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Directors\u2019 Remuneration
Directors\u2019 fees totalling \u00a388,500 (2024: \u00a353,000) have been charged. Victor Humberdot and B\u00e9la Lendvai-Lintner
were the highest paid directors in the year at \u00a330,000 each.
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities, and are the directors of the Group.
Remuneration of the directors and highest paid director is shown in the Remuneration Committee Report on
pages 12-13.
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Accounting Policies Company information The principal activity of Iconic Labs Plc (\u201cthe Company\u201d) is that of a holding company. The Company is a public company limited by shares registered in England & Wales. The registered office of the Company is 7 Bell Yard, London, WC2A 2JR. The Company registration number is 10197256. Basis of preparation These financial statements have been prepared in accordance with applicable law and UK Adopted International Accounting Standards (\u201cUK Adopted IASs\u201d). These consolidated financial statements are presented in Pounds Sterling (\u2018GBP\u2019), which is considered by the directors to be the functional and presentation currency. The Company\u2019s individual statement of comprehensive income has been omitted from the Group\u2019s annual financial statements having taken advantage of the exemption not to disclose under Section 408(3) of the Companies Act 2006. Going concern As noted in the Corporate Governance Report on pages 6-11, the Directors have carefully considered the financial position of Iconic in light of progress during the twelve months ended 30 June 2025 and have taken into account the termination of the RTO of ITS Holdings 2024 Ltd that was announced in February 2025. The Directors are focussed on finding an alternative target and have obtained confirmation WTGO that it is their current intention to provide short term funding to enable this to progress. If an alternative target is not found within a short period of time, there is a risk that further funding will not be made available, and that whilst the on-going running costs of the Group are expected to be low, the Group may not be able to meet its liabilities as they fall due. In such an event the Group would need to wind down its operations, realise any assets and may enter administration, if and to the extent there are creditors of the Group who cannot be paid. In such an event, the Group would no longer manage its affairs or the realisation of its assets. As a result of either winding down the business or entering into administration, the Ordinary Shares would be cancelled from the Official List and Shareholders may receive little or no value for their Ordinary Shares. On this basis, there is a material uncertainty related to events or conditions that may cast significant doubt on the Group\u2019s ability to continue as a going concern and that it may therefore be unable to realise its assets and discharge its liabilities in the normal course of business. However, the Directors believe it remains appropriate to prepare the financial statements on a going concern basis Basis of consolidation The Group financial statements consolidate those of the parent company and all of its subsidiaries. Subsidiaries are entities controlled by the Group. The parent company controls a subsidiary if it has power over the investee to significantly direct the activities, exposure, or rights, to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of the investors\u2019 returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The results of subsidiaries acquired or disposed in the period are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The results and net assets of subsidiaries whose accounts are denominated in foreign currencies are retranslated into Sterling at average rates and year-end rates respectively. 1. Accounting Policies (Continued) Taxation The 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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises 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 tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, 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 is measured on an undiscounted basis using the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Intangible fixed assets Intangible assets comprise capitalised computer software which are initially recognised at cost. Amortisation is provided so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates: Computer Software 33% straight line basis Intangible assets also comprise intellectual property which is initially measured at cost. The useful economic life of the asset is considered to be such that any amortisation charge would be immaterial to the financial statements. The directors have therefore decided that an annual impairment review rather than a systematic amortisation is more appropriate for this asset. Impairment of non-current assets At each reporting date the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. 1. Accounting Policies (Continued) Financial assets Financial assets are recognised when the Group becomes a party to the contractual provisions of the financial asset. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial asset and substantially all of the risks and rewards are transferred. The financial assets of the Group are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into the following categories: - Amortised cost - Fair value through profit or loss (FVTPL) - Fair value through other comprehensive income (FVOCI) The classification is determined by both: - The Group\u2019s business model for managing the financial asset - The contractual cash flow characteristics of the financial asset All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs and finance income. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): - They are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows - The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where its effect is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance against trade and other receivables. When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Trade and other receivables The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade and other receivables on a collective basis. 1. Accounting Policies (Continued) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. These are initially and subsequently recorded at fair value. Financial liabilities The Group\u2019s principal financial liabilities include trade and other payables, leases and convertible debt none of which would be classified as fair value through profit or loss. Therefore, these financial liabilities are classified as financial liabilities at amortised cost, as defined below: Other financial liabilities include the following items: x Borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding. x Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Convertible loan notes Convertible loan notes issued by the Group comprise loan notes that can be converted to ordinary shares at the option of the holder. Convertible loan notes are recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument and are measured at fair value upon initial recognition Convertible loan notes are classified as financial liabilities at amortised cost unless they meet the criteria to be classified and measured at fair value through profit or loss. Derecognition occurs when the loan notes are converted to ordinary shares. Promissory notes Promissory notes are classified as financial instruments and recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument. Upon initial recognition, promissory notes are measured at fair value, typically the transaction price, plus any directly attributable transaction costs. If a promissory note is issued with deferred payment terms or at an interest rate that does not reflect the market rate, it is initially measured at fair value, determined by discounting future cash flows at a market rate of interest. Promissory notes payable are classified as financial liabilities at amortised cost unless they meet the criteria to be classified and measured at fair value through profit or loss. Promissory notes payable classified at amortised cost are subsequently measured using the effective interest rate method, recognising interest expense over the term of the note. Derecognition occurs when the obligation is discharged, cancelled, or expired. Share capital The Group\u2019s ordinary shares are classified as equity instruments. 1. Accounting Policies (Continued) Changes to IFRS not yet adopted As from 1 January 2025, various amendments to IFRS standards as listed below were issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements of the Company and Group. The following UK-adopted IFRSs have been issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements: x Amendments to IAS 21: Lack of exchangeability (endorsed \u2013 effective 1 January 2025). The following standards and interpretations to published standards are not yet effective: x Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued \u2013 effective 1 January 2026). x Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity (issued \u2013 effective 1 January 2026). x Volume 11: Annual Improvements to IFRS Accounting Standards (issued \u2013 effective 1 January 2026). x IFRS 18: Presentation and Disclosure in Financial Statements (issued \u2013 effective 1 January 2027). x IFRS 19: Subsidiaries without Public Accountability: Disclosures (issued \u2013 effective 1 January 2027). x Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (deferred). The Directors anticipate that the adoption of these standards and interpretations in future periods will not have an impact on the results and net assets of the Company and Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-171": { "value": "Company information The principal activity of Iconic Labs Plc (\u201cthe Company\u201d) is that of a holding company. The Company is a public company limited by shares registered in England & Wales. The registered office of the Company is 7 Bell Yard, London, WC2A 2JR. The Company registration number is 10197256. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-151": { "value": "a public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-156": { "value": "England Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-152": { "value": "7 Bell Yard, London, WC2A 2JR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-153": { "value": "
Basis of preparation
These financial statements have been prepared in accordance with applicable law and UK Adopted International
Accounting Standards (\u201cUK Adopted IASs\u201d).
These consolidated financial statements are presented in Pounds Sterling (\u2018GBP\u2019), which is considered by the
directors to be the functional and presentation currency.
The Company\u2019s individual statement of comprehensive income has been omitted from the Group\u2019s annual
financial statements having taken advantage of the exemption not to disclose under Section 408(3) of the
Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-172": { "value": "These financial statements have been prepared in accordance with applicable law and UK Adopted International Accounting Standards (\u201cUK Adopted IASs\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-174": { "value": "These consolidated financial statements are presented in Pounds Sterling (\u2018GBP\u2019), which is considered by the directors to be the functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-154": { "value": "
Going concern
As noted in the Corporate Governance Report on pages 6-11, the Directors have carefully considered the financial
position of Iconic in light of progress during the twelve months ended 30 June 2025 and have taken into account
the termination of the RTO of ITS Holdings 2024 Ltd that was announced in February 2025. The Directors are
focussed on finding an alternative target and have obtained confirmation WTGO that it is their current intention
to provide short term funding to enable this to progress. If an alternative target is not found within a short
period of time, there is a risk that further funding will not be made available, and that whilst the on-going running
costs of the Group are expected to be low, the Group may not be able to meet its liabilities as they fall due.
In such an event the Group would need to wind down its operations, realise any assets and may enter
administration, if and to the extent there are creditors of the Group who cannot be paid. In such an event, the
Group would no longer manage its affairs or the realisation of its assets. As a result of either winding down the
business or entering into administration, the Ordinary Shares would be cancelled from the Official List and
Shareholders may receive little or no value for their Ordinary Shares.
On this basis, there is a material uncertainty related to events or conditions that may cast significant doubt on
the Group\u2019s ability to continue as a going concern and that it may therefore be unable to realise its assets and
discharge its liabilities in the normal course of business. However, the Directors believe it remains appropriate
to prepare the financial statements on a going concern basis
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-173": { "value": "Going concern As noted in the Corporate Governance Report on pages 6-11, the Directors have carefully considered the financial position of Iconic in light of progress during the twelve months ended 30 June 2025 and have taken into account the termination of the RTO of ITS Holdings 2024 Ltd that was announced in February 2025. The Directors are focussed on finding an alternative target and have obtained confirmation WTGO that it is their current intention to provide short term funding to enable this to progress. If an alternative target is not found within a short period of time, there is a risk that further funding will not be made available, and that whilst the on-going running costs of the Group are expected to be low, the Group may not be able to meet its liabilities as they fall due. In such an event the Group would need to wind down its operations, realise any assets and may enter administration, if and to the extent there are creditors of the Group who cannot be paid. In such an event, the Group would no longer manage its affairs or the realisation of its assets. As a result of either winding down the business or entering into administration, the Ordinary Shares would be cancelled from the Official List and Shareholders may receive little or no value for their Ordinary Shares. On this basis, there is a material uncertainty related to events or conditions that may cast significant doubt on the Group\u2019s ability to continue as a going concern and that it may therefore be unable to realise its assets and discharge its liabilities in the normal course of business. However, the Directors believe it remains appropriate to prepare the financial statements on a going concern basis ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-155": { "value": "
Basis of consolidation
The Group financial statements consolidate those of the parent company and all of its subsidiaries. Subsidiaries
are entities controlled by the Group. The parent company controls a subsidiary if it has power over the investee
to significantly direct the activities, exposure, or rights, to variable returns from its involvement with the investee,
and the ability to use its power over the investee to affect the amount of the investors\u2019 returns. The financial
statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
The results of subsidiaries acquired or disposed in the period are included in the consolidated income statement
from the effective date of acquisition or up to the effective date of disposal, as appropriate. All intra-group
transactions, balances, income and expenses are eliminated on consolidation.
The results and net assets of subsidiaries whose accounts are denominated in foreign currencies are retranslated
into Sterling at average rates and year-end rates respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-157": { "value": "
Taxation
The 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 income
statement because it excludes items of income or expense that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises 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 tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures, 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 is measured on an undiscounted basis using the tax rates that are expected to apply in the period
when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income
statement, except when it relates to items charged or credited directly to equity, in which case the deferred
tax is also dealt with in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-175": { "value": "Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises 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 tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, 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 is measured on an undiscounted basis using the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-158": { "value": "
Intangible fixed assets
Intangible assets comprise capitalised computer software which are initially recognised at cost.
Amortisation is provided so as to write off their carrying value over their expected useful economic lives. It is
provided at the following rates:
Computer Software
33% straight line basis
Intangible assets also comprise intellectual property which is initially measured at cost. The useful economic
life of the asset is considered to be such that any amortisation charge would be immaterial to the financial
statements. The directors have therefore decided that an annual impairment review rather than a systematic
amortisation is more appropriate for this asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-176": { "value": "Intangible fixed assets Intangible assets comprise capitalised computer software which are initially recognised at cost. Amortisation is provided so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates: Computer Software 33% straight line basis Intangible assets also comprise intellectual property which is initially measured at cost. The useful economic life of the asset is considered to be such that any amortisation charge would be immaterial to the financial statements. The directors have therefore decided that an annual impairment review rather than a systematic amortisation is more appropriate for this asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-159": { "value": "
Impairment of non-current assets
At each reporting date the Group reviews the carrying amounts of its property, plant and equipment and
intangible assets to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount
of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is
treated as a revaluation decrease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-177": { "value": "Impairment of non-current assets At each reporting date the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount and the present value of the estimated future cash flows discounted at the
asset\u2019s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance
against trade and other receivables. When an event occurring after the impairment was recognised causes
the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or
loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-189": { "value": "Financial assets Financial assets are recognised when the Group becomes a party to the contractual provisions of the financial asset. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial asset and substantially all of the risks and rewards are transferred. The financial assets of the Group are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into the following categories: - Amortised cost - Fair value through profit or loss (FVTPL) - Fair value through other comprehensive income (FVOCI) The classification is determined by both: - The Group\u2019s business model for managing the financial asset - The contractual cash flow characteristics of the financial asset All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs and finance income. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): - They are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows - The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where its effect is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance against trade and other receivables. When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Trade and other receivables The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade and other receivables on a collective basis. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. These are initially and subsequently recorded at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-160": { "value": "Financial assets Financial assets are recognised when the Group becomes a party to the contractual provisions of the financial asset. Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire, or when the financial asset and substantially all of the risks and rewards are transferred. The financial assets of the Group are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into the following categories: - Amortised cost - Fair value through profit or loss (FVTPL) - Fair value through other comprehensive income (FVOCI) The classification is determined by both: - The Group\u2019s business model for managing the financial asset - The contractual cash flow characteristics of the financial asset All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs and finance income. Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): - They are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows - The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where its effect is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance against trade and other receivables. When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Trade and other receivables The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade and other receivables on a collective basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. These are initially and subsequently
recorded at fair value.
Financial liabilities
The Group\u2019s principal financial liabilities include trade and other payables, leases and convertible debt none
of which would be classified as fair value through profit or loss.
Therefore, these financial liabilities are classified as financial liabilities at amortised cost, as defined below:
Other financial liabilities include the following items:
x Borrowings are initially recognised at fair value net of any transaction costs directly attributable to
the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised
cost using the effective interest method, which ensures that any interest expense over the period to
repayment is at a constant rate on the balance of the liability carried in the statement of financial
position. Interest expense in this context includes initial transaction costs and premium payable on
redemption, as well as any interest or coupon payable while the liability is outstanding.
x Trade payables and other short-term monetary liabilities, which are initially recognised at fair value
and subsequently carried at amortised cost using the effective interest method.
Convertible loan notes
Convertible loan notes issued by the Group comprise loan notes that can be converted to ordinary shares at
the option of the holder. Convertible loan notes are recognised on the balance sheet when the entity
becomes a party to the contractual provisions of the instrument and are measured at fair value upon initial
recognition
Convertible loan notes are classified as financial liabilities at amortised cost unless they meet the criteria to
be classified and measured at fair value through profit or loss. Derecognition occurs when the loan notes are
converted to ordinary shares.
Promissory notes
Promissory notes are classified as financial instruments and recognised on the balance sheet when the entity
becomes a party to the contractual provisions of the instrument. Upon initial recognition, promissory notes
are measured at fair value, typically the transaction price, plus any directly attributable transaction costs. If a
promissory note is issued with deferred payment terms or at an interest rate that does not reflect the market
rate, it is initially measured at fair value, determined by discounting future cash flows at a market rate of
interest.
Promissory notes payable are classified as financial liabilities at amortised cost unless they meet the criteria
to be classified and measured at fair value through profit or loss. Promissory notes payable classified at
amortised cost are subsequently measured using the effective interest rate method, recognising interest
expense over the term of the note. Derecognition occurs when the obligation is discharged, cancelled, or
expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-178": { "value": "
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets
expire, or when the financial asset and substantially all of the risks and rewards are transferred.
Derecognition occurs when the loan notes are converted to ordinary shares. Derecognition occurs when the obligation is discharged, cancelled, or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-195": { "value": "An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance against trade and other receivables. When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-179": { "value": "Trade and other receivables The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade and other receivables on a collective basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-181": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. These are initially and subsequently recorded at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-190": { "value": "Financial liabilities The Group\u2019s principal financial liabilities include trade and other payables, leases and convertible debt none of which would be classified as fair value through profit or loss. Therefore, these financial liabilities are classified as financial liabilities at amortised cost, as defined below: Other financial liabilities include the following items: x Borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding. x Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Convertible loan notes Convertible loan notes issued by the Group comprise loan notes that can be converted to ordinary shares at the option of the holder. Convertible loan notes are recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument and are measured at fair value upon initial recognition Convertible loan notes are classified as financial liabilities at amortised cost unless they meet the criteria to be classified and measured at fair value through profit or loss. Derecognition occurs when the loan notes are converted to ordinary shares. Promissory notes Promissory notes are classified as financial instruments and recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument. Upon initial recognition, promissory notes are measured at fair value, typically the transaction price, plus any directly attributable transaction costs. If a promissory note is issued with deferred payment terms or at an interest rate that does not reflect the market rate, it is initially measured at fair value, determined by discounting future cash flows at a market rate of interest. Promissory notes payable are classified as financial liabilities at amortised cost unless they meet the criteria to be classified and measured at fair value through profit or loss. Promissory notes payable classified at amortised cost are subsequently measured using the effective interest rate method, recognising interest expense over the term of the note. Derecognition occurs when the obligation is discharged, cancelled, or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-196": { "value": "Borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs and premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding. Convertible loan notes Convertible loan notes issued by the Group comprise loan notes that can be converted to ordinary shares at the option of the holder. Convertible loan notes are recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument and are measured at fair value upon initial recognition Convertible loan notes are classified as financial liabilities at amortised cost unless they meet the criteria to be classified and measured at fair value through profit or loss. Derecognition occurs when the loan notes are converted to ordinary shares. Promissory notes Promissory notes are classified as financial instruments and recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument. Upon initial recognition, promissory notes are measured at fair value, typically the transaction price, plus any directly attributable transaction costs. If a promissory note is issued with deferred payment terms or at an interest rate that does not reflect the market rate, it is initially measured at fair value, determined by discounting future cash flows at a market rate of interest. Promissory notes payable are classified as financial liabilities at amortised cost unless they meet the criteria to be classified and measured at fair value through profit or loss. Promissory notes payable classified at amortised cost are subsequently measured using the effective interest rate method, recognising interest expense over the term of the note. Derecognition occurs when the obligation is discharged, cancelled, or expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-180": { "value": "Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-161": { "value": "
Share capital
The Group\u2019s ordinary shares are classified as equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-162": { "value": "
Changes to IFRS not yet adopted
As from 1 January 2025, various amendments to IFRS standards as listed below were issued but have not
been applied in these financial statements. Their adoption is not expected to have a material effect on the
financial statements of the Company and Group.
The following UK-adopted IFRSs have been issued but have not been applied in these financial statements.
Their adoption is not expected to have a material effect on the financial statements:
x Amendments to IAS 21: Lack of exchangeability (endorsed \u2013 effective 1 January 2025).
The following standards and interpretations to published standards are not yet effective:
x Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued \u2013
effective 1 January 2026).
x Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity (issued \u2013
effective 1 January 2026).
x Volume 11: Annual Improvements to IFRS Accounting Standards (issued \u2013 effective 1 January 2026).
x IFRS 18: Presentation and Disclosure in Financial Statements (issued \u2013 effective 1 January 2027).
x IFRS 19: Subsidiaries without Public Accountability: Disclosures (issued \u2013 effective 1 January 2027).
x Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture (deferred).
The Directors anticipate that the adoption of these standards and interpretations in future periods will not
have an impact on the results and net assets of the Company and Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-182": { "value": "Changes to IFRS not yet adopted As from 1 January 2025, various amendments to IFRS standards as listed below were issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements of the Company and Group. The following UK-adopted IFRSs have been issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements: x Amendments to IAS 21: Lack of exchangeability (endorsed \u2013 effective 1 January 2025). The following standards and interpretations to published standards are not yet effective: x Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued \u2013 effective 1 January 2026). x Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity (issued \u2013 effective 1 January 2026). x Volume 11: Annual Improvements to IFRS Accounting Standards (issued \u2013 effective 1 January 2026). x IFRS 18: Presentation and Disclosure in Financial Statements (issued \u2013 effective 1 January 2027). x IFRS 19: Subsidiaries without Public Accountability: Disclosures (issued \u2013 effective 1 January 2027). x Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (deferred). The Directors anticipate that the adoption of these standards and interpretations in future periods will not have an impact on the results and net assets of the Company and Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-5": { "value": "2. Significant judgements and key sources of estimation uncertainty The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-6": { "value": "3. Loss from Operations
Year ended
Year ended
30 June
30 June
2025
2024
\u00a3
\u00a3
The loss for the year is stated after charging:
Auditors\u2019 remuneration \u2013 audit services
24,000
24,166
Expenses by nature:
\u00a3
\u00a3
Legal and professional fees
188,903
372,708
Consultancy fees
42,817
168,375
Other supplies and external services
323,399
549,194
Total operating expenses
555,119
1,090,277
Creditors written off
-
(844,225)
Total administrative expenses
555,119
246,052
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-183": { "value": "
Year ended
Year ended
30 June
30 June
2025
2024
\u00a3
\u00a3
The loss for the year is stated after charging:
Auditors\u2019 remuneration \u2013 audit services
24,000
24,166
Expenses by nature:
\u00a3
\u00a3
Legal and professional fees
188,903
372,708
Consultancy fees
42,817
168,375
Other supplies and external services
323,399
549,194
Total operating expenses
555,119
1,090,277
Creditors written off
-
(844,225)
Total administrative expenses
555,119
246,052
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-191": { "value": "
Year ended
Year ended
30 June
30 June
2025
2024
\u00a3
\u00a3
The loss for the year is stated after charging:
Auditors\u2019 remuneration \u2013 audit services
24,000
24,166
Expenses by nature:
\u00a3
\u00a3
Legal and professional fees
188,903
372,708
Consultancy fees
42,817
168,375
Other supplies and external services
323,399
549,194
Total operating expenses
555,119
1,090,277
Creditors written off
-
(844,225)
Total administrative expenses
555,119
246,052
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-163": { "value": "Year ended Year ended 30 June 30 June 2025 2024 \u00a3 \u00a3 The loss for the year is stated after charging: Auditors\u2019 remuneration \u2013 audit services 24,000 24,166", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-164": { "value": "Expenses by nature: \u00a3 \u00a3 Legal and professional fees 188,903 372,708 Consultancy fees 42,817 168,375 Other supplies and external services 323,399 549,194 Total operating expenses 555,119 1,090,277 Creditors written off - (844,225) Total administrative expenses 555,119 246,052", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-7": { "value": "4. Staff Costs No wages were paid during this year or the previous year. Employee Numbers
The average number of staff employed by the group during the year amounted to:
General and administration
3
4
3
4
Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities, and are the directors of the Group. Remuneration of the directors and highest paid director is shown in the Remuneration Committee Report on pages 12-13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-165": { "value": "
5. Interest payable
Year ended
Year ended
30 June
2025
30 June
2024
\u00a3
\u00a3
Interest payable on promissory notes
64,214
-
Total interest payable
64,214
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-8": { "value": "5. Interest payable
Year ended
Year ended
30 June
2025
30 June
2024
\u00a3
\u00a3
Interest payable on promissory notes
64,214
-
Total interest payable
64,214
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-184": { "value": "5. Interest payable
Year ended
Year ended
30 June
2025
30 June
2024
\u00a3
\u00a3
Interest payable on promissory notes
64,214
-
Total interest payable
64,214
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-192": { "value": "5. Interest payable
Year ended
Year ended
30 June
2025
30 June
2024
\u00a3
\u00a3
Interest payable on promissory notes
64,214
-
Total interest payable
64,214
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-9": { "value": "6. Income tax expense
Year ended
Year ended
30 June
2025
30 June
2024
\u00a3
\u00a3
Current tax
8,892
-
Total current tax
8,892
-
The reason for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:
Year ended
Year ended
30 June
2025
30 June
2024
\u00a3
\u00a3
Loss before taxation
(619,333)
(246,052)
Tax using the parent company\u2019s domestic tax rate of 25% (2024: 25%)
(154,833)
(61,513)
Effects of:
Losses carried forward
154,833
61,513
Adjustments in respect of prior periods
8,892
-
Total tax charged in the income statement
8,892
-
The deferred taxation has not been recognised in these accounts due to the uncertainty over whether this will be recovered. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-166": { "value": "
The deferred taxation has not been recognised in these accounts due to the uncertainty over whether this will be
recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-10": { "value": "7. Earnings per share
Year ended
Year ended
30 June 2025
30 June
2024
\u00a3
\u00a3
Basic earnings per share
Numerator
Loss for the year
(628,225)
(246,052)
Denominator
Weighted average number of ordinary shares used in basic earnings per
share (units)
11,391,057
8,784,726
Basic loss per share
(0.06)
(0.03)
The Group has potential ordinary shares in the form of deferred shares and convertible loan notes. These could potentially dilute basic earnings per share in the future but were not included in the calculation of diluted earnings per share because they are antidilutive for this year. As such, diluted earnings per share are equal to basic earnings per share. The weighted average number of ordinary shares used in basic earnings per share calculation has taken into account the issuances disclosed in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-11": { "value": "8. Intangible Assets
Intellectual
Property
Total
\u00a3
\u00a3
Cost
Balance at 30 June 2024
21,600
21,600
Additions
-
-
Balance at 30 June 2025
21,600
21,600
Amortisation
Balance at 30 June 2024
21,599
21,599
Impairment
-
-
Balance at 30 June 2025
21,599
21,599
Carrying amounts
Balance at 30 June 2025
1
1
Balance at 30 June 2024
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-167": { "value": "8. Intangible Assets
Intellectual
Property
Total
\u00a3
\u00a3
Cost
Balance at 30 June 2024
21,600
21,600
Additions
-
-
Balance at 30 June 2025
21,600
21,600
Amortisation
Balance at 30 June 2024
21,599
21,599
Impairment
-
-
Balance at 30 June 2025
21,599
21,599
Carrying amounts
Balance at 30 June 2025
1
1
Balance at 30 June 2024
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-12": { "value": "9. Investments Company
30 June
30 June
2025
2024
\u00a3
\u00a3
Investments in subsidiaries
1
1
1
1
Subsidiaries as at 30 June 2025:
Country of
Nature of
Notes
Entity
Registered office address
incorporation
business
Nuuco Media Limited
7 Bell Yard, London, WC2A 2JR
United Kingdom
Dormant
(c) (d)
company
WideCells International Limited
PO Box 4385, 08150010:
United Kingdom
Holding company
(c) (d)
Companies House Default
Address, Cardiff, CF14 8LH
CellPlan Limited
Gladstone House, 77-29 High
United Kingdom
Dormant
(a) (d)
Street, Egham,
Surrey, TW20
company
9HY
CellPlan International Lda
Edificio Tower Plaza Rotunda
Portugal
Dormant
(b) (d)
Eng, Edgar Cardoso, no. 23, 11
company
F, 4400
-
676
Vila Nova de Gaia,
Portugal
Notes: (a) 100% owned by WideCells International Limited (b) 100% owned by CellPlan Limited (c) 100% owned by Iconic Labs Plc (d) Ordinary Shares Held On 1 July 2025, WideCells International Limited and Cellplan Limited were dissolved. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-13": { "value": "10. Trade and other receivables
Group
30 June
30 June
2025
2024
\u00a3
\u00a3
Prepayments and accrued income
59,305
10,030
Total
59,305
10,030
Company
30 June
30 June
2025
2024
\u00a3
\u00a3
Prepayments and accrued income
59,305
10,030
Total
59,305
10,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-14": { "value": "11. Cash and cash equivalents
Group
30 June
30 June
2025
2024
\u00a3
\u00a3
Cash at bank available on demand
35,738
129,309
Total cash and cash equivalents
35,738
129,309
Company
30 June
30 June
2025
2024
\u00a3
\u00a3
Cash at bank available on demand
35,738
129,309
Total cash and cash equivalents
35,738
129,309
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-168": { "value": "
12. Company Share Capital
30 June 2025
30 June 2024
Number
\u00a3
Number
\u00a3
Authorised, allotted and fully paid \u2013
classified as equity
Ordinary shares of \u00a30.0001 each
(2024 - \u00a30.0001 each)
13,884,027
1,388
11,161,483
1,116
Deferred shares of \u00a30.0999 each
11,161,483
1,115,032
11,161,483
1,115,032
Deferred shares of \u00a30.00249 each
1,637,129,905
4,076,454
1,637,129,905
4,076,454
Total
1,662,175,415
5,192,874
1,659,452,871
5,192,602
At 30 June 2024, the Company had 11,161,483 Ordinary Shares of \u00a30.0001 in issue, 11,161,483 Deferred Shares of
\u00a30.0999 and 1,637,129,905 Deferred Shares of \u00a30.00249 in issue.
In May and June 2025, the Company issued 2,722,544 Ordinary Shares of \u00a30.0001 each, in respect of the conversion
of \u00a349,000 loan notes held by various holders.
At 30 June 2025, the Company had 13,884,027 Ordinary Shares of \u00a30.0001 in issue, 11,161,483 Deferred Shares at
\u00a30.0999 and 1,637,129,905 Deferred Shares of \u00a30.00249 in issue.
In accordance with the Companies Act 2006, the Company has no limit on its authorised share capital.
The holders of Ordinary Shares have full voting, dividend and capital distribution rights. The Ordinary Shares do not
confer any rights of redemption.
On or following the occurrence of a change of control the receipts from the acquirer shall be applied to the holders
of the Ordinary Shares pro rata to their respective holdings.
Ordinary Shares and Deferred Shares are recorded as equity.
At 30 June 2025, the Company had issued 1,145,895 (2024: 1,145,895) warrants to EHGOSF. All warrants remain
outstanding at the year-end date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-15": { "value": "12. Company Share Capital
30 June 2025
30 June 2024
Number
\u00a3
Number
\u00a3
Authorised, allotted and fully paid \u2013
classified as equity
Ordinary shares of \u00a30.0001 each
(2024 - \u00a30.0001 each)
13,884,027
1,388
11,161,483
1,116
Deferred shares of \u00a30.0999 each
11,161,483
1,115,032
11,161,483
1,115,032
Deferred shares of \u00a30.00249 each
1,637,129,905
4,076,454
1,637,129,905
4,076,454
Total
1,662,175,415
5,192,874
1,659,452,871
5,192,602
At 30 June 2024, the Company had 11,161,483 Ordinary Shares of \u00a30.0001 in issue, 11,161,483 Deferred Shares of \u00a30.0999 and 1,637,129,905 Deferred Shares of \u00a30.00249 in issue. In May and June 2025, the Company issued 2,722,544 Ordinary Shares of \u00a30.0001 each, in respect of the conversion of \u00a349,000 loan notes held by various holders. At 30 June 2025, the Company had 13,884,027 Ordinary Shares of \u00a30.0001 in issue, 11,161,483 Deferred Shares at \u00a30.0999 and 1,637,129,905 Deferred Shares of \u00a30.00249 in issue. In accordance with the Companies Act 2006, the Company has no limit on its authorised share capital. The holders of Ordinary Shares have full voting, dividend and capital distribution rights. The Ordinary Shares do not confer any rights of redemption. On or following the occurrence of a change of control the receipts from the acquirer shall be applied to the holders of the Ordinary Shares pro rata to their respective holdings. Ordinary Shares and Deferred Shares are recorded as equity. At 30 June 2025, the Company had issued 1,145,895 (2024: 1,145,895) warrants to EHGOSF. All warrants remain outstanding at the year-end date. 13. Reserves The following describes the nature and purpose of each reserve within equity:
Reserve
Description and purpose
Share premium
Amount subscribed for share capital in excess of
nominal value
Accumulated losses
All other net gains and losses and transactions with
owners (e.g. dividends) not recognised elsewhere
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-169": { "value": "
13. Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve
Description and purpose
Share premium
Amount subscribed for share capital in excess of
nominal value
Accumulated losses
All other net gains and losses and transactions with
owners (e.g. dividends) not recognised elsewhere
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-16": { "value": "14. Trade and other payables Group
30 June
30 June
2025
2024
\u00a3
\u00a3
Trade payables
719,872
800,289
Accruals
260,952
75,315
Total
980,824
875,604
Book values approximate to fair values at 30 June 2025 and 30 June 2024. Company
30 June
30 June
2025
2024
\u00a3
\u00a3
Trade payables
719,872
800,289
Accruals
260,952
75,315
980,824
875,604
Book values approximate to fair values at 30 June 2025 and 30 June 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-17": { "value": "15. Loans and borrowings Group
30 June
30 June
2025
2024
Current
\u00a3
\u00a3
Promissory notes
1,050,488
631,779
Convertible loans
2,026,000
2,015,000
Total
3,076,488
2,646,779
Book values approximate to fair values at 30 June 2025 and 30 June 2024. Promissory notes During the current year and as part of the cost sharing agreement to fund the RTO of ITS, the Company issued promissory notes of \u00a3108,248 to Baaj Capital and to WTGO. In addition, the Company issued a further \u00a3138,000 to WTGO to fund the working capital requirements. The balance above includes \u00a364,214 of accrued interest incurred in the year on all promissory notes. 15. Loans and borrowings (Continued) Convertible loans During the year, the Company issued \u00a360,000 of notes in consideration for the waiver of a default notice arising from the Company\u2019s suspension from trading while the RTO was being pursued. In addition, \u00a349,000 of loan notes were converted into equity.
Company
30 June
30 June
2025
2024
Current
\u00a3
\u00a3
Promissory notes
1,050,488
631,779
Convertible loans
2,026,000
2,015,000
Total
3,076,488
2,646,779
Book values approximate to fair values at 30 June 2025 and 30 June 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-170": { "value": "
16. Financial Instruments \u2013 Risk Management
The Group is exposed through its operations to the following financial risks:
x Credit risk
x Market risk
x Liquidity risk
In common with other businesses, the Group is exposed to risks that arise from use of financial instruments.
This note describes the group\u2019s objectives, policies and processes for managing those risks and the methods
used to measure them.
The principal financial instruments used by the Group, from which the financial instrument risks arise, are as
follows:
x Cash and cash equivalents
x Trade and other receivables
x Trade and other payables
x Loans and borrowings
A summary of the financial instruments held by category is provided below:
x Financial assets \u2013 amortised cost
x Financial liabilities \u2013 amortised cost
The contractual maturities for all financial instruments held by the company are shown in the table below.
16. Financial Instruments \u2013 Risk Management (Continued)
The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows and
the net debt reconciliation:
Carrying value
Falling due within 1
Falling due in
Total
year
more than 1
year but not
more than 5
years
\u00a3
\u00a3
\u00a3
\u00a3
2025
Financial liabilities: current and non-current
Trade
and
980,824
980,824
-
980,824
other payables
Promissory
1,050,488
1,050,488
-
1,050,488
notes
Convertible
2,026,000
2,026,000
-
2,026,000
loan notes
Total
financial
4,057,312
4,057,312
-
4,057,312
liabilities
Financial assets: current and non-current
Trade
and
59,305
59,305
-
59,305
other
receivables
Cash and cash
35,738
35,738
-
35,738
equivalents
Total
financial
95,043
95,043
-
95,043
assets
Net debt
(3,962,269)
(3,962,269)
-
(3,962,269)
2024
Financial liabilities: current and non-current
Trade
and
875,604
875,604
-
875,604
other payables
Promissory
631,779
631,779
-
631,779
notes
Convertible
2,015,000
2,015,000
-
2,015,000
loan notes
Total
financial
3,522,383
3,522,383
-
3,522,383
liabilities
Financial assets: current and non-current
Trade
and
10,030
10,030
-
10,030
other
receivables
Cash and cash
129,309
129,309
-
129,309
equivalents
Total
financial
139,339
139,339
-
139,339
assets
Net debt
(3,383,044)
(3,383,044)
-
(3,383,044)
16. Financial Instruments \u2013 Risk Management (Continued)
Financial assets and financial liabilities have been analysed by category below:
Level 1 \u2013 Fair value determined by reference to prices in active markets for identical assets/liabilities
Level 2 \u2013 Fair value determined by reference to internal model with observable inputs
Group:
2025
2024
\u00a3
\u00a3
Cash and cash equivalents
35,738
129,309
Trade and other receivables
59,305
10,030
Total financial assets \u2013 amortised cost
95,043
139,339
2025
2024
\u00a3
\u00a3
Trade and other payables
980,824
875,604
Loans and borrowings
3,076,488
2,646,779
Total liabilities \u2013 amortised cost
4,057,312
3,522,383
Company:
2025
2024
\u00a3
\u00a3
Cash and cash equivalents
35,738
129,309
Trade and other receivables
59,305
10,030
Total financial assets \u2013 amortised cost
95,043
139,339
2025
2024
\u00a3
\u00a3
Trade and other payables
980,824
875,604
Loans and borrowings
3,076,488
2,646,779
Total liabilities \u2013 amortised cost
4,057,312
3,522,383
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and
policies.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly
affecting the Groups\u2019 competitiveness and flexibility. Further details regarding these policies are set out
below:
Credit risk
The Group applies the simplified approach when measuring expected credit losses. The approach uses a
lifetime expected loss allowance. The expected loss rates are reviewed annually, or when there is a significant
change in external factors potentially impacting credit risk and are updated where management\u2019s
expectations of credit losses change. No changes have been made to the expected loss rates during the
financial year.
16. Financial Instruments \u2013 Risk Management (Continued)
Credit risk (Continued)
Financial assets held as at year end are as shown below:
As at 31 March 2025
Current
More than
Total
1 year
overdue
\u00a3
\u00a3
\u00a3
Prepayments and accrued income
59,305
-
59,305
Gross carrying amount
59,305
-
59,305
As at 31 March 2024
Current
More than
Total
1 year
overdue
\u00a3
\u00a3
\u00a3
Prepayments and accrued income
10,030
-
10,030
Gross carrying amount
10,030
-
10,030
No expected credit losses have been provided against the financial assets in the current year and prior year.
Credit risk is the risk of financial loss to the Group if a counterparty to the financial instrument fails to meet
its contractual obligations. It is Group policy to assess the credit risk of new customers before entering into
contracts.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For
banks and financial institutions, only independently rated parties with high credit status are accepted.
The Group does not enter into derivatives to manage credit risk.
Group
2025
2024
\u00a3
\u00a3
Trade and other receivables
59,305
10,030
Cash held at 3S/Wise Payments Limited
35,738
129,309
Total financial assets
95,043
139,339
Company
2025
2024
\u00a3
\u00a3
Trade and other receivables
59,305
10,030
Cash held at 3S/Wise Payments Limited
35,738
129,309
Total financial assets
95,043
139,339
Market risk
Foreign exchange risk
Foreign exchange risk arose because the Group had operations in Portugal and Spain that have now been
discontinued and whose functional currency was not the same as the functional currency of the Group. The
Group\u2019s net assets arising from such overseas operations were exposed to currency risk resulting in gains or
losses on retranslation into sterling.
16. Financial Instruments \u2013 Risk Management (Continued)
Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due.
The Board will continue to monitor long term cash projections and will consider raising funds as required.
The following table sets out the contractual maturities (representing undiscounted contractual cash-flows)
of financial liabilities:
Group:
Up to
Between
Between
Between
Over 5
Total
3 months
3 and 12
1 and 2
2 and 5
years
months
years
years
2025
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
980,824
-
-
-
-
980,824
Borrowings
3,076,488
-
-
-
-
3,076,488
Total
4,057,312
-
-
-
-
4,057,312
Up to
Between
Between
Between
Over 5
Total
3 months
3 and 12
1 and 2
2 and 5
years
months
years
years
2024
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
875,604
-
-
-
-
875,604
Borrowings
2,646,779
-
-
-
-
2,646,779
Total
3,522,383
-
-
-
-
3,522,383
More details in regard to the line items are included in the respective notes:
x Trade and other payables \u2013 note 14
x Loan and borrowings \u2013 note 15
At the balance sheet date, the Group had liabilities due for settlement within 3 months of \u00a34,057,312,
compared to a cash balance of \u00a335,738.
\u00a32,026,000 of borrowings convertible loan notes and \u00a31,050,488 of promissory notes are to be settled by
way of an issue of share capital.
The Group monitors capital which comprises all components of equity (i.e. share capital, share premium and
accumulated deficit).
The Directors are aware of the need for the Group to obtain capital in order to fund the growth of the business
and are in continual discussions with providers of both debt and equity capital. The Directors regularly review
the status of such discussions and aim at all times to have offers of capital funding available to the Company
which more than exceed the needs of the Company over the coming period.
In the medium term and in addition to the need to safeguard the entity\u2019s ability to continue as a going
concern, the Directors are aware of the views of members on certain financing structures and therefore have
set an objective to move towards a conventional, simplified capital structure based on equity capital.
16. Financial Instruments \u2013 Risk Management (Continued)
Further details about the Directors\u2019 assessment of the Group\u2019s ability to continue as a going concern and the
key considerations there to are set out in the Corporate Governance Report on pages 6 - 11.
At present the Directors do not intend to pay dividends but will reconsider the position in future periods, as
the Group becomes profitable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-18": { "value": "16. Financial Instruments \u2013 Risk Management The Group is exposed through its operations to the following financial risks: x Credit risk x Market risk x Liquidity risk In common with other businesses, the Group is exposed to risks that arise from use of financial instruments. This note describes the group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. The principal financial instruments used by the Group, from which the financial instrument risks arise, are as follows: x Cash and cash equivalents x Trade and other receivables x Trade and other payables x Loans and borrowings A summary of the financial instruments held by category is provided below: x Financial assets \u2013 amortised cost x Financial liabilities \u2013 amortised cost The contractual maturities for all financial instruments held by the company are shown in the table below. 16. Financial Instruments \u2013 Risk Management (Continued) The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows and the net debt reconciliation:
Carrying value
Falling due within 1
Falling due in
Total
year
more than 1
year but not
more than 5
years
\u00a3
\u00a3
\u00a3
\u00a3
2025
Financial liabilities: current and non-current
Trade
and
980,824
980,824
-
980,824
other payables
Promissory
1,050,488
1,050,488
-
1,050,488
notes
Convertible
2,026,000
2,026,000
-
2,026,000
loan notes
Total
financial
4,057,312
4,057,312
-
4,057,312
liabilities
Financial assets: current and non-current
Trade
and
59,305
59,305
-
59,305
other
receivables
Cash and cash
35,738
35,738
-
35,738
equivalents
Total
financial
95,043
95,043
-
95,043
assets
Net debt
(3,962,269)
(3,962,269)
-
(3,962,269)
2024
Financial liabilities: current and non-current
Trade
and
875,604
875,604
-
875,604
other payables
Promissory
631,779
631,779
-
631,779
notes
Convertible
2,015,000
2,015,000
-
2,015,000
loan notes
Total
financial
3,522,383
3,522,383
-
3,522,383
liabilities
Financial assets: current and non-current
Trade
and
10,030
10,030
-
10,030
other
receivables
Cash and cash
129,309
129,309
-
129,309
equivalents
Total
financial
139,339
139,339
-
139,339
assets
Net debt
(3,383,044)
(3,383,044)
-
(3,383,044)
16. Financial Instruments \u2013 Risk Management (Continued) Financial assets and financial liabilities have been analysed by category below: Level 1 \u2013 Fair value determined by reference to prices in active markets for identical assets/liabilities Level 2 \u2013 Fair value determined by reference to internal model with observable inputs
Group:
2025
2024
\u00a3
\u00a3
Cash and cash equivalents
35,738
129,309
Trade and other receivables
59,305
10,030
Total financial assets \u2013 amortised cost
95,043
139,339
2025
2024
\u00a3
\u00a3
Trade and other payables
980,824
875,604
Loans and borrowings
3,076,488
2,646,779
Total liabilities \u2013 amortised cost
4,057,312
3,522,383
Company:
2025
2024
\u00a3
\u00a3
Cash and cash equivalents
35,738
129,309
Trade and other receivables
59,305
10,030
Total financial assets \u2013 amortised cost
95,043
139,339
2025
2024
\u00a3
\u00a3
Trade and other payables
980,824
875,604
Loans and borrowings
3,076,488
2,646,779
Total liabilities \u2013 amortised cost
4,057,312
3,522,383
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Groups\u2019 competitiveness and flexibility. Further details regarding these policies are set out below: Credit risk The Group applies the simplified approach when measuring expected credit losses. The approach uses a lifetime expected loss allowance. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk and are updated where management\u2019s expectations of credit losses change. No changes have been made to the expected loss rates during the financial year. 16. Financial Instruments \u2013 Risk Management (Continued) Credit risk (Continued) Financial assets held as at year end are as shown below:
As at 31 March 2025
Current
More than
Total
1 year
overdue
\u00a3
\u00a3
\u00a3
Prepayments and accrued income
59,305
-
59,305
Gross carrying amount
59,305
-
59,305
As at 31 March 2024
Current
More than
Total
1 year
overdue
\u00a3
\u00a3
\u00a3
Prepayments and accrued income
10,030
-
10,030
Gross carrying amount
10,030
-
10,030
No expected credit losses have been provided against the financial assets in the current year and prior year. Credit risk is the risk of financial loss to the Group if a counterparty to the financial instrument fails to meet its contractual obligations. It is Group policy to assess the credit risk of new customers before entering into contracts. Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with high credit status are accepted. The Group does not enter into derivatives to manage credit risk.
Group
2025
2024
\u00a3
\u00a3
Trade and other receivables
59,305
10,030
Cash held at 3S/Wise Payments Limited
35,738
129,309
Total financial assets
95,043
139,339
Company
2025
2024
\u00a3
\u00a3
Trade and other receivables
59,305
10,030
Cash held at 3S/Wise Payments Limited
35,738
129,309
Total financial assets
95,043
139,339
Market risk Foreign exchange risk Foreign exchange risk arose because the Group had operations in Portugal and Spain that have now been discontinued and whose functional currency was not the same as the functional currency of the Group. The Group\u2019s net assets arising from such overseas operations were exposed to currency risk resulting in gains or losses on retranslation into sterling. 16. Financial Instruments \u2013 Risk Management (Continued) Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Board will continue to monitor long term cash projections and will consider raising funds as required. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
Group:
Up to
Between
Between
Between
Over 5
Total
3 months
3 and 12
1 and 2
2 and 5
years
months
years
years
2025
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
980,824
-
-
-
-
980,824
Borrowings
3,076,488
-
-
-
-
3,076,488
Total
4,057,312
-
-
-
-
4,057,312
Up to
Between
Between
Between
Over 5
Total
3 months
3 and 12
1 and 2
2 and 5
years
months
years
years
2024
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
875,604
-
-
-
-
875,604
Borrowings
2,646,779
-
-
-
-
2,646,779
Total
3,522,383
-
-
-
-
3,522,383
More details in regard to the line items are included in the respective notes: x Trade and other payables \u2013 note 14 x Loan and borrowings \u2013 note 15 At the balance sheet date, the Group had liabilities due for settlement within 3 months of \u00a34,057,312, compared to a cash balance of \u00a335,738. \u00a32,026,000 of borrowings convertible loan notes and \u00a31,050,488 of promissory notes are to be settled by way of an issue of share capital. The Group monitors capital which comprises all components of equity (i.e. share capital, share premium and accumulated deficit). The Directors are aware of the need for the Group to obtain capital in order to fund the growth of the business and are in continual discussions with providers of both debt and equity capital. The Directors regularly review the status of such discussions and aim at all times to have offers of capital funding available to the Company which more than exceed the needs of the Company over the coming period. In the medium term and in addition to the need to safeguard the entity\u2019s ability to continue as a going concern, the Directors are aware of the views of members on certain financing structures and therefore have set an objective to move towards a conventional, simplified capital structure based on equity capital. 16. Financial Instruments \u2013 Risk Management (Continued) Further details about the Directors\u2019 assessment of the Group\u2019s ability to continue as a going concern and the key considerations there to are set out in the Corporate Governance Report on pages 6 - 11. At present the Directors do not intend to pay dividends but will reconsider the position in future periods, as the Group becomes profitable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-185": { "value": "Financial assets and financial liabilities have been analysed by category below: Level 1 \u2013 Fair value determined by reference to prices in active markets for identical assets/liabilities Level 2 \u2013 Fair value determined by reference to internal model with observable inputs ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-186": { "value": "Credit risk The Group applies the simplified approach when measuring expected credit losses. The approach uses a lifetime expected loss allowance. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk and are updated where management\u2019s expectations of credit losses change. No changes have been made to the expected loss rates during the financial year. Credit risk (Continued) Financial assets held as at year end are as shown below:
As at 31 March 2025
Current
More than
Total
1 year
overdue
\u00a3
\u00a3
\u00a3
Prepayments and accrued income
59,305
-
59,305
Gross carrying amount
59,305
-
59,305
As at 31 March 2024
Current
More than
Total
1 year
overdue
\u00a3
\u00a3
\u00a3
Prepayments and accrued income
10,030
-
10,030
Gross carrying amount
10,030
-
10,030
No expected credit losses have been provided against the financial assets in the current year and prior year. Credit risk is the risk of financial loss to the Group if a counterparty to the financial instrument fails to meet its contractual obligations. It is Group policy to assess the credit risk of new customers before entering into contracts. Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with high credit status are accepted. The Group does not enter into derivatives to manage credit risk.
Group
2025
2024
\u00a3
\u00a3
Trade and other receivables
59,305
10,030
Cash held at 3S/Wise Payments Limited
35,738
129,309
Total financial assets
95,043
139,339
Company
2025
2024
\u00a3
\u00a3
Trade and other receivables
59,305
10,030
Cash held at 3S/Wise Payments Limited
35,738
129,309
Total financial assets
95,043
139,339
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-187": { "value": "Market risk Foreign exchange risk Foreign exchange risk arose because the Group had operations in Portugal and Spain that have now been discontinued and whose functional currency was not the same as the functional currency of the Group. The Group\u2019s net assets arising from such overseas operations were exposed to currency risk resulting in gains or losses on retranslation into sterling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-188": { "value": "Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Board will continue to monitor long term cash projections and will consider raising funds as required. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
Group:
Up to
Between
Between
Between
Over 5
Total
3 months
3 and 12
1 and 2
2 and 5
years
months
years
years
2025
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
980,824
-
-
-
-
980,824
Borrowings
3,076,488
-
-
-
-
3,076,488
Total
4,057,312
-
-
-
-
4,057,312
Up to
Between
Between
Between
Over 5
Total
3 months
3 and 12
1 and 2
2 and 5
years
months
years
years
2024
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
875,604
-
-
-
-
875,604
Borrowings
2,646,779
-
-
-
-
2,646,779
Total
3,522,383
-
-
-
-
3,522,383
More details in regard to the line items are included in the respective notes: x Trade and other payables \u2013 note 14 x Loan and borrowings \u2013 note 15 At the balance sheet date, the Group had liabilities due for settlement within 3 months of \u00a34,057,312, compared to a cash balance of \u00a335,738. \u00a32,026,000 of borrowings convertible loan notes and \u00a31,050,488 of promissory notes are to be settled by way of an issue of share capital. The Group monitors capital which comprises all components of equity (i.e. share capital, share premium and accumulated deficit). The Directors are aware of the need for the Group to obtain capital in order to fund the growth of the business and are in continual discussions with providers of both debt and equity capital. The Directors regularly review the status of such discussions and aim at all times to have offers of capital funding available to the Company which more than exceed the needs of the Company over the coming period. In the medium term and in addition to the need to safeguard the entity\u2019s ability to continue as a going concern, the Directors are aware of the views of members on certain financing structures and therefore have set an objective to move towards a conventional, simplified capital structure based on equity capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-193": { "value": "
17. Capital commitments
The Group had no capital commitments at 30 June 2025 or 30 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-19": { "value": "17. Capital commitments The Group had no capital commitments at 30 June 2025 or 30 June 2024. 19. Contingent Liabilities The Group had no contingent liabilities at 30 June 2025. In the prior year, the Company had contingent liabilities amounting to \u00a3255,000 that were payable to advisors upon completion of the reverse takeover and re-admission to trading. The reverse takeover did not complete and as a consequence these amounts did not fall due.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-20": { "value": "18. Related party Transactions Details of Directors\u2019 remuneration are given in the Remuneration Committee Report on pages 12 - 13. 20. Ultimate Controlling Party The Directors do not consider that there is an ultimate controlling party of Iconic Labs Plc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-194": { "value": "19. Contingent Liabilities The Group had no contingent liabilities at 30 June 2025. In the prior year, the Company had contingent liabilities amounting to \u00a3255,000 that were payable to advisors upon completion of the reverse takeover and re-admission to trading. The reverse takeover did not complete and as a consequence these amounts did not fall due.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-21": { "value": "21. Reconciliation of movement in net (debt)/cash
Non-
cash change in
Net debt at 01 July
loan
and promissory
Conversion of loan
Net cash
2024
Cash flow notes notes to equity
at 30 June 2025
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Cash at bank and in
hand
129,309
(93,571)
-
-
35,738
Borrowings
(2,646,779)
(354,495)
(124,214)
49,000
(3,076,488)
Total financial liabilities
(2,517,470)
(448,066)
(124,214)
49,000
(3,040,750)
Non-
cash change in
Net debt at 01
loan and promissory
Conversion of loan
Net cash
July
2023
Cash flow notes
notes to equity
at 30 June 2024
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Cash at bank and in hand
50,243
79,066
-
-
129,309
Borrowings
(2,150,000)
(881,779)
(260,000)
435,000
(2,646,779)
Total financial liabilities
(2,099,757)
(802,713)
(260,000)
435,000
(2,517,470)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-22": { "value": "22. Subsequent Events On 1 July 2025, the Company\u2019s subsidiaries, WideCells International Limited and Cellplan Limited were dissolved. In August 2025, Iconic issued further promissory notes amounting to \u00a3166,000 to WTGO. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800YCXZV6RSHGGT04", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }