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General information Everest Global Plc is a company incorporated in the United Kingdom. Details of the registered office, the officers and advisers to the Company are presented on the directors and professional advisers page at the back of this report (page 104). The Company is admitted to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) (subsequent to the year end the Company is admitted to the equity Shares (transition) category of the Official List) and to trading on the London Stock Exchange's Main Market for listed securities. The information within these financial statements and accompanying notes has been prepared for the year ended 31 October 2024 with comparatives for the year ended 31 October 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-3": { "value": "Everest Global Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-259": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-260": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-262": { "value": "2. Basis of preparation and significant accounting policies The consolidated financial statements of Everest Global Plc have been prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (IFRS as adopted by the UK), IFRS Interpretations Committee and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention in the Group's reporting currency of Pound Sterling. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Although these estimates are based on management's experience and knowledge of current events and actions, actual results may ultimately differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years. a. Going concern These consolidated financial statements are prepared on the going concern basis. The going concern basis assumes that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business. The Group has incurred significant operating losses and negative cash flows from operations as the Group pivoted to new opportunities during the year under review. There remains an active and liquid market for the Group's shares. As at 31 October 2024 the Group held \u00a3279,725 (2023: 858,024) in cash and cash equivalents. The Group acquired PL and disposed of DI during the year. Furthermore, the Group continues to seek further investment opportunities to develop its UK and European-focused food and beverage operations. It will be necessary to raise further funding to achieve these objectives. The Company has the ability to issue up to \u00a350 million CLNs, of which the Company has issued \u00a33 million of CLNs this financial year. The Directors have prepared cash flow forecasts. These forecasts consider operating cash flows and capital expenditure requirements for the Company and PL, available working capital and forecast expenditure, including overheads and other costs. The Directors are of the opinion that the Group has sufficient working capital and that no additional funding is required. However, funding is being raised to provide adequate cash flow to cover the business for unforeseen costs that might occur. After careful consideration of the matters set out above, the Directors are of the opinion that the Group will be able to undertake its planned activities for the period to 28 February 2026 from current cash and debtor positions and have prepared the consolidated financial statements on the going concern basis. b. New and amended standards adopted by the Company The Group has implemented IFRS as adopted by the UK. At the point of transition from IFRS as adopted by the EU the underlying requirements were identical. The following standards, amendments and interpretations are new and effective for the year ended 31 October 2024 and have been adopted. None of the IFRS standards below had a material impact on the financial statements.
IAS 1
Presentation of
Clarifies that liabilities are classified as
1 January 2023
Financial
either
current
or
non-current,
Statements
depending on the rights that exist at the
end
of
the
reporting period.
Classification
is
unaffected
by
the
expectations of the entity or events
after the reporting date (for example,
the receipt of a waiver or a breach of
covenant).
The
amendment
also
clarifies what IAS 1 means when it
refers to the 'settlement' of a liability.
IAS 1 & IAS 8
'Presentation of
Amendments to improve accounting
1 January 2023
Financial
policy disclosures and to help users of
Statements' and
the financial statements to distinguish
'Accounting
between
changes
accounting
in
policies, changes
estimates and changes in accounting
in accounting
policies.
estimates
and errors'
IAS 12
Deferred taxation
These amendments require companies
1 January 2023
to
recognise
deferred
on
tax
transactions that, on initial recognition
give rise to equal amounts of taxable
and deductible temporary differences.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 November 2023 and have not been early adopted:
IFRS S1
General
IFRS S1 sets out overall requirements
1 January 2024
Requirements
for
for
sustainability-related
financial
Disclosure
of
disclosures
with
the
Sustainability-
objective to require an entity to disclose
related
Financial
information
about
its
sustainability-
Information
related risks and opportunities that is
useful to primary users of general-
purpose financial reports in making
decisions
to
relating
providing
resources to the entity.
IFRS S2
Climate-related
IFRS S2 sets out the requirements for
1 January 2024
Disclosures
identifying, measuring and disclosing
information about climate-related risks
and
opportunities
that is useful
to
primary
users
of
general-purpose
financial reports in making decisions
relating to providing resources to the
entity
IFRS 18
Presentation
and
IFRS 18 includes requirements for all
1 January 2027
Disclosures
in
entities
IFRS
applying
for
the
Financial
presentation
and
disclosure
of
Statements
information in financial statements.
The Directors anticipate that the adoption of these standards and the interpretations in future periods will not have a material impact on the financial statements of the Group. c. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 October each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non- controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Where certain assets of the subsidiary are measured at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the related assets (i.e. reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 \"Financial Instruments: Recognition and Measurement\" or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; - liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree's share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Associates The Company's interest in an associate is carried in the statement of financial position at its share in the net assets of the associate together with goodwill paid on acquisition, less any impairment loss. When the share in the losses exceeds the carrying amount of an equity-accounted Company, the carrying amount is written down to nil and recognition of further losses is discontinued. d. Property, plant & equipment Property, plant and equipment are stated at historical cost less subsequent accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial year in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method to write of their cost over their estimated useful lives at the following annual rates: Leasehold improvements 33.33% Furniture, fixtures & equipment 17.00% & 20.00% Plant & machinery 20.00% & 33.33% Useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting year. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the relevant asset and is recognised in profit or loss in the year in which the asset is derecognised. e. Leased assets The Group leases various retail premises. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. The right-of-use asset is depreciated over lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: - fixed payments (including in-substance fixed payments), less any lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: - the amount of the initial measurement of lease liability; - any lease payments made at or before the commencement date less any lease incentives received any initial direct costs; and - restoration costs. Payments associated with short term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise moving equipment rented on a day to day basis. f. Investments in subsidiaries Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment. g. Inventories Inventories are carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. When the inventories are sold, the carrying amount of those inventories is recognised as an expense in the year in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the year in which the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as an expense in the year in which the reversal occurs. h. Impairment Non-derivative financial assets Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at Fair Value through Other Comprehensive Income ('FVTOCI') are credit-impaired. A financial asset is \"credit- impaired\" when one or more events that have a detrimental impact on the estimated future cash flows of the financial assets have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the borrower or issuer; - a breach of contract such as a default or being more than 90 days past due; - the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; - it is probable that the borrower will enter bankruptcy or other financial reorganisation; or - the disappearance of an active market for a security because of financial difficulties. A 12-month approach is followed in determining the Expected Credit Loss ('ECL'). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVTOCI, the loss allowance is charged to profit or loss and is recognised in Other Comprehensive Income ('OCI'). Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group's procedures of recovery of the amounts due. i. Financial instruments The Group classifies non-derivative financial assets into the following categories: loans and receivables and Fair Value through Profit and Loss ('FVTPL') and FVTOCI financial assets. The Group classifies non-derivative financial liabilities into the following category: other financial liabilities. i. Non-derivative financial assets and financial liabilities - recognition and derecognition The Group initially recognises loans and receivables on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Gains or losses on derecognition of financial liabilities are recognised in profit or loss as a finance charge. Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ii. Loans and receivables \u2013 measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. iii. Assets at FVTOCI - measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, are recognised in OCI and accumulated in the revaluation reserve. When these assets are derecognised, the gain or loss accumulated in equity is reclassified to profit or loss. iv. Non-derivative financial liabilities \u2013 measurement Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method. v. Convertible loan notes and derivative financial instruments The presentation and measurement of loan notes for accounting purposes is governed by IAS 32 and IFRS 9. These standards require the loan notes to be separated into two components: - a derivative liability; and - a debt host liability. This is because the loan notes are convertible into an unknown number of shares, therefore failing the 'fixed-for- fixed' criterion under IAS 32. This requires the 'underlying option component' of the loan note to be valued first (as an embedded derivative), with the residual of the face value being allocated to the debt host liability (refer financial liabilities policy above). Compound financial instruments issued by the Group comprise convertible notes denominated in British pounds that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised. The Group's financial liabilities include amounts due to a director, trade payables and accrued liabilities. These financial liabilities are classified as FVTPL are stated at fair value with any gains or losses arising on re- measurement recognised in profit or loss. Other financial liabilities, including borrowings are initially measured at fair value, net of transaction costs. j. Borrowings Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the reporting period, in which case they are presented as non-current liabilities. Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried for at amortised costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the year of the borrowings using the effective interest method. Borrowings which are due to be settled within twelve months after the reporting period are included in current borrowings in the statement of financial position even though the original term was for a period longer than twelve months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue. k. Revenue recognition Performance obligations and service recognition policies Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over of goods or services to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies.
Nature and timing of satisfaction of
Type of product/
performance obligations, including
service
significant payment terms
Revenue recognition under IFRS 15
Customers obtain control of the goods when the
goods have been delivered to them and have
been accepted at their premises or the agreed
Revenue is recognised when the goods are
point of delivery. Invoices are generated at that
delivered and have been accepted by the
Sale of goods
point in time net of rebates and discounts.
customers at their premises or the agreed
Invoices are generally payable within 30 days.
point of delivery.
No settlement discounts are provided for. The
sale of the goods are not subject to a return
policy.
Interest income is recognised in the income
Once a financial asset has been written
statement for all interest-bearing instruments
down to its estimated recoverable amount,
(whether
classified as
held-to-maturity,
interest income is thereafter recognised
Interest revenue
FVTOCI, FVTPL, derivatives or other assets) on
based on the effective interest rate that was
an accrual basis using the effective interest
used to discount the future cash flows for
method based on the actual purchase price
the purpose of measuring the recoverable
including direct transaction costs.
amount.
l. Cost of sales Cost of sales consists of all costs of purchase and other directly incurred costs. Cost of purchase comprises the purchase price, import duties and other taxes (other than those subsequently recoverable by the Group from the taxing authorities), if any, and transport, handling and other costs directly attributable to the acquisition of goods. Trade discounts, rebates and other similar items are deducted in determining the costs of purchase. Cost of conversion primarily consists of hiring charges of subcontractors incurred during conversion. m. Finance income and finance costs The Group's finance income and finance costs include: - interest income; - interest expense; and - dividend income. Interest income and expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group's right to receive payment is established. The \"effective interest rate\" is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - the gross carrying amount of the financial asset; or - the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset, if the asset is no-longer credit-impaired, then the calculation of interest income reverts to the gross basis. n. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income and expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting year. Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting year, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. o. Cash & cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are also included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. p. Provisions and contingencies Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the statement of financial position date and are discounted to present value where the effect is material. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. When the effect of discounting is material, the amount recognised for a provision is the present value at the reporting date of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of comprehensive income. Contingent liabilities are not recognised in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the financial statements but disclosed when an inflow of economic benefits is probable. q. Share capital Ordinary shares are classified as equity. Proceeds from issuance of ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against share capital and share premium. r. Foreign currencies In preparing the financial statements of each individual Group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting year, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non- monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on translation of monetary items, are recognised in profit or loss in the year in which they arise. Exchange differences arising on the retranslation of non- monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains, and losses are recognised directly in other comprehensive income, in which cases, the exchange differences are also recognised directly in other comprehensive income. For the purposes of presenting the consolidated financial statements, assets and liabilities of the Group's foreign operations are translated from South African Rand into the presentation currency of the Group of Pound Sterling at the rate of exchange prevailing at the end of the reporting year, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during that year, in which case, the exchange rates prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity. The principal exchange rates during the year are set out in the table below:
Rate compared to \u00a3 (GBP)
Foreign
For the year ending
For the year ending
currency
31 October 2024
31 October 2023
South African Rand
23.3074
22.6757
US Dollar
1.2990
1.2154
Hong Kong Dollar
10.0944
-
s. Employee benefits Salaries, annual bonuses, paid annual leave and the cost to the Group of non-monetary benefits are accrued in the year in which employees of the Group render the associated services. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. t. Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Director who makes strategic decisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-309": { "value": "The consolidated financial statements of Everest Global Plc have been prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (IFRS as adopted by the UK), IFRS Interpretations Committee and the Companies Act 2006 applicable to companies reporting under IFRS. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-264": { "value": "The consolidated financial statements of Everest Global Plc have been prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (IFRS as adopted by the UK), IFRS Interpretations Committee and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention in the Group's reporting currency of Pound Sterling. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Although these estimates are based on management's experience and knowledge of current events and actions, actual results may ultimately differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-5": { "value": "Everest Global Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-310": { "value": "The consolidated financial statements have been prepared under the historical cost convention in the Group's reporting currency of Pound Sterling. r. Foreign currencies In preparing the financial statements of each individual Group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting year, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non- monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on translation of monetary items, are recognised in profit or loss in the year in which they arise. Exchange differences arising on the retranslation of non- monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains, and losses are recognised directly in other comprehensive income, in which cases, the exchange differences are also recognised directly in other comprehensive income. For the purposes of presenting the consolidated financial statements, assets and liabilities of the Group's foreign operations are translated from South African Rand into the presentation currency of the Group of Pound Sterling at the rate of exchange prevailing at the end of the reporting year, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during that year, in which case, the exchange rates prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity. The principal exchange rates during the year are set out in the table below:
Rate compared to \u00a3 (GBP)
Foreign
For the year ending
For the year ending
currency
31 October 2024
31 October 2023
South African Rand
23.3074
22.6757
US Dollar
1.2990
1.2154
Hong Kong Dollar
10.0944
-
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-265": { "value": "a. Going concern These consolidated financial statements are prepared on the going concern basis. The going concern basis assumes that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business. The Group has incurred significant operating losses and negative cash flows from operations as the Group pivoted to new opportunities during the year under review. There remains an active and liquid market for the Group's shares. As at 31 October 2024 the Group held \u00a3279,725 (2023: 858,024) in cash and cash equivalents. The Group acquired PL and disposed of DI during the year. Furthermore, the Group continues to seek further investment opportunities to develop its UK and European-focused food and beverage operations. It will be necessary to raise further funding to achieve these objectives. The Company has the ability to issue up to \u00a350 million CLNs, of which the Company has issued \u00a33 million of CLNs this financial year. The Directors have prepared cash flow forecasts. These forecasts consider operating cash flows and capital expenditure requirements for the Company and PL, available working capital and forecast expenditure, including overheads and other costs. The Directors are of the opinion that the Group has sufficient working capital and that no additional funding is required. However, funding is being raised to provide adequate cash flow to cover the business for unforeseen costs that might occur. After careful consideration of the matters set out above, the Directors are of the opinion that the Group will be able to undertake its planned activities for the period to 28 February 2026 from current cash and debtor positions and have prepared the consolidated financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-266": { "value": "b. New and amended standards adopted by the Company The Group has implemented IFRS as adopted by the UK. At the point of transition from IFRS as adopted by the EU the underlying requirements were identical. The following standards, amendments and interpretations are new and effective for the year ended 31 October 2024 and have been adopted. None of the IFRS standards below had a material impact on the financial statements.
IAS 1
Presentation of
Clarifies that liabilities are classified as
1 January 2023
Financial
either
current
or
non-current,
Statements
depending on the rights that exist at the
end
of
the
reporting period.
Classification
is
unaffected
by
the
expectations of the entity or events
after the reporting date (for example,
the receipt of a waiver or a breach of
covenant).
The
amendment
also
clarifies what IAS 1 means when it
refers to the 'settlement' of a liability.
IAS 1 & IAS 8
'Presentation of
Amendments to improve accounting
1 January 2023
Financial
policy disclosures and to help users of
Statements' and
the financial statements to distinguish
'Accounting
between
changes
accounting
in
policies, changes
estimates and changes in accounting
in accounting
policies.
estimates
and errors'
IAS 12
Deferred taxation
These amendments require companies
1 January 2023
to
recognise
deferred
on
tax
transactions that, on initial recognition
give rise to equal amounts of taxable
and deductible temporary differences.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 November 2023 and have not been early adopted:
IFRS S1
General
IFRS S1 sets out overall requirements
1 January 2024
Requirements
for
for
sustainability-related
financial
Disclosure
of
disclosures
with
the
Sustainability-
objective to require an entity to disclose
related
Financial
information
about
its
sustainability-
Information
related risks and opportunities that is
useful to primary users of general-
purpose financial reports in making
decisions
to
relating
providing
resources to the entity.
IFRS S2
Climate-related
IFRS S2 sets out the requirements for
1 January 2024
Disclosures
identifying, measuring and disclosing
information about climate-related risks
and
opportunities
that is useful
to
primary
users
of
general-purpose
financial reports in making decisions
relating to providing resources to the
entity
IFRS 18
Presentation
and
IFRS 18 includes requirements for all
1 January 2027
Disclosures
in
entities
IFRS
applying
for
the
Financial
presentation
and
disclosure
of
Statements
information in financial statements.
The Directors anticipate that the adoption of these standards and the interpretations in future periods will not have a material impact on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-311": { "value": "The Group has implemented IFRS as adopted by the UK. At the point of transition from IFRS as adopted by the EU the underlying requirements were identical. The following standards, amendments and interpretations are new and effective for the year ended 31 October 2024 and have been adopted. None of the IFRS standards below had a material impact on the financial statements.
IAS 1
Presentation of
Clarifies that liabilities are classified as
1 January 2023
Financial
either
current
or
non-current,
Statements
depending on the rights that exist at the
end
of
the
reporting period.
Classification
is
unaffected
by
the
expectations of the entity or events
after the reporting date (for example,
the receipt of a waiver or a breach of
covenant).
The
amendment
also
clarifies what IAS 1 means when it
refers to the 'settlement' of a liability.
IAS 1 & IAS 8
'Presentation of
Amendments to improve accounting
1 January 2023
Financial
policy disclosures and to help users of
Statements' and
the financial statements to distinguish
'Accounting
between
changes
accounting
in
policies, changes
estimates and changes in accounting
in accounting
policies.
estimates
and errors'
IAS 12
Deferred taxation
These amendments require companies
1 January 2023
to
recognise
deferred
on
tax
transactions that, on initial recognition
give rise to equal amounts of taxable
and deductible temporary differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-312": { "value": "The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 November 2023 and have not been early adopted:
IFRS S1
General
IFRS S1 sets out overall requirements
1 January 2024
Requirements
for
for
sustainability-related
financial
Disclosure
of
disclosures
with
the
Sustainability-
objective to require an entity to disclose
related
Financial
information
about
its
sustainability-
Information
related risks and opportunities that is
useful to primary users of general-
purpose financial reports in making
decisions
to
relating
providing
resources to the entity.
IFRS S2
Climate-related
IFRS S2 sets out the requirements for
1 January 2024
Disclosures
identifying, measuring and disclosing
information about climate-related risks
and
opportunities
that is useful
to
primary
users
of
general-purpose
financial reports in making decisions
relating to providing resources to the
entity
IFRS 18
Presentation
and
IFRS 18 includes requirements for all
1 January 2027
Disclosures
in
entities
IFRS
applying
for
the
Financial
presentation
and
disclosure
of
Statements
information in financial statements.
The Directors anticipate that the adoption of these standards and the interpretations in future periods will not have a material impact on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-267": { "value": "c. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 October each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non- controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Where certain assets of the subsidiary are measured at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the related assets (i.e. reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 \"Financial Instruments: Recognition and Measurement\" or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; - liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree's share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Associates The Company's interest in an associate is carried in the statement of financial position at its share in the net assets of the associate together with goodwill paid on acquisition, less any impairment loss. When the share in the losses exceeds the carrying amount of an equity-accounted Company, the carrying amount is written down to nil and recognition of further losses is discontinued. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-313": { "value": "The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 October each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non- controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Where certain assets of the subsidiary are measured at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the related assets (i.e. reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 \"Financial Instruments: Recognition and Measurement\" or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity. f. Investments in subsidiaries Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-339": { "value": "Non-controlling interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-340": { "value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; - liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree's share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-314": { "value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; - liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree's share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-358": { "value": "Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-315": { "value": "Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-341": { "value": "Associates The Company's interest in an associate is carried in the statement of financial position at its share in the net assets of the associate together with goodwill paid on acquisition, less any impairment loss. When the share in the losses exceeds the carrying amount of an equity-accounted Company, the carrying amount is written down to nil and recognition of further losses is discontinued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-316": { "value": "Associates The Company's interest in an associate is carried in the statement of financial position at its share in the net assets of the associate together with goodwill paid on acquisition, less any impairment loss. When the share in the losses exceeds the carrying amount of an equity-accounted Company, the carrying amount is written down to nil and recognition of further losses is discontinued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-268": { "value": "d. Property, plant & equipment Property, plant and equipment are stated at historical cost less subsequent accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial year in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method to write of their cost over their estimated useful lives at the following annual rates: Leasehold improvements 33.33% Furniture, fixtures & equipment 17.00% & 20.00% Plant & machinery 20.00% & 33.33% Useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting year. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the relevant asset and is recognised in profit or loss in the year in which the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-317": { "value": "Depreciation on property, plant and equipment is calculated using the straight-line method to write of their cost over their estimated useful lives at the following annual rates: Leasehold improvements 33.33% Furniture, fixtures & equipment 17.00% & 20.00% Plant & machinery 20.00% & 33.33% Useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting year. The right-of-use asset is depreciated over lease term on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-269": { "value": "e. Leased assets The Group leases various retail premises. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. The right-of-use asset is depreciated over lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: - fixed payments (including in-substance fixed payments), less any lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: - the amount of the initial measurement of lease liability; - any lease payments made at or before the commencement date less any lease incentives received any initial direct costs; and - restoration costs. Payments associated with short term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise moving equipment rented on a day to day basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-270": { "value": "g. Inventories Inventories are carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. When the inventories are sold, the carrying amount of those inventories is recognised as an expense in the year in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the year in which the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as an expense in the year in which the reversal occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-271": { "value": "h. Impairment Non-derivative financial assets Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at Fair Value through Other Comprehensive Income ('FVTOCI') are credit-impaired. A financial asset is \"credit- impaired\" when one or more events that have a detrimental impact on the estimated future cash flows of the financial assets have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the borrower or issuer; - a breach of contract such as a default or being more than 90 days past due; - the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; - it is probable that the borrower will enter bankruptcy or other financial reorganisation; or - the disappearance of an active market for a security because of financial difficulties. A 12-month approach is followed in determining the Expected Credit Loss ('ECL'). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVTOCI, the loss allowance is charged to profit or loss and is recognised in Other Comprehensive Income ('OCI'). Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group's procedures of recovery of the amounts due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-318": { "value": "h. Impairment Non-derivative financial assets Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at Fair Value through Other Comprehensive Income ('FVTOCI') are credit-impaired. A financial asset is \"credit- impaired\" when one or more events that have a detrimental impact on the estimated future cash flows of the financial assets have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the borrower or issuer; - a breach of contract such as a default or being more than 90 days past due; - the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; - it is probable that the borrower will enter bankruptcy or other financial reorganisation; or - the disappearance of an active market for a security because of financial difficulties. A 12-month approach is followed in determining the Expected Credit Loss ('ECL'). Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVTOCI, the loss allowance is charged to profit or loss and is recognised in Other Comprehensive Income ('OCI'). Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group's procedures of recovery of the amounts due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-272": { "value": "i. Financial instruments The Group classifies non-derivative financial assets into the following categories: loans and receivables and Fair Value through Profit and Loss ('FVTPL') and FVTOCI financial assets. The Group classifies non-derivative financial liabilities into the following category: other financial liabilities. i. Non-derivative financial assets and financial liabilities - recognition and derecognition The Group initially recognises loans and receivables on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Gains or losses on derecognition of financial liabilities are recognised in profit or loss as a finance charge. Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ii. Loans and receivables \u2013 measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. iii. Assets at FVTOCI - measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, are recognised in OCI and accumulated in the revaluation reserve. When these assets are derecognised, the gain or loss accumulated in equity is reclassified to profit or loss. iv. Non-derivative financial liabilities \u2013 measurement Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method. v. Convertible loan notes and derivative financial instruments The presentation and measurement of loan notes for accounting purposes is governed by IAS 32 and IFRS 9. These standards require the loan notes to be separated into two components: - a derivative liability; and - a debt host liability. This is because the loan notes are convertible into an unknown number of shares, therefore failing the 'fixed-for- fixed' criterion under IAS 32. This requires the 'underlying option component' of the loan note to be valued first (as an embedded derivative), with the residual of the face value being allocated to the debt host liability (refer financial liabilities policy above). Compound financial instruments issued by the Group comprise convertible notes denominated in British pounds that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised. The Group's financial liabilities include amounts due to a director, trade payables and accrued liabilities. These financial liabilities are classified as FVTPL are stated at fair value with any gains or losses arising on re- measurement recognised in profit or loss. Other financial liabilities, including borrowings are initially measured at fair value, net of transaction costs. j. Borrowings Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the reporting period, in which case they are presented as non-current liabilities. Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried for at amortised costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the year of the borrowings using the effective interest method. Borrowings which are due to be settled within twelve months after the reporting period are included in current borrowings in the statement of financial position even though the original term was for a period longer than twelve months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-319": { "value": "i. Non-derivative financial assets and financial liabilities - recognition and derecognition The Group initially recognises loans and receivables on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Gains or losses on derecognition of financial liabilities are recognised in profit or loss as a finance charge. Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ii. Loans and receivables \u2013 measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. iii. Assets at FVTOCI - measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, are recognised in OCI and accumulated in the revaluation reserve. When these assets are derecognised, the gain or loss accumulated in equity is reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-342": { "value": "i. Non-derivative financial assets and financial liabilities - recognition and derecognition The Group initially recognises loans and receivables on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Gains or losses on derecognition of financial liabilities are recognised in profit or loss as a finance charge. Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. iv. Non-derivative financial liabilities \u2013 measurement Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method. v. Convertible loan notes and derivative financial instruments The presentation and measurement of loan notes for accounting purposes is governed by IAS 32 and IFRS 9. These standards require the loan notes to be separated into two components: - a derivative liability; and - a debt host liability. This is because the loan notes are convertible into an unknown number of shares, therefore failing the 'fixed-for- fixed' criterion under IAS 32. This requires the 'underlying option component' of the loan note to be valued first (as an embedded derivative), with the residual of the face value being allocated to the debt host liability (refer financial liabilities policy above). Compound financial instruments issued by the Group comprise convertible notes denominated in British pounds that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised. The Group's financial liabilities include amounts due to a director, trade payables and accrued liabilities. These financial liabilities are classified as FVTPL are stated at fair value with any gains or losses arising on re- measurement recognised in profit or loss. Other financial liabilities, including borrowings are initially measured at fair value, net of transaction costs. j. Borrowings Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the reporting period, in which case they are presented as non-current liabilities. Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried for at amortised costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the year of the borrowings using the effective interest method. Borrowings which are due to be settled within twelve months after the reporting period are included in current borrowings in the statement of financial position even though the original term was for a period longer than twelve months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-359": { "value": "The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Gains or losses on derecognition of financial liabilities are recognised in profit or loss as a finance charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-360": { "value": "Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-343": { "value": "ii. Loans and receivables \u2013 measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-361": { "value": "iii. Assets at FVTOCI - measurement These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, are recognised in OCI and accumulated in the revaluation reserve. When these assets are derecognised, the gain or loss accumulated in equity is reclassified to profit or loss. iv. Non-derivative financial liabilities \u2013 measurement Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-320": { "value": "v. Convertible loan notes and derivative financial instruments The presentation and measurement of loan notes for accounting purposes is governed by IAS 32 and IFRS 9. These standards require the loan notes to be separated into two components: - a derivative liability; and - a debt host liability. This is because the loan notes are convertible into an unknown number of shares, therefore failing the 'fixed-for- fixed' criterion under IAS 32. This requires the 'underlying option component' of the loan note to be valued first (as an embedded derivative), with the residual of the face value being allocated to the debt host liability (refer financial liabilities policy above). Compound financial instruments issued by the Group comprise convertible notes denominated in British pounds that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised. The Group's financial liabilities include amounts due to a director, trade payables and accrued liabilities. These financial liabilities are classified as FVTPL are stated at fair value with any gains or losses arising on re- measurement recognised in profit or loss. Other financial liabilities, including borrowings are initially measured at fair value, net of transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-362": { "value": "v. Convertible loan notes and derivative financial instruments The presentation and measurement of loan notes for accounting purposes is governed by IAS 32 and IFRS 9. These standards require the loan notes to be separated into two components: - a derivative liability; and - a debt host liability. This is because the loan notes are convertible into an unknown number of shares, therefore failing the 'fixed-for- fixed' criterion under IAS 32. This requires the 'underlying option component' of the loan note to be valued first (as an embedded derivative), with the residual of the face value being allocated to the debt host liability (refer financial liabilities policy above). Compound financial instruments issued by the Group comprise convertible notes denominated in British pounds that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised. The Group's financial liabilities include amounts due to a director, trade payables and accrued liabilities. These financial liabilities are classified as FVTPL are stated at fair value with any gains or losses arising on re- measurement recognised in profit or loss. Other financial liabilities, including borrowings are initially measured at fair value, net of transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-321": { "value": "j. Borrowings Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the reporting period, in which case they are presented as non-current liabilities. Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried for at amortised costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the year of the borrowings using the effective interest method. Borrowings which are due to be settled within twelve months after the reporting period are included in current borrowings in the statement of financial position even though the original term was for a period longer than twelve months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-273": { "value": "k. Revenue recognition Performance obligations and service recognition policies Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over of goods or services to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies.
Nature and timing of satisfaction of
Type of product/
performance obligations, including
service
significant payment terms
Revenue recognition under IFRS 15
Customers obtain control of the goods when the
goods have been delivered to them and have
been accepted at their premises or the agreed
Revenue is recognised when the goods are
point of delivery. Invoices are generated at that
delivered and have been accepted by the
Sale of goods
point in time net of rebates and discounts.
customers at their premises or the agreed
Invoices are generally payable within 30 days.
point of delivery.
No settlement discounts are provided for. The
sale of the goods are not subject to a return
policy.
Interest income is recognised in the income
Once a financial asset has been written
statement for all interest-bearing instruments
down to its estimated recoverable amount,
(whether
classified as
held-to-maturity,
interest income is thereafter recognised
Interest revenue
FVTOCI, FVTPL, derivatives or other assets) on
based on the effective interest rate that was
an accrual basis using the effective interest
used to discount the future cash flows for
method based on the actual purchase price
the purpose of measuring the recoverable
including direct transaction costs.
amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-274": { "value": "l. Cost of sales Cost of sales consists of all costs of purchase and other directly incurred costs. Cost of purchase comprises the purchase price, import duties and other taxes (other than those subsequently recoverable by the Group from the taxing authorities), if any, and transport, handling and other costs directly attributable to the acquisition of goods. Trade discounts, rebates and other similar items are deducted in determining the costs of purchase. Cost of conversion primarily consists of hiring charges of subcontractors incurred during conversion. ", "dimensions": { "concept": "everestglobalplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-275": { "value": "m. Finance income and finance costs The Group's finance income and finance costs include: - interest income; - interest expense; and - dividend income. Interest income and expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group's right to receive payment is established. The \"effective interest rate\" is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - the gross carrying amount of the financial asset; or - the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset, if the asset is no-longer credit-impaired, then the calculation of interest income reverts to the gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-322": { "value": "m. Finance income and finance costs The Group's finance income and finance costs include: - interest income; - interest expense; and - dividend income. Interest income and expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group's right to receive payment is established. The \"effective interest rate\" is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - the gross carrying amount of the financial asset; or - the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset, if the asset is no-longer credit-impaired, then the calculation of interest income reverts to the gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-344": { "value": "m. Finance income and finance costs The Group's finance income and finance costs include: - interest income; - interest expense; and - dividend income. Interest income and expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group's right to receive payment is established. The \"effective interest rate\" is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - the gross carrying amount of the financial asset; or - the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset, if the asset is no-longer credit-impaired, then the calculation of interest income reverts to the gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-276": { "value": "n. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income and expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting year. Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting year, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-323": { "value": "n. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income and expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting year. Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting year, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-277": { "value": "o. Cash & cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are also included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-278": { "value": "p. Provisions and contingencies Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the statement of financial position date and are discounted to present value where the effect is material. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. When the effect of discounting is material, the amount recognised for a provision is the present value at the reporting date of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of comprehensive income. Contingent liabilities are not recognised in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the financial statements but disclosed when an inflow of economic benefits is probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-324": { "value": "Contingent liabilities are not recognised in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the financial statements but disclosed when an inflow of economic benefits is probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-279": { "value": "q. Share capital Ordinary shares are classified as equity. Proceeds from issuance of ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against share capital and share premium. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-280": { "value": "r. Foreign currencies In preparing the financial statements of each individual Group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting year, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non- monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on translation of monetary items, are recognised in profit or loss in the year in which they arise. Exchange differences arising on the retranslation of non- monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains, and losses are recognised directly in other comprehensive income, in which cases, the exchange differences are also recognised directly in other comprehensive income. For the purposes of presenting the consolidated financial statements, assets and liabilities of the Group's foreign operations are translated from South African Rand into the presentation currency of the Group of Pound Sterling at the rate of exchange prevailing at the end of the reporting year, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during that year, in which case, the exchange rates prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity. The principal exchange rates during the year are set out in the table below:
Rate compared to \u00a3 (GBP)
Foreign
For the year ending
For the year ending
currency
31 October 2024
31 October 2023
South African Rand
23.3074
22.6757
US Dollar
1.2990
1.2154
Hong Kong Dollar
10.0944
-
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-281": { "value": "s. Employee benefits Salaries, annual bonuses, paid annual leave and the cost to the Group of non-monetary benefits are accrued in the year in which employees of the Group render the associated services. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-282": { "value": "t. Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Director who makes strategic decisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-283": { "value": "3. Critical accounting estimates and judgements 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. In the application of the Group's accounting policies, which are described above, management is required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions that had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below. a. Share based payments The fair value of share-based payments recognised in the income statement is measured by use of the Black Scholes model, which considers conditions attached to the vesting and exercise of the equity instruments. The expected life used in the model is adjusted; based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The share price volatility percentage factor used in the calculation is based on management's best estimate of future share price behaviour based on past experience, future expectations and benchmarked against peer companies in the industry. b. Equity portion of convertible loan notes The Group provides for the equity portion of convertible loan notes by applying an estimated interest rate in determining the present values of the convertible loan notes and the interest payable thereon over the life of the convertible loan notes. 3. Impairment of goodwill The group applies judgement in determining whether the carrying value of goodwill has any indication of impairment on an annual basis. Both external and internal factors are monitored for indications of impairment. When preforming the impairment review, management\u2019s approach for determining the recoverable amount of a subsidiary is based on the higher of value in use or fair value less cost to dispose. The value in use is compared with the carrying amount of the subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-284": { "value": "4. Segmental reporting Following the acquisition of PL and the sale of DI the Company operates in two segments and two geographical regions as follows:
Geographical revenue:
\u00a3
South Africa
360,963
For the 2 months between 1 November 2023 and 31 December 2023
United Kingdom
437,768
For the 10 months between 1 January 2024 and 31 October 2024
798,731
Segmental revenue:
\u00a3
Beverages
437,768
For the 10 months between 1 January 2024 and 31 October 2024
Spice related products
360,963
For the 2 months between 1 November 2023 and 31 December 2023
798,731
The analysis of the Group\u2019s income statement between continuing and discontinued operations is as follows:
2024
2023
Continuing
Discontinued
Total
Continuing
Discontinued
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Turnover
437,768
360,963
798,731
-
2,791,695
2,791,695
Cost of sales
(329,714)
(272,040)
(601,754)
-
(2,104,060)
(2,104,060)
Gross profit
108,054
88,923
196,977
-
687,635
687,635
Other income
-
12,963
12,963
9,231
13,342
22,573
Administrative
(777,661)
(93,439)
(871,100)
(820,114)
(611,996)
(1,432,110)
expenses
Operating result
(669,607)
8,447
(661,160)
(810,883)
88,981
(721,902)
Finance cost
(124,012)
(19,298)
(143,310)
(75,975)
(113,706)
(189,681)
Finance income
163,839
4,766,120
4,929,959
6,959
17,586
24,545
(Loss)/profit
before
(629,780)
4,755,269
4,125,489
(879,899)
(7,139)
(887,038)
tax
Taxation
-
-
-
-
-
-
(Loss)/profit after tax
(629,780)
4,755,269
4,125,489
(879,899)
(7,139)
(887,038)
Attributable to
controlling interest
non-
-
(2,330,081)
(2,330,081)
-
24,698
24,698
Attributable to
ordinary shareholders
(629,780)
2,425,188
1,795,408
(879,899)
17,559
(862,340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-325": { "value": "4. Segmental reporting Following the acquisition of PL and the sale of DI the Company operates in two segments and two geographical regions as follows:
Geographical revenue:
\u00a3
South Africa
360,963
For the 2 months between 1 November 2023 and 31 December 2023
United Kingdom
437,768
For the 10 months between 1 January 2024 and 31 October 2024
798,731
Segmental revenue:
\u00a3
Beverages
437,768
For the 10 months between 1 January 2024 and 31 October 2024
Spice related products
360,963
For the 2 months between 1 November 2023 and 31 December 2023
798,731
The analysis of the Group\u2019s income statement between continuing and discontinued operations is as follows:
2024
2023
Continuing
Discontinued
Total
Continuing
Discontinued
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Turnover
437,768
360,963
798,731
-
2,791,695
2,791,695
Cost of sales
(329,714)
(272,040)
(601,754)
-
(2,104,060)
(2,104,060)
Gross profit
108,054
88,923
196,977
-
687,635
687,635
Other income
-
12,963
12,963
9,231
13,342
22,573
Administrative
(777,661)
(93,439)
(871,100)
(820,114)
(611,996)
(1,432,110)
expenses
Operating result
(669,607)
8,447
(661,160)
(810,883)
88,981
(721,902)
Finance cost
(124,012)
(19,298)
(143,310)
(75,975)
(113,706)
(189,681)
Finance income
163,839
4,766,120
4,929,959
6,959
17,586
24,545
(Loss)/profit
before
(629,780)
4,755,269
4,125,489
(879,899)
(7,139)
(887,038)
tax
Taxation
-
-
-
-
-
-
(Loss)/profit after tax
(629,780)
4,755,269
4,125,489
(879,899)
(7,139)
(887,038)
Attributable to
controlling interest
non-
-
(2,330,081)
(2,330,081)
-
24,698
24,698
Attributable to
ordinary shareholders
(629,780)
2,425,188
1,795,408
(879,899)
17,559
(862,340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-345": { "value": "Following the acquisition of PL and the sale of DI the Company operates in two segments and two geographical regions as follows:
Geographical revenue:
\u00a3
South Africa
360,963
For the 2 months between 1 November 2023 and 31 December 2023
United Kingdom
437,768
For the 10 months between 1 January 2024 and 31 October 2024
798,731
Segmental revenue:
\u00a3
Beverages
437,768
For the 10 months between 1 January 2024 and 31 October 2024
Spice related products
360,963
For the 2 months between 1 November 2023 and 31 December 2023
798,731
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-285": { "value": "5. Other income
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Bad debts recovered
-
3,212
-
-
Profit on disposal of property, plant and
equipment
-
10,130
-
-
Profit on disposal of investment
-
9,231
-
9,231
-
22,573
-
9,231
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-326": { "value": "5. Other income
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Bad debts recovered
-
3,212
-
-
Profit on disposal of property, plant and
equipment
-
10,130
-
-
Profit on disposal of investment
-
9,231
-
9,231
-
22,573
-
9,231
8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-286": { "value": "
6. Personnel expenses and staff numbers
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
The average number of employees in the year were:
Directors
4
6
4
3
Management
1
3
-
-
Accounts & administrative
2
3
1
-
Sales
5
1
-
-
Manufacturing/warehouse
-
11
-
-
Total
12
24
5
3
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
The aggregate payroll costs for these
persons were:
277,830
332,440
160,023
123,260
Average ratio of executive pay verses
average employee pay:
2.07
3.54
Average directors
35,360
41,087
Average of all employees
34,729
13,852
Average of non-director employees
17,049
11,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-346": { "value": "
7. Directors\u2019 remuneration
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Salaries and fees:
Xin (Andy) Sui
44,800
39,000
44,800
39,000
Robert Scott
63,000
34,000
63,000
34,000
Simon Grant-Rennick
28,640
50,260
28,640
50,260
Feng Chen
5,000
-
5,000
-
Total
141,440
123,260
141,440
123,260
No pension contributions were made by the Company on behalf of its directors in the current year nor in the prior
year.
At the year-end a total of \u00a33,962 (2023: \u00a32,810) was outstanding in respect of directors' emoluments.
Directors' fees During the year ended 31 October 2024 \u00a3142,440 was paid to Directors of the Company (2023: \u00a3123,260). At the year- end a total of \u00a33,962 (2023: \u00a32,810) was outstanding in respect of Directors' emoluments. Outstanding Director's salaries and related party transactions Included in trade and other payables are the following outstanding Directors' salaries and fees payable to related parties for other services:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Xin (Andy) Sui
3,162
2,250
3,162
2,250
Robert Scott
4,000
-
4,000
-
Simon Grant-Rennick
2,440
560
2,440
560
Feng Chen
95,762
-
800
-
105,364
2,810
10,402
2,810
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-287": { "value": "8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-347": { "value": "8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-363": { "value": "8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-372": { "value": "8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-375": { "value": "8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-377": { "value": "8. Expenses \u2013 analysis by nature
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Auditors remuneration for audit service:
parent
78,000
55,000
78,000
55,000
Auditors remuneration for audit service:
related services
-
-
-
-
(Over)/under-provision of prior year audit
fee
(368)
5,000
(368)
5,000
Auditors remuneration for audit service:
subsidiary
10,000
6,539
10,000
6,539
Brokership fees
31,626
17,527
31,626
17,527
Legal & professional fees
174,488
249,317
167,598
249,317
Registrar fees
6,096
3,850
6,094
3,850
Depreciation on IFRS 16 right of use asset
(note 27)
14,119
-
-
-
Gain/loss on exchange
136
478
206
478
Personnel expenses (note 6)
277,830
48,068
160,023
48,068
Other administrative expenses
185,734
69,767
130,145
69,767
Subtotal
777,661
455,546
583,324
455,546
Admission costs
-
364,568
-
364,568
Total
777,661
820,114
583,324
820,114
In the year ended 31 October 2023, admission costs included \u00a3100,000 payable to RPGCC with respect to their engagement as reporting accountant.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-288": { "value": "9. Impairments As in previous financial years, the recoverability of the investments was evaluated. In management's estimation, following a review of the subsidiary undertakings, it is deemed their purchase value represents the carrying value in the financial statements. The goodwill calculation will be reviewed on an annual basis and any impairment will be presented in this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-289": { "value": "10. Finance costs
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest paid on borrowings
(3,552)
95,771
-
-
Interest accrued on convertible loan notes
120,865
75,975
120,865
75,975
Lease liability
6,699
17,935
-
-
124,012
189,681
120,865
75,975
Finance costs represent interest and charges in respect of the discounting of invoices, the interest accrual for the Convertible Loan Notes issued and the interest charged on capitalised right-of use lease liability. 11. Finance income
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest earned on loans receivable
65,419
6,959
-
6,959
Other fees received as part of loan setup
98,420
-
-
-
Interest earned on intercompany loan
receivable
-
-
62,331
-
Interest earned on favourable bank
balances
-
17,586
-
-
163,839
24,545
62,331
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-327": { "value": "10. Finance costs
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest paid on borrowings
(3,552)
95,771
-
-
Interest accrued on convertible loan notes
120,865
75,975
120,865
75,975
Lease liability
6,699
17,935
-
-
124,012
189,681
120,865
75,975
Finance costs represent interest and charges in respect of the discounting of invoices, the interest accrual for the Convertible Loan Notes issued and the interest charged on capitalised right-of use lease liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-348": { "value": "10. Finance costs
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest paid on borrowings
(3,552)
95,771
-
-
Interest accrued on convertible loan notes
120,865
75,975
120,865
75,975
Lease liability
6,699
17,935
-
-
124,012
189,681
120,865
75,975
Finance costs represent interest and charges in respect of the discounting of invoices, the interest accrual for the Convertible Loan Notes issued and the interest charged on capitalised right-of use lease liability. 11. Finance income
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest earned on loans receivable
65,419
6,959
-
6,959
Other fees received as part of loan setup
98,420
-
-
-
Interest earned on intercompany loan
receivable
-
-
62,331
-
Interest earned on favourable bank
balances
-
17,586
-
-
163,839
24,545
62,331
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-364": { "value": "10. Finance costs
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest paid on borrowings
(3,552)
95,771
-
-
Interest accrued on convertible loan notes
120,865
75,975
120,865
75,975
Lease liability
6,699
17,935
-
-
124,012
189,681
120,865
75,975
Finance costs represent interest and charges in respect of the discounting of invoices, the interest accrual for the Convertible Loan Notes issued and the interest charged on capitalised right-of use lease liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-373": { "value": "
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest paid on borrowings
(3,552)
95,771
-
-
Interest accrued on convertible loan notes
120,865
75,975
120,865
75,975
Lease liability
6,699
17,935
-
-
124,012
189,681
120,865
75,975
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-328": { "value": "11. Finance income
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest earned on loans receivable
65,419
6,959
-
6,959
Other fees received as part of loan setup
98,420
-
-
-
Interest earned on intercompany loan
receivable
-
-
62,331
-
Interest earned on favourable bank
balances
-
17,586
-
-
163,839
24,545
62,331
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-365": { "value": "11. Finance income
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Interest earned on loans receivable
65,419
6,959
-
6,959
Other fees received as part of loan setup
98,420
-
-
-
Interest earned on intercompany loan
receivable
-
-
62,331
-
Interest earned on favourable bank
balances
-
17,586
-
-
163,839
24,545
62,331
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-290": { "value": "12. Taxation The charge for the year can be reconciled to the profit before taxation per the consolidated statement of comprehensive income as follows:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Tax charge
-
-
-
-
Factors affecting the tax charge
Profit/(loss) on ordinary activities before
taxation
1,866,188
(887,038)
(639,025)
(879,899)
Loss on ordinary activities before
taxation multiplied by standard rate of
UK corporation tax of 25% (2023: 19%)
466,547
(168,537)
(121,415)
(167,181)
Tax effect of expenses not deductible
for tax
1,848
2,852
-
14,751
Sale of subsidiary
(468,395)
-
-
-
Overseas tax rate difference from UK
rate - 27% (2023: 27%)
-
13,255
-
-
Tax effect of utilisation of tax losses
-
152,430
121,415
152,430
Tax charge for the year
-
-
-
-
The Company has excess management expenses of \u00a32,432,839 (2023: \u00a32,311,424) available for carry forward against future trading profits. The deferred tax asset in these tax losses at 25% has not been recognised due to the uncertainty of recovery. The UK government changed the corporate tax with effect from 1 April 2023. This change meant there was a sliding scale between 19% and 25%, depending on your profits. We have applied the rate of 25%, which is applicable for business with profits more than \u00a3250,000 as it is the expectation that profits would exceed this in the future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-291": { "value": "13. Earnings per share Earnings per share data is based on the Group result for the year and the weighted average number of shares in issue. Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the year:
Group
For the year
For the
ended
year ended
31 October
31 October
2024
2023
\u00a3
\u00a3
Profit/(loss) after tax
1,795,408
(862,340)
Weighted average number of shares in issue
72,368,363
50,488,839
Basic profit/(loss) per share
0.0248
(0.0171)
Profit/(loss) after tax
1,795,408
(862,340)
Weighted average number of shares in issue and warrants outstanding
124,840,645
50,488,839
Diluted profit/(loss) per share
0.0144
(0.0171)
As at 31 October 2024 there were 72,368,363 (2023: 64,888,855) shares in issue, 52,472,282 (2023: 63,089,171) outstanding share warrants and nil (2023: nil) outstanding options, both are potentially dilutive. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-292": { "value": "14. Goodwill
Group
\u00a3
As at 31 October 2023
-
Additions
879,127
As at 31 October 2024
879,127
Goodwill arose on the acquisition of Precious Link (UK) Limited. Goodwill has been calculated as the difference between the purchase price paid by the Company and the net identifiable assets of PL. The fair value of purchase price was \u00a3500,000, which was calculated using the forward price-earnings ratio of PL\u2019s estimated future profits at the time of acquisition. Of this amount, \u00a3184,836 was allocated to the acquisition of the shareholder\u2019s loan to PL. The net liabilities of PL at acquisition amounted to \u00a3563,963, which included no value for the shop fittings or brand of PL. While the Company noted that some value would ascribe to the fittings and brand of PL, the directors determined that any fair value adjustments on acquisition would not result in a material adjustment to goodwill. Accordingly, the goodwill on acquisition amounted to \u00a3879,127. The Directors have assessed the carrying value of goodwill on the basis of value in use and have determined, that there is no impairment in the year ending 31 October 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-329": { "value": "14. Goodwill
Group
\u00a3
As at 31 October 2023
-
Additions
879,127
As at 31 October 2024
879,127
Goodwill arose on the acquisition of Precious Link (UK) Limited. Goodwill has been calculated as the difference between the purchase price paid by the Company and the net identifiable assets of PL. The fair value of purchase price was \u00a3500,000, which was calculated using the forward price-earnings ratio of PL\u2019s estimated future profits at the time of acquisition. Of this amount, \u00a3184,836 was allocated to the acquisition of the shareholder\u2019s loan to PL. The net liabilities of PL at acquisition amounted to \u00a3563,963, which included no value for the shop fittings or brand of PL. While the Company noted that some value would ascribe to the fittings and brand of PL, the directors determined that any fair value adjustments on acquisition would not result in a material adjustment to goodwill. Accordingly, the goodwill on acquisition amounted to \u00a3879,127. The Directors have assessed the carrying value of goodwill on the basis of value in use and have determined, that there is no impairment in the year ending 31 October 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-293": { "value": "15. Investments
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in subsidiary
Cost of investment
-
-
515,804
297,915
Impairment of investment
-
-
-
(297,915)
Carrying value
-
-
515,804
-
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in associate
Cost of investment
16,465
-
16,465
-
Impairment of investment
-
-
-
-
Carrying value
16,465
-
16,465
-
As at 31 October 2024, the Company directly and indirectly held the following investments:
Name of company
Principal
Country of
Proportion of
Proportion of
activities
incorporation and
equity interest
equity interest
place of business
2024
2023
Dynamic
Intertrade
(Pty)
Trading in
South Africa
-
51%
Limited
Agricultural
products
Precious Link (UK) Ltd
Retail
sales
of
United Kingdom
100.00%
-
alcoholic
beverages
Everest
(Hong
Kong)
Type
4 and
9
Hong Kong
100.00%
-
Securities Limited
licence holders
Everest Capital London Ltd
Treasury
United Kingdom
100.00%
-
Ace Jumbo Ventures Ltd
Intermediary
Republic of
33.33%
-
holding company
Seychelles
Information about the Group's shareholdings in subsidiaries at the end of the reporting period is as follows:
Dynamic Intertrade (Pty) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
51%
51%
Percentage disposed
(51%)
-
Percentage held at 31 October
-
51%
Precious Link (UK) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest (Hong Kong) Securities Limited
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest Capital London Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Ace Jumbo Ventures Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
33.33%
-
Percentage held at 31 October
33.33%
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-330": { "value": "15. Investments
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in subsidiary
Cost of investment
-
-
515,804
297,915
Impairment of investment
-
-
-
(297,915)
Carrying value
-
-
515,804
-
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in associate
Cost of investment
16,465
-
16,465
-
Impairment of investment
-
-
-
-
Carrying value
16,465
-
16,465
-
As at 31 October 2024, the Company directly and indirectly held the following investments:
Name of company
Principal
Country of
Proportion of
Proportion of
activities
incorporation and
equity interest
equity interest
place of business
2024
2023
Dynamic
Intertrade
(Pty)
Trading in
South Africa
-
51%
Limited
Agricultural
products
Precious Link (UK) Ltd
Retail
sales
of
United Kingdom
100.00%
-
alcoholic
beverages
Everest
(Hong
Kong)
Type
4 and
9
Hong Kong
100.00%
-
Securities Limited
licence holders
Everest Capital London Ltd
Treasury
United Kingdom
100.00%
-
Ace Jumbo Ventures Ltd
Intermediary
Republic of
33.33%
-
holding company
Seychelles
Information about the Group's shareholdings in subsidiaries at the end of the reporting period is as follows:
Dynamic Intertrade (Pty) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
51%
51%
Percentage disposed
(51%)
-
Percentage held at 31 October
-
51%
Precious Link (UK) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest (Hong Kong) Securities Limited
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest Capital London Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Ace Jumbo Ventures Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
33.33%
-
Percentage held at 31 October
33.33%
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-349": { "value": "15. Investments
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in subsidiary
Cost of investment
-
-
515,804
297,915
Impairment of investment
-
-
-
(297,915)
Carrying value
-
-
515,804
-
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in associate
Cost of investment
16,465
-
16,465
-
Impairment of investment
-
-
-
-
Carrying value
16,465
-
16,465
-
As at 31 October 2024, the Company directly and indirectly held the following investments:
Name of company
Principal
Country of
Proportion of
Proportion of
activities
incorporation and
equity interest
equity interest
place of business
2024
2023
Dynamic
Intertrade
(Pty)
Trading in
South Africa
-
51%
Limited
Agricultural
products
Precious Link (UK) Ltd
Retail
sales
of
United Kingdom
100.00%
-
alcoholic
beverages
Everest
(Hong
Kong)
Type
4 and
9
Hong Kong
100.00%
-
Securities Limited
licence holders
Everest Capital London Ltd
Treasury
United Kingdom
100.00%
-
Ace Jumbo Ventures Ltd
Intermediary
Republic of
33.33%
-
holding company
Seychelles
Information about the Group's shareholdings in subsidiaries at the end of the reporting period is as follows:
Dynamic Intertrade (Pty) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
51%
51%
Percentage disposed
(51%)
-
Percentage held at 31 October
-
51%
Precious Link (UK) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest (Hong Kong) Securities Limited
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest Capital London Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Ace Jumbo Ventures Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
33.33%
-
Percentage held at 31 October
33.33%
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-366": { "value": "15. Investments
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in subsidiary
Cost of investment
-
-
515,804
297,915
Impairment of investment
-
-
-
(297,915)
Carrying value
-
-
515,804
-
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Investment in associate
Cost of investment
16,465
-
16,465
-
Impairment of investment
-
-
-
-
Carrying value
16,465
-
16,465
-
As at 31 October 2024, the Company directly and indirectly held the following investments:
Name of company
Principal
Country of
Proportion of
Proportion of
activities
incorporation and
equity interest
equity interest
place of business
2024
2023
Dynamic
Intertrade
(Pty)
Trading in
South Africa
-
51%
Limited
Agricultural
products
Precious Link (UK) Ltd
Retail
sales
of
United Kingdom
100.00%
-
alcoholic
beverages
Everest
(Hong
Kong)
Type
4 and
9
Hong Kong
100.00%
-
Securities Limited
licence holders
Everest Capital London Ltd
Treasury
United Kingdom
100.00%
-
Ace Jumbo Ventures Ltd
Intermediary
Republic of
33.33%
-
holding company
Seychelles
Information about the Group's shareholdings in subsidiaries at the end of the reporting period is as follows:
Dynamic Intertrade (Pty) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
51%
51%
Percentage disposed
(51%)
-
Percentage held at 31 October
-
51%
Precious Link (UK) Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest (Hong Kong) Securities Limited
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Everest Capital London Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
100%
-
Percentage held at 31 October
100%
-
Ace Jumbo Ventures Ltd
2024
2023
\u00a3
\u00a3
Percentage held as at 1 November
-
-
Percentage purchased
33.33%
-
Percentage held at 31 October
33.33%
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-294": { "value": "16. Property, plant & equipment
Furniture,
Leasehold
fixtures and
Plant &
improvements
fittings
machinery
Total
Group
\u00a3
\u00a3
\u00a3
\u00a3
Cost
As at 31 October 2022
19,552
4,300
254,937
278,789
Additions
-
984
40,477
41,461
Disposals
-
-
(25,058)
(25,058)
Exchange difference
(1,410)
(299)
(18,278)
(19,987)
As at 31 October 2023
18,142
4,985
252,078
275,205
Additions
-
-
-
-
Purchase of subsidiary
-
1,209
-
1,209
Disposal of subsidiary
(18,142)
(4,985)
(252,078)
(275,205)
Exchange difference
-
-
-
-
As at 31 October 2024
-
1,209
-
1,209
Accumulated depreciation
As at 31 October 2022
19,550
4,193
241,162
264,905
Charge in the year
-
138
7,666
7,804
Released on disposal
-
-
(24,685)
(24,685)
Exchange difference
(1,410)
(308)
3,128
1,410
As at 31 October 2023
18,140
4,023
227,271
249,434
Charge in the year
-
23
1,270
1,293
Purchase of subsidiary
-
1,209
-
1,209
Disposal of subsidiary
(18,140)
(4,046)
(228,541)
(250,727)
Exchange difference
-
-
-
-
As at 31 October 2024
-
1,209
-
1,209
Net book value
As at 31 October 2023
2
962
24,807
25,771
As at 31 October 2024
-
-
-
-
The Company held no tangible fixed assets at 31 October 2024 or 31 October 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-295": { "value": "17. Inventories
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Raw materials
-
329,408
-
-
Alcoholic beverages
39,253
-
-
-
Other
-
-
-
-
39,253
329,408
-
-
The Group's previous subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was secured by a lien over the inventory and a cession of the debtors balances. Following the disposal of DI, the security of the inventory has now been satisfied and is no longer in place. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-296": { "value": "18. Trade & other receivables
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial instruments
Trade receivables
-
282,671
3,400
-
Loans receivable
2,830,324
210,773
-
200,000
Amounts owed from fellow group
undertakings
-
-
2,952,400
-
Other receivables
14,908
42,726
7,674
42,726
Non-financial instruments
Accrued income
-
6,959
68,849
6,959
Prepayments
31,801
30,257
31,801
8,634
Carrying value
2,877,033
573,386
3,064,124
258,319
Current
2,877,033
273,386
3,064,124
258,319
Non-current
-
-
-
-
2,877,033
573,386
3,064,124
258,319
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was secured by a lien over the inventory and a cession of the debtors balances. The receivables are considered to be held within a held-to-collect business model consistent with the Group's continuing recognition of the receivables. Credit and market risks, and impairment loses The Group did not impair any of its trade receivables as at 31 October 2024, as all trade receivables generated during the financial year, and outstanding at 31 October 2024 are considered to be recoverable during the ordinary course of business. Information about the Group's exposure to credit and market risks and impairment losses for trade receivables is included in Note 29. The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-350": { "value": "18. Trade & other receivables
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial instruments
Trade receivables
-
282,671
3,400
-
Loans receivable
2,830,324
210,773
-
200,000
Amounts owed from fellow group
undertakings
-
-
2,952,400
-
Other receivables
14,908
42,726
7,674
42,726
Non-financial instruments
Accrued income
-
6,959
68,849
6,959
Prepayments
31,801
30,257
31,801
8,634
Carrying value
2,877,033
573,386
3,064,124
258,319
Current
2,877,033
273,386
3,064,124
258,319
Non-current
-
-
-
-
2,877,033
573,386
3,064,124
258,319
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was secured by a lien over the inventory and a cession of the debtors balances. The receivables are considered to be held within a held-to-collect business model consistent with the Group's continuing recognition of the receivables. Credit and market risks, and impairment loses The Group did not impair any of its trade receivables as at 31 October 2024, as all trade receivables generated during the financial year, and outstanding at 31 October 2024 are considered to be recoverable during the ordinary course of business. Information about the Group's exposure to credit and market risks and impairment losses for trade receivables is included in Note 29. The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-367": { "value": "18. Trade & other receivables
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial instruments
Trade receivables
-
282,671
3,400
-
Loans receivable
2,830,324
210,773
-
200,000
Amounts owed from fellow group
undertakings
-
-
2,952,400
-
Other receivables
14,908
42,726
7,674
42,726
Non-financial instruments
Accrued income
-
6,959
68,849
6,959
Prepayments
31,801
30,257
31,801
8,634
Carrying value
2,877,033
573,386
3,064,124
258,319
Current
2,877,033
273,386
3,064,124
258,319
Non-current
-
-
-
-
2,877,033
573,386
3,064,124
258,319
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was secured by a lien over the inventory and a cession of the debtors balances. The receivables are considered to be held within a held-to-collect business model consistent with the Group's continuing recognition of the receivables. Credit and market risks, and impairment loses The Group did not impair any of its trade receivables as at 31 October 2024, as all trade receivables generated during the financial year, and outstanding at 31 October 2024 are considered to be recoverable during the ordinary course of business. Information about the Group's exposure to credit and market risks and impairment losses for trade receivables is included in Note 29. The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-374": { "value": "18. Trade & other receivables
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial instruments
Trade receivables
-
282,671
3,400
-
Loans receivable
2,830,324
210,773
-
200,000
Amounts owed from fellow group
undertakings
-
-
2,952,400
-
Other receivables
14,908
42,726
7,674
42,726
Non-financial instruments
Accrued income
-
6,959
68,849
6,959
Prepayments
31,801
30,257
31,801
8,634
Carrying value
2,877,033
573,386
3,064,124
258,319
Current
2,877,033
273,386
3,064,124
258,319
Non-current
-
-
-
-
2,877,033
573,386
3,064,124
258,319
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was secured by a lien over the inventory and a cession of the debtors balances. The receivables are considered to be held within a held-to-collect business model consistent with the Group's continuing recognition of the receivables. Credit and market risks, and impairment loses The Group did not impair any of its trade receivables as at 31 October 2024, as all trade receivables generated during the financial year, and outstanding at 31 October 2024 are considered to be recoverable during the ordinary course of business. Information about the Group's exposure to credit and market risks and impairment losses for trade receivables is included in Note 29. The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-331": { "value": "
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial instruments
Trade receivables
-
282,671
3,400
-
Loans receivable
2,830,324
210,773
-
200,000
Amounts owed from fellow group
undertakings
-
-
2,952,400
-
Other receivables
14,908
42,726
7,674
42,726
Non-financial instruments
Accrued income
-
6,959
68,849
6,959
Prepayments
31,801
30,257
31,801
8,634
Carrying value
2,877,033
573,386
3,064,124
258,319
Current
2,877,033
273,386
3,064,124
258,319
Non-current
-
-
-
-
2,877,033
573,386
3,064,124
258,319
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-297": { "value": "19. Cash and cash equivalents
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Cash on hand
279,725
858,024
59,710
765,814
Carrying value
279,725
858,024
59,710
765,814
28. Notes to the statement of cash flows
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
279,725
858,024
59,710
765,814
Borrowings
(13,961)
(4,350,555)
-
-
Convertible loan notes
(3,570,119)
(491,071)
(3,570,119)
(491,071)
Right of use lease liability
(51,695)
(186,988)
-
-
Net debt
(3,356,050)
(4,170,590)
(3,510,409)
274,743
Cash and liquid investments
279,725
858,024
59,710
765,814
Fixed rate instruments
(3,635,775)
(5,028,614)
(3,570,119)
(491,071)
Net debt
(3,356,050)
(4,170,590)
(3,510,409)
274,743
Net debt reconciliation for the Group:
Cash and
Right of
cash
Convertible
use lease
equivalents
Borrowings
loan notes
liability
Total debt
Net debt
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
As at 31 October
925,814
(4,732,492)
(710,274)
(266,555)
(5,709,321)
(4,783,507)
2022
Cashflows
(67,790)
381,937
219,203
85,907
687,047
619,257
Foreign exchange
-
-
-
8,423
8,423
8,423
adjustments
As at 31 October
858,024
(4,350,555)
(491,071)
(172,225)
(5,013,851)
(4,155,827)
2023
Cashflows
(578,163)
4,336,594
(3,079,048)
120,530
1,378,076
799,913
Foreign exchange
(136)
-
-
-
-
(136)
adjustments
As at 31 October
279,725
(13,961)
(3,570,119)
(51,695)
(3,635,775)
(3,356,050)
2024
Net debt reconciliation for the Company:
Cash and
Right of
cash
Convertible
use lease
equivalents
Borrowings
loan notes
liability
Total debt
Net debt
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
As at 31 October
922,613
-
(710,274)
-
(710,274)
212,339
2022
Cashflows
(156,799)
-
219,203
-
219,203
62,404
As at 31 October
765,814
-
(491,071)
-
(491,071)
274,743
2023
Cashflows
(705,898)
-
(3,079,048)
-
(3,079,048)
(3,784,946)
Foreign exchange
(206)
-
-
-
-
(206)
adjustments
As at 31 October
59,710
-
(3,570,119)
(3,570,119)
(3,510,409)
2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-298": { "value": "20. Trade & other payables
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Trade payables
87,334
478,862
37,221
92,135
Other payables
160,103
643,166
112,518
256,595
Related party payables
154,376
-
33,956
-
401,813
1,122,028
183,695
348,730
Trade payables represent amounts due for the purchase of beverages and administrative expenses. The Directors consider that the carrying amount of trade payables approximates to their fair value. The related party financial liabilities comprise:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Giga Treasure Ltd
16,172
-
15,825
-
Ace Jumbo Ventures Ltd
14,161
-
-
-
Golden Nice Capital Ltd
22,279
-
-
-
Precious Link (UK) Ltd
-
-
7,729
-
Xin (Andy) Sui
3,162
-
3,162
-
Robert Scott
4,000
-
4,000
-
ASP Corp Ltd
2,440
-
2,440
-
Feng Chen *
95,762
-
800
-
157,976
-
33,956
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-376": { "value": "20. Trade & other payables
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Trade payables
87,334
478,862
37,221
92,135
Other payables
160,103
643,166
112,518
256,595
Related party payables
154,376
-
33,956
-
401,813
1,122,028
183,695
348,730
Trade payables represent amounts due for the purchase of beverages and administrative expenses. The Directors consider that the carrying amount of trade payables approximates to their fair value. The related party financial liabilities comprise:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Giga Treasure Ltd
16,172
-
15,825
-
Ace Jumbo Ventures Ltd
14,161
-
-
-
Golden Nice Capital Ltd
22,279
-
-
-
Precious Link (UK) Ltd
-
-
7,729
-
Xin (Andy) Sui
3,162
-
3,162
-
Robert Scott
4,000
-
4,000
-
ASP Corp Ltd
2,440
-
2,440
-
Feng Chen *
95,762
-
800
-
157,976
-
33,956
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-299": { "value": "21. Share capital and share premium
Number of
Nominal
Share
shares
value
premium
Total
\u00a3
\u00a3
\u00a3
Balance at 31 October 2022
46,162,855
923,258
3,040,115
3,963,373
Share issue 24 January 2023
12,726,000
254,520
445,410
699,930
Share issue on conversion of CLNs 25
6,000,000
120,000
180,000
300,000
January 2023
Warrants issued during the year
-
-
(162,558)
(162,558)
Balance at 31 October 2023
64,888,855
1,297,778
3,502,967
4,800,745
Share issue 27 March 2024
12,500,000
250,000
250,000
500,000
Balance at 31 October 2024
77,388,855
1,547,778
3,752,967
5,300,745
Share capital is the amount subscribed for shares at nominal value. Retained losses represent the cumulative loss of the Group attributable to equity shareholders. Share-based payments reserve relate to the charge for share-based payments in accordance with IFRS 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-332": { "value": "21. Share capital and share premium
Number of
Nominal
Share
shares
value
premium
Total
\u00a3
\u00a3
\u00a3
Balance at 31 October 2022
46,162,855
923,258
3,040,115
3,963,373
Share issue 24 January 2023
12,726,000
254,520
445,410
699,930
Share issue on conversion of CLNs 25
6,000,000
120,000
180,000
300,000
January 2023
Warrants issued during the year
-
-
(162,558)
(162,558)
Balance at 31 October 2023
64,888,855
1,297,778
3,502,967
4,800,745
Share issue 27 March 2024
12,500,000
250,000
250,000
500,000
Balance at 31 October 2024
77,388,855
1,547,778
3,752,967
5,300,745
Share capital is the amount subscribed for shares at nominal value. Retained losses represent the cumulative loss of the Group attributable to equity shareholders. Share-based payments reserve relate to the charge for share-based payments in accordance with IFRS 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-300": { "value": "22. Share based payments reserve The Company does not have a share-ownership compensation scheme for senior executives of the Company. However senior executives may be granted options to purchase Ordinary Shares in the Company. Warrants During the 2019 financial year the Company consolidated all existing and issued shares and share options on the basis of 20 existing shares/options for 1 new share/option. There are 52,472,282 warrants to subscribe for Ordinary Shares at 31 October 2024 (2023: 63,089,171).
As at 1
Expired/
As at 31
Date of grant
November
exercised/
October
Exercise
Exercise/ vesting date
2023
vested/
2024
price
issued
From
To
27-Nov-18
8,050,000
(8,050,000)
-
20p
27-Nov-18
01-Feb-24
17-Aug-20
2,566,889
(2,566,889)
-
5p
23-Mar-21
01-Feb-24
03-Oct-22
13,000,000
-
13,000,000
5p
03-Oct-22
31-Dec-24
03-Oct-22
7,373,141
-
7,373,141
5p
03-Oct-22
31-Dec-24
03-Oct-22
7,373,141
-
7,373,141
10p
03-Oct-22
31-Dec-24
23-Jan-23
12,726,000
-
12,726,000
5.5p
23-Jan-23
31-Dec-24
24-Jan-23
6,000,000
-
6,000,000
5p
24-Jan-23
31-Dec-24
24-Jan-23
6,000,000
-
6,000,000
10p
24-Jan-23
31-Dec-24
63,089,171
10,616,889
52,472,282
Warrants were attached to the CLNs issued on 23 March 2021, with an exercise price of 5.0p per Ordinary Share. The redemption date for these CLNs is 31 March 2025. These warrants will only be issued once the CLNs are converted into shares. Warrants were attached to the subscription shares issued on 24 July 2020 a 1-for-1 basis, with an exercise price of 5.0p per ordinary share and expire 12 months from allotment of the subscription shares. Further warrants were attached to any new ordinary shares that are issued as a result of conversion of any loan notes, on a 1-for-1 basis on the same terms as the subscription warrants. Warrants were attached to the subscription shares issued on 14 September 2018 a 1-for-1 basis, with an exercise price of 20.0p per ordinary share and expire 12 months from allotment of the subscription shares. Further warrants were attached to any new ordinary shares that are issued as a result of conversion of any loan notes, on a 1-for-1 basis on the same terms as the subscription warrants. A maximum of 20,450,222 new ordinary shares could potentially be issued in the event that all subscription warrants and loan note warrants are exercised. On 3 October 2022 an investor subscribed for 13,000,000 new ordinary shares in the Company at a price of 5p per share, representing a capital injection of \u00a3650,000 (gross and net) into the Company. The new ordinary shares were accompanied by 1 for 1 warrants at 5p in the Company's ordinary shares, equating to 13,000,000 warrants exercisable at any time before 31 December 2024. On 3 October 2022 the Company agreed with 35% of the CLN holders to accelerate the conversion of 5,971,000 CLNs and accrued but unpaid interest into 7,373,141 New Ordinary Shares in the Company at a conversion price of 5p. As such, the conversion of 5,971,000 CLNs plus accrued but unpaid interest resulted in the issue of 7,373,141 5p Warrants and 7,373,141 10p Warrants, all of which will expire on 31 December 2024. On 19 January 2023 investors subscribed for 12,726,000 new ordinary shares in the Company at a price of 5.5p per share, representing a capital injection of \u00a3699,930 (gross and net) into the Company. The new ordinary shares were accompanied by 1 for 1 warrants at 5.5p in the Company's ordinary shares, equating to 12,726,000 warrants exercisable at any time before 31 December 2024. The conversion of \u00a3300,000 of CLNs on 24 January 2023 created 6,000,000 new shares in the Company. As per the terms of the CLNs on conversion each share also gets both a 5p and a 10p warrant. Therefore on conversion 6,000,000 5p warrants and 6,000,000 10p warrants were issued and are exercisable up until 31 December 2024. The estimated fair value of the options in issue was calculated by applying the Black-Scholes option pricing model. The assumptions used in the calculation were as follows:
Share price at date of grant
0.03
Exercise price
Being the exercise price as stated above
Expected volatility
62%
Expected dividend
0%
Contractual life (in years)
1.92
Risk free rate (based on 10 year UK Government Gilts)
3.28%
Estimated fair value of each option
0.000501 - 0.002108
Options At 31 October 2024 there were nil share options issued to the Directors and past Directors of the Company. During the current year nil share options were granted (2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-301": { "value": "23. Non-controlling interests During the year the only subsidiary that had a non-controlling interest, DI, was disposed of. We are therefore presenting the financial position at the point of disposal. For additional information on the comprehensive income please review note 4, to see the discontinued operations.
Dynamic Intertrade (Pty) Ltd
2024
2023
\u00a3
\u00a3
Current assets
598,854
736,685
Non-current assets
164,123
181,900
Current liabilities
(948,747)
(1,259,338)
Non-current
(4,441,158)
(4,414,514)
(4,626,928)
(4,755,267)
Non-controlling interest
2024
2023
\u00a3
\u00a3
Balance at 1 November
(2,330,081)
(2,305,383)
Share of profits for the year
70,780
(24,698)
Equity attributable to non-controlling interest on disposal of remaining 51%
interest
2,259,301
-
Balance at 31 October
-
(2,330,081)
On 16 January 2024 K2 exercised the put and call Option Agreement which was detailed in the Annual Financial Statements for the year ending October 2022. This resulted in the Company selling its remaining 51% of DI. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-302": { "value": "24. Equity portion of convertible loan notes During the 2021 financial year, on 23 March 2021, the Company converted \u00a3383,000 owed to the Directors and a Company owned by a director for 7,660,000 CLNs and, simultaneously, issued 4,400,000 CLNs to the value of \u00a3220,000 for cash. During the current financial year the Company extended the conversion date of the CLNs to 31 December 2024. The equity portion of the CLNs is presented below. Group Company For the For the For the For the year endedyear ended year endedyear ended 31 October 31 October 31 October 31 October 2024 2023 2024 2023 \u00a3 \u00a3 \u00a3 \u00a3 Equity portion of convertible loan notes issued during the year 79,531 37,713 79,531 37,713 Carrying value 79,531 37,713 79,531 37,713 ", "dimensions": { "concept": "everestglobalplc:DisclosureOfEquityPortionOfConvertibleLoanNotes", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-303": { "value": " 25. Convertible loan notes Group Company For the For the For the For the year ended year ended year ended year ended 31 October 31 October 31 October 31 October 2024 2023 2024 2023 \u00a3 \u00a3 \u00a3 \u00a3 Convertible loan notes 3,570,119 491,071 3,570,119 491,071 Carrying value 3,570,119 491,071 3,570,119 491,071 The loan notes holder will be paid an interest rate of 6-12 per cent, accrued on a monthly basis. The loan notes will not be admitted to trading on any exchange. On 31 March 2021, the Company issued 12,060,000 2021 Loan Notes in the sum of \u00a3603,000 (by the conversion of existing sums due to creditors and by way of subscription from private investors). On 3 October 2022, Golden Nice acquired \u00a3162,000 of the 2018 Loan Notes and \u00a3391,950 of the 2021 Loan Notes from various holders, being 65 per cent. of the Convertible Loan Notes outstanding at that time, at a 15 per cent. discount to their face value together with accrued but unpaid interest. As part of the of 3 October 2022 investment agreement, the Company agreed with the CLN holders to accelerate the conversion of 5,971,000 CLNs and accrued but unpaid interest into 7,373,141 new Ordinary Shares in the Company at a conversion price of 5p. The Company also agreed with the remaining holders of Convertible Loan Notes to accelerate the conversion of the balance of \u00a387,500 2018 Loan Notes and \u00a3211,050 2021 Loan Notes and accrued but unpaid interest into, in aggregate, 7,373,141 2022 Conversion Shares in the Company at a conversion price of 5p. In accordance with their terms, the Company granted each holder one warrant to subscribe for a new Ordinary Share at an exercise price of \u00a30.05 per Ordinary Share for every 2022 Conversion Share issued. Additionally, the Company also agreed to grant each holder one warrant to subscribe for a new Ordinary Share at an exercise price of \u00a30.10 per Ordinary Share for every 2022 Conversion Share issued. Accordingly, the conversion of \u00a387,500 2018 Loan Notes and \u00a3211,050 2021 Loan Notes plus accrued but unpaid interest resulted in the granting of 7,373,141 5p 2022 CLN Warrants and 7,373,141 10p 2022 CLN Warrants. On or around 24 January 2023, the Company received a conversion notice from Golden Nice, pursuant to which Golden Nice notified the Company of the conversion of the 2021 Loan Notes in the aggregate sum of \u00a3300,000 into 6,000,000 Ordinary Shares at a price of 5 pence per share, being a premium of 25 per cent to the closing price of 3.75 pence on 23 January 2023, being the business day prior to agreement of the conversion. As part of the 2023 Conversion, Golden Nice received a 5p 2023 CLN Warrant and a 10p 2023 CLN Warrant for every Ordinary Share issued in connection with the 2023 Conversion. A maximum of 32,510,222 New Ordinary Shares could potentially be issued in the event that all New Ordinary Shares Warrants and Loan Conversion Warrants are exercised. The fair value of the liability component, included in non-current liabilities, is calculated using a market interest rate for an equivalent non-convertible loan note at the date of issue. The residual amount, representing the value of the equity conversion component, is included in shareholder's equity in Equity portion of convertible loan notes (Note 25). On 28 August 2024 the Company received \u00a33 million from the subscription of New Convertible Loan Notes. These were part of the constituted loan note instrument pursuant to which the Company may issue up to \u00a350 million convertible loan notes (\u201cCLNs\u201d) in tranches of \u00a3250,000 at any time. Each tranche of CLNs will have an initial term of 3 years from the date of the certificate being issued to the relevant noteholder (the \u2018Loan Note Instrument\u2019). The carrying amounts of the liability component of the CLNs at the balance sheet date are derived as follows: Group Company For the For the For the For the year endedyear ended year endedyear ended 31 October 31 October 31 October 31 October 2024 2023 2024 2023 \u00a3 \u00a3 \u00a3 \u00a3 Liability component at the beginning of the financial year 491,071 710,274 491,071 710,274 Conversion of CLNs to shares on 24 (300,000) (300,000) January 2023 Issuance of new CLNs 3,000,000 - 3,000,000 - Equity portion on extension of conversion 4,826 4,826 date Accumulated amortisation of interest 120,865 75,971 120,865 75,971 expense Accumulated payments of interest (41,817) - (41,817) - Liability component at the end of the financial year 3,570,119 491,071 3,570,119 491,071 Current portion included in current 568,555 - 568,555 - liabilities Long term portion included in long term liabilities 3,001,564 491,071 3,001,564 491,071 Liability component at the end of the financial year 3,570,119 491,071 3,570,119 491,071 ", "dimensions": { "concept": "everestglobalplc:DisclosureOfConvertibleLoanNotes", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-304": { "value": "
26. Borrowings
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Euro 2 Afrisko Ltd - inventory financing
-
291,744
-
-
Bank loans
13,961
-
-
-
Working Capital Partners Pty Ltd - accounts
-
71,267
-
-
receivable financing
Loan from K2 Spice Ltd
-
4,355,369
-
-
Carrying value
13,961
4,718,380
-
-
Of which:
-
-
Current
6,678
4,713,566
-
-
Non-current
7,283
-
-
-
13,961
4,713,566
-
-
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was then repaid and secured by a lien over the inventory and accession of the debtors. The borrowings were secured by a security agreement from the Company. The loans bear interest at 14% per annum. The security agreement has, post year end, been extinguished and as a result the Company has no security obligations in favour of Euro 2 Afrisko Ltd for DI. Post year end all security granted by the Company was cancelled.
29. Financial instruments - fair values and risk management
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including
their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial
liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Trade and other receivables and trade and other payables classified as held-for-sale are not included in the table
below.
The Group has not disclosed the fair values of financial instruments such as short-term trade receivables and
payables, because their carrying amounts are a reasonable approximation of their fair value.
Group as at 31 October 2024
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
OCI
Investment in associate
16,465
-
-
16,465
-
-
16,465
16,465
16,465
-
-
16,465
Financial assets measured at fair value through
P&L
Loan receivable
-
2,830,324
-
2,830,324
Cash and cash equivalents
-
279,725
-
279,725
-
3,110,049
-
3,110,049
Financial liabilities measured at fair value
through P&L
Lease liability
-
-
(51,695)
-
Unsecured borrowings
-
-
(13,961)
-
Convertible loan notes
-
-
(3,570,119)
-
Trade and other payables
-
-
(401,813)
-
-
-
(4,037,588)
-
Group as at 31 October 2023
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
P&L
Loan receivable
-
200,000
-
200,000
Cash and cash equivalents
-
858,024
-
858,024
-
1,058,024
-
1,058,024
Financial liabilities measured at fair value
through P&L
Lease liability
-
-
(186,988)
(186,988)
Unsecured borrowings
-
-
(4,350,555)
(4,350,555)
Convertible loan notes
-
-
(491,071)
(491,071)
Trade and other payables
-
-
(363,011)
(363,011)
-
-
(5,391,625)
(5,391,625)
Company as at 31 October 2024
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
OCI
Investment in associate
16,465
-
-
16,465
-
-
16,465
16,465
16,465
-
-
16,465
Financial assets measured at fair value through
P&L
Cash and cash equivalents
-
59,710
-
59,710
-
59,710
-
59,710
Financial liabilities measured at fair value
through P&L
Convertible loan notes
-
-
(3,570,119)
(3,570,119)
Trade and other payables
-
-
(183,695)
(183,695)
-
-
(3,753,814)
(3,753,814)
Company as at 31 October 2023
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
P&L
Loans receivable
-
200,000
-
200,000
Cash and cash equivalents
-
765,814
-
765,814
-
965,814
-
965,814
Financial liabilities measured at fair value
through P&L
Convertible loan notes
-
-
(491,071)
(491,071)
Trade and other payables
-
-
(348,730)
(348,730)
-
-
(839,801)
(839,801)
B. Measurement of fair values i. Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in Note 3. Financial instruments measured at fair value ii. Transfers between Levels 1 & 2 There were no transfers between levels 1 & 2 in either the current financial year or in the prior financial year. C. Financial risk management The Group has exposure to the following risks arising from financial instruments: - credit risk; - liquidity and cash flow risk; and - market risk. Risk management framework The Company's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group's Audit Committee oversees how management monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced
Type
Valuation
Significant
Inter-relationship
technique
unobservable inputs
between significant
unobservable inputs
and fair value
measurement
Investment in associate
The value of the
None
None
investment is
adjusted annually
based upon the
group's share of the
associate profit or
loss.
by the Group. The Group's Audit Committee undertakes ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers and investments in debt securities. The carrying amounts of financial assets represent the maximum credit exposure. There was no impairment loss in the current year nor in the prior year. Trade receivables The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which its customers operate. Details of concentration of revenue are included in Note 4. The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment terms and conditions are offered. The Group's review includes external ratings, if they are available, financial statements, credit agency information, industry information and in some cases bank references. Sales limits are established for each customer and are reviewed regularly. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables for which a no allowance is recognised because of collateral. As at 31 October the exposure to credit risk for trade receivables by geographic region was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
South Africa
-
282,671
-
-
United Kingdom
-
-
-
-
Hong Kong
-
-
-
-
Other
-
-
-
-
-
282,671
-
-
As at 31 October the exposure to credit risk for trade receivables by credit rating was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
External credit ratings
-
-
-
-
Other
-
282,671
-
-
-
282,671
-
-
Expected credit loss assessment for corporate customers as at 31 October 2024 and 31 October 2023 The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year amounted to nil. Cash and cash equivalents As at 31 October 2024, the Group held \u00a3279,725 in cash and cash equivalents (2023: \u00a3858,024) and had a bank overdraft of \u00a313,743. The cash and cash equivalents are held with bank and financial institution counterparties which are rated Baa3 to A1+ by Moody's. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. On the implementation of IFRS 9 the Group did not impair any of its cash and cash equivalents. Liquidity and cash flow risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. Exposure to liquidity and cash flow risk The following tables present the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Group as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use (51,695) (51,695) (2,804) (14,022) (16,826) (18,043) - finance lease (87,334) (87,334) (87,334) - - - - Trade payables (180,866) (180,866) (180,866) - - - - Other payables Related party (147,574) (147,574) (147,574) - - - - payables (4,037,588) (4,037,588) (418,578) (581,847) (16,826) (3,020,237) - Group as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders (4,355,369) (4,355,369) - - - - (4,355,369) loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans (363,011) (363,011) - (363,011) - - - Right of use (186,988) (31,158) (83,010) (72,820) - - finance lease (186,988) (478,862) (478,862) - - - - Trade payables (478,862) Other payables (643,166) (643,166) (643,166) - - - - Related party - - - - - - - payables (6,518,467) (6,518,467) (1,153,186) (446,021) (563,891) - (4,355,369) Company as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (43,085) (43,085) (43,085) - - - - Trade payables (124,785) (124,785) (124,785) - - - - Other payables Related party (15,825) (15,825) (15,825) - - - - payables (3,753,814) (3,753,814) (183,695) (567,825) - (3,002,194) - Company as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (92,135) (92,135) (92,135) - - - - Trade payables (256,595) (256,595) (256,595) - - - - Other payables Related party - - - - - - - payables (839,801) (839,801) (348,730) - (491,071) - - The interest payments on the financial liabilities represent the fixed interest rates as per the respective contracts. The Group aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount in excess of expected cash outflows on financial liabilities other than trade payables. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables. Market risk Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Group foreign exchange risk 31 October 2024 31 October 2023 \u00a3 (GBP) R (ZAR) \u00a3 (GBP) R (ZAR) Trade and other receivables - - 258,319 7,144,365 Cash and cash equivalents - - 765,814 2,090,921 Unsecured shareholders' loans - - - (98,761,043) Secured loans - - - (8,231,521) Convertible loan notes - - (491,071) - Right of use finance lease - - - (3,905,322) Trade payables - - (348,730) (17,535,102) Net statement of financial exposure - - 184,332(119,197,702) Next 6 months actual sales - - - - Next 6 months actual forecast - - - - Net statement of financial exposure - - - - Net exposure - - 184,332(119,197,702)
Company foreign exchange risk
31 October 2024
31 October 2023
\u00a3 (GBP)
R (ZAR)
\u00a3 (GBP)
R (ZAR)
Trade and other receivables
-
-
258,319
-
Cash and cash equivalents
-
-
765,814
-
Unsecured shareholders' loans
-
-
-
-
Secured loans
-
-
-
-
Convertible loan notes
-
-
(491,071)
-
Right of use finance lease
-
-
-
-
Trade payables
-
-
(348,730)
-
Net statement of financial exposure
-
-
184,332
-
Next 6 months actual sales
-
-
-
-
Next 6 months actual forecast
-
-
-
-
Net statement of financial exposure
-
-
-
-
Net exposure
-
-
184,332
-
As previously disclosed Dynamic was sold post year end in January 2024. It is the opinion of the Directors that the only foreign exchange risk that the Group faced were the outstanding debtor and creditor balances at the 31 October 2023 as documented on the statement of financial position. It is believed that the trading in November and December, wouldn't have created foreign exchange risk as cash wouldn't have been received nor paid prior to the sale of the subsidiary. The following significant exchange rates in relation to the reporting currency are applicable:
Average for the year
Year end spot rate
2024
2023
2024
2023
United States Dollar ($)
1.2755
1.2477
1.2990
1.2154
South African Rand (ZAR)
-
21.7957
-
22.6757
Hong Kong Dollar (HK$)
10.0457
-
10.0944
-
The presentation currency of the Group is British Pound Sterling. The Group is exposed primarily to movements in USD and ZAR, the currency in which the Group receives most of its funding, against other currencies in which the Group incurs liabilities and expenditure. Sensitivity analysis Financial instruments affected by foreign currency risk include cash and cash equivalents, trade other receivables and trade and other payables. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity of the Group's financial instruments (at year end) to changes in market variables, being exchange rates. The following assumptions were made in calculating the sensitivity analysis: - all income statement sensitivities also impact equity; and - translation of foreign subsidiaries and operations into the Group's presentation currency have been excluded from this sensitivity as they have no monetary effect on the results. Income statement / equity
2024
2023
+10%
-10%
+10%
-10%
United States Dollar ($)
0.1276
(0.1276)
0.1215
(0.1215)
South African Rand (ZAR)
-
-
2.2676
(2.2676)
Hong Kong Dollar (HK$)
1.005
(1.005)
-
-
The above sensitivities are calculated with reference to a single moment in time and will change due to a number of factors including: - fluctuating other receivable and trade payable balances; - fluctuating cash balances; and - changes in currency mix. Interest rate risk The Group has entered into fixed rate agreements for its finance leases and shareholders loans. The Group does not hedge its interest rate exposure by entering into variable interest rate swaps. Exposure to interest rate risk The interest rate profile of the Group's interest-bearing financial instruments as reported to the management of the Group is as per the table below.
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets
-
-
-
-
Financial liabilities
(3,599,703)
(5,033,428)
(3,570,119)
(491,071)
Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets of financial liabilities at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. Other market price risk The Group is exposed to equity price risk, which arises from equity securities at FVTOCI are held as a long-term investment. The Groups' investments in equity securities comprise small shareholdings in unlisted companies. The shares are not readily tradable, and any monetisation of the shares is dependent on finding a willing buyer. Valuation techniques and assumptions applied for the purpose of measuring fair value The fair value of cash and receivables and liabilities approximates the carrying values disclosed in the financial statements. Capital management The Group manages its capital resources to ensure that entities in the Group will be able to continue as a going concern, while maximising shareholder return. The capital structure of the Group consists of equity attributable to shareholders, comprising issued share capital and reserves. The availability of new capital will depend on many factors including a positive operating environment, positive stock market conditions, the Group's track record, and the experience of management. There are no externally imposed capital requirements. The Directors are confident that adequate cash resources exist or will be made available to finance operations but controls over expenditure are carefully managed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-333": { "value": "26. Borrowings
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Euro 2 Afrisko Ltd - inventory financing
-
291,744
-
-
Bank loans
13,961
-
-
-
Working Capital Partners Pty Ltd - accounts
-
71,267
-
-
receivable financing
Loan from K2 Spice Ltd
-
4,355,369
-
-
Carrying value
13,961
4,718,380
-
-
Of which:
-
-
Current
6,678
4,713,566
-
-
Non-current
7,283
-
-
-
13,961
4,713,566
-
-
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was then repaid and secured by a lien over the inventory and accession of the debtors. The borrowings were secured by a security agreement from the Company. The loans bear interest at 14% per annum. The security agreement has, post year end, been extinguished and as a result the Company has no security obligations in favour of Euro 2 Afrisko Ltd for DI. Post year end all security granted by the Company was cancelled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-351": { "value": "26. Borrowings
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Euro 2 Afrisko Ltd - inventory financing
-
291,744
-
-
Bank loans
13,961
-
-
-
Working Capital Partners Pty Ltd - accounts
-
71,267
-
-
receivable financing
Loan from K2 Spice Ltd
-
4,355,369
-
-
Carrying value
13,961
4,718,380
-
-
Of which:
-
-
Current
6,678
4,713,566
-
-
Non-current
7,283
-
-
-
13,961
4,713,566
-
-
The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was then repaid and secured by a lien over the inventory and accession of the debtors. The borrowings were secured by a security agreement from the Company. The loans bear interest at 14% per annum. The security agreement has, post year end, been extinguished and as a result the Company has no security obligations in favour of Euro 2 Afrisko Ltd for DI. Post year end all security granted by the Company was cancelled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-305": { "value": "27. Leases Right of use asset and lease liability
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Operating lease commitments disclosed as
at 31 October
186,988
266,555
-
-
Disposal of DI
(175,033)
-
-
-
Purchase of PL
66,992
Interest payments
8,869
17,935
-
-
Lease payments
(36,069)
(89,704)
-
-
Exchange difference
(52)
(7,798)
-
-
Lease liability recognised in the statement
of financial position
51,695
186,988
-
-
Of which:
-
-
Current lease liabilities
16,826
108,266
-
-
Non-current lease liabilities
34,869
78,722
-
-
51,695
186,988
-
-
Right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application. The recognised right of-use assets relate to the following types of assets:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Properties
42,357
156,129
-
-
42,357
156,129
-
-
Impact on earnings per share Depreciation on the right-of-use asset amounting to \u00a328,587 (2023: \u00a3103,842) and interest on the right-of-use lease liability of \u00a38,869 (2023: \u00a317,935) were charged to the statement of profit and loss for the current year. As a result, the earnings per share decreased by 0.0005p. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-334": { "value": "27. Leases Right of use asset and lease liability
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Operating lease commitments disclosed as
at 31 October
186,988
266,555
-
-
Disposal of DI
(175,033)
-
-
-
Purchase of PL
66,992
Interest payments
8,869
17,935
-
-
Lease payments
(36,069)
(89,704)
-
-
Exchange difference
(52)
(7,798)
-
-
Lease liability recognised in the statement
of financial position
51,695
186,988
-
-
Of which:
-
-
Current lease liabilities
16,826
108,266
-
-
Non-current lease liabilities
34,869
78,722
-
-
51,695
186,988
-
-
Right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application. The recognised right of-use assets relate to the following types of assets:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Properties
42,357
156,129
-
-
42,357
156,129
-
-
Impact on earnings per share Depreciation on the right-of-use asset amounting to \u00a328,587 (2023: \u00a3103,842) and interest on the right-of-use lease liability of \u00a38,869 (2023: \u00a317,935) were charged to the statement of profit and loss for the current year. As a result, the earnings per share decreased by 0.0005p. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-335": { "value": "28. Notes to the statement of cash flows
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
279,725
858,024
59,710
765,814
Borrowings
(13,961)
(4,350,555)
-
-
Convertible loan notes
(3,570,119)
(491,071)
(3,570,119)
(491,071)
Right of use lease liability
(51,695)
(186,988)
-
-
Net debt
(3,356,050)
(4,170,590)
(3,510,409)
274,743
Cash and liquid investments
279,725
858,024
59,710
765,814
Fixed rate instruments
(3,635,775)
(5,028,614)
(3,570,119)
(491,071)
Net debt
(3,356,050)
(4,170,590)
(3,510,409)
274,743
Net debt reconciliation for the Group:
Cash and
Right of
cash
Convertible
use lease
equivalents
Borrowings
loan notes
liability
Total debt
Net debt
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
As at 31 October
925,814
(4,732,492)
(710,274)
(266,555)
(5,709,321)
(4,783,507)
2022
Cashflows
(67,790)
381,937
219,203
85,907
687,047
619,257
Foreign exchange
-
-
-
8,423
8,423
8,423
adjustments
As at 31 October
858,024
(4,350,555)
(491,071)
(172,225)
(5,013,851)
(4,155,827)
2023
Cashflows
(578,163)
4,336,594
(3,079,048)
120,530
1,378,076
799,913
Foreign exchange
(136)
-
-
-
-
(136)
adjustments
As at 31 October
279,725
(13,961)
(3,570,119)
(51,695)
(3,635,775)
(3,356,050)
2024
Net debt reconciliation for the Company:
Cash and
Right of
cash
Convertible
use lease
equivalents
Borrowings
loan notes
liability
Total debt
Net debt
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
As at 31 October
922,613
-
(710,274)
-
(710,274)
212,339
2022
Cashflows
(156,799)
-
219,203
-
219,203
62,404
As at 31 October
765,814
-
(491,071)
-
(491,071)
274,743
2023
Cashflows
(705,898)
-
(3,079,048)
-
(3,079,048)
(3,784,946)
Foreign exchange
(206)
-
-
-
-
(206)
adjustments
As at 31 October
59,710
-
(3,570,119)
(3,570,119)
(3,510,409)
2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-352": { "value": "
Net debt reconciliation for the Group:
Cash and
Right of
cash
Convertible
use lease
equivalents
Borrowings
loan notes
liability
Total debt
Net debt
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
As at 31 October
925,814
(4,732,492)
(710,274)
(266,555)
(5,709,321)
(4,783,507)
2022
Cashflows
(67,790)
381,937
219,203
85,907
687,047
619,257
Foreign exchange
-
-
-
8,423
8,423
8,423
adjustments
As at 31 October
858,024
(4,350,555)
(491,071)
(172,225)
(5,013,851)
(4,155,827)
2023
Cashflows
(578,163)
4,336,594
(3,079,048)
120,530
1,378,076
799,913
Foreign exchange
(136)
-
-
-
-
(136)
adjustments
As at 31 October
279,725
(13,961)
(3,570,119)
(51,695)
(3,635,775)
(3,356,050)
2024
Net debt reconciliation for the Company:
Cash and
Right of
cash
Convertible
use lease
equivalents
Borrowings
loan notes
liability
Total debt
Net debt
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
As at 31 October
922,613
-
(710,274)
-
(710,274)
212,339
2022
Cashflows
(156,799)
-
219,203
-
219,203
62,404
As at 31 October
765,814
-
(491,071)
-
(491,071)
274,743
2023
Cashflows
(705,898)
-
(3,079,048)
-
(3,079,048)
(3,784,946)
Foreign exchange
(206)
-
-
-
-
(206)
adjustments
As at 31 October
59,710
-
(3,570,119)
(3,570,119)
(3,510,409)
2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-336": { "value": "29. Financial instruments - fair values and risk management The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Trade and other receivables and trade and other payables classified as held-for-sale are not included in the table below. The Group has not disclosed the fair values of financial instruments such as short-term trade receivables and payables, because their carrying amounts are a reasonable approximation of their fair value. Group as at 31 October 2024
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
OCI
Investment in associate
16,465
-
-
16,465
-
-
16,465
16,465
16,465
-
-
16,465
Financial assets measured at fair value through
P&L
Loan receivable
-
2,830,324
-
2,830,324
Cash and cash equivalents
-
279,725
-
279,725
-
3,110,049
-
3,110,049
Financial liabilities measured at fair value
through P&L
Lease liability
-
-
(51,695)
-
Unsecured borrowings
-
-
(13,961)
-
Convertible loan notes
-
-
(3,570,119)
-
Trade and other payables
-
-
(401,813)
-
-
-
(4,037,588)
-
Group as at 31 October 2023
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
P&L
Loan receivable
-
200,000
-
200,000
Cash and cash equivalents
-
858,024
-
858,024
-
1,058,024
-
1,058,024
Financial liabilities measured at fair value
through P&L
Lease liability
-
-
(186,988)
(186,988)
Unsecured borrowings
-
-
(4,350,555)
(4,350,555)
Convertible loan notes
-
-
(491,071)
(491,071)
Trade and other payables
-
-
(363,011)
(363,011)
-
-
(5,391,625)
(5,391,625)
Company as at 31 October 2024
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
OCI
Investment in associate
16,465
-
-
16,465
-
-
16,465
16,465
16,465
-
-
16,465
Financial assets measured at fair value through
P&L
Cash and cash equivalents
-
59,710
-
59,710
-
59,710
-
59,710
Financial liabilities measured at fair value
through P&L
Convertible loan notes
-
-
(3,570,119)
(3,570,119)
Trade and other payables
-
-
(183,695)
(183,695)
-
-
(3,753,814)
(3,753,814)
Company as at 31 October 2023
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
P&L
Loans receivable
-
200,000
-
200,000
Cash and cash equivalents
-
765,814
-
765,814
-
965,814
-
965,814
Financial liabilities measured at fair value
through P&L
Convertible loan notes
-
-
(491,071)
(491,071)
Trade and other payables
-
-
(348,730)
(348,730)
-
-
(839,801)
(839,801)
B. Measurement of fair values i. Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in Note 3. Financial instruments measured at fair value ii. Transfers between Levels 1 & 2 There were no transfers between levels 1 & 2 in either the current financial year or in the prior financial year.
Type
Valuation
Significant
Inter-relationship
technique
unobservable inputs
between significant
unobservable inputs
and fair value
measurement
Investment in associate
The value of the
None
None
investment is
adjusted annually
based upon the
group's share of the
associate profit or
loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-353": { "value": "29. Financial instruments - fair values and risk management The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Trade and other receivables and trade and other payables classified as held-for-sale are not included in the table below. The Group has not disclosed the fair values of financial instruments such as short-term trade receivables and payables, because their carrying amounts are a reasonable approximation of their fair value. Group as at 31 October 2024
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
OCI
Investment in associate
16,465
-
-
16,465
-
-
16,465
16,465
16,465
-
-
16,465
Financial assets measured at fair value through
P&L
Loan receivable
-
2,830,324
-
2,830,324
Cash and cash equivalents
-
279,725
-
279,725
-
3,110,049
-
3,110,049
Financial liabilities measured at fair value
through P&L
Lease liability
-
-
(51,695)
-
Unsecured borrowings
-
-
(13,961)
-
Convertible loan notes
-
-
(3,570,119)
-
Trade and other payables
-
-
(401,813)
-
-
-
(4,037,588)
-
Group as at 31 October 2023
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
P&L
Loan receivable
-
200,000
-
200,000
Cash and cash equivalents
-
858,024
-
858,024
-
1,058,024
-
1,058,024
Financial liabilities measured at fair value
through P&L
Lease liability
-
-
(186,988)
(186,988)
Unsecured borrowings
-
-
(4,350,555)
(4,350,555)
Convertible loan notes
-
-
(491,071)
(491,071)
Trade and other payables
-
-
(363,011)
(363,011)
-
-
(5,391,625)
(5,391,625)
Company as at 31 October 2024
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
OCI
Investment in associate
16,465
-
-
16,465
-
-
16,465
16,465
16,465
-
-
16,465
Financial assets measured at fair value through
P&L
Cash and cash equivalents
-
59,710
-
59,710
-
59,710
-
59,710
Financial liabilities measured at fair value
through P&L
Convertible loan notes
-
-
(3,570,119)
(3,570,119)
Trade and other payables
-
-
(183,695)
(183,695)
-
-
(3,753,814)
(3,753,814)
Company as at 31 October 2023
Carrying value
Fair value
Financial
FVTOCI -
assets at
Other
equity
amortised
financial
instruments
cost
liabilities
Total
Level 1
Level 2
Level 3
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets measured at fair value through
P&L
Loans receivable
-
200,000
-
200,000
Cash and cash equivalents
-
765,814
-
765,814
-
965,814
-
965,814
Financial liabilities measured at fair value
through P&L
Convertible loan notes
-
-
(491,071)
(491,071)
Trade and other payables
-
-
(348,730)
(348,730)
-
-
(839,801)
(839,801)
B. Measurement of fair values i. Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in Note 3. Financial instruments measured at fair value ii. Transfers between Levels 1 & 2 There were no transfers between levels 1 & 2 in either the current financial year or in the prior financial year.
Type
Valuation
Significant
Inter-relationship
technique
unobservable inputs
between significant
unobservable inputs
and fair value
measurement
Investment in associate
The value of the
None
None
investment is
adjusted annually
based upon the
group's share of the
associate profit or
loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-337": { "value": "C. Financial risk management The Group has exposure to the following risks arising from financial instruments: - credit risk; - liquidity and cash flow risk; and - market risk. Risk management framework The Company's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group's Audit Committee oversees how management monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group's Audit Committee undertakes ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers and investments in debt securities. The carrying amounts of financial assets represent the maximum credit exposure. There was no impairment loss in the current year nor in the prior year. Trade receivables The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which its customers operate. Details of concentration of revenue are included in Note 4. The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment terms and conditions are offered. The Group's review includes external ratings, if they are available, financial statements, credit agency information, industry information and in some cases bank references. Sales limits are established for each customer and are reviewed regularly. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables for which a no allowance is recognised because of collateral. As at 31 October the exposure to credit risk for trade receivables by geographic region was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
South Africa
-
282,671
-
-
United Kingdom
-
-
-
-
Hong Kong
-
-
-
-
Other
-
-
-
-
-
282,671
-
-
As at 31 October the exposure to credit risk for trade receivables by credit rating was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
External credit ratings
-
-
-
-
Other
-
282,671
-
-
-
282,671
-
-
Expected credit loss assessment for corporate customers as at 31 October 2024 and 31 October 2023 The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year amounted to nil. Cash and cash equivalents As at 31 October 2024, the Group held \u00a3279,725 in cash and cash equivalents (2023: \u00a3858,024) and had a bank overdraft of \u00a313,743. The cash and cash equivalents are held with bank and financial institution counterparties which are rated Baa3 to A1+ by Moody's. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. On the implementation of IFRS 9 the Group did not impair any of its cash and cash equivalents. Liquidity and cash flow risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. Exposure to liquidity and cash flow risk The following tables present the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Group as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use (51,695) (51,695) (2,804) (14,022) (16,826) (18,043) - finance lease (87,334) (87,334) (87,334) - - - - Trade payables (180,866) (180,866) (180,866) - - - - Other payables Related party (147,574) (147,574) (147,574) - - - - payables (4,037,588) (4,037,588) (418,578) (581,847) (16,826) (3,020,237) - Group as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders (4,355,369) (4,355,369) - - - - (4,355,369) loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans (363,011) (363,011) - (363,011) - - - Right of use (186,988) (31,158) (83,010) (72,820) - - finance lease (186,988) (478,862) (478,862) - - - - Trade payables (478,862) Other payables (643,166) (643,166) (643,166) - - - - Related party - - - - - - - payables (6,518,467) (6,518,467) (1,153,186) (446,021) (563,891) - (4,355,369) Company as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (43,085) (43,085) (43,085) - - - - Trade payables (124,785) (124,785) (124,785) - - - - Other payables Related party (15,825) (15,825) (15,825) - - - - payables (3,753,814) (3,753,814) (183,695) (567,825) - (3,002,194) - Company as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (92,135) (92,135) (92,135) - - - - Trade payables (256,595) (256,595) (256,595) - - - - Other payables Related party - - - - - - - payables (839,801) (839,801) (348,730) - (491,071) - - The interest payments on the financial liabilities represent the fixed interest rates as per the respective contracts. The Group aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount in excess of expected cash outflows on financial liabilities other than trade payables. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables. Market risk Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Group foreign exchange risk 31 October 2024 31 October 2023 \u00a3 (GBP) R (ZAR) \u00a3 (GBP) R (ZAR) Trade and other receivables - - 258,319 7,144,365 Cash and cash equivalents - - 765,814 2,090,921 Unsecured shareholders' loans - - - (98,761,043) Secured loans - - - (8,231,521) Convertible loan notes - - (491,071) - Right of use finance lease - - - (3,905,322) Trade payables - - (348,730) (17,535,102) Net statement of financial exposure - - 184,332(119,197,702) Next 6 months actual sales - - - - Next 6 months actual forecast - - - - Net statement of financial exposure - - - - Net exposure - - 184,332(119,197,702)
Company foreign exchange risk
31 October 2024
31 October 2023
\u00a3 (GBP)
R (ZAR)
\u00a3 (GBP)
R (ZAR)
Trade and other receivables
-
-
258,319
-
Cash and cash equivalents
-
-
765,814
-
Unsecured shareholders' loans
-
-
-
-
Secured loans
-
-
-
-
Convertible loan notes
-
-
(491,071)
-
Right of use finance lease
-
-
-
-
Trade payables
-
-
(348,730)
-
Net statement of financial exposure
-
-
184,332
-
Next 6 months actual sales
-
-
-
-
Next 6 months actual forecast
-
-
-
-
Net statement of financial exposure
-
-
-
-
Net exposure
-
-
184,332
-
As previously disclosed Dynamic was sold post year end in January 2024. It is the opinion of the Directors that the only foreign exchange risk that the Group faced were the outstanding debtor and creditor balances at the 31 October 2023 as documented on the statement of financial position. It is believed that the trading in November and December, wouldn't have created foreign exchange risk as cash wouldn't have been received nor paid prior to the sale of the subsidiary. The following significant exchange rates in relation to the reporting currency are applicable:
Average for the year
Year end spot rate
2024
2023
2024
2023
United States Dollar ($)
1.2755
1.2477
1.2990
1.2154
South African Rand (ZAR)
-
21.7957
-
22.6757
Hong Kong Dollar (HK$)
10.0457
-
10.0944
-
The presentation currency of the Group is British Pound Sterling. The Group is exposed primarily to movements in USD and ZAR, the currency in which the Group receives most of its funding, against other currencies in which the Group incurs liabilities and expenditure. Sensitivity analysis Financial instruments affected by foreign currency risk include cash and cash equivalents, trade other receivables and trade and other payables. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity of the Group's financial instruments (at year end) to changes in market variables, being exchange rates. The following assumptions were made in calculating the sensitivity analysis: - all income statement sensitivities also impact equity; and - translation of foreign subsidiaries and operations into the Group's presentation currency have been excluded from this sensitivity as they have no monetary effect on the results. Income statement / equity
2024
2023
+10%
-10%
+10%
-10%
United States Dollar ($)
0.1276
(0.1276)
0.1215
(0.1215)
South African Rand (ZAR)
-
-
2.2676
(2.2676)
Hong Kong Dollar (HK$)
1.005
(1.005)
-
-
The above sensitivities are calculated with reference to a single moment in time and will change due to a number of factors including: - fluctuating other receivable and trade payable balances; - fluctuating cash balances; and - changes in currency mix. Interest rate risk The Group has entered into fixed rate agreements for its finance leases and shareholders loans. The Group does not hedge its interest rate exposure by entering into variable interest rate swaps. Exposure to interest rate risk The interest rate profile of the Group's interest-bearing financial instruments as reported to the management of the Group is as per the table below.
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets
-
-
-
-
Financial liabilities
(3,599,703)
(5,033,428)
(3,570,119)
(491,071)
Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets of financial liabilities at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. Other market price risk The Group is exposed to equity price risk, which arises from equity securities at FVTOCI are held as a long-term investment. The Groups' investments in equity securities comprise small shareholdings in unlisted companies. The shares are not readily tradable, and any monetisation of the shares is dependent on finding a willing buyer. Valuation techniques and assumptions applied for the purpose of measuring fair value The fair value of cash and receivables and liabilities approximates the carrying values disclosed in the financial statements. Capital management The Group manages its capital resources to ensure that entities in the Group will be able to continue as a going concern, while maximising shareholder return. The capital structure of the Group consists of equity attributable to shareholders, comprising issued share capital and reserves. The availability of new capital will depend on many factors including a positive operating environment, positive stock market conditions, the Group's track record, and the experience of management. There are no externally imposed capital requirements. The Directors are confident that adequate cash resources exist or will be made available to finance operations but controls over expenditure are carefully managed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-354": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers and investments in debt securities. The carrying amounts of financial assets represent the maximum credit exposure. There was no impairment loss in the current year nor in the prior year. Trade receivables The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which its customers operate. Details of concentration of revenue are included in Note 4. The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment terms and conditions are offered. The Group's review includes external ratings, if they are available, financial statements, credit agency information, industry information and in some cases bank references. Sales limits are established for each customer and are reviewed regularly. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables for which a no allowance is recognised because of collateral. As at 31 October the exposure to credit risk for trade receivables by geographic region was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
South Africa
-
282,671
-
-
United Kingdom
-
-
-
-
Hong Kong
-
-
-
-
Other
-
-
-
-
-
282,671
-
-
As at 31 October the exposure to credit risk for trade receivables by credit rating was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
External credit ratings
-
-
-
-
Other
-
282,671
-
-
-
282,671
-
-
Expected credit loss assessment for corporate customers as at 31 October 2024 and 31 October 2023 The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year amounted to nil. Cash and cash equivalents As at 31 October 2024, the Group held \u00a3279,725 in cash and cash equivalents (2023: \u00a3858,024) and had a bank overdraft of \u00a313,743. The cash and cash equivalents are held with bank and financial institution counterparties which are rated Baa3 to A1+ by Moody's. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. On the implementation of IFRS 9 the Group did not impair any of its cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-368": { "value": "Trade receivables The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which its customers operate. Details of concentration of revenue are included in Note 4. The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment terms and conditions are offered. The Group's review includes external ratings, if they are available, financial statements, credit agency information, industry information and in some cases bank references. Sales limits are established for each customer and are reviewed regularly. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables for which a no allowance is recognised because of collateral. As at 31 October the exposure to credit risk for trade receivables by geographic region was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
South Africa
-
282,671
-
-
United Kingdom
-
-
-
-
Hong Kong
-
-
-
-
Other
-
-
-
-
-
282,671
-
-
As at 31 October the exposure to credit risk for trade receivables by credit rating was as follows:
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
External credit ratings
-
-
-
-
Other
-
282,671
-
-
-
282,671
-
-
Expected credit loss assessment for corporate customers as at 31 October 2024 and 31 October 2023 The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year amounted to nil. Cash and cash equivalents As at 31 October 2024, the Group held \u00a3279,725 in cash and cash equivalents (2023: \u00a3858,024) and had a bank overdraft of \u00a313,743. The cash and cash equivalents are held with bank and financial institution counterparties which are rated Baa3 to A1+ by Moody's. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. On the implementation of IFRS 9 the Group did not impair any of its cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-355": { "value": "Liquidity and cash flow risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. Exposure to liquidity and cash flow risk The following tables present the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Group as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use (51,695) (51,695) (2,804) (14,022) (16,826) (18,043) - finance lease (87,334) (87,334) (87,334) - - - - Trade payables (180,866) (180,866) (180,866) - - - - Other payables Related party (147,574) (147,574) (147,574) - - - - payables (4,037,588) (4,037,588) (418,578) (581,847) (16,826) (3,020,237) - Group as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders (4,355,369) (4,355,369) - - - - (4,355,369) loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans (363,011) (363,011) - (363,011) - - - Right of use (186,988) (31,158) (83,010) (72,820) - - finance lease (186,988) (478,862) (478,862) - - - - Trade payables (478,862) Other payables (643,166) (643,166) (643,166) - - - - Related party - - - - - - - payables (6,518,467) (6,518,467) (1,153,186) (446,021) (563,891) - (4,355,369) Company as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (43,085) (43,085) (43,085) - - - - Trade payables (124,785) (124,785) (124,785) - - - - Other payables Related party (15,825) (15,825) (15,825) - - - - payables (3,753,814) (3,753,814) (183,695) (567,825) - (3,002,194) - Company as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (92,135) (92,135) (92,135) - - - - Trade payables (256,595) (256,595) (256,595) - - - - Other payables Related party - - - - - - - payables (839,801) (839,801) (348,730) - (491,071) - - The interest payments on the financial liabilities represent the fixed interest rates as per the respective contracts. The Group aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount in excess of expected cash outflows on financial liabilities other than trade payables. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-369": { "value": "Group as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use (51,695) (51,695) (2,804) (14,022) (16,826) (18,043) - finance lease (87,334) (87,334) (87,334) - - - - Trade payables (180,866) (180,866) (180,866) - - - - Other payables Related party (147,574) (147,574) (147,574) - - - - payables (4,037,588) (4,037,588) (418,578) (581,847) (16,826) (3,020,237) - Group as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders (4,355,369) (4,355,369) - - - - (4,355,369) loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans (363,011) (363,011) - (363,011) - - - Right of use (186,988) (31,158) (83,010) (72,820) - - finance lease (186,988) (478,862) (478,862) - - - - Trade payables (478,862) Other payables (643,166) (643,166) (643,166) - - - - Related party - - - - - - - payables (6,518,467) (6,518,467) (1,153,186) (446,021) (563,891) - (4,355,369) Company as at 31 October 2024 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (3,570,119) (3,570,119) - (567,825) - (3,002,194) - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (43,085) (43,085) (43,085) - - - - Trade payables (124,785) (124,785) (124,785) - - - - Other payables Related party (15,825) (15,825) (15,825) - - - - payables (3,753,814) (3,753,814) (183,695) (567,825) - (3,002,194) - Company as at 31 October 2023 Contractual cash flows Carrying 2 months 2 to 12 1 to 2 2 to 5 More than value Total or less months years years 5 years Non-derivative \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 financial liabilities Unsecured shareholders - - - - - - - loans Convertible loan (491,071) (491,071) - - (491,071) - - notes Secured loans - - - - - - - Right of use - - - - - - - finance lease (92,135) (92,135) (92,135) - - - - Trade payables (256,595) (256,595) (256,595) - - - - Other payables Related party - - - - - - - payables (839,801) (839,801) (348,730) - (491,071) - - ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-356": { "value": "Market risk Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Foreign currency risk The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Group foreign exchange risk 31 October 2024 31 October 2023 \u00a3 (GBP) R (ZAR) \u00a3 (GBP) R (ZAR) Trade and other receivables - - 258,319 7,144,365 Cash and cash equivalents - - 765,814 2,090,921 Unsecured shareholders' loans - - - (98,761,043) Secured loans - - - (8,231,521) Convertible loan notes - - (491,071) - Right of use finance lease - - - (3,905,322) Trade payables - - (348,730) (17,535,102) Net statement of financial exposure - - 184,332(119,197,702) Next 6 months actual sales - - - - Next 6 months actual forecast - - - - Net statement of financial exposure - - - - Net exposure - - 184,332(119,197,702)
Company foreign exchange risk
31 October 2024
31 October 2023
\u00a3 (GBP)
R (ZAR)
\u00a3 (GBP)
R (ZAR)
Trade and other receivables
-
-
258,319
-
Cash and cash equivalents
-
-
765,814
-
Unsecured shareholders' loans
-
-
-
-
Secured loans
-
-
-
-
Convertible loan notes
-
-
(491,071)
-
Right of use finance lease
-
-
-
-
Trade payables
-
-
(348,730)
-
Net statement of financial exposure
-
-
184,332
-
Next 6 months actual sales
-
-
-
-
Next 6 months actual forecast
-
-
-
-
Net statement of financial exposure
-
-
-
-
Net exposure
-
-
184,332
-
As previously disclosed Dynamic was sold post year end in January 2024. It is the opinion of the Directors that the only foreign exchange risk that the Group faced were the outstanding debtor and creditor balances at the 31 October 2023 as documented on the statement of financial position. It is believed that the trading in November and December, wouldn't have created foreign exchange risk as cash wouldn't have been received nor paid prior to the sale of the subsidiary. The following significant exchange rates in relation to the reporting currency are applicable:
Average for the year
Year end spot rate
2024
2023
2024
2023
United States Dollar ($)
1.2755
1.2477
1.2990
1.2154
South African Rand (ZAR)
-
21.7957
-
22.6757
Hong Kong Dollar (HK$)
10.0457
-
10.0944
-
The presentation currency of the Group is British Pound Sterling. The Group is exposed primarily to movements in USD and ZAR, the currency in which the Group receives most of its funding, against other currencies in which the Group incurs liabilities and expenditure. Sensitivity analysis Financial instruments affected by foreign currency risk include cash and cash equivalents, trade other receivables and trade and other payables. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity of the Group's financial instruments (at year end) to changes in market variables, being exchange rates. The following assumptions were made in calculating the sensitivity analysis: - all income statement sensitivities also impact equity; and - translation of foreign subsidiaries and operations into the Group's presentation currency have been excluded from this sensitivity as they have no monetary effect on the results. Income statement / equity
2024
2023
+10%
-10%
+10%
-10%
United States Dollar ($)
0.1276
(0.1276)
0.1215
(0.1215)
South African Rand (ZAR)
-
-
2.2676
(2.2676)
Hong Kong Dollar (HK$)
1.005
(1.005)
-
-
The above sensitivities are calculated with reference to a single moment in time and will change due to a number of factors including: - fluctuating other receivable and trade payable balances; - fluctuating cash balances; and - changes in currency mix. Interest rate risk The Group has entered into fixed rate agreements for its finance leases and shareholders loans. The Group does not hedge its interest rate exposure by entering into variable interest rate swaps. Exposure to interest rate risk The interest rate profile of the Group's interest-bearing financial instruments as reported to the management of the Group is as per the table below.
Group
Company
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Financial assets
-
-
-
-
Financial liabilities
(3,599,703)
(5,033,428)
(3,570,119)
(491,071)
Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets of financial liabilities at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. Other market price risk The Group is exposed to equity price risk, which arises from equity securities at FVTOCI are held as a long-term investment. The Groups' investments in equity securities comprise small shareholdings in unlisted companies. The shares are not readily tradable, and any monetisation of the shares is dependent on finding a willing buyer. Valuation techniques and assumptions applied for the purpose of measuring fair value The fair value of cash and receivables and liabilities approximates the carrying values disclosed in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-370": { "value": "The following significant exchange rates in relation to the reporting currency are applicable:
Average for the year
Year end spot rate
2024
2023
2024
2023
United States Dollar ($)
1.2755
1.2477
1.2990
1.2154
South African Rand (ZAR)
-
21.7957
-
22.6757
Hong Kong Dollar (HK$)
10.0457
-
10.0944
-
The presentation currency of the Group is British Pound Sterling. The Group is exposed primarily to movements in USD and ZAR, the currency in which the Group receives most of its funding, against other currencies in which the Group incurs liabilities and expenditure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-371": { "value": "Sensitivity analysis Financial instruments affected by foreign currency risk include cash and cash equivalents, trade other receivables and trade and other payables. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity of the Group's financial instruments (at year end) to changes in market variables, being exchange rates. The following assumptions were made in calculating the sensitivity analysis: - all income statement sensitivities also impact equity; and - translation of foreign subsidiaries and operations into the Group's presentation currency have been excluded from this sensitivity as they have no monetary effect on the results. Income statement / equity
2024
2023
+10%
-10%
+10%
-10%
United States Dollar ($)
0.1276
(0.1276)
0.1215
(0.1215)
South African Rand (ZAR)
-
-
2.2676
(2.2676)
Hong Kong Dollar (HK$)
1.005
(1.005)
-
-
The above sensitivities are calculated with reference to a single moment in time and will change due to a number of factors including: - fluctuating other receivable and trade payable balances; - fluctuating cash balances; and - changes in currency mix. Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets of financial liabilities at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-357": { "value": "Capital management The Group manages its capital resources to ensure that entities in the Group will be able to continue as a going concern, while maximising shareholder return. The capital structure of the Group consists of equity attributable to shareholders, comprising issued share capital and reserves. The availability of new capital will depend on many factors including a positive operating environment, positive stock market conditions, the Group's track record, and the experience of management. There are no externally imposed capital requirements. The Directors are confident that adequate cash resources exist or will be made available to finance operations but controls over expenditure are carefully managed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-306": { "value": "29. Related party transactions Directors' fees During the year ended 31 October 2024 \u00a3142,440 was paid to Directors of the Company (2023: \u00a3123,260). At the year- end a total of \u00a33,962 (2023: \u00a32,810) was outstanding in respect of Directors' emoluments. Other related party transactions Included in trade and other payables are the following related party financial liabilities:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Giga Treasure Ltd
16,172
-
15,825
-
Ace Jumbo Ventures Ltd
14,161
-
-
-
Golden Nice Capital Ltd
22,279
-
-
-
52,612
-
15,825
-
Giga Treasure Ltd is owed money pertaining the purchase of Ace Jumbo Ventures Ltd share capital. The additional \u00a3347 relates to costs it has incurred on behalf of a group company. Ace Jumbo Ventures Ltd has incurred costs on behalf of a group company. Golden Nice Capital Ltd has made a payment on account to a member of the group for the purchase of goods. Outstanding Director's salaries and related party transactions Included in trade and other payables are the following outstanding Directors' salaries and fees payable to related parties for other services:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Xin (Andy) Sui
3,162
2,250
3,162
2,250
Robert Scott
4,000
-
4,000
-
Simon Grant-Rennick
2,440
560
2,440
560
Feng Chen
95,762
-
800
-
105,364
2,810
10,402
2,810
The following information relates to the comparative period when Andrew Monk was a director of both the Company and K2. Arrangements with K2 During the period the Company and K2 entered into certain related party arrangements in relation to DI as outlined below. K2 is a 10% subsidiary of VSA Capital. At the time the arrangements were entered into Andrew Monk was a director of the Company, VSA Capital and K2 and is deemed to have significant influence over VSA Capital and K2. Disposal of 49% equity interest in DI to K2 K2 subscribed for such number of new shares in the capital of DI resulting in K2 holding 49% of the enlarged issued share capital of DI for a consideration of ZAR10,982 and therefore became a significant shareholder in DI representing the non-controlling interest disclosed in the group financial statements. Put and call option for K2 to acquire remaining 51% of DI At the same time a put and call Option Agreement was entered into with the Company granting to K2 the option to acquire 11,430 shares in DI, which represents the remaining 51% equity interest currently owned by the Company. This is subject to the satisfaction of certain conditions and a time restrictions of 31 December 2023 for a consideration of \u00a31. Disposal of group loans in DI from the Company to K2 and entry into a loan subordination agreement Simultaneously with the above subscription and to allow the equity in DI to be issued to K2, the Company agreed to assign certain debts owing by DI, amounting to \u00a34.2 million which had been fully impaired in prior years, to the Company and certain other parties to K2 in consideration for K2 paying to the Company \u00a3100,001 and agreeing to fund DI so as to enable DI to carry on its business in the ordinary course until such time as the Company ceases to hold any further shares in DI. This assignment agreement resulted in K2 having a non-controlling interest in DI, full details of K2's non-controlling interest are at note 23. Additionally, the assignment of the loans resulted in the Group incurring a finance charge on consolidation of \u00a33.1 million. K2 has signed a subordination agreement in relation to the loans due by DI to K2 with an expiry date of 31 October 2023. There was a risk that if K2 choose to request the repayment of the loans due by DI it would have severely impact the Company's ability to continue as a going concern. On 16 January 2024 K2 announced that it was extending the exercise period of the put and call option agreement from 31 December 2023 to 31 January 2024. The option was exercised on 16 January 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-338": { "value": "29. Related party transactions Directors' fees During the year ended 31 October 2024 \u00a3142,440 was paid to Directors of the Company (2023: \u00a3123,260). At the year- end a total of \u00a33,962 (2023: \u00a32,810) was outstanding in respect of Directors' emoluments. Other related party transactions Included in trade and other payables are the following related party financial liabilities:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Giga Treasure Ltd
16,172
-
15,825
-
Ace Jumbo Ventures Ltd
14,161
-
-
-
Golden Nice Capital Ltd
22,279
-
-
-
52,612
-
15,825
-
Giga Treasure Ltd is owed money pertaining the purchase of Ace Jumbo Ventures Ltd share capital. The additional \u00a3347 relates to costs it has incurred on behalf of a group company. Ace Jumbo Ventures Ltd has incurred costs on behalf of a group company. Golden Nice Capital Ltd has made a payment on account to a member of the group for the purchase of goods. Outstanding Director's salaries and related party transactions Included in trade and other payables are the following outstanding Directors' salaries and fees payable to related parties for other services:
Group
Company
For the
For the
For the
For the
year ended
year ended
year ended
year ended
31 October
31 October
31 October
31 October
2024
2023
2024
2023
\u00a3
\u00a3
\u00a3
\u00a3
Xin (Andy) Sui
3,162
2,250
3,162
2,250
Robert Scott
4,000
-
4,000
-
Simon Grant-Rennick
2,440
560
2,440
560
Feng Chen
95,762
-
800
-
105,364
2,810
10,402
2,810
The following information relates to the comparative period when Andrew Monk was a director of both the Company and K2. Arrangements with K2 During the period the Company and K2 entered into certain related party arrangements in relation to DI as outlined below. K2 is a 10% subsidiary of VSA Capital. At the time the arrangements were entered into Andrew Monk was a director of the Company, VSA Capital and K2 and is deemed to have significant influence over VSA Capital and K2. Disposal of 49% equity interest in DI to K2 K2 subscribed for such number of new shares in the capital of DI resulting in K2 holding 49% of the enlarged issued share capital of DI for a consideration of ZAR10,982 and therefore became a significant shareholder in DI representing the non-controlling interest disclosed in the group financial statements. Put and call option for K2 to acquire remaining 51% of DI At the same time a put and call Option Agreement was entered into with the Company granting to K2 the option to acquire 11,430 shares in DI, which represents the remaining 51% equity interest currently owned by the Company. This is subject to the satisfaction of certain conditions and a time restrictions of 31 December 2023 for a consideration of \u00a31. Disposal of group loans in DI from the Company to K2 and entry into a loan subordination agreement Simultaneously with the above subscription and to allow the equity in DI to be issued to K2, the Company agreed to assign certain debts owing by DI, amounting to \u00a34.2 million which had been fully impaired in prior years, to the Company and certain other parties to K2 in consideration for K2 paying to the Company \u00a3100,001 and agreeing to fund DI so as to enable DI to carry on its business in the ordinary course until such time as the Company ceases to hold any further shares in DI. This assignment agreement resulted in K2 having a non-controlling interest in DI, full details of K2's non-controlling interest are at note 23. Additionally, the assignment of the loans resulted in the Group incurring a finance charge on consolidation of \u00a33.1 million. K2 has signed a subordination agreement in relation to the loans due by DI to K2 with an expiry date of 31 October 2023. There was a risk that if K2 choose to request the repayment of the loans due by DI it would have severely impact the Company's ability to continue as a going concern. On 16 January 2024 K2 announced that it was extending the exercise period of the put and call option agreement from 31 December 2023 to 31 January 2024. The option was exercised on 16 January 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-307": { "value": "30. Controlling party There is no single controlling party. Significant shareholders are listed on page 106. ", "dimensions": { "concept": "everestglobalplc:DisclosureOfControllingParty", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-308": { "value": "31. Subsequent events Subsequent to year end the following occurred: On 26 November 2024 a further CLN of \u00a3250,000 was issued to SPC under the terms of the Loan Note Instrument. This resulted in 13 CLNs with an aggregate value of \u00a33.250 million being issued. In addition, SPC advanced an amount of approximately \u00a3155,000 over and above the CLN which will attract the same interest rate as the CLNs (being 6 per cent. per annum) (\u201cAdvanced Funds\u201d) and, if and when topped up to \u00a3250,000, can be converted into a CLN under the Loan Note Instrument. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-6": { "value": "7th Floor The Broadgate Tower 20 Primrose Street London EC2A 2EW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-261": { "value": "7th Floor The Broadgate Tower 20 Primrose Street London EC2A 2EW", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VWEF19LQCNB917", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } } } }