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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. Company number 1433759.
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 (BVI) Ltd is a BVI registered business and is a wholly owned by Thalassa.
Aperion Holdings (BVI) Ltd 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.
Thalassa Holdings (II) Ltd is a wholly owned subsidiary of Thalassa which is non-operational, incorporated and registered in the BVI
on 30 January 2023.
DOA Alpha Ltd is a wholly owned subsidiary of Thalassa which is non-operational and registered in the BVI. It has two additional
subsidiaries, DOA Exploration Ltd registered in England and Wales and DOA Delta Ltd registered in the BVI, both non-operational.
2. ACCOUNTING POLICIES
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards (\u201cIFRS\u201d).
The financial statements have been expressed in GBP since 2021, being the functional currency of DOA Exploration Ltd, and
Autonomous Robotics Limited. The underlying records of the Company and other subsidiaries are maintained in their respective
functional currencies, being US Dollars except for WGP Geosolutions Ltd in Euro and Alfalfa Holdings AG in Swiss francs.
The principal accounting policies are summarised below. They have been applied consistently throughout the period covered by
these financial statements.
2.1. FX ACCOUNTING POLICY
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.
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 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
2.2. 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 \u00a30.1m plus a further \u00a33.0m
of available for sale investments.
\n
2.3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group changed to UK-adopted International Accounting Standards with effect from 1 January 2021 from EU-adopted
International Financial Reporting Standards (IFRSs). At that date, there were no differences between UK-adopted IFRS and EU-
adopted IFRS.
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 have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new or amended standards include:
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
1
Standards issued but not yet effective:
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
3
Effective for annual periods beginning on or after 1 January 2025
2.4. 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.
2.5. 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.
\n
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.
2.6. 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.
2.7. 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
2.14) 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.
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 incurred.
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.
\n
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.
2.8. 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.
2.9. 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.
2.10. 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 work 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.
2.11. 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.
\n
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 non-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.
\n
2.15. 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.
\n
3. SEGMENT INFORMATION
Management have chosen to organise the Group information by revenue generated. During the year the Group had two operating
segments comprised of rental income through the Aperion Group and Product Development through the rest of the Group.
Information related to each reportable segment is set out below.
Total
Rental Product Continuing
Income Development Operations
GBP GBP GBP
Segment income statement
Revenue 252,163 (34) 252,129
Expenses (111,825) (847,620) (959,445)
Depreciation (208,054) (48,371) (256,425)
Profit/(loss) before tax (67,716) (896,025) (963,741)
Attributable income tax expense (448) 72,484 72,036
Profit/(loss) for the period (68,164) (823,541) (891,705)
Total
Rental Product Continuing
Income Development Operations
GBP GBP GBP
Segment statement of financial position
Non-current assets 1,862,213 8,370,020 10,232,233
Current assets (79,165) 2,170,492 2,019,327
Assets 1,783,048 10,540,512 12,323,560
Current liabilities 576,153 1,136,921 1,713,074
Non-current liabilities 1,404,107 - 1,404,107
Liabilities 1,980,260 1,136,921 3,117,181
Net assets (197,212) 9,403,591 9,206,379
Shareholders\u2019 equity (197,212) 9,403,591 9,206,379
Total equity (197,212) 9,403,591 9,206,379
\n
4. OPERATING LOSS FOR THE PERIOD
The operating loss for the year is stated after charging:
2023 2022
GBP GBP
Wages and salaries 674,018 213,582
Social security costs 31,361 27,573
Pension costs 12,538 10,844
Audit fees 40,117 35,839
Legal and professional fees 323,841 419,051
5. EMPLOYEES
The average number of employees (excluding the Directors) employed by the Group was:-
2023 2022
Sales - -
Development 5 4
Admin - -
5 4
6. NET FINANCIAL EXPENSE
2023 2022
GBP GBP
Loan interest receivable 45,239 (53,935)
Loan interest payable - (27,791)
Bank interest receivable 13,437 33,133
Bank interest payable (3,195) (1,653)
Lease liability (79,369) (91,535)
Gains/(Losses) on investments 279,667 435,545
Foreign currency gains/(losses) 48 (44,229)
255,827 249,535
7. INCOME TAX EXPENSE
2023 2022
GBP GBP
Profit/(loss) before tax from continuing operations (891,705) (1,449,903)
Tax at applicable rates (169,424) (275,482)
Losses carried forward 169,424 275,482
R&D Tax Credits relating to current year (72,036) (54,167)
Total Tax on continuing operations (72,036) (54,167)
The applicable tax rates in relation to the Group\u2019s profits are BVI 0%, UK 25% and Swiss 12.3% (2022: 0%,19% and 12.3%).
Autonomous Robotics Ltd has unprovided trading losses carried forward of approximately \u00a34.5m available for utilisation against
future trading profits.
\n
8. EARNINGS PER SHARE
2023 2022
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 (891,705) (1,449,903)
Profit/(loss) for the year (891,705) (1,449,903)
Weighted average number of shares of the Company 7,945,838 7,945,838
Earnings per share:
Basic and Diluted (GBP) from continuing operations (0.11) (0.18)
Basic and Diluted (GBP) (0.11) (0.18)
Number of shares outstanding at the period end:
Number of shares in issue 7,945,838 7,945,838
Basic number of shares in issue 7,945,838 7,945,838
\n
9. INTANGIBLE ASSETS AND GOODWILL
Development
costs Patents Software Total
GBP GBP GBP GBP
At 31 December 2021
Cost 762,358 126,382 22,550 911,289
Accumulated Impairment - - (3,758) (3,758)
Net book amount 762,358 126,382 18,792 907,531
Full-year ended
31 December 2022
Opening net book amount 762,358 126,382 18,792 907,531
Additions 391,289 27,119 - 418,408
Revaluation of c\u2019fwd amount - - 2,546 2,546
Amortisation charge - - (8,790) (8,790)
Closing net book amount 1,153,647 153,501 12,548 1,319,695
At 31 December 2022
Cost 1,153,647 153,501 25,096 1,332,244
Accumulated Impairment - - (12,548) (12,548)
Net book amount 1,153,647 153,501 12,548 1,319,696
Full-year ended
31 December 2023
Opening net book amount 1,153,647 153,501 12,548 1,319,696
Additions 358,590 27,393 - 385,983
Amortisation charge - - (8,366) (8,366)
Closing net book amount 1,512,237 180,894 4,182 1,697,312
At 31 December 2023
Cost 1,512,237 180,894 25,096 1,718,227
Accumulated Amortisation - - (20,914) (20,914)
Net book amount 1,512,237 180,894 4,182 1,697,313
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.
\n
10. PROPERTY, PLANT AND EQUIPMENT
Plant
Land and and Motor
Total buildings Equipment Vehicles
Cost GBP GBP GBP GBP
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 2,066,129 130,483 540,076
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
Cost at 1 January 2023 2,736,688 2,066,129 130,483 540,076
FX movement 65,882 80,862 (14,980)
2,802,570 2,146,991 130,483 525,096
Additions 2,320 - 2,320 -
Reclassification of Motor Vehicles to Afs investments (288,583) - - (288,583)
Cost at 31 December 2023 2,516,307 2,146,991 132,803 236,513
Depreciation
Depreciation at 1 January 705,955 235,540 127,934 342,481
FX movement 8,044 (694) 8,738
713,999 234,846 127,934 351,219
Charge for the year on continuing operations 248,059 217,312 2,303 28,444
Foreign exchange effect on year end translation (8,795) 10,142 - (18,937)
Reclassification of Motor Vehicles to Afs investments (166,880) - - (166,880)
Depreciation at 31 December 2023 786,383 462,300 130,237 193,846
Closing net book value at 31 December 2023 1,729,924 1,684,691 2,566 42,667
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 2023 (2022: \u00a3nil).
\n
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.
2023 2022
GBP GBP
Available for sale investments
At the beginning of the period 504,877 1,187,345
Additions 880,004 3,554,617
Unrealised gain/(losses) 283,031 87,635
Disposals (636,895) (4,461,505)
Reclassification of Motor Vehicles to Afs investments 120,244 -
Forex on opening balance 7,989 136,785
At 31 December 1,159,250 504,877
12. LOANS AND PORTFOLIO HOLDINGS
2023 2022
GBP GBP
Loans at 1 January 1,532,469 1,333,599
Accrued interest 45,239 45,235
Forex on opening balance (76,550) 153,635
Loans at 31 December 1,501,158 1,532,469
Portfolio Holdings at 1 January 3,284,471 4,371,674
Issued - 746,009
Interest - 325,237
Repaid - (92)
Reclassification of portfolio cash - (754,473)
Forex - 28,157
Written off - Tappit Loan Interest & Option - (1,432,041)
Portfolio holdings at 31 December 3,284,471 3,284,471
Total of loans and holdings 4,785,629 4,816,940
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.
\n
Without prior notification, Thalassa was advised on 26th January 2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on the 20th 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 27th January 2023 that the position was being written down to \u00a30 in the books. The Chairman,
commensurately announced that on an exceptional and purely moral basis he would contribute net proceeds from the sale of
personal property up to 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.
13. TRADE AND OTHER RECEIVABLES
2023 2022
GBP GBP
Trade receivables 139,250 86,669
Trade receivables 139,250 86,669
Other receivables 439,319 440,181
Corporation tax 72,983 106,663
Prepayments 137,230 131,789
Total trade and other receivables 788,782 765,302
The Directors consider that the carrying value of trade and other receivables is approximate to their fair value.
14. TRADE AND OTHER PAYABLES
2023 2022
GBP GBP
Trade payables 251,827 677,135
Other payables 310,548 307,259
Accruals 977,374 226,416
Total trade and other payables 1,539,749 1,210,810
15. LEASE LIABILITIES
2023 2022
Non-current liabilities GBP GBP
Lease liabilities 1,404,107 1,510,377
1,404,107 1,510,377
2023 2022
Current liabilities GBP GBP
Lease liabilities 173,325 158,473
173,325 158,473
\n
16. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets mandatorily measured at FVPL include the following:-
2023 2022
GBP GBP
Non current assets
Investments in associated entities 2,019,367 2,356,526
Portfolio Holdings 3,284,471 4,038,944
Current assets
Available for sale financial assets 1,159,250 504,877
At 31 December 6,463,088 6,900,347
2023 2022
Amounts recognised in profit or loss:-
GBP GBP
Available for sale financial assets 283,031 224,420
Investments in associated entities (307,940) (235,658)
Portfolio Holdings - 101,691
(24,909) 90,453
17. 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 may become payable upon successful completion
of the fund-raising exercise.
Previously, this lease was classified as an operating lease under IAS 17.
Thalassa\u2019s subsidiary Alfalfa was transferred a lease prior to the sale of id4 which had been entered into January 2021, for the
buildings surrounding and including Villa Kramerstein on the banks of Lake Lucerne in Switzerland. Since the accounting date, some
of the buildings have been sublet and therefore the income matches the expenditure.
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 2023 1,830,589
Depreciation charge for the year (217,313)
Foreign exchange effect on year end translation 71,415
Balance at 31 December 2023 1,684,691
Amounts recognised in profit or loss
2023 - Leases under IFRS 16 GBP
Interest on lease liabilities (79,369)
Expenses related to short-term leases (30,840)
Right of use asset (186,007)
(296,216)
\n
18. SHARE CAPITAL
As at As at
31 Dec 2023 31 Dec 2022
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 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
Shares purchased - - -
Balance at 31 December 2023 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 2023 (2022: 12,906,521 shares) which comprised 61.9% of the total issued share capital (2022: 61.9%). No purchase
took place in 2023 (2022: 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.
\n
19. 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 2023, the Group had capital of \u00a39,206,379 (2022: \u00a310,298,100). The Group does not have any externally imposed
capital requirements.
20. 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 2023 2022
DOA Alpha Ltd (formerly WGP Group Ltd) British Virgin Islands 100% 100%
DOA Exploration Ltd (formerly WGP Exploration Ltd) England & Wales 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 England & Wales 100% 100%
WGP Geosolutions Limited Cyprus 100% 100%
Alfalfa Holdings AG Switzerland 100% 100%
Thalassa Holdings (II) Ltd British Virgin Islands 100% 0%
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.
21. ASSOCIATED ENTITIES
On 17 December 2021, the acquisition of id4 was complete by Anemoi International Ltd with consideration in the form of shares
issued to Thalassa and its subsidiary Aperion BVI totalling 36.92% of the voting rights. Further purchases were made in 2023 totalling
40.77% of the voting rights. The investment is recognised using the equity method as described in note 2.15.
On the same date the loan notes issued to Anemoi International Ltd were converted as per the terms of the agreement. 334,956
notes of USD1 were converted in to 334,956 Class A Preference Shares of no par value each fully paid.
Athenium Consultancy Ltd, in which the Group owns 35% shares, was incorporated on 12 October 2021.
Movement on interests in associates can therefore be summarised as follows:
2023 2022
GBP GBP
Fair value of investment at 1 January 2,356,526 2,325,457
Share of profits/(losses) for the year attributable to the Group (307,862) (235,659)
Purchases 68,642 -
Exchange Variance (97,939) 266,728
2,019,367 2,356,526
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.
\n
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 \u00a3252,523 in 2023 (2022: \u00a3307,076) (total accrual at 31 December 2023 of
\u00a3648,440 (2022: \u00a3404,727)).
During the period David Thomas, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2023 (2022: \u00a3Nil) and \u00a320,000 accrued.
During the period Kenneth Morgan, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2023 (2022: \u00a3Nil) and \u00a38,012 accrued.
Athenium Consultancy Ltd, a company in which the Group owns shares invoiced the group for financial and corporate administration
services totalling \u00a3181,500 for the period (Dec 2022: \u00a3165,000). As at the year end the Group owed \u00a397,499 (2022: \u00a346,647).
The Group was due \u00a315,151 (2022: \u00a32,894) 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 \u00a341,217 (2022: \u00a322,013) were charged from Thalassa.
As at the year end the Group was due \u00a318,505 (2022: \u00a317,073) from Alina Holdings Limited, a company under common directorship.
During the year services amounting to \u00a398,957 (2022: \u00a391,167) 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 (total accrual at 31 December 2023 of \u00a360,000 (2022: \u00a350,000)).
During the period Nicholas Dale, director of Alfalfa, invoiced the Group 2023 fees of \u00a34,631 of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a3Nil) (Nicholas Dale resigned as director in 2024).
During the period \u00a328,000 was paid to Offshore Robotics related to David Grant\u2019s director fees for his directorship of ARL, 2023
fees were \u00a336,000 of which \u00a37,323 was owed as at 31 December 2023 (2022: \u00a39,640) and \u00a34,500 accrued.
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 2023 (2022: \u00a3Nil).
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 2023 would have increased the profit and net assets by \u00a3760 (2022:
\u00a38,718 decrease). A decrease of 5% would have had an equal and opposite impact.
As 31 December 2023 approximately 59% (2022: 68%) of amounts owing to suppliers are held in GBP, 21% in EUR (2022: 8%), 6%
in USD (2022: 6%), 0% in NOK (2022: 1%) and 14% in CHF (2022: 17%).
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.
\n
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.
24. SUBSEQUENT EVENTS
Alfalfa Holdings AG, subject to local government approval, has agreed to the surrender of its lease of the Villa Kramerstein estate.
Once surrendered, Alfalfa Holdings AG will enter into a one-year lease of the ground floor of one of the estate buildings.
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.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
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. Company number 1433759.
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 (BVI) Ltd is a BVI registered business and is a wholly owned by Thalassa.
Aperion Holdings (BVI) Ltd 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.
Thalassa Holdings (II) Ltd is a wholly owned subsidiary of Thalassa which is non-operational, incorporated and registered in the BVI
on 30 January 2023.
DOA Alpha Ltd is a wholly owned subsidiary of Thalassa which is non-operational and registered in the BVI. It has two additional
subsidiaries, DOA Exploration Ltd registered in England and Wales and DOA Delta Ltd registered in the BVI, both non-operational.
25. COPIES OF THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements are available on the Company\u2019s website: www.thalassaholdingsltd.com.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "Thalassa Holdings Ltd", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "British Virgin Island", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "British Virgin Island", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "British Virgin Island", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": { "value": "
2. ACCOUNTING POLICIES
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards (\u201cIFRS\u201d).
The financial statements have been expressed in GBP since 2021, being the functional currency of DOA Exploration Ltd, and
Autonomous Robotics Limited. The underlying records of the Company and other subsidiaries are maintained in their respective
functional currencies, being US Dollars except for WGP Geosolutions Ltd in Euro and Alfalfa Holdings AG in Swiss francs.
The principal accounting policies are summarised below. They have been applied consistently throughout the period covered by
these financial statements.
2.1. FX ACCOUNTING POLICY
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.
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 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
2.2. 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 \u00a30.1m plus a further \u00a33.0m
of available for sale investments.
2.3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group changed to UK-adopted International Accounting Standards with effect from 1 January 2021 from EU-adopted
International Financial Reporting Standards (IFRSs). At that date, there were no differences between UK-adopted IFRS and EU-
adopted IFRS.
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 have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new or amended standards include:
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
1
Standards issued but not yet effective:
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
3
Effective for annual periods beginning on or after 1 January 2025
2.4. 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.
2.5. 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.
2.6. 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.
2.7. 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
2.14) 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.
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 incurred.
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.
2.8. 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.
2.9. 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.
2.10. 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 work 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.
2.11. 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.
2.12. 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 non-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. 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.
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2.1. FX ACCOUNTING POLICY
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.
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 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_E44_CY": { "value": "
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.
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 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D438813286_CY": { "value": "
2.2. 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 \u00a30.1m plus a further \u00a33.0m
of available for sale investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_D2059499001_CY": { "value": "
2.3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group changed to UK-adopted International Accounting Standards with effect from 1 January 2021 from EU-adopted
International Financial Reporting Standards (IFRSs). At that date, there were no differences between UK-adopted IFRS and EU-
adopted IFRS.
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 have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new or amended standards include:
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
1
Standards issued but not yet effective:
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
3
Effective for annual periods beginning on or after 1 January 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new or amended standards include:
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
1
Standards issued but not yet effective:
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1
Effective for annual periods beginning on or after 1 January 2023
2
Effective for annual periods beginning on or after 1 January 2024
3
Effective for annual periods beginning on or after 1 January 2025
", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D189408685_CY": { "value": "
2.4. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D47036111_CY": { "value": "
2.5. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_D598199880_CY": { "value": "
2.6. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_D1521504000_CY": { "value": "
2.7. 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
2.14) 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.
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 incurred.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_D2072499656_CY": { "value": "
2.8. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory_D2129371174_CY": { "value": "
2.9. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_D1654421260_CY": { "value": "
2.10. 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 work 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D793056107_CY": { "value": "
2.11. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D430834199_CY": { "value": "
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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 non-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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_D1676045161_CY": { "value": "
2.15. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 two operating
segments comprised of rental income through the Aperion Group and Product Development through the rest of the Group.
Information related to each reportable segment is set out below.
Total
Rental Product Continuing
Income Development Operations
GBP GBP GBP
Segment income statement
Revenue 252,163 (34) 252,129
Expenses (111,825) (847,620) (959,445)
Depreciation (208,054) (48,371) (256,425)
Profit/(loss) before tax (67,716) (896,025) (963,741)
Attributable income tax expense (448) 72,484 72,036
Profit/(loss) for the period (68,164) (823,541) (891,705)
Total
Rental Product Continuing
Income Development Operations
GBP GBP GBP
Segment statement of financial position
Non-current assets 1,862,213 8,370,020 10,232,233
Current assets (79,165) 2,170,492 2,019,327
Assets 1,783,048 10,540,512 12,323,560
Current liabilities 576,153 1,136,921 1,713,074
Non-current liabilities 1,404,107 - 1,404,107
Liabilities 1,980,260 1,136,921 3,117,181
Net assets (197,212) 9,403,591 9,206,379
Shareholders\u2019 equity (197,212) 9,403,591 9,206,379
Total equity (197,212) 9,403,591 9,206,379
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfProfitLossFromOperatingActivitiesExplanatory_D1457312336_CY": { "value": "
4. OPERATING LOSS FOR THE PERIOD
The operating loss for the year is stated after charging:
2023 2022
GBP GBP
Wages and salaries 674,018 213,582
Social security costs 31,361 27,573
Pension costs 12,538 10,844
Audit fees 40,117 35,839
Legal and professional fees 323,841 419,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory_E68_CY": { "value": "
5. EMPLOYEES
The average number of employees (excluding the Directors) employed by the Group was:-
2023 2022
Sales - -
Development 5 4
Admin - -
5 4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_E50_CY": { "value": "
6. NET FINANCIAL EXPENSE
2023 2022
GBP GBP
Loan interest receivable 45,239 (53,935)
Loan interest payable - (27,791)
Bank interest receivable 13,437 33,133
Bank interest payable (3,195) (1,653)
Lease liability (79,369) (91,535)
Gains/(Losses) on investments 279,667 435,545
Foreign currency gains/(losses) 48 (44,229)
255,827 249,535
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
7. INCOME TAX EXPENSE
2023 2022
GBP GBP
Profit/(loss) before tax from continuing operations (891,705) (1,449,903)
Tax at applicable rates (169,424) (275,482)
Losses carried forward 169,424 275,482
R&D Tax Credits relating to current year (72,036) (54,167)
Total Tax on continuing operations (72,036) (54,167)
The applicable tax rates in relation to the Group\u2019s profits are BVI 0%, UK 25% and Swiss 12.3% (2022: 0%,19% and 12.3%).
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
8. EARNINGS PER SHARE
2023 2022
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 (891,705) (1,449,903)
Profit/(loss) for the year (891,705) (1,449,903)
Weighted average number of shares of the Company 7,945,838 7,945,838
Earnings per share:
Basic and Diluted (GBP) from continuing operations (0.11) (0.18)
Basic and Diluted (GBP) (0.11) (0.18)
Number of shares outstanding at the period end:
Number of shares in issue 7,945,838 7,945,838
Basic number of shares in issue 7,945,838 7,945,838
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory_E73_CY": { "value": "
9. INTANGIBLE ASSETS AND GOODWILL
Development
costs Patents Software Total
GBP GBP GBP GBP
At 31 December 2021
Cost 762,358 126,382 22,550 911,289
Accumulated Impairment - - (3,758) (3,758)
Net book amount 762,358 126,382 18,792 907,531
Full-year ended
31 December 2022
Opening net book amount 762,358 126,382 18,792 907,531
Additions 391,289 27,119 - 418,408
Revaluation of c\u2019fwd amount - - 2,546 2,546
Amortisation charge - - (8,790) (8,790)
Closing net book amount 1,153,647 153,501 12,548 1,319,695
At 31 December 2022
Cost 1,153,647 153,501 25,096 1,332,244
Accumulated Impairment - - (12,548) (12,548)
Net book amount 1,153,647 153,501 12,548 1,319,696
Full-year ended
31 December 2023
Opening net book amount 1,153,647 153,501 12,548 1,319,696
Additions 358,590 27,393 - 385,983
Amortisation charge - - (8,366) (8,366)
Closing net book amount 1,512,237 180,894 4,182 1,697,312
At 31 December 2023
Cost 1,512,237 180,894 25,096 1,718,227
Accumulated Amortisation - - (20,914) (20,914)
Net book amount 1,512,237 180,894 4,182 1,697,313
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 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 2,066,129 130,483 540,076
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
Cost at 1 January 2023 2,736,688 2,066,129 130,483 540,076
FX movement 65,882 80,862 (14,980)
2,802,570 2,146,991 130,483 525,096
Additions 2,320 - 2,320 -
Reclassification of Motor Vehicles to Afs investments (288,583) - - (288,583)
Cost at 31 December 2023 2,516,307 2,146,991 132,803 236,513
Depreciation
Depreciation at 1 January 705,955 235,540 127,934 342,481
FX movement 8,044 (694) 8,738
713,999 234,846 127,934 351,219
Charge for the year on continuing operations 248,059 217,312 2,303 28,444
Foreign exchange effect on year end translation (8,795) 10,142 - (18,937)
Reclassification of Motor Vehicles to Afs investments (166,880) - - (166,880)
Depreciation at 31 December 2023 786,383 462,300 130,237 193,846
Closing net book value at 31 December 2023 1,729,924 1,684,691 2,566 42,667
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 2023 (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
2023 2022
GBP GBP
Available for sale investments
At the beginning of the period 504,877 1,187,345
Additions 880,004 3,554,617
Unrealised gain/(losses) 283,031 87,635
Disposals (636,895) (4,461,505)
Reclassification of Motor Vehicles to Afs investments 120,244 -
Forex on opening balance 7,989 136,785
At 31 December 1,159,250 504,877
", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_thal_DescriptionOfLoansAndPortfolioHoldingsExplanatory_D1893592817_CY": { "value": "
12. LOANS AND PORTFOLIO HOLDINGS
2023 2022
GBP GBP
Loans at 1 January 1,532,469 1,333,599
Accrued interest 45,239 45,235
Forex on opening balance (76,550) 153,635
Loans at 31 December 1,501,158 1,532,469
Portfolio Holdings at 1 January 3,284,471 4,371,674
Issued - 746,009
Interest - 325,237
Repaid - (92)
Reclassification of portfolio cash - (754,473)
Forex - 28,157
Written off - Tappit Loan Interest & Option - (1,432,041)
Portfolio holdings at 31 December 3,284,471 3,284,471
Total of loans and holdings 4,785,629 4,816,940
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 26th January 2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on the 20th 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 27th January 2023 that the position was being written down to \u00a30 in the books. The Chairman,
commensurately announced that on an exceptional and purely moral basis he would contribute net proceeds from the sale of
personal property up to 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.
", "dimensions": { "concept": "thal:DescriptionOfLoansAndPortfolioHoldingsExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": { "value": "
13. TRADE AND OTHER RECEIVABLES
2023 2022
GBP GBP
Trade receivables 139,250 86,669
Trade receivables 139,250 86,669
Other receivables 439,319 440,181
Corporation tax 72,983 106,663
Prepayments 137,230 131,789
Total trade and other receivables 788,782 765,302
The Directors consider that the carrying value of trade and other receivables is approximate to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
14. TRADE AND OTHER PAYABLES
2023 2022
GBP GBP
Trade payables 251,827 677,135
Other payables 310,548 307,259
Accruals 977,374 226,416
Total trade and other payables 1,539,749 1,210,810
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLeasesExplanatory_E87_CY": { "value": "
15. LEASE LIABILITIES
2023 2022
Non-current liabilities GBP GBP
Lease liabilities 1,404,107 1,510,377
1,404,107 1,510,377
2023 2022
Current liabilities GBP GBP
Lease liabilities 173,325 158,473
173,325 158,473
17. 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 may become payable upon successful completion
of the fund-raising exercise.
Previously, this lease was classified as an operating lease under IAS 17.
Thalassa\u2019s subsidiary Alfalfa was transferred a lease prior to the sale of id4 which had been entered into January 2021, for the
buildings surrounding and including Villa Kramerstein on the banks of Lake Lucerne in Switzerland. Since the accounting date, some
of the buildings have been sublet and therefore the income matches the expenditure.
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 2023 1,830,589
Depreciation charge for the year (217,313)
Foreign exchange effect on year end translation 71,415
Balance at 31 December 2023 1,684,691
Amounts recognised in profit or loss
2023 - Leases under IFRS 16 GBP
Interest on lease liabilities (79,369)
Expenses related to short-term leases (30,840)
Right of use asset (186,007)
(296,216)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory_E54_CY": { "value": "
16. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets mandatorily measured at FVPL include the following:-
2023 2022
GBP GBP
Non current assets
Investments in associated entities 2,019,367 2,356,526
Portfolio Holdings 3,284,471 4,038,944
Current assets
Available for sale financial assets 1,159,250 504,877
At 31 December 6,463,088 6,900,347
2023 2022
Amounts recognised in profit or loss:-
GBP GBP
Available for sale financial assets 283,031 224,420
Investments in associated entities (307,940) (235,658)
Portfolio Holdings - 101,691
(24,909) 90,453
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": { "value": "
18. SHARE CAPITAL
As at As at
31 Dec 2023 31 Dec 2022
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 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
Shares purchased - - -
Balance at 31 December 2023 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 2023 (2022: 12,906,521 shares) which comprised 61.9% of the total issued share capital (2022: 61.9%). No purchase
took place in 2023 (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_E123_CY": { "value": "
19. 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 2023, the Group had capital of \u00a39,206,379 (2022: \u00a310,298,100). The Group does not have any externally imposed
capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_E126_CY": { "value": "
20. 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 2023 2022
DOA Alpha Ltd (formerly WGP Group Ltd) British Virgin Islands 100% 100%
DOA Exploration Ltd (formerly WGP Exploration Ltd) England & Wales 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 England & Wales 100% 100%
WGP Geosolutions Limited Cyprus 100% 100%
Alfalfa Holdings AG Switzerland 100% 100%
Thalassa Holdings (II) Ltd British Virgin Islands 100% 0%
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_E6_CY": { "value": "
21. ASSOCIATED ENTITIES
On 17 December 2021, the acquisition of id4 was complete by Anemoi International Ltd with consideration in the form of shares
issued to Thalassa and its subsidiary Aperion BVI totalling 36.92% of the voting rights. Further purchases were made in 2023 totalling
40.77% of the voting rights. The investment is recognised using the equity method as described in note 2.15.
On the same date the loan notes issued to Anemoi International Ltd were converted as per the terms of the agreement. 334,956
notes of USD1 were converted in to 334,956 Class A Preference Shares of no par value each fully paid.
Athenium Consultancy Ltd, in which the Group owns 35% shares, was incorporated on 12 October 2021.
Movement on interests in associates can therefore be summarised as follows:
2023 2022
GBP GBP
Fair value of investment at 1 January 2,356,526 2,325,457
Share of profits/(losses) for the year attributable to the Group (307,862) (235,659)
Purchases 68,642 -
Exchange Variance (97,939) 266,728
2,019,367 2,356,526
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 \u00a3252,523 in 2023 (2022: \u00a3307,076) (total accrual at 31 December 2023 of
\u00a3648,440 (2022: \u00a3404,727)).
During the period David Thomas, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2023 (2022: \u00a3Nil) and \u00a320,000 accrued.
During the period Kenneth Morgan, non-executive director, invoiced the Group \u00a3Nil of which \u00a3Nil was owed as at 31 December
2023 (2022: \u00a3Nil) and \u00a38,012 accrued.
Athenium Consultancy Ltd, a company in which the Group owns shares invoiced the group for financial and corporate administration
services totalling \u00a3181,500 for the period (Dec 2022: \u00a3165,000). As at the year end the Group owed \u00a397,499 (2022: \u00a346,647).
The Group was due \u00a315,151 (2022: \u00a32,894) 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 \u00a341,217 (2022: \u00a322,013) were charged from Thalassa.
As at the year end the Group was due \u00a318,505 (2022: \u00a317,073) from Alina Holdings Limited, a company under common directorship.
During the year services amounting to \u00a398,957 (2022: \u00a391,167) 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 (total accrual at 31 December 2023 of \u00a360,000 (2022: \u00a350,000)).
During the period Nicholas Dale, director of Alfalfa, invoiced the Group 2023 fees of \u00a34,631 of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a3Nil) (Nicholas Dale resigned as director in 2024).
During the period \u00a328,000 was paid to Offshore Robotics related to David Grant\u2019s director fees for his directorship of ARL, 2023
fees were \u00a336,000 of which \u00a37,323 was owed as at 31 December 2023 (2022: \u00a39,640) and \u00a34,500 accrued.
26. CONTROLLING PARTIES
There is no one controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 2023 (2022: \u00a3Nil).
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 2023 would have increased the profit and net assets by \u00a3760 (2022:
\u00a38,718 decrease). A decrease of 5% would have had an equal and opposite impact.
As 31 December 2023 approximately 59% (2022: 68%) of amounts owing to suppliers are held in GBP, 21% in EUR (2022: 8%), 6%
in USD (2022: 6%), 0% in NOK (2022: 1%) and 14% in CHF (2022: 17%).
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_E42_CY": { "value": "
24. SUBSEQUENT EVENTS
Alfalfa Holdings AG, subject to local government approval, has agreed to the surrender of its lease of the Villa Kramerstein estate.
Once surrendered, Alfalfa Holdings AG will enter into a one-year lease of the ground floor of one of the estate buildings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002739WFQPLBEQ42", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }