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SPAC Plc) (\u201cthe Company\u201d) is a public company limited by shares and incorporated and in England and Wales. The registered number of the Company is 06374598. The address of its registered office is 21 Arlington Street, London, SW1A 1RN. The Company and its subsidiary (\u201cthe Group\u201d) have a principal activity of the cultivation and supply of medical cannabis flowers. 2 Summary of significant accounting policies Statement of compliance with IFRS These financial statements have been prepared in accordance with UK-adopted international accounting standards, IFRIC Interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under UK-adopted IAS. The adoption of these standards has not resulted in any changes to the Group\u2019s accounting policies and has not affected amounts reported in prior periods. The financial statements have been prepared under the historical cost basis. 2.1 Going concern The preparation of the financial statements requires an assessment on the validity of the going concern assumption. The financial statements have been prepared under the going concern assumption. In making their assessment of going concern, the Directors have reviewed forecasts for the newly formed Group, for a period of at least 12 months from the date of approval of these financial statements. The Group is not currently generating revenues, and therefore an operating loss has been reported in the period. Revenues from the first cultivation cycle are expected in the second half of the calendar year, however an operating loss is expected in the 12 months from the date of these financial statements. Following the redemption of the \u00a3375,000 convertible loan note in early July, due to the realisation of significant cost savings against its initial budget for the purchase of plant and equipment, the Directors have assessed the cash requirements of the Group in terms of operational costs, capital expenditure, gross profit contribution from the initial sales of product, and the financial resources available to the Group including the following sources of funding: \u2022 On the 6 July 2023, the Company announced advanced late stage discussions with a number of funding sources, including a number of grant applications. \u2022 The Directors are in advanced discussions with a well-known financial institution pertaining to a capital debt draw- down facility. \u2022 Discussions with brokers and corporate finance advisors regarding potential future equity rounds. Based on achieving successful cultivation cycles and the sale of crops, securing only one of the grant applications currently in progress, implementing savings in discretionary operational spend and delaying capital investment, the Directors, whilst acknowledging the material uncertainty that exists at the date of these financial statements, nevertheless are confident of maintaining sufficient working capital for the twelve-month period from the date of this report. For this reason, the Group has therefore adopted the going concern basis in preparing the financial statements. The auditors make reference to the material uncertainty in the Auditors\u2019 report on page 37. 2.2 Standards and interpretations (a) New standards, amendments and interpretations adopted by the Group There were no new or amended accounting standards that required the Group to change its accounting policies for the period ended 31 st March 2023 and no new standards, amendments or interpretations were adopted by the Group during the period. (b) New standards, amendments and interpretations not yet adopted by the Group At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective: Effective Date IAS 1 Amendments regarding the classification of liabilities 1 January 2023 IAS 8 Amendments to IAS 8 1 January 2023 IAS 1, IFRS Practice Statement 2 Amendments to IAS 1 and IFRS Practice Statement 2 1 January 2023 IFRS 16 Amendments regarding lease liability in a sale and leaseback 1 January 2024 IAS 1 Amendments regarding non-current liabilities with covenants 1 January 2024 It is anticipated that the Group will hold a number of biological assets in the future and therefore will be applying IAS 41 \u201cAgriculture\u201d as an accounting policy. This is not applicable in the current year\u2019s financial statements as no biological assets were held as at 31 March 2023. 2.3 Consolidation and Acquisitions The financial statements consolidate the financial information of the Group and companies controlled by the Group (its subsidiaries) at each reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries acquired or sold are included in the financial information from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line with those used by the Group. All intra-Group transactions, balances, income, and expenses are eliminated on consolidation. The financial statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls and entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Please refer to note 9 for information on the consolidation of Hellenic Dynamics Plc and the application of the reverse acquisition accounting principles. The Group applies the acquisition method to account for business combinations that fall within the scope of IFRS 3. For commentary on how the acquisition of Hellenic Dynamics S.A., which falls outside the scope of IFRS 3, was accounted for, see below note 9. The consideration transferred for the acquisition of a subsidiary is the fair values of assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquire on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred. On 5 December 2022, the Company acquired Hellenic Dynamics S.A. via a reverse takeover which resulted in the Company becoming the ultimate holding company of the Group. The transaction was accounted for as a reverse acquisition since it did not meet the definition of a business combination under IFRS 3. In accordance with IFRS 2, a share-based payment expense equal to the deemed cost of the acquisition less the fair value of the net assets of the Company at acquisition was recognised. The comparatives within the consolidated statement of financial position, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cashflow statement represent that of the legal subsidiary and accounting acquirer, Hellenic Dynamics S.A. for the year-ended 31 December 2021. In the consolidated statement of financial position, the share capital and premium as at 31 March 2023 is that of Hellenic Dynamics Plc with the reverse acquisition reserve representing the difference between the deemed cost of the acquisition and the net assets of Hellenic Dynamics Plc as at 5 December 2022. The consolidated statement of comprehensive income for the 15-month period to 31 March 2023 represents the results of both Hellenic Dynamics Plc and Hellenic Dynamics S.A. For more details on the key terms of the reverse takeover and a breakdown of what the reverse acquisition reserve as of 31 March 2023 comprises of, see note 9. 2.4 Revenue recognition Revenue from contracts with customers is recognised when the control over the goods is transferred to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected on behalf of third parties (such as taxes). In determining the amount of revenue from contracts with customers, the Company evaluates whether it is a principal or an agent in the arrangement. The Company is a principal when the Company controls the promised goods or services before transferring them to the customer. In these circumstances, the Company recognises revenue for the gross amount of the consideration. When the Company is an agent, it recognises revenue for the net amount of the consideration, after deducting the amount due to the principal. Revenue from the sale of goods: Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue from selling agreements is recognised when the revenue recognition criteria have been met and only to the extent the consideration is not contingent upon other deliverables in the agreements. 2.5 Share-based payments The Group makes equity-settled share-based payments to its employees and directors. The fair value of options and warrants granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options and warrants granted is measured based on the Black-Scholes framework, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date, the Group revises its estimate of the number of options and warrants that are expected to become exercisable. 2.6 Retirement benefits: Defined contribution schemes Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate. 2.7 Foreign currency translation i) Functional and Presentation Currency The consolidated financial statements are presented in Pounds Sterling, which is also the Company\u2019s functional and presentation currency. ii) Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. iii) Foreign operations The assets and liabilities of foreign operations, including goodwill and the fair value adjustments arising on acquisition, are translated to GBP at exchange rates at the reporting date. The income and expenses of foreign operations are translated to GBP at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income. 2.8 Intangible assets Intangible assets acquired separately are recognised at historical cost, on the date of acquisition. Subsequently, they are carried at cost less accumulated amortization and accumulated impairment losses. All intangible assets have a finite useful life and are amortised on a straight-line basis over their useful life. The useful life of intangible assets is reviewed on an annual basis, and adjustments, where applicable, are made prospectively. The intangible assets of the Group relate to licences, the useful life of which has been estimated to be between 5 and 10 years. 2.9 Property, plant and equipment Items of property, plant and equipment are measured at historical cost, plus interest costs incurred during periods of construction, less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of assets retired or sold are removed from the corresponding accounts at the time of sale or retirement, and any gain or loss is recognised in the income statement. When significant parts of the property, plant and equipment are required to be replaced at intervals, The Group recognises such parts as individual assets with specific useful lives and depreciation, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of property, plant and equipment, which are periodically reviewed, at least annually. The estimated useful lives and the respective rates are as follows: Item Description Estimated Useful Life Depreciation Rates Building installations in third party properties Duration of lease 8-12% Technical equipment and machinery 5-10 periods 10-20% Transportation means 6-9 periods 11-17% PC Hardware 2-5 periods 10-20% Fixtures and fittings 5-10 periods 10-20% The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within \u201cOther (Losses)/Gains \u2013 Net\u201d in the income statement. 2.10 Impairment of non-financial assets The carrying values of the Group\u2019s non-financial assets are tested for impairment, when there are indications that their carrying amount is not recoverable. In such cases, the recoverable amount is estimated and if the carrying amount of the asset exceeds its estimated recoverable amount, an impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In measuring value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. If an asset does not generate cash flows individually, the recoverable amount is determined for the cash generating unit to which the asset belongs. At each reporting date, the Group assesses whether there is an indication that an impairment loss recognised in prior periods may no longer exist. If any such indication exists, the Group estimates the recoverable amount of that asset and the impairment loss is reversed, increasing the carrying amount of the asset to its recoverable amount, to the extent that the recoverable amount does not exceed the carrying value of the asset that would have been determined (net of amortisation or depreciation), if no impairment loss had been recognised for the asset in prior years. 2.11 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Initial recognition and subsequent measurement of financial assets The financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the business model within which the financial asset is held. Trade and other receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Impairment of financial assets The Group assesses at each reporting date, whether a financial asset or group of financial assets is impaired and recognise, if necessary, an allowance for Expected Credit Losses for all debt instruments not held at fair value through profit or loss. Expected Credit Losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For all the Group\u2019s financial assets at amortised cost, the simplified approach is applied. These assets are considered to have low credit risk and any loss allowance is therefore limited to 12 months\u2019 expected losses. Derecognition of financial assets A financial asset (or, a part of a financial asset or part of a group of similar financial assets) is derecognised when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 The Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Initial recognition and subsequent measurement of financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. For the purpose of subsequent measurement, financial liabilities are classified as financial liabilities at amortised cost or financial liabilities at fair value through profit or loss. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount is presented in the statement of financial position only when the Group has a legally enforceable right to set off the recognised amounts and intends either to settle such asset and liability on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. 2.12 Trade and other receivables A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method, less provision for impairment. 2.13 Cash and cash equivalents In the Statement of Cash Flows, cash and cash equivalents comprise cash in hand and deposits held at call with bank with a three month maturity or less. 2.14 Share capital Ordinary shares are classified as equity. Share capital issuance costs, net of related tax, are reflected as a deduction from Share Premium. 2.15 Share premium Share premium represents the difference between the nominal value of shares issued and the total consideration received, net of issue expenses incurred by the Group. 2.16 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method. 2.17 Convertible loan notes Convertible loan notes are classified as either equity, financial liabilities or a mixture of both in accordance with the contractual agreement. Where a convertible loan note is deemed to meet the definition of equity as per IAS 32, the proceeds receive less any associated issue costs are recognised directly within equity and is not subsequently remeasured. 2.18 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Accounting by lessee The Group apply a single recognition and measurement approach for all leases (including short-term leases and leases of low- value assets). The Group recognise lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. a) Right-of-use assets The Group recognise right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. If ownership of the leased asset is transferred to the Group at the end of the lease term or its cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in the Statement of Comprehensive Income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets compromise IT equipment and small items of office furniture. b) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group use the group\u2019s incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced through the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a reassessment or modification of the lease contract. 2.19 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase of the provision due to the passage of time is recognised as a borrowing cost. Provisions are reviewed at each reporting date, and if it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, they are reversed. No provisions have been recognised 2.20 Taxation Income tax for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current income tax is measured on the taxable income for the year using enacted or substantively enacted tax rates at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided on all temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences except: \u2022 where the deferred tax liability arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of temporary differences associated with investment in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 where the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to apply in the year when the asset is realised or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised. The Group did not recognise deferred tax assets on unutilised losses due to uncertainty over the timing and existence of sufficient future tax profits. 3 Significant accounting matters The preparation of the financial statements in accordance with UK-adopted international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated, and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group consider the significant accounting judgements, and key sources of estimation uncertainty used within the financial statements to be: Significant judgements Reverse acquisition accounting (Note 9) When considering how the acquisition of Hellenic Dynamics S.A. should be accounted for, the Directors have been required to make a judgment on whether the acquisition falls within the scope of IFRS 3 or not. The directors assessed the accounting acquiree, Hellenic Dynamics Plc, at the time of acquisition to not be a business as defined by IFRS 3. As a result, the acquisition was assessed as falling outside the scope of IFRS 3. See note 9 for commentary on how the reverse takeover was accounted for. Leases \u2013 estimating the incremental borrowing rate (Note 14) The company cannot readily determine the interest rate implicit in the lease, therefore, they use the incremental borrowing rate to measure lease liabilities. The incremental borrowing rate of 4% is considered to be the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Cost of issuing shares (Note 18) When considering costs that relate to both the issue of shares and the listing the Directors are required to made an assessment of the relevant allocation between these functions. In their judgement the best way of allocating these is based on the proportion of new shares issued to the total number of (new and existing) shares listed. Major sources of estimation uncertainty Recoverability of investment in subsidiary and intragroup loan (Note 30) The Company considers whether investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also a selection of appropriate discount rates in order to calculate the net present values of those cash flows. As at 31 March 2023, the carrying value of the Company\u2019s investment in Hellenic Dynamics S.A. was \u00a331,243,342. The recoverable value of this investment is not considered to be less than it is carrying value as at 31 March 2023 and therefore no impairment has been have recognised. The Directors have made this assessment through reviewing forecasts, other available financial information available and developments during the year and since the year-end. The key inputs within the forecast include revenue growth, gross profit margins and overheads, which are used to estimate future cash flows together with judgements and estimates relating to the cost of capital and long-term growth rates. Share Based Payments (Note 19) During the period, 1,171,555,000 share options, and 375,000,000 warrants were granted by the Company. When accounting for the share-based payment expense in respect of those share options granted, Management must calculate the fair value of the share options issued. Management have done so using the Black-Scholes model. However, several of the inputs into this model, including the risk-free rate, the dividend yield, the expected life of the instrument where it is not a defined period and the volatility, are subjective and thus management has made estimates in respect of these inputs. 4 Segmental reporting Following the acquisition of Hellenic Dynamics S.A. (see note 9), for management purposes the Group is organised into business units based on its products and services and has two reportable segments, as follows; \u2022 Medical Cannabis Supply \u2013 Cultivation and supply of medicinal cannabis flowers \u2022 Head Office \u2013 The provision of management services of the Group No operating segments have been aggregated to form the above reportable operating segments. The Executive Management Committee is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Also, the Group\u2019s financing (including finance costs, finance income and other income) and incomes are managed on a Group basis and are not allocated to operating segments. Transfer prices between operating segments are on an arm\u2019s length basis in a manner similar to transactions with third parties. Segmental operating performance Period to 31 March 2023 (unaudited) Year to 31 December 2021 Revenue Profit/(Loss) before tax Revenue Profit before tax \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Medical Cannabis Supply - (468) - (342) Head Office - (685) - - (1,153) (342) Inter-segmental revenue and unallocated - (3,700) - - - (4,853) - (342) Business segments assets and liabilities 31 March 2023 (unaudited) 31 December 2021 Assets Liabilities Assets Liabilities \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Medical Cannabis Supply 1,019 592 1,029 574 Head Office 2,247 992 - - 3,266 1,584 1,029 574 5 Expenses by nature Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Payroll 204,213 81,315 Directors Remuneration 92,455 - Professional services 361,422 66,578 Repairs and maintenance 4,217 2,663 Electricity 10,263 6,692 Fuel 9,158 12,692 Security services 12,186 31,413 Taxes and duties 46,705 2,737 Travelling 41,349 14,293 Promotion and advertising 87,743 49,256 Depreciation 62,451 35,083 Share based payment 62,921 - Provisions 76,016 - Other charges 76,343 31,838 1,147,442 334,560 6 Net finance expenses Finance costs: Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Finance expenses Lease liability interest 15,203 14,650 Other interest 185 190 Interest paid 15,388 14,840 7 Employees Average number of employees The average number of employees (including executive Directors) was: Period to 31 March 2023 (unaudited) Year to December 2021 No. No. Management 4 2 Administration 5 1 9 3 Staff costs: Wages and salaries Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Wages and salaries 258,330 57,234 Social security costs 37,375 14,892 Other costs 963 9,189 Share based payment 62,921 - 359,589 81,315 Key management personnel compensation Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Short-term employee benefits 91,667 - Post-employment benefits 788 - Share based payment 62,921 - 155,376 - 8 Auditor\u2019s Remuneration Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Fees payable to the Company\u2019s auditors and their associates for the audit of the Company\u2019s financial statements 66,420 10,411 Other fees payable to the Company\u2019s auditors and their associates in connection with the Company in respect of: Due diligence services in respect of acquisition targets 15,000 - 9 Reverse acquisition On 5 December 2022, Hellenic Dynamics Plc (\u201cthe Company\u201d) formerly known as UK SPAC Plc acquired through share for share exchange the entire share capital of Hellenic Dynamic S.A (\u201cHellenic\u201d), a company whose principal activity is the cultivation of medical grade cannabis. Although the transaction resulted in Hellenic becoming a wholly owned subsidiary of the Company, the transaction constituted a reverse acquisition, as the previous shareholders of Hellenic own a substantial majority of the Ordinary Shares of the Company and the executive management of Hellenic became the executive management of the Company. In substance, the shareholders of Hellenic acquired a controlling interest in the Company and the transaction will therefore be accounted for as a reverse acquisition. As the Company's activities prior to the acquisition were purely that of a cash shell seeking a suitable acquisition, it will not meet the definition of a business in accordance with IFRS 3. Accordingly, this reverse acquisition will not constitute a business combination and will be accounted for in accordance with IFRS 2 \"Share-based Payments\" and associated IFRIC guidance. Although, the reverse acquisition is not a business combination, the Company has become a legal parent and will be required to apply IFRS 10 and prepare consolidated financial statements. The Directors have prepared the financial statements using the reverse acquisition methodology, but rather than recognising goodwill, the difference between the equity value given up by Hellenic Dynamics S.A.\u2019s shareholders and the share of the fair value of net assets gained by these shareholders, is charged to the statement of comprehensive income as a share-based payment on reverse acquisition, and represents in substance the cost of acquiring the funds held by the cash shell and the cost of obtaining a listing. The acquisition cost of Hellenic was \u00a331,243,342.59 the consideration for the transaction was satisfied by the issue and allotment of a total of 10,414,447,530 Consideration Shares to the Sellers, such shares having an implied issue price of \u00a30.003. Because the legal subsidiary, Hellenic Dynamics S.A., was treated on consolidation as the accounting acquirer and the legal Parent Company, Hellenic Dynamics Plc, was treated as the accounting subsidiary, the fair value of the shares deemed to have been issued by Hellenic Dynamics S.A., was calculated at \u00a35,556,656, using the number of UK SPAC shares in issue at the date of acquisition (1,852,219,137) multiplied by the subscription price of \u00a30.003, based on an assessment of the purchase consideration for a 100% holding of Hellenic Dynamics PLC. According to the IFRS 2 the value of the share-based payment is calculated as the difference between the deemed cost and the fair value of the net assets as at acquisition. The following reflects these figures as at 5 December 2022; \u00a3 Deemed Cost 5,556,656 Trade and other receivables 741,935 Cash and cash equivalents 1,781,047 Trade and other payable (666,535) Fair value of assets acquired 1,856,447 RTO expenses 3,700,209 The difference between the deemed cost (\u00a35,556,656) and the fair value of the net assets assumed per above of \u00a31,856,447 resulted in \u00a33,700,209 being expensed within \u201creverse acquisition expenses\u201d in accordance with IFRS 2, Share Based Payments, reflecting the economic cost to the Hellenic Dynamic S.A. shareholders of acquiring a cash shell and of obtaining a listing. The reverse acquisition reserve which arose from the reverse takeover is made up as follows; \u00a3 Pre-acquisition retained losses (a) (5,089,661) Hellenic Dynamics S.A. share capital at acquisition (b) 1,134,821 Investment in Hellenic Dynamics S.A. (c) (31,243,343) Reverse acquisition expense 3,700,209 (31,497,974) (a) Recognition of pre-acquisition retained losses of Hellenic Dynamics Plc as at 5 December 2022. (b) Hellenic Dynamics S.A. had issued share capital of \u00a3232,211 and a share premium of \u00a3902,610. As these financial statements present the capital structure of the legal parent entity, the equity of Hellenic Dynamics S.A. is eliminated. (c) The value of shares issued by the Company in exchange for the entire share capital of Hellenic Dynamics S.A. The above entry is required to eliminate the Statement of Financial Position impact of this transaction. 10 Income tax expense No current or deferred tax amounts were recognised as a tax expense/(credit) in the income statement, or in other comprehensive income in the year (2021: \u00a3nil). Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Current tax UK corporation tax on profits for the period - - Total current tax Deferred tax Deferred tax - - Income tax expense - - Factors affecting tax charge Loss before income tax (4,863,039) (349,400) Tax at the applicable rate of 19.29% (2021: 22%) (938,080) (76,868) Effects of: Disallowed expenditure 765,398 167 Capital allowances (449) - Foreign operations \u2013 foreign currency translation differences (715) 4,018 Tax losses not utilised and carried forward 173,846 72,683 Current tax charge - - The weighted average applicable tax rate of 19.29% (2021: 22%) used is a combination of the 19% standard rate of corporation tax in the UK and 22% Greek corporation tax. A deferred tax asset has not been recognised in respect of these losses of the Company due to the uncertainty of future profits. The amount of deferred tax asset not recognised is approximately \u00a3248,054 (2021: \u00a394,811). At the Budget 2021 on 3 March 2021, the Government announced that the corporation tax rate will increase to 25% for companies with profits above \u00a3250,000 with effect from 1 April 2023. These changes were substantively enacted at the balance sheet date and hence have been reflected in the measurement of deferred tax balances at the period end. 11 Earnings per share The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue. The diluted earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue plus the number of warrants and share options. Period to 31 March 2023 (unaudited) Year to 31 December 2021 Basic earnings per share \u00a3 \u00a3 Loss for the financial period (4,863,039) (349,400) Weighted average number of shares 10,953,796,397 10,268,189,195 Earnings per share (0.044p) (0.003p) The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive. 12 Intangible assets Licences \u00a3 Cost At 1 January 2021 15,868 Disposals (6,746) Exchange differences (726) At 31 December 2021 8,396 Exchange differences 418 At 31 March 2023 8,814 Amortisation and impairment At 1 January 2021 - Impairment - At 31 December 2021 - Impairment - Balance at 31 March 2023 - Net book value At 31 March 2023 8,814 At 31 December 2021 8,396 Following their assessment of impairment, the Directors concluded that no impairment charge was necessary for the year ended 31 December 2022 (2021: \u00a3Nil). Amortisation of intangible assets will begin when they are available for use. 13 Property, plant and equipment Leasehold Improvements Computers, furniture and fittings Land Total \u00a3 \u00a3 \u00a3 \u00a3 Cost At 1 January 2021 520,178 21,280 27,115 568,573 Additions - - - - Disposals - - - - Exchange differences (36,991) (1,513) (1,928) (40,432) At 31 December 2021 483,187 19,767 25,187 528,141 Additions 5,497 118,015 - 123,512 Disposals - - (25,187) (25,187) Exchange differences 24,107 986 25,093 At 31 March 2023 512,791 138,768 - 651,559 Depreciation At 1 January 2021 - - - - At 31 December 2021 - - - - Charge for the period - 18,811 - 18,811 Exchange differences - 504 - 504 At 31 March 2023 - 19,315 - 19,315 Net book value At 31 March 2023 512,791 119,453 - 632,244 At 31 December 2021 483,187 19,767 25,187 528,141 The Group has not recognised depreciation charge in profit or loss for the periods 2021, 2020 and 2019. Depreciation of assets will begin when they are available for use, i.e. when are in the location and condition necessary for they to be capable of operating in the manner intended by management. 14 Right-of-use asset Land \u00a3 Cost At 1 January 2021 441,092 Exchange differences (31,367) At 31 December 2021 409,725 Reassessment of lease liability 30,806 Exchange differences 20,441 At 31 March 2023 460,972 Depreciation At 1 January 2021 64,326 Charge for the period 35,083 Exchange differences (5,514) At 31 December 2021 93,895 Charge for the period 43,640 Exchange differences 5,854 Balance at 31 March 2023 143,389 Net book value At 31 March 2023 317,583 At 31 December 2021 315,830 The above right-of-use asset concerns a 12- year land lease started April 2019. During the period, rent paid on operating leases of \u00a355,015 (2021 - \u00a3Nil) were recognised in the profit and loss. 15 Trade and other receivables 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Due within one year Amounts due from directors 14,353 Other receivables 44,006 24,929 VAT receivables 128,537 143,346 186,896 168,275 Due over one year Other receivables 3,085 2,938 3,085 2,938 Total trade and other receivables 189,981 171,213 No interest is charged on overdue receivables. There is no material difference between the fair value of receivables and their book value. 16 Cash and cash equivalents 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Cash at bank and in hand 2,117,159 5,020 17 Share capital As at 31 March 2023, the Company had 12,530,000,000 allotted and fully paid ordinary shares and 2,270,182 founder shares. The ordinary shares have attached to them fully voting, dividend, and capital distribution rights (including on a winding up). The ordinary shares do not confer any rights of redemption. 2,270,182 Founder shares were issued in 2016. The founder shares were never quoted and do not carry a right to vote or to receive a dividend. Number of Ordinary Shares Number of Founder Shares As at 1 January 2021 1,852,219,137 2,270,182 Shares issued in the year for RTO (a) 10,414,447,530 - Shares issued to settle debt (b) 13,333,333 - Shares issued in placing and subscriptions (c) 250,000,000 - As at 31 March 2023 12,530,000,000 2,270,182 Ordinary Shares of 0.1p each \u00a3 Founder Shares of \u00a31 each \u00a3 As at 1 January 2021 1,852,219 2,270,182 Shares issued in the year for RTO (a) 10,414,448 - Shares issued to settle debt (b) 13,333 - Shares issued in placing and subscriptions (c) 250,000 - As at 31 March 2023 12,530,000 2,270,182 The total value of Ordinary Shares of 0.1p each and Founder Shares of \u00a31 each is \u00a314,800,182. (a) On 5 December 2022, the company completed its reverse takeover (\u201cRTO\u201d) process with Hellenic Dynamics Plc (\u201cHELD\u201d). The RTO was completed in the form of a share for share exchange and the ratio was approximately 1:38,858.86. (b) On 5 December 2022, the company issued 13,333,333 shares issued in respect of the settlement of professional fees raising \u00a313,333. (c) On 5 December 2022, the Company issued 250,000,000 shares raising \u00a3750,000 before costs. 18 Reserves Share Premium \u00a3 As at 1 April 2022 2,816,208 Shares issued to settle debt 26,667 Shares issued in placing and subscriptions 500,000 Share issue costs (371,305) As at 31 March 2023 2,971,570 Merger Reserve \u00a3 As at 1 April 2022 - Shares issued in the year for RTO 20,828,894 As at 31 March 2023 20,828,894 19 Share Based Payments Warrants Details of the warrants outstanding during the period are as follows; Weighted average remaining contractual life (periods) Number Weighted average exercise price \u00a3 Brought forward at 1 April 2022 0.92 1,647,594,936 0.003 Granted 0.67 375,000,000 0.003 Lapsed (0.92) (1,584,810,126) (0.003) Carried forward at 31 March 2023 0.71 437,784,810 0.003 On 3 March 2021, the Company entered into a financial adviser warrant deed entitling Peterhouse Capital Limited to warrants over a number of ordinary shares, representing approximately 0.5 per cent, of the enlarged Issued Share Capital (the share capital on the date of the RTO). The warrants are exercisable at the fundraising price for a period to 3 March 2024. Total warrants issued sum to 62,784,810. On 5 December 2022 (\u201cdate of admission\u201d), the Group granted a warrant to the noteholders to subscribe for one Ordinary Share for every one Ordinary Share issued to the noteholder. The warrants are exercisable at the Conversion Price (0.3p) and will be valid for a period to 5 December 2024. Total warrants issued sum to 375,000,000. The warrants were not issued for goods or services provided and therefore fall outside the scope of IFRS 2 and do not require fair valuing. Share Options Details of the equity settled share options outstanding during the period are as follows: Number Weighted average remaining contractual life (years) Weighted average exercise price \u00a3 Brought forward at 1 April 2022 111,133,148 0.5 0.002 Granted 1,171,555,000 4.67 0.002 Lapsed - - - Carried forward at 31 March 2023 1,282,688,148 4.48 0.002 On 3 March 2021, the Group granted 111,133,148 share options with the share price at the date of the grant of 0.33p and exercise price of 0.1975p. The vesting period of these share options is 18 months. On 10 November 2022, the exercise date of these share options was extended to 30 September 2025. On 5 December 2022, the Group granted 1,171,555,000 share options with the share price at the date of the grant of 0.175p and an exercise price of 0.1975p. The vesting period of these share options is five years. Half of these options become exercisable once a production licence is issued and approval for export is obtained, the remaining options become exercisable after commercial sales are achieved. The fair value of the remaining share options has been calculated using the Black-Scholes model. The assumptions used in the calculation of the fair value of the share options outstanding during the period are as follows: Grant Date 3 March 2021 5 December 2022 Exercise period March 2021 \u2013 September 2025 December 2022 \u2013 December 2027 Share price at date of grant 0.33p 0.175p Exercise price 0.1975p 0.1975p Shares under option 111,133,148 1,171,555,000 Expected volatility 26% 47.55% Expected life (periods) 1.5 5 Risk free rate 0.01% 3.24% Expected dividend yield 0% 0% Fair value per option 0.12p 0.064p Volatility was determined by reference to the average movement in the share price of comparable European companies involved in the cultivation of medicinal cannabis. The average share price movement was based on a 1-year movement. All of the above options are equity settled and the charge for the period is \u00a362,921. 20 Trade and other payables 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Trade payables 458,939 80,298 Other payables 59,210 13,258 Amounted owed to related parties (Note 25) 3,665 - Amounts owed to personnel 17,140 112,336 Accruals 100,920 - Other tax and social security 15,016 3,545 Corporation tax 100 - 654,990 209,437 The directors consider that the carrying amount of trade payables approximate their fair value. 21 Provisions 31 March 2023 \u00a3 Balance at 1 January 2022 - Provision recognised during the year 212,175 Balance as at 31 March 2023 212,175 The provision represents tax reclaimed that could become repayable if the assessment of the position were to be successfully challenged. The Directors are in the process of obtaining a professional opinion in this respect, however until such opinion is obtained believe it appropriate that the provision is made. The provision represents the full amount of the potential repayment. 22 Lease liabilities 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Current Amounts due within one year 80,530 54,520 Non-current Amounts due within two to five years 161,300 133,747 Amounts due over five years 141,700 175,936 303,000 309,683 383,530 364,203 Lease liabilities at 31 March 2023 are in respect of leasehold property. 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Up to 1 year 92,553 41,978 2 to 5 years 193,918 167,912 After 5 years 145,439 209,890 Total 431,910 419,780 Less: Future financial charges (48,380) (55,577) Present value of future lease payments 383,530 364,203 23 Borrowings 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Current Unsecured non-convertible loan notes - - - - Non - current Unsecured non-convertible loan notes 333,695 - 333,695 - Total borrowings 333,695 - Whilst the loan notes were due for repayment after one year they were repaid post year as disclosed in note 28. 24 Financial instruments Capital risk management The Company\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide future returns for shareholders and benefits for other stakeholders. The Company monitors the capital structure with the debt to capital ratio. This is calculated as the ratio of net borrowing to total capital employed. Net borrowings are calculated as total borrowings (including short-term and long-term borrowings as shown in the Statement of Financial Position) less cash and cash equivalents. Total working capital is calculated as the total equity as shown in the balance sheet plus net borrowing. Classification of financial instruments All financial assets have been classified as at amortised cost, and all financial liabilities have been classified as other financial liabilities measured at amortised cost. 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Financial assets Cash and cash equivalents at fair value 2,117,159 5,020 Loans and receivables at amortised cost: Trade and other receivables 182,481 171,213 Total 2,299,640 176,233 Financial liabilities Loans and payables at amortised cost: Trade and other payables 554,070 209,437 Lease liabilities 383,530 364,203 Total 937,600 573,640 Net 1,362,040 (397,407) Cash and cash equivalents This comprises cash and short-term deposits held by the Company. The carrying amount of these assets approximates their fair value. General risk management principles The Group is exposed to financial risks, such as market risks (changes in exchange rates, interest rates, market prices), credit risk and liquidity risk. The Group\u2019s overall risk management program seeks to minimise the potential negative impact of financial market volatility on the Group\u2019s financial performance. Risk management is handled by the Group\u2019s financial department, which operates according to specific rules. The following represent the key financial risks that the Group faced during the period. Market risk The Group at this stage of operation is not exposed to the risk of fluctuations in interest rates arising from bank loans with floating interest rates. The Group is also not exposed to fluctuations in market interest rates that may have affected its financial position as well as its cash flows. Due to the non-lending of the Group there is no risk. Nevertheless, the Group monitors interest rate trends as well as the duration and nature of financial needs. Credit risk The Group\u2019s credit risk arises from cash and cash equivalents with banks and financial institutions. The Group banks with Barclays Bank Plc who have a Fitch Credit rating of A+ and Piraeus Bank S.A. who have a Fitch Credit rating of B and therefore the credit risk is not considered material. Liquidity risk The maturity of the Group\u2019s financial liabilities including trade and other payables, other loans to related parties and lease liability total payments with the interest payable is as set out below. Current liabilities were payable on demand or to normal trade credit terms with the exception of lease liabilities which are payable quarterly. The tables below summarise the maturity profile of the combined Group\u2019s non-derivative financial liabilities at each financial period end based on contractual undiscounted payments: 31 December 2021 (unaudited) Less than 1 year (unaudited) 1-2 years (unaudited) 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) Trade payables and other payables 209,437 - - Lease liabilities 54,520 133,747 175,936 263,957 133,747 175,936 31 March 2023 Less than 1 year 1-2 years 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) - - 333,695 Trade payables and other payables 553,970 - - Lease liabilities 80,530 161,300 141,700 634,500 161,300 475,395 Currency risk Foreign exchange risk is the risk that fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling, but the functional currency of its subsidiary is the Euro. The Group does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash equivalents are held in Pounds Sterling and Euros. At 31 March 2023, less than 1% (2021: 100%) of the Group\u2019s cash and cash equivalent were held in Euros and therefore this is not considered to be a risk. 25 Related party transactions Transactions between the Company and its subsidiary which are related parties, have been eliminated on consolidation. Related party transactions are considered to be conducted at arm\u2019s length Transactions with Directors Remuneration paid and share options granted to the Directors is disclosed in the Remuneration Committee report on pages 29 to 31. During the period, Ocean Park Developments Limited invoiced the Company \u00a333,663 (2021 - \u00a337,200) for consultancy services provided by N B Fitzpatrick, a director at that time. During the period, the Company advanced amounts of \u00a352,000 (2021 - \u00a3Nil) and was repaid amounts of \u00a337,647 (2021 - \u00a3Nil) by a director. At the period end, the Company was owed \u00a314,353 (2021 - \u00a3Nil) by one of the directors. At the period end, the Group was owed \u00a325,754 (2021 - \u00a3Nil) by one of the directors of the subsidiary. This amount has been repaid post period-end. At the year-end, the Company owed \u00a33,665 (2021 - \u00a33,491) to a company under common control by one of the directors. 26 Pension costs The Group operates a defined contribution pension scheme in respect of the directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to \u00a3963 (2022 - \u00a3Nil). The amount payable at the period-end was \u00a32,567 (2022 - \u00a3Nil). 27 Ultimate Controlling Party The Directors have determined that there is no controlling party as no individual shareholder holds a controlling interest in the Company. Controlling party is defined as a shareholder which holds more than 25% ownership of shares in the Company. 28 Post Balance Sheet Event Subsequent to the year-end \u00a3375,000 of convertible loan notes were repaid and the associated warrants lapsed then. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-255": { "value": "1 General information Hellenic Dynamics Plc (Formerly known as U.K. SPAC Plc) (\u201cthe Company\u201d) is a public company limited by shares and incorporated and in England and Wales. The registered number of the Company is 06374598. The address of its registered office is 21 Arlington Street, London, SW1A 1RN. The Company and its subsidiary (\u201cthe Group\u201d) have a principal activity of the cultivation and supply of medical cannabis flowers. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-1": { "value": "Hellenic Dynamics Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-252": { "value": "Hellenic Dynamics Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-2": { "value": "U.K. SPAC Plc", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-3": { "value": " public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-5": { "value": "21 Arlington Street, London, SW1A 1RN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-6": { "value": "The Company and its subsidiary (\u201cthe Group\u201d) have a principal activity of the cultivation and supply of medical cannabis flowers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-254": { "value": "2 Summary of significant accounting policies Statement of compliance with IFRS These financial statements have been prepared in accordance with UK-adopted international accounting standards, IFRIC Interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under UK-adopted IAS. The adoption of these standards has not resulted in any changes to the Group\u2019s accounting policies and has not affected amounts reported in prior periods. The financial statements have been prepared under the historical cost basis. 2.1 Going concern The preparation of the financial statements requires an assessment on the validity of the going concern assumption. The financial statements have been prepared under the going concern assumption. In making their assessment of going concern, the Directors have reviewed forecasts for the newly formed Group, for a period of at least 12 months from the date of approval of these financial statements. The Group is not currently generating revenues, and therefore an operating loss has been reported in the period. Revenues from the first cultivation cycle are expected in the second half of the calendar year, however an operating loss is expected in the 12 months from the date of these financial statements. Following the redemption of the \u00a3375,000 convertible loan note in early July, due to the realisation of significant cost savings against its initial budget for the purchase of plant and equipment, the Directors have assessed the cash requirements of the Group in terms of operational costs, capital expenditure, gross profit contribution from the initial sales of product, and the financial resources available to the Group including the following sources of funding: \u2022 On the 6 July 2023, the Company announced advanced late stage discussions with a number of funding sources, including a number of grant applications. \u2022 The Directors are in advanced discussions with a well-known financial institution pertaining to a capital debt draw- down facility. \u2022 Discussions with brokers and corporate finance advisors regarding potential future equity rounds. Based on achieving successful cultivation cycles and the sale of crops, securing only one of the grant applications currently in progress, implementing savings in discretionary operational spend and delaying capital investment, the Directors, whilst acknowledging the material uncertainty that exists at the date of these financial statements, nevertheless are confident of maintaining sufficient working capital for the twelve-month period from the date of this report. For this reason, the Group has therefore adopted the going concern basis in preparing the financial statements. The auditors make reference to the material uncertainty in the Auditors\u2019 report on page 37. 2.2 Standards and interpretations (a) New standards, amendments and interpretations adopted by the Group There were no new or amended accounting standards that required the Group to change its accounting policies for the period ended 31 st March 2023 and no new standards, amendments or interpretations were adopted by the Group during the period. (b) New standards, amendments and interpretations not yet adopted by the Group At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective: Effective Date IAS 1 Amendments regarding the classification of liabilities 1 January 2023 IAS 8 Amendments to IAS 8 1 January 2023 IAS 1, IFRS Practice Statement 2 Amendments to IAS 1 and IFRS Practice Statement 2 1 January 2023 IFRS 16 Amendments regarding lease liability in a sale and leaseback 1 January 2024 IAS 1 Amendments regarding non-current liabilities with covenants 1 January 2024 It is anticipated that the Group will hold a number of biological assets in the future and therefore will be applying IAS 41 \u201cAgriculture\u201d as an accounting policy. This is not applicable in the current year\u2019s financial statements as no biological assets were held as at 31 March 2023. 2.3 Consolidation and Acquisitions The financial statements consolidate the financial information of the Group and companies controlled by the Group (its subsidiaries) at each reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries acquired or sold are included in the financial information from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line with those used by the Group. All intra-Group transactions, balances, income, and expenses are eliminated on consolidation. The financial statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls and entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Please refer to note 9 for information on the consolidation of Hellenic Dynamics Plc and the application of the reverse acquisition accounting principles. The Group applies the acquisition method to account for business combinations that fall within the scope of IFRS 3. For commentary on how the acquisition of Hellenic Dynamics S.A., which falls outside the scope of IFRS 3, was accounted for, see below note 9. The consideration transferred for the acquisition of a subsidiary is the fair values of assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquire on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred. On 5 December 2022, the Company acquired Hellenic Dynamics S.A. via a reverse takeover which resulted in the Company becoming the ultimate holding company of the Group. The transaction was accounted for as a reverse acquisition since it did not meet the definition of a business combination under IFRS 3. In accordance with IFRS 2, a share-based payment expense equal to the deemed cost of the acquisition less the fair value of the net assets of the Company at acquisition was recognised. The comparatives within the consolidated statement of financial position, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cashflow statement represent that of the legal subsidiary and accounting acquirer, Hellenic Dynamics S.A. for the year-ended 31 December 2021. In the consolidated statement of financial position, the share capital and premium as at 31 March 2023 is that of Hellenic Dynamics Plc with the reverse acquisition reserve representing the difference between the deemed cost of the acquisition and the net assets of Hellenic Dynamics Plc as at 5 December 2022. The consolidated statement of comprehensive income for the 15-month period to 31 March 2023 represents the results of both Hellenic Dynamics Plc and Hellenic Dynamics S.A. For more details on the key terms of the reverse takeover and a breakdown of what the reverse acquisition reserve as of 31 March 2023 comprises of, see note 9. 2.4 Revenue recognition Revenue from contracts with customers is recognised when the control over the goods is transferred to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected on behalf of third parties (such as taxes). In determining the amount of revenue from contracts with customers, the Company evaluates whether it is a principal or an agent in the arrangement. The Company is a principal when the Company controls the promised goods or services before transferring them to the customer. In these circumstances, the Company recognises revenue for the gross amount of the consideration. When the Company is an agent, it recognises revenue for the net amount of the consideration, after deducting the amount due to the principal. Revenue from the sale of goods: Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue from selling agreements is recognised when the revenue recognition criteria have been met and only to the extent the consideration is not contingent upon other deliverables in the agreements. 2.5 Share-based payments The Group makes equity-settled share-based payments to its employees and directors. The fair value of options and warrants granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options and warrants granted is measured based on the Black-Scholes framework, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date, the Group revises its estimate of the number of options and warrants that are expected to become exercisable. 2.6 Retirement benefits: Defined contribution schemes Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate. 2.7 Foreign currency translation i) Functional and Presentation Currency The consolidated financial statements are presented in Pounds Sterling, which is also the Company\u2019s functional and presentation currency. ii) Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. iii) Foreign operations The assets and liabilities of foreign operations, including goodwill and the fair value adjustments arising on acquisition, are translated to GBP at exchange rates at the reporting date. The income and expenses of foreign operations are translated to GBP at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income. 2.8 Intangible assets Intangible assets acquired separately are recognised at historical cost, on the date of acquisition. Subsequently, they are carried at cost less accumulated amortization and accumulated impairment losses. All intangible assets have a finite useful life and are amortised on a straight-line basis over their useful life. The useful life of intangible assets is reviewed on an annual basis, and adjustments, where applicable, are made prospectively. The intangible assets of the Group relate to licences, the useful life of which has been estimated to be between 5 and 10 years. 2.9 Property, plant and equipment Items of property, plant and equipment are measured at historical cost, plus interest costs incurred during periods of construction, less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of assets retired or sold are removed from the corresponding accounts at the time of sale or retirement, and any gain or loss is recognised in the income statement. When significant parts of the property, plant and equipment are required to be replaced at intervals, The Group recognises such parts as individual assets with specific useful lives and depreciation, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of property, plant and equipment, which are periodically reviewed, at least annually. The estimated useful lives and the respective rates are as follows: Item Description Estimated Useful Life Depreciation Rates Building installations in third party properties Duration of lease 8-12% Technical equipment and machinery 5-10 periods 10-20% Transportation means 6-9 periods 11-17% PC Hardware 2-5 periods 10-20% Fixtures and fittings 5-10 periods 10-20% The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within \u201cOther (Losses)/Gains \u2013 Net\u201d in the income statement. 2.10 Impairment of non-financial assets The carrying values of the Group\u2019s non-financial assets are tested for impairment, when there are indications that their carrying amount is not recoverable. In such cases, the recoverable amount is estimated and if the carrying amount of the asset exceeds its estimated recoverable amount, an impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In measuring value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. If an asset does not generate cash flows individually, the recoverable amount is determined for the cash generating unit to which the asset belongs. At each reporting date, the Group assesses whether there is an indication that an impairment loss recognised in prior periods may no longer exist. If any such indication exists, the Group estimates the recoverable amount of that asset and the impairment loss is reversed, increasing the carrying amount of the asset to its recoverable amount, to the extent that the recoverable amount does not exceed the carrying value of the asset that would have been determined (net of amortisation or depreciation), if no impairment loss had been recognised for the asset in prior years. 2.11 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Initial recognition and subsequent measurement of financial assets The financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the business model within which the financial asset is held. Trade and other receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Impairment of financial assets The Group assesses at each reporting date, whether a financial asset or group of financial assets is impaired and recognise, if necessary, an allowance for Expected Credit Losses for all debt instruments not held at fair value through profit or loss. Expected Credit Losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For all the Group\u2019s financial assets at amortised cost, the simplified approach is applied. These assets are considered to have low credit risk and any loss allowance is therefore limited to 12 months\u2019 expected losses. Derecognition of financial assets A financial asset (or, a part of a financial asset or part of a group of similar financial assets) is derecognised when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 The Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Initial recognition and subsequent measurement of financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. For the purpose of subsequent measurement, financial liabilities are classified as financial liabilities at amortised cost or financial liabilities at fair value through profit or loss. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount is presented in the statement of financial position only when the Group has a legally enforceable right to set off the recognised amounts and intends either to settle such asset and liability on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. 2.12 Trade and other receivables A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method, less provision for impairment. 2.13 Cash and cash equivalents In the Statement of Cash Flows, cash and cash equivalents comprise cash in hand and deposits held at call with bank with a three month maturity or less. 2.14 Share capital Ordinary shares are classified as equity. Share capital issuance costs, net of related tax, are reflected as a deduction from Share Premium. 2.15 Share premium Share premium represents the difference between the nominal value of shares issued and the total consideration received, net of issue expenses incurred by the Group. 2.16 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method. 2.17 Convertible loan notes Convertible loan notes are classified as either equity, financial liabilities or a mixture of both in accordance with the contractual agreement. Where a convertible loan note is deemed to meet the definition of equity as per IAS 32, the proceeds receive less any associated issue costs are recognised directly within equity and is not subsequently remeasured. 2.18 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Accounting by lessee The Group apply a single recognition and measurement approach for all leases (including short-term leases and leases of low- value assets). The Group recognise lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. a) Right-of-use assets The Group recognise right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. If ownership of the leased asset is transferred to the Group at the end of the lease term or its cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in the Statement of Comprehensive Income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets compromise IT equipment and small items of office furniture. b) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group use the group\u2019s incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced through the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a reassessment or modification of the lease contract. 2.19 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase of the provision due to the passage of time is recognised as a borrowing cost. Provisions are reviewed at each reporting date, and if it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, they are reversed. No provisions have been recognised 2.20 Taxation Income tax for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current income tax is measured on the taxable income for the year using enacted or substantively enacted tax rates at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided on all temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences except: \u2022 where the deferred tax liability arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of temporary differences associated with investment in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 where the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to apply in the year when the asset is realised or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised. The Group did not recognise deferred tax assets on unutilised losses due to uncertainty over the timing and existence of sufficient future tax profits. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-256": { "value": "Statement of compliance with IFRS These financial statements have been prepared in accordance with UK-adopted international accounting standards, IFRIC Interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under UK-adopted IAS. The adoption of these standards has not resulted in any changes to the Group\u2019s accounting policies and has not affected amounts reported in prior periods. The financial statements have been prepared under the historical cost basis. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-257": { "value": "2.1 Going concern The preparation of the financial statements requires an assessment on the validity of the going concern assumption. The financial statements have been prepared under the going concern assumption. In making their assessment of going concern, the Directors have reviewed forecasts for the newly formed Group, for a period of at least 12 months from the date of approval of these financial statements. The Group is not currently generating revenues, and therefore an operating loss has been reported in the period. Revenues from the first cultivation cycle are expected in the second half of the calendar year, however an operating loss is expected in the 12 months from the date of these financial statements. Following the redemption of the \u00a3375,000 convertible loan note in early July, due to the realisation of significant cost savings against its initial budget for the purchase of plant and equipment, the Directors have assessed the cash requirements of the Group in terms of operational costs, capital expenditure, gross profit contribution from the initial sales of product, and the financial resources available to the Group including the following sources of funding: \u2022 On the 6 July 2023, the Company announced advanced late stage discussions with a number of funding sources, including a number of grant applications. \u2022 The Directors are in advanced discussions with a well-known financial institution pertaining to a capital debt draw- down facility. \u2022 Discussions with brokers and corporate finance advisors regarding potential future equity rounds. Based on achieving successful cultivation cycles and the sale of crops, securing only one of the grant applications currently in progress, implementing savings in discretionary operational spend and delaying capital investment, the Directors, whilst acknowledging the material uncertainty that exists at the date of these financial statements, nevertheless are confident of maintaining sufficient working capital for the twelve-month period from the date of this report. For this reason, the Group has therefore adopted the going concern basis in preparing the financial statements. The auditors make reference to the material uncertainty in the Auditors\u2019 report on page 37. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-303": { "value": "2.2 Standards and interpretations (a) New standards, amendments and interpretations adopted by the Group There were no new or amended accounting standards that required the Group to change its accounting policies for the period ended 31 st March 2023 and no new standards, amendments or interpretations were adopted by the Group during the period. (b) New standards, amendments and interpretations not yet adopted by the Group At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective: Effective Date IAS 1 Amendments regarding the classification of liabilities 1 January 2023 IAS 8 Amendments to IAS 8 1 January 2023 IAS 1, IFRS Practice Statement 2 Amendments to IAS 1 and IFRS Practice Statement 2 1 January 2023 IFRS 16 Amendments regarding lease liability in a sale and leaseback 1 January 2024 IAS 1 Amendments regarding non-current liabilities with covenants 1 January 2024 It is anticipated that the Group will hold a number of biological assets in the future and therefore will be applying IAS 41 \u201cAgriculture\u201d as an accounting policy. This is not applicable in the current year\u2019s financial statements as no biological assets were held as at 31 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-258": { "value": "(a) New standards, amendments and interpretations adopted by the Group There were no new or amended accounting standards that required the Group to change its accounting policies for the period ended 31 st March 2023 and no new standards, amendments or interpretations were adopted by the Group during the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-259": { "value": "(b) New standards, amendments and interpretations not yet adopted by the Group At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective: Effective Date IAS 1 Amendments regarding the classification of liabilities 1 January 2023 IAS 8 Amendments to IAS 8 1 January 2023 IAS 1, IFRS Practice Statement 2 Amendments to IAS 1 and IFRS Practice Statement 2 1 January 2023 IFRS 16 Amendments regarding lease liability in a sale and leaseback 1 January 2024 IAS 1 Amendments regarding non-current liabilities with covenants 1 January 2024 It is anticipated that the Group will hold a number of biological assets in the future and therefore will be applying IAS 41 \u201cAgriculture\u201d as an accounting policy. This is not applicable in the current year\u2019s financial statements as no biological assets were held as at 31 March 2023. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-260": { "value": "2.3 Consolidation and Acquisitions The financial statements consolidate the financial information of the Group and companies controlled by the Group (its subsidiaries) at each reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries acquired or sold are included in the financial information from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line with those used by the Group. All intra-Group transactions, balances, income, and expenses are eliminated on consolidation. The financial statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls and entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Please refer to note 9 for information on the consolidation of Hellenic Dynamics Plc and the application of the reverse acquisition accounting principles. The Group applies the acquisition method to account for business combinations that fall within the scope of IFRS 3. For commentary on how the acquisition of Hellenic Dynamics S.A., which falls outside the scope of IFRS 3, was accounted for, see below note 9. The consideration transferred for the acquisition of a subsidiary is the fair values of assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquire on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred. On 5 December 2022, the Company acquired Hellenic Dynamics S.A. via a reverse takeover which resulted in the Company becoming the ultimate holding company of the Group. The transaction was accounted for as a reverse acquisition since it did not meet the definition of a business combination under IFRS 3. In accordance with IFRS 2, a share-based payment expense equal to the deemed cost of the acquisition less the fair value of the net assets of the Company at acquisition was recognised. The comparatives within the consolidated statement of financial position, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cashflow statement represent that of the legal subsidiary and accounting acquirer, Hellenic Dynamics S.A. for the year-ended 31 December 2021. In the consolidated statement of financial position, the share capital and premium as at 31 March 2023 is that of Hellenic Dynamics Plc with the reverse acquisition reserve representing the difference between the deemed cost of the acquisition and the net assets of Hellenic Dynamics Plc as at 5 December 2022. The consolidated statement of comprehensive income for the 15-month period to 31 March 2023 represents the results of both Hellenic Dynamics Plc and Hellenic Dynamics S.A. For more details on the key terms of the reverse takeover and a breakdown of what the reverse acquisition reserve as of 31 March 2023 comprises of, see note 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-304": { "value": "2.3 Consolidation and Acquisitions The financial statements consolidate the financial information of the Group and companies controlled by the Group (its subsidiaries) at each reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries acquired or sold are included in the financial information from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line with those used by the Group. All intra-Group transactions, balances, income, and expenses are eliminated on consolidation. The financial statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls and entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Please refer to note 9 for information on the consolidation of Hellenic Dynamics Plc and the application of the reverse acquisition accounting principles. The Group applies the acquisition method to account for business combinations that fall within the scope of IFRS 3. For commentary on how the acquisition of Hellenic Dynamics S.A., which falls outside the scope of IFRS 3, was accounted for, see below note 9. The consideration transferred for the acquisition of a subsidiary is the fair values of assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquire on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. Acquisition related costs are expensed as incurred. On 5 December 2022, the Company acquired Hellenic Dynamics S.A. via a reverse takeover which resulted in the Company becoming the ultimate holding company of the Group. The transaction was accounted for as a reverse acquisition since it did not meet the definition of a business combination under IFRS 3. In accordance with IFRS 2, a share-based payment expense equal to the deemed cost of the acquisition less the fair value of the net assets of the Company at acquisition was recognised. The comparatives within the consolidated statement of financial position, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cashflow statement represent that of the legal subsidiary and accounting acquirer, Hellenic Dynamics S.A. for the year-ended 31 December 2021. In the consolidated statement of financial position, the share capital and premium as at 31 March 2023 is that of Hellenic Dynamics Plc with the reverse acquisition reserve representing the difference between the deemed cost of the acquisition and the net assets of Hellenic Dynamics Plc as at 5 December 2022. The consolidated statement of comprehensive income for the 15-month period to 31 March 2023 represents the results of both Hellenic Dynamics Plc and Hellenic Dynamics S.A. For more details on the key terms of the reverse takeover and a breakdown of what the reverse acquisition reserve as of 31 March 2023 comprises of, see note 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-261": { "value": "2.4 Revenue recognition Revenue from contracts with customers is recognised when the control over the goods is transferred to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected on behalf of third parties (such as taxes). In determining the amount of revenue from contracts with customers, the Company evaluates whether it is a principal or an agent in the arrangement. The Company is a principal when the Company controls the promised goods or services before transferring them to the customer. In these circumstances, the Company recognises revenue for the gross amount of the consideration. When the Company is an agent, it recognises revenue for the net amount of the consideration, after deducting the amount due to the principal. Revenue from the sale of goods: Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Revenue from selling agreements is recognised when the revenue recognition criteria have been met and only to the extent the consideration is not contingent upon other deliverables in the agreements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-262": { "value": "2.5 Share-based payments The Group makes equity-settled share-based payments to its employees and directors. The fair value of options and warrants granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options and warrants granted is measured based on the Black-Scholes framework, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date, the Group revises its estimate of the number of options and warrants that are expected to become exercisable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-263": { "value": "2.6 Retirement benefits: Defined contribution schemes Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-264": { "value": "2.7 Foreign currency translation i) Functional and Presentation Currency The consolidated financial statements are presented in Pounds Sterling, which is also the Company\u2019s functional and presentation currency. ii) Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. iii) Foreign operations The assets and liabilities of foreign operations, including goodwill and the fair value adjustments arising on acquisition, are translated to GBP at exchange rates at the reporting date. The income and expenses of foreign operations are translated to GBP at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-305": { "value": "i) Functional and Presentation Currency The consolidated financial statements are presented in Pounds Sterling, which is also the Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-265": { "value": "2.8 Intangible assets Intangible assets acquired separately are recognised at historical cost, on the date of acquisition. Subsequently, they are carried at cost less accumulated amortization and accumulated impairment losses. All intangible assets have a finite useful life and are amortised on a straight-line basis over their useful life. The useful life of intangible assets is reviewed on an annual basis, and adjustments, where applicable, are made prospectively. The intangible assets of the Group relate to licences, the useful life of which has been estimated to be between 5 and 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-266": { "value": "2.9 Property, plant and equipment Items of property, plant and equipment are measured at historical cost, plus interest costs incurred during periods of construction, less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of assets retired or sold are removed from the corresponding accounts at the time of sale or retirement, and any gain or loss is recognised in the income statement. When significant parts of the property, plant and equipment are required to be replaced at intervals, The Group recognises such parts as individual assets with specific useful lives and depreciation, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of property, plant and equipment, which are periodically reviewed, at least annually. The estimated useful lives and the respective rates are as follows: Item Description Estimated Useful Life Depreciation Rates Building installations in third party properties Duration of lease 8-12% Technical equipment and machinery 5-10 periods 10-20% Transportation means 6-9 periods 11-17% PC Hardware 2-5 periods 10-20% Fixtures and fittings 5-10 periods 10-20% The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within \u201cOther (Losses)/Gains \u2013 Net\u201d in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-267": { "value": "2.10 Impairment of non-financial assets The carrying values of the Group\u2019s non-financial assets are tested for impairment, when there are indications that their carrying amount is not recoverable. In such cases, the recoverable amount is estimated and if the carrying amount of the asset exceeds its estimated recoverable amount, an impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In measuring value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. If an asset does not generate cash flows individually, the recoverable amount is determined for the cash generating unit to which the asset belongs. At each reporting date, the Group assesses whether there is an indication that an impairment loss recognised in prior periods may no longer exist. If any such indication exists, the Group estimates the recoverable amount of that asset and the impairment loss is reversed, increasing the carrying amount of the asset to its recoverable amount, to the extent that the recoverable amount does not exceed the carrying value of the asset that would have been determined (net of amortisation or depreciation), if no impairment loss had been recognised for the asset in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-268": { "value": "2.11 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Initial recognition and subsequent measurement of financial assets The financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the business model within which the financial asset is held. Trade and other receivables Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Impairment of financial assets The Group assesses at each reporting date, whether a financial asset or group of financial assets is impaired and recognise, if necessary, an allowance for Expected Credit Losses for all debt instruments not held at fair value through profit or loss. Expected Credit Losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For all the Group\u2019s financial assets at amortised cost, the simplified approach is applied. These assets are considered to have low credit risk and any loss allowance is therefore limited to 12 months\u2019 expected losses. Derecognition of financial assets A financial asset (or, a part of a financial asset or part of a group of similar financial assets) is derecognised when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 The Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Initial recognition and subsequent measurement of financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. For the purpose of subsequent measurement, financial liabilities are classified as financial liabilities at amortised cost or financial liabilities at fair value through profit or loss. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount is presented in the statement of financial position only when the Group has a legally enforceable right to set off the recognised amounts and intends either to settle such asset and liability on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-308": { "value": "Initial recognition and subsequent measurement of financial assets The financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the business model within which the financial asset is held. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-306": { "value": "Impairment of financial assets The Group assesses at each reporting date, whether a financial asset or group of financial assets is impaired and recognise, if necessary, an allowance for Expected Credit Losses for all debt instruments not held at fair value through profit or loss. Expected Credit Losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For all the Group\u2019s financial assets at amortised cost, the simplified approach is applied. These assets are considered to have low credit risk and any loss allowance is therefore limited to 12 months\u2019 expected losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-307": { "value": "Derecognition of financial assets A financial asset (or, a part of a financial asset or part of a group of similar financial assets) is derecognised when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 The Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-310": { "value": "Initial recognition and subsequent measurement of financial liabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. For the purpose of subsequent measurement, financial liabilities are classified as financial liabilities at amortised cost or financial liabilities at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-309": { "value": "Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount is presented in the statement of financial position only when the Group has a legally enforceable right to set off the recognised amounts and intends either to settle such asset and liability on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-269": { "value": "2.12 Trade and other receivables A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method, less provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-270": { "value": "2.13 Cash and cash equivalents In the Statement of Cash Flows, cash and cash equivalents comprise cash in hand and deposits held at call with bank with a three month maturity or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-271": { "value": "2.14 Share capital Ordinary shares are classified as equity. Share capital issuance costs, net of related tax, are reflected as a deduction from Share Premium. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-272": { "value": "2.15 Share premium Share premium represents the difference between the nominal value of shares issued and the total consideration received, net of issue expenses incurred by the Group. ", "dimensions": { "concept": "hellenicdynamicsplc:DescriptionOfAccountingPolicyForSharePremium", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-273": { "value": "2.16 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-274": { "value": "2.17 Convertible loan notes Convertible loan notes are classified as either equity, financial liabilities or a mixture of both in accordance with the contractual agreement. Where a convertible loan note is deemed to meet the definition of equity as per IAS 32, the proceeds receive less any associated issue costs are recognised directly within equity and is not subsequently remeasured. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-275": { "value": "2.18 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Accounting by lessee The Group apply a single recognition and measurement approach for all leases (including short-term leases and leases of low- value assets). The Group recognise lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. a) Right-of-use assets The Group recognise right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. If ownership of the leased asset is transferred to the Group at the end of the lease term or its cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in the Statement of Comprehensive Income. Short-term leases are leases with a lease term of 12 months or less. Low-value assets compromise IT equipment and small items of office furniture. b) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group use the group\u2019s incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced through the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a reassessment or modification of the lease contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-276": { "value": "2.19 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase of the provision due to the passage of time is recognised as a borrowing cost. Provisions are reviewed at each reporting date, and if it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, they are reversed. No provisions have been recognised ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-311": { "value": "2.20 Taxation Income tax for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current income tax is measured on the taxable income for the year using enacted or substantively enacted tax rates at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided on all temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences except: \u2022 where the deferred tax liability arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of temporary differences associated with investment in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 where the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to apply in the year when the asset is realised or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised. The Group did not recognise deferred tax assets on unutilised losses due to uncertainty over the timing and existence of sufficient future tax profits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-277": { "value": "2.20 Taxation Income tax for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current income tax is measured on the taxable income for the year using enacted or substantively enacted tax rates at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided on all temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences except: \u2022 where the deferred tax liability arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of temporary differences associated with investment in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised except: \u2022 where the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to apply in the year when the asset is realised or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised. The Group did not recognise deferred tax assets on unutilised losses due to uncertainty over the timing and existence of sufficient future tax profits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-278": { "value": "3 Significant accounting matters The preparation of the financial statements in accordance with UK-adopted international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated, and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group consider the significant accounting judgements, and key sources of estimation uncertainty used within the financial statements to be: Significant judgements Reverse acquisition accounting (Note 9) When considering how the acquisition of Hellenic Dynamics S.A. should be accounted for, the Directors have been required to make a judgment on whether the acquisition falls within the scope of IFRS 3 or not. The directors assessed the accounting acquiree, Hellenic Dynamics Plc, at the time of acquisition to not be a business as defined by IFRS 3. As a result, the acquisition was assessed as falling outside the scope of IFRS 3. See note 9 for commentary on how the reverse takeover was accounted for. Leases \u2013 estimating the incremental borrowing rate (Note 14) The company cannot readily determine the interest rate implicit in the lease, therefore, they use the incremental borrowing rate to measure lease liabilities. The incremental borrowing rate of 4% is considered to be the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Cost of issuing shares (Note 18) When considering costs that relate to both the issue of shares and the listing the Directors are required to made an assessment of the relevant allocation between these functions. In their judgement the best way of allocating these is based on the proportion of new shares issued to the total number of (new and existing) shares listed. Major sources of estimation uncertainty Recoverability of investment in subsidiary and intragroup loan (Note 30) The Company considers whether investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also a selection of appropriate discount rates in order to calculate the net present values of those cash flows. As at 31 March 2023, the carrying value of the Company\u2019s investment in Hellenic Dynamics S.A. was \u00a331,243,342. The recoverable value of this investment is not considered to be less than it is carrying value as at 31 March 2023 and therefore no impairment has been have recognised. The Directors have made this assessment through reviewing forecasts, other available financial information available and developments during the year and since the year-end. The key inputs within the forecast include revenue growth, gross profit margins and overheads, which are used to estimate future cash flows together with judgements and estimates relating to the cost of capital and long-term growth rates. Share Based Payments (Note 19) During the period, 1,171,555,000 share options, and 375,000,000 warrants were granted by the Company. When accounting for the share-based payment expense in respect of those share options granted, Management must calculate the fair value of the share options issued. Management have done so using the Black-Scholes model. However, several of the inputs into this model, including the risk-free rate, the dividend yield, the expected life of the instrument where it is not a defined period and the volatility, are subjective and thus management has made estimates in respect of these inputs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-279": { "value": "4 Segmental reporting Following the acquisition of Hellenic Dynamics S.A. (see note 9), for management purposes the Group is organised into business units based on its products and services and has two reportable segments, as follows; \u2022 Medical Cannabis Supply \u2013 Cultivation and supply of medicinal cannabis flowers \u2022 Head Office \u2013 The provision of management services of the Group No operating segments have been aggregated to form the above reportable operating segments. The Executive Management Committee is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Also, the Group\u2019s financing (including finance costs, finance income and other income) and incomes are managed on a Group basis and are not allocated to operating segments. Transfer prices between operating segments are on an arm\u2019s length basis in a manner similar to transactions with third parties. Segmental operating performance Period to 31 March 2023 (unaudited) Year to 31 December 2021 Revenue Profit/(Loss) before tax Revenue Profit before tax \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Medical Cannabis Supply - (468) - (342) Head Office - (685) - - (1,153) (342) Inter-segmental revenue and unallocated - (3,700) - - - (4,853) - (342) Business segments assets and liabilities 31 March 2023 (unaudited) 31 December 2021 Assets Liabilities Assets Liabilities \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Medical Cannabis Supply 1,019 592 1,029 574 Head Office 2,247 992 - - 3,266 1,584 1,029 574 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-280": { "value": "5 Expenses by nature Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Payroll 204,213 81,315 Directors Remuneration 92,455 - Professional services 361,422 66,578 Repairs and maintenance 4,217 2,663 Electricity 10,263 6,692 Fuel 9,158 12,692 Security services 12,186 31,413 Taxes and duties 46,705 2,737 Travelling 41,349 14,293 Promotion and advertising 87,743 49,256 Depreciation 62,451 35,083 Share based payment 62,921 - Provisions 76,016 - Other charges 76,343 31,838 1,147,442 334,560 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-281": { "value": " 6 Net finance expenses Finance costs: Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Finance expenses Lease liability interest 15,203 14,650 Other interest 185 190 Interest paid 15,388 14,840 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-312": { "value": "6 Net finance expenses Finance costs: Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Finance expenses Lease liability interest 15,203 14,650 Other interest 185 190 Interest paid 15,388 14,840 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-318": { "value": "6 Net finance expenses Finance costs: Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Finance expenses Lease liability interest 15,203 14,650 Other interest 185 190 Interest paid 15,388 14,840 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-282": { "value": "7 Employees Average number of employees The average number of employees (including executive Directors) was: Period to 31 March 2023 (unaudited) Year to December 2021 No. No. Management 4 2 Administration 5 1 9 3 Staff costs: Wages and salaries Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Wages and salaries 258,330 57,234 Social security costs 37,375 14,892 Other costs 963 9,189 Share based payment 62,921 - 359,589 81,315 Key management personnel compensation Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Short-term employee benefits 91,667 - Post-employment benefits 788 - Share based payment 62,921 - 155,376 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-313": { "value": "Key management personnel compensation Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Short-term employee benefits 91,667 - Post-employment benefits 788 - Share based payment 62,921 - 155,376 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-283": { "value": "8 Auditor\u2019s Remuneration Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Fees payable to the Company\u2019s auditors and their associates for the audit of the Company\u2019s financial statements 66,420 10,411 Other fees payable to the Company\u2019s auditors and their associates in connection with the Company in respect of: Due diligence services in respect of acquisition targets 15,000 -", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-284": { "value": "9 Reverse acquisition On 5 December 2022, Hellenic Dynamics Plc (\u201cthe Company\u201d) formerly known as UK SPAC Plc acquired through share for share exchange the entire share capital of Hellenic Dynamic S.A (\u201cHellenic\u201d), a company whose principal activity is the cultivation of medical grade cannabis. Although the transaction resulted in Hellenic becoming a wholly owned subsidiary of the Company, the transaction constituted a reverse acquisition, as the previous shareholders of Hellenic own a substantial majority of the Ordinary Shares of the Company and the executive management of Hellenic became the executive management of the Company. In substance, the shareholders of Hellenic acquired a controlling interest in the Company and the transaction will therefore be accounted for as a reverse acquisition. As the Company's activities prior to the acquisition were purely that of a cash shell seeking a suitable acquisition, it will not meet the definition of a business in accordance with IFRS 3. Accordingly, this reverse acquisition will not constitute a business combination and will be accounted for in accordance with IFRS 2 \"Share-based Payments\" and associated IFRIC guidance. Although, the reverse acquisition is not a business combination, the Company has become a legal parent and will be required to apply IFRS 10 and prepare consolidated financial statements. The Directors have prepared the financial statements using the reverse acquisition methodology, but rather than recognising goodwill, the difference between the equity value given up by Hellenic Dynamics S.A.\u2019s shareholders and the share of the fair value of net assets gained by these shareholders, is charged to the statement of comprehensive income as a share-based payment on reverse acquisition, and represents in substance the cost of acquiring the funds held by the cash shell and the cost of obtaining a listing. The acquisition cost of Hellenic was \u00a331,243,342.59 the consideration for the transaction was satisfied by the issue and allotment of a total of 10,414,447,530 Consideration Shares to the Sellers, such shares having an implied issue price of \u00a30.003. Because the legal subsidiary, Hellenic Dynamics S.A., was treated on consolidation as the accounting acquirer and the legal Parent Company, Hellenic Dynamics Plc, was treated as the accounting subsidiary, the fair value of the shares deemed to have been issued by Hellenic Dynamics S.A., was calculated at \u00a35,556,656, using the number of UK SPAC shares in issue at the date of acquisition (1,852,219,137) multiplied by the subscription price of \u00a30.003, based on an assessment of the purchase consideration for a 100% holding of Hellenic Dynamics PLC. According to the IFRS 2 the value of the share-based payment is calculated as the difference between the deemed cost and the fair value of the net assets as at acquisition. The following reflects these figures as at 5 December 2022; \u00a3 Deemed Cost 5,556,656 Trade and other receivables 741,935 Cash and cash equivalents 1,781,047 Trade and other payable (666,535) Fair value of assets acquired 1,856,447 RTO expenses 3,700,209 The difference between the deemed cost (\u00a35,556,656) and the fair value of the net assets assumed per above of \u00a31,856,447 resulted in \u00a33,700,209 being expensed within \u201creverse acquisition expenses\u201d in accordance with IFRS 2, Share Based Payments, reflecting the economic cost to the Hellenic Dynamic S.A. shareholders of acquiring a cash shell and of obtaining a listing. The reverse acquisition reserve which arose from the reverse takeover is made up as follows; \u00a3 Pre-acquisition retained losses (a) (5,089,661) Hellenic Dynamics S.A. share capital at acquisition (b) 1,134,821 Investment in Hellenic Dynamics S.A. (c) (31,243,343) Reverse acquisition expense 3,700,209 (31,497,974) (a) Recognition of pre-acquisition retained losses of Hellenic Dynamics Plc as at 5 December 2022. (b) Hellenic Dynamics S.A. had issued share capital of \u00a3232,211 and a share premium of \u00a3902,610. As these financial statements present the capital structure of the legal parent entity, the equity of Hellenic Dynamics S.A. is eliminated. (c) The value of shares issued by the Company in exchange for the entire share capital of Hellenic Dynamics S.A. The above entry is required to eliminate the Statement of Financial Position impact of this transaction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-285": { "value": "10 Income tax expense No current or deferred tax amounts were recognised as a tax expense/(credit) in the income statement, or in other comprehensive income in the year (2021: \u00a3nil). Period to 31 March 2023 (unaudited) Year to 31 December 2021 \u00a3 \u00a3 Current tax UK corporation tax on profits for the period - - Total current tax Deferred tax Deferred tax - - Income tax expense - - Factors affecting tax charge Loss before income tax (4,863,039) (349,400) Tax at the applicable rate of 19.29% (2021: 22%) (938,080) (76,868) Effects of: Disallowed expenditure 765,398 167 Capital allowances (449) - Foreign operations \u2013 foreign currency translation differences (715) 4,018 Tax losses not utilised and carried forward 173,846 72,683 Current tax charge - - The weighted average applicable tax rate of 19.29% (2021: 22%) used is a combination of the 19% standard rate of corporation tax in the UK and 22% Greek corporation tax. A deferred tax asset has not been recognised in respect of these losses of the Company due to the uncertainty of future profits. The amount of deferred tax asset not recognised is approximately \u00a3248,054 (2021: \u00a394,811). At the Budget 2021 on 3 March 2021, the Government announced that the corporation tax rate will increase to 25% for companies with profits above \u00a3250,000 with effect from 1 April 2023. These changes were substantively enacted at the balance sheet date and hence have been reflected in the measurement of deferred tax balances at the period end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-286": { "value": "11 Earnings per share The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue. The diluted earnings per share is calculated by dividing the earnings attributable to equity shareholders by the weighted average number of shares in issue plus the number of warrants and share options. Period to 31 March 2023 (unaudited) Year to 31 December 2021 Basic earnings per share \u00a3 \u00a3 Loss for the financial period (4,863,039) (349,400) Weighted average number of shares 10,953,796,397 10,268,189,195 Earnings per share (0.044p) (0.003p) The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-287": { "value": "12 Intangible assets Licences \u00a3 Cost At 1 January 2021 15,868 Disposals (6,746) Exchange differences (726) At 31 December 2021 8,396 Exchange differences 418 At 31 March 2023 8,814 Amortisation and impairment At 1 January 2021 - Impairment - At 31 December 2021 - Impairment - Balance at 31 March 2023 - Net book value At 31 March 2023 8,814 At 31 December 2021 8,396 Following their assessment of impairment, the Directors concluded that no impairment charge was necessary for the year ended 31 December 2022 (2021: \u00a3Nil). Amortisation of intangible assets will begin when they are available for use. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-288": { "value": "13 Property, plant and equipment Leasehold Improvements Computers, furniture and fittings Land Total \u00a3 \u00a3 \u00a3 \u00a3 Cost At 1 January 2021 520,178 21,280 27,115 568,573 Additions - - - - Disposals - - - - Exchange differences (36,991) (1,513) (1,928) (40,432) At 31 December 2021 483,187 19,767 25,187 528,141 Additions 5,497 118,015 - 123,512 Disposals - - (25,187) (25,187) Exchange differences 24,107 986 25,093 At 31 March 2023 512,791 138,768 - 651,559 Depreciation At 1 January 2021 - - - - At 31 December 2021 - - - - Charge for the period - 18,811 - 18,811 Exchange differences - 504 - 504 At 31 March 2023 - 19,315 - 19,315 Net book value At 31 March 2023 512,791 119,453 - 632,244 At 31 December 2021 483,187 19,767 25,187 528,141 The Group has not recognised depreciation charge in profit or loss for the periods 2021, 2020 and 2019. Depreciation of assets will begin when they are available for use, i.e. when are in the location and condition necessary for they to be capable of operating in the manner intended by management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-289": { "value": "14 Right-of-use asset Land \u00a3 Cost At 1 January 2021 441,092 Exchange differences (31,367) At 31 December 2021 409,725 Reassessment of lease liability 30,806 Exchange differences 20,441 At 31 March 2023 460,972 Depreciation At 1 January 2021 64,326 Charge for the period 35,083 Exchange differences (5,514) At 31 December 2021 93,895 Charge for the period 43,640 Exchange differences 5,854 Balance at 31 March 2023 143,389 Net book value At 31 March 2023 317,583 At 31 December 2021 315,830 The above right-of-use asset concerns a 12- year land lease started April 2019. During the period, rent paid on operating leases of \u00a355,015 (2021 - \u00a3Nil) were recognised in the profit and loss. 22 Lease liabilities 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Current Amounts due within one year 80,530 54,520 Non-current Amounts due within two to five years 161,300 133,747 Amounts due over five years 141,700 175,936 303,000 309,683 383,530 364,203 Lease liabilities at 31 March 2023 are in respect of leasehold property. 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Up to 1 year 92,553 41,978 2 to 5 years 193,918 167,912 After 5 years 145,439 209,890 Total 431,910 419,780 Less: Future financial charges (48,380) (55,577) Present value of future lease payments 383,530 364,203 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-290": { "value": "15 Trade and other receivables 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Due within one year Amounts due from directors 14,353 Other receivables 44,006 24,929 VAT receivables 128,537 143,346 186,896 168,275 Due over one year Other receivables 3,085 2,938 3,085 2,938 Total trade and other receivables 189,981 171,213 No interest is charged on overdue receivables. There is no material difference between the fair value of receivables and their book value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-291": { "value": "16 Cash and cash equivalents 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Cash at bank and in hand 2,117,159 5,020 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-292": { "value": " 17 Share capital As at 31 March 2023, the Company had 12,530,000,000 allotted and fully paid ordinary shares and 2,270,182 founder shares. The ordinary shares have attached to them fully voting, dividend, and capital distribution rights (including on a winding up). The ordinary shares do not confer any rights of redemption. 2,270,182 Founder shares were issued in 2016. The founder shares were never quoted and do not carry a right to vote or to receive a dividend. Number of Ordinary Shares Number of Founder Shares As at 1 January 2021 1,852,219,137 2,270,182 Shares issued in the year for RTO (a) 10,414,447,530 - Shares issued to settle debt (b) 13,333,333 - Shares issued in placing and subscriptions (c) 250,000,000 - As at 31 March 2023 12,530,000,000 2,270,182 Ordinary Shares of 0.1p each \u00a3 Founder Shares of \u00a31 each \u00a3 As at 1 January 2021 1,852,219 2,270,182 Shares issued in the year for RTO (a) 10,414,448 - Shares issued to settle debt (b) 13,333 - Shares issued in placing and subscriptions (c) 250,000 - As at 31 March 2023 12,530,000 2,270,182 The total value of Ordinary Shares of 0.1p each and Founder Shares of \u00a31 each is \u00a314,800,182. (a) On 5 December 2022, the company completed its reverse takeover (\u201cRTO\u201d) process with Hellenic Dynamics Plc (\u201cHELD\u201d). The RTO was completed in the form of a share for share exchange and the ratio was approximately 1:38,858.86. (b) On 5 December 2022, the company issued 13,333,333 shares issued in respect of the settlement of professional fees raising \u00a313,333. (c) On 5 December 2022, the Company issued 250,000,000 shares raising \u00a3750,000 before costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-314": { "value": "17 Share capital As at 31 March 2023, the Company had 12,530,000,000 allotted and fully paid ordinary shares and 2,270,182 founder shares. The ordinary shares have attached to them fully voting, dividend, and capital distribution rights (including on a winding up). The ordinary shares do not confer any rights of redemption. 2,270,182 Founder shares were issued in 2016. The founder shares were never quoted and do not carry a right to vote or to receive a dividend. Number of Ordinary Shares Number of Founder Shares As at 1 January 2021 1,852,219,137 2,270,182 Shares issued in the year for RTO (a) 10,414,447,530 - Shares issued to settle debt (b) 13,333,333 - Shares issued in placing and subscriptions (c) 250,000,000 - As at 31 March 2023 12,530,000,000 2,270,182 Ordinary Shares of 0.1p each \u00a3 Founder Shares of \u00a31 each \u00a3 As at 1 January 2021 1,852,219 2,270,182 Shares issued in the year for RTO (a) 10,414,448 - Shares issued to settle debt (b) 13,333 - Shares issued in placing and subscriptions (c) 250,000 - As at 31 March 2023 12,530,000 2,270,182 The total value of Ordinary Shares of 0.1p each and Founder Shares of \u00a31 each is \u00a314,800,182. (a) On 5 December 2022, the company completed its reverse takeover (\u201cRTO\u201d) process with Hellenic Dynamics Plc (\u201cHELD\u201d). The RTO was completed in the form of a share for share exchange and the ratio was approximately 1:38,858.86. (b) On 5 December 2022, the company issued 13,333,333 shares issued in respect of the settlement of professional fees raising \u00a313,333. (c) On 5 December 2022, the Company issued 250,000,000 shares raising \u00a3750,000 before costs. 18 Reserves Share Premium \u00a3 As at 1 April 2022 2,816,208 Shares issued to settle debt 26,667 Shares issued in placing and subscriptions 500,000 Share issue costs (371,305) As at 31 March 2023 2,971,570 Merger Reserve \u00a3 As at 1 April 2022 - Shares issued in the year for RTO 20,828,894 As at 31 March 2023 20,828,894 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-293": { "value": "18 Reserves Share Premium \u00a3 As at 1 April 2022 2,816,208 Shares issued to settle debt 26,667 Shares issued in placing and subscriptions 500,000 Share issue costs (371,305) As at 31 March 2023 2,971,570 Merger Reserve \u00a3 As at 1 April 2022 - Shares issued in the year for RTO 20,828,894 As at 31 March 2023 20,828,894 ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-294": { "value": " 19 Share Based Payments Warrants Details of the warrants outstanding during the period are as follows; Weighted average remaining contractual life (periods) Number Weighted average exercise price \u00a3 Brought forward at 1 April 2022 0.92 1,647,594,936 0.003 Granted 0.67 375,000,000 0.003 Lapsed (0.92) (1,584,810,126) (0.003) Carried forward at 31 March 2023 0.71 437,784,810 0.003 On 3 March 2021, the Company entered into a financial adviser warrant deed entitling Peterhouse Capital Limited to warrants over a number of ordinary shares, representing approximately 0.5 per cent, of the enlarged Issued Share Capital (the share capital on the date of the RTO). The warrants are exercisable at the fundraising price for a period to 3 March 2024. Total warrants issued sum to 62,784,810. On 5 December 2022 (\u201cdate of admission\u201d), the Group granted a warrant to the noteholders to subscribe for one Ordinary Share for every one Ordinary Share issued to the noteholder. The warrants are exercisable at the Conversion Price (0.3p) and will be valid for a period to 5 December 2024. Total warrants issued sum to 375,000,000. The warrants were not issued for goods or services provided and therefore fall outside the scope of IFRS 2 and do not require fair valuing. Share Options Details of the equity settled share options outstanding during the period are as follows: Number Weighted average remaining contractual life (years) Weighted average exercise price \u00a3 Brought forward at 1 April 2022 111,133,148 0.5 0.002 Granted 1,171,555,000 4.67 0.002 Lapsed - - - Carried forward at 31 March 2023 1,282,688,148 4.48 0.002 On 3 March 2021, the Group granted 111,133,148 share options with the share price at the date of the grant of 0.33p and exercise price of 0.1975p. The vesting period of these share options is 18 months. On 10 November 2022, the exercise date of these share options was extended to 30 September 2025. On 5 December 2022, the Group granted 1,171,555,000 share options with the share price at the date of the grant of 0.175p and an exercise price of 0.1975p. The vesting period of these share options is five years. Half of these options become exercisable once a production licence is issued and approval for export is obtained, the remaining options become exercisable after commercial sales are achieved. The fair value of the remaining share options has been calculated using the Black-Scholes model. The assumptions used in the calculation of the fair value of the share options outstanding during the period are as follows: Grant Date 3 March 2021 5 December 2022 Exercise period March 2021 \u2013 September 2025 December 2022 \u2013 December 2027 Share price at date of grant 0.33p 0.175p Exercise price 0.1975p 0.1975p Shares under option 111,133,148 1,171,555,000 Expected volatility 26% 47.55% Expected life (periods) 1.5 5 Risk free rate 0.01% 3.24% Expected dividend yield 0% 0% Fair value per option 0.12p 0.064p Volatility was determined by reference to the average movement in the share price of comparable European companies involved in the cultivation of medicinal cannabis. The average share price movement was based on a 1-year movement. All of the above options are equity settled and the charge for the period is \u00a362,921. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-295": { "value": "20 Trade and other payables 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Trade payables 458,939 80,298 Other payables 59,210 13,258 Amounted owed to related parties (Note 25) 3,665 - Amounts owed to personnel 17,140 112,336 Accruals 100,920 - Other tax and social security 15,016 3,545 Corporation tax 100 - 654,990 209,437 The directors consider that the carrying amount of trade payables approximate their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-296": { "value": "21 Provisions 31 March 2023 \u00a3 Balance at 1 January 2022 - Provision recognised during the year 212,175 Balance as at 31 March 2023 212,175 The provision represents tax reclaimed that could become repayable if the assessment of the position were to be successfully challenged. The Directors are in the process of obtaining a professional opinion in this respect, however until such opinion is obtained believe it appropriate that the provision is made. The provision represents the full amount of the potential repayment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-297": { "value": " 23 Borrowings 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Current Unsecured non-convertible loan notes - - - - Non - current Unsecured non-convertible loan notes 333,695 - 333,695 - Total borrowings 333,695 - Whilst the loan notes were due for repayment after one year they were repaid post year as disclosed in note 28. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-298": { "value": "24 Financial instruments Capital risk management The Company\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide future returns for shareholders and benefits for other stakeholders. The Company monitors the capital structure with the debt to capital ratio. This is calculated as the ratio of net borrowing to total capital employed. Net borrowings are calculated as total borrowings (including short-term and long-term borrowings as shown in the Statement of Financial Position) less cash and cash equivalents. Total working capital is calculated as the total equity as shown in the balance sheet plus net borrowing. Classification of financial instruments All financial assets have been classified as at amortised cost, and all financial liabilities have been classified as other financial liabilities measured at amortised cost. 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Financial assets Cash and cash equivalents at fair value 2,117,159 5,020 Loans and receivables at amortised cost: Trade and other receivables 182,481 171,213 Total 2,299,640 176,233 Financial liabilities Loans and payables at amortised cost: Trade and other payables 554,070 209,437 Lease liabilities 383,530 364,203 Total 937,600 573,640 Net 1,362,040 (397,407) Cash and cash equivalents This comprises cash and short-term deposits held by the Company. The carrying amount of these assets approximates their fair value. General risk management principles The Group is exposed to financial risks, such as market risks (changes in exchange rates, interest rates, market prices), credit risk and liquidity risk. The Group\u2019s overall risk management program seeks to minimise the potential negative impact of financial market volatility on the Group\u2019s financial performance. Risk management is handled by the Group\u2019s financial department, which operates according to specific rules. The following represent the key financial risks that the Group faced during the period. Market risk The Group at this stage of operation is not exposed to the risk of fluctuations in interest rates arising from bank loans with floating interest rates. The Group is also not exposed to fluctuations in market interest rates that may have affected its financial position as well as its cash flows. Due to the non-lending of the Group there is no risk. Nevertheless, the Group monitors interest rate trends as well as the duration and nature of financial needs. Credit risk The Group\u2019s credit risk arises from cash and cash equivalents with banks and financial institutions. The Group banks with Barclays Bank Plc who have a Fitch Credit rating of A+ and Piraeus Bank S.A. who have a Fitch Credit rating of B and therefore the credit risk is not considered material. Liquidity risk The maturity of the Group\u2019s financial liabilities including trade and other payables, other loans to related parties and lease liability total payments with the interest payable is as set out below. Current liabilities were payable on demand or to normal trade credit terms with the exception of lease liabilities which are payable quarterly. The tables below summarise the maturity profile of the combined Group\u2019s non-derivative financial liabilities at each financial period end based on contractual undiscounted payments: 31 December 2021 (unaudited) Less than 1 year (unaudited) 1-2 years (unaudited) 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) Trade payables and other payables 209,437 - - Lease liabilities 54,520 133,747 175,936 263,957 133,747 175,936 31 March 2023 Less than 1 year 1-2 years 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) - - 333,695 Trade payables and other payables 553,970 - - Lease liabilities 80,530 161,300 141,700 634,500 161,300 475,395 Currency risk Foreign exchange risk is the risk that fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling, but the functional currency of its subsidiary is the Euro. The Group does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash equivalents are held in Pounds Sterling and Euros. At 31 March 2023, less than 1% (2021: 100%) of the Group\u2019s cash and cash equivalent were held in Euros and therefore this is not considered to be a risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-315": { "value": "Capital risk management The Company\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide future returns for shareholders and benefits for other stakeholders. The Company monitors the capital structure with the debt to capital ratio. This is calculated as the ratio of net borrowing to total capital employed. Net borrowings are calculated as total borrowings (including short-term and long-term borrowings as shown in the Statement of Financial Position) less cash and cash equivalents. Total working capital is calculated as the total equity as shown in the balance sheet plus net borrowing. Classification of financial instruments All financial assets have been classified as at amortised cost, and all financial liabilities have been classified as other financial liabilities measured at amortised cost. 31 March 2023 (unaudited) 31 December 2021 \u00a3 \u00a3 Financial assets Cash and cash equivalents at fair value 2,117,159 5,020 Loans and receivables at amortised cost: Trade and other receivables 182,481 171,213 Total 2,299,640 176,233 Financial liabilities Loans and payables at amortised cost: Trade and other payables 554,070 209,437 Lease liabilities 383,530 364,203 Total 937,600 573,640 Net 1,362,040 (397,407) Cash and cash equivalents This comprises cash and short-term deposits held by the Company. The carrying amount of these assets approximates their fair value. General risk management principles The Group is exposed to financial risks, such as market risks (changes in exchange rates, interest rates, market prices), credit risk and liquidity risk. The Group\u2019s overall risk management program seeks to minimise the potential negative impact of financial market volatility on the Group\u2019s financial performance. Risk management is handled by the Group\u2019s financial department, which operates according to specific rules. The following represent the key financial risks that the Group faced during the period. Market risk The Group at this stage of operation is not exposed to the risk of fluctuations in interest rates arising from bank loans with floating interest rates. The Group is also not exposed to fluctuations in market interest rates that may have affected its financial position as well as its cash flows. Due to the non-lending of the Group there is no risk. Nevertheless, the Group monitors interest rate trends as well as the duration and nature of financial needs. Credit risk The Group\u2019s credit risk arises from cash and cash equivalents with banks and financial institutions. The Group banks with Barclays Bank Plc who have a Fitch Credit rating of A+ and Piraeus Bank S.A. who have a Fitch Credit rating of B and therefore the credit risk is not considered material. Liquidity risk The maturity of the Group\u2019s financial liabilities including trade and other payables, other loans to related parties and lease liability total payments with the interest payable is as set out below. Current liabilities were payable on demand or to normal trade credit terms with the exception of lease liabilities which are payable quarterly. The tables below summarise the maturity profile of the combined Group\u2019s non-derivative financial liabilities at each financial period end based on contractual undiscounted payments: 31 December 2021 (unaudited) Less than 1 year (unaudited) 1-2 years (unaudited) 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) Trade payables and other payables 209,437 - - Lease liabilities 54,520 133,747 175,936 263,957 133,747 175,936 31 March 2023 Less than 1 year 1-2 years 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) - - 333,695 Trade payables and other payables 553,970 - - Lease liabilities 80,530 161,300 141,700 634,500 161,300 475,395 Currency risk Foreign exchange risk is the risk that fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling, but the functional currency of its subsidiary is the Euro. The Group does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash equivalents are held in Pounds Sterling and Euros. At 31 March 2023, less than 1% (2021: 100%) of the Group\u2019s cash and cash equivalent were held in Euros and therefore this is not considered to be a risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-319": { "value": "Capital risk management The Company\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide future returns for shareholders and benefits for other stakeholders. The Company monitors the capital structure with the debt to capital ratio. This is calculated as the ratio of net borrowing to total capital employed. Net borrowings are calculated as total borrowings (including short-term and long-term borrowings as shown in the Statement of Financial Position) less cash and cash equivalents. Total working capital is calculated as the total equity as shown in the balance sheet plus net borrowing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-320": { "value": "Market risk The Group at this stage of operation is not exposed to the risk of fluctuations in interest rates arising from bank loans with floating interest rates. The Group is also not exposed to fluctuations in market interest rates that may have affected its financial position as well as its cash flows. Due to the non-lending of the Group there is no risk. Nevertheless, the Group monitors interest rate trends as well as the duration and nature of financial needs. Currency risk Foreign exchange risk is the risk that fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling, but the functional currency of its subsidiary is the Euro. The Group does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash equivalents are held in Pounds Sterling and Euros. At 31 March 2023, less than 1% (2021: 100%) of the Group\u2019s cash and cash equivalent were held in Euros and therefore this is not considered to be a risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-321": { "value": "Credit risk The Group\u2019s credit risk arises from cash and cash equivalents with banks and financial institutions. The Group banks with Barclays Bank Plc who have a Fitch Credit rating of A+ and Piraeus Bank S.A. who have a Fitch Credit rating of B and therefore the credit risk is not considered material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-322": { "value": "Liquidity risk The maturity of the Group\u2019s financial liabilities including trade and other payables, other loans to related parties and lease liability total payments with the interest payable is as set out below. Current liabilities were payable on demand or to normal trade credit terms with the exception of lease liabilities which are payable quarterly. The tables below summarise the maturity profile of the combined Group\u2019s non-derivative financial liabilities at each financial period end based on contractual undiscounted payments: 31 December 2021 (unaudited) Less than 1 year (unaudited) 1-2 years (unaudited) 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) Trade payables and other payables 209,437 - - Lease liabilities 54,520 133,747 175,936 263,957 133,747 175,936 31 March 2023 Less than 1 year 1-2 years 2-5 years Non-derivative financial liabilities \u00a3 \u00a3 \u00a3 Borrowings (current and non-current) - - 333,695 Trade payables and other payables 553,970 - - Lease liabilities 80,530 161,300 141,700 634,500 161,300 475,395 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-299": { "value": "25 Related party transactions Transactions between the Company and its subsidiary which are related parties, have been eliminated on consolidation. Related party transactions are considered to be conducted at arm\u2019s length Transactions with Directors Remuneration paid and share options granted to the Directors is disclosed in the Remuneration Committee report on pages 29 to 31. During the period, Ocean Park Developments Limited invoiced the Company \u00a333,663 (2021 - \u00a337,200) for consultancy services provided by N B Fitzpatrick, a director at that time. During the period, the Company advanced amounts of \u00a352,000 (2021 - \u00a3Nil) and was repaid amounts of \u00a337,647 (2021 - \u00a3Nil) by a director. At the period end, the Company was owed \u00a314,353 (2021 - \u00a3Nil) by one of the directors. At the period end, the Group was owed \u00a325,754 (2021 - \u00a3Nil) by one of the directors of the subsidiary. This amount has been repaid post period-end. At the year-end, the Company owed \u00a33,665 (2021 - \u00a33,491) to a company under common control by one of the directors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-316": { "value": "25 Related party transactions Transactions between the Company and its subsidiary which are related parties, have been eliminated on consolidation. Related party transactions are considered to be conducted at arm\u2019s length Transactions with Directors Remuneration paid and share options granted to the Directors is disclosed in the Remuneration Committee report on pages 29 to 31. During the period, Ocean Park Developments Limited invoiced the Company \u00a333,663 (2021 - \u00a337,200) for consultancy services provided by N B Fitzpatrick, a director at that time. During the period, the Company advanced amounts of \u00a352,000 (2021 - \u00a3Nil) and was repaid amounts of \u00a337,647 (2021 - \u00a3Nil) by a director. At the period end, the Company was owed \u00a314,353 (2021 - \u00a3Nil) by one of the directors. At the period end, the Group was owed \u00a325,754 (2021 - \u00a3Nil) by one of the directors of the subsidiary. This amount has been repaid post period-end. At the year-end, the Company owed \u00a33,665 (2021 - \u00a33,491) to a company under common control by one of the directors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-300": { "value": "26 Pension costs The Group operates a defined contribution pension scheme in respect of the directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to \u00a3963 (2022 - \u00a3Nil). The amount payable at the period-end was \u00a32,567 (2022 - \u00a3Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-317": { "value": "26 Pension costs The Group operates a defined contribution pension scheme in respect of the directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to \u00a3963 (2022 - \u00a3Nil). The amount payable at the period-end was \u00a32,567 (2022 - \u00a3Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-302": { "value": "27 Ultimate Controlling Party The Directors have determined that there is no controlling party as no individual shareholder holds a controlling interest in the Company. Controlling party is defined as a shareholder which holds more than 25% ownership of shares in the Company. ", "dimensions": { "concept": "hellenicdynamicsplc:DisclosureOfUltimateControllingParty", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } }, "fact-301": { "value": "28 Post Balance Sheet Event Subsequent to the year-end \u00a3375,000 of convertible loan notes were repaid and the associated warrants lapsed then. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IM978BOB5QZA69", "period": "2022-01-01T00:00:00/2023-04-01T00:00:00" } } } }