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1. GENERAL INFORMATION
Anemoi International Ltd. (the \u201cCompany\u201d) is a British Virgin Island (\u201cBVI\u201d) International business company (\u201cIBC\u201d), incorporated
and registered in the BVI on 6 May 2020. Company number 2035767.
Id4 AG is a wholly owned subsidiary of Anemoi and was formed as part of the merger of the former id4 AG (\u201cid4\u201d) with and
into its parent, Apeiron Holdings AG on 14 September 2021. Id4 was incorporated and registered in the Canton of Lucerne in
Switzerland in April 2019 whilst Apeiron Holdings AG was incorporated and registered in December 2018. Following the merger,
Apeiron Holdings AG was renamed id4 AG.
On the 17th December 2021, the entire share capital of id4 AG was purchased by Anemoi International Ltd.
Id4 CLM (UK) Ltd is a wholly owned subsidiary of Anemoi, incorporated on 26 November 2021 in England and Wales. Id4 CLM
(UK) Ltd is a private limited company, limited by shares.
2. ACCOUNTING POLICIES
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards \u201cIFRS\u201d.
The financial statements are expressed in GBP.
The principal accounting policies are summarised below. They have been applied consistently throughout the period covered by
these financial statements.
2.1. FOREIGN CURRENCY
The presentational currency of the financial statements is GBP, whereas the functional currency of the Group is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
Year-end GBPUSD exchange rate as at 31 Dec 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
2.2. GOING CONCERN
The financial statements have been prepared on the going concern basis as management consider that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group has fully assessed its financial commitments and at the year-end had net cash reserves of \u00a31.6m.
In arriving at this conclusion management have prepared cash flow forecasts considering operating cash flows and capital expenditure
requirements for the Group, as well as available working capital.
2.3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group has changed to UK adopted International Accounting Standards for the year ended 31 December 2021 from EU-
adopted International Financial Reporting Standards (IFRSs), at which time there were no differences between UK and EU adoption
of IFRS as issued by the International Accounting Standards Board.
\n
Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during the
current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors have
assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors have
concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may result
in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted by the
Group and have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new and amended standards include:
IFRS 17 Insurance contracts
1
IAS 1 Presentation of financial statements and IFRS Practice Statement 2
1
IAS 8 Accounting policies, changes in accounting estimates and errors
1
IAS 12 Income Taxes
1
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1 Effective for annual periods beginning on or after 1 January 2023
2 Effective for annual periods beginning on or after 1 January 2024
3 Effective for annual periods beginning on or after 1 January 2025
2.4. JUDGEMENT AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires the Directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The key judgement areas relate to the carrying value of intangible assets which are reviewed annually for indication of impairment.
Deferred consideration as per note 16 is not currently recognised on the acquisition of .id4. AG. The deferred consideration is
contingent on the meeting of financial targets by December 2026. The Board is still confident of meeting targets however the length
of time and nature of recurring revenue, which form much of the financial targets, have suggested that withholding recognition of
deferred consideration until such time as greater steps toward the targets have been made is the prudent judgement.
2.5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less depreciation and any provision for impairment. Cost includes the purchase
price, including import duties, non-refundable purchase taxes and directly attributable costs incurred in bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended. Cost also includes capitalised interest on
borrowings, applied only during the period of construction.
Fixed assets are depreciated on a straight-line basis between 3 and 15 years from the point at which the asset is put into use.
2.6. INTANGIBLE ASSETS
GOODWILL
For impairment testing purposes, management considers the operations of the Group to represent a single cash generating unit
(CGU), providing software and digital solutions to the financial services industry. The directors have assessed the recoverable
amount of goodwill which is indefinite and in accordance with IAS 36 is the higher of its value in use and its fair value less costs to
sell (fair value), in determining whether there is evidence of impairment.
\n
The fair value of the CGU as at 31 December 2023 is considered by the directors to be fairly represented when a discounted
cash flow valuation of detailed forecasts over 5 years in addition to a subsequent transition period of 3 years before terminal value
assumptions to establish a fair value. Forecasts assumed a discount rate of 20% and terminal growth rate of 2% respectively.
As such, the directors do not consider there to be any indication that the goodwill is impaired.
DEVELOPMENT COSTS
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be
measured reliably. Such intangible assets are finite and are carried at cost less amortisation. Amortisation is charged to \u2018Administrative
expenses\u2019 in the Statement of Comprehensive Income on a straight-line basis over the intangible assets\u2019 useful economic life. The
amortisation is based on a straight-line method typically over a period of 1-5 years depending on the life of the related asset.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development costs are capitalised as an intangible asset only if the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefit;
\u2022 the development cost of the asset can be measured reliably;
\u2022 it meets the Group\u2019s criteria for technical and commercial feasibility; and
\u2022 sufficient resources are available to meet the development costs to either sell or use as an asset.
Amortisation is included in Depreciation and Amortisation in the Consolidated Statement of Income.
2.7. TAXATION
The Company is incorporated in the BVI as an IBC and as such is not subject to tax in the BVI. Id4AG is incorporated in Switzerland
is subject to tax in the Canton of Lucerne. Id4 CLM (UK) Ltd is incorporated in England and Wales and therefore subject to tax
in the UK.
2.8. BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
those assets until such a time as the assets are substantially ready for their intended use or sale. All other borrowing costs are
recognised in profit and loss in the period incurred.
2.9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position when the Group becomes party to the
contractual provisions of the instrument.
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments
with maturities of three months or less at inception that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade payables are not interest-bearing and are initially valued at their fair value and are subsequently measured at amortised
cost.
Equity instruments are recorded at fair value, being the proceeds received, net of direct issue costs.
Share Capital \u2013 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of taxation, from the proceeds.
Borrowings are initially measured at fair value and are subsequently measured at amortised cost, plus accrued interest.
\n
\"\"
3. SEGMENT INFORMATION
Following the acquisition of id4 AG on 17 December 2021 the Group operated a software services segment as outlined below. In
identifying the entity\u2019s reportable segments, management has segregated the operating business (ID4 AG), which develops and sells
software, from the rest of the Group.
Sale of
Services* Other Total
GBP GBP GBP
Revenue 136,119 - 136,119
Other
non-reportable
Software Sales segments Total
GBP GBP GBP
Segment income statement
Revenue 136,119 - 136,119
Expenses (433,782) (438,734) (872,516)
Depreciation (137,559) (50) (137,609)
Profit/loss before tax (435,222) (438,784) (874,006)
Attributable income tax expense (23,139) - (23,139)
Profit/loss for the period (458,361) (438,784) (897,145)
Other
non-reportable
Software Sales segments Total
GBP GBP GBP
Segment statement of financial position
Non-current assets 1,449,415 1,480,511 2,929,926
Current assets 381,332 1,585,821 1,967,153
Assets 1,830,747 3,066,332 4,897,079
Current liabilities 1,402,474 (585,988) 816,486
Liabilities 1,402,474 (585,988) 816,486
Net assets 428,273 3,652,320 4,080,593
Shareholders\u2019 equity 428,273 3,652,320 4,080,593
Total equity 428,273 3,652,320 4,080,593
* Sale of Services refers to SaaS based software sales at id4.
\n
\"\"
4. OPERATING LOSS FOR THE PERIOD
2023 2022
GBP GBP
Wages and salaries 277,697 353,859
Social security costs 5,587 14,222
Pension costs 4,457 12,961
Audit fees 26,830 46,790
Legal and professional fees 234,676 233,491
5. EXCEPTIONAL COSTS
2023 2022
GBP GBP
Exceptional costs
Professional fees relating to id4 merger and SPA - 58,166
Intangible assets write-off* 179,648 -
Severance pay 48,730 -
Total Exceptional costs 228,378 58,166
* The intangible assets write-off relates to a non-cash charge to write-off intangible assets recognised as part of the 2021 merger
between ID4 AG and Apeiron Holdings AG, during a reconciliation exercise with ID4 AG\u2019s Swiss accountants.
6. NET FINANCIAL EXPENSE
2023 2022
GBP GBP
Bank interest payable 114 (3)
Loan interest payable - 45
Interest income (11,351) -
Foreign currency gains/(losses) 29,444 462
18,207 504
7. INCOME TAX EXPENSE
2023 2022
GBP GBP
Loss before tax (874,006) (823,792)
Tax at applicable rates (23,139) (685)
Losses carried forward (874,006) (823,792)
Total tax (23,139) (685)
The applicable tax rates in relation to the Group\u2019s profits are BVI 0% and Swiss 13.925% (2022: 0% and 12.2%).
\n
\"\"
8. EARNINGS PER SHARE
2023 2022
GBP GBP
The calculation of earnings per share is based on
the following loss attributable to ordinary shareholders and number of shares:
Profit for the period (897,145) (824,477)
Weighted average number of shares of the Company 157,041,665 157,041,665
Earnings per share:
Basic and Diluted (GBP) (0.01) (0.01)
Number of shares outstanding at the period end: 157,041,665 157,041,665
Number of shares in issue
Opening Balance 157,041,665 157,041,665
Basic number of shares in issue 157,041,665 157,041,665
9. NON-CURRENT ASSETS
Plant
Intangible and
Total Goodwill Assets Equipment
2023 2023 2023 2023
Cost GBP GBP GBP GBP
Cost at 1 January 2023 3,077,345 1,462,774 1,601,492 13,079
FX movement 71,437 - 70,858 579
3,148,782 1,462,774 1,672,350 13,658
Additions 215,270 - 214,372 898
Write-offs (180,655) - (180,655) -
Cost at 31 December 2023 3,183,397 1,462,774 1,706,067 14,556
Depreciation
Depreciation at 1 January 121,521 - 118,847 2,674
FX movement 5,376 - 5,258 118
126,897 - 124,105 2,792
Charge for the year on continuing operations 143,464 - 142,937 527
- - - -
Depreciation at 31 December 2023 270,361 - 267,042 3,319
Closing net book value at 31 December 2023 2,913,036 1,462,774 1,439,025 11,237
\n
\"\"
Plant
Intangible and
Total Goodwill Assets Equipment
2022 2022 2022 2022
Cost GBP GBP GBP GBP
Cost at 1 January 2022 2,791,454 1,462,774 1,316,819 11,861
FX movement 136,520 - 135,302 1,218
2,927,974 1,462,774 1,452,121 13,079
Additions 149,371 - 149,371 -
Acquisition of subsidiary - - - -
Cost at 31 December 2022 3,077,346 1,462,774 1,601,492 13,079
Depreciation/Amortisation
Depreciation/Amortisation at 1 January 19,268 - 17,553 1,715
FX movement 1,980 - 1,804 176
21,248 - 19,357 1,891
Charge for the year on continuing operations 100,272 - 99,490 783
Acquisition of subsidiary - - - -
Depreciation at 31 December 2022 121,521 - 118,847 2,674
Closing net book value at 31 December 2022 2,955,825 1,462,774 1,482,645 10,406
*The variance to the income statement is due to the difference in exchange between average and closing rates.
Plant Property and Equipment is depreciated over 4 years.
Intangible Assets are amortised over 5 years.
10. TRADE AND OTHER RECEIVABLES
2023 2022
GBP GBP
Receivables 3,644 18,032
Prepayments 71,184 73,636
Other debtors* 301,278 294,337
Total trade and other receivables 376,106 386,005
*Other debtors includes a loan due from Alfalfa AG of CHF 310,000 in relation to an assets purchase from id4 AG prior to the
acquisition by the Company.
11. CASH AND CASH EQUIVALENTS
2023 2022
GBP GBP
Cash in the Statement of Cash Flows 1,591,047 2,189,610
\n
\"\"
12. TRADE AND OTHER PAYABLES
2023 2022
GBP GBP
Trade creditors 164,795 216,172
Other creditors* 374,575 350,822
Accruals 277,116 85,063
Total trade and other payables 816,486 652,057
*Other creditors includes a balance owed to Thalassa Holdings Ltd from the former Apeiron AG. The balance is non-interest
bearing and due to be settled within the following period.
13. SHARE BASED PAYMENTS
Warrants Outstanding 2023 2022
Number of Options Granted 29,950,000 29,950,000
Vesting Period 5 Years 5 Years
Option strike price 3.00p 3.00p
Current share price (at granting date) 3.00p 3.00p
Volatility 10.85% 10.85%
Risk-free interest rate 0.04% 0.04%
Life of Option 5 Years 5 Years
Fair Value USD 95,638 95,638
Fair Value GBP 70,070 70,070
In recognition of Thalassa\u2019s upfront capital commitment by way of the Thalassa Subscription, the Company has executed a warrant
instrument and on Admission issued to Thalassa 29,950,000 warrants. The exercise period for the warrants is 5 years from the date
of Admission and the exercise price for the warrants is the Subscription Price.
The warrants have been valued at fair value using the Black-Scholes model.
\n
\"\"
14. SHARE CAPITAL
As at As at
31 Dec 2023 31 Dec 2022
GBP GBP
Authorised share capital:
Unlimited ordinary shares of $0.001 each - -
Fully subscribed shares
29,950,000 ordinary shares of $0.04 each 1,200,000 1,200,000
Exchange rate adjustment 1.3649 1.3649
29,950,000 ordinary shares in GBP 879,185 879,185
Placing 5,999,999 ordinary shares of \u00a30.04 240,000 240,000
Conversion of shares to par value of $.0001 at rate of 1.3649 (1,092,810) (1,092,810)
Issuance of 66,666,666 shares for acquisition of id4 AG 50,387 50,387
Placing of 54,375,000 shares of $0.001 40,988 40,988
Less fair value of options and warrants
Total 117,750 117,750
Number Number
of shares of shares
Fully subscribed shares 157,041,665 157,041,665
Issued shares of no par value - -
Total 157,041,665 157,041,665
Under the Company\u2019s articles of association, the Board is authorised to offer, allot, grant options over or otherwise dispose of any
unissued shares. Furthermore, the Directors are authorised to purchase, redeem or otherwise acquire any of the Company\u2019s own
shares for such consideration as they consider fit, and either cancel or hold such shares as treasury shares. The directors may dispose
of any shares held as treasury shares on such terms and conditions as they may from time to time determine. Further, the Company
may redeem its own shares for such amount, at such times and on such notice as the directors may determine, provided that any
such redemption is pro rata to each shareholder\u2019s then percentage holding in the Company.
On the 14th of April 2021, a total of 5,999,999 new DIs (the \u201cPlacing DIs\u201d) were placed by at a price of \u00a30.04 per Placing DIs (the
\u201cPlacing\u201d) with existing and new investors (\u201cPlacees\u201d) raising gross proceeds of approximately \u00a3240,000. The Placing DIs represent
Ordinary Shares representing 20 per cent. of the Ordinary Share capital of the Company prior to the Placing.
On the 16th of August 2021 the Board announced that the par value of its issued and outstanding ordinary shares of no par
value had changed to US$0.001 per Ordinary Share. The total number of issued shares with voting rights remained unchanged at
35,999,999 Ordinary Shares. Aside from the change in nominal value, the rights attaching to the Ordinary Shares (including all voting
and dividend rights and rights on a return of capital) remained unchanged.
On the 17th of December 2021, following the acquisition of id4 AG, 66,666,666 New Ordinary Shares of $0.001 were issued to the
shareholders of id4 in settlement of consideration for the acquisition and the Company was readmitted to trading on the London
Stock Exchange.
On the 17th of December 2021, alongside the acquisition of id4 AG, 54,375,000 New Ordinary Shares of $0.001 were issued in a
further placing with existing and new investors, raising a total of \u00a32,175,000.
The following describes the nature and purpose of each reserve within equity:
Retained Earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere
FX Reserves: Gains/losses arising on retranslating the net assets of overseas operations into CU.
Share Premium: Amount subscribed for share capital in excess of nominal value.
Other Reserves: Other reserves include the warrants outstanding, listed in Note 13.
Preference Shares: Shares for which receive preference of dividends over ordinary shareholders.
\n
\"\"
15. INVESTMENT IN SUBSIDIARIES
Details of the Company\u2019s subsidiaries at the year end are as follows:
Effective
Share holding
Name of subsidiary Place of incorporation 2023 2022
Id4 AG Switzerland 100% 100%
Id4 CLM (UK) Ltd England & Wales 100% 100%
16. ASSOCIATED ENTITIES
Athenium Consultancy Ltd, a corporate services entity in which the Group owns 30% shares, was incorporated on 12 October
2021.
Movement on interests in associates can be summarised as follows:
2023 2022
GBP GBP
Cost as at 1 January 4,541 -
Additions 12,349 4,541
16,890 4,541
17. RELATED PARTY TRANSACTIONS
Thalassa Holdings Ltd, which holds shares in the Company through its subsidiary Apeiron Holdings BVI is related by common
control through the Chairman, Duncan Soukup. Services incurred are recharged from Thalassa Holdings Ltd and its subsidiaries,
at the year-end \u00a315,146 (2022: \u00a32,894) was owed to Thalassa Group for these services. During the year services amounting to
\u00a339,819 (2022: \u00a322,013) were charged. At the year-end, the group owed Thalassa Group \u00a3358,708 (2022: \u00a3343,510) for other
creditor balances as noted in note 12.
The company accrued \u00a3119,017 for consultancy and administrative services provided to the Group, by Fleur De Lys Ltd, a company
owned and controlled by the Chairman Duncan Soukup (2022: \u00a3134,953). Of this, Mr Soukup received \u00a3Nil, leaving an outstanding
balance of \u00a3119,017 for the 2023 period. At the year-end, \u00a3171,792 (2022: \u00a388,080) was owed to Fleur De Lys Ltd.
Athenium Consultancy Ltd, a company in which the Group owns shares, invoiced the group for financial and corporate administration
services totalling \u00a3165,000 for the period (2022: \u00a3150,000). As at the year end the Group owed \u00a345,086 (2022: \u00a344,131).
During the period Tim Donell, non-executive director, invoiced the Group 2023 fees of \u00a310,000 of which \u00a32,500 was owed as at
31 December 2023 (2022: \u00a3Nil).
During the period Kenneth Morgan, non-executive director, invoiced the Group 2023 fees \u00a3Nil of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a3Nil) and \u00a38,333 accrued.
During the period Luca Tomasi, non-executive director, invoiced the Group 2023 fees of \u00a315,000 of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a35,000) and \u00a35,000 accrued.
During the period Nicholas Dale, director of id4, invoiced the Group 2023 fees of \u00a39,282 of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a3Nil) (Nicholas Dale resigned as director in 2024).
18. CAPITAL MANAGEMENT
The Company\u2019s capital comprises ordinary share capital and share premium alongside a reverse takeover reserve, currency
adjustment reserve and retained earnings. The Group\u2019s objectives when managing capital are to provide an optimum return to
shareholders over the short to medium term through capital growth and income whilst ensuring the protection of its assets by
minimising risk. The Group seeks to achieve its objectives by having available sufficient cash resources to meet capital expenditure
and ongoing commitments.
At 31 December 2023, the Group had capital of \u00a32,627,155. The Group does not have any externally imposed capital requirements.
\n
\"\"
19. FINANCIAL INSTRUMENTS
The Group\u2019s financial instruments comprise cash and cash equivalents together with various items such as trade and other receivables
and trade payables etc, that arise directly from its operations. The fair value of the financial assets and liabilities approximates the
carrying values disclosed in the financial statements.
The main risks arising from the Group\u2019s financial instruments are foreign exchange risk, credit risk and liquidity risk.
FOREIGN EXCHANGE RISK
The Group undertakes FOREX and asset risk management activities from time to time to mitigate foreign exchange risk.
An increase in foreign exchange rates of 5% at 31 December 2023 would have decreased the profit and net assets by \u00a383,739
(2022: \u00a3115,243). A decrease of 5% would have increased profit and net assets by \u00a383,739 (2022:\u00a3115,243).
At 31 December 2023 30% of the Group\u2019s balances were held in CHF (2022: 30%), 67% in USD (2022: 4%), 3% in GBP (2022:
66%) with 0% in EUR (2022: 0%).
CREDIT RISK
Group credit risk is limited at this early stage and not felt to be an issue with the absence of receivables of loan provisions. The
Group continues to monitor credit risk when assessing opportunities given the potential for exposure to geopolitical risks and the
possibility of sanctions which could adversely affect the ability to perform operations.
LIQUIDITY RISK
The Group\u2019s strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the
Group\u2019s expenditure. All financial liabilities are generally payable within 30 days and do not attract any other contractual cash flows.
Based on current forecasts the Group has sufficient cash to meet future obligations.
31 December 2023 30 days 30-60 days 60-90 days 90+ days Total
GBP GBP GBP GBP GBP
Finance lease liabilities -
Trade payables 164,794 - - - 164,794
Other payables 15,866 - - 358,709 374,575
Accruals 48,488 171,792 - 47,501 267,781
229,148 171,792 - 406,210 807,150
20. SUBSEQUENT EVENTS
There were no subsequent events.
21. COPIES OF THE FINANCIAL STATEMENTS
The consolidated financial statements are available on the Group\u2019s website: https://anemoi-international.com/
22. CONTROLLING PARTIES
There is no one controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1. GENERAL INFORMATION
Anemoi International Ltd. (the \u201cCompany\u201d) is a British Virgin Island (\u201cBVI\u201d) International business company (\u201cIBC\u201d), incorporated
and registered in the BVI on 6 May 2020. Company number 2035767.
Id4 AG is a wholly owned subsidiary of Anemoi and was formed as part of the merger of the former id4 AG (\u201cid4\u201d) with and
into its parent, Apeiron Holdings AG on 14 September 2021. Id4 was incorporated and registered in the Canton of Lucerne in
Switzerland in April 2019 whilst Apeiron Holdings AG was incorporated and registered in December 2018. Following the merger,
Apeiron Holdings AG was renamed id4 AG.
On the 17th December 2021, the entire share capital of id4 AG was purchased by Anemoi International Ltd.
Id4 CLM (UK) Ltd is a wholly owned subsidiary of Anemoi, incorporated on 26 November 2021 in England and Wales. Id4 CLM
(UK) Ltd is a private limited company, limited by shares.
21. COPIES OF THE FINANCIAL STATEMENTS
The consolidated financial statements are available on the Group\u2019s website: https://anemoi-international.com/
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "Anemoi International Ltd.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "British Virgin Island", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "British Virgin Island", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "British Virgin Island", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": { "value": "
2. ACCOUNTING POLICIES
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).
The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards \u201cIFRS\u201d.
The financial statements are expressed in GBP.
The principal accounting policies are summarised below. They have been applied consistently throughout the period covered by
these financial statements.
2.1. FOREIGN CURRENCY
The presentational currency of the financial statements is GBP, whereas the functional currency of the Group is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
Year-end GBPUSD exchange rate as at 31 Dec 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
2.2. GOING CONCERN
The financial statements have been prepared on the going concern basis as management consider that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group has fully assessed its financial commitments and at the year-end had net cash reserves of \u00a31.6m.
In arriving at this conclusion management have prepared cash flow forecasts considering operating cash flows and capital expenditure
requirements for the Group, as well as available working capital.
2.3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group has changed to UK adopted International Accounting Standards for the year ended 31 December 2021 from EU-
adopted International Financial Reporting Standards (IFRSs), at which time there were no differences between UK and EU adoption
of IFRS as issued by the International Accounting Standards Board.
Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during the
current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors have
assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors have
concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may result
in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted by the
Group and have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new and amended standards include:
IFRS 17 Insurance contracts
1
IAS 1 Presentation of financial statements and IFRS Practice Statement 2
1
IAS 8 Accounting policies, changes in accounting estimates and errors
1
IAS 12 Income Taxes
1
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1 Effective for annual periods beginning on or after 1 January 2023
2 Effective for annual periods beginning on or after 1 January 2024
3 Effective for annual periods beginning on or after 1 January 2025
2.4. JUDGEMENT AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires the Directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The key judgement areas relate to the carrying value of intangible assets which are reviewed annually for indication of impairment.
Deferred consideration as per note 16 is not currently recognised on the acquisition of .id4. AG. The deferred consideration is
contingent on the meeting of financial targets by December 2026. The Board is still confident of meeting targets however the length
of time and nature of recurring revenue, which form much of the financial targets, have suggested that withholding recognition of
deferred consideration until such time as greater steps toward the targets have been made is the prudent judgement.
2.5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less depreciation and any provision for impairment. Cost includes the purchase
price, including import duties, non-refundable purchase taxes and directly attributable costs incurred in bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended. Cost also includes capitalised interest on
borrowings, applied only during the period of construction.
Fixed assets are depreciated on a straight-line basis between 3 and 15 years from the point at which the asset is put into use.
2.6. INTANGIBLE ASSETS
GOODWILL
For impairment testing purposes, management considers the operations of the Group to represent a single cash generating unit
(CGU), providing software and digital solutions to the financial services industry. The directors have assessed the recoverable
amount of goodwill which is indefinite and in accordance with IAS 36 is the higher of its value in use and its fair value less costs to
sell (fair value), in determining whether there is evidence of impairment.
The fair value of the CGU as at 31 December 2023 is considered by the directors to be fairly represented when a discounted
cash flow valuation of detailed forecasts over 5 years in addition to a subsequent transition period of 3 years before terminal value
assumptions to establish a fair value. Forecasts assumed a discount rate of 20% and terminal growth rate of 2% respectively.
As such, the directors do not consider there to be any indication that the goodwill is impaired.
DEVELOPMENT COSTS
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be
measured reliably. Such intangible assets are finite and are carried at cost less amortisation. Amortisation is charged to \u2018Administrative
expenses\u2019 in the Statement of Comprehensive Income on a straight-line basis over the intangible assets\u2019 useful economic life. The
amortisation is based on a straight-line method typically over a period of 1-5 years depending on the life of the related asset.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development costs are capitalised as an intangible asset only if the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefit;
\u2022 the development cost of the asset can be measured reliably;
\u2022 it meets the Group\u2019s criteria for technical and commercial feasibility; and
\u2022 sufficient resources are available to meet the development costs to either sell or use as an asset.
Amortisation is included in Depreciation and Amortisation in the Consolidated Statement of Income.
2.7. TAXATION
The Company is incorporated in the BVI as an IBC and as such is not subject to tax in the BVI. Id4AG is incorporated in Switzerland
is subject to tax in the Canton of Lucerne. Id4 CLM (UK) Ltd is incorporated in England and Wales and therefore subject to tax
in the UK.
2.8. BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
those assets until such a time as the assets are substantially ready for their intended use or sale. All other borrowing costs are
recognised in profit and loss in the period incurred.
2.9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position when the Group becomes party to the
contractual provisions of the instrument.
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments
with maturities of three months or less at inception that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade payables are not interest-bearing and are initially valued at their fair value and are subsequently measured at amortised
cost.
Equity instruments are recorded at fair value, being the proceeds received, net of direct issue costs.
Share Capital \u2013 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of taxation, from the proceeds.
Borrowings are initially measured at fair value and are subsequently measured at amortised cost, plus accrued interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_D1175145312_CY": { "value": "
2.1. FOREIGN CURRENCY
The presentational currency of the financial statements is GBP, whereas the functional currency of the Group is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
Year-end GBPUSD exchange rate as at 31 Dec 2023: 1.2731 (2022: 1.2103)
Average GBPUSD exchange rate as at 31 Dec 2023: 1.2417 (2022: 1.2800)
Year-end GBPEUR exchange rate as at 31 Dec 2023: 1.1527 (2022: 1.1273)
Average GBPEUR exchange rate as at 31 Dec 2023: 1.1400 (2022: 1.1599)
Year-end GBPCHF exchange rate as at 31 Dec 2023: 1.0713 (2022: 1.1187)
Average GBPCHF exchange rate as at 31 Dec 2023: 1.0950 (2022: 1.1762)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_E44_CY": { "value": "
The presentational currency of the financial statements is GBP, whereas the functional currency of the Group is US Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the spot exchange rate on the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the presentational
currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the statement
of comprehensive income. Non-monetary assets and liabilities, other than those measured at fair value, are not retranslated
subsequent to initial recognition.
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rate of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on the financial reporting date. Exchange differences arising are included in the
statement of income for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D438813286_CY": { "value": "
2.2. GOING CONCERN
The financial statements have been prepared on the going concern basis as management consider that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group has fully assessed its financial commitments and at the year-end had net cash reserves of \u00a31.6m.
In arriving at this conclusion management have prepared cash flow forecasts considering operating cash flows and capital expenditure
requirements for the Group, as well as available working capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_D2059499001_CY": { "value": "
2.3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group has changed to UK adopted International Accounting Standards for the year ended 31 December 2021 from EU-
adopted International Financial Reporting Standards (IFRSs), at which time there were no differences between UK and EU adoption
of IFRS as issued by the International Accounting Standards Board.
Annual Report and Accounts 2023
Standards issued but not yet effective: There were a number of standards and interpretations which were in issue during the
current period but were not effective at that date and have not been adopted for these Financial Statements. The Directors have
assessed the full impact of these accounting changes on the Company. To the extent that they may be applicable, the Directors have
concluded that none of these pronouncements will cause material adjustments to the Group\u2019s Financial Statements. They may result
in consequential changes to the accounting policies and other note disclosures. The new standards will not be early adopted by the
Group and have / will be incorporated in the preparation of the Group Financial Statements from the effective dates noted below.
The new and amended standards include:
IFRS 17 Insurance contracts
1
IAS 1 Presentation of financial statements and IFRS Practice Statement 2
1
IAS 8 Accounting policies, changes in accounting estimates and errors
1
IAS 12 Income Taxes
1
IFRS 16 Leases
2
IAS 1 Presentation of financial statements (Amendment \u2013 Classification of Liabilities as Current or Non-Current)
2
IAS 1 Presentation of financial statements (Amendment \u2013 Non-current Liabilities with Covenants)
2
IAS 21 Lack of Exchangeability
3
1 Effective for annual periods beginning on or after 1 January 2023
2 Effective for annual periods beginning on or after 1 January 2024
3 Effective for annual periods beginning on or after 1 January 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D47036111_CY": { "value": "
2.4. JUDGEMENT AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires the Directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods.
The key judgement areas relate to the carrying value of intangible assets which are reviewed annually for indication of impairment.
Deferred consideration as per note 16 is not currently recognised on the acquisition of .id4. AG. The deferred consideration is
contingent on the meeting of financial targets by December 2026. The Board is still confident of meeting targets however the length
of time and nature of recurring revenue, which form much of the financial targets, have suggested that withholding recognition of
deferred consideration until such time as greater steps toward the targets have been made is the prudent judgement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_D598199880_CY": { "value": "
2.5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less depreciation and any provision for impairment. Cost includes the purchase
price, including import duties, non-refundable purchase taxes and directly attributable costs incurred in bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended. Cost also includes capitalised interest on
borrowings, applied only during the period of construction.
Fixed assets are depreciated on a straight-line basis between 3 and 15 years from the point at which the asset is put into use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_D1521504000_CY": { "value": "
2.6. INTANGIBLE ASSETS
GOODWILL
For impairment testing purposes, management considers the operations of the Group to represent a single cash generating unit
(CGU), providing software and digital solutions to the financial services industry. The directors have assessed the recoverable
amount of goodwill which is indefinite and in accordance with IAS 36 is the higher of its value in use and its fair value less costs to
sell (fair value), in determining whether there is evidence of impairment.
The fair value of the CGU as at 31 December 2023 is considered by the directors to be fairly represented when a discounted
cash flow valuation of detailed forecasts over 5 years in addition to a subsequent transition period of 3 years before terminal value
assumptions to establish a fair value. Forecasts assumed a discount rate of 20% and terminal growth rate of 2% respectively.
As such, the directors do not consider there to be any indication that the goodwill is impaired.
DEVELOPMENT COSTS
An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be
measured reliably. Such intangible assets are finite and are carried at cost less amortisation. Amortisation is charged to \u2018Administrative
expenses\u2019 in the Statement of Comprehensive Income on a straight-line basis over the intangible assets\u2019 useful economic life. The
amortisation is based on a straight-line method typically over a period of 1-5 years depending on the life of the related asset.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development costs are capitalised as an intangible asset only if the following conditions are met:
\u2022 an asset is created that can be identified;
\u2022 it is probable that the asset created will generate future economic benefit;
\u2022 the development cost of the asset can be measured reliably;
\u2022 it meets the Group\u2019s criteria for technical and commercial feasibility; and
\u2022 sufficient resources are available to meet the development costs to either sell or use as an asset.
Amortisation is included in Depreciation and Amortisation in the Consolidated Statement of Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D793056107_CY": { "value": "
2.7. TAXATION
The Company is incorporated in the BVI as an IBC and as such is not subject to tax in the BVI. Id4AG is incorporated in Switzerland
is subject to tax in the Canton of Lucerne. Id4 CLM (UK) Ltd is incorporated in England and Wales and therefore subject to tax
in the UK.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_D459178767_CY": { "value": "
2.8. BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of
those assets until such a time as the assets are substantially ready for their intended use or sale. All other borrowing costs are
recognised in profit and loss in the period incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_amoi_DescriptionOfAccountingPolicyForFinancialInstrumentsAndRiskManagementExplanatory_D1506417136_CY": { "value": "
2.9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position when the Group becomes party to the
contractual provisions of the instrument.
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments
with maturities of three months or less at inception that are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade payables are not interest-bearing and are initially valued at their fair value and are subsequently measured at amortised
cost.
Equity instruments are recorded at fair value, being the proceeds received, net of direct issue costs.
Share Capital \u2013 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of taxation, from the proceeds.
Borrowings are initially measured at fair value and are subsequently measured at amortised cost, plus accrued interest.
", "dimensions": { "concept": "amoi:DescriptionOfAccountingPolicyForFinancialInstrumentsAndRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOperatingSegmentsExplanatory_D1954311154_CY": { "value": "
\"\"
3. SEGMENT INFORMATION
Following the acquisition of id4 AG on 17 December 2021 the Group operated a software services segment as outlined below. In
identifying the entity\u2019s reportable segments, management has segregated the operating business (ID4 AG), which develops and sells
software, from the rest of the Group.
Sale of
Services* Other Total
GBP GBP GBP
Revenue 136,119 - 136,119
Other
non-reportable
Software Sales segments Total
GBP GBP GBP
Segment income statement
Revenue 136,119 - 136,119
Expenses (433,782) (438,734) (872,516)
Depreciation (137,559) (50) (137,609)
Profit/loss before tax (435,222) (438,784) (874,006)
Attributable income tax expense (23,139) - (23,139)
Profit/loss for the period (458,361) (438,784) (897,145)
Other
non-reportable
Software Sales segments Total
GBP GBP GBP
Segment statement of financial position
Non-current assets 1,449,415 1,480,511 2,929,926
Current assets 381,332 1,585,821 1,967,153
Assets 1,830,747 3,066,332 4,897,079
Current liabilities 1,402,474 (585,988) 816,486
Liabilities 1,402,474 (585,988) 816,486
Net assets 428,273 3,652,320 4,080,593
Shareholders\u2019 equity 428,273 3,652,320 4,080,593
Total equity 428,273 3,652,320 4,080,593
* Sale of Services refers to SaaS based software sales at id4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfProfitLossFromOperatingActivitiesExplanatory_D1725416841_CY": { "value": "
4. OPERATING LOSS FOR THE PERIOD
2023 2022
GBP GBP
Wages and salaries 277,697 353,859
Social security costs 5,587 14,222
Pension costs 4,457 12,961
Audit fees 26,830 46,790
Legal and professional fees 234,676 233,491
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfExpensesExplanatory_D1263803557_CY": { "value": "
5. EXCEPTIONAL COSTS
2023 2022
GBP GBP
Exceptional costs
Professional fees relating to id4 merger and SPA - 58,166
Intangible assets write-off* 179,648 -
Severance pay 48,730 -
Total Exceptional costs 228,378 58,166
* The intangible assets write-off relates to a non-cash charge to write-off intangible assets recognised as part of the 2021 merger
between ID4 AG and Apeiron Holdings AG, during a reconciliation exercise with ID4 AG\u2019s Swiss accountants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinanceCostExplanatory_D480794281_CY": { "value": "
6. NET FINANCIAL EXPENSE
2023 2022
GBP GBP
Bank interest payable 114 (3)
Loan interest payable - 45
Interest income (11,351) -
Foreign currency gains/(losses) 29,444 462
18,207 504
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
7. INCOME TAX EXPENSE
2023 2022
GBP GBP
Loss before tax (874,006) (823,792)
Tax at applicable rates (23,139) (685)
Losses carried forward (874,006) (823,792)
Total tax (23,139) (685)
The applicable tax rates in relation to the Group\u2019s profits are BVI 0% and Swiss 13.925% (2022: 0% and 12.2%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
8. EARNINGS PER SHARE
2023 2022
GBP GBP
The calculation of earnings per share is based on
the following loss attributable to ordinary shareholders and number of shares:
Profit for the period (897,145) (824,477)
Weighted average number of shares of the Company 157,041,665 157,041,665
Earnings per share:
Basic and Diluted (GBP) (0.01) (0.01)
Number of shares outstanding at the period end: 157,041,665 157,041,665
Number of shares in issue
Opening Balance 157,041,665 157,041,665
Basic number of shares in issue 157,041,665 157,041,665
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory_D1876490305_CY": { "value": "
9. NON-CURRENT ASSETS
Plant
Intangible and
Total Goodwill Assets Equipment
2023 2023 2023 2023
Cost GBP GBP GBP GBP
Cost at 1 January 2023 3,077,345 1,462,774 1,601,492 13,079
FX movement 71,437 - 70,858 579
3,148,782 1,462,774 1,672,350 13,658
Additions 215,270 - 214,372 898
Write-offs (180,655) - (180,655) -
Cost at 31 December 2023 3,183,397 1,462,774 1,706,067 14,556
Depreciation
Depreciation at 1 January 121,521 - 118,847 2,674
FX movement 5,376 - 5,258 118
126,897 - 124,105 2,792
Charge for the year on continuing operations 143,464 - 142,937 527
- - - -
Depreciation at 31 December 2023 270,361 - 267,042 3,319
Closing net book value at 31 December 2023 2,913,036 1,462,774 1,439,025 11,237
Plant
Intangible and
Total Goodwill Assets Equipment
2022 2022 2022 2022
Cost GBP GBP GBP GBP
Cost at 1 January 2022 2,791,454 1,462,774 1,316,819 11,861
FX movement 136,520 - 135,302 1,218
2,927,974 1,462,774 1,452,121 13,079
Additions 149,371 - 149,371 -
Acquisition of subsidiary - - - -
Cost at 31 December 2022 3,077,346 1,462,774 1,601,492 13,079
Depreciation/Amortisation
Depreciation/Amortisation at 1 January 19,268 - 17,553 1,715
FX movement 1,980 - 1,804 176
21,248 - 19,357 1,891
Charge for the year on continuing operations 100,272 - 99,490 783
Acquisition of subsidiary - - - -
Depreciation at 31 December 2022 121,521 - 118,847 2,674
Closing net book value at 31 December 2022 2,955,825 1,462,774 1,482,645 10,406
*The variance to the income statement is due to the difference in exchange between average and closing rates.
Plant Property and Equipment is depreciated over 4 years.
Intangible Assets are amortised over 5 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": { "value": "
10. TRADE AND OTHER RECEIVABLES
2023 2022
GBP GBP
Receivables 3,644 18,032
Prepayments 71,184 73,636
Other debtors* 301,278 294,337
Total trade and other receivables 376,106 386,005
*Other debtors includes a loan due from Alfalfa AG of CHF 310,000 in relation to an assets purchase from id4 AG prior to the
acquisition by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_D251974808_CY": { "value": "
11. CASH AND CASH EQUIVALENTS
2023 2022
GBP GBP
Cash in the Statement of Cash Flows 1,591,047 2,189,610
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
12. TRADE AND OTHER PAYABLES
2023 2022
GBP GBP
Trade creditors 164,795 216,172
Other creditors* 374,575 350,822
Accruals 277,116 85,063
Total trade and other payables 816,486 652,057
*Other creditors includes a balance owed to Thalassa Holdings Ltd from the former Apeiron AG. The balance is non-interest
bearing and due to be settled within the following period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_D1294844088_CY": { "value": "
13. SHARE BASED PAYMENTS
Warrants Outstanding 2023 2022
Number of Options Granted 29,950,000 29,950,000
Vesting Period 5 Years 5 Years
Option strike price 3.00p 3.00p
Current share price (at granting date) 3.00p 3.00p
Volatility 10.85% 10.85%
Risk-free interest rate 0.04% 0.04%
Life of Option 5 Years 5 Years
Fair Value USD 95,638 95,638
Fair Value GBP 70,070 70,070
In recognition of Thalassa\u2019s upfront capital commitment by way of the Thalassa Subscription, the Company has executed a warrant
instrument and on Admission issued to Thalassa 29,950,000 warrants. The exercise period for the warrants is 5 years from the date
of Admission and the exercise price for the warrants is the Subscription Price.
The warrants have been valued at fair value using the Black-Scholes model.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": { "value": "
\"\"
14. SHARE CAPITAL
As at As at
31 Dec 2023 31 Dec 2022
GBP GBP
Authorised share capital:
Unlimited ordinary shares of $0.001 each - -
Fully subscribed shares
29,950,000 ordinary shares of $0.04 each 1,200,000 1,200,000
Exchange rate adjustment 1.3649 1.3649
29,950,000 ordinary shares in GBP 879,185 879,185
Placing 5,999,999 ordinary shares of \u00a30.04 240,000 240,000
Conversion of shares to par value of $.0001 at rate of 1.3649 (1,092,810) (1,092,810)
Issuance of 66,666,666 shares for acquisition of id4 AG 50,387 50,387
Placing of 54,375,000 shares of $0.001 40,988 40,988
Less fair value of options and warrants
Total 117,750 117,750
Number Number
of shares of shares
Fully subscribed shares 157,041,665 157,041,665
Issued shares of no par value - -
Total 157,041,665 157,041,665
Under the Company\u2019s articles of association, the Board is authorised to offer, allot, grant options over or otherwise dispose of any
unissued shares. Furthermore, the Directors are authorised to purchase, redeem or otherwise acquire any of the Company\u2019s own
shares for such consideration as they consider fit, and either cancel or hold such shares as treasury shares. The directors may dispose
of any shares held as treasury shares on such terms and conditions as they may from time to time determine. Further, the Company
may redeem its own shares for such amount, at such times and on such notice as the directors may determine, provided that any
such redemption is pro rata to each shareholder\u2019s then percentage holding in the Company.
On the 14th of April 2021, a total of 5,999,999 new DIs (the \u201cPlacing DIs\u201d) were placed by at a price of \u00a30.04 per Placing DIs (the
\u201cPlacing\u201d) with existing and new investors (\u201cPlacees\u201d) raising gross proceeds of approximately \u00a3240,000. The Placing DIs represent
Ordinary Shares representing 20 per cent. of the Ordinary Share capital of the Company prior to the Placing.
On the 16th of August 2021 the Board announced that the par value of its issued and outstanding ordinary shares of no par
value had changed to US$0.001 per Ordinary Share. The total number of issued shares with voting rights remained unchanged at
35,999,999 Ordinary Shares. Aside from the change in nominal value, the rights attaching to the Ordinary Shares (including all voting
and dividend rights and rights on a return of capital) remained unchanged.
On the 17th of December 2021, following the acquisition of id4 AG, 66,666,666 New Ordinary Shares of $0.001 were issued to the
shareholders of id4 in settlement of consideration for the acquisition and the Company was readmitted to trading on the London
Stock Exchange.
On the 17th of December 2021, alongside the acquisition of id4 AG, 54,375,000 New Ordinary Shares of $0.001 were issued in a
further placing with existing and new investors, raising a total of \u00a32,175,000.
The following describes the nature and purpose of each reserve within equity:
Retained Earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere
FX Reserves: Gains/losses arising on retranslating the net assets of overseas operations into CU.
Share Premium: Amount subscribed for share capital in excess of nominal value.
Other Reserves: Other reserves include the warrants outstanding, listed in Note 13.
Preference Shares: Shares for which receive preference of dividends over ordinary shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_E6_CY": { "value": "
16. ASSOCIATED ENTITIES
Athenium Consultancy Ltd, a corporate services entity in which the Group owns 30% shares, was incorporated on 12 October
2021.
Movement on interests in associates can be summarised as follows:
2023 2022
GBP GBP
Cost as at 1 January 4,541 -
Additions 12,349 4,541
16,890 4,541
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17. RELATED PARTY TRANSACTIONS
Thalassa Holdings Ltd, which holds shares in the Company through its subsidiary Apeiron Holdings BVI is related by common
control through the Chairman, Duncan Soukup. Services incurred are recharged from Thalassa Holdings Ltd and its subsidiaries,
at the year-end \u00a315,146 (2022: \u00a32,894) was owed to Thalassa Group for these services. During the year services amounting to
\u00a339,819 (2022: \u00a322,013) were charged. At the year-end, the group owed Thalassa Group \u00a3358,708 (2022: \u00a3343,510) for other
creditor balances as noted in note 12.
The company accrued \u00a3119,017 for consultancy and administrative services provided to the Group, by Fleur De Lys Ltd, a company
owned and controlled by the Chairman Duncan Soukup (2022: \u00a3134,953). Of this, Mr Soukup received \u00a3Nil, leaving an outstanding
balance of \u00a3119,017 for the 2023 period. At the year-end, \u00a3171,792 (2022: \u00a388,080) was owed to Fleur De Lys Ltd.
Athenium Consultancy Ltd, a company in which the Group owns shares, invoiced the group for financial and corporate administration
services totalling \u00a3165,000 for the period (2022: \u00a3150,000). As at the year end the Group owed \u00a345,086 (2022: \u00a344,131).
During the period Tim Donell, non-executive director, invoiced the Group 2023 fees of \u00a310,000 of which \u00a32,500 was owed as at
31 December 2023 (2022: \u00a3Nil).
During the period Kenneth Morgan, non-executive director, invoiced the Group 2023 fees \u00a3Nil of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a3Nil) and \u00a38,333 accrued.
During the period Luca Tomasi, non-executive director, invoiced the Group 2023 fees of \u00a315,000 of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a35,000) and \u00a35,000 accrued.
During the period Nicholas Dale, director of id4, invoiced the Group 2023 fees of \u00a39,282 of which \u00a3Nil was owed as at 31
December 2023 (2022: \u00a3Nil) (Nicholas Dale resigned as director in 2024).
22. CONTROLLING PARTIES
There is no one controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_E123_CY": { "value": "
18. CAPITAL MANAGEMENT
The Company\u2019s capital comprises ordinary share capital and share premium alongside a reverse takeover reserve, currency
adjustment reserve and retained earnings. The Group\u2019s objectives when managing capital are to provide an optimum return to
shareholders over the short to medium term through capital growth and income whilst ensuring the protection of its assets by
minimising risk. The Group seeks to achieve its objectives by having available sufficient cash resources to meet capital expenditure
and ongoing commitments.
At 31 December 2023, the Group had capital of \u00a32,627,155. The Group does not have any externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": { "value": "
19. FINANCIAL INSTRUMENTS
The Group\u2019s financial instruments comprise cash and cash equivalents together with various items such as trade and other receivables
and trade payables etc, that arise directly from its operations. The fair value of the financial assets and liabilities approximates the
carrying values disclosed in the financial statements.
The main risks arising from the Group\u2019s financial instruments are foreign exchange risk, credit risk and liquidity risk.
FOREIGN EXCHANGE RISK
The Group undertakes FOREX and asset risk management activities from time to time to mitigate foreign exchange risk.
An increase in foreign exchange rates of 5% at 31 December 2023 would have decreased the profit and net assets by \u00a383,739
(2022: \u00a3115,243). A decrease of 5% would have increased profit and net assets by \u00a383,739 (2022:\u00a3115,243).
At 31 December 2023 30% of the Group\u2019s balances were held in CHF (2022: 30%), 67% in USD (2022: 4%), 3% in GBP (2022:
66%) with 0% in EUR (2022: 0%).
CREDIT RISK
Group credit risk is limited at this early stage and not felt to be an issue with the absence of receivables of loan provisions. The
Group continues to monitor credit risk when assessing opportunities given the potential for exposure to geopolitical risks and the
possibility of sanctions which could adversely affect the ability to perform operations.
LIQUIDITY RISK
The Group\u2019s strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the
Group\u2019s expenditure. All financial liabilities are generally payable within 30 days and do not attract any other contractual cash flows.
Based on current forecasts the Group has sufficient cash to meet future obligations.
31 December 2023 30 days 30-60 days 60-90 days 90+ days Total
GBP GBP GBP GBP GBP
Finance lease liabilities -
Trade payables 164,794 - - - 164,794
Other payables 15,866 - - 358,709 374,575
Accruals 48,488 171,792 - 47,501 267,781
229,148 171,792 - 406,210 807,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCreditRiskExplanatory_D899244716_CY": { "value": "
CREDIT RISK
Group credit risk is limited at this early stage and not felt to be an issue with the absence of receivables of loan provisions. The
Group continues to monitor credit risk when assessing opportunities given the potential for exposure to geopolitical risks and the
possibility of sanctions which could adversely affect the ability to perform operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_D42399226_CY": { "value": "
LIQUIDITY RISK
The Group\u2019s strategy for managing cash is to maximise interest income whilst ensuring its availability to match the profile of the
Group\u2019s expenditure. All financial liabilities are generally payable within 30 days and do not attract any other contractual cash flows.
Based on current forecasts the Group has sufficient cash to meet future obligations.
31 December 2023 30 days 30-60 days 60-90 days 90+ days Total
GBP GBP GBP GBP GBP
Finance lease liabilities -
Trade payables 164,794 - - - 164,794
Other payables 15,866 - - 358,709 374,575
Accruals 48,488 171,792 - 47,501 267,781
229,148 171,792 - 406,210 807,150
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20. SUBSEQUENT EVENTS
There were no subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MIKNEVN81JIR76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }