The difference between the proceeds received from the issue of the convertible loan notes and the
fair value of the liability component is recognised in equity as the equity component of the
compound instrument, representing the option holder\u2019s right to convert the instrument into a
fixed number of equity shares of the entity.
Transaction costs are allocated to the liability and equity components in proportion to their initial
carrying amounts. The equity component is not remeasured subsequent to initial recognition.
Upon conversion, the carrying amount of the liability is reclassified to equity and no gain or loss
is recognised. If the loan notes are redeemed rather than converted, any difference between the
redemption amount and the carrying amount of the liability is recognised in profit or loss.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the company
after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net
of direct issue costs.
Operating segments
As the company has not completed an acquisition there is no activity to report.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of financial statements in conformity with IFRS requires management to make
estimates and assumptions that affect the reported amounts of income, expenditure, assets and
liabilities. Estimates and judgements are continually evaluated, including expectations of future
events to ensure these estimates to be reasonable.
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 Company\u2019s nature of operations is to act as a special purpose acquisition Company. This
significantly reduces the level of estimates and assumptions required.
The going concern status of the Company is considered to be a key judgement. This has been
considered further in note 2 to the financial statements.
4. LOSS BEFORE TAXATION
The loss before income tax is stated after charging:
| 2024 | 2023 | |
| \u00a3 | \u00a3 | |
| Auditors\u2019 remuneration: | ||
| Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual | ||
| accounts | 21,600 | 19,200 |