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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashAndCashEquivalents_E78_PY": { "value": "408411", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IVPZ932NP24O44", "period": "2020-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashAndCashEquivalents_E79_CY": { "value": "19214", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IVPZ932NP24O44", "period": "2022-05-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashAndCashEquivalents_E79_PY": { "value": "24657", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00", "unit": "iso4217:GBP" } }, "fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": { "value": "\n
1. General Information
Dukemount Capital Plc was incorporated in the UK on 20 April 2011 as a public limited company with the
name Black Lion Capital Plc. The Company subsequently changed its name to Black Eagle Capital Plc on
13 September 2011 and on 15 November 2016 changed its name to Dukemount Capital Plc. On 29 March
2017 the Company was admitted to the London Stock Exchange by way of a standard listing.
The Group\u2019s principal activity is now to ensure that the financial position and prospects of the Company are
maintained to facilitate a future reverse transaction.
The parent company\u2019s registered office is located at 70 Jermyn Street, London SW1Y 6NY.
2. Summary of Significant Accounting Policies
The principal Accounting Policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the periods presented, unless otherwise stated.
a) Basis of Preparation of Financial Statements
The consolidated financial statements of Dukemount Capital Plc have been prepared in accordance with
UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards. The financial statements have been prepared
under the historical cost convention.
The financial statements are presented in Pound Sterling (\u00a3), rounded to the nearest pound.
The consolidated entities include the wholly owned subsidiaries DKE (North West) Limited and DKE
(Wavertree) Limited; and DKE Flexible Energy Limited in which the Company acquired a 50% equity interest
and is deemed to exercise control from the date of its acquisition on 20 May 2021.
The individual entity financial statements of each subsidiary were prepared in accordance with United
Kingdom Generally Accepted Accounting Practice (FRS 101).
b) Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an 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.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the
Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included
in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
\n
The group applies the acquisition method to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred
to the former owners of the acquiree and the equity interests 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 acquired companies 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.
The Group\u2019s interest in Gas Peaking projects is treated as a business combination instead of an asset
acquisition as there is an intention to enter that business, supported by a business plan.
Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have
been adjusted to conform with the group\u2019s accounting policies.
c) Going Concern
The preparation of financial statements requires an assessment on the validity of the going concern
assumption.
The Directors have reviewed projections for a period of at least 12 months from the date of approval of the
Financial Statements.
In making their assessment of going concern, the Directors have discussed the Company\u2019s position with its
funders and professional advisors. In November 2022 the Company agreed a term sheet with its current
investors and broker in which its broker will facilitate a capital investment into the Company of circa \u00a3250,000
to \u00a3400,000; a commitment to pay certain outstanding fees and a commitment to provide further funding
whilst looking for a possible reverse transaction. The Group\u2019s forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the Group has sufficient funds available to
it following events after the year end.
The Directors note that the Group has always been successful with past fundraises and continue to believe
strongly in the Group\u2019s potential. However, the success of securing funding or a reverse transaction has
been identified as a material uncertainty which may cast significant doubt over the going concern
assessment. Whilst acknowledging this uncertainty, based upon the expectation of completing a successful
fundraising in the near future, and the continued support of it investors and broker, the Directors consider it
appropriate to continue to prepare the financial statements on a going concern basis.
\n
d) Changes in accounting policies and disclosure
In issue and effective for periods commencing on 1 May 2021
The Company has applied the following standard and amendments for the first time for its annual reporting
period commencing 1 May 2021
\u2022 Definition of Material \u2013 Amendments to IAS 1 and IAS 8;
\u2022 Definition of a Business \u2013 Amendments to IFRS 3;
\u2022 Interest Rate Benchmark Reform \u2013 Amendments to IFRS 9, IAS 39 and IFRS 7;
\u2022 Revised Conceptual Framework for Financial Reporting;
\u2022 Annual improvements to IFRS Standards 2018-2020 Cycle; and
\u2022 COVID-19 related rent concessions \u2013 Amendments to IFRS.
The adoption of these standards and amendments have not had a material impact on the Group or
Company in the year.
In issue but not effective for periods commencing on 1 May 2022
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning after 1 April 2022 and have not been applied in preparing these financial statements.
None of these are expected to have a significant effect on the financial statements of the company, except
the following set out below:
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have
a material impact on the Group or Company.
e) Segmental reporting
Identifying and assessing investment projects is the only activity the Group is involved in and is therefore
considered as the only operating/reportable segment.
Therefore the financial information of the single segment is the same as that set out in the Statement of
Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the
Statement of Cashflows.
f) Revenue from contracts with customers
Revenue relates to amounts contractually due under a property development agreement at the balance
sheet date relating to the stage of completion of a contract as measured by surveys of work performed to
date. Revenue is recognised for services when the Group has satisfied its contractual performance
obligation in respect of the services. The amount recognised for the services performed is the consideration
that the Group is entitled to for performing the services provided. Revenue from contracts with customers is
recognised over time.
Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change,
and may include cost contingencies to take into account specific risks within each contract. Cost
contingencies are reviewed on a regular basis throughout the life of the contract. However, the nature of the
risks on projects are such that they often cannot be resolved until the end of the project and therefore may
reverse until the end of the project. Any resulting increases or decreases in estimated revenues or costs are
reflected in profit or loss in the period in which the circumstances that give rise to the revision become known
by management. The estimated final outcomes on projects are continuously reviewed, and adjustments are
made when necessary. Provision is made for all known or expected losses on individual contracts once
such losses are foreseen.
\n
Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance
is recognised as contract assets within trade and other receivables. Where progress billings exceed costs
incurred plus recognised profits less recognised losses, the balance is recognised as contract liabilities
within trade and other payables.
g) Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and current and deposit balances with banks. This
definition is also used for the Statement of Cash Flows.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk.
The Group considers that it is not exposed to major concentrations of credit risk.
h) Financial Instruments
Financial assets
The Group and Company classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value through profit or loss; and
\u2022 Those to be measured at amortised cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following
criteria are met:
\u2022 The asset is held within a business model whose objective is to collect contractual cash flows; and
\u2022 The contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method
and are subject to impairment. The Group\u2019s and Company\u2019s financial assets at amortised cost include trade
and other receivables, contract assets and cash and cash equivalents. A financial asset (or, where
applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group and Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party
under a \u2018pass-through\u2019 arrangement; and either (a) the Group and Company has transferred
substantially all the risks and rewards of the asset, or (b) the Group and Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
The Group currently does not recognise an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss, as the effect would be immaterial on these financial
statements. ECLs 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 EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
\n
For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months,
the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group
does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s
lifetime ECL at each reporting date. The Group assesses a non-performing debt based on the payment
terms of the receivable.
i) Financial liabilities
Financial liabilities, comprising trade and other payables, are held at amortised cost.
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. If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value, and subsequently measured at amortised
cost using the effective interest method.
j) De-recognition of Financial Instruments
i. Financial Assets
A financial asset is derecognised where:
\u2022 the right to receive cash flows from the asset has 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 pass-through arrangement; or
\u2022 the Group has transferred the rights to receive cash flows from the asset, and either has transferred
substantially all the risks and rewards of the asset or has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
ii. Financial Liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. Where 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 the recognition of a new liability, and
the difference in the respective carrying amounts is recognised in the statement of comprehensive income.
\n
k) Taxation
Current tax
Current tax is based on the taxable profit or loss for the year. Tax is recognised in profit or loss, except to
the extent that it relates to items recognised in other comprehensive income or recognised in equity. In this
case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax
Deferred tax is recognised using the liability method in respect of temporary differences arising from
differences between the carrying amount of assets and liabilities in the Financial Statements and the
corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted
for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction
affects neither accounting nor taxable profit or loss. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Deferred tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
Statement of Financial Position date and are expected to apply to the period when the deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax assets and liabilities are not discounted.
l) Equity
Equity comprises the following:
\u2022 Share capital representing the nominal value of the equity shares;
\u2022 Share premium representing consideration less nominal value of issued shares and costs directly
attributable to the issue of new shares;
\u2022 Share based payments reserve representing the fair value of share based payments valued in
accordance with IFRS 2.
\n
m) Share Capital
Ordinary shares are classified as equity.
n) Share Based Payments
The Group has issued warrants over the ordinary share capital as described in note 15. In accordance with
IFRS 2, the total amount to be expensed over the vesting period for warrants issued for services is
determined by reference to the fair value of the warrants granted, excluding non-market vesting conditions.
Non-market vesting conditions are included in assumptions about the number of warrants that are expected
to vest.
For warrants issued relating to the raising of finance, the relevant expense is offset against the share
premium account. The total amount to be expensed is determined by reference to the fair rate of the
warrants granted, excluding non-market vesting conditions. Non-market vesting conditions are included in
assumptions about the number of warrants that are expected to vest.
o) Investments
Equity investments in subsidiaries are held at cost, less any provision for impairment.
p) Financial Risk Management
Financial Risk Factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (price risk), credit risk and liquidity
risk. The Group\u2019s overall risk management programme seeks to minimise potential adverse effects on the
Group\u2019s financial performance. None of these risks are hedged.
The Group has no foreign currency transactions or borrowings, so is not exposed to market risk in terms of
foreign exchange risk. The Group will require funding to acquire and develop and/or refurbish its properties
and accordingly will be subject to interest rate risk.
Risk management is undertaken by the Board of Directors.
Market Risk \u2013 price risk
The Group was exposed to equity securities price risk because of investments held by the Group, classified
as available-for-sale financial assets. These assets were sold in the year, and therefore the carrying value
at the year end is \u00a3nil, which represents the maximum exposure for the Group.
The Group is not exposed to commodity price risk. The Directors will revisit the appropriateness of this policy
should the Group\u2019s operations change in size or nature.
Credit risk
Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management
does not expect any losses from non-performance of these receivables. The amount of exposure to any
individual counter party is subject to a limit, which is assessed by the Board.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk, which is stated under the cash and cash equivalents accounting policy.
\n
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. The proceeds raised from the placing
are being held as cash to enable the Group to fund a transaction as and when a suitable target is found.
Controls over expenditure are carefully managed, in order to maintain its cash reserves whilst it targets a
suitable transaction.
Financial liabilities are all due within one year.
Capital risk management
The Group\u2019s objectives when managing capital is to safeguard the Group\u2019s ability to continue as a going
concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an
optimal capital structure. The Group has no borrowings.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders or issue new shares.
The Group monitors capital on the basis of the total equity held by the Group, being a net asset of
\u00a3407,378 as at 30 April 2022 (2021: net asset \u00a3600,973).
q) Critical Accounting Estimates and Judgements
The Directors make estimates and assumptions concerning the future as required by the preparation of the
financial statements in conformity with UK-adopted international accounting standards. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
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.
i) Share based payments
In accordance with IFRS 2 \u2018Share Based Payments\u2019 the Group has recognised the fair value of warrants
calculated using the Black-Scholes option pricing model. The Directors have made significant assumptions
particularly regarding the volatility of the share price at the grant date in order to calculate a total fair value.
Further information is disclosed in Note 15.
ii) Percentage completion method used for long term contracts
The Group makes an estimate of the stage of completion of a development project based on the costs
incurred at the year end. Management then make assumptions regarding the collectability of billings and
expected future costs. The method used is as stated in the constructions contract accounting policy 2f).
Estimation uncertainty will exist with regard to the gross profit being recognised at the year end. The
Directors believe that this uncertainty is reduced to an acceptable level by using quantity surveyors\u2019 reports
to assess the stage of contract completion at the year end.
iii) Intercompany balances
Subsequent to the year end, the Company has also commenced a group reorganisation process of novating
and capitalising intercompany debts and whilst this process is ongoing they have concluded that no
impairment is required at 30 April 2022.
\n
3. Revenue
Analysis of turnover by geography:
2022 2021
\u00a3 \u00a3
United Kingdom
- 3,926,730
-
3,926,730
Analysis of turnover by category:
2022 2021
\u00a3 \u00a3
Property management and building development
services
- 3,926,730
-
3,926,730
All revenue is recognised over time.
4. Expenses by Nature
2022 2021
\u00a3 \u00a3
Directors\u2019 fees 51,250 102,500
Establishment costs 28,733 27,219
Legal and professional fees 40,763 460,629
Listing/ regulatory costs 26,592 89,689
Travel and accommodation 2,196 2,791
Other expenses 31,208 58,808
Finance charges 242,773 -
Impairment (Note 9) 125,101 -
Impairment (Note 10) 578,779 -
Total Administrative Expenses 1,127,395 741,636
Finance charges relate to fees incurred in financing activities; \u00a3101,250 of these fees are accrued interest
and arrangement fees; \u00a3141,523 were satisfied by the issue of ordinary shares.
5. Directors\u2019 Remuneration
Company
2022 2021
\u00a3 \u00a3
Geoffrey Dart 37,500 85,303
Paul Gazzard 13,750 27,500
_____ _____
Total 51,250 112,803
______
______
The Directors elected not to be paid, nor accrue their entitlement from November 2021. Other benefits of
\u00a3nil (2021: \u00a310,303) were also paid to the directors.
Details of directors\u2019 remuneration are included in the Directors\u2019 Remuneration Report.
The average number of employees (including directors) during the year was 2 (2021: 2).
\n
6. Services provided by the Company\u2019s Auditors
During the year, the Group obtained the following services from the Group\u2019s auditors and its associates:
2022 2021
\u00a3 \u00a3
Fees payable to the Company\u2019s auditor for:
Audit of the Group and Company
26,000
26,250
Audit of the subsidiary undertakings 10,000 11,250
36,000
37,500
7. Taxation
Tax Charge for the Year
No taxation arises on the result for the year due to taxable losses.
Factors Affecting the Tax Charge for the Period
The tax credit for the period does not equate to the loss for the period at the applicable rate of UK Corporation
Tax of 19.00% (2021: 19.00%). The differences are explained below:
2022 2021
\u00a3 \u00a3
Loss for the period before taxation (1,127,395) (913,827)
______
______
Loss for the period before taxation multiplied by the standard
rate of UK Corporation of 19.00% (2021: 19.00%)
(214,205) (173,627)
Losses carried forward on which no deferred tax asset is recognised 214,205 173,627
______ ______
- -
______
_____
Factors Affecting the Tax Charge of Future Periods
Tax losses available to be carried forward by the Group at 30 April 2022 against future profits are estimated
at \u00a33,282,222 (2021 - \u00a32,154,827).
A deferred tax asset has not been recognised in respect of these losses in view of uncertainty as to the level
of future taxable profits.
There is no expiry date on carried forward tax losses.
\n
8. Investment in subsidiaries
Company
2022
\u00a3
2021
\u00a3
Shares in Group Undertakings
As at 1 May 101 101
Additions in the year 475,601 -
Impairment (note 9) (125,101) -
At 30 April 350,601 101
Details of Subsidiaries
Details of the subsidiaries at 30 April 2022 are as follows:
Name of subsidiary Address of
registered office
Country of
incorporation
Share
capital
held by
Parent
% share
capital held
Principal
activities
DKE (North West
Limited)
70 Jermyn Street,
London, UK
England 100 100% Property
management
and
development
DKE (Wavertree)
Limited
70 Jermyn Street,
London, UK
England 1 100% Property
management
and
development
Dukemount Limited 70 Jermyn Street,
London, UK
England 1 100% Dormant
DKE Flexible Energy
Limited*
70 Jermyn Street,
London, UK
England 500 50% Flexibility
power
ARL Limited
70 Jermyn Street,
London, UK
England indirect - Flexibility
power
ADV 001 Limited 70 Jermyn Street,
London, UK
England indirect - Flexibility
power
*On 20 May 2021, the Company acquired a 50% interest in the equity of HSKB Limited under a Joint Venture
and Shareholders\u2019 Agreement. HSKB Limited was subsequently renamed DKE Flexible Energy Limited on
1 October 2021 following its acquisition of 100% of the share capital of ARL 018 Limited and ADV 001
Limited.
9. Intangible assets
On 20 May 2021 Dukemount Capital Plc, entered into a Joint Venture Agreement in relation to flexibility
power expert HSKB Ltd (\"HSKB\"), of which Dukemount non-executive director Paul Gazzard is a founder
and shareholder. Pursuant to the Joint Venture Agreement, Dukemount acquired 50% of the issued share
capital of HSKB for nominal value. On 1 October 2021 HSKB purchased two special purpose companies,
ARL 018 Limited and ADV 001 Limited. Each company containing the rights to an 11kV gas peaking facility,
ready to build, with full planning permission and grid access. HSKB has changed its name to DKE Flexible
Energy Limited (\"DKE Energy\").
\n
The assets and liabilities as of 1 October 2021 arising from the acquisition of ARL 018 Limited and ADV 001
Limited are as follows:
Book value at acquisition
\u00a3
Fair value adjustments
\u00a3
Fair value at acquisition
\u00a3
Consideration 315,642 - 315,642
Cash 55 - 55
Assets 44,049 - 44,049
Liabilities (87,317) (87,317)
Reserves (52,750) (52,750)
-
At 30 April 411,605 - 411,605
During the period to 30 April 2022, the Group added \u00a363,496 to the value of the assets in relation to deposits
resulting in a carrying value at 30 April 2022 of \u00a3475,101. In performing an assessment of the carrying value
of the assets at the reporting date, the Directors concluded that as no development activity had been
undertaken during the year ended 30 April 2022, it was appropriate to book an impairment of \u00a3125,101,
resulting in a carrying value of \u00a3350,000 at 30 April 2022.
The Directors formed this opinion based upon their calculation of estimated fair value less cost to sell. This
was considered to be in excess of the carrying value of the asset. Further post year end, on 5 October 2022,
the Company announced that DKE Flexible Energy sold the two special purpose companies, for an
aggregate sale price of \u00a3350,000. Despite having the funding in place to construct these assets, the
regulatory environment that evolved for the Company during the transaction to buy and then fund the
construction of them meant there was little option but to dispose of the assets. The proceeds of the sale
have been used to repay a portion of the sums owing to the Company\u2019s lenders.
10. Trade and Other Receivables
Group
2022
Company
2022
Group
2021
Company
2021
\u00a3 \u00a3 \u00a3
Other receivables, including
prepayments
38,164 13,436 15,100 14,496
Amounts owed by group
undertakings
- - - 118,828
Amounts recoverable on contracts - - 561,216 -
38,164
13,436 576,316 133,324
The fair value of all receivables is the same as their carrying values stated above.
The maximum exposure to credit risk at the reporting date is the carrying value mentioned above. The
Group does not hold any collateral as security.
Amounts recoverable on contracts represents sales invoices issued after 30 April in respect of work
undertaken during the year with appropriate provision being made in accruals and deferred income for costs
incurred in undertaking such work but which had not been invoiced. The directors have reviewed the
balances due under the funding arrangement and taken the decision that these are not recoverable and
impaired the amount of \u00a3578,779 owing at 30 April 2022 (2021: \u00a3561,216) in full.
\n
Amounts due from group undertakings are unsecured, interest free, have no fixed date of repayment and
repayable on demand. Advances were made to the subsidiaries in order to fund the redevelopment projects.
As these projects have reached practical completion, the Company has made a bad debt provision for the
amounts owing of \u00a3491,628 in full.
11. Dividends
No dividend has been declared or paid by the Company during the year ended 30 April 2022 (2021: Nil).
12. Earnings per share
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Group by the
weighted average number of ordinary shares in issue during the year. In accordance with IAS 33, basic and
diluted earnings per share are identical as the effect of the exercise of the warrants would be to decrease
the loss per share.
2022 2021
\u00a3 \u00a3
Loss attributable to equity holders of the Group 1,127,395 913,827
______ ______
Total 1,127,395 913,827
______ ______
Weighted average number of ordinary shares in issue (thousands) 504,873 456,930
______ _____
2022 2021
Basic and diluted profit per share 2022 2021
\u00a3 \u00a3
Continuing Operations \u2013 basic and diluted 0.0022 0.0020
13. Share Capital
Group and Company
2022 2021
No. No
Allotted, issued and fully paid (000\u2019s) (000\u2019s)
Beginning of year
481,283
439,033
New shares issued (32,252,308 ordinary shares of \u00a30.001 each)
32,252
42,250
At 30 April 513,535,974 ordinary shares of \u00a30.001 each
(2021: 481,283,666 ordinary shares of \u00a30.001 each)
513,535
481,283
\n
14. Share Premium
Group and Company
Share
Premium
\u00a3
Share issue
costs
\u00a3
Net Share
Premium
\u00a3
At 1 May 2021 1,140,838 (25,803) 1,115,035
Issue of shares 134,270 - 134,270
At 30 April 2022 1,274,108 (25,803) 1,249,305
15. Share Based Payments
Details of the warrants outstanding at 30 April 2022 are included below. The fair value of the warrants was
determined using the Black Scholes valuation model. The parameters used are detailed below:
Warrant granted on: At 29 March 2017
Warrant life remaining (years) 1 year
Warrants granted 27,064,000
Risk free rate 0.5%
Expiry date 29 March 2023
Exercise price (\u00a3) 0.005
Expected volatility 20%
Expected dividend yield -
Marketability discount 20%
Total fair value of warrants
granted (\u00a3)
7,125
The expected volatility for the warrants granted is based on the historical share price volatility of similar
listed entities from their date of admission to the market up to the completion of the first six months of trading.
This is considered to be the most reasonable measure of expected volatility, given the relatively brief trading
history of the Group.
The warrants issued in 2017 were modified in 2021, with their expiry date being extended until 29 March
2023. The fair value adjustment as required under IFRS 2 as a result of this modification was immaterial
and as such no change in the fair value has been reflected in the Financial Statements.
The risk free rate of return is based on zero yield government bonds for a term consistent with the warrant
life. A reconciliation of warrants in issue over the period to 30 April 2022 is shown below:
Number Weighted average
exercise price (\u00a3)
As at 1 May 2021 10,739,000 0.005
Expired during year (10,675,000)
0.005
Outstanding as at 30 April 2022 64,000 0.005
Exercisable at 30 April 2022
64,000
0.005
_________
_____
The weighted average contracted and expected life (years) for the above warrants is 1 year (2021 \u2013 1
year).
\n
16. Trade and Other Payables
Group
2022
Company
2022
Group
2021
Company
2021
\u00a3 \u00a3 \u00a3 \u00a3
Trade payables 806,296 772,549 1,052,660 615,038
Other creditors 1,101,250 1,101,250 - -
Accruals 78,540 62,251 166,148 124,439
1,986,086 1,936,050 1,218,808 739,477
In May 2021, the Company entered into a 12-month convertible unsecured loan facility for \u00a31,000,000
(\"Facility\") of which \u00a3500,000 was available immediately and the additional \u00a3500,000 available conditional
on certain milestones being met by the Company. The Facility was interest free and unsecured. The Facility
was convertible at the election of the Company or the Lenders into ordinary shares at a deemed issued
price of \u00a30.0065 per share, subject to the Company having sufficient authorities in place and to the
publication of any prospectus required pursuant to the Prospectus Regulation Rules. In June 2021, the
Company issued 13,286,713 ordinary shares as payment under the Facility Agreement in relation to fees.
An availability fee of \u00a370,000, \u00a310,000 drawdown fees and reimbursement of legal fees were converted into
ordinary shares at 0.715p.
In September 2021, the Company signed off a subordinated funding package necessary to enable
completion of the senior debt funding for the gas peaking projects first announced via its JV with HSKB in
March 2021 (\"Generation Project\"). As a condition for this funding package, the Company also made
significant positive adjustments to its balance sheet and is restructuring its board with seasoned energy
market executives to enhance the company's ability to deliver the projects in its recently announced JV.
The Chesterfield convertible loan of \u00a3500,000 will be fully converted into ordinary shares of the company at
\u00a30.0065 price per share. The \u00a31,000,000 unsecured loan facility signed in May 2021 was repaid from the
new funding and that facility was terminated. The new funding package assembled by the Company
comprises: \u00a33,000,000 mezzanine, 18 month loan facility with 4 month repayment holiday. \u00a31,000,000 was
drawn down immediately upon execution with a balance of \u00a31,101,250 at 30 April 2022 including charges
and accrued interest. The terms of this new facility were varied in October 2022 with total amounts due
deferred and to be repaid under new terms (Note 21)
17. Treasury Policy and Financial Instruments
The Group operates an informal treasury policy which includes the ongoing assessments of interest rate
management and borrowing policy. The Board approves all decisions on treasury policy.
The Group has financed its activities by the raising of funds through the placing of shares.
There are no material differences between the book value and fair value of the financial instruments.
Group
2022
Company
2022
Group
2021
Company
2021
\u00a3 \u00a3 \u00a3 \u00a3
Carrying amount of
financial assets
Measured at amortised
cost
407,378 380,152 600,973 147,829
407,378 380,152 600,973 147,829
Carrying amount of
financial liabilities
Measured at amortised
cost
1,986,086 1,936,050 1,218,808 739,477
1,986,086 1,936,050 1,218,808 739,477
\n
18. Capital Commitments
There were no capital commitments authorised by the Directors or contracted for at 30 April 2022.
19. Related Party Transactions
The Directors are Key Management and information in respect of key management is given in Note 5.
A bonus accrual brought forward from prior year of \u00a375,000 relating to Geoffrey Dart has been cancelled
and reversed as at 30 April 2022.
At 30 April 2022, the Company was due from DKE (Wavertree), a wholly owned subsidiary of the Group,
\u00a3223,365 (2021: due to \u00a3103,065). The Company has provided against this amount in full (Note 9).
At 30 April 2022, the Company was due from DKE (Northwest), a wholly owned subsidiary of the Group,
\u00a3268,263 (2021: due to \u00a315,763). The Company has provided against this amount in full (Note 9).
At 30 April 2022, the Company was due \u00a3339,306 (2021: nil) from DKE Flexible Energy Limited, a company
in which Dukemount owns 50% of the shares and in which Paul Gazzard is a shareholder. Dukemount
loaned DKE Flexible Energy Limited \u00a3329,306 on an interest free, repayable on demand loan on 6 October
2021 to acquire ADV 001 Limited and ARL 018 Limited in which Paul Gazzard was a director from 6
September 2021 to 6 October 2022. Following the year end, DKE Flexible Energy Limited sold its interests
in ADV 001 Limited and ARL 018 Limited for aggregate proceeds of \u00a3350,000. The proceeds were used by
Dukemount to satisfy debt.
20. Ultimate Controlling Party
The Directors believe there to be no ultimate controlling party.
21. Events after the reporting period
On 5 October 2022 the Company announced that HSKB Limited (\"HSKB\"), in which it holds a 50% interest,
had completed the sale of two special purpose companies containing an 11kV gas peaking facility, ready to
build, with full planning permission and grid access for an aggregate sale price of \u00a3350,000. The proceeds
of the sale have been used to repay a portion of the sums owing to the lenders as detailed in the
announcement of 15 September 2021.
Further to the disposal of the gas peaking facilities, the lenders agreed to advance net proceeds of \u00a350,000
in aggregate in addition to restructuring their existing funding arrangement. The maturity date for the existing
debt plus the further advance is to be 24 months from the date of the Advance (being 10 October 2024).
The proceeds of the further advance have been used to settle accrued liabilities of the Company.
The board has taken steps to ensure that the financial position and prospects of the Company are
maintained to facilitate a future reverse transaction. To that end, the board has confirmed that the directors
have released the Company from all accrued but unpaid emoluments; Chesterfield Capital Limited have
confirmed that the outstanding balance of \u00a3500,000 due to Chesterfield Capital Limited will be converted at
a price of 0.65p. Such subscription to settle all balances due from the Company and to be settled by the
issuance of shares at the earlier of (a) the approval of a prospectus, (b) the direction of the board of the
Company and (c) 31 December 2023.
The restructuring and further advance debt is convertible at the nominal value of 0.1p of the ordinary shares
of the Company. The further advance is subject to a 5% implementation fee. The Company has settled a
9.5% extension fee of \u00a374,575 to the Noteholders in the form of ordinary shares at nominal value.
Accordingly the Company issued 74,575,000 ordinary shares in the Company on 12 October 2022 and
28,132,190 ordinary shares on 28 October 2022.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1. General Information
Dukemount Capital Plc was incorporated in the UK on 20 April 2011 as a public limited company with the
name Black Lion Capital Plc. The Company subsequently changed its name to Black Eagle Capital Plc on
13 September 2011 and on 15 November 2016 changed its name to Dukemount Capital Plc. On 29 March
2017 the Company was admitted to the London Stock Exchange by way of a standard listing.
The Group\u2019s principal activity is now to ensure that the financial position and prospects of the Company are
maintained to facilitate a future reverse transaction.
The parent company\u2019s registered office is located at 70 Jermyn Street, London SW1Y 6NY.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "Dukemount Capital Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "ifrs-full_LegalFormOfEntity_E6_CY": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": { "value": "
The Group\u2019s principal activity is now to ensure that the financial position and prospects of the Company are
maintained to facilitate a future reverse transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": { "value": "
2. Summary of Significant Accounting Policies
The principal Accounting Policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the periods presented, unless otherwise stated.
a) Basis of Preparation of Financial Statements
The consolidated financial statements of Dukemount Capital Plc have been prepared in accordance with
UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards. The financial statements have been prepared
under the historical cost convention.
The financial statements are presented in Pound Sterling (\u00a3), rounded to the nearest pound.
The consolidated entities include the wholly owned subsidiaries DKE (North West) Limited and DKE
(Wavertree) Limited; and DKE Flexible Energy Limited in which the Company acquired a 50% equity interest
and is deemed to exercise control from the date of its acquisition on 20 May 2021.
The individual entity financial statements of each subsidiary were prepared in accordance with United
Kingdom Generally Accepted Accounting Practice (FRS 101).
b) Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an 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.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the
Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included
in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
The group applies the acquisition method to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred
to the former owners of the acquiree and the equity interests 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 acquired companies 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.
The Group\u2019s interest in Gas Peaking projects is treated as a business combination instead of an asset
acquisition as there is an intention to enter that business, supported by a business plan.
Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have
been adjusted to conform with the group\u2019s accounting policies.
c) Going Concern
The preparation of financial statements requires an assessment on the validity of the going concern
assumption.
The Directors have reviewed projections for a period of at least 12 months from the date of approval of the
Financial Statements.
In making their assessment of going concern, the Directors have discussed the Company\u2019s position with its
funders and professional advisors. In November 2022 the Company agreed a term sheet with its current
investors and broker in which its broker will facilitate a capital investment into the Company of circa \u00a3250,000
to \u00a3400,000; a commitment to pay certain outstanding fees and a commitment to provide further funding
whilst looking for a possible reverse transaction. The Group\u2019s forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the Group has sufficient funds available to
it following events after the year end.
The Directors note that the Group has always been successful with past fundraises and continue to believe
strongly in the Group\u2019s potential. However, the success of securing funding or a reverse transaction has
been identified as a material uncertainty which may cast significant doubt over the going concern
assessment. Whilst acknowledging this uncertainty, based upon the expectation of completing a successful
fundraising in the near future, and the continued support of it investors and broker, the Directors consider it
appropriate to continue to prepare the financial statements on a going concern basis.
d) Changes in accounting policies and disclosure
In issue and effective for periods commencing on 1 May 2021
The Company has applied the following standard and amendments for the first time for its annual reporting
period commencing 1 May 2021
\u2022 Definition of Material \u2013 Amendments to IAS 1 and IAS 8;
\u2022 Definition of a Business \u2013 Amendments to IFRS 3;
\u2022 Interest Rate Benchmark Reform \u2013 Amendments to IFRS 9, IAS 39 and IFRS 7;
\u2022 Revised Conceptual Framework for Financial Reporting;
\u2022 Annual improvements to IFRS Standards 2018-2020 Cycle; and
\u2022 COVID-19 related rent concessions \u2013 Amendments to IFRS.
The adoption of these standards and amendments have not had a material impact on the Group or
Company in the year.
In issue but not effective for periods commencing on 1 May 2022
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning after 1 April 2022 and have not been applied in preparing these financial statements.
None of these are expected to have a significant effect on the financial statements of the company, except
the following set out below:
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have
a material impact on the Group or Company.
e) Segmental reporting
Identifying and assessing investment projects is the only activity the Group is involved in and is therefore
considered as the only operating/reportable segment.
Therefore the financial information of the single segment is the same as that set out in the Statement of
Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the
Statement of Cashflows.
f) Revenue from contracts with customers
Revenue relates to amounts contractually due under a property development agreement at the balance
sheet date relating to the stage of completion of a contract as measured by surveys of work performed to
date. Revenue is recognised for services when the Group has satisfied its contractual performance
obligation in respect of the services. The amount recognised for the services performed is the consideration
that the Group is entitled to for performing the services provided. Revenue from contracts with customers is
recognised over time.
Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change,
and may include cost contingencies to take into account specific risks within each contract. Cost
contingencies are reviewed on a regular basis throughout the life of the contract. However, the nature of the
risks on projects are such that they often cannot be resolved until the end of the project and therefore may
reverse until the end of the project. Any resulting increases or decreases in estimated revenues or costs are
reflected in profit or loss in the period in which the circumstances that give rise to the revision become known
by management. The estimated final outcomes on projects are continuously reviewed, and adjustments are
made when necessary. Provision is made for all known or expected losses on individual contracts once
such losses are foreseen.
Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance
is recognised as contract assets within trade and other receivables. Where progress billings exceed costs
incurred plus recognised profits less recognised losses, the balance is recognised as contract liabilities
within trade and other payables.
g) Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and current and deposit balances with banks. This
definition is also used for the Statement of Cash Flows.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk.
The Group considers that it is not exposed to major concentrations of credit risk.
h) Financial Instruments
Financial assets
The Group and Company classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value through profit or loss; and
\u2022 Those to be measured at amortised cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following
criteria are met:
\u2022 The asset is held within a business model whose objective is to collect contractual cash flows; and
\u2022 The contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method
and are subject to impairment. The Group\u2019s and Company\u2019s financial assets at amortised cost include trade
and other receivables, contract assets and cash and cash equivalents. A financial asset (or, where
applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group and Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party
under a \u2018pass-through\u2019 arrangement; and either (a) the Group and Company has transferred
substantially all the risks and rewards of the asset, or (b) the Group and Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
The Group currently does not recognise an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss, as the effect would be immaterial on these financial
statements. ECLs 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 EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months,
the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group
does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s
lifetime ECL at each reporting date. The Group assesses a non-performing debt based on the payment
terms of the receivable.
i) Financial liabilities
Financial liabilities, comprising trade and other payables, are held at amortised cost.
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. If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value, and subsequently measured at amortised
cost using the effective interest method.
j) De-recognition of Financial Instruments
i. Financial Assets
A financial asset is derecognised where:
\u2022 the right to receive cash flows from the asset has 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 pass-through arrangement; or
\u2022 the Group has transferred the rights to receive cash flows from the asset, and either has transferred
substantially all the risks and rewards of the asset or has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
ii. Financial Liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. Where 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 the recognition of a new liability, and
the difference in the respective carrying amounts is recognised in the statement of comprehensive income.
k) Taxation
Current tax
Current tax is based on the taxable profit or loss for the year. Tax is recognised in profit or loss, except to
the extent that it relates to items recognised in other comprehensive income or recognised in equity. In this
case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax
Deferred tax is recognised using the liability method in respect of temporary differences arising from
differences between the carrying amount of assets and liabilities in the Financial Statements and the
corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted
for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction
affects neither accounting nor taxable profit or loss. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Deferred tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
Statement of Financial Position date and are expected to apply to the period when the deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax assets and liabilities are not discounted.
l) Equity
Equity comprises the following:
\u2022 Share capital representing the nominal value of the equity shares;
\u2022 Share premium representing consideration less nominal value of issued shares and costs directly
attributable to the issue of new shares;
\u2022 Share based payments reserve representing the fair value of share based payments valued in
accordance with IFRS 2.
m) Share Capital
Ordinary shares are classified as equity.
n) Share Based Payments
The Group has issued warrants over the ordinary share capital as described in note 15. In accordance with
IFRS 2, the total amount to be expensed over the vesting period for warrants issued for services is
determined by reference to the fair value of the warrants granted, excluding non-market vesting conditions.
Non-market vesting conditions are included in assumptions about the number of warrants that are expected
to vest.
For warrants issued relating to the raising of finance, the relevant expense is offset against the share
premium account. The total amount to be expensed is determined by reference to the fair rate of the
warrants granted, excluding non-market vesting conditions. Non-market vesting conditions are included in
assumptions about the number of warrants that are expected to vest.
o) Investments
Equity investments in subsidiaries are held at cost, less any provision for impairment.
p) Financial Risk Management
Financial Risk Factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (price risk), credit risk and liquidity
risk. The Group\u2019s overall risk management programme seeks to minimise potential adverse effects on the
Group\u2019s financial performance. None of these risks are hedged.
The Group has no foreign currency transactions or borrowings, so is not exposed to market risk in terms of
foreign exchange risk. The Group will require funding to acquire and develop and/or refurbish its properties
and accordingly will be subject to interest rate risk.
Risk management is undertaken by the Board of Directors.
Market Risk \u2013 price risk
The Group was exposed to equity securities price risk because of investments held by the Group, classified
as available-for-sale financial assets. These assets were sold in the year, and therefore the carrying value
at the year end is \u00a3nil, which represents the maximum exposure for the Group.
The Group is not exposed to commodity price risk. The Directors will revisit the appropriateness of this policy
should the Group\u2019s operations change in size or nature.
Credit risk
Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management
does not expect any losses from non-performance of these receivables. The amount of exposure to any
individual counter party is subject to a limit, which is assessed by the Board.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk, which is stated under the cash and cash equivalents accounting policy.
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. The proceeds raised from the placing
are being held as cash to enable the Group to fund a transaction as and when a suitable target is found.
Controls over expenditure are carefully managed, in order to maintain its cash reserves whilst it targets a
suitable transaction.
Financial liabilities are all due within one year.
Capital risk management
The Group\u2019s objectives when managing capital is to safeguard the Group\u2019s ability to continue as a going
concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an
optimal capital structure. The Group has no borrowings.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders or issue new shares.
The Group monitors capital on the basis of the total equity held by the Group, being a net asset of
\u00a3407,378 as at 30 April 2022 (2021: net asset \u00a3600,973).
q) Critical Accounting Estimates and Judgements
The Directors make estimates and assumptions concerning the future as required by the preparation of the
financial statements in conformity with UK-adopted international accounting standards. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
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.
i) Share based payments
In accordance with IFRS 2 \u2018Share Based Payments\u2019 the Group has recognised the fair value of warrants
calculated using the Black-Scholes option pricing model. The Directors have made significant assumptions
particularly regarding the volatility of the share price at the grant date in order to calculate a total fair value.
Further information is disclosed in Note 15.
ii) Percentage completion method used for long term contracts
The Group makes an estimate of the stage of completion of a development project based on the costs
incurred at the year end. Management then make assumptions regarding the collectability of billings and
expected future costs. The method used is as stated in the constructions contract accounting policy 2f).
Estimation uncertainty will exist with regard to the gross profit being recognised at the year end. The
Directors believe that this uncertainty is reduced to an acceptable level by using quantity surveyors\u2019 reports
to assess the stage of contract completion at the year end.
iii) Intercompany balances
Subsequent to the year end, the Company has also commenced a group reorganisation process of novating
and capitalising intercompany debts and whilst this process is ongoing they have concluded that no
impairment is required at 30 April 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D609847834_CY": { "value": "
a) Basis of Preparation of Financial Statements
The consolidated financial statements of Dukemount Capital Plc have been prepared in accordance with
UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards. The financial statements have been prepared
under the historical cost convention.
The financial statements are presented in Pound Sterling (\u00a3), rounded to the nearest pound.
The consolidated entities include the wholly owned subsidiaries DKE (North West) Limited and DKE
(Wavertree) Limited; and DKE Flexible Energy Limited in which the Company acquired a 50% equity interest
and is deemed to exercise control from the date of its acquisition on 20 May 2021.
The individual entity financial statements of each subsidiary were prepared in accordance with United
Kingdom Generally Accepted Accounting Practice (FRS 101).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_D577596811_CY": { "value": "
The financial statements are presented in Pound Sterling (\u00a3), rounded to the nearest pound.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "ifrs-full_NameOfParentEntity_E11_CY": { "value": "DKE (North West) Limited and DKE (Wavertree) Limited; and DKE Flexible Energy Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D388080518_CY": { "value": "
b) Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an 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.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the
Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included
in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
The group applies the acquisition method to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred
to the former owners of the acquiree and the equity interests 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 acquired companies 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.
The Group\u2019s interest in Gas Peaking projects is treated as a business combination instead of an asset
acquisition as there is an intention to enter that business, supported by a business plan.
Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have
been adjusted to conform with the group\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D422614856_CY": { "value": "
c) Going Concern
The preparation of financial statements requires an assessment on the validity of the going concern
assumption.
The Directors have reviewed projections for a period of at least 12 months from the date of approval of the
Financial Statements.
In making their assessment of going concern, the Directors have discussed the Company\u2019s position with its
funders and professional advisors. In November 2022 the Company agreed a term sheet with its current
investors and broker in which its broker will facilitate a capital investment into the Company of circa \u00a3250,000
to \u00a3400,000; a commitment to pay certain outstanding fees and a commitment to provide further funding
whilst looking for a possible reverse transaction. The Group\u2019s forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the Group has sufficient funds available to
it following events after the year end.
The Directors note that the Group has always been successful with past fundraises and continue to believe
strongly in the Group\u2019s potential. However, the success of securing funding or a reverse transaction has
been identified as a material uncertainty which may cast significant doubt over the going concern
assessment. Whilst acknowledging this uncertainty, based upon the expectation of completing a successful
fundraising in the near future, and the continued support of it investors and broker, the Directors consider it
appropriate to continue to prepare the financial statements on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_D1121580390_CY": { "value": "
d) Changes in accounting policies and disclosure
In issue and effective for periods commencing on 1 May 2021
The Company has applied the following standard and amendments for the first time for its annual reporting
period commencing 1 May 2021
\u2022 Definition of Material \u2013 Amendments to IAS 1 and IAS 8;
\u2022 Definition of a Business \u2013 Amendments to IFRS 3;
\u2022 Interest Rate Benchmark Reform \u2013 Amendments to IFRS 9, IAS 39 and IFRS 7;
\u2022 Revised Conceptual Framework for Financial Reporting;
\u2022 Annual improvements to IFRS Standards 2018-2020 Cycle; and
\u2022 COVID-19 related rent concessions \u2013 Amendments to IFRS.
The adoption of these standards and amendments have not had a material impact on the Group or
Company in the year.
In issue but not effective for periods commencing on 1 May 2022
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning after 1 April 2022 and have not been applied in preparing these financial statements.
None of these are expected to have a significant effect on the financial statements of the company, except
the following set out below:
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have
a material impact on the Group or Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_D922929392_CY": { "value": "
e) Segmental reporting
Identifying and assessing investment projects is the only activity the Group is involved in and is therefore
considered as the only operating/reportable segment.
Therefore the financial information of the single segment is the same as that set out in the Statement of
Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the
Statement of Cashflows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_D513257399_CY": { "value": "
f) Revenue from contracts with customers
Revenue relates to amounts contractually due under a property development agreement at the balance
sheet date relating to the stage of completion of a contract as measured by surveys of work performed to
date. Revenue is recognised for services when the Group has satisfied its contractual performance
obligation in respect of the services. The amount recognised for the services performed is the consideration
that the Group is entitled to for performing the services provided. Revenue from contracts with customers is
recognised over time.
Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change,
and may include cost contingencies to take into account specific risks within each contract. Cost
contingencies are reviewed on a regular basis throughout the life of the contract. However, the nature of the
risks on projects are such that they often cannot be resolved until the end of the project and therefore may
reverse until the end of the project. Any resulting increases or decreases in estimated revenues or costs are
reflected in profit or loss in the period in which the circumstances that give rise to the revision become known
by management. The estimated final outcomes on projects are continuously reviewed, and adjustments are
made when necessary. Provision is made for all known or expected losses on individual contracts once
such losses are foreseen.
Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance
is recognised as contract assets within trade and other receivables. Where progress billings exceed costs
incurred plus recognised profits less recognised losses, the balance is recognised as contract liabilities
within trade and other payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_D162508385_CY": { "value": "
g) Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and current and deposit balances with banks. This
definition is also used for the Statement of Cash Flows.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk.
The Group considers that it is not exposed to major concentrations of credit risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_D793066896_CY": { "value": "
h) Financial Instruments
Financial assets
The Group and Company classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value through profit or loss; and
\u2022 Those to be measured at amortised cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following
criteria are met:
\u2022 The asset is held within a business model whose objective is to collect contractual cash flows; and
\u2022 The contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method
and are subject to impairment. The Group\u2019s and Company\u2019s financial assets at amortised cost include trade
and other receivables, contract assets and cash and cash equivalents. A financial asset (or, where
applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group and Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party
under a \u2018pass-through\u2019 arrangement; and either (a) the Group and Company has transferred
substantially all the risks and rewards of the asset, or (b) the Group and Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
The Group currently does not recognise an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss, as the effect would be immaterial on these financial
statements. ECLs 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 EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months,
the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group
does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s
lifetime ECL at each reporting date. The Group assesses a non-performing debt based on the payment
terms of the receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_D683528142_CY": { "value": "
i) Financial liabilities
Financial liabilities, comprising trade and other payables, are held at amortised cost.
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. If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value, and subsequently measured at amortised
cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_D632615670_CY": { "value": "
j) De-recognition of Financial Instruments
i. Financial Assets
A financial asset is derecognised where:
\u2022 the right to receive cash flows from the asset has 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 pass-through arrangement; or
\u2022 the Group has transferred the rights to receive cash flows from the asset, and either has transferred
substantially all the risks and rewards of the asset or has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
ii. Financial Liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. Where 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 the recognition of a new liability, and
the difference in the respective carrying amounts is recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D1259796702_CY": { "value": "
k) Taxation
Current tax
Current tax is based on the taxable profit or loss for the year. Tax is recognised in profit or loss, except to
the extent that it relates to items recognised in other comprehensive income or recognised in equity. In this
case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Current tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax
Deferred tax is recognised using the liability method in respect of temporary differences arising from
differences between the carrying amount of assets and liabilities in the Financial Statements and the
corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted
for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction
affects neither accounting nor taxable profit or loss. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Deferred tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
Statement of Financial Position date and are expected to apply to the period when the deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax assets and liabilities are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D1012405037_CY": { "value": "
Deferred tax
Deferred tax is recognised using the liability method in respect of temporary differences arising from
differences between the carrying amount of assets and liabilities in the Financial Statements and the
corresponding tax bases used in the computation of taxable profit. However, deferred tax is not accounted
for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction
affects neither accounting nor taxable profit or loss. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Deferred tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted at the
Statement of Financial Position date and are expected to apply to the period when the deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax assets and liabilities are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_D282228398_CY": { "value": "
l) Equity
Equity comprises the following:
\u2022 Share capital representing the nominal value of the equity shares;
\u2022 Share premium representing consideration less nominal value of issued shares and costs directly
attributable to the issue of new shares;
\u2022 Share based payments reserve representing the fair value of share based payments valued in
accordance with IFRS 2.
o) Investments
Equity investments in subsidiaries are held at cost, less any provision for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_dke_DescriptionOfAccountingPolicyForShareCapitalExplanatory_D964128378_CY": { "value": "
m) Share Capital
Ordinary shares are classified as equity.
", "dimensions": { "concept": "dke:DescriptionOfAccountingPolicyForShareCapitalExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_D1071537617_CY": { "value": "
n) Share Based Payments
The Group has issued warrants over the ordinary share capital as described in note 15. In accordance with
IFRS 2, the total amount to be expensed over the vesting period for warrants issued for services is
determined by reference to the fair value of the warrants granted, excluding non-market vesting conditions.
Non-market vesting conditions are included in assumptions about the number of warrants that are expected
to vest.
For warrants issued relating to the raising of finance, the relevant expense is offset against the share
premium account. The total amount to be expensed is determined by reference to the fair rate of the
warrants granted, excluding non-market vesting conditions. Non-market vesting conditions are included in
assumptions about the number of warrants that are expected to vest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_D889279066_CY": { "value": "
p) Financial Risk Management
Financial Risk Factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (price risk), credit risk and liquidity
risk. The Group\u2019s overall risk management programme seeks to minimise potential adverse effects on the
Group\u2019s financial performance. None of these risks are hedged.
The Group has no foreign currency transactions or borrowings, so is not exposed to market risk in terms of
foreign exchange risk. The Group will require funding to acquire and develop and/or refurbish its properties
and accordingly will be subject to interest rate risk.
Risk management is undertaken by the Board of Directors.
Market Risk \u2013 price risk
The Group was exposed to equity securities price risk because of investments held by the Group, classified
as available-for-sale financial assets. These assets were sold in the year, and therefore the carrying value
at the year end is \u00a3nil, which represents the maximum exposure for the Group.
The Group is not exposed to commodity price risk. The Directors will revisit the appropriateness of this policy
should the Group\u2019s operations change in size or nature.
Credit risk
Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management
does not expect any losses from non-performance of these receivables. The amount of exposure to any
individual counter party is subject to a limit, which is assessed by the Board.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk, which is stated under the cash and cash equivalents accounting policy.
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. The proceeds raised from the placing
are being held as cash to enable the Group to fund a transaction as and when a suitable target is found.
Controls over expenditure are carefully managed, in order to maintain its cash reserves whilst it targets a
suitable transaction.
Financial liabilities are all due within one year.
Capital risk management
The Group\u2019s objectives when managing capital is to safeguard the Group\u2019s ability to continue as a going
concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an
optimal capital structure. The Group has no borrowings.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders or issue new shares.
The Group monitors capital on the basis of the total equity held by the Group, being a net asset of
\u00a3407,378 as at 30 April 2022 (2021: net asset \u00a3600,973).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMarketRiskExplanatory_D676837727_CY": { "value": "
Market Risk \u2013 price risk
The Group was exposed to equity securities price risk because of investments held by the Group, classified
as available-for-sale financial assets. These assets were sold in the year, and therefore the carrying value
at the year end is \u00a3nil, which represents the maximum exposure for the Group.
The Group is not exposed to commodity price risk. The Directors will revisit the appropriateness of this policy
should the Group\u2019s operations change in size or nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCreditRiskExplanatory_D409587130_CY": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management
does not expect any losses from non-performance of these receivables. The amount of exposure to any
individual counter party is subject to a limit, which is assessed by the Board.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to credit
risk, which is stated under the cash and cash equivalents accounting policy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_D604404581_CY": { "value": "
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. The proceeds raised from the placing
are being held as cash to enable the Group to fund a transaction as and when a suitable target is found.
Controls over expenditure are carefully managed, in order to maintain its cash reserves whilst it targets a
suitable transaction.
Financial liabilities are all due within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D750426066_CY": { "value": "
q) Critical Accounting Estimates and Judgements
The Directors make estimates and assumptions concerning the future as required by the preparation of the
financial statements in conformity with UK-adopted international accounting standards. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
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.
i) Share based payments
In accordance with IFRS 2 \u2018Share Based Payments\u2019 the Group has recognised the fair value of warrants
calculated using the Black-Scholes option pricing model. The Directors have made significant assumptions
particularly regarding the volatility of the share price at the grant date in order to calculate a total fair value.
Further information is disclosed in Note 15.
ii) Percentage completion method used for long term contracts
The Group makes an estimate of the stage of completion of a development project based on the costs
incurred at the year end. Management then make assumptions regarding the collectability of billings and
expected future costs. The method used is as stated in the constructions contract accounting policy 2f).
Estimation uncertainty will exist with regard to the gross profit being recognised at the year end. The
Directors believe that this uncertainty is reduced to an acceptable level by using quantity surveyors\u2019 reports
to assess the stage of contract completion at the year end.
iii) Intercompany balances
Subsequent to the year end, the Company has also commenced a group reorganisation process of novating
and capitalising intercompany debts and whilst this process is ongoing they have concluded that no
impairment is required at 30 April 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRevenueExplanatory_E119_CY": { "value": "
3. Revenue
Analysis of turnover by geography:
2022 2021
\u00a3 \u00a3
United Kingdom
- 3,926,730
-
3,926,730
Analysis of turnover by category:
2022 2021
\u00a3 \u00a3
Property management and building development
services
- 3,926,730
-
3,926,730
All revenue is recognised over time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfExpensesByNatureExplanatory_E44_CY": { "value": "
4. Expenses by Nature
2022 2021
\u00a3 \u00a3
Directors\u2019 fees 51,250 102,500
Establishment costs 28,733 27,219
Legal and professional fees 40,763 460,629
Listing/ regulatory costs 26,592 89,689
Travel and accommodation 2,196 2,791
Other expenses 31,208 58,808
Finance charges 242,773 -
Impairment (Note 9) 125,101 -
Impairment (Note 10) 578,779 -
Total Administrative Expenses 1,127,395 741,636
Finance charges relate to fees incurred in financing activities; \u00a3101,250 of these fees are accrued interest
and arrangement fees; \u00a3141,523 were satisfied by the issue of ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_dke_DisclosureOfDirectorsRemunerationExplanatory_D1161555269_CY": { "value": "
5. Directors\u2019 Remuneration
Company
2022 2021
\u00a3 \u00a3
Geoffrey Dart 37,500 85,303
Paul Gazzard 13,750 27,500
_____ _____
Total 51,250 112,803
______
______
The Directors elected not to be paid, nor accrue their entitlement from November 2021. Other benefits of
\u00a3nil (2021: \u00a310,303) were also paid to the directors.
Details of directors\u2019 remuneration are included in the Directors\u2019 Remuneration Report.
The average number of employees (including directors) during the year was 2 (2021: 2).
", "dimensions": { "concept": "dke:DisclosureOfDirectorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_D1479560522_CY": { "value": "
6. Services provided by the Company\u2019s Auditors
During the year, the Group obtained the following services from the Group\u2019s auditors and its associates:
2022 2021
\u00a3 \u00a3
Fees payable to the Company\u2019s auditor for:
Audit of the Group and Company
26,000
26,250
Audit of the subsidiary undertakings 10,000 11,250
36,000
37,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
7. Taxation
Tax Charge for the Year
No taxation arises on the result for the year due to taxable losses.
Factors Affecting the Tax Charge for the Period
The tax credit for the period does not equate to the loss for the period at the applicable rate of UK Corporation
Tax of 19.00% (2021: 19.00%). The differences are explained below:
2022 2021
\u00a3 \u00a3
Loss for the period before taxation (1,127,395) (913,827)
______
______
Loss for the period before taxation multiplied by the standard
rate of UK Corporation of 19.00% (2021: 19.00%)
(214,205) (173,627)
Losses carried forward on which no deferred tax asset is recognised 214,205 173,627
______ ______
- -
______
_____
Factors Affecting the Tax Charge of Future Periods
Tax losses available to be carried forward by the Group at 30 April 2022 against future profits are estimated
at \u00a33,282,222 (2021 - \u00a32,154,827).
A deferred tax asset has not been recognised in respect of these losses in view of uncertainty as to the level
of future taxable profits.
There is no expiry date on carried forward tax losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_D363464896_CY": { "value": "
8. Investment in subsidiaries
Company
2022
\u00a3
2021
\u00a3
Shares in Group Undertakings
As at 1 May 101 101
Additions in the year 475,601 -
Impairment (note 9) (125,101) -
At 30 April 350,601 101
Details of Subsidiaries
Details of the subsidiaries at 30 April 2022 are as follows:
Name of subsidiary Address of
registered office
Country of
incorporation
Share
capital
held by
Parent
% share
capital held
Principal
activities
DKE (North West
Limited)
70 Jermyn Street,
London, UK
England 100 100% Property
management
and
development
DKE (Wavertree)
Limited
70 Jermyn Street,
London, UK
England 1 100% Property
management
and
development
Dukemount Limited 70 Jermyn Street,
London, UK
England 1 100% Dormant
DKE Flexible Energy
Limited*
70 Jermyn Street,
London, UK
England 500 50% Flexibility
power
ARL Limited
70 Jermyn Street,
London, UK
England indirect - Flexibility
power
ADV 001 Limited 70 Jermyn Street,
London, UK
England indirect - Flexibility
power
*On 20 May 2021, the Company acquired a 50% interest in the equity of HSKB Limited under a Joint Venture
and Shareholders\u2019 Agreement. HSKB Limited was subsequently renamed DKE Flexible Energy Limited on
1 October 2021 following its acquisition of 100% of the share capital of ARL 018 Limited and ADV 001
Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_D1328226174_CY": { "value": "
9. Intangible assets
On 20 May 2021 Dukemount Capital Plc, entered into a Joint Venture Agreement in relation to flexibility
power expert HSKB Ltd (\"HSKB\"), of which Dukemount non-executive director Paul Gazzard is a founder
and shareholder. Pursuant to the Joint Venture Agreement, Dukemount acquired 50% of the issued share
capital of HSKB for nominal value. On 1 October 2021 HSKB purchased two special purpose companies,
ARL 018 Limited and ADV 001 Limited. Each company containing the rights to an 11kV gas peaking facility,
ready to build, with full planning permission and grid access. HSKB has changed its name to DKE Flexible
Energy Limited (\"DKE Energy\").
The assets and liabilities as of 1 October 2021 arising from the acquisition of ARL 018 Limited and ADV 001
Limited are as follows:
Book value at acquisition
\u00a3
Fair value adjustments
\u00a3
Fair value at acquisition
\u00a3
Consideration 315,642 - 315,642
Cash 55 - 55
Assets 44,049 - 44,049
Liabilities (87,317) (87,317)
Reserves (52,750) (52,750)
-
At 30 April 411,605 - 411,605
During the period to 30 April 2022, the Group added \u00a363,496 to the value of the assets in relation to deposits
resulting in a carrying value at 30 April 2022 of \u00a3475,101. In performing an assessment of the carrying value
of the assets at the reporting date, the Directors concluded that as no development activity had been
undertaken during the year ended 30 April 2022, it was appropriate to book an impairment of \u00a3125,101,
resulting in a carrying value of \u00a3350,000 at 30 April 2022.
The Directors formed this opinion based upon their calculation of estimated fair value less cost to sell. This
was considered to be in excess of the carrying value of the asset. Further post year end, on 5 October 2022,
the Company announced that DKE Flexible Energy sold the two special purpose companies, for an
aggregate sale price of \u00a3350,000. Despite having the funding in place to construct these assets, the
regulatory environment that evolved for the Company during the transaction to buy and then fund the
construction of them meant there was little option but to dispose of the assets. The proceeds of the sale
have been used to repay a portion of the sums owing to the Company\u2019s lenders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_D1202270510_CY": { "value": "
10. Trade and Other Receivables
Group
2022
Company
2022
Group
2021
Company
2021
\u00a3 \u00a3 \u00a3
Other receivables, including
prepayments
38,164 13,436 15,100 14,496
Amounts owed by group
undertakings
- - - 118,828
Amounts recoverable on contracts - - 561,216 -
38,164
13,436 576,316 133,324
The fair value of all receivables is the same as their carrying values stated above.
The maximum exposure to credit risk at the reporting date is the carrying value mentioned above. The
Group does not hold any collateral as security.
Amounts recoverable on contracts represents sales invoices issued after 30 April in respect of work
undertaken during the year with appropriate provision being made in accruals and deferred income for costs
incurred in undertaking such work but which had not been invoiced. The directors have reviewed the
balances due under the funding arrangement and taken the decision that these are not recoverable and
impaired the amount of \u00a3578,779 owing at 30 April 2022 (2021: \u00a3561,216) in full.
Amounts due from group undertakings are unsecured, interest free, have no fixed date of repayment and
repayable on demand. Advances were made to the subsidiaries in order to fund the redevelopment projects.
As these projects have reached practical completion, the Company has made a bad debt provision for the
amounts owing of \u00a3491,628 in full.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfDividendsExplanatory_D1104510465_CY": { "value": "
11. Dividends
No dividend has been declared or paid by the Company during the year ended 30 April 2022 (2021: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_D1673623549_CY": { "value": "
12. Earnings per share
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Group by the
weighted average number of ordinary shares in issue during the year. In accordance with IAS 33, basic and
diluted earnings per share are identical as the effect of the exercise of the warrants would be to decrease
the loss per share.
2022 2021
\u00a3 \u00a3
Loss attributable to equity holders of the Group 1,127,395 913,827
______ ______
Total 1,127,395 913,827
______ ______
Weighted average number of ordinary shares in issue (thousands) 504,873 456,930
______ _____
2022 2021
Basic and diluted profit per share 2022 2021
\u00a3 \u00a3
Continuing Operations \u2013 basic and diluted 0.0022 0.0020
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_D1688092066_CY": { "value": "
13. Share Capital
Group and Company
2022 2021
No. No
Allotted, issued and fully paid (000\u2019s) (000\u2019s)
Beginning of year
481,283
439,033
New shares issued (32,252,308 ordinary shares of \u00a30.001 each)
32,252
42,250
At 30 April 513,535,974 ordinary shares of \u00a30.001 each
(2021: 481,283,666 ordinary shares of \u00a30.001 each)
513,535
481,283
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_dke_DisclosureOfSharePremiumExplanatory_D232144584_CY": { "value": "
14. Share Premium
Group and Company
Share
Premium
\u00a3
Share issue
costs
\u00a3
Net Share
Premium
\u00a3
At 1 May 2021 1,140,838 (25,803) 1,115,035
Issue of shares 134,270 - 134,270
At 30 April 2022 1,274,108 (25,803) 1,249,305
", "dimensions": { "concept": "dke:DisclosureOfSharePremiumExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_D2101221802_CY": { "value": "
15. Share Based Payments
Details of the warrants outstanding at 30 April 2022 are included below. The fair value of the warrants was
determined using the Black Scholes valuation model. The parameters used are detailed below:
Warrant granted on: At 29 March 2017
Warrant life remaining (years) 1 year
Warrants granted 27,064,000
Risk free rate 0.5%
Expiry date 29 March 2023
Exercise price (\u00a3) 0.005
Expected volatility 20%
Expected dividend yield -
Marketability discount 20%
Total fair value of warrants
granted (\u00a3)
7,125
The expected volatility for the warrants granted is based on the historical share price volatility of similar
listed entities from their date of admission to the market up to the completion of the first six months of trading.
This is considered to be the most reasonable measure of expected volatility, given the relatively brief trading
history of the Group.
The warrants issued in 2017 were modified in 2021, with their expiry date being extended until 29 March
2023. The fair value adjustment as required under IFRS 2 as a result of this modification was immaterial
and as such no change in the fair value has been reflected in the Financial Statements.
The risk free rate of return is based on zero yield government bonds for a term consistent with the warrant
life. A reconciliation of warrants in issue over the period to 30 April 2022 is shown below:
Number Weighted average
exercise price (\u00a3)
As at 1 May 2021 10,739,000 0.005
Expired during year (10,675,000)
0.005
Outstanding as at 30 April 2022 64,000 0.005
Exercisable at 30 April 2022
64,000
0.005
_________
_____
The weighted average contracted and expected life (years) for the above warrants is 1 year (2021 \u2013 1
year).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_D1017505232_CY": { "value": "
16. Trade and Other Payables
Group
2022
Company
2022
Group
2021
Company
2021
\u00a3 \u00a3 \u00a3 \u00a3
Trade payables 806,296 772,549 1,052,660 615,038
Other creditors 1,101,250 1,101,250 - -
Accruals 78,540 62,251 166,148 124,439
1,986,086 1,936,050 1,218,808 739,477
In May 2021, the Company entered into a 12-month convertible unsecured loan facility for \u00a31,000,000
(\"Facility\") of which \u00a3500,000 was available immediately and the additional \u00a3500,000 available conditional
on certain milestones being met by the Company. The Facility was interest free and unsecured. The Facility
was convertible at the election of the Company or the Lenders into ordinary shares at a deemed issued
price of \u00a30.0065 per share, subject to the Company having sufficient authorities in place and to the
publication of any prospectus required pursuant to the Prospectus Regulation Rules. In June 2021, the
Company issued 13,286,713 ordinary shares as payment under the Facility Agreement in relation to fees.
An availability fee of \u00a370,000, \u00a310,000 drawdown fees and reimbursement of legal fees were converted into
ordinary shares at 0.715p.
In September 2021, the Company signed off a subordinated funding package necessary to enable
completion of the senior debt funding for the gas peaking projects first announced via its JV with HSKB in
March 2021 (\"Generation Project\"). As a condition for this funding package, the Company also made
significant positive adjustments to its balance sheet and is restructuring its board with seasoned energy
market executives to enhance the company's ability to deliver the projects in its recently announced JV.
The Chesterfield convertible loan of \u00a3500,000 will be fully converted into ordinary shares of the company at
\u00a30.0065 price per share. The \u00a31,000,000 unsecured loan facility signed in May 2021 was repaid from the
new funding and that facility was terminated. The new funding package assembled by the Company
comprises: \u00a33,000,000 mezzanine, 18 month loan facility with 4 month repayment holiday. \u00a31,000,000 was
drawn down immediately upon execution with a balance of \u00a31,101,250 at 30 April 2022 including charges
and accrued interest. The terms of this new facility were varied in October 2022 with total amounts due
deferred and to be repaid under new terms (Note 21)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_dke_DisclosureOfTreasuryPolicyAndFinancialInstrumentsExplanatory_D1450362353_CY": { "value": "
17. Treasury Policy and Financial Instruments
The Group operates an informal treasury policy which includes the ongoing assessments of interest rate
management and borrowing policy. The Board approves all decisions on treasury policy.
The Group has financed its activities by the raising of funds through the placing of shares.
There are no material differences between the book value and fair value of the financial instruments.
Group
2022
Company
2022
Group
2021
Company
2021
\u00a3 \u00a3 \u00a3 \u00a3
Carrying amount of
financial assets
Measured at amortised
cost
407,378 380,152 600,973 147,829
407,378 380,152 600,973 147,829
Carrying amount of
financial liabilities
Measured at amortised
cost
1,986,086 1,936,050 1,218,808 739,477
1,986,086 1,936,050 1,218,808 739,477
", "dimensions": { "concept": "dke:DisclosureOfTreasuryPolicyAndFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCommitmentsExplanatory_D1629711198_CY": { "value": "
18. Capital Commitments
There were no capital commitments authorised by the Directors or contracted for at 30 April 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_D1442894208_CY": { "value": "
19. Related Party Transactions
The Directors are Key Management and information in respect of key management is given in Note 5.
A bonus accrual brought forward from prior year of \u00a375,000 relating to Geoffrey Dart has been cancelled
and reversed as at 30 April 2022.
At 30 April 2022, the Company was due from DKE (Wavertree), a wholly owned subsidiary of the Group,
\u00a3223,365 (2021: due to \u00a3103,065). The Company has provided against this amount in full (Note 9).
At 30 April 2022, the Company was due from DKE (Northwest), a wholly owned subsidiary of the Group,
\u00a3268,263 (2021: due to \u00a315,763). The Company has provided against this amount in full (Note 9).
At 30 April 2022, the Company was due \u00a3339,306 (2021: nil) from DKE Flexible Energy Limited, a company
in which Dukemount owns 50% of the shares and in which Paul Gazzard is a shareholder. Dukemount
loaned DKE Flexible Energy Limited \u00a3329,306 on an interest free, repayable on demand loan on 6 October
2021 to acquire ADV 001 Limited and ARL 018 Limited in which Paul Gazzard was a director from 6
September 2021 to 6 October 2022. Following the year end, DKE Flexible Energy Limited sold its interests
in ADV 001 Limited and ARL 018 Limited for aggregate proceeds of \u00a3350,000. The proceeds were used by
Dukemount to satisfy debt.
20. Ultimate Controlling Party
The Directors believe there to be no ultimate controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D1092145194_CY": { "value": "
21. Events after the reporting period
On 5 October 2022 the Company announced that HSKB Limited (\"HSKB\"), in which it holds a 50% interest,
had completed the sale of two special purpose companies containing an 11kV gas peaking facility, ready to
build, with full planning permission and grid access for an aggregate sale price of \u00a3350,000. The proceeds
of the sale have been used to repay a portion of the sums owing to the lenders as detailed in the
announcement of 15 September 2021.
Further to the disposal of the gas peaking facilities, the lenders agreed to advance net proceeds of \u00a350,000
in aggregate in addition to restructuring their existing funding arrangement. The maturity date for the existing
debt plus the further advance is to be 24 months from the date of the Advance (being 10 October 2024).
The proceeds of the further advance have been used to settle accrued liabilities of the Company.
The board has taken steps to ensure that the financial position and prospects of the Company are
maintained to facilitate a future reverse transaction. To that end, the board has confirmed that the directors
have released the Company from all accrued but unpaid emoluments; Chesterfield Capital Limited have
confirmed that the outstanding balance of \u00a3500,000 due to Chesterfield Capital Limited will be converted at
a price of 0.65p. Such subscription to settle all balances due from the Company and to be settled by the
issuance of shares at the earlier of (a) the approval of a prospectus, (b) the direction of the board of the
Company and (c) 31 December 2023.
The restructuring and further advance debt is convertible at the nominal value of 0.1p of the ordinary shares
of the Company. The further advance is subject to a 5% implementation fee. The Company has settled a
9.5% extension fee of \u00a374,575 to the Noteholders in the form of ordinary shares at nominal value.
Accordingly the Company issued 74,575,000 ordinary shares in the Company on 12 October 2022 and
28,132,190 ordinary shares on 28 October 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IVPZ932NP24O44", "period": "2021-05-01T00:00:00/2022-05-01T00:00:00" } } } }