a future date, at rates that are expected to apply when they crystalise based on
current tax rates. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary differences can be utilised. Deferred tax is not provided
when the amounts involved are not significant.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_D1175145312_CY": {
"value": "2.11. FOREIGN CURRENCY
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
DOA Exploration Ltd and Autonomous Robotics Ltd are incorporated in the UK and have a functional currency of GBP. Exchange
differences on the retranslation of operations denominated in foreign currencies are included in Other Comprehensive Income.
Year end GBPUSD exchange rate as at 31 Dec 2022: 1.2103 (2021:1.350).
Average GBPUSD exchange rate as at 31 Dec 2022: 1.2802 (2021:1.357).
Year end GBPEUR exchange rate as at 31 Dec 2022: 1.1273 (2021:1.189).
Average GBPEUR exchange rate as at 31 Dec 2022: 1.158 (2021:1.154).
Year end GBPCHF exchange rate as at 31 Dec 2022: 1.1187 (2021:1.234).
Average GBPCHF exchange rate as at 31 Dec 20212 1.1764 (2021:1.221).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_D459178767_CY": {
"value": "2.12. BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
those assets until such a time as the assets are substantially ready for their intended use or sale. All other borrowing costs are
recognised in profit and loss in the period incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_thal_DescriptionOfAccountingPolicyForFinancialInstrumentsAndRiskManagementExplanatory_D645657321_CY": {
"value": "2.13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position when the Group becomes party to the
contractual provisions of the instrument.
Loans and receivables are initially measured at fair value and are subsequently measured at amortised cost, plus accrued
interest, and are reduced by appropriate provisions for estimated irrecoverable amounts. Such provisions are recognised in the
statement of income.
Available for sale financial assets comprise investments which do have a fixed maturity and are classified as current
assets if they are intended to be held for the medium to long term. They are measured at fair value through profit or loss.
Trade receivables are initially measured at fair value and are subsequently measured at amortised cost less appropriate
provisions for estimated irrecoverable amounts. Such provisions are recognised in the statement of income.
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments
with maturities of three months or less at inception that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade payables are not interest-bearing and are initially valued at their fair value and are subsequently measured at amortised
cost.
Equity instruments are recorded at fair value, being the proceeds received, net of direct issue costs.
Share Capital \u2013 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of taxation, from the proceeds.
Treasury shares \u2013 Where any Group company purchases the Company\u2019s equity share capital, the consideration paid, including
any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity
holders until the shares are cancelled or reissued.
Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.
Financial instruments require classification of fair value as determined by reference to the source of inputs used to derive the fair
value. This classification uses the following three-level hierarchy:
| Level 1 \u2014 | quoted prices (unadjusted) in active markets for identical assets or liabilities; |
| Level 2 \u2014 | inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as |
| prices) or indirectly (i.e | ., derived from prices); |
| Level 3 \u2014 | inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Borrowings are initially measured at fair value and are subsequently measured at amortised cost, plus accrued interest.
",
"dimensions": {
"concept": "thal:DescriptionOfAccountingPolicyForFinancialInstrumentsAndRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_D681685288_CY": {
"value": "2.14. BUSINESS COMBINATIONS
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination
is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group,
liabilities incurred by the Group to any former owners and the equity interests issued by the Group in exchange for control.
Acquisition-related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests and
the fair value of the acquirer\u2019s previously held equity interest (if any) over the net of the acquisition- date amounts of the identifiable
assets acquired, and the liabilities assumed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D438813286_CY": {
"value": "2.15. GOING CONCERN
The financial statements have been prepared on the going concern basis as management consider that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group has fully assessed its financial commitments and at the year-end had net cash reserves of \u00a30.5m plus a further \u00a32.9m
of available for sale investments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_D1676045161_CY": {
"value": "2.16. INVESTMENT IN ASSOCIATED ENTITIES
Investments in associates are those over which the Group has significant influence. These are accounted for using the equity
method of accounting. Significant influence is considered to be participation in the financial and operating policy decisions of the
investee and is usually evidenced when the Group owns between 20% and 50% of that company\u2019s voting rights.
Investments in associates are initially recorded at cost and the carrying amount is increased or decreased to recognise the Group\u2019s
share of the profits or losses of the associate after acquisition. At the date of acquisition any excess of the cost of acquisition over
the Group\u2019s share of the fair values of the identifiable net assets of the associate is recognised as goodwill. The carrying amount of
these investments is reduced to recognise any impairment of the value of the individual investment. If the Group\u2019s share of losses
exceeds its interest in an associate the carrying value of that investment is reduced to nil and the recognition of any further losses
is discontinued unless the Group has an obligation to make further funding contributions to that associate.
The Group\u2019s share of associates\u2019 post-acquisition profits or losses is recognised in profit or loss and the post-acquisition movements
in other comprehensive income is recognised within other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_D572810899_CY": {
"value": "3. SEGMENT INFORMATION
Management have chosen to organise the Group information by revenue generated. During the year the Group had one operating
segment comprised of rental income through the Aperion Group.
Information related to each reportable segment is set out below.
| Rental | Sale of | Total |
| Income | Services | Income |
| GBP | GBP | GBP |
| Revenue | 211,048 | - | 211,048 |
Based on these segments, the reportable segments under IFRS 8 is as follows:
| | | Total |
| Rental | Other | Continuing |
| Income | segments | Operations |
| GBP | GBP | GBP |
| Segment income statement | | | |
| Revenue | 211,048 | 84,920 | 295,968 |
| Expenses | (133,377) | (1,360,813) | (1,494,190) |
| Depreciation and amortisation | (183,673) | (122,175) | (305,848) |
| Profit/loss before tax | (106,001) | (1,398,069) | (1,504,070) |
| Attributable income tax (expense)/credit | (440) | 54,607 | 54,167 |
| Profit/(loss) for the period | (106,441) | (1,343,462) | (1,449,903) |
| | | Total |
| Rental | Other | Continuing |
| Income | segments | Operations |
| GBP | GBP | GBP |
| Segment statement of financial position | | | |
| Non-current assets | 1,990,862 | 9,287,504 | 11,278,366 |
| Current assets | (35,827) | 1,935,221 | 1,899,394 |
| Assets | 1,955,035 | 11,222,725 | 13,177,760 |
| Current liabilities | 574,711 | 794,572 | 1,369,283 |
| Non-current liabilities | 1,500,532 | 9,845 | 1,510,377 |
| Liabilities | 2,075,243 | 804,417 | 2,879,660 |
| Net assets | (120,208) | 10,418,308 | 10,298,100 |
| Shareholders\u2019 equity | (120,208) | 10,418,308 | 10,298,100 |
| Total equity | (120,208) | 10,418,308 | 10,298,100 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory_E68_CY": {
"value": "4. EMPLOYEES
The average number of employees (excluding the Directors) employed by the Group was:-
| 2022 | 2021 |
| Sales | - | - |
| Development | 4 | 4 |
| Admin | - | 5 |
| 4 | 9 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_E50_CY": {
"value": "5. NET FINANCIAL EXPENSE
| 2022 | 2021 |
| GBP | GBP |
| Loan interest receivable | (53,935) | 351,714 |
| Loan interest payable | (27,791) | (41,263) |
| Bank interest receivable | 33,133 | 1,515 |
| Bank interest payable | (1,653) | (3,852) |
| Lease liability | (91,535) | (29,150) |
| Gains/(Losses) on investments | 435,545 | (540,173) |
| Foreign currency gains/(losses) | (44,229) | (93,995) |
| 249,535 | (355,204) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDiscontinuedOperationsExplanatory_E36_CY": {
"value": "6. DISCONTINUED OPERATIONS
| 2022 | 2021 |
| GBP | GBP |
| Analysis of profit for the year from discontinued operations | | |
| Revenue | - | 28,000 |
| Expenses | - | (333,509) |
| Profit before income tax | - | (305,509) |
| Income tax expense/(credit) | - | - |
| Profit after income tax of discontinued operations | - | (305,509) |
| Gain on sale of the subsidiary after income tax | - | 2,440,728 |
| Profit from discontinued operation | - | 2,135,219 |
| 2022 | 2021 |
| GBP | GBP |
| Net cash inflow from operating activities | - | 8,519 |
| Net cash outflow from investing activities | - | (418,246) |
| Net cash inflow from financing activities | - | 344,799 |
| Net cash outflow in subsidiary | - | (64,928) |
| Details of the sale of the subsidiary | 2022 | 2021 |
| GBP | GBP |
| Consideration received | | |
| Shares in Anemoi International | - | 2,240,000 |
| Carrying amount of assets sold | - | 200,728 |
| Gain on sale | - | 2,440,728 |
On 17 December 2021, Apeiron Holdings BVI, a 100% owned subsidiary of Thalassa, successfully completed the sale of its subsidiary
id4 AG to Anemoi International Ltd. Consideration consisted of shares in Anemoi International Ltd to the value of \u00a32.24m.
Prior to the disposal of the associate, the loan outstanding from Thalassa and Apeiron BVI was converted to a capital contribution
under Swiss and BVI law, this loan was used to finance the losses bought forward in id4 AG of \u00a3697,597 and therefore they have
been offset resulting in a decrease in capital of \u00a31,077,457 before the remo
val of non-controlling interest.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": {
"value": "7. INCOME TAX EXPENSE
| 2022 | 2021 |
| GBP | GBP |
| Current tax/(credit) from continuing operations | (54,167) | (132,240) |
| Total Tax/(Credit) | (54,167) | (132,240) |
| GBP | GBP |
| Profit/(loss) before tax from continuing operations | (1,449,903) | (1,678,479) |
| Tax at applicable rates | (275,482) | (318,911) |
| Losses carried forward | 275,482 | 318,911 |
| R&D Tax (Credit) relating to current year | (54,167) | (132,240) |
| Total Tax/(Credit) on continuing operations | (54,167) | (132,240) |
| GBP | GBP |
| Profit before tax from discontinued operations | - | (305,509) |
| Tax at applicable rates | - | - |
| Total Tax on discontinued operations | - | - |
The applicable tax rates in relation to the Group\u2019s profits are BVI 0%, UK 19% & 25% and Swiss 12.3% (2021: 0%,19% and 12.3%).
The Applicable tax rate for the UK changed from 19% to 25% on 1 April 2023.
Autonomous Robotics Ltd has unprovided trading losses carried forward of approximately \u00a34.5m available for utilisation against
future trading profits.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": {
"value": "8. EARNINGS PER SHARE
| 2022 | 2021 |
| GBP | GBP |
| The calculation of earnings per share is based on | | |
| the following loss attributable to ordinary shareholders and number of shares: | | |
| Profit/(Loss) for the year from continuing operations | (1,449,903) | 762,249 |
| Profit/(Loss) for the year from discontinued operations | - | (305,509) |
| Profit for the year | (1,449,903) | 456,740 |
| Weighted average number of shares of the Company | 7,945,838 | 7,945,838 |
| Earnings per share: | | |
| Basic and Diluted (GBP) from continuing operations | (0.18) | 0.10 |
| Basic and Diluted (GBP) from discontinued operations | - | (0.04) |
| Basic and Diluted (GBP) | (0.18) | 0.06 |
| Number of shares outstanding at the period end: | | |
| Number of shares in issue | 7,945,838 | 7,945,838 |
| Recording error | - | - |
| Treasury shares | - | - |
| Capital Redemption | - | - |
| Basic number of shares in issue | 7,945,838 | 7,945,838 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory_E73_CY": {
"value": "9. INTANGIBLE ASSETS AND GOODWILL
| Development | | | | | |
| costs | Patents | Software | Sub-total | Goodwill | Total |
| GBP | GBP | GBP | GBP | GBP | GBP |
| At 31 December 2020 | | | | | | |
| Cost | 614,072 | 81,026 | - | 695,098 | 265,154 | 960,252 |
| Accumulated Impairment | - | - | - | - | (115,162) | (115,162) |
| Net book amount | 614,072 | 81,026 | - | 695,098 | 149,992 | 845,090 |
| Full-year ended | | | | | | |
| 31 December 2021 | | | | | | |
| Opening net book amount | 614,072 | 81,026 | - | 695,098 | 149,992 | 845,090 |
| Additions | 372,071 | 45,356 | 22,550 | 439,976 | - | 439,976 |
| Disposal of subsidiaries | (223,785) | - | (223,785) | (147,384) | (371,169) |
| Amortisation charge | - | - | (3,758) | (3,758) | (2,608) | (6,366) |
| Closing net book amount | 762,358 | 126,382 | 18,792 | 907,531 | - | 907,531 |
| At 31 December 2021 | | | | | | |
| Cost | 762,358 | 126,382 | 22,550 | 911,289 | - | 911,289 |
| Accumulated Impairment | - | - | (3,758) | (3,758) | - | (3,758) |
| Net book amount | 762,358 | 126,382 | 18,792 | 907,531 | - | 907,531 |
| Full-year ended | | | | | | |
| 31 December 2022 | | | | | | |
| Opening net book amount | 762,358 | 126,382 | 18,792 | 907,531 | - | 907,531 |
| Additions | 391,289 | 27,119 | - | 418,408 | - | 418,408 |
| Revaluation of c\u2019fwd amount | - | - | 2,546 | 2,546 | - | 2,546 |
| Amortisation charge | - | - | (8,790) | (8,790) | - | (8,790) |
| Closing net book amount | 1,153,647 | 153,501 | 12,548 | 1,319,695 | - | 1,319,695 |
| At 31 December 2022 | | | | | | |
| Cost | 1,153,647 | 153,501 | 25,096 | 1,332,243 | - | 1,332,243 |
| Accumulated Amortisation | - | - | (12,548) | (12,548) | - | (12,548) |
| Net book amount | 1,153,647 | 153,501 | 12,548 | 1,319,695 | - | 1,319,695 |
The intangible assets held by the group increased as a result of capitalising the development costs and patent fees of Autonomous
Robotics Ltd, alongside the introduction and build of a new finance system in Thalassa Holdings Ltd.in 2021. Systems are being
amortised over a three year period. Goodwill related to the acquisition of iD4 Ltd in December 2019 and alongside the development
costs of id4 were removed upon disposal of the subsidiary in December 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": {
"value": "10. PROPERTY, PLANT AND EQUIPMENT
| | | Plant | |
| | Land and | and | Motor |
| Total | buildings | Equipment | Vehicles |
| Cost | GBP | GBP | GBP | GBP |
| Cost at 1 January 2021 | 574,510 | 55,556 | 137,693 | 381,261 |
| FX movement | 1,713 | - | 487 | 1,226 |
| 576,223 | 55,556 | 138,180 | 382,487 |
| Additions | 1,460,666 | 1,357,726 | 708 | 102,232 |
| Disposal of Subsidiary | (19,312) | - | (19,312) | - |
| Cost at 31 December 2021 | 2,017,577 | 1,413,282 | 119,576 | 484,719 |
| Depreciation | | | | |
| Depreciation at 1 January | 267,781 | 18,519 | 117,522 | 131,740 |
| FX movement | 2,215 | - | 989 | 1,226 |
| 269,996 | 18,519 | 118,511 | 132,966 |
| Charge for the year on continuing operations | 95,116 | 9,392 | 3,940 | 81,784 |
| Foreign exchange effect on year-end translation | (137) | (135) | 952 | (954) |
| Disposal of Subsidiary | (8,479) | - | (8,479) | - |
| Depreciation at 31 December 2021 | 356,496 | 27,776 | 114,924 | 213,796 |
| Closing net book value at 31 December 2021 | 1,661,081 | 1,385,506 | 4,652 | 270,923 |
| Cost at 1 January 2022 | 2,017,577 | 1,413,282 | 119,576 | 484,719 |
| FX movement | 201,735 | 137,001 | 9,377 | 55,357 |
| 2,219,312 | 1,550,283 | 128,953 | 540,076 |
| Additions | 517,376 | 515,846 | 1,530 | - |
| Cost at 31 December 2022 | 2,736,688 | 2,066,128 | 130,483 | 540,076 |
| Depreciation | | | | |
| Depreciation at 1 January | 356,496 | 27,776 | 114,924 | 213,796 |
| FX movement | 36,920 | - | 9,315 | 27,605 |
| 393,416 | 27,776 | 124,239 | 241,401 |
| Charge for the year on continuing operations | 297,707 | 192,932 | 3,695 | 101,080 |
| Foreign exchange effect on year end translation | 14,832 | 14,832 | - | - |
| Depreciation at 31 December 2022 | 705,955 | 235,540 | 127,934 | 342,481 |
| Closing net book value at 31 December 2022 | 2,030,733 | 1,830,589 | 2,549 | 197,595 |
As outlined in note 2.7, an assessment is made at each financial reporting date as to whether there is any indication of impairment
of any asset. An impairment review of the Group\u2019s equipment has been undertaken, taking into account obsolescence, market
conditions, value in use and useful economic life. As a result, there has been no impairment charge in 2022 (2021: $nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAvailableforsaleAssetsExplanatory_D132299338_CY": {
"value": "11. INVESTMENTS \u2013 AVAILABLE FOR SALE FINANCIAL ASSETS
The Group classifies the following financial assets at fair value through profit or loss (FVPL):-
AFS investments have been valued incorporating Level 1 inputs in accordance with IFRS7.
Equity investments that are held for trading.
| 2022 | 2021 |
| GBP | GBP |
| Available for sale investments | | |
| At the beginning of the period | 1,187,345 | 1,417,003 |
| Additions | 3,554,617 | 3,445,080 |
| Unrealised gain/(losses) | 87,635 | (518,523) |
| Disposals | (4,461,505) | (3,172,142) |
| Forex on opening balance | 136,785 | 15,928 |
| At 31 December | 504,877 | 1,187,346 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_thal_DescriptionOfLoansAndPortfolioHoldingsExplanatory_D1893592817_CY": {
"value": "12. LOANS AND PORTFOLIO HOLDINGS
| 2022 | 2021 |
| GBP | GBP |
| Loans at 1 January | 1,333,599 | 1,279,849 |
| Accrued interest | 45,235 | 39,365 |
| Forex on opening balance | 153,635 | 14,385 |
| Loans at 31 December | 1,532,469 | 1,333,599 |
| Portfolio Holdings at 1 January | 4,371,674 | 4,292,777 |
| Issued | 746,009 | 255,607 |
| Interest | 325,237 | 293,767 |
| Repaid | (92) | (475,861) |
| Forex | 28,157 | 5,384 |
| Written off - Tappit Loan Interest & Option Value | (1,432,041) | - |
| Portfolio holdings at 31 December | 4,038,944 | 4,371,674 |
| Total of loans and holdings | 5,571,412 | 5,705,273 |
The Loan is to the THAL Discretionary Trust, interest is payable at 3% per annum (reviewed periodically).
The THAL Discretionary Trust is a trust, independent of Thalassa, established for the benefit of individuals or parties to whom the
Trustees wish to make awards at their discretion.
In September 2020 a loan was issued to Tappit Technologies (UK) Ltd for \u00a33m, in the form of a convertible loan note and incurred
a non-compounding interest charge of 8% with a maturity date 36 months post agreement date. As of December 31 2022, interest
of \u00a3424k was accrued. The Tappit Technologies (UK) Ltd loan notes were revalued in 2020 at fair value using a discounted cash
flow method at the market rate of 10% on final value. The discount element of the final conversion has been valued using the
Black-Scholes method to provide the fair value adjustment noted in the table above. A fair value exercise was undertaken for 2021
under the same method with no adjustment necessary due to there being no new shares or financing. The option was valued at
\u00a31,008,294.
Without prior notification, Thalassa was advised on 26 January 2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on the 20 January 2023 and that a sale of Tappit\u2019s business and assets by way of a
pre-packaged sale to Tap Holdco Limited completed on the same date.
Thalassa announced on 27 January 2023 that the position was being written down to \u00a3Nil in the books. The Chairman, commensurately
announced that on an exceptional and purely moral basis he would proceeds from the sale of personal property in the amount
of Thalassa\u2019s initial investment of \u00a33m. As a result, only the value of the accrued interest and Option value, totalling \u00a31,432,041 has
been written off, above.
Thalassa is still exploring all options including, but not limited to, possible legal action against the Directors of Tappit.
Upon formation of Anemoi International Ltd, a 10% fixed rate cumulative convertible loan note was issued for $350k, as per the
terms of the agreement the notes were converted to preference shares in December 2021 but prior to the sale of id4 to Anemoi
International Ltd on 17 December 2021 \u2013 see note 13.
In December 2021 the warrants held by Thalassa for Anemoi International Ltd, were transferred to the Anemoi Discretionary Trust
in exchange for a debt of $345,000. The debt is repayable on the exercising of the warrants by the beneficiaries of the Trust.
",
"dimensions": {
"concept": "thal:DescriptionOfLoansAndPortfolioHoldingsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_E6_CY": {
"value": "13. ASSOCIATED ENTITIES
| 2022 | 2021 |
| GBP | GBP |
| Fair value of investment at 1 January | 2,325,457 | |
| Fair value of investment at 17 December 2021 | | 2,086,448 |
| Share of profits/(losses) for the year attributable to the Group | (235,659) | (9,156) |
| Exchange Variance | 266,728 | |
| Conversion of loan notes to preference shares | | 248,165 |
| 2,356,526 | 2,325,457 |
There are no other entities in which the Group holds 20% or more of the equity, or otherwise exercises significant influence over
the affairs of the entity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": {
"value": "14. TRADE AND OTHER RECEIVABLES
| 2022 | 2021 |
| GBP | GBP |
| Trade receivables | 86,669 | 123,344 |
| Trade receivables | 86,669 | 123,344 |
| Other receivables | 440,181 | 49,608 |
| Corporation tax | 106,663 | 128,893 |
| Prepayments | 131,789 | 507,762 |
| Total trade and other receivables | 765,302 | 809,607 |
The Directors consider that the carrying value of trade and other receivables approximate to their fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": {
"value": "15. TRADE AND OTHER PAYABLES
| 2022 | 2021 |
| GBP | GBP |
| Trade payables | 677,135 | 666,526 |
| Other payables | 307,259 | 279,254 |
| Accruals | 226,416 | 167,509 |
| Total trade and other payables | 1,210,810 | 1,113,289 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBorrowingsExplanatory_E14_CY": {
"value": "16. BORROWINGS
| 2022 | 2021 |
| Non-current liabilities | GBP | GBP |
| Lease liabilities | 1,510,377 | 1,252,335 |
| | 1,510,377 | 1,252,335 |
| 2022 | 2021 |
| Current liabilities | GBP | GBP |
| Credit facility | - | 4,324,649 |
| Lease liabilities | 158,473 | 150,911 |
| | 158,473 | 4,475,560 |
In December 2020 the group entered into a fixed-term advance GBP currency denominated credit facility.
The total available amount under the facility is GBP\u00a310.3m of which \u00a3Nil was drawn down as at 31 December 2022 (2021: \u00a34.4m).
The facility carries an interest rate of 0.7547%.
The credit facility was cancelled in December 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory_E54_CY": {
"value": "17. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets mandatorily measured at FVPL include the following:-
| 2022 | 2021 |
| GBP | GBP |
| Non current assets | | |
| Investments in associated entities | 2,356,526 | 2,325,457 |
| Portfolio Holdings | 4,038,944 | 4,371,674 |
| Current assets | | |
| Available for sale financial assets | 504,877 | 1,187,346 |
| At 31 December | 6,900,347 | 7,884,477 |
| 2022 | 2021 |
| Amounts recognised in profit or loss:- | GBP | GBP |
| Available for sale financial assets | 224,420 | (502,595) |
| Investments in associated entities | (235,658) | (213,100) |
| Portfolio Holdings | 101,691 | 181,563 |
| 90,453 | (534,132) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLeasesExplanatory_E87_CY": {
"value": "18. LEASES AS LESSEE
Thalassa\u2019s subsidiary, Autonomous Robotics Ltd, entered into a lease for the rent of the top floor of Eastleigh Court near Warminster
in January 2018 for \u00a310,000 per annum. However, the rent is being accrued and will only become payable upon successful completion
of the fund-raising exercise. A borrowing rate of 2.5% has been applied to this lease. Previously, this lease was classified as an
operating lease under IAS 17.
Thalassa\u2019s subsidiary id4 entered into a lease in January 2021, for the buildings surrounding and including Villa Kramerstein on the
banks of Lake Lucerne in Switzerland. Prior to the sale of id4, the lease was transferred to another subsidiary of Thalassa, Alfalfa
Holdings AG. Since the accounting date, some of the buildings have been sublet and therefore the income matches the expenditure.
A borrowing rate of 5% has been applied to this lease. The weighted average incremental borrowing rate of 4.94% was applied to
lease liabilities recognised at the initial adoption of IFRS 16. Where applicable, the Group has used the exemption under IFRS 16
regarding the exemption of short-term leases and have excluded from the balance sheet.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property,
plant and equipment (see note 10).
| Land and |
| buildings |
| GBP |
| Balance at 1 January 2022 | 1,385,504 |
| Additions | 515,846 |
| Depreciation charge for the year | (192,932) |
| Foreign exchange effect on year-end translation | 122,171 |
| Balance at 31 December 2022 | 1,830,589 |
Amounts recognised in pro\ue0bct or loss
| 2021 - Leases under IFRS 16 | GBP |
| Interest on lease liabilities | (91,535) |
| Expenses related to short-term leases | (38,486) |
| Right of use asset | (177,506) |
| | (307,527) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": {
"value": "19. SHARE CAPITAL
| As at | As at |
| 31 Dec 2022 | 31 Dec 2021 |
| GBP | GBP |
| Authorised share capital: | | |
| 100,000,000 ordinary shares of $0.01 each | 1,000,000 | 1,000,000 |
| Exchange Rate for Conversion | 1.61674 | 1.61674 |
| 100,000,000 ordinary shares of $0.01 each in GBP | 618,529 | 618,529 |
| Allotted, issued and fully paid: | | |
| 20,852,359 ordinary shares of $0.01 each | 208,522 | 208,522 |
| Average Exchange Rate for Conversion | 1.61674 | 1.61674 |
| 20,852,359 ordinary shares of $0.01 each in GBP | 128,977 | 128,977 |
| | Number of | |
| Number | Treasury | Treasury |
| of shares | shares | shares GBP |
| Balance at 31 December 2020 | 7,945,838 | 12,906,521 | 8,558,935 |
| Shares purchased | - | - | - |
| Balance at 31 December 2021 | 7,945,838 | 12,906,521 | 8,558,935 |
| Shares purchased | - | - | - |
| Balance at 31 December 2022 | 7,945,838 | 12,906,521 | 8,558,935 |
Treasury shares represents the cost of the Company buying back its shares. There were 12,906,521 shares held in Treasury as at 31
December 2022 (2021: 12,906,521 shares) which comprised 61.9% of the total issued share capital (2021: 61.9%). No purchase
took place in 2022 (2021: nil).
Under the Company\u2019s memorandum of association, the Company is authorised to issue 100,000,000 shares of one class with a
par value of US$0.01 each. Under the Company\u2019s articles of association, the Board is authorised to offer, allot, grant options over
or otherwise dispose of any unissued shares. Furthermore, the Directors are authorised to purchase, redeem or otherwise acquire
any of the Company\u2019s own shares for such consideration as they consider fit, and either cancel or hold such shares as treasury
shares. The directors may dispose of any shares held as treasury shares on such terms and conditions as they may from time to time
determine. Further, the Company may redeem its own shares for such amount, at such times and on such notice as the directors
may determine, provided that any such redemption is pro rata to each shareholders\u2019 then percentage holding in the Company.
Share capital represents 7,945,838 ordinary shares of $ 0.01 each.
The shares have been translated at the exchange rate at the point of issue and the period end movements taken to the foreign
exchange reserve. The average rate noted above therefore reflects the aggregate rate at which the final share capital balance is
recognised.
The following describes the nature and purpose of each reserve within equity:
Retained Earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere
FX Reserves: Gains/losses arising on retranslating the net assets of overseas operations into the reporting currency.
Share Premium: Amount subscribed for share capital in excess of nominal value.
Other Reserves: Other reserves include, 1. Revaluation Reserves (gains/losses arising on the revaluation of the group\u2019s property). 2.
Capital Contribution related to the merger of id4 AG into Apeiron Holdings AG.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_E123_CY": {
"value": "20. CAPITAL MANAGEMENT
The Group\u2019s capital comprises ordinary share capital, retained earnings and capital reserves. The Group\u2019s objectives when managing
capital are to provide an optimum return to shareholders over the short to medium term through capital growth and income whilst
ensuring the protection of its assets by minimising risk. The Group seeks to achieve its objectives by having available sufficient cash
resources to meet capital expenditure and ongoing commitments.
At 31 December 2022, the Group had capital of \u00a310,298,100 (2021: \u00a311,153,319). The Group does not have any externally
imposed capital requirements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_E126_CY": {
"value": "21. INVESTMENT IN SUBSIDIARIES
Details of the Company\u2019s subsidiaries at the year end are as follows:
| | | Effective |
| | | Share holding |
| Name of subsidiary | Place of incorporation | 2022 | 2021 |
| DOA Alpha Ltd (formerly WGP Group Ltd) | British Virgin Islands | 100% | 100% |
| DOA Exploration Ltd (formerly WGP Exploration Ltd) | United Kingdom | 100% | 100% |
| DOA Delta Ltd (formerly WGP Survey Ltd) | British Virgin Islands | 100% | 100% |
| Apeiron Holdings (BVI) Ltd (formerly Autonomous Holdings Ltd) | British Virgin Islands | 100% | 100% |
| Autonomous Robotics Ltd | United Kingdom | 100% | 100% |
| WGP Geosolutions Limited | Cyprus | 100% | 100% |
| WGP Group AT GmbH \u2013 dissolved 24/08/2022 | Austria | 0% | 100% |
| Alfalfa Holdings AG | Switzerland | 100% | 100% |
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards (\u201cIFRS\u201d)., through
application of the appropriate standard the investments in subsidiaries are held at cost within the Group financial statements.
Due to the pre- or early stage revenue producing status, and therefore book value, of Autonomous Robotics Limited the directors
of the Group feel that the IFRS cost basis does not represent a market value of the subsidiaries.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": {
"value": "22. RELATED PARTY TRANSACTIONS
Under the consultancy and administrative services agreement entered into on 3 January 2011 with a company in which the
Chairman has a beneficial interest, the Group accrued \u00a3307,076 in 2022 (2021: \u00a3493,622). Mr Soukup waived the 2021 balance of
\u00a3478,594 for services provided to the Group.
During the period Graham Cole, non-executive director, invoiced the Group \u00a36,215 of which \u00a3Nil was owed as at 31 December
2022 (2021: \u00a36.3k) and \u00a34,092 accrued.
During the period David Thomas, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2022 (2021: \u00a318.4k) and \u00a320,635 accrued.
During the period Kenneth Morgan, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2022 and \u00a35,091 accrued.
Athenium Consultancy Ltd, a company in which the Group owns shares invoiced the group for financial and corporate administration
services totalling \u00a3165,000 for the period (Dec 2021: nil).
The Group was due \u00a32,894 (2021: \u00a348,701) from Anemoi International Ltd, a company in which through its subsidiary Apeiron
Holdings BVI holds shares and is related by common control through the Chairman, Duncan Soukup. During the year services
amounting to \u00a322,013 (2021: \u00a348,701) were charged from Thalassa.
As at the year end the Group was due \u00a317,073 (2021: \u00a37,362) from Alina Holdings Limited, a company under common directorship.
During the year services amounting to \u00a391,167 (2021: \u00a3123,619) were charged from Thalassa.
ARL owed rent of \u00a310,000 during the period for trading premises from Eastleigh Court Limited. The beneficiaries of Eastleigh Court
Ltd include D Soukup, a director during the period.
26. CONTROLLING PARTIES
There is no one controlling party.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": {
"value": "23. FINANCIAL INSTRUMENTS
The Group\u2019s financial instruments comprise cash and cash equivalents together with various items such as trade and other receivables
and trade payables etc, that arise directly from its operations. The fair value of the financial assets and liabilities approximates the
carrying values disclosed in the financial statements.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, foreign exchange risk, credit risk and liquidity risk.
INTEREST RATE RISK
The Group does not undertake any hedging against interest rate risk. The Group finances its operations from the cash balances on
the current and deposit accounts. The Group had total borrowings of \u00a3Nil as at 31 December 2022 (2021: \u00a34.5m).
Interest rate sensitivity
The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s short-term credit facilities.
The impact of changes in interest rates on the cost is as follows:
| For the year ended December 31, 2022 | Change in |
| interest |
| | rate cost |
| | GBP \u2018000 |
| Interest rate translations of: | |
| +10 basis points | 5 |
| -10 basis points | (5) |
| +100 basis points | 20 |
| -100 basis points | (20) |
FOREIGN EXCHANGE RISK
The Group undertakes FOREX and asset risk management activities from time to time to mitigate foreign exchange risk.
An increase in foreign exchange rates of 5% at 31 December 2022 would have decreased the profit and net assets by \u00a38,718 (2021:
\u00a3141,705). A decrease of 5% would have had an equal and opposite impact.
As 31 December 2022 approximately 68% (2021: 10%) of amounts owing to suppliers are held in GBP, 8% in EUR (2021: 17%), 6%
in USD (2021: 53%), 1% in NOK (2021: 0%) and 17% in CHF (2021: 21%).
CREDIT RISK
Group credit risk is predominantly a matter of individual corporate risk. However, Group companies also operate in frontier
and challenging regions which has the potential to add risk and uncertainty both from an operational and financial point of view.
Whenever and wherever possible the Group attempts to mitigate this risk.
In line with other international companies, the Group is exposed to geopolitical risks and the possibility of sanctions which could
adversely affect our ability to perform operations or collect receivables from our clients. This risk is uninsurable and unhedgeable.
LIQUIDITY RISK
The Group\u2019s strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the
Group\u2019s expenditure. All financial liabilities are generally payable within 30 days and do not attract any other contractual cash flows.
Based on current forecasts the Group has sufficient cash to meet future obligations. The maturity analysis of the current trade and
other payables is as follows:
| 31 December 2022 | 30 days | 30-60 days | 60-90 days | 90+ days | Total |
| GBP | GBP | GBP | GBP | GBP |
| Finance lease liabilities | 13,206 | 13,206 | 13,206 | 118,855 | 158,473 |
| Trade payables | 677,135 | - | - | - | 677,135 |
| Other payables | 30,132 | - | - | 277,127 | 307,259 |
| Accruals | 43,814 | 4,110 | - | 178,492 | 226,416 |
| 764,287 | 17,316 | 13,206 | 574,474 | 1,369,283 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCreditRiskExplanatory_E27_CY": {
"value": "CREDIT RISK
Group credit risk is predominantly a matter of individual corporate risk. However, Group companies also operate in frontier
and challenging regions which has the potential to add risk and uncertainty both from an operational and financial point of view.
Whenever and wherever possible the Group attempts to mitigate this risk.
In line with other international companies, the Group is exposed to geopolitical risks and the possibility of sanctions which could
adversely affect our ability to perform operations or collect receivables from our clients. This risk is uninsurable and unhedgeable.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": {
"value": "LIQUIDITY RISK
The Group\u2019s strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the
Group\u2019s expenditure. All financial liabilities are generally payable within 30 days and do not attract any other contractual cash flows.
Based on current forecasts the Group has sufficient cash to meet future obligations. The maturity analysis of the current trade and
other payables is as follows:
| 31 December 2022 | 30 days | 30-60 days | 60-90 days | 90+ days | Total |
| GBP | GBP | GBP | GBP | GBP |
| Finance lease liabilities | 13,206 | 13,206 | 13,206 | 118,855 | 158,473 |
| Trade payables | 677,135 | - | - | - | 677,135 |
| Other payables | 30,132 | - | - | 277,127 | 307,259 |
| Accruals | 43,814 | 4,110 | - | 178,492 | 226,416 |
| 764,287 | 17,316 | 13,206 | 574,474 | 1,369,283 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_E42_CY": {
"value": "24. SUBSEQUENT EVENTS
Without prior notification, Thalassa was advised on 26 January 2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on 20 January 2023 and that a sale of Tappit\u2019s business and assets by way of a pre-
packaged sale to Tap Holdco Limited completed on the same date. Please see note 12 for more detail.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": {
"value": "Folio Chambers
P.O. Box 800, Road Town, Tortola,
British Virgin Islands
",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138002739WFQPLBEQ42",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}