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"fact-398": {
"value": "1 General information Supply@ME Capital plc is a public limited company incorporated in England and Wales. The address of its registered o\ufb03ce is 27/28 Eastcastle Street, London, W1W 8DH, United Kingdom. Supply@ME Capital's shares are listed on the Standard List of the main market of the London Stock Exchange. These consolidated \ufb01nancial statements have been prepared in accordance with UK adopted International Accounting Standards. The \ufb01nancial statements of the Group, consisting of Supply@ME Capital plc (the \"Company\") and its subsidiaries (the \"Group\"), are presented in Pounds Sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise stated. These consolidated \ufb01nancial statements have been prepared in accordance with the accounting policies set out below, which have been consistently applied to all the years presented.",
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"fact-399": {
"value": "Going Concern Background and relevant facts As at the 31 December 2024 the Group had cash and cash equivalents of \u00a334,000 (31 December 2023: \u00a35,000 cash and cash equivalents) and consolidated net current liabilities of \u00a33,300,000 (31 December 2023: \u00a32,691,000). The Group has posted a total loss for the year ended 31 December 2024 of \u00a32,923,000 (2023: total loss \u00a34,345,000) and the retained losses were \u00a335,036,000 as at 31 December 2024 (31 December 2023: retained losses \u00a332,113,000). General business progress As outlined earlier in the 2024 Annual Report, the Group has continued to experience delays in the delivery of its business model to the extent it needs to cover its operating costs and break even from at least a cash \ufb02ow perspective. The continued low levels of revenue generated and recognised during 2024 has led to another year of losses, the \ufb01fth year in row since the reverse take over in March 2020 which saw the Group listed on the standard list of the main market in London. These delays re\ufb02ect the challenges the Group has experienced in converting its potential opportunities with inventory funders into completed IM transactions. The reasons for these delays and the work the Group is doing to address these with existing and new inventory funders is outlined in the Business Line Update section of the Strategic Report in the 2024 Annual Report. In light of the continued delays to the revenue generation and other cash \ufb02ow pressures experienced by the Group, management has been focused on implementing cost saving e\ufb00orts which started in 2023 and have continued into 2024. While the Group is continuing to generate losses, the operating loss from continuing operations before impairment charges and fair value adjustments has again reduced in 2024 compared to the prior year. Management expects to carry on the cost saving implementation until such time that the revenue generation and/or cash funding situation is able to sustain increased costs. Group funding During the year ended 31 December 2024 and in early 2025, the Group continued to source additional equity and debt funding with the primary aim of allowing it to meet its ongoing working capital requirements as it seeks to deploy an increasing number of IM transactions and scale up the business model. In sourcing this new funding, the Board has always sought to enter into funding agreements, being either debt or equity, that are in the best interests of the Group and its shareholders. At the current time, there are not many options available to the Group and when possible, the Board will look to move to more vanilla funding options to support the Group as it grows. During 2024 the Group experienced signi\ufb01cant cash \ufb02ow pressures as a result of the under performance of TAG in the delivery against its contractual funding commitment with the Group. The Company and its Board has continued to work closely with TAG to ensure, where possible, delivery against the contractual funding commitments that were agreed during 2023, albeit on a delayed basis. Details of these contractual commitments can be found in note 28 to these \ufb01nancial statement and included a) TAG Unsecured Working Capital Facility, b) the Debt Novation Deed entered into on 30 June 2023 whereby TAG assumed the remaining \u00a32,000,000 consideration arising from the TradeFlow Restructuring to be receivable by the Group from the Buyers (the \u201cDeed of Novation\u201d), and c) the unsecured \u00a33,500,000 shareholder loan agreement between TAG and Company dated 28 September 2023 (the \u201cTop-Up Shareholder Loan Agreement\u201d). During the year ended 31 December 2024 the Group received a total of \u00a31,322,000 from TAG in terms of the TAG Unsecured Working Capital Facility and the Deed of Novation. Following these amounts being received, both these contractual commitments had been fully delivered by TAG by 31 December 2024, albeit on a delayed basis.No amounts were received under the Top-Up
Shareholder Loan Agreement during 2024.
During 2024 the Board relied on the continued delivery
of funds from TAG as a demonstration of the ongoing
commitment from TAG to support the Group and to
provide the funds due under its contractual
commitments with the Company, albeit on a delayed
payment schedule. Additionally, the Board continually
monitored the payments received from TAG and the
representations made to them by TAG, via Alessandro
Zamboni in respect of payments that were overdue.
These representations included information
as to the expected timing of the continued future
ful\ufb01lment of the amounts due to the Group from TAG
under the contractual funding commitments currently
in place, and the actions that TAG itself is putting in
place to allow them to demonstrate their ongoing
commitment to support the Company and to provide
the contractual payments. The delayed contractual
payments resulted from TAG itself experiencing delays
in receiving expected funding.
As referred to above, the delays in the payments due
to the Group from TAG resulted in signi\ufb01cant cash\ufb02ow
pressures on the Group during 2024 and has been
extremely challenging for the management team and
the Board to navigate. To mitigate these challenges, the
Group undertook a new equity capital raise in May 2024,
which raised gross proceeds of \u00a31,552,500. Additionally,
towards the end of 2024, it became apparent that a new
source of funding needed to be identi\ufb01ed by the Board
in order to mitigate the increasing risks being created
due to the continued underperformance by TAG. This
resulted in the Group announcing a new funding facility
with Nuburu Inc. (\u201cNuburu\u201d) in March 2025, which was
amended on 10 June 2025 and 29 August 2025 to
address delays in the receipt of the initial tranches
under the new facility following certain technical and
regulatory limitations facing Nuburu (the \u201cNuburu
On-Demand Facility\"). The amendments signed in June
2025 and August 2025 aligned new payment schedules
with actions being taken by Nuburu to raise capital to
allow it to complete its strategic investments and meet
its commitment to the Company under the Nuburu
On-Demand Facility.
The full details of this new funding facility can be found
in note 30 to these \ufb01nancial statements for the year
ended 31 December 2024. The full USD$5,150,000 to
be received under the Nuburu On-Demand Facility is to
be received in tranches over a period of up to 31
October 2025 and requires the Group to gain various
regulatory and shareholder approvals by 30 June 2026 in order to allow the facility to be repaid through the issue of new ordinary shares rather than in cash. As at the date of publication of these consolidated \ufb01nancial statements for the year ended 31 December 2024, Nuburu have paid amounts totalling USD$2,952,000 to the Company under the amended funding facility with Nuburu. The Group\u2019s cash \ufb02ow forecast model In order to determine the appropriate basis of preparation for the \ufb01nancial statements for the year ended 31 December 2024 the Directors must consider whether the Group can continue in operational existence for the foreseeable future, being at least 12 months from the approval date of these \ufb01nancial statements, taking into account the cash in\ufb02ows under the Group\u2019s committed funding facilities. Taking into account the factors above and in order to consider their assessment of the Group as a going concern, the Directors have reviewed the Group's forecast for the next 12 months. The cash \ufb02ow forecast takes into account that the Group meets its day to day working capital requirement through a combination of the cash in\ufb02ows it receives from revenue and from its available and committed cash resources. The Directors have prepared the forecast using their best estimates, information and judgements at this time, including: a. The forecast cash in\ufb02ows arising from revenue generated by the use of the Group\u2019s innovative Platform to facilitate inventory monetisation transactions. This re\ufb02ects the fact that the Directors expect the Group to continue to prove the concept of its business model and to fully operationalise in the near future; b. The forecast cash out\ufb02ows arising from the Group\u2019s monthly operational expenditure; c. The forecast cash out\ufb02ows arising from additional capital expenditure that is expected to be required to allow the Group to ful\ufb01l the revenue forecasts; d. The forecast cash out\ufb02ows arising from the repayment of overdue amounts that the Group has accumulated as a result of the signi\ufb01cant recent cash \ufb02ow pressures it has faced. The Group intends to reduce these as quickly as possible but in some cases has forecast to repay these via instalment plans. Such instalment plans have been forecast in line with previous experience with the relevant counterparty and / or agreements that have been reached; and a. The forecast cash in\ufb02ows to be received from
the Nuburu On-Demand Facility in line with the
committed amended payment pro\ufb01le and have
assumed that the required regulatory and
shareholder approvals will be received by
30 June 2026 in order to allow repaying of this
facility through the issue of new ordinary shares
rather than a cash repayment. Under the Nuburu
On-Demand Facility the Company has agreed to
released TAG from its obligations under the Top-Up
Shareholder Loan Agreement once the full
US$5,150,000 of funding from Nuburu has been
received. As such the forecast does not include any
amounts to be received from TAG under the
Top-Up Shareholder Loan Agreement.
The Directors also ran several sensitivities over the base
case forecast cash \ufb02ow that modelled a number of timing
delays to the forecast revenue to illustrate the impact of
such delays, together with certain mitigating actions that
the Directors are con\ufb01dent they can control, on the
overall cash \ufb02ow position of the Group over the next 12
months.
Uncertainties relating to forecast revenue in\ufb02ows
As outlined above, there is currently an absence of a
historical track record relating to multiple Inventory
Monetisation transactions being facilitated by the Group\u2019s
Platform and the Group being cash \ufb02ow positive as a
result of its revenue generation. As such the Directors
have identi\ufb01ed a material uncertainty in the cash \ufb02ow
model. This uncertainty arises with respect to both the
future timing and growth rates of the forecast cash\ufb02ows
arising from the Group\u2019s multiple Inventory Monetisation
revenue streams.
In this regard, if these future revenues are not secured as
the Directors envisage, it is possible that the Group will
have a shortfall in cash and require additional funding
during the forecast period.
Uncertainties relating to forecast future tranches due
under the Nuburu On-Demand Facility
As outlined above, the cash in\ufb02ows from the Nuburu
On-Demand Facility have not yet been fully received.
The remaining amounts have been factored into the
cash\ufb02ow forecasts in line with the latest contractual
commitments received from the counterparty. As
detailed in note 30 to these consolidated \ufb01nancial
statements Nuburu experienced certain regulatory issues
that impacted their ability to make the initial tranches due
on or before the 31 March 2025, on or before the 30 April
2025, and on or before 31 May 2025, on time and in full.
As a result of the delayed initial tranches referred to
above, the Nuburu funding agreement was amended
\ufb01rstly on 10 June 2025, and secondly on 29 August 2025,
to allow new payment schedules to be agreed which
aligned the updated payment dates with actions being
taken by Nuburu to raise capital to allow it to complete
its strategic investments and meet its commitment to
the Company under the Nuburu On-Demand Facility.
As at the date of publication of these consolidated
\ufb01nancial statements for the year ended 31 December
2024, Nuburu had paid amounts totalling USD$2,952,000
to the Company.
Under the amended Nuburu On-Demand Facility dated
29 August 2025 the remaining amounts of
USD$2,198,000 were committed to be paid to the
Company on or before 31 October 2025.
The Company has experienced a number of delays in
receipt of the tranches of funding due under the initial
Nuburu On-Demand Facility signed on 18 March 2025
and the subsequent amendments signed on both 10 June
2025 and 29 August 2025. As Nuburu completed a new
public equity o\ufb00ering in early September 2025, and has
con\ufb01rmed it has signed a stand-by purchase agreement
with a di\ufb00erent third party investor, the Board have more
comfort that the \ufb01nal instalment will be received on time.
As such the Directors have identi\ufb01ed a second material
uncertainty in the cash \ufb02ow model, that there is a risk the
cash \ufb02ows linked to the amounts still be received from
Nuburu, might not be received or might not reach the
Group in the time frame expected despite the contractual
commitments in place. If this were to be the case, it is
possible that the Group will have a shortfall in cash and
require additional funding during the forecast period.
Uncertainties relating to the repayment of the Nuburu
On-Demand Facility
As outlined above, the Nuburu On-Demand Facility allows
the loan, and the associated interest payments,
to be repaid via the issue of new ordinary share in the
Company rather than in cash. In order to follow this
method of repayment the Company needs to obtain
certain regulatory and shareholder approvals to allow
it to issue the number of new ordinary shares that will be
required to cover the repayment of the loan, the accrued
interest and the conversion of any associated warrants.
The regulatory approvals required include those from
the Financial Conduct Authority and The Panel of
Takeover and Mergers.
Additionally, the amended Nuburu On-Demand Facility speci\ufb01es that if the Company has not obtained the required regulatory and shareholder approvals by the 30 June 2026, Nuburu can demand repayment in cash and the Company is required to provide security over intellectual property rights and receivables related to its Italian subsidiary entities in favour of Nuburu. As it is the Directors intention to obtain the required regulatory and shareholder approvals by the 30 June 2026, the cash\ufb02ow forecast does not factor in any cash repayment of the new Nuburu funding facility. As such the Directors have identi\ufb01ed a third material uncertainty in the cash \ufb02ow model, that there is a risk that the certain regulatory and shareholder approvals required to allow it to repay the Nuburu On-Demand Facility via the issue of new ordinary shares will not be obtained by 30 June 2026 and that Nuburu could subsequently demand repayment in cash. If this where to be the case, it is possible that the Group will have a shortfall in cash and require additional funding during the forecast period. Overall conclusion There is a material uncertainty that exists relating to: a. the future timing and growth rates of the forecast cash \ufb02ows arising from the Group\u2019s multiple Inventory Monetisation revenue streams; b. the timing and overall receipt of the committed funding amounts still to be received despite contractual commitments being in place; and c. obtaining the required regulatory and shareholder approvals by 30 June 2026. On the basis of the factors identi\ufb01ed above, the Directors believe these material uncertainties may cast signi\ufb01cant doubt upon the entities ability to continue as a going concern. Despite this, the Directors do however remain con\ufb01dent in the business model and believe the Group could be managed in a way to allow it to meet its ongoing commitments and obligations through mitigating actions including cost saving measures and securing alternative sources of funding should this be required. As such the Directors consider it appropriate to continue to prepare these consolidated \ufb01nancial statements on a going concern basis, taking into account the material uncertainties noted above, and have not included the adjustments that would result if the Company and Group were unable to continue as a going concern. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-397": {
"value": "2 Accounting policies No amounts were received under the Top-Up Shareholder Loan Agreement during 2024. During 2024 the Board relied on the continued delivery of funds from TAG as a demonstration of the ongoing commitment from TAG to support the Group and to provide the funds due under its contractual commitments with the Company, albeit on a delayed payment schedule. Additionally, the Board continually monitored the payments received from TAG and the representations made to them by TAG, via Alessandro Zamboni in respect of payments that were overdue. These representations included information as to the expected timing of the continued future ful\ufb01lment of the amounts due to the Group from TAG under the contractual funding commitments currently in place, and the actions that TAG itself is putting in place to allow them to demonstrate their ongoing commitment to support the Company and to provide the contractual payments. The delayed contractual payments resulted from TAG itself experiencing delays in receiving expected funding. As referred to above, the delays in the payments due to the Group from TAG resulted in signi\ufb01cant cash\ufb02ow pressures on the Group during 2024 and has been extremely challenging for the management team and the Board to navigate. To mitigate these challenges, the Group undertook a new equity capital raise in May 2024, which raised gross proceeds of \u00a31,552,500. Additionally, towards the end of 2024, it became apparent that a new source of funding needed to be identi\ufb01ed by the Board in order to mitigate the increasing risks being created due to the continued underperformance by TAG. This resulted in the Group announcing a new funding facility with Nuburu Inc. (\u201cNuburu\u201d) in March 2025, which was amended on 10 June 2025 and 29 August 2025 to address delays in the receipt of the initial tranches under the new facility following certain technical and regulatory limitations facing Nuburu (the \u201cNuburu On-Demand Facility\"). The amendments signed in June 2025 and August 2025 aligned new payment schedules with actions being taken by Nuburu to raise capital to allow it to complete its strategic investments and meet its commitment to the Company under the Nuburu On-Demand Facility. The full details of this new funding facility can be found in note 30 to these \ufb01nancial statements for the year ended 31 December 2024. The full USD$5,150,000 to be received under the Nuburu On-Demand Facility is to be received in tranches over a period of up to 31 October 2025 and requires the Group to gain various regulatory and shareholder approvals by 30 June 2026 in order to allow the facility to be repaid through the issue of new ordinary shares rather than in cash. As at the date of publication of these consolidated \ufb01nancial statements for the year ended 31 December 2024, Nuburu have paid amounts totalling USD$2,952,000 to the Company under the amended funding facility with Nuburu. The Group\u2019s cash \ufb02ow forecast model In order to determine the appropriate basis of preparation for the \ufb01nancial statements for the year ended 31 December 2024 the Directors must consider whether the Group can continue in operational existence for the foreseeable future, being at least 12 months from the approval date of these \ufb01nancial statements, taking into account the cash in\ufb02ows under the Group\u2019s committed funding facilities. Taking into account the factors above and in order to consider their assessment of the Group as a going concern, the Directors have reviewed the Group's forecast for the next 12 months. The cash \ufb02ow forecast takes into account that the Group meets its day to day working capital requirement through a combination of the cash in\ufb02ows it receives from revenue and from its available and committed cash resources. The Directors have prepared the forecast using their best estimates, information and judgements at this time, including: a. The forecast cash in\ufb02ows arising from revenue generated by the use of the Group\u2019s innovative Platform to facilitate inventory monetisation transactions. This re\ufb02ects the fact that the Directors expect the Group to continue to prove the concept of its business model and to fully operationalise in the near future; b. The forecast cash out\ufb02ows arising from the Group\u2019s monthly operational expenditure; c. The forecast cash out\ufb02ows arising from additional capital expenditure that is expected to be required to allow the Group to ful\ufb01l the revenue forecasts; d. The forecast cash out\ufb02ows arising from the repayment of overdue amounts that the Group has accumulated as a result of the signi\ufb01cant recent cash \ufb02ow pressures it has faced. The Group intends to reduce these as quickly as possible but in some cases has forecast to repay these via instalment plans. Such instalment plans have been forecast in line with previous experience with the relevant counterparty and / or agreements that have been reached; and a. The forecast cash in\ufb02ows to be received from the Nuburu On-Demand Facility in line with the committed amended payment pro\ufb01le and have assumed that the required regulatory and shareholder approvals will be received by 30 June 2026 in order to allow repaying of this facility through the issue of new ordinary shares rather than a cash repayment. Under the Nuburu On-Demand Facility the Company has agreed to released TAG from its obligations under the Top-Up Shareholder Loan Agreement once the full US$5,150,000 of funding from Nuburu has been received. As such the forecast does not include any amounts to be received from TAG under the Top-Up Shareholder Loan Agreement. The Directors also ran several sensitivities over the base case forecast cash \ufb02ow that modelled a number of timing delays to the forecast revenue to illustrate the impact of such delays, together with certain mitigating actions that the Directors are con\ufb01dent they can control, on the overall cash \ufb02ow position of the Group over the next 12 months. Uncertainties relating to forecast revenue in\ufb02ows As outlined above, there is currently an absence of a historical track record relating to multiple Inventory Monetisation transactions being facilitated by the Group\u2019s Platform and the Group being cash \ufb02ow positive as a result of its revenue generation. As such the Directors have identi\ufb01ed a material uncertainty in the cash \ufb02ow model. This uncertainty arises with respect to both the future timing and growth rates of the forecast cash\ufb02ows arising from the Group\u2019s multiple Inventory Monetisation revenue streams. In this regard, if these future revenues are not secured as the Directors envisage, it is possible that the Group will have a shortfall in cash and require additional funding during the forecast period. Uncertainties relating to forecast future tranches due under the Nuburu On-Demand Facility As outlined above, the cash in\ufb02ows from the Nuburu On-Demand Facility have not yet been fully received. The remaining amounts have been factored into the cash\ufb02ow forecasts in line with the latest contractual commitments received from the counterparty. As detailed in note 30 to these consolidated \ufb01nancial statements Nuburu experienced certain regulatory issues that impacted their ability to make the initial tranches due on or before the 31 March 2025, on or before the 30 April 2025, and on or before 31 May 2025, on time and in full. As a result of the delayed initial tranches referred to above, the Nuburu funding agreement was amended \ufb01rstly on 10 June 2025, and secondly on 29 August 2025, to allow new payment schedules to be agreed which aligned the updated payment dates with actions being taken by Nuburu to raise capital to allow it to complete its strategic investments and meet its commitment to the Company under the Nuburu On-Demand Facility. As at the date of publication of these consolidated \ufb01nancial statements for the year ended 31 December 2024, Nuburu had paid amounts totalling USD$2,952,000 to the Company. Under the amended Nuburu On-Demand Facility dated 29 August 2025 the remaining amounts of USD$2,198,000 were committed to be paid to the Company on or before 31 October 2025. The Company has experienced a number of delays in receipt of the tranches of funding due under the initial Nuburu On-Demand Facility signed on 18 March 2025 and the subsequent amendments signed on both 10 June 2025 and 29 August 2025. As Nuburu completed a new public equity o\ufb00ering in early September 2025, and has con\ufb01rmed it has signed a stand-by purchase agreement with a di\ufb00erent third party investor, the Board have more comfort that the \ufb01nal instalment will be received on time. As such the Directors have identi\ufb01ed a second material uncertainty in the cash \ufb02ow model, that there is a risk the cash \ufb02ows linked to the amounts still be received from Nuburu, might not be received or might not reach the Group in the time frame expected despite the contractual commitments in place. If this were to be the case, it is possible that the Group will have a shortfall in cash and require additional funding during the forecast period. Uncertainties relating to the repayment of the Nuburu On-Demand Facility As outlined above, the Nuburu On-Demand Facility allows the loan, and the associated interest payments, to be repaid via the issue of new ordinary share in the Company rather than in cash. In order to follow this method of repayment the Company needs to obtain certain regulatory and shareholder approvals to allow it to issue the number of new ordinary shares that will be required to cover the repayment of the loan, the accrued interest and the conversion of any associated warrants. The regulatory approvals required include those from the Financial Conduct Authority and The Panel of Takeover and Mergers. Adjusted performance measures Management believes that adjusted performance measures provide meaningful information to the users of the accounts on the operating performance of the business. Accordingly, the adjusted measure of operating pro\ufb01t from continuing operations excludes, where applicable, impairment charges and fair value adjustments. These terms are not de\ufb01ned terms under IFRS and may therefore not be comparable with similarly titled pro\ufb01t measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. The items excluded from adjusted results are those items that are charged to the consolidated statement of comprehensive income due to the impairment of the Group\u2019s intangible assets or investments. They are not in\ufb02uenced by the day-to-day operations of the Group. Basis of consolidation The Group \ufb01nancial statements consolidate those of the Company and its subsidiary undertakings drawn up to 31 December 2024. Subsidiaries are entities over which the Group has control. Control comprises an investor having power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. New and revised accounting standards and interpretations There are no new and revised standards that have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. New standards, interpretations and amendments not yet e\ufb00ective There are no new standards that are issued but not yet e\ufb00ective which would be expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. Additionally, the amended Nuburu On-Demand Facility speci\ufb01es that if the Company has not obtained the required regulatory and shareholder approvals by the 30 June 2026, Nuburu can demand repayment in cash and the Company is required to provide security over intellectual property rights and receivables related to its Italian subsidiary entities in favour of Nuburu. As it is the Directors intention to obtain the required regulatory and shareholder approvals by the 30 June 2026, the cash\ufb02ow forecast does not factor in any cash repayment of the new Nuburu funding facility. As such the Directors have identi\ufb01ed a third material uncertainty in the cash \ufb02ow model, that there is a risk that the certain regulatory and shareholder approvals required to allow it to repay the Nuburu On-Demand Facility via the issue of new ordinary shares will not be obtained by 30 June 2026 and that Nuburu could subsequently demand repayment in cash. If this where to be the case, it is possible that the Group will have a shortfall in cash and require additional funding during the forecast period. Overall conclusion There is a material uncertainty that exists relating to: a. the future timing and growth rates of the forecast cash \ufb02ows arising from the Group\u2019s multiple Inventory Monetisation revenue streams; b. the timing and overall receipt of the committed funding amounts still to be received despite contractual commitments being in place; and c. obtaining the required regulatory and shareholder approvals by 30 June 2026. On the basis of the factors identi\ufb01ed above, the Directors believe these material uncertainties may cast signi\ufb01cant doubt upon the entities ability to continue as a going concern. Despite this, the Directors do however remain con\ufb01dent in the business model and believe the Group could be managed in a way to allow it to meet its ongoing commitments and obligations through mitigating actions including cost saving measures and securing alternative sources of funding should this be required. As such the Directors consider it appropriate to continue to prepare these consolidated \ufb01nancial statements on a going concern basis, taking into account the material uncertainties noted above, and have not included the adjustments that would result if the Company and Group were unable to continue as a going concern. Business Combinations The acquisition of subsidiaries and businesses are accounted for using the acquisition method under IFRS 3 (\"Business Combinations\"). Measurement of consideration The consideration for each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred to former owners and equity instruments issued by the Group in exchange for control of the acquiree. Fair value assessment Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Where the fair value of the assets and liabilities at acquisition cannot be determined reliably in the initial accounting, these values are considered to be provisional for a period of 12 months from the date of acquisition. If additional information relating to the condition of these assets and liabilities at the acquisition date is obtained within this period, then the provisional values are adjusted retrospectively. This includes the restatement of comparative information for prior periods. Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. Goodwill Goodwill arises where the consideration of the business combination exceeds the Group\u2019s interest in the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities recognised. This is recognised as an asset and is tested annually for impairment. The identi\ufb01able assets and liabilities acquired are incorporated into the consolidated \ufb01nancial statements at their fair value to the Group. Transaction costs Transaction costs associated with the acquisition are recognised in the consolidated statement of comprehensive income as incurred and separately disclosed due to the nature of this expense. Investment in equity instruments The Group measures its investments in equity instruments, where no signi\ufb01cant in\ufb02uence or control exists, at fair value with any changes recognised through the statement of comprehensive income. Intangible assets Goodwill Goodwill arising on consolidation is recognised as an asset. Following initial recognition, goodwill is subject to impairment reviews, at least annually, and measured at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated statement of comprehensive income and is not subsequently reversed. Other intangible assets a) Internally developed Inventory Monetisation (\"IM\") platform The core activity of the existing Supply@ME business is the creation and marketing of a software-driven secure platform (the \"IM Platform\") that can be used for the facilitation, recording and monitoring of Inventory Monetisation (\"IM\") transactions between third party client companies and segregated trading companies (known as stock companies). The software modules which form part of the IM Platform can also be used, through a White-Label model, by third party banks in order for them to deploy their own inventory backed \ufb01nancial products. The internally generated IM Platform includes not only the software but also: > the methodologies and business policies underpinning each IM transaction > the legal and accounting frameworks required to support each IM transaction > the technical infrastructure (cloud environment, distributed ledger technology) used to support each IM transaction. Associated with this core activity are continual product development requirements and expenditure in order to develop compliance with legal, regulatory, accounting, valuation and insurance criteria. This expenditure includes software and infrastructure development, intellectual property (\"IP\") related costs and professional fees related to the development of legal and accounting infrastructure. Research expenditure is written o\ufb00 in the year in which it is incurred. Expenditure on internally developed products, in particular the IM Platform, is capitalised if it can be demonstrated that: > it is technically and commercially feasible to develop the asset for future economic bene\ufb01t; > adequate resources are available to maintain and complete the development; > there is the intention to complete and develop the asset for future economic bene\ufb01t; > the Company is able to use the asset; > use of the asset will generate future economic bene\ufb01t; and > expenditure on the development of the asset can be measured reliably. Where these costs are capitalised, they are initially measured at cost and are amortised over their estimated useful economic lives, considered to be 5 years, on a straight-line basis. Amortisation of this internally developed IM platform is charged within cost of sales in the consolidated statement of comprehensive income. Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying amount is reduced by any provision for impairment where necessary. b) Acquired intangible assets Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation. Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying amount is reduced by any provision for impairment where necessary. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately. Revenue recognition Revenue for the Group is measured at the fair value of the consideration received or receivable. The Group recognises revenue when the performance obligation is satis\ufb01ed, the amount of revenue can be reliably measured and it is probable that future economic bene\ufb01ts will \ufb02ow to the entity. The Group\u2019s revenues are recognised at the point when the relevant performance obligation has been satis\ufb01ed, this can result in all the revenue being recognised at a speci\ufb01c point in time or over time as detailed below. The Group is focussed on its core business lines: > IM transactions from the pipeline originated by the Group and funded by third-party investors (\"Open Market IM\"); and > IM deals with local commercial banks and their client companies (\"White-Label IM\"). The Group recognises revenue from the following activities: a) Open Market IM - Due diligence fees: This revenue arises from due diligence services performed by the Group in relation to the potential client companies. This due diligence covers topics such as the client's \ufb01nancial information, operations, credit rating and analysis of its inventory. Given the stage of the Group\u2019s development, and the evolution of the Group\u2019s contracting arrangements, the due diligence revenues recognised by the Group to date have been limited. Further details are provided below: Historical contractual arrangements - Prior to June 2020, the Group\u2019s contractual arrangements required the client to make a down payment intended to remunerate the Group for the due diligence services being provided. However, these agreements did not clearly identify the Group\u2019s performance obligation and such down payments were also refundable under certain circumstances and up to the point when the Platform was able to be used for the \ufb01rst time by the client companies. Due to the above circumstances, these down payments
have not been recognised as revenue under IFRS
15 (\"Revenue from Contracts with Customers\") until
the speci\ufb01c performance obligation, being the use of
the Group\u2019s Platform for the \ufb01rst time, has been
satis\ufb01ed by the Group. Until such time, these amounts
have been recognised as deferred income in the
statement of \ufb01nancial position, or as other payables in
the case where a refund has been requested (due to the
current delays being experienced by the Group), but not
yet paid as at the balance sheet date or the expectation
is that probability of an IM transaction occurring in the
future is unlikely.
Current contractual arrangements - Post June 2020,
the Group updated its contractual arrangements to
speci\ufb01cally identify a separate performance obligation
in relation to the completion of the due diligence
services being provided by the Group, also considering
the actual bene\ufb01ts the client companies can directly
obtain from such activities, even in the case where the
Inventory Monetisation transaction does not take place.
In these contracts, the due diligence fees are paid in
advance by the client companies, and the revenue is
recognised when the Group has successfully ful\ufb01lled
its performance obligation, being the completion of the
due diligence service and communication to the client
in this respect through the issuance of a detailed due
diligence report. Prior to the completion of the
performance obligation, the due diligence fees received
are held on the balance sheet as deferred income.
In order to conclude if the performance obligations have
been successfully ful\ufb01lled, management currently
assess this on a client-by-client basis to ensure that the
control of the due diligence report has been transferred
to the client company. In developing this accounting
policy management have made the assessment that
the due diligence services result in a distinct bene\ufb01cial
service being provided to client companies as the
information provides insight into their business which
can also be used for alternative purposes as well (such as
client companies business and operational optimisation).
This is also referred to the critical accounting judgements
and sources of estimation uncertainty note.
b) Open Market IM \u2013 Origination fees:
This revenue arises from origination of the contracts
between the client company wishing to have their
inventory monetised and the independent stock
(trading) company that purchased the inventory from
the client company. Given the stage of the Group\u2019s
development, and the evolution of the Group\u2019s
contracting arrangements, as at 31 December 2024,
the Group had facilitated three IM transactions over its
IM Platform and therefore had received origination fees
from three client companies, one took place during each
of year ended 31 December 2022, 2023 and 2024.
The non-refundable origination fees received from the
client company relate to the fee payable to the Group at
the point in time the client company enters into binding
contracts with the stock (trading) company to purchase
its inventory. The Group have recognised the
non-refundable origination fee as revenue at the point
in time that the fee becomes receivable from the client
company. This is consistent with the fact that there are
no performance obligations that remain to be completed
by the Group relating to this fee at this point in time.
c) Open Market IM \u2013 IM Platform usage fees:
This revenue arises from usage of the Group\u2019s IM
Platform by the independent stock (trading) company
to facilitate the purchase of the inventory from the client
company. Given the stage of the Group\u2019s development,
and the evolution of the Group\u2019s contracting
arrangements, as at 31 December 2024, the Group had
facilitated three IM transactions over its IM Platform and
therefore had recognised IM Platform usage fees from
the independent stock (trading) company in respect of
these three IM transactions only. Management
concluded that the usage of the IM Platform granted by
the Group to the stock (trading) company represented
a Software as a Service (\"Saas\") contract and as such the
annual IM Platform usage fees are recognised over time
in line with the time period covered by the contract as
required by IFRS 15 (\u201cRevenue from Contracts with
Customers\u201d). As the annual IM Platform usage fees are
received by the Group at the beginning of the annual
period, any unrecognised amounts are held on the
balance sheet as deferred income.
d) Open Market IM \u2013 IM service fees: This revenue arises as a result of the service fees charged by the Group to the independent stock (trading) company as remuneration for the support and administration activities, such as the monitoring of the inventory purchased, the Group performs in connection with the use of the Group\u2019s IM Platform. Given the stage of the Group\u2019s development, and the evolution of the Group\u2019s contracting arrangements, as at 31 December 2024, the Group had facilitated three IM transactions over its IM Platform and therefore as recognised IM service fees from the independent stock (trading) company in respect of these three transactions only. Management concluded that the support and administration activities performed in exchange for these fees represent separately identi\ufb01able performance obligation and as such the annual fees are recognised over time in line with the time period covered by the contract as required by IFRS 15 (\u201cRevenue from Contracts with Customers\u201d). These service fees are accrued up to the point the fees are received and then any unrecognised amounts are held on the balance sheet as deferred income. Cost of Sales Cost of sales represents those costs that can be directly related to the sales e\ufb00ort. At this early stage in the Group\u2019s development, the cost of sales includes both the costs of the work force who are engaged in the due diligence related processes, the amortisation of the costs relating to the internally developed IM platform, and any external costs directly related to the completion of the due diligence activities. Management regard these items as the direct costs associated with generating the Open Market IM revenue; in line with similar \ufb01ntech companies. Leases The Group does not have any material lease arrangements that would be required to be accounted for under IFRS 16 (\"Leases\"). In addition, in accordance with IFRS 16 (\"Leases\"), any short term lease costs are recognised in the consolidated statement of comprehensive income in the period which is covered by the term of the lease. Property, Plant and equipment Recognition and measurement All property, plant and equipment is stated at cost less accumulated depreciation and impairment. The costs of the plant and equipment is the purchase price plus any incidental costs of acquisition. Depreciation commences at the point the asset is brought into use. If there is any indication that an asset's value is less than it\u2019s carrying amount an impairment review is carried out. Where impairment is identi\ufb01ed an asset's value is reduced to re\ufb02ect this. The residual values and useful economic lives of plant and equipment are reviewed by management on an annual basis and revised to the extent required. Depreciation Depreciation is charged to write o\ufb00 the cost, less estimated residual values, of all plant and equipment equally over their expected useful lives. It is calculated at the following rates: > Computers and IT equipment at 33% per annum. Tax The tax expense for the period generally comprises current corporation tax, including any associated penalties and late payment charges. In the current year, the tax expense represents a credit relating to Research & Development Tax Credits claimed by the Company under the UK SME tax credit scheme. Tax is recognised in pro\ufb01t or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. Deferred tax is recognised on temporary di\ufb00erences between the carrying amounts of assets and liabilities in the consolidated \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t and is accounted for using the statement of \ufb01nancial position method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. The carrying amount of any deferred tax assets is reviewed at each statement of \ufb01nancial position date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax rates that have been enacted or substantively enacted at the statement of \ufb01nancial position date. Deferred tax and current tax are charged or credited to pro\ufb01t or loss, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also recognised in other comprehensive income or equity respectively. In line with IAS 1 (\"Presentation of Financial Statements\") any deferred tax assets have been classi\ufb01ed as non-current assets. Cash and cash equivalents Cash and other short-term deposits in the statement of \ufb01nancial position comprise cash at banks and in hand and short-term deposits with an original maturity of three months or less and where there is an insigni\ufb01cant risk of changes in value. In the consolidated cash \ufb02ow statement, cash and cash equivalents consist of cash and cash equivalents as de\ufb01ned above. Functional and presentation currencies The consolidated \ufb01nancial statements are presented in pounds sterling (\u00a3), the Company\u2019s functional currency. Foreign currency The main currencies for the Group are the euro (EUR), pounds sterling (GBP) and US dollars (USD). Foreign currency transactions and balances Items included in the consolidated \ufb01nancial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency using the average exchange rates in the month. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Share capital, share premium and brought forward earnings are translated using the exchange rates prevailing at the dates of the transactions. See applicable exchange rates to GBP used during FY24 and FY23 below: | 2024 | 2024 | 2023 | 2023 |
| Closing | Average | Closing | Average |
| SGD* | n/a | n/a | 1.7188 | 1.6684 |
| EUR | 1.2097 | 1.1789 | 1.1534 | 1.1495 |
| USD | 1.2521 | 1.2786 | 1.2732 | 1.2432 |
*the 2023 Singapore dollar (\"SGD\") exchange rate shown in the table above are for the following periods, closing \u2013 30 June 2023, average \u2013 for the six month period ended 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. These rates are no longer applicable for the year ended 31 December 2024. Consolidation of foreign entities: On consolidation, results of the foreign entities are translated from the functional currency to pounds sterling, the presentational currency of the Group, using average exchange rates during the period. All assets and liabilities are translated from the local functional currency to pounds sterling using the reporting period end exchange rates. The exchange di\ufb00erences arising from the translation of the net investment in foreign entities are recognised in other comprehensive income and accumulated in a separate component of equity. Employee bene\ufb01ts Short-term employee bene\ufb01ts The Group accounts for employee bene\ufb01ts in accordance with IAS 19 (\"Employee Bene\ufb01ts\"). Short-term employee bene\ufb01ts are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. De\ufb01ned contribution pension obligations The Group accounts for retirement bene\ufb01t costs in accordance with IAS 19 (\"Employee Bene\ufb01ts\"). Contributions to the Group's de\ufb01ned contributions pension scheme are charged to pro\ufb01t or loss in the period in which they become payable. Financial assets Classi\ufb01cation Financial assets currently comprise trade and other receivables, receivables from related parties, and cash and cash equivalents. Recognition and measurement Loans and receivables Loans and receivables are mainly contractual trade receivables and are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that do not have a signi\ufb01cant \ufb01nancial component and are not quoted in an active market. Accordingly, trade and other receivables are recognised at undiscounted invoice price. When applicable, a reserve for credit risk is made at the beginning of each transaction and adjusted subsequently through pro\ufb01t and loss. Impairment provisions for trade receivables are recognised based on the simpli\ufb01ed approach within IFRS 9 (\"Financial Instruments\") using the lifetime expected credit losses. During this process the probability of the non-payment of trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are reported in a separate provision account with the loss being recognised as a separate impairment charge in the consolidated statement of comprehensive income. On con\ufb01rmation that the trade receivable will not be collectable, the gross carrying value of the asset is written o\ufb00 against the associated provision. Financial liabilities Classi\ufb01cation Financial liabilities comprise trade and other payables and long-term borrowings, which can from time to time include loan notes and convertible loan notes. Recognition and measurement Trade and other payables Trade and other payables are initially recognised at fair value less transaction costs and thereafter carried at amortised cost. Long-term borrowings Interest bearing long-term borrowings are initially recorded at the proceeds received, net of direct issue costs (including commitment fees, introducer fees and the fair value of any warrants issued to satisfy issue costs). Finance charges, including direct issue costs, are accounted for on an amortised cost basis to the Company\u2019s income statement using the e\ufb00ective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The carrying value of the instrument is adjusted for any principle repayments made in the relevant period. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that the Group will be required to settle the obligation and the amount can be reliably estimated. Share-based payments Equity-settled share-based payments relate to the warrants issued in connection with the cost of issuing new equity or debt in the relevant period, and employee share schemes. Share warrants Certain equity-settled share-based payments relate to the warrants issued in connection with the cost of issuing new equity or debt, either in the current or prior periods. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value excludes the e\ufb00ect of non-market-based vesting conditions. Details regarding the determination of the fair value of these equity-settled share-based transactions are set out in note 24. The fair value determined at the grant date of the equity-settled share-based payments relating to the warrants issued in connection with the issue of equity are netted o\ufb00 against the amount of share premium that is recognised in respect of the share issue to which they directly relate. Any amounts in excess of the share premium recognised, are netted o\ufb00 against retained losses. The fair value determined at the grant date of the equity-settled share-based payments relating to the warrants issued in connection with the debt instruments are netted o\ufb00 against the fair value of the underlying instrument to which they relate. The fair value is then expensed together with the other related \ufb01nance costs on an amortised cost basis to the Group\u2019s statement of comprehensive income using the e\ufb00ective interest rate method. If there are any subsequent modi\ufb01cations made to any of the terms of equity-settled share-based payments relating to the warrants issued by the Company, the change in fair value is calculated as the di\ufb00erence between the fair value of the modi\ufb01ed equity-settled share-based payment and that of the original equity-shared share-based payment. This calculation relates to any warrants that are still outstanding and have not been converted into ordinary shares at the time of the subsequent modi\ufb01cation. The change in the fair value is then accounted on a consistent basis to the initial fair value. In respect of the above share-based payments, the fair value is not revised at subsequent reporting dates, however, the fair value is released from the share-based payment reserve at the point in time that any of the warrants are exercised by the third party holder. Employee share schemes Grants made to certain employees of the Group will result in a charge recognised in the Group\u2019s income statement. Such grants will be measured at fair value at the date of grant and will be expensed on a straight-line basis over the vesting period, based on the Company\u2019s estimate of the shares that will eventually vest. Non-market vesting assumptions are reviewed during each period to ensure they re\ufb02ect current expectations. Full details of the Group\u2019s share-base payments refer to note 24. Discontinued Operations The Group classi\ufb01es non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classi\ufb01ed as held for sale are measured at the lower of their carrying value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding \ufb01nance costs and income tax expense. The criteria for held for sale classi\ufb01cation is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to the sale will be made or that decisions to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classi\ufb01cation. Assets and liabilities classi\ufb01ed as held for sale are presented separately in the balance sheet. A disposal group quali\ufb01es as a discontinued operation if it is a component of an entity that either has been disposed or, is classi\ufb01ed as held for sale, and: > Represents a separate major line of business or geographical area of operations; and > Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as pro\ufb01t or loss after tax from discontinued operations in the income statements. All other notes in the \ufb01nancial statements include amounts for continuing operations, unless otherwise mentioned. The Board considered that in light of the TradeFlow Restructuring that commenced during the second half of 2022, the TradeFlow operations meet the criteria to be classi\ufb01ed as held for sale at 31 December 2022 as at this date the details of the TradeFlow Restructuring had all been agreed in principle between the parties and was expected to be completed post year end together with the publication of the 2022 Annual Report and Accounts. As a result the TradeFlow operations were available for immediate sale in its present condition and it was highly probable that that sale would be completed within 12 months of 31 December 2022. The TradeFlow Restructuring was completed and \ufb01nalised on 30 June 2023 at which point the Group reduced its ownership in TradeFlow from 100% to 19%. Prior to completion of the TradeFlow Restructuring, the TradeFlow operations were continued to be classi\ufb01ed as held for sale in the Group\u2019s consolidated \ufb01nancial statements. Following the 30 June 2023, the TradeFlow operations were deconsolidated from the Group\u2019s \ufb01nancial statements. Equity \"Share capital\" represents the nominal value of equity shares issued. \"Share premium\" represents the excess over nominal value of the fair value of consideration received for equity shares net of expenses of the share issue. \"Other reserves\" represents legal reserves in respect of Supply@ME S.r.l. In accordance with Article 2430 of the Italian Civil Code, Supply@ME S.r.l., a limited liability company registered in Italy, with a corporate capital of euro 10,000 or above shall annually allocate as a legal reserve an amount of 5% of the annual net pro\ufb01t until the legal reserve will be equal to 20% of corporate capital. \"Share-based payment reserve\" represents the adjustments to equity in respect of the fair value of outstanding share-based payments including warrants issued in connection with the cost of issuing new equity or debt instruments during the relevant period and employee share schemes. \"Merger relief reserve\" represents the excess of the value of the consideration shares issued to the shareholders of Supply@ME S.r.l. upon the reverse takeover over the fair value of the assets acquired. \"Reverse takeover reserve\" represents the accounting adjustments required to re\ufb02ect the reverse takeover upon consolidation. Speci\ufb01cally, removing the value of the \u201cinvestment\u201d in Supply@ME S.r.l., removing the share capital of Supply@ME S.r.l. and bringing in the pre-acquisition equity of Supply@ME Capital plc. \"FX reserves\" represents foreign currency translation di\ufb00erences on consolidation of subsidiaries reporting under a di\ufb00erent functional currency to the parent company. \"Retained losses\" represents retained losses of the Group. As a result of the reverse takeover, the consolidated \ufb01gures include the retained losses of the Group only from the date of the reverse takeover together with the brought forward losses of Supply@ME S.r.l. Critical accounting judgements and sources of estimation uncertainty The preparation of \ufb01nancial information in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgement in the process of applying the accounting policies which are detailed above. These judgements are continually evaluated by the Directors and management and are based on experience to date and other factors, including reasonable expectations of future events that are believed to be reasonable under the circumstances. The key estimates and underlying assumptions concerning the future and other key sources of estimation uncertainty at the statement of \ufb01nancial position date, that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial period, are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision a\ufb00ects
only that period, or in the period of the revision and
future periods if the revision a\ufb00ects both current and
future periods.
A number of these key estimates and underlying
assumptions have been considered as a result of
speci\ufb01c transactions outlined in these consolidated
\ufb01nancial statements. The Directors have evaluated
the estimates using historical experience and other
methods considered reasonable speci\ufb01c to the
circumstances. The Directors have also consulted with
third-party experts where appropriate. These estimates
will be evaluated on an ongoing basis as required.
The Group believes that the estimates and judgements
that have the most signi\ufb01cant impact on the annual
results under IAS are as set out below:
Judgements
Going concern
As detailed in the going concern accounting
policy, the Directors have prepared the going concern
cash forecast using their best estimates, information
and judgements at this time, particularly around the
projected revenue, timing of cash in\ufb02ows from
committed funding and the settlement of certain
overdue amounts via instalment plans. Additionally,
the Directors have applied their judgement that the
regulatory and shareholder approvals required in order
to allow the Nuburu On-Demand Facility to be repaid via
the issue of new ordinary shares will be obtained by
30 June 2026. Further speci\ufb01cs of these judgements,
and the material uncertainties linked to these, can
be found earlier in this note 2.
Internally developed intangible assets
The cost of an internally generated IM platform
comprises all directly attributable costs necessary
to create, produce, and prepare the asset to be capable
of operating in the manner intended by management.
During the period judgement was required to
distinguish those costs that were capable of being
capitalised under IAS 38 (\u201cIntangible assets\u201d) and those
costs that related to research activities, the cost of
which has been recognised as an expense during the
relevant period.
Revenue recognition \u2013 assessment of performance obligations > The Directors are required to make a judgement as to if the due diligence services represent a distinct performance obligation under IFRS 15 (\"Revenue from Contracts with Customers\"). The Board and management have concluded that this is indeed the case due to the distinct bene\ufb01cial service being provided to client companies through the delivery of the due diligence report which provide insight and information into the business. > The Directors are required to make a judgement as to if the receipt of non-refundable origination fees received from the client companies represent a distinct performance obligation under IFRS 15 (\"Revenue from Contracts with Customers\"). The Board and management have concluded that no separately identi\ufb01able performance obligation is carried out by the Group associated with this fee. Impairment or fair value adjustments At the end of the accounting period the Group assesses if there are any indicators of impairment or fair value adjustments required with respect to its investments in subsidiaries, its other investments or its receivable balances. The carrying value is determined by the use of a discounted cash \ufb02ow model of future free cash \ufb02ows which involves estimates to be made by the Directors around future cash forecasts, discount rates etc. Estimates Valuation of share warrants issued During the current \ufb01nancial year, the Group issued new share warrants in connection with the equity subscription completed in May 2024. As these share warrants were issued as a cost of securing new equity investment into the Group they have been classi\ufb01ed as a share-based payments. As such the Directors were required to determine the fair value of the equity-settled share-based payments at the date on which they were granted. Judgement was required in determining the most appropriate inputs into the valuation models (Black Scholes) used and the key judgemental input was the expected volatility rate of the Company\u2019s share price over the relevant period and the assumption applied in the model was 82.5% which based the actual volatility of the Company\u2019s share price from the date of the reverse takeover (being March 2020) to the date at which the relevant valuation model was run. As outlined above, the share warrants issued during
the current \ufb01nancial year were issued in connection
with new equity funding and as such the fair value cost
has been recognised as a debit to equity on the
consolidated statement of \ufb01nancial position. If the
expected volatility rate was adjusted by plus 10%, then
the impact on the fair value recognised as the initial
debit to equity in the current year would have been
approximately plus \u00a34,000. If the expected volatility
rate was adjusted by minus 10%, then the impact on
the fair value recognised as the initial debit to equity
in the current year would have been approximately
minus \u00a34,000.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-400": {
"value": "Adjusted performance measures
Management believes that adjusted performance
measures provide meaningful information to the users
of the accounts on the operating performance of the
business. Accordingly, the adjusted measure of
operating pro\ufb01t from continuing operations excludes,
where applicable, impairment charges and fair value
adjustments. These terms are not de\ufb01ned terms under
IFRS and may therefore not be comparable with
similarly titled pro\ufb01t measures reported by other
companies. They are not intended to be a substitute
for, or superior to, GAAP measures. The items excluded
from adjusted results are those items that are charged
to the consolidated statement of comprehensive
income due to the impairment of the Group\u2019s intangible
assets or investments. They are not in\ufb02uenced by the
day-to-day operations of the Group.
",
"dimensions": {
"concept": "supplymecapital:DisclosureOfAdjustedPerformanceMeasures",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-401": {
"value": "Basis of consolidation The Group \ufb01nancial statements consolidate those of the Company and its subsidiary undertakings drawn up to 31 December 2024. Subsidiaries are entities over which the Group has control. Control comprises an investor having power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-443": {
"value": "New and revised accounting standards and
interpretations
There are no new and revised standards that have
a material impact on the entity in the current or future
reporting periods and on foreseeable future
transactions.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-402": {
"value": "New and revised accounting standards and interpretations There are no new and revised standards that have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. New standards, interpretations and amendments not yet e\ufb00ective There are no new standards that are issued but not yet e\ufb00ective which would be expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-444": {
"value": "New standards, interpretations and amendments
not yet e\ufb00ective
There are no new standards that are issued but not yet
e\ufb00ective which would be expected to have a material
impact on the Group in the current or future reporting
periods or on foreseeable future transactions.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-445": {
"value": "Business Combinations The acquisition of subsidiaries and businesses are accounted for using the acquisition method under IFRS 3 (\"Business Combinations\"). Measurement of consideration The consideration for each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred to former owners and equity instruments issued by the Group in exchange for control of the acquiree. Fair value assessment Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Where the fair value of the assets and liabilities at acquisition cannot be determined reliably in the initial accounting, these values are considered to be provisional for a period of 12 months from the date of acquisition. If additional information relating to the condition of these assets and liabilities at the acquisition date is obtained within this period, then the provisional values are adjusted retrospectively. This includes the restatement of comparative information for prior periods. Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. Goodwill Goodwill arises where the consideration of the business combination exceeds the Group\u2019s interest in the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities recognised. This is recognised as an asset and is tested annually for impairment. The identi\ufb01able assets and liabilities acquired are incorporated into the consolidated \ufb01nancial statements at their fair value to the Group. Transaction costs Transaction costs associated with the acquisition are recognised in the consolidated statement of comprehensive income as incurred and separately disclosed due to the nature of this expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-404": {
"value": "Business Combinations The acquisition of subsidiaries and businesses are accounted for using the acquisition method under IFRS 3 (\"Business Combinations\"). Measurement of consideration The consideration for each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred to former owners and equity instruments issued by the Group in exchange for control of the acquiree. Fair value assessment Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Where the fair value of the assets and liabilities at acquisition cannot be determined reliably in the initial accounting, these values are considered to be provisional for a period of 12 months from the date of acquisition. If additional information relating to the condition of these assets and liabilities at the acquisition date is obtained within this period, then the provisional values are adjusted retrospectively. This includes the restatement of comparative information for prior periods. Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. Goodwill Goodwill arises where the consideration of the business combination exceeds the Group\u2019s interest in the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities recognised. This is recognised as an asset and is tested annually for impairment. The identi\ufb01able assets and liabilities acquired are incorporated into the consolidated \ufb01nancial statements at their fair value to the Group. Transaction costs Transaction costs associated with the acquisition are recognised in the consolidated statement of comprehensive income as incurred and separately disclosed due to the nature of this expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-469": {
"value": "Goodwill
Goodwill arises where the consideration of the business
combination exceeds the Group\u2019s interest in the net fair
value of the identi\ufb01able assets, liabilities and contingent
liabilities recognised. This is recognised as an asset and
is tested annually for impairment. The identi\ufb01able
assets and liabilities acquired are incorporated into the
consolidated \ufb01nancial statements at their fair value to
the Group.
Goodwill Goodwill arising on consolidation is recognised as an asset. Following initial recognition, goodwill is subject to impairment reviews, at least annually, and measured at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated statement of comprehensive income and is not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-403": {
"value": "Investment in equity instruments
The Group measures its investments in equity
instruments, where no signi\ufb01cant in\ufb02uence or control
exists, at fair value with any changes recognised through
the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-405": {
"value": "Intangible assets Goodwill Goodwill arising on consolidation is recognised as an asset. Following initial recognition, goodwill is subject to impairment reviews, at least annually, and measured at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated statement of comprehensive income and is not subsequently reversed. Other intangible assets a) Internally developed Inventory Monetisation (\"IM\") platform The core activity of the existing Supply@ME business is the creation and marketing of a software-driven secure platform (the \"IM Platform\") that can be used for the facilitation, recording and monitoring of Inventory Monetisation (\"IM\") transactions between third party client companies and segregated trading companies (known as stock companies). The software modules which form part of the IM Platform can also be used, through a White-Label model, by third party banks in order for them to deploy their own inventory backed \ufb01nancial products. The internally generated IM Platform includes not only the software but also: > the methodologies and business policies underpinning each IM transaction > the legal and accounting frameworks required to support each IM transaction > the technical infrastructure (cloud environment, distributed ledger technology) used to support each IM transaction. Associated with this core activity are continual product development requirements and expenditure in order to develop compliance with legal, regulatory, accounting, valuation and insurance criteria. This expenditure includes software and infrastructure development, intellectual property (\"IP\") related costs and professional fees related to the development of legal and accounting infrastructure. Research expenditure is written o\ufb00 in the year in which it is incurred. Expenditure on internally developed products, in particular the IM Platform, is capitalised if it can be demonstrated that: > it is technically and commercially feasible to develop the asset for future economic bene\ufb01t; > adequate resources are available to maintain and complete the development; > there is the intention to complete and develop the asset for future economic bene\ufb01t; > the Company is able to use the asset; > use of the asset will generate future economic bene\ufb01t; and > expenditure on the development of the asset can be measured reliably. Where these costs are capitalised, they are initially measured at cost and are amortised over their estimated useful economic lives, considered to be 5 years, on a straight-line basis. Amortisation of this internally developed IM platform is charged within cost of sales in the consolidated statement of comprehensive income. Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying amount is reduced by any provision for impairment where necessary. b) Acquired intangible assets Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation. Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying amount is reduced by any provision for impairment where necessary. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-446": {
"value": "Other intangible assets
a) Internally developed Inventory Monetisation (\"IM\")
platform
The core activity of the existing Supply@ME business is
the creation and marketing of a software-driven secure
platform (the \"IM Platform\") that can be used for the
facilitation, recording and monitoring of Inventory
Monetisation (\"IM\") transactions between third party
client companies and segregated trading companies
(known as stock companies). The software modules
which form part of the IM Platform can also be used,
through a White-Label model, by third party banks in
order for them to deploy their own inventory backed
\ufb01nancial products. The internally generated IM Platform
includes not only the software but also:
> the methodologies and business policies
underpinning each IM transaction
> the legal and accounting frameworks required to
support each IM transaction
> the technical infrastructure (cloud environment,
distributed ledger technology) used to support each
IM transaction.
Associated with this core activity are continual product
development requirements and expenditure in order to
develop compliance with legal, regulatory, accounting,
valuation and insurance criteria. This expenditure
includes software and infrastructure development,
intellectual property (\"IP\") related costs and professional
fees related to the development of legal and accounting
infrastructure.
Research expenditure is written o\ufb00 in the year in which it is incurred. Expenditure on internally developed products, in particular the IM Platform, is capitalised if it can be demonstrated that: > it is technically and commercially feasible to develop the asset for future economic bene\ufb01t; > adequate resources are available to maintain and complete the development; > there is the intention to complete and develop the asset for future economic bene\ufb01t; > the Company is able to use the asset; > use of the asset will generate future economic bene\ufb01t; and > expenditure on the development of the asset can be measured reliably. Where these costs are capitalised, they are initially measured at cost and are amortised over their estimated useful economic lives, considered to be 5 years, on a straight-line basis. Amortisation of this internally developed IM platform is charged within cost of sales in the consolidated statement of comprehensive income. Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying amount is reduced by any provision for impairment where necessary. b) Acquired intangible assets Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation. Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying amount is reduced by any provision for impairment where necessary. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-8": {
"value": "The core activity of the existing Supply@ME business is the creation and marketing of a software-driven secure platform (the \"IM Platform\") that can be used for the facilitation, recording and monitoring of Inventory Monetisation (\"IM\") transactions between third party client companies and segregated trading companies (known as stock companies).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-406": {
"value": "Revenue recognition Revenue for the Group is measured at the fair value of the consideration received or receivable. The Group recognises revenue when the performance obligation is satis\ufb01ed, the amount of revenue can be reliably measured and it is probable that future economic bene\ufb01ts will \ufb02ow to the entity. The Group\u2019s revenues are recognised at the point when the relevant performance obligation has been satis\ufb01ed, this can result in all the revenue being recognised at a speci\ufb01c point in time or over time as detailed below. The Group is focussed on its core business lines: > IM transactions from the pipeline originated by the Group and funded by third-party investors (\"Open Market IM\"); and > IM deals with local commercial banks and their client companies (\"White-Label IM\"). The Group recognises revenue from the following activities: a) Open Market IM - Due diligence fees: This revenue arises from due diligence services performed by the Group in relation to the potential client companies. This due diligence covers topics such as the client's \ufb01nancial information, operations, credit rating and analysis of its inventory. Given the stage of the Group\u2019s development, and the evolution of the Group\u2019s contracting arrangements, the due diligence revenues recognised by the Group to date have been limited. Further details are provided below: Historical contractual arrangements - Prior to June 2020, the Group\u2019s contractual arrangements required the client to make a down payment intended to remunerate the Group for the due diligence services being provided. However, these agreements did not clearly identify the Group\u2019s performance obligation and such down payments were also refundable under certain circumstances and up to the point when the Platform was able to be used for the \ufb01rst time by the client companies. Due to the above circumstances, these down payments have not been recognised as revenue under IFRS 15 (\"Revenue from Contracts with Customers\") until the speci\ufb01c performance obligation, being the use of the Group\u2019s Platform for the \ufb01rst time, has been satis\ufb01ed by the Group. Until such time, these amounts have been recognised as deferred income in the statement of \ufb01nancial position, or as other payables in the case where a refund has been requested (due to the current delays being experienced by the Group), but not yet paid as at the balance sheet date or the expectation is that probability of an IM transaction occurring in the future is unlikely. Current contractual arrangements - Post June 2020, the Group updated its contractual arrangements to speci\ufb01cally identify a separate performance obligation in relation to the completion of the due diligence services being provided by the Group, also considering the actual bene\ufb01ts the client companies can directly obtain from such activities, even in the case where the Inventory Monetisation transaction does not take place. In these contracts, the due diligence fees are paid in advance by the client companies, and the revenue is recognised when the Group has successfully ful\ufb01lled its performance obligation, being the completion of the due diligence service and communication to the client in this respect through the issuance of a detailed due diligence report. Prior to the completion of the performance obligation, the due diligence fees received are held on the balance sheet as deferred income. In order to conclude if the performance obligations have been successfully ful\ufb01lled, management currently assess this on a client-by-client basis to ensure that the control of the due diligence report has been transferred to the client company. In developing this accounting policy management have made the assessment that the due diligence services result in a distinct bene\ufb01cial service being provided to client companies as the information provides insight into their business which can also be used for alternative purposes as well (such as client companies business and operational optimisation). This is also referred to the critical accounting judgements and sources of estimation uncertainty note. b) Open Market IM \u2013 Origination fees: This revenue arises from origination of the contracts between the client company wishing to have their inventory monetised and the independent stock (trading) company that purchased the inventory from the client company. Given the stage of the Group\u2019s development, and the evolution of the Group\u2019s contracting arrangements, as at 31 December 2024, the Group had facilitated three IM transactions over its IM Platform and therefore had received origination fees from three client companies, one took place during each of year ended 31 December 2022, 2023 and 2024. The non-refundable origination fees received from the client company relate to the fee payable to the Group at the point in time the client company enters into binding contracts with the stock (trading) company to purchase its inventory. The Group have recognised the non-refundable origination fee as revenue at the point in time that the fee becomes receivable from the client company. This is consistent with the fact that there are no performance obligations that remain to be completed by the Group relating to this fee at this point in time. c) Open Market IM \u2013 IM Platform usage fees: This revenue arises from usage of the Group\u2019s IM Platform by the independent stock (trading) company to facilitate the purchase of the inventory from the client company. Given the stage of the Group\u2019s development, and the evolution of the Group\u2019s contracting arrangements, as at 31 December 2024, the Group had facilitated three IM transactions over its IM Platform and therefore had recognised IM Platform usage fees from the independent stock (trading) company in respect of these three IM transactions only. Management concluded that the usage of the IM Platform granted by the Group to the stock (trading) company represented a Software as a Service (\"Saas\") contract and as such the annual IM Platform usage fees are recognised over time in line with the time period covered by the contract as required by IFRS 15 (\u201cRevenue from Contracts with Customers\u201d). As the annual IM Platform usage fees are received by the Group at the beginning of the annual period, any unrecognised amounts are held on the balance sheet as deferred income. d) Open Market IM \u2013 IM service fees:
This revenue arises as a result of the service fees
charged by the Group to the independent stock (trading)
company as remuneration for the support and
administration activities, such as the monitoring of the
inventory purchased, the Group performs in connection
with the use of the Group\u2019s IM Platform. Given the stage
of the Group\u2019s development, and the evolution of the
Group\u2019s contracting arrangements, as at 31 December
2024, the Group had facilitated three IM transactions
over its IM Platform and therefore as recognised IM
service fees from the independent stock (trading)
company in respect of these three transactions only.
Management concluded that the support and
administration activities performed in exchange
for these fees represent separately identi\ufb01able
performance obligation and as such the annual fees
are recognised over time in line with the time period
covered by the contract as required by IFRS 15
(\u201cRevenue from Contracts with Customers\u201d). These
service fees are accrued up to the point the fees are
received and then any unrecognised amounts are held
on the balance sheet as deferred income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-407": {
"value": "Cost of Sales
Cost of sales represents those costs that can be directly
related to the sales e\ufb00ort. At this early stage in the
Group\u2019s development, the cost of sales includes both
the costs of the work force who are engaged in the due
diligence related processes, the amortisation of the costs
relating to the internally developed IM platform, and any
external costs directly related to the completion of the
due diligence activities. Management regard these items
as the direct costs associated with generating the Open
Market IM revenue; in line with similar \ufb01ntech companies.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-408": {
"value": "Leases
The Group does not have any material lease
arrangements that would be required to be accounted
for under IFRS 16 (\"Leases\"). In addition, in accordance
with IFRS 16 (\"Leases\"), any short term lease costs
are recognised in the consolidated statement of
comprehensive income in the period which is covered
by the term of the lease.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-409": {
"value": "Property, Plant and equipment
Recognition and measurement
All property, plant and equipment is stated at cost less
accumulated depreciation and impairment. The costs of
the plant and equipment is the purchase price plus any
incidental costs of acquisition. Depreciation commences
at the point the asset is brought into use.
If there is any indication that an asset's value is less than
it\u2019s carrying amount an impairment review is carried
out. Where impairment is identi\ufb01ed an asset's value
is reduced to re\ufb02ect this.
The residual values and useful economic lives of plant
and equipment are reviewed by management on an
annual basis and revised to the extent required.
Depreciation
Depreciation is charged to write o\ufb00 the cost, less
estimated residual values, of all plant and equipment
equally over their expected useful lives. It is calculated
at the following rates:
> Computers and IT equipment at 33% per annum.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-447": {
"value": "Depreciation Depreciation is charged to write o\ufb00 the cost, less estimated residual values, of all plant and equipment equally over their expected useful lives. It is calculated at the following rates: > Computers and IT equipment at 33% per annum. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-410": {
"value": "Tax
The tax expense for the period generally comprises
current corporation tax, including any associated
penalties and late payment charges. In the current year,
the tax expense represents a credit relating to Research
& Development Tax Credits claimed by the Company
under the UK SME tax credit scheme.
Tax is recognised in pro\ufb01t or loss, except that a charge
attributable to an item of income or expense recognised
as other comprehensive income is also recognised
directly in other comprehensive income.
Deferred tax is recognised on temporary di\ufb00erences
between the carrying amounts of assets and liabilities
in the consolidated \ufb01nancial statements and the
corresponding tax bases used in the computation
of taxable pro\ufb01t and is accounted for using the
statement of \ufb01nancial position method. Deferred
tax liabilities are generally recognised for all taxable
temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable
pro\ufb01ts will be available against which deductible
temporary di\ufb00erences can be utilised. Such assets and
liabilities are not recognised if the temporary di\ufb00erence
arises from goodwill or from the initial recognition (other
than in a business combination) of other assets and
liabilities in a transaction that a\ufb00ects neither
the taxable pro\ufb01t nor the accounting pro\ufb01t.
The carrying amount of any deferred tax assets is
reviewed at each statement of \ufb01nancial position date
and reduced to the extent that it is no longer probable
that suf\ufb01cient taxable pro\ufb01ts will be available to allow all
or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are
expected to apply in the period when the liability is
settled or the asset realised based on tax rates that have
been enacted or substantively enacted at the statement
of \ufb01nancial position date. Deferred tax and current tax
are charged or credited to pro\ufb01t or loss, except when
it relates to items charged or credited in other
comprehensive income or directly to equity, in which
case the deferred tax is also recognised in other
comprehensive income or equity respectively.
In line with IAS 1 (\"Presentation of Financial Statements\")
any deferred tax assets have been classi\ufb01ed as
non-current assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-448": {
"value": "Deferred tax is recognised on temporary di\ufb00erences between the carrying amounts of assets and liabilities in the consolidated \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t and is accounted for using the statement of \ufb01nancial position method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. The carrying amount of any deferred tax assets is reviewed at each statement of \ufb01nancial position date and reduced to the extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax rates that have been enacted or substantively enacted at the statement of \ufb01nancial position date. Deferred tax and current tax are charged or credited to pro\ufb01t or loss, except when it relates to items charged or credited in other comprehensive income or directly to equity, in which case the deferred tax is also recognised in other comprehensive income or equity respectively. In line with IAS 1 (\"Presentation of Financial Statements\") any deferred tax assets have been classi\ufb01ed as non-current assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-411": {
"value": "Cash and cash equivalents
Cash and other short-term deposits in the statement
of \ufb01nancial position comprise cash at banks and in hand
and short-term deposits with an original maturity of
three months or less and where there is an insigni\ufb01cant
risk of changes in value. In the consolidated cash \ufb02ow
statement, cash and cash equivalents consist of cash
and cash equivalents as de\ufb01ned above.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-412": {
"value": "Functional and presentation currencies
The consolidated \ufb01nancial statements are presented in
pounds sterling (\u00a3), the Company\u2019s functional currency.
Foreign currency
The main currencies for the Group are the euro (EUR),
pounds sterling (GBP) and US dollars (USD).
Foreign currency transactions and balances
Items included in the consolidated \ufb01nancial statements
of each of the Group\u2019s subsidiaries are measured using
their functional currency. The functional currency of the
parent and each subsidiary is the currency of the primary
economic environment in which the entity operates.
Foreign currency transactions are translated into the
functional currency using the average exchange rates
in the month. Foreign exchange gains and losses
resulting from the settlement of such transactions
and from the translation at the reporting period end
exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised
in the statement of comprehensive income.
Share capital, share premium and brought forward
earnings are translated using the exchange rates
prevailing at the dates of the transactions.
See applicable exchange rates to GBP used during FY24
and FY23 below:
| 2024 | 2024 | 2023 | 2023 |
| Closing | Average | Closing | Average |
| SGD* | n/a | n/a | 1.7188 | 1.6684 |
| EUR | 1.2097 | 1.1789 | 1.1534 | 1.1495 |
| USD | 1.2521 | 1.2786 | 1.2732 | 1.2432 |
*the 2023 Singapore dollar (\"SGD\") exchange rate shown in the table
above are for the following periods, closing \u2013 30 June 2023, average \u2013 for
the six month period ended 30 June 2023. This re\ufb02ects the fact that the
TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023
and TradeFlow was deconsolidated from the Group\u2019s results from this
date. These rates are no longer applicable for the year ended 31
December 2024.
Consolidation of foreign entities:
On consolidation, results of the foreign entities are
translated from the functional currency to pounds
sterling, the presentational currency of the Group, using
average exchange rates during the period. All assets
and liabilities are translated from the local functional
currency to pounds sterling using the reporting period
end exchange rates. The exchange di\ufb00erences arising
from the translation of the net investment in foreign
entities are recognised in other comprehensive income
and accumulated in a separate component of equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-449": {
"value": "Functional and presentation currencies The consolidated \ufb01nancial statements are presented in pounds sterling (\u00a3), the Company\u2019s functional currency. Foreign currency The main currencies for the Group are the euro (EUR), pounds sterling (GBP) and US dollars (USD). Foreign currency transactions and balances Items included in the consolidated \ufb01nancial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency using the average exchange rates in the month. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Share capital, share premium and brought forward earnings are translated using the exchange rates prevailing at the dates of the transactions. See applicable exchange rates to GBP used during FY24 and FY23 below: | 2024 | 2024 | 2023 | 2023 |
| Closing | Average | Closing | Average |
| SGD* | n/a | n/a | 1.7188 | 1.6684 |
| EUR | 1.2097 | 1.1789 | 1.1534 | 1.1495 |
| USD | 1.2521 | 1.2786 | 1.2732 | 1.2432 |
*the 2023 Singapore dollar (\"SGD\") exchange rate shown in the table above are for the following periods, closing \u2013 30 June 2023, average \u2013 for the six month period ended 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. These rates are no longer applicable for the year ended 31 December 2024. Consolidation of foreign entities: On consolidation, results of the foreign entities are translated from the functional currency to pounds sterling, the presentational currency of the Group, using average exchange rates during the period. All assets and liabilities are translated from the local functional currency to pounds sterling using the reporting period end exchange rates. The exchange di\ufb00erences arising from the translation of the net investment in foreign entities are recognised in other comprehensive income and accumulated in a separate component of equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-413": {
"value": "Employee bene\ufb01ts
Short-term employee bene\ufb01ts
The Group accounts for employee bene\ufb01ts in
accordance with IAS 19 (\"Employee Bene\ufb01ts\").
Short-term employee bene\ufb01ts are expensed as the
related service is provided. A liability is recognised
for the amount expected to be paid if the Group has
a present legal or constructive obligation to pay this
amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
De\ufb01ned contribution pension obligations
The Group accounts for retirement bene\ufb01t costs in
accordance with IAS 19 (\"Employee Bene\ufb01ts\").
Contributions to the Group's de\ufb01ned contributions
pension scheme are charged to pro\ufb01t or loss in the
period in which they become payable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-414": {
"value": "Financial assets
Classi\ufb01cation
Financial assets currently comprise trade and other
receivables, receivables from related parties, and cash
and cash equivalents.
Recognition and measurement
Loans and receivables
Loans and receivables are mainly contractual trade
receivables and are non-derivative \ufb01nancial assets
with \ufb01xed or determinable payments that do not have
a signi\ufb01cant \ufb01nancial component and are not quoted
in an active market. Accordingly, trade and other
receivables are recognised at undiscounted invoice price.
When applicable, a reserve for credit risk is made at the
beginning of each transaction and adjusted
subsequently through pro\ufb01t and loss.
Impairment provisions for trade receivables are
recognised based on the simpli\ufb01ed approach within
IFRS 9 (\"Financial Instruments\") using the lifetime
expected credit losses. During this process the
probability of the non-payment of trade receivables
is assessed. This probability is then multiplied by the
amount of the expected loss arising from default to
determine the lifetime expected credit loss for the trade
receivables. For trade receivables, which are reported
net, such provisions are reported in a separate provision
account with the loss being recognised as a separate
impairment charge in the consolidated statement of
comprehensive income. On con\ufb01rmation that the trade
receivable will not be collectable, the gross carrying value
of the asset is written o\ufb00 against the associated
provision.
Financial liabilities
Classi\ufb01cation
Financial liabilities comprise trade and other payables
and long-term borrowings, which can from time to time
include loan notes and convertible loan notes.
Recognition and measurement
Trade and other payables
Trade and other payables are initially recognised at fair
value less transaction costs and thereafter carried at
amortised cost.
Long-term borrowings
Interest bearing long-term borrowings are initially
recorded at the proceeds received, net of direct issue
costs (including commitment fees, introducer fees and
the fair value of any warrants issued to satisfy issue
costs). Finance charges, including direct issue costs,
are accounted for on an amortised cost basis to the
Company\u2019s income statement using the e\ufb00ective interest
method and are added to the carrying amount of the
instrument to the extent that they are not settled in the
period in which they arise. The carrying value of the
instrument is adjusted for any principle repayments
made in the relevant period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-450": {
"value": "Financial assets Classi\ufb01cation Financial assets currently comprise trade and other receivables, receivables from related parties, and cash and cash equivalents. Recognition and measurement Loans and receivables Loans and receivables are mainly contractual trade receivables and are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that do not have a signi\ufb01cant \ufb01nancial component and are not quoted in an active market. Accordingly, trade and other receivables are recognised at undiscounted invoice price. When applicable, a reserve for credit risk is made at the beginning of each transaction and adjusted subsequently through pro\ufb01t and loss. Impairment provisions for trade receivables are recognised based on the simpli\ufb01ed approach within IFRS 9 (\"Financial Instruments\") using the lifetime expected credit losses. During this process the probability of the non-payment of trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are reported in a separate provision account with the loss being recognised as a separate impairment charge in the consolidated statement of comprehensive income. On con\ufb01rmation that the trade receivable will not be collectable, the gross carrying value of the asset is written o\ufb00 against the associated provision. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-470": {
"value": "Loans and receivables Loans and receivables are mainly contractual trade receivables and are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that do not have a signi\ufb01cant \ufb01nancial component and are not quoted in an active market. Accordingly, trade and other receivables are recognised at undiscounted invoice price. When applicable, a reserve for credit risk is made at the beginning of each transaction and adjusted subsequently through pro\ufb01t and loss. Impairment provisions for trade receivables are recognised based on the simpli\ufb01ed approach within IFRS 9 (\"Financial Instruments\") using the lifetime expected credit losses. During this process the probability of the non-payment of trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are reported in a separate provision account with the loss being recognised as a separate impairment charge in the consolidated statement of comprehensive income. On con\ufb01rmation that the trade receivable will not be collectable, the gross carrying value of the asset is written o\ufb00 against the associated provision. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-451": {
"value": "Financial liabilities Classi\ufb01cation Financial liabilities comprise trade and other payables and long-term borrowings, which can from time to time include loan notes and convertible loan notes. Recognition and measurement Trade and other payables Trade and other payables are initially recognised at fair value less transaction costs and thereafter carried at amortised cost. Long-term borrowings Interest bearing long-term borrowings are initially recorded at the proceeds received, net of direct issue costs (including commitment fees, introducer fees and the fair value of any warrants issued to satisfy issue costs). Finance charges, including direct issue costs, are accounted for on an amortised cost basis to the Company\u2019s income statement using the e\ufb00ective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The carrying value of the instrument is adjusted for any principle repayments made in the relevant period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-471": {
"value": "Trade and other payables Trade and other payables are initially recognised at fair value less transaction costs and thereafter carried at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-472": {
"value": "Long-term borrowings Interest bearing long-term borrowings are initially recorded at the proceeds received, net of direct issue costs (including commitment fees, introducer fees and the fair value of any warrants issued to satisfy issue costs). Finance charges, including direct issue costs, are accounted for on an amortised cost basis to the Company\u2019s income statement using the e\ufb00ective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The carrying value of the instrument is adjusted for any principle repayments made in the relevant period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-415": {
"value": "Provisions
Provisions are recognised when the Group has a present
legal or constructive obligation as a result of a past event,
it is probable that the Group will be required to settle the
obligation and the amount can be reliably estimated.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-416": {
"value": "Share-based payments
Equity-settled share-based payments relate to the
warrants issued in connection with the cost of issuing
new equity or debt in the relevant period, and employee
share schemes.
Share warrants
Certain equity-settled share-based payments relate to
the warrants issued in connection with the cost of issuing
new equity or debt, either in the current or prior periods.
Equity-settled share-based payments are measured at
the fair value of the equity instruments at the grant date.
The fair value excludes the e\ufb00ect of non-market-based
vesting conditions. Details regarding the determination
of the fair value of these equity-settled share-based
transactions are set out in note 24.
The fair value determined at the grant date of the
equity-settled share-based payments relating to the
warrants issued in connection with the issue of equity
are netted o\ufb00 against the amount of share premium that
is recognised in respect of the share issue to which they
directly relate. Any amounts in excess of the share
premium recognised, are netted o\ufb00 against retained
losses.
The fair value determined at the grant date of the
equity-settled share-based payments relating to the
warrants issued in connection with the debt instruments
are netted o\ufb00 against the fair value of the underlying
instrument to which they relate. The fair value is then
expensed together with the other related \ufb01nance costs
on an amortised cost basis to the Group\u2019s statement of
comprehensive income using the e\ufb00ective interest rate
method.
If there are any subsequent modi\ufb01cations made to any
of the terms of equity-settled share-based payments
relating to the warrants issued by the Company, the
change in fair value is calculated as the di\ufb00erence
between the fair value of the modi\ufb01ed equity-settled
share-based payment and that of the original
equity-shared share-based payment. This calculation
relates to any warrants that are still outstanding and
have not been converted into ordinary shares at the
time of the subsequent modi\ufb01cation. The change in the
fair value is then accounted on a consistent basis to the
initial fair value.
In respect of the above share-based payments, the fair
value is not revised at subsequent reporting dates,
however, the fair value is released from the share-based
payment reserve at the point in time that any of the
warrants are exercised by the third party holder.
Employee share schemes
Grants made to certain employees of the Group will
result in a charge recognised in the Group\u2019s income
statement. Such grants will be measured at fair value at
the date of grant and will be expensed on a straight-line
basis over the vesting period, based on the Company\u2019s
estimate of the shares that will eventually vest.
Non-market vesting assumptions are reviewed during
each period to ensure they re\ufb02ect current expectations.
Full details of the Group\u2019s share-base payments refer
to note 24.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-452": {
"value": "Share warrants Certain equity-settled share-based payments relate to the warrants issued in connection with the cost of issuing new equity or debt, either in the current or prior periods. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value excludes the e\ufb00ect of non-market-based vesting conditions. Details regarding the determination of the fair value of these equity-settled share-based transactions are set out in note 24. The fair value determined at the grant date of the equity-settled share-based payments relating to the warrants issued in connection with the issue of equity are netted o\ufb00 against the amount of share premium that is recognised in respect of the share issue to which they directly relate. Any amounts in excess of the share premium recognised, are netted o\ufb00 against retained losses. The fair value determined at the grant date of the equity-settled share-based payments relating to the warrants issued in connection with the debt instruments are netted o\ufb00 against the fair value of the underlying instrument to which they relate. The fair value is then expensed together with the other related \ufb01nance costs on an amortised cost basis to the Group\u2019s statement of comprehensive income using the e\ufb00ective interest rate method. If there are any subsequent modi\ufb01cations made to any of the terms of equity-settled share-based payments relating to the warrants issued by the Company, the change in fair value is calculated as the di\ufb00erence between the fair value of the modi\ufb01ed equity-settled share-based payment and that of the original equity-shared share-based payment. This calculation relates to any warrants that are still outstanding and have not been converted into ordinary shares at the time of the subsequent modi\ufb01cation. The change in the fair value is then accounted on a consistent basis to the initial fair value. In respect of the above share-based payments, the fair value is not revised at subsequent reporting dates, however, the fair value is released from the share-based payment reserve at the point in time that any of the warrants are exercised by the third party holder. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-417": {
"value": "Discontinued Operations
The Group classi\ufb01es non-current assets and disposal
groups as held for sale if their carrying amount will be
recovered principally through a sale transaction rather
than through continuing use. Non-current assets and
disposal groups classi\ufb01ed as held for sale are measured
at the lower of their carrying value and fair value less
costs to sell. Costs to sell are the incremental costs
directly attributable to the disposal of an asset (disposal
group), excluding \ufb01nance costs and income tax expense.
The criteria for held for sale classi\ufb01cation is regarded as
met only when the sale is highly probable and the asset
or disposal group is available for immediate sale in its
present condition. Actions required to complete the sale
should indicate that it is unlikely that signi\ufb01cant changes
to the sale will be made or that decisions to sell will
be withdrawn. Management must be committed
to the plan to sell the asset and the sale expected
to be completed within one year from the date of
the classi\ufb01cation.
Assets and liabilities classi\ufb01ed as held for sale are
presented separately in the balance sheet.
A disposal group quali\ufb01es as a discontinued operation
if it is a component of an entity that either has been
disposed or, is classi\ufb01ed as held for sale, and:
> Represents a separate major line of business or
geographical area of operations; and
> Is part of a single co-ordinated plan to dispose of a
separate major line of business or geographical area
of operations.
Discontinued operations are excluded from the results
of continuing operations and are presented as a single
amount as pro\ufb01t or loss after tax from discontinued
operations in the income statements. All other notes in
the \ufb01nancial statements include amounts for continuing
operations, unless otherwise mentioned.
The Board considered that in light of the TradeFlow
Restructuring that commenced during the second half
of 2022, the TradeFlow operations meet the criteria
to be classi\ufb01ed as held for sale at 31 December 2022
as at this date the details of the TradeFlow Restructuring
had all been agreed in principle between the parties and
was expected to be completed post year end together
with the publication of the 2022 Annual Report and
Accounts. As a result the TradeFlow operations were
available for immediate sale in its present condition and
it was highly probable that that sale would be completed
within 12 months of 31 December 2022. The TradeFlow
Restructuring was completed and \ufb01nalised on 30 June
2023 at which point the Group reduced its ownership in
TradeFlow from 100% to 19%. Prior to completion of the
TradeFlow Restructuring, the TradeFlow operations were
continued to be classi\ufb01ed as held for sale in the Group\u2019s
consolidated \ufb01nancial statements. Following the 30 June
2023, the TradeFlow operations were deconsolidated
from the Group\u2019s \ufb01nancial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-473": {
"value": "Discontinued Operations The Group classi\ufb01es non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classi\ufb01ed as held for sale are measured at the lower of their carrying value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding \ufb01nance costs and income tax expense. The criteria for held for sale classi\ufb01cation is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to the sale will be made or that decisions to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classi\ufb01cation. Assets and liabilities classi\ufb01ed as held for sale are presented separately in the balance sheet. A disposal group quali\ufb01es as a discontinued operation if it is a component of an entity that either has been disposed or, is classi\ufb01ed as held for sale, and: > Represents a separate major line of business or geographical area of operations; and > Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as pro\ufb01t or loss after tax from discontinued operations in the income statements. All other notes in the \ufb01nancial statements include amounts for continuing operations, unless otherwise mentioned. The Board considered that in light of the TradeFlow Restructuring that commenced during the second half of 2022, the TradeFlow operations meet the criteria to be classi\ufb01ed as held for sale at 31 December 2022 as at this date the details of the TradeFlow Restructuring had all been agreed in principle between the parties and was expected to be completed post year end together with the publication of the 2022 Annual Report and Accounts. As a result the TradeFlow operations were available for immediate sale in its present condition and it was highly probable that that sale would be completed within 12 months of 31 December 2022. The TradeFlow Restructuring was completed and \ufb01nalised on 30 June 2023 at which point the Group reduced its ownership in TradeFlow from 100% to 19%. Prior to completion of the TradeFlow Restructuring, the TradeFlow operations were continued to be classi\ufb01ed as held for sale in the Group\u2019s consolidated \ufb01nancial statements. Following the 30 June 2023, the TradeFlow operations were deconsolidated from the Group\u2019s \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-453": {
"value": "Discontinued Operations The Group classi\ufb01es non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classi\ufb01ed as held for sale are measured at the lower of their carrying value and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding \ufb01nance costs and income tax expense. The criteria for held for sale classi\ufb01cation is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to the sale will be made or that decisions to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classi\ufb01cation. Assets and liabilities classi\ufb01ed as held for sale are presented separately in the balance sheet. A disposal group quali\ufb01es as a discontinued operation if it is a component of an entity that either has been disposed or, is classi\ufb01ed as held for sale, and: > Represents a separate major line of business or geographical area of operations; and > Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as pro\ufb01t or loss after tax from discontinued operations in the income statements. All other notes in the \ufb01nancial statements include amounts for continuing operations, unless otherwise mentioned. The Board considered that in light of the TradeFlow Restructuring that commenced during the second half of 2022, the TradeFlow operations meet the criteria to be classi\ufb01ed as held for sale at 31 December 2022 as at this date the details of the TradeFlow Restructuring had all been agreed in principle between the parties and was expected to be completed post year end together with the publication of the 2022 Annual Report and Accounts. As a result the TradeFlow operations were available for immediate sale in its present condition and it was highly probable that that sale would be completed within 12 months of 31 December 2022. The TradeFlow Restructuring was completed and \ufb01nalised on 30 June 2023 at which point the Group reduced its ownership in TradeFlow from 100% to 19%. Prior to completion of the TradeFlow Restructuring, the TradeFlow operations were continued to be classi\ufb01ed as held for sale in the Group\u2019s consolidated \ufb01nancial statements. Following the 30 June 2023, the TradeFlow operations were deconsolidated from the Group\u2019s \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-418": {
"value": "Equity \"Share capital\" represents the nominal value of equity shares issued. \"Share premium\" represents the excess over nominal value of the fair value of consideration received for equity shares net of expenses of the share issue. \"Other reserves\" represents legal reserves in respect of Supply@ME S.r.l. In accordance with Article 2430 of the Italian Civil Code, Supply@ME S.r.l., a limited liability company registered in Italy, with a corporate capital of euro 10,000 or above shall annually allocate as a legal reserve an amount of 5% of the annual net pro\ufb01t until the legal reserve will be equal to 20% of corporate capital.\"Share-based payment reserve\" represents the
adjustments to equity in respect of the fair value of
outstanding share-based payments including warrants
issued in connection with the cost of issuing new equity
or debt instruments during the relevant period and
employee share schemes.
\"Merger relief reserve\" represents the excess of the
value of the consideration shares issued to the
shareholders of Supply@ME S.r.l. upon the reverse
takeover over the fair value of the assets acquired.
\"Reverse takeover reserve\" represents the accounting
adjustments required to re\ufb02ect the reverse takeover
upon consolidation. Speci\ufb01cally, removing the value
of the \u201cinvestment\u201d in Supply@ME S.r.l., removing the
share capital of Supply@ME S.r.l. and bringing in the
pre-acquisition equity of Supply@ME Capital plc.
\"FX reserves\" represents foreign currency translation
di\ufb00erences on consolidation of subsidiaries reporting
under a di\ufb00erent functional currency to the parent
company.
\"Retained losses\" represents retained losses
of the Group. As a result of the reverse takeover,
the consolidated \ufb01gures include the retained losses
of the Group only from the date of the reverse takeover
together with the brought forward losses of Supply@ME
S.r.l.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-419": {
"value": "Critical accounting judgements and sources of
estimation uncertainty
The preparation of \ufb01nancial information in conformity
with IFRS requires the use of certain critical accounting
estimates. It also requires the Directors to exercise their
judgement in the process of applying the accounting
policies which are detailed above. These judgements are
continually evaluated by the Directors and management
and are based on experience to date and other factors,
including reasonable expectations of future events that
are believed to be reasonable under the circumstances.
The key estimates and underlying assumptions
concerning the future and other key sources of
estimation uncertainty at the statement of \ufb01nancial
position date, that have a signi\ufb01cant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next \ufb01nancial period,
are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
in which the estimate is revised if the revision a\ufb00ects only that period, or in the period of the revision and future periods if the revision a\ufb00ects both current and future periods. A number of these key estimates and underlying assumptions have been considered as a result of speci\ufb01c transactions outlined in these consolidated \ufb01nancial statements. The Directors have evaluated the estimates using historical experience and other methods considered reasonable speci\ufb01c to the circumstances. The Directors have also consulted with third-party experts where appropriate. These estimates will be evaluated on an ongoing basis as required. The Group believes that the estimates and judgements that have the most signi\ufb01cant impact on the annual results under IAS are as set out below: Judgements Going concern As detailed in the going concern accounting policy, the Directors have prepared the going concern cash forecast using their best estimates, information and judgements at this time, particularly around the projected revenue, timing of cash in\ufb02ows from committed funding and the settlement of certain overdue amounts via instalment plans. Additionally, the Directors have applied their judgement that the regulatory and shareholder approvals required in order to allow the Nuburu On-Demand Facility to be repaid via the issue of new ordinary shares will be obtained by 30 June 2026. Further speci\ufb01cs of these judgements, and the material uncertainties linked to these, can be found earlier in this note 2. Internally developed intangible assets The cost of an internally generated IM platform comprises all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. During the period judgement was required to distinguish those costs that were capable of being capitalised under IAS 38 (\u201cIntangible assets\u201d) and those costs that related to research activities, the cost of which has been recognised as an expense during the relevant period. Revenue recognition \u2013 assessment of performance obligations > The Directors are required to make a judgement as to if the due diligence services represent a distinct performance obligation under IFRS 15 (\"Revenue from Contracts with Customers\"). The Board and management have concluded that this is indeed the case due to the distinct bene\ufb01cial service being provided to client companies through the delivery of the due diligence report which provide insight and information into the business. > The Directors are required to make a judgement as to if the receipt of non-refundable origination fees received from the client companies represent a distinct performance obligation under IFRS 15 (\"Revenue from Contracts with Customers\"). The Board and management have concluded that no separately identi\ufb01able performance obligation is carried out by the Group associated with this fee. Impairment or fair value adjustments At the end of the accounting period the Group assesses if there are any indicators of impairment or fair value adjustments required with respect to its investments in subsidiaries, its other investments or its receivable balances. The carrying value is determined by the use of a discounted cash \ufb02ow model of future free cash \ufb02ows which involves estimates to be made by the Directors around future cash forecasts, discount rates etc. Estimates Valuation of share warrants issued During the current \ufb01nancial year, the Group issued new share warrants in connection with the equity subscription completed in May 2024. As these share warrants were issued as a cost of securing new equity investment into the Group they have been classi\ufb01ed as a share-based payments. As such the Directors were required to determine the fair value of the equity-settled share-based payments at the date on which they were granted. Judgement was required in determining the most appropriate inputs into the valuation models (Black Scholes) used and the key judgemental input was the expected volatility rate of the Company\u2019s share price over the relevant period and the assumption applied in the model was 82.5% which based the actual volatility of the Company\u2019s share price from the date of the reverse takeover (being March 2020) to the date at which the relevant valuation model was run. As outlined above, the share warrants issued during the current \ufb01nancial year were issued in connection with new equity funding and as such the fair value cost has been recognised as a debit to equity on the consolidated statement of \ufb01nancial position. If the expected volatility rate was adjusted by plus 10%, then the impact on the fair value recognised as the initial debit to equity in the current year would have been approximately plus \u00a34,000. If the expected volatility rate was adjusted by minus 10%, then the impact on the fair value recognised as the initial debit to equity in the current year would have been approximately minus \u00a34,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-420": {
"value": "3 Segmental reporting IFRS 8 (\"Operating segments\") requires the Group\u2019s operating segments to be established on the basis of the components of the Group that are evaluated regularly by the chief operating decision maker, which has been determined to be the Board of Directors. At this early stage of development, the Group\u2019s structure and internal reporting is continually developing. Following the completion of the TradeFlow Restructuring, the Board considers that the Group operated in a single business segment of inventory monetisation, alongside the head o\ufb03ce costs (largely compromising the Company), and that all activities were undertaken in Europe, primarily Italy. To date the inventory monetisation segment has | been focused on the development of the IM Platform, the provision of due diligence services, and the facilitation | |
| of the initial IM transactions that have taken place. | |
| The key metrics assessed by the Board of Directors include revenue and adjusted operating pro\ufb01t (before | |
| impairment charges and fair value adjustments) which is presented below. Revenue is presented by basis | |
| of IFRS 15 (\"Revenue from Contracts with Customers\u201d) revenue recognition and by service line. | Inventory |
| Monetisation |
| Year ended 31 December 2024 | \u00a3 000 |
Revenue from continuing operations Due diligence fees Inventory Monetisation fees | Revenue | 129 |
| Operating loss from continuing operations before | |
| impairment charges and fair value adjustments | (833) |
| All the Group\u2019s revenue from due diligence fees is recognised at a point in time. Of the revenue generated from | |
| Inventory Monetisation fees, \u00a319,000 is generated from origination fees which is recognised at a point in time, and | |
55 74 Head o\ufb03ce \u00a3 000 - - - (1,496) Consolidated Group \u2013 continuing operations \u00a3 000 55 74 129 (2,329) the remaining \u00a355,000 is generated from usage of the Group\u2019s IM Platform and services provided by the Group in connection with the IM transaction. This \u00a355,000 of revenue is recognised over time and the amount recognised in the current \ufb01nancial year relates to the performance obligations satis\ufb01ed prior to 31 December 2024. As at 31 December 2024 Balance sheet Assets Liabilities Net (liabilities) Inventory Monetisation \u00a3 000 1,075 (4,012) (2,937) Head o\ufb03ce \u00a3 000 100 (1.409) (1,309) Consolidated Group \u2013 continuing operations \u00a3 000 1,175 (5,421) (4,246) Geographical analysis The Group\u2019s Inventory Monetisation operation is currently predominately located in Europe. Comparative segmental reporting
| Inventory | | Consolidated Group \u2013 |
| Monetisation | Head o\ufb03ce | continuing operations |
| Year ended 31 December 2023 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Revenue from continuing operations | | | |
| Due diligence fees | 94 | - | 94 |
| Inventory Monetisation fees | 64 | - | 64 |
| Revenue from continuing operations | 158 | - | 158 |
Operating loss from continuing operations before impairment charges and fair value adjustments | (1,061) | (2,564) | (3,625) |
| All the Group\u2019s revenue from due diligence fees is recognised at a point in time. Of the revenue generated from |
| Inventory Monetisation fees, \u00a311,000 is generated from origination fees which is recognised at a point in time, and |
the remaining \u00a353,000 is generated from usage of the Group\u2019s IM Platform and services provided by the Group in connection with the IM transaction. This \u00a353,000 of revenue is recognised over time and the amount recognised in the current \ufb01nancial year relates to the performance obligations satis\ufb01ed prior to 31 December 2023. |
As at 31 December 2023
Balance sheet
Assets
Liabilities
Net (liabilities)
Inventory
Monetisation
\u00a3 000
971
(4,321)
(3,350)
Head o\ufb03ce
\u00a3 000
1,213
(1,670)
(457)
Consolidated Group \u2013
continuing operations
\u00a3 000
2,184
(5,991)
(3,807)
Geographical analysis
The Group\u2019s Inventory Monetisation operation is currently predominately located in Europe, while the investment
advisory operations (classi\ufb01ed as a discontinued operation) were predominately located in Singapore for the six
month period from 1 January to 30 June 2023, the date the TradeFlow Restructuring was completed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-454": {
"value": "Geographical analysis
The Group\u2019s Inventory Monetisation operation is currently predominately located in Europe.
Geographical analysis The Group\u2019s Inventory Monetisation operation is currently predominately located in Europe, while the investment advisory operations (classi\ufb01ed as a discontinued operation) were predominately located in Singapore for the six month period from 1 January to 30 June 2023, the date the TradeFlow Restructuring was completed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-421": {
"value": "4 Finance costs from continuing operations
| 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest expense \u2013 long-term borrowings | 47 | 31 |
| Interest expense \u2013 related parties | 13 | 7 |
| Other interest expense | 71 | 45 |
| Total \ufb01nance costs | 131 | 83 |
The interest expense related to related parties of \u00a313,000 (2023: \u00a37,000) was accrued in relation to the TAG
Unsecured Working Capital Facility. Both amounts of interest from 2024 and 2023 remained payable by the
Company to TAG as at 26 March 2024, the date when the TAG Unsecured Working Capital Facility was settled
through the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each. The \u00a320,000 of interest
payment to TAG was also settled on 26 March 2024 through the o\ufb00set of interest receivable by the Company from
TAG under the other contractual funding arrangements currently in place with TAG.
5 Other operating income from continuing operations
| 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest income | 312 | 31 |
| Other operating income | - | 91 |
| Gain arising on settlement of outstanding creditor balance | - | 376 |
| 312 | 498 |
Included within the interest income is an amount of \u00a3312,000 (2023: \u00a322,000) accrued as receivable from TAG in
relation to late payments received in connection with the Top-Up Shareholder Loan Agreement and the Deed
of Novation signed with TAG in connection with the TradeFlow Restructuring. As detailed in note 14, an impairment
charge of \u00a3270,000 was recognised by the Group during the current \ufb01nancial year relating to the outstanding
interest received as at 31 December 2024 from TAG in connection with the Top-Up Shareholder Loan Agreement.
The gain arising on settlement of outstanding creditor balance recognised in the prior year relates to the settlement
agreement, dated 2 May 2023, with an existing creditor of the Group. This settlement agreement reduced the total
amount that was owed by the Group, to this supplier, in exchange for payment of the new agreed amount by a
speci\ufb01c date. The total amount owed to this speci\ufb01c creditor prior to the settlement agreement being signed was
\u20ac1,130,250. This amount was reduced to \u20ac700,000 as a result of the negotiations proceeding the signing of the
settlement agreement. This resulted in a di\ufb00erence of \u20ac420,250 or \u00a3376,000 which has been recorded as other
operating income in the consolidated statement of comprehensive income for the year ended 31 December 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-474": {
"value": "4 Finance costs from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest expense \u2013 long-term borrowings | 47 | 31 |
| Interest expense \u2013 related parties | 13 | 7 |
| Other interest expense | 71 | 45 |
| Total \ufb01nance costs | 131 | 83 |
The interest expense related to related parties of \u00a313,000 (2023: \u00a37,000) was accrued in relation to the TAG Unsecured Working Capital Facility. Both amounts of interest from 2024 and 2023 remained payable by the Company to TAG as at 26 March 2024, the date when the TAG Unsecured Working Capital Facility was settled through the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each. The \u00a320,000 of interest payment to TAG was also settled on 26 March 2024 through the o\ufb00set of interest receivable by the Company from TAG under the other contractual funding arrangements currently in place with TAG. 5 Other operating income from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest income | 312 | 31 |
| Other operating income | - | 91 |
| Gain arising on settlement of outstanding creditor balance | - | 376 |
| 312 | 498 |
Included within the interest income is an amount of \u00a3312,000 (2023: \u00a322,000) accrued as receivable from TAG in relation to late payments received in connection with the Top-Up Shareholder Loan Agreement and the Deed of Novation signed with TAG in connection with the TradeFlow Restructuring. As detailed in note 14, an impairment charge of \u00a3270,000 was recognised by the Group during the current \ufb01nancial year relating to the outstanding interest received as at 31 December 2024 from TAG in connection with the Top-Up Shareholder Loan Agreement. The gain arising on settlement of outstanding creditor balance recognised in the prior year relates to the settlement agreement, dated 2 May 2023, with an existing creditor of the Group. This settlement agreement reduced the total amount that was owed by the Group, to this supplier, in exchange for payment of the new agreed amount by a speci\ufb01c date. The total amount owed to this speci\ufb01c creditor prior to the settlement agreement being signed was \u20ac1,130,250. This amount was reduced to \u20ac700,000 as a result of the negotiations proceeding the signing of the settlement agreement. This resulted in a di\ufb00erence of \u20ac420,250 or \u00a3376,000 which has been recorded as other operating income in the consolidated statement of comprehensive income for the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-487": {
"value": "4 Finance costs from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest expense \u2013 long-term borrowings | 47 | 31 |
| Interest expense \u2013 related parties | 13 | 7 |
| Other interest expense | 71 | 45 |
| Total \ufb01nance costs | 131 | 83 |
The interest expense related to related parties of \u00a313,000 (2023: \u00a37,000) was accrued in relation to the TAG Unsecured Working Capital Facility. Both amounts of interest from 2024 and 2023 remained payable by the Company to TAG as at 26 March 2024, the date when the TAG Unsecured Working Capital Facility was settled through the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each. The \u00a320,000 of interest payment to TAG was also settled on 26 March 2024 through the o\ufb00set of interest receivable by the Company from TAG under the other contractual funding arrangements currently in place with TAG. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-455": {
"value": "4 Finance costs from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest expense \u2013 long-term borrowings | 47 | 31 |
| Interest expense \u2013 related parties | 13 | 7 |
| Other interest expense | 71 | 45 |
| Total \ufb01nance costs | 131 | 83 |
The interest expense related to related parties of \u00a313,000 (2023: \u00a37,000) was accrued in relation to the TAG Unsecured Working Capital Facility. Both amounts of interest from 2024 and 2023 remained payable by the Company to TAG as at 26 March 2024, the date when the TAG Unsecured Working Capital Facility was settled through the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each. The \u00a320,000 of interest payment to TAG was also settled on 26 March 2024 through the o\ufb00set of interest receivable by the Company from TAG under the other contractual funding arrangements currently in place with TAG. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-496": {
"value": "5 Other operating income from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest income | 312 | 31 |
| Other operating income | - | 91 |
| Gain arising on settlement of outstanding creditor balance | - | 376 |
| 312 | 498 |
Included within the interest income is an amount of \u00a3312,000 (2023: \u00a322,000) accrued as receivable from TAG in relation to late payments received in connection with the Top-Up Shareholder Loan Agreement and the Deed of Novation signed with TAG in connection with the TradeFlow Restructuring. As detailed in note 14, an impairment charge of \u00a3270,000 was recognised by the Group during the current \ufb01nancial year relating to the outstanding interest received as at 31 December 2024 from TAG in connection with the Top-Up Shareholder Loan Agreement. The gain arising on settlement of outstanding creditor balance recognised in the prior year relates to the settlement agreement, dated 2 May 2023, with an existing creditor of the Group. This settlement agreement reduced the total amount that was owed by the Group, to this supplier, in exchange for payment of the new agreed amount by a speci\ufb01c date. The total amount owed to this speci\ufb01c creditor prior to the settlement agreement being signed was \u20ac1,130,250. This amount was reduced to \u20ac700,000 as a result of the negotiations proceeding the signing of the settlement agreement. This resulted in a di\ufb00erence of \u20ac420,250 or \u00a3376,000 which has been recorded as other operating income in the consolidated statement of comprehensive income for the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-494": {
"value": "5 Other operating income from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest income | 312 | 31 |
| Other operating income | - | 91 |
| Gain arising on settlement of outstanding creditor balance | - | 376 |
| 312 | 498 |
Included within the interest income is an amount of \u00a3312,000 (2023: \u00a322,000) accrued as receivable from TAG in relation to late payments received in connection with the Top-Up Shareholder Loan Agreement and the Deed of Novation signed with TAG in connection with the TradeFlow Restructuring. As detailed in note 14, an impairment charge of \u00a3270,000 was recognised by the Group during the current \ufb01nancial year relating to the outstanding interest received as at 31 December 2024 from TAG in connection with the Top-Up Shareholder Loan Agreement. The gain arising on settlement of outstanding creditor balance recognised in the prior year relates to the settlement agreement, dated 2 May 2023, with an existing creditor of the Group. This settlement agreement reduced the total amount that was owed by the Group, to this supplier, in exchange for payment of the new agreed amount by a speci\ufb01c date. The total amount owed to this speci\ufb01c creditor prior to the settlement agreement being signed was \u20ac1,130,250. This amount was reduced to \u20ac700,000 as a result of the negotiations proceeding the signing of the settlement agreement. This resulted in a di\ufb00erence of \u20ac420,250 or \u00a3376,000 which has been recorded as other operating income in the consolidated statement of comprehensive income for the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-488": {
"value": "5 Other operating income from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest income | 312 | 31 |
| Other operating income | - | 91 |
| Gain arising on settlement of outstanding creditor balance | - | 376 |
| 312 | 498 |
Included within the interest income is an amount of \u00a3312,000 (2023: \u00a322,000) accrued as receivable from TAG in relation to late payments received in connection with the Top-Up Shareholder Loan Agreement and the Deed of Novation signed with TAG in connection with the TradeFlow Restructuring. As detailed in note 14, an impairment charge of \u00a3270,000 was recognised by the Group during the current \ufb01nancial year relating to the outstanding interest received as at 31 December 2024 from TAG in connection with the Top-Up Shareholder Loan Agreement. The gain arising on settlement of outstanding creditor balance recognised in the prior year relates to the settlement agreement, dated 2 May 2023, with an existing creditor of the Group. This settlement agreement reduced the total amount that was owed by the Group, to this supplier, in exchange for payment of the new agreed amount by a speci\ufb01c date. The total amount owed to this speci\ufb01c creditor prior to the settlement agreement being signed was \u20ac1,130,250. This amount was reduced to \u20ac700,000 as a result of the negotiations proceeding the signing of the settlement agreement. This resulted in a di\ufb00erence of \u20ac420,250 or \u00a3376,000 which has been recorded as other operating income in the consolidated statement of comprehensive income for the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-456": {
"value": "5 Other operating income from continuing operations | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Interest income | 312 | 31 |
| Other operating income | - | 91 |
| Gain arising on settlement of outstanding creditor balance | - | 376 |
| 312 | 498 |
Included within the interest income is an amount of \u00a3312,000 (2023: \u00a322,000) accrued as receivable from TAG in relation to late payments received in connection with the Top-Up Shareholder Loan Agreement and the Deed of Novation signed with TAG in connection with the TradeFlow Restructuring. As detailed in note 14, an impairment charge of \u00a3270,000 was recognised by the Group during the current \ufb01nancial year relating to the outstanding interest received as at 31 December 2024 from TAG in connection with the Top-Up Shareholder Loan Agreement. The gain arising on settlement of outstanding creditor balance recognised in the prior year relates to the settlement agreement, dated 2 May 2023, with an existing creditor of the Group. This settlement agreement reduced the total amount that was owed by the Group, to this supplier, in exchange for payment of the new agreed amount by a speci\ufb01c date. The total amount owed to this speci\ufb01c creditor prior to the settlement agreement being signed was \u20ac1,130,250. This amount was reduced to \u20ac700,000 as a result of the negotiations proceeding the signing of the settlement agreement. This resulted in a di\ufb00erence of \u20ac420,250 or \u00a3376,000 which has been recorded as other operating income in the consolidated statement of comprehensive income for the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-422": {
"value": "6 Operating loss
The Group\u2019s operating loss from continuing operations for the year has been arrived at after charging:
| 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of internally developed IM platform (note 12) | 5 | 74 |
| Depreciation | 3 | 4 |
| Sta\ufb00 costs (note 8) | 1,631 | 1,850 |
| Professional and legal fees | 625 | 1,551 |
| Contractor costs | 73 | 215 |
| Insurance | 98 | 98 |
| Training and recruitment costs | 7 | 5 |
| Long-term incentive plan costs (\"LTIP\u2019s\") | 11 | 131 |
In addition to the above, the Group incurred the following costs from continuing operations relating to impairment
charges and fair value adjustments as detailed below:
| 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Impairment charges \u2013 intangible assets (note 12) | 48 | 384 |
| Impairment charges \u2013 trade and other receivables (note 14) | 270 | - |
| Fair value adjustments on investments (note 27) | 284 | 68 |
| Total impairment charges and Fair value adjustments | 602 | 452 |
The following acquisition related costs, impairment charges, and costs/(gains) relating to the restructuring of the
TradeFlow ownership, have been recognised in the discontinued operations for the comparative year ended
31 December 2023:
| 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of intangible assets arising on acquisition (note 26)* | - | 442 |
| Foreign currency translation gain reclassi\ufb01ed to other comprehensive income (note 26) | - | 62 |
| Pro\ufb01t on disposal of 81% of TradeFlow (note 26) | - | (718) |
| - | (214) |
* The amortisation of intangible assets arising on acquisition in FY23 re\ufb02ects the charge recognised during the period
from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and
completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-457": {
"value": "6 Operating loss The Group\u2019s operating loss from continuing operations for the year has been arrived at after charging: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of internally developed IM platform (note 12) | 5 | 74 |
| Depreciation | 3 | 4 |
| Sta\ufb00 costs (note 8) | 1,631 | 1,850 |
| Professional and legal fees | 625 | 1,551 |
| Contractor costs | 73 | 215 |
| Insurance | 98 | 98 |
| Training and recruitment costs | 7 | 5 |
| Long-term incentive plan costs (\"LTIP\u2019s\") | 11 | 131 |
In addition to the above, the Group incurred the following costs from continuing operations relating to impairment charges and fair value adjustments as detailed below: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Impairment charges \u2013 intangible assets (note 12) | 48 | 384 |
| Impairment charges \u2013 trade and other receivables (note 14) | 270 | - |
| Fair value adjustments on investments (note 27) | 284 | 68 |
| Total impairment charges and Fair value adjustments | 602 | 452 |
The following acquisition related costs, impairment charges, and costs/(gains) relating to the restructuring of the TradeFlow ownership, have been recognised in the discontinued operations for the comparative year ended 31 December 2023: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of intangible assets arising on acquisition (note 26)* | - | 442 |
| Foreign currency translation gain reclassi\ufb01ed to other comprehensive income (note 26) | - | 62 |
| Pro\ufb01t on disposal of 81% of TradeFlow (note 26) | - | (718) |
| - | (214) |
* The amortisation of intangible assets arising on acquisition in FY23 re\ufb02ects the charge recognised during the period from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. 7 Auditors\u2019 remuneration During the year, the Group obtained the following services from the Group\u2019s auditor, at the costs detailed below. It should be noted that the auditors of the Company for the year ended 31 December 2023 was Crowe U.K. LLP and the new auditors of the Company for the year ended 31 December 2024 are Bright Grahame Murray. | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Fees payable to the Company\u2019s auditors for the audit of the consolidated | | |
| \ufb01nancial statements | 121 | 110 |
| Fees payable to the Company\u2019s auditors and its associates for other services | | |
| to the Group: | | |
| Audit of the Companies subsidiaries | 15 | 20 |
| Audit fees relating to prior periods | - | 6 |
| Total audit fees | 136 | 136 |
| Non-audit assurance services | - | - |
| Total audit and non-audit assurance related services | 136 | 136 |
8 Staff costs The aggregate payroll costs (including directors' remuneration) included within continuing operations were as follows: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Wages, salaries and other short term employee bene\ufb01ts | 1,409 | 1,590 |
| Social security costs | 159 | 190 |
| Post-employment bene\ufb01ts | 63 | 70 |
| Total sta\ufb00 costs | 1,631 | 1,850 |
The aggregate payroll costs (including directors' remuneration) included within discontinued operations were as follows: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Wages, salaries and other short term employee bene\ufb01ts | - | 337 |
| Social security costs | - | 11 |
| Total sta\ufb00 costs \u2013 discontinued operations* | - | 348 |
* The aggregate payroll costs in FY23 included within discontinued operations re\ufb02ects the costs recognised during the period from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. The average number of persons employed by the Group (including executive directors) during the year, analysed by category was as follows: | 2024 | 2023 |
| No. | No. |
| Executive directors | 1 | 2 |
| Finance, Risk and HR | 5 | 4 |
| Sales and marketing | 2 | 3 |
| Legal | - | 1 |
| Operations and Platform development | 7 | 11 |
| Total average number of people employed* | 15 | 21 |
* The average number of people employed in FY23 re\ufb02ects the TradeFlow sta\ufb00 employed for the period from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. 9 Key management personnel Key management compensation (including directors): | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Wages, salaries and short-term employee bene\ufb01ts | 1,000 | 1,254 |
| Social security costs | 92 | 115 |
| Post-employment bene\ufb01ts | 37 | 44 |
| Total key management compensation | 1,129 | 1,413 |
Key management personnel consist of the Company leadership team and the Directors. No retirement bene\ufb01ts are accruing to Company Directors under a de\ufb01ned contribution scheme (2023: none), however the Chief Executive O\ufb03cer received cash in lieu of payments to a de\ufb01ned contribution pension scheme of \u00a312,420 during the year (2023: \u00a312,420). This was allowable under his director\u2019s employment contract. The Directors' emoluments are detailed in the Remuneration Report of the Annual Report and Accounts for the year ended 31 December 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-489": {
"value": "The Group\u2019s operating loss from continuing operations for the year has been arrived at after charging: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of internally developed IM platform (note 12) | 5 | 74 |
| Depreciation | 3 | 4 |
| Sta\ufb00 costs (note 8) | 1,631 | 1,850 |
| Professional and legal fees | 625 | 1,551 |
| Contractor costs | 73 | 215 |
| Insurance | 98 | 98 |
| Training and recruitment costs | 7 | 5 |
| Long-term incentive plan costs (\"LTIP\u2019s\") | 11 | 131 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-475": {
"value": " | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of internally developed IM platform (note 12) | 5 | 74 |
| Depreciation | 3 | 4 |
| Sta\ufb00 costs (note 8) | 1,631 | 1,850 |
| Professional and legal fees | 625 | 1,551 |
| Contractor costs | 73 | 215 |
| Insurance | 98 | 98 |
| Training and recruitment costs | 7 | 5 |
| Long-term incentive plan costs (\"LTIP\u2019s\") | 11 | 131 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-476": {
"value": "In addition to the above, the Group incurred the following costs from continuing operations relating to impairment charges and fair value adjustments as detailed below: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Impairment charges \u2013 intangible assets (note 12) | 48 | 384 |
| Impairment charges \u2013 trade and other receivables (note 14) | 270 | - |
| Fair value adjustments on investments (note 27) | 284 | 68 |
| Total impairment charges and Fair value adjustments | 602 | 452 |
The following acquisition related costs, impairment charges, and costs/(gains) relating to the restructuring of the TradeFlow ownership, have been recognised in the discontinued operations for the comparative year ended 31 December 2023: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Amortisation of intangible assets arising on acquisition (note 26)* | - | 442 |
| Foreign currency translation gain reclassi\ufb01ed to other comprehensive income (note 26) | - | 62 |
| Pro\ufb01t on disposal of 81% of TradeFlow (note 26) | - | (718) |
| - | (214) |
* The amortisation of intangible assets arising on acquisition in FY23 re\ufb02ects the charge recognised during the period from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-423": {
"value": "7 Auditors\u2019 remuneration During the year, the Group obtained the following services from the Group\u2019s auditor, at the costs detailed below. It should be noted that the auditors of the Company for the year ended 31 December 2023 was Crowe U.K. LLP and the new auditors of the Company for the year ended 31 December 2024 are Bright Grahame Murray. | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Fees payable to the Company\u2019s auditors for the audit of the consolidated | | |
| \ufb01nancial statements | 121 | 110 |
| Fees payable to the Company\u2019s auditors and its associates for other services | | |
| to the Group: | | |
| Audit of the Companies subsidiaries | 15 | 20 |
| Audit fees relating to prior periods | - | 6 |
| Total audit fees | 136 | 136 |
| Non-audit assurance services | - | - |
| Total audit and non-audit assurance related services | 136 | 136 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-424": {
"value": "8 Staff costs The aggregate payroll costs (including directors' remuneration) included within continuing operations were as follows: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Wages, salaries and other short term employee bene\ufb01ts | 1,409 | 1,590 |
| Social security costs | 159 | 190 |
| Post-employment bene\ufb01ts | 63 | 70 |
| Total sta\ufb00 costs | 1,631 | 1,850 |
The aggregate payroll costs (including directors' remuneration) included within discontinued operations were as follows: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Wages, salaries and other short term employee bene\ufb01ts | - | 337 |
| Social security costs | - | 11 |
| Total sta\ufb00 costs \u2013 discontinued operations* | - | 348 |
* The aggregate payroll costs in FY23 included within discontinued operations re\ufb02ects the costs recognised during the period from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. The average number of persons employed by the Group (including executive directors) during the year, analysed by category was as follows: | 2024 | 2023 |
| No. | No. |
| Executive directors | 1 | 2 |
| Finance, Risk and HR | 5 | 4 |
| Sales and marketing | 2 | 3 |
| Legal | - | 1 |
| Operations and Platform development | 7 | 11 |
| Total average number of people employed* | 15 | 21 |
* The average number of people employed in FY23 re\ufb02ects the TradeFlow sta\ufb00 employed for the period from 1 January 2023 to 30 June 2023. This re\ufb02ects the fact that the TradeFlow Restructuring was \ufb01nalised and completed on 30 June 2023 and TradeFlow was deconsolidated from the Group\u2019s results from this date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-425": {
"value": "9 Key management personnel Key management compensation (including directors): | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Wages, salaries and short-term employee bene\ufb01ts | 1,000 | 1,254 |
| Social security costs | 92 | 115 |
| Post-employment bene\ufb01ts | 37 | 44 |
| Total key management compensation | 1,129 | 1,413 |
Key management personnel consist of the Company leadership team and the Directors. No retirement bene\ufb01ts are accruing to Company Directors under a de\ufb01ned contribution scheme (2023: none), however the Chief Executive O\ufb03cer received cash in lieu of payments to a de\ufb01ned contribution pension scheme of \u00a312,420 during the year (2023: \u00a312,420). This was allowable under his director\u2019s employment contract. The Directors' emoluments are detailed in the Remuneration Report of the Annual Report and Accounts for the year ended 31 December 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-426": {
"value": "10 Income tax The income tax credit of \u00a3139,000 recognised for the year ended 31 December 2024 represents Research & Development Tax Credits claimed by the Company under the UK SME tax credit scheme during the year (2023: \u00a3nil). This tax credit related to the \ufb01nancial years ended 31 December 2022 and 31 December 2023 for which the related claims were submitted and \ufb01nalised during 2024. Of this total \u00a397,000 had been received by the Company prior to 31 December 2024 and the remaining \u00a342,000 was received by the Company subsequent to the year end. This outstanding amount still to be received was recognised within other receivables (note 13) as at 31 December 2024. Tax expense charged in the income statement: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Current Taxation Expense | | |
| UK Corporation tax | (139) | - |
| Foreign taxation paid/(receivable) by subsidiaries \u2013 continuing operations | - | - |
| (139) | - |
The tax on loss before tax for the period is less than (2023 - less than) the standard rate of corporation tax in the UK of 25.0% (2023 \u2013 23.5%). The di\ufb00erences are reconciled below: | 2024 | 2023 |
| \u00a3 000 | \u00a3 000 |
| Loss before tax | (3,062) | (4,345) |
| Corporation tax at standard rate \u2013 25.0% (2023: 23.5%) | (766) | (1,022) |
| E\ufb00ect of expenses not deductible in determining taxable pro\ufb01t (tax loss) | 165 | 82 |
| Increase in tax losses carried forward which were unutilised in the current year | 598 | 912 |
| Tax adjustments in respect of foreign subsidiaries (timing di\ufb00erences) | - | - |
| Over provision of deferred tax in prior years | (139) | - |
| Income not taxable | - | - |
| Deferred tax not recognised | 3 | 28 |
| Di\ufb00erences between UK and foreign tax legislation | - | - |
| Total tax charge | (139) | - |
In addition, unrecognised deferred tax assets, relating to tax losses carried forward across the Group have not been recognised due to uncertainty over the timing and extent of future taxable pro\ufb01ts. The losses can be carried forward inde\ufb01nitely and have no expiry date. The total approximate tax losses carried forward across the Group as at 31 December 2024 were \u00a319.5 million (31 December 2023: \u00a317.2 million as restated).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-427": {
"value": "11 Earnings/(loss) per share
The calculation of the basic earnings/(loss) per share (\"EPS\") is based on the total loss for the year of \u00a32,923,000
(2023 \u2014 loss \u00a34,345,000) and on a weighted average number of ordinary shares in issue of 68,035,422,123 (2023 \u2014
59,880,078,004). The basic EPS is (0.0043) pence (2023 \u2013 (0.0073) pence).
The calculation of the basic earnings/(loss) per share (EPS) from continuing operations is based on the total loss for
the year from continuing operations of \u00a32,923,000 (2023 \u2014 loss \u00a34,160,000) and on a weighted average number of
ordinary shares in issue of 68,035,422,123 (2023 \u201459,880,078,004). The basic EPS from continuing operations is
(0.0043) pence (2023 \u2013 (0.0070) pence).
For the year ended 31 December 2024, the Group no longer had any discontinued operations. However the
calculation of the basic earnings/(loss) per share (EPS) from discontinued operations in the comparative year ended
31 December 2023 was based on the total loss for discontinued operations of \u00a3185,000 and on a weighted average
number of ordinary shares in issue of 59,880,078,004. The basic EPS from discontinued operations for the year
ended 31 December 2023 was (0.0003) pence.
The Company has share warrants and employee share scheme options in issue as at 31 December 2024 which
would dilute the earnings per share if or when they are exercised in the future. A summary of these is set out below
and further details of these share warrants and employee share options can be found in note 24.
| 2024 | 2023 |
| No. | No. |
| Share warrants - issued | 9,224,804,855 | 9,297,651,062 |
| Share warrants \u2013 to be issued | 2,250,000,000 | 2,250,000,000 |
| Long-term incentive plan (\"LTIP\") options | 228,256,365 | 1,095,753,404 |
| Total | 11,703,061,220 | 12,643,404,466 |
No dilution per share was calculated for 2024 and 2023 as with the reported loss they are all anti-dilutive.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-477": {
"value": "12 Intangible assets Cost or valuation At 1 January 2023 Additions At 31 December 2023 Additions At 31 December 2024 Amortisation At 1 January 2023 Amortisation charge At 31 December 2023 Amortisation charge At 31 December 2024 Impairment At 1 January 2023 Impairment charge At 31 December 2023 Impairment charge At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 Internally developed IM platform \u00a3 000 3,669 458 4,127 53 4,180 818 74 892 5 897 2,851 384 3,235 48 3,283 - - Impairment assessment \u2013 Internally developed IM Platform The Directors considered the continued current year losses of the Group\u2019s Italian subsidiary, to which the internally developed IM platform relates, and the full impairment of this intangible asset in the prior year, as an indicator of impairment and therefore, in accordance to IAS 36 (\"Impairment of Assets\"), considered if as at 31 December 2024, this intangible asset required further impairment in relation the additions made during the year, or if some of the prior year impairment could be reversed. The full going concern statement, set out in note 2, noted there is currently an absence of a historical recurring track record relating to Inventory Monetisation transactions being facilitated by the Group\u2019s Platform, the generation of the full range of fees from the use of its Platform from more than a limited number of Inventory Monetisation transactions, and the Group being cash \ufb02ow positive. As such the Directors have identi\ufb01ed these factors as one of the material uncertainties in relation to the going concern statement. The Directors have concluded that these uncertainties also apply to the discounted cash \ufb02ow model used in this impairment test. In particular, there is uncertainty that arises with respect to both the future timing and growth rates of the forecast discounted cash \ufb02ows arising from the use of the Internally developed IM Platform intangible asset. As such, the Directors have decided to continue to impair the full carrying amount of this asset as at 31 December 2024. This impairment loss may subsequently be reversed and if so, the carrying amount of the asset will be increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the investment in prior years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-458": {
"value": "12 Intangible assets Cost or valuation At 1 January 2023 Additions At 31 December 2023 Additions At 31 December 2024 Amortisation At 1 January 2023 Amortisation charge At 31 December 2023 Amortisation charge At 31 December 2024 Impairment At 1 January 2023 Impairment charge At 31 December 2023 Impairment charge At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 Internally developed IM platform \u00a3 000 3,669 458 4,127 53 4,180 818 74 892 5 897 2,851 384 3,235 48 3,283 - - Impairment assessment \u2013 Internally developed IM Platform The Directors considered the continued current year losses of the Group\u2019s Italian subsidiary, to which the internally developed IM platform relates, and the full impairment of this intangible asset in the prior year, as an indicator of impairment and therefore, in accordance to IAS 36 (\"Impairment of Assets\"), considered if as at 31 December 2024, this intangible asset required further impairment in relation the additions made during the year, or if some of the prior year impairment could be reversed. The full going concern statement, set out in note 2, noted there is currently an absence of a historical recurring track record relating to Inventory Monetisation transactions being facilitated by the Group\u2019s Platform, the generation of the full range of fees from the use of its Platform from more than a limited number of Inventory Monetisation transactions, and the Group being cash \ufb02ow positive. As such the Directors have identi\ufb01ed these factors as one of the material uncertainties in relation to the going concern statement. The Directors have concluded that these uncertainties also apply to the discounted cash \ufb02ow model used in this impairment test. In particular, there is uncertainty that arises with respect to both the future timing and growth rates of the forecast discounted cash \ufb02ows arising from the use of the Internally developed IM Platform intangible asset. As such, the Directors have decided to continue to impair the full carrying amount of this asset as at 31 December 2024. This impairment loss may subsequently be reversed and if so, the carrying amount of the asset will be increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the investment in prior years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-428": {
"value": "12 Intangible assets Cost or valuation At 1 January 2023 Additions At 31 December 2023 Additions At 31 December 2024 Amortisation At 1 January 2023 Amortisation charge At 31 December 2023 Amortisation charge At 31 December 2024 Impairment At 1 January 2023 Impairment charge At 31 December 2023 Impairment charge At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 Internally developed IM platform \u00a3 000 3,669 458 4,127 53 4,180 818 74 892 5 897 2,851 384 3,235 48 3,283 - - Impairment assessment \u2013 Internally developed IM Platform The Directors considered the continued current year losses of the Group\u2019s Italian subsidiary, to which the internally developed IM platform relates, and the full impairment of this intangible asset in the prior year, as an indicator of impairment and therefore, in accordance to IAS 36 (\"Impairment of Assets\"), considered if as at 31 December 2024, this intangible asset required further impairment in relation the additions made during the year, or if some of the prior year impairment could be reversed. The full going concern statement, set out in note 2, noted there is currently an absence of a historical recurring track
record relating to Inventory Monetisation transactions being facilitated by the Group\u2019s Platform, the generation
of the full range of fees from the use of its Platform from more than a limited number of Inventory Monetisation
transactions, and the Group being cash \ufb02ow positive. As such the Directors have identi\ufb01ed these factors as one
of the material uncertainties in relation to the going concern statement. The Directors have concluded that these
uncertainties also apply to the discounted cash \ufb02ow model used in this impairment test. In particular, there is
uncertainty that arises with respect to both the future timing and growth rates of the forecast discounted cash \ufb02ows
arising from the use of the Internally developed IM Platform intangible asset.
As such, the Directors have decided to continue to impair the full carrying amount of this asset as at 31 December
2024. This impairment loss may subsequently be reversed and if so, the carrying amount of the asset will be
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
investment in prior years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-429": {
"value": "13 Trade and other receivables
| As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Trade receivables | 82 | 15 |
| Other receivables | 946 | 976 |
| Prepayments | 60 | 35 |
| Total trade and other receivables | 1,088 | 1,026 |
14 Receivable from related party
| As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Receivable from related party | - | 772 |
| Interest receivable from related party | 7 | 22 |
| Other related party receivable | 45 | 53 |
| Total receivable from related party | 52 | 847 |
Receivable from related party
This balance represents the amount receivable from TAG under the Deed of Novation which created the obligation
for TAG to settle the \u00a32,000,000 cash payment that was due from the buyers to the Company, as a result of the sale
of the 81% majority stake in TradeFlow.
Receivable from related party
As at 31 December 2024, the full amount of \u00a32,000,000 has been repaid by TAG to the Company. TAG repaid
\u00a31,228,000 during 2023 and \u00a3772,000 throughout 2024. The payments totalling \u00a3772,000 which had been received
during the current year were received through a split of \u00a3570,000 in cash (2023: \u00a3771,000) and \u00a3202,000 by way
of o\ufb00set against amounts owed by the Group companies to TAG (2023: \u00a336,000). In the prior year there was also
an amount of \u00a3421,000 that was repaid by way of formal debt novation agreements with speci\ufb01c suppliers whereby
the debt held by the Group companies was novated to TAG with no recourse by to the Group companies.
Interest receivable from related party
The balance of \u00a37,000 in the table above represents the interest that is receivable from the TAG as at 31 December
2024 relating to the late payments to the Company under the Debt Novation Deed, the purpose of which was to
novate the amounts due to the Company as a result of the TradeFlow Restructuring to TAG from the buyers of the
81% holding in TradeFlow. This balance has been paid by TAG subsequent to 31 December 2024 through the o\ufb00set
against invoiced amounts owed by the Group companies to TAG.
In addition to the balance of \u00a37,000 described above, the Company had also recognised interest receivable
of \u00a3270,000 from TAG as at 31 December 2024 relating to the late payments to the Company under the Top-Up
Shareholder Loan Agreement. Given the latest information that the Board has regarding the \ufb01nancial position
of TAG, as at 31 December 2024 this interest receivable balance of \u00a3270,000 relating to late payments under the
Top-Up Shareholder Loan Agreement was fully impaired. The latest information regarding the \ufb01nancial position
of TAG included:
> the auditors of TAG disagreeing with going concern assumption that had been used in the preparation of the
TAG\u2019s latest \ufb01nancial statements for the year ended 31 December 2023;
> as a consequence of the above point, TAG elected to apply for a restructuring procedure as is allowable under
Italian company law; and
> following on from this, on 7 August 2025 TAG entered into a formal liquidation process under Italian insolvency
law. The Company understands that TAG is currently attempting to halt the liquidation process and return to the
restructuring procedure referred to above.
Both these interest amounts have been calculated at a compounding rate of 15% per annum on the overdue
amounts. Details of both these agreements can be found in note 28 to the Group\u2019s consolidated \ufb01nancial statements
for the year ended 31 December 2024.
During the current \ufb01nancial year, TAG paid \u00a357,000 of late payment interest (2023: \u00a3nil) through \u00a320,000 which was
o\ufb00set against interest payable by the Company to TAG that had accrued on the TAG Unsecured Working Capital
Facility and \u00a337,000 by way of o\ufb00set against other invoiced amounts owed by the Group companies to TAG.
Other related party receivable
In relation to the Group debt that was formally novated to TAG in 2023 in lieu of a cash payment under the Deed
of Novation, as at 31 December 2024 the Group held an amount receivable from TAG on its balance sheet for the
value of \u00a345,000 (31 December 2023: \u00a353,000). This primarily related to withholding tax amounts on certain
\"proforma\" invoices that were formally novated, as the supplier invoice settled by TAG was net of the withholding
tax amounts and as such remains due from TAG to the Group as at 31 December 2024. Subsequent to 31 December
2024, an amount of \u00a322,000 had been paid by TAG through the o\ufb00set against invoiced amounts owed by the Group
companies to TAG.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-478": {
"value": "13 Trade and other receivables | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Trade receivables | 82 | 15 |
| Other receivables | 946 | 976 |
| Prepayments | 60 | 35 |
| Total trade and other receivables | 1,088 | 1,026 |
14 Receivable from related party | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Receivable from related party | - | 772 |
| Interest receivable from related party | 7 | 22 |
| Other related party receivable | 45 | 53 |
| Total receivable from related party | 52 | 847 |
Receivable from related party This balance represents the amount receivable from TAG under the Deed of Novation which created the obligation for TAG to settle the \u00a32,000,000 cash payment that was due from the buyers to the Company, as a result of the sale of the 81% majority stake in TradeFlow. Receivable from related party As at 31 December 2024, the full amount of \u00a32,000,000 has been repaid by TAG to the Company. TAG repaid \u00a31,228,000 during 2023 and \u00a3772,000 throughout 2024. The payments totalling \u00a3772,000 which had been received during the current year were received through a split of \u00a3570,000 in cash (2023: \u00a3771,000) and \u00a3202,000 by way of o\ufb00set against amounts owed by the Group companies to TAG (2023: \u00a336,000). In the prior year there was also an amount of \u00a3421,000 that was repaid by way of formal debt novation agreements with speci\ufb01c suppliers whereby the debt held by the Group companies was novated to TAG with no recourse by to the Group companies. Interest receivable from related party The balance of \u00a37,000 in the table above represents the interest that is receivable from the TAG as at 31 December 2024 relating to the late payments to the Company under the Debt Novation Deed, the purpose of which was to novate the amounts due to the Company as a result of the TradeFlow Restructuring to TAG from the buyers of the 81% holding in TradeFlow. This balance has been paid by TAG subsequent to 31 December 2024 through the o\ufb00set against invoiced amounts owed by the Group companies to TAG. In addition to the balance of \u00a37,000 described above, the Company had also recognised interest receivable of \u00a3270,000 from TAG as at 31 December 2024 relating to the late payments to the Company under the Top-Up Shareholder Loan Agreement. Given the latest information that the Board has regarding the \ufb01nancial position of TAG, as at 31 December 2024 this interest receivable balance of \u00a3270,000 relating to late payments under the Top-Up Shareholder Loan Agreement was fully impaired. The latest information regarding the \ufb01nancial position of TAG included: > the auditors of TAG disagreeing with going concern assumption that had been used in the preparation of the TAG\u2019s latest \ufb01nancial statements for the year ended 31 December 2023; > as a consequence of the above point, TAG elected to apply for a restructuring procedure as is allowable under Italian company law; and > following on from this, on 7 August 2025 TAG entered into a formal liquidation process under Italian insolvency law. The Company understands that TAG is currently attempting to halt the liquidation process and return to the restructuring procedure referred to above. Both these interest amounts have been calculated at a compounding rate of 15% per annum on the overdue amounts. Details of both these agreements can be found in note 28 to the Group\u2019s consolidated \ufb01nancial statements for the year ended 31 December 2024. During the current \ufb01nancial year, TAG paid \u00a357,000 of late payment interest (2023: \u00a3nil) through \u00a320,000 which was o\ufb00set against interest payable by the Company to TAG that had accrued on the TAG Unsecured Working Capital Facility and \u00a337,000 by way of o\ufb00set against other invoiced amounts owed by the Group companies to TAG. Other related party receivable In relation to the Group debt that was formally novated to TAG in 2023 in lieu of a cash payment under the Deed of Novation, as at 31 December 2024 the Group held an amount receivable from TAG on its balance sheet for the value of \u00a345,000 (31 December 2023: \u00a353,000). This primarily related to withholding tax amounts on certain \"proforma\" invoices that were formally novated, as the supplier invoice settled by TAG was net of the withholding tax amounts and as such remains due from TAG to the Group as at 31 December 2024. Subsequent to 31 December 2024, an amount of \u00a322,000 had been paid by TAG through the o\ufb00set against invoiced amounts owed by the Group companies to TAG.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-459": {
"value": "13 Trade and other receivables | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Trade receivables | 82 | 15 |
| Other receivables | 946 | 976 |
| Prepayments | 60 | 35 |
| Total trade and other receivables | 1,088 | 1,026 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-495": {
"value": "14 Receivable from related party | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Receivable from related party | - | 772 |
| Interest receivable from related party | 7 | 22 |
| Other related party receivable | 45 | 53 |
| Total receivable from related party | 52 | 847 |
Receivable from related party This balance represents the amount receivable from TAG under the Deed of Novation which created the obligation for TAG to settle the \u00a32,000,000 cash payment that was due from the buyers to the Company, as a result of the sale of the 81% majority stake in TradeFlow. Receivable from related party As at 31 December 2024, the full amount of \u00a32,000,000 has been repaid by TAG to the Company. TAG repaid \u00a31,228,000 during 2023 and \u00a3772,000 throughout 2024. The payments totalling \u00a3772,000 which had been received during the current year were received through a split of \u00a3570,000 in cash (2023: \u00a3771,000) and \u00a3202,000 by way of o\ufb00set against amounts owed by the Group companies to TAG (2023: \u00a336,000). In the prior year there was also an amount of \u00a3421,000 that was repaid by way of formal debt novation agreements with speci\ufb01c suppliers whereby the debt held by the Group companies was novated to TAG with no recourse by to the Group companies. Interest receivable from related party The balance of \u00a37,000 in the table above represents the interest that is receivable from the TAG as at 31 December 2024 relating to the late payments to the Company under the Debt Novation Deed, the purpose of which was to novate the amounts due to the Company as a result of the TradeFlow Restructuring to TAG from the buyers of the 81% holding in TradeFlow. This balance has been paid by TAG subsequent to 31 December 2024 through the o\ufb00set against invoiced amounts owed by the Group companies to TAG. In addition to the balance of \u00a37,000 described above, the Company had also recognised interest receivable of \u00a3270,000 from TAG as at 31 December 2024 relating to the late payments to the Company under the Top-Up Shareholder Loan Agreement. Given the latest information that the Board has regarding the \ufb01nancial position of TAG, as at 31 December 2024 this interest receivable balance of \u00a3270,000 relating to late payments under the Top-Up Shareholder Loan Agreement was fully impaired. The latest information regarding the \ufb01nancial position of TAG included: > the auditors of TAG disagreeing with going concern assumption that had been used in the preparation of the TAG\u2019s latest \ufb01nancial statements for the year ended 31 December 2023; > as a consequence of the above point, TAG elected to apply for a restructuring procedure as is allowable under Italian company law; and > following on from this, on 7 August 2025 TAG entered into a formal liquidation process under Italian insolvency law. The Company understands that TAG is currently attempting to halt the liquidation process and return to the restructuring procedure referred to above. Both these interest amounts have been calculated at a compounding rate of 15% per annum on the overdue amounts. Details of both these agreements can be found in note 28 to the Group\u2019s consolidated \ufb01nancial statements for the year ended 31 December 2024. During the current \ufb01nancial year, TAG paid \u00a357,000 of late payment interest (2023: \u00a3nil) through \u00a320,000 which was o\ufb00set against interest payable by the Company to TAG that had accrued on the TAG Unsecured Working Capital Facility and \u00a337,000 by way of o\ufb00set against other invoiced amounts owed by the Group companies to TAG. Other related party receivable In relation to the Group debt that was formally novated to TAG in 2023 in lieu of a cash payment under the Deed of Novation, as at 31 December 2024 the Group held an amount receivable from TAG on its balance sheet for the value of \u00a345,000 (31 December 2023: \u00a353,000). This primarily related to withholding tax amounts on certain \"proforma\" invoices that were formally novated, as the supplier invoice settled by TAG was net of the withholding tax amounts and as such remains due from TAG to the Group as at 31 December 2024. Subsequent to 31 December 2024, an amount of \u00a322,000 had been paid by TAG through the o\ufb00set against invoiced amounts owed by the Group companies to TAG. 28 Related Party Transactions During the year ended 31 December 2024, the following are treated as related parties: Alessandro Zamboni Alessandro Zamboni is the Chief Executive O\ufb03cer of the Group and is also the sole director of the AvantGarde Group S.p.A (\"TAG\") as well as holding numerous directorships across companies including RegTech Open Project plc. As at 31 December 2024, the Group recorded amounts due to Alessandro Zamboni of \u00a391,000 relating to overdue salary payments and \u00a33,000 for reimbursement of expenses (31 December 2023: \u00a337,000 relating to overdue salary). The full \u00a391,000 relating to overdue salary has been settled prior to the publication of these consolidated \ufb01nancial statements. Independent non-executive directors As at 31 December 2024, the Group recorded amounts due to the current independent non-executive directors of \u00a364,000 relating to overdue salary payments (31 December 2023: \u00a326,000). The full \u00a364,000 relating to overdue salary has been settled prior to the publication of these consolidated \ufb01nancial statements. TAG and the Group\u2019s operating subsidiaries Alessandro Zamboni is the CEO of the Group and is also the sole director of TAG. As at 31 December 2024, TAG held 22.6% of the Company\u2019s total ordinary shares issued in Supply@ ME Capital plc (as at 31 December 2023: 24.0%). Following the reverse takeover in March 2020, the Group entered into a Master Service Agreement with TAG in respect of certain shared services to be provided to the Group. During the year ended 31 December 2024, the Group incurred expenses of \u00a338,000 (2023: \u00a339,000) to TAG in respect of this agreement. Additionally, during the year ended 31 December 2024, the Group incurred costs of \u00a322,000 from TAG (2023: \u00a322,000) in relation to certain ICT services provided, recognised costs of \u00a34,000 which were paid by TAG on behalf of the Group (2023:\u00a32,400), and had recognised \u00a381,000 of legal costs which had been paid on behalf of the Group by TAG (2023: \u00a345,000). In relation to the amounts detailed above, as at 31 December 2024 the following amounts were recognised in the consolidated statement of \ufb01nancial position: > no amounts were included in trade receivables or trade payables as being owed to or by the Group to TAG respectively (31 December 2023: \u00a3nil); > an amount of \u00a313,000 (31 December 2023: \u00a358,000) had been accrued as other payables in respect of those costs that had been incurred or paid on behalf of the Group by TAG for which invoices were still to be received as at 31 December 2024. TAG and TradeFlow Restructuring As set out in note 26, on 30 June 2023, TAG assumed the remaining \u00a32,000,000 consideration arising from the TradeFlow Restructuring, to be receivable by the Group from the Buyers, by way of the Deed of Novation. As outlined in note 14, this \u00a32,000,000 was repaid by TAG over 2023 and 2024. As at 31 December 2024 this amount had been fully repaid with \u00a3nil outstanding from TAG in relation to this amount (31 December 2023: \u00a3772,000 remained outstanding from TAG). TAG repaid \u00a31,228,000 of this amount during 2023 and the remaining \u00a3772,000 throughout 2024. The payments totalling \u00a3772,000 which had been received during the current year were received through a split of \u00a3570,000 in cash (2023: \u00a3771,000) and \u00a3202,000 by way of o\ufb00set against amounts owed by the Group companies to TAG (2023: \u00a336,000). In the prior year there was also an amount of \u00a3421,000 that was repaid by way of formal debt novation agreements with speci\ufb01c suppliers whereby the debt held by the Group companies was novated to TAG with no recourse by to the Group companies. In relation to the Group debt that was novated to TAG in lieu of a cash payment, as at 31 December 2024 the Group held an amount receivable from TAG on its balance sheet for the value of \u00a345,000 (31 December 2023: \u00a353,000). This primarily related to withholding tax amounts on certain \u201cproforma\u201d invoices that had been novated, as the supplier invoice settled by TAG was net of the withholding tax amount and such remains due from TAG to the Group as at 31 December 2024 (31 December 2023: the amount primarily related to VAT amounts on certain \u201cproforma\u201d invoices that had been novated, as the VAT receivable was yet to be recorded in the Group\u2019s statement of \ufb01nancial position. As such, this amount has been recorded as being receivable from TAG and when the \u201cformal\u201d invoices are issued from the supplier, this amount will be reclassi\ufb01ed as a VAT receivable). The Company has been charging a late fee to TAG in terms of overdue payments of this particular receivable balance, and this late fee is calculated at a compounding rate of 15% per annum on any amounts of the instalments not transferred to the Company by the relevant due date, in accordance with the contractual arrangements. During the year ended 31 December 2024, the Group recognised \u00a333,000 of interest revenue (2023: \u00a311,000) in relation to the late payments by TAG in respect of this particular receivable balance. As at 31 December 2024 an amount of \u00a37,000 remained outstanding (31 December 2023: \u00a311,000). The \u00a337,000 paid by TAG during the current \ufb01nancial year in respect to this late payment interest (2023: \u00a3nil) was by way of o\ufb00set against other invoiced amounts owed by the Group companies to TAG. TAG Unsecured Working Facility On the 28 April 2023, the Company and TAG entered into a \ufb01xed term unsecured working capital loan agreement (the \"TAG Unsecured Working Capital Facility\"). Under the TAG Unsecured Working Capital Facility, TAG agreed to provide, subject to customary restrictions, a facility of up to \u00a32,800,000, in tranches up to 31 January 2024, to cover the Company's interim working capital and growth needs. In conjunction with the TradeFlow Restructuring, which was completed on 30 June 2023, the \u00a32,000,000 receivable by the Company that was assumed by TAG from the Buyers, was o\ufb00set against the current obligations of TAG under TAG Unsecured Working Capital Facility. The amendment to the TAG Unsecured Working Capital Facility was agreed on 30 June 2023 and this reduced the obligations to the Company under the TAG Unsecured Working Capital Facility to up to \u00a3800,000. The due date for repayment by the Company of amounts drawn under the TAG Unsecured Working Capital Facility was originally 1 February 2028. Any sums drawn under the TAG Unsecured Working Capital Facility attracted a non-compounding interest rate of 10% per annum, and any principal amount (excluding accrued interest) outstanding on 1 February 2028 will attract a compounding interest rate of 15% per annum thereafter. Interest will be due to be paid annually on 31 March of each relevant calendar year. On 30 June 2023, the Company issued a draw down notice to TAG under the amended TAG Unsecured Working Facility for the full \u00a3800,000 available. \u00a3250,000 of this amount was received by the Group during 2023, with the remaining \u00a3550,000 being received in 2024. As at 31 December 2023, \u00a3250,000 had been received from TAG in respect of this facility (31 December 2022: \u00a3nil). In respect of these amounts received from TAG, the Group recognised an interest expense of \u00a37,000 (2022: \u00a3nil), which all remained unpaid as at 31 December 2023. Subsequent to TAG satisfying the full amount of \u00a3800,000 drawn down by the Company under the amended TAG Unsecured Working Capital Facility, on 26 March 2024, the Company and TAG signed a second deed of amendment agreement, which allowed the full outstanding amount of the amended TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each which were issued to TAG on 28 March 2024. These new ordinary shares issued had a \ufb01xed subscription price of 0.053 pence per share. At the time of settlement an amount of \u00a320,000 in interest was due to TAG in respect of the Working Capital Facility (31 December 2023: \u00a37,000). This was agreed to be o\ufb00set against the interest receivable due from TAG in relation to late payment of Top-Up Shareholder Loan Agreement. Top-Up Shareholder Loan Agreement On 28 September 2023, the Company and TAG entered into an English law governed top-up unsecured shareholder loan agreement (the \"Top-Up Shareholder Loan Agreement\"), pursuant to which TAG agreed to provide the Company with a further facility of up to \u00a33,500,000 to cover the Company's working capital and growth needs up to 30 June 2025 (the \"Top-Up Facility\"). Details of this Top-Up Facility are set out below: > The Company has the ability to draw down up to \u00a33.5 million in monthly instalments over the period to 30 June 2025. On 30 September 2024, this period was extended from 30 June 2025 to 31 December 2025. > On a monthly basis the Board will assess (acting in good faith and in its sole and absolute discretion) if the Group's projected cash balance on the last business day of the coming calendar month will be less than \u00a3250,000 following the Group's scheduled balance of receipts and payments for the next month by reference to, inter alia, the Group's contracted receivables, revenues and payables due for receipt or payment in the next month, the Group's contracted \ufb01xed operating expenditure and/or capital expenditure due for payment in the next month, the cash in\ufb02ows in the next month arising from any warrants that have been contractually exercised and any projected unrestricted cash amounts resulting from any contractually agreed alternative equity, debt or hybrid \ufb01nancing (including, but not limited to, pursuant to a pre-emptive o\ufb00ering of ordinary shares and a non-pre-emptive o\ufb00ering of ordinary shares) for such month; > If the above assessment results in the Group's projected cash balance on the last business day of the coming calendar month being less than \u00a3250,000, the Company may draw down an amount under the TAG Top-Up Shareholder Loan Agreement which is no greater than the GBP amount to ensure that the Group's bank balances in the coming month shall be equal to \u00a3250,000; > Repayment of any sum drawn down under the TAG Top-Up Shareholder Loan Agreement will be due \ufb01ve calendar years (calculated on the basis of a year of 360 days) from the date which funds are received by the Company subject to the relevant draw down request; > Any sums drawn down by the Company under the TAG Top-Up Unsecured Shareholder Loan will attract a non-compounding interest rate of 10% per annum, and any principal amount (excluding accrued interest) outstanding on a relevant due date shall attract a compounding rate of 15% per annum thereafter. Interest will be due to be paid annually on 31 March of each relevant calendar year. As at 31 December 2024, the Group had issued draw down notices to the value of \u00a32,042,000 to TAG, however these amounts had not yet been received by the Group (31 December 2022: amount drawn down of \u00a3969,000). As a result of the late payment of the amounts drawn down by TAG, the Group recognised an interest revenue of \u00a3279,000 (2023: \u00a311,000), of which \u00a3270,000 (2023: \u00a311,000) remained unpaid as at 31 December 2024. The \u00a320,000 paid by TAG during the current \ufb01nancial year in respect to this late payment interest (2023: \u00a3nil) was by way of o\ufb00set against the interest payable by the Company to TAG that had accrued on the TAG Unsecured Working Capital Facility referred to above. As detailed in note 14, the full outstanding balance of \u00a3270,000 in respect of this late payment interest was impaired as at 31 December 2024. TradeFlow Capital Management Pte. Ltd. (\"TradeFlow\") On 30 June 2023, TradeFlow entered into a three-year White-Label licence agreement with Supply@ME Technologies S.r.l., a wholly owned subsidiary of the Group, with respect to use of the Platform, on a non-exclusive basis and limited to the Asia-Paci\ufb01c region, for a total consideration of \u00a31,000,000 payable over a three-year period. As at 31 December 2023, no amounts have been billed in respect of this contract, and no revenues have been recognised, as the two parties have been undergoing discussions regarding the point in time when the access to the Platform will be activated. During the year ended 31 December 2024, TradeFlow have provided a termination notice to the Supply@ME Technologies S.r.l. in respect of this contract. The Board carried out a cost / bene\ufb01t analysis of challenging this notice of termination, including the likely recoverability of amounts should any challenge be successful in the future. Following this, the termination notice was accepted and as such no amounts have been billed in respect of this contract, and no revenues have been recognised in either 2023 or 2024. SFE Soci\u00e9t\u00e9 Financi\u00e8re Europ\u00e9enne SA Commencing in 2023, the Group has been collaborating with a group of private investors and subject matter experts of working capital solutions to launch an independent Swiss-based trading business (the the \u201cCH Trading Hub\u201d) which has replaced the Cayman-based global inventory fund (\u201cGIF\u201d), previously advised by TradeFlow Capital Management Pte. Ltd. The CH Trading Hub, owned by Soci\u00e9t\u00e9 Financi\u00e8re Europ\u00e9enne S.A. (\u201cSFE\u201d), has assumed control of the independent stock companies from the GIF and will purchase / set up additional stock companies in order to manage the overall trading businesses using the Platform and the associated services provided by the Group. TAG, along with a number of other investors, holds a non-controlling interest in SFE. During the years ended 31 December 2024 and 2023, no transactions were directly entered into between the Group and SFE, however it is noted that: \u00b7 > in November 2023, Supply@ME S.r.l. sold two if its 100% owned subsidiaries, Supply@ME Stock Company 2 S.r.l. and Supply@ME Stock Company 3 S.r.l to SFE for consideration of \u20ac1,000 each. Prior to the sale by Supply@ME Stock Company 2 S.r.l. and Supply@ME Stock Company 3 S.r.l were non trading entities; > in early January 2024, both the Group and SFE were party to the term sheet that was signed with respect to the commitment for the \ufb01rst White-Label transaction; > in late April 2024, both the Group and SFE were party to an agreement that was signed with an Italian neo banking group to launch an Inventory Monetisation programme; and > SFE now owns the Stock Company that has monetised the inventory from the \ufb01rst three IM transactions that have been facilitated over the Group\u2019s Platform. ",
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"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
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}
},
"fact-490": {
"value": "14 Receivable from related party | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Receivable from related party | - | 772 |
| Interest receivable from related party | 7 | 22 |
| Other related party receivable | 45 | 53 |
| Total receivable from related party | 52 | 847 |
Receivable from related party This balance represents the amount receivable from TAG under the Deed of Novation which created the obligation for TAG to settle the \u00a32,000,000 cash payment that was due from the buyers to the Company, as a result of the sale of the 81% majority stake in TradeFlow. Receivable from related party As at 31 December 2024, the full amount of \u00a32,000,000 has been repaid by TAG to the Company. TAG repaid \u00a31,228,000 during 2023 and \u00a3772,000 throughout 2024. The payments totalling \u00a3772,000 which had been received during the current year were received through a split of \u00a3570,000 in cash (2023: \u00a3771,000) and \u00a3202,000 by way of o\ufb00set against amounts owed by the Group companies to TAG (2023: \u00a336,000). In the prior year there was also an amount of \u00a3421,000 that was repaid by way of formal debt novation agreements with speci\ufb01c suppliers whereby the debt held by the Group companies was novated to TAG with no recourse by to the Group companies. Interest receivable from related party The balance of \u00a37,000 in the table above represents the interest that is receivable from the TAG as at 31 December 2024 relating to the late payments to the Company under the Debt Novation Deed, the purpose of which was to novate the amounts due to the Company as a result of the TradeFlow Restructuring to TAG from the buyers of the 81% holding in TradeFlow. This balance has been paid by TAG subsequent to 31 December 2024 through the o\ufb00set against invoiced amounts owed by the Group companies to TAG. In addition to the balance of \u00a37,000 described above, the Company had also recognised interest receivable of \u00a3270,000 from TAG as at 31 December 2024 relating to the late payments to the Company under the Top-Up Shareholder Loan Agreement. Given the latest information that the Board has regarding the \ufb01nancial position of TAG, as at 31 December 2024 this interest receivable balance of \u00a3270,000 relating to late payments under the Top-Up Shareholder Loan Agreement was fully impaired. The latest information regarding the \ufb01nancial position of TAG included: > the auditors of TAG disagreeing with going concern assumption that had been used in the preparation of the TAG\u2019s latest \ufb01nancial statements for the year ended 31 December 2023; > as a consequence of the above point, TAG elected to apply for a restructuring procedure as is allowable under Italian company law; and > following on from this, on 7 August 2025 TAG entered into a formal liquidation process under Italian insolvency law. The Company understands that TAG is currently attempting to halt the liquidation process and return to the restructuring procedure referred to above. Both these interest amounts have been calculated at a compounding rate of 15% per annum on the overdue amounts. Details of both these agreements can be found in note 28 to the Group\u2019s consolidated \ufb01nancial statements for the year ended 31 December 2024. During the current \ufb01nancial year, TAG paid \u00a357,000 of late payment interest (2023: \u00a3nil) through \u00a320,000 which was o\ufb00set against interest payable by the Company to TAG that had accrued on the TAG Unsecured Working Capital Facility and \u00a337,000 by way of o\ufb00set against other invoiced amounts owed by the Group companies to TAG. Other related party receivable In relation to the Group debt that was formally novated to TAG in 2023 in lieu of a cash payment under the Deed of Novation, as at 31 December 2024 the Group held an amount receivable from TAG on its balance sheet for the value of \u00a345,000 (31 December 2023: \u00a353,000). This primarily related to withholding tax amounts on certain \"proforma\" invoices that were formally novated, as the supplier invoice settled by TAG was net of the withholding tax amounts and as such remains due from TAG to the Group as at 31 December 2024. Subsequent to 31 December 2024, an amount of \u00a322,000 had been paid by TAG through the o\ufb00set against invoiced amounts owed by the Group companies to TAG. 28 Related Party Transactions
During the year ended 31 December 2024, the following are treated as related parties:
Alessandro Zamboni
Alessandro Zamboni is the Chief Executive O\ufb03cer of the Group and is also the sole director of the AvantGarde Group
S.p.A (\"TAG\") as well as holding numerous directorships across companies including RegTech Open Project plc. As at 31
December 2024, the Group recorded amounts due to Alessandro Zamboni of \u00a391,000 relating to overdue salary
payments and \u00a33,000 for reimbursement of expenses (31 December 2023: \u00a337,000 relating to overdue salary). The full
\u00a391,000 relating to overdue salary has been settled prior to the publication of these consolidated \ufb01nancial statements.
Independent non-executive directors
As at 31 December 2024, the Group recorded amounts due to the current independent non-executive directors of
\u00a364,000 relating to overdue salary payments (31 December 2023: \u00a326,000). The full \u00a364,000 relating to overdue salary
has been settled prior to the publication of these consolidated \ufb01nancial statements.
TAG and the Group\u2019s operating subsidiaries
Alessandro Zamboni is the CEO of the Group and is also the sole director of TAG. As at 31 December 2024, TAG held
22.6% of the Company\u2019s total ordinary shares issued in Supply@ ME Capital plc (as at 31 December 2023: 24.0%).
Following the reverse takeover in March 2020, the Group entered into a Master Service Agreement with TAG in respect
of certain shared services to be provided to the Group. During the year ended 31 December 2024, the Group incurred
expenses of \u00a338,000 (2023: \u00a339,000) to TAG in respect of this agreement. Additionally, during the year ended 31
December 2024, the Group incurred costs of \u00a322,000 from TAG (2023: \u00a322,000) in relation to certain ICT services
provided, recognised costs of \u00a34,000 which were paid by TAG on behalf of the Group (2023:\u00a32,400), and had recognised
\u00a381,000 of legal costs which had been paid on behalf of the Group by TAG (2023: \u00a345,000).
In relation to the amounts detailed above, as at 31 December 2024 the following amounts were recognised in the
consolidated statement of \ufb01nancial position:
> no amounts were included in trade receivables or trade payables as being owed to or by the Group to TAG
respectively (31 December 2023: \u00a3nil);
> an amount of \u00a313,000 (31 December 2023: \u00a358,000) had been accrued as other payables in respect of those costs
that had been incurred or paid on behalf of the Group by TAG for which invoices were still to be received as at 31
December 2024.
TAG and TradeFlow Restructuring
As set out in note 26, on 30 June 2023, TAG assumed the remaining \u00a32,000,000 consideration arising from the TradeFlow
Restructuring, to be receivable by the Group from the Buyers, by way of the Deed of Novation. As outlined in note 14,
this \u00a32,000,000 was repaid by TAG over 2023 and 2024. As at 31 December 2024 this amount had been fully repaid with
\u00a3nil outstanding from TAG in relation to this amount (31 December 2023: \u00a3772,000 remained outstanding from TAG).
TAG repaid \u00a31,228,000 of this amount during 2023 and the remaining \u00a3772,000 throughout 2024. The payments
totalling \u00a3772,000 which had been received during the current year were received through a split of \u00a3570,000 in cash
(2023: \u00a3771,000) and \u00a3202,000 by way of o\ufb00set against amounts owed by the Group companies to TAG (2023:
\u00a336,000). In the prior year there was also an amount of \u00a3421,000 that was repaid by way of formal debt novation
agreements with speci\ufb01c suppliers whereby the debt held by the Group companies was novated to TAG with no
recourse by to the Group companies.
In relation to the Group debt that was novated to TAG in lieu of a cash payment, as at 31 December 2024 the Group
held an amount receivable from TAG on its balance sheet for the value of \u00a345,000 (31 December 2023: \u00a353,000). This
primarily related to withholding tax amounts on certain \u201cproforma\u201d invoices that had been novated, as the supplier
invoice settled by TAG was net of the withholding tax amount and such remains due from TAG to the Group as at 31
December 2024 (31 December 2023: the amount primarily related to VAT amounts on certain \u201cproforma\u201d invoices that
had been novated, as the VAT receivable was yet to be recorded in the Group\u2019s statement of \ufb01nancial position. As
such, this amount has been recorded as being receivable from TAG and when the \u201cformal\u201d invoices are issued from
the supplier, this amount will be reclassi\ufb01ed as a VAT receivable).
The Company has been charging a late fee to TAG in terms of overdue payments of this particular receivable balance,
and this late fee is calculated at a compounding rate of 15% per annum on any amounts of the instalments not
transferred to the Company by the relevant due date, in accordance with the contractual arrangements. During the
year ended 31 December 2024, the Group recognised \u00a333,000 of interest revenue (2023: \u00a311,000) in relation to the
late payments by TAG in respect of this particular receivable balance. As at 31 December 2024 an amount of \u00a37,000
remained outstanding (31 December 2023: \u00a311,000). The \u00a337,000 paid by TAG during the current \ufb01nancial year in
respect to this late payment interest (2023: \u00a3nil) was by way of o\ufb00set against other invoiced amounts owed by the
Group companies to TAG.
TAG Unsecured Working Facility
On the 28 April 2023, the Company and TAG entered into a \ufb01xed term unsecured working capital loan agreement (the
\"TAG Unsecured Working Capital Facility\"). Under the TAG Unsecured Working Capital Facility, TAG agreed to provide,
subject to customary restrictions, a facility of up to \u00a32,800,000, in tranches up to 31 January 2024, to cover the
Company's interim working capital and growth needs. In conjunction with the TradeFlow Restructuring, which was
completed on 30 June 2023, the \u00a32,000,000 receivable by the Company that was assumed by TAG from the Buyers,
was o\ufb00set against the current obligations of TAG under TAG Unsecured Working Capital Facility. The amendment to
the TAG Unsecured Working Capital Facility was agreed on 30 June 2023 and this reduced the obligations to the
Company under the TAG Unsecured Working Capital Facility to up to \u00a3800,000.
The due date for repayment by the Company of amounts drawn under the TAG Unsecured Working Capital Facility
was originally 1 February 2028. Any sums drawn under the TAG Unsecured Working Capital Facility attracted a
non-compounding interest rate of 10% per annum, and any principal amount (excluding accrued interest) outstanding
on 1 February 2028 will attract a compounding interest rate of 15% per annum thereafter. Interest will be due to be
paid annually on 31 March of each relevant calendar year.
On 30 June 2023, the Company issued a draw down notice to TAG under the amended TAG Unsecured Working
Facility for the full \u00a3800,000 available. \u00a3250,000 of this amount was received by the Group during 2023, with the
remaining \u00a3550,000 being received in 2024.
As at 31 December 2023, \u00a3250,000 had been received from TAG in respect of this facility (31 December 2022: \u00a3nil).
In respect of these amounts received from TAG, the Group recognised an interest expense of \u00a37,000 (2022: \u00a3nil),
which all remained unpaid as at 31 December 2023. Subsequent to TAG satisfying the full amount of \u00a3800,000 drawn
down by the Company under the amended TAG Unsecured Working Capital Facility, on 26 March 2024, the Company
and TAG signed a second deed of amendment agreement, which allowed the full outstanding amount of the
amended TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000 new ordinary
shares of nominal value \u00a30.00002 each which were issued to TAG on 28 March 2024. These new ordinary shares
issued had a \ufb01xed subscription price of 0.053 pence per share.
At the time of settlement an amount of \u00a320,000 in interest was due to TAG in respect of the Working Capital Facility
(31 December 2023: \u00a37,000). This was agreed to be o\ufb00set against the interest receivable due from TAG in relation to
late payment of Top-Up Shareholder Loan Agreement.
Top-Up Shareholder Loan Agreement
On 28 September 2023, the Company and TAG entered into an English law governed top-up unsecured shareholder
loan agreement (the \"Top-Up Shareholder Loan Agreement\"), pursuant to which TAG agreed to provide the Company
with a further facility of up to \u00a33,500,000 to cover the Company's working capital and growth needs up to 30 June 2025
(the \"Top-Up Facility\").
Details of this Top-Up Facility are set out below:
> The Company has the ability to draw down up to \u00a33.5 million in monthly instalments over the period to 30 June
2025. On 30 September 2024, this period was extended from 30 June 2025 to 31 December 2025.
> On a monthly basis the Board will assess (acting in good faith and in its sole and absolute discretion) if the Group's
projected cash balance on the last business day of the coming calendar month will be less than \u00a3250,000 following
the Group's scheduled balance of receipts and payments for the next month by reference to, inter alia, the Group's
contracted receivables, revenues and payables due for receipt or payment in the next month, the Group's
contracted \ufb01xed operating expenditure and/or capital expenditure due for payment in the next month, the cash
in\ufb02ows in the next month arising from any warrants that have been contractually exercised and any projected
unrestricted cash amounts resulting from any contractually agreed alternative equity, debt or hybrid \ufb01nancing
(including, but not limited to, pursuant to a pre-emptive o\ufb00ering of ordinary shares and a non-pre-emptive o\ufb00ering
of ordinary shares) for such month;
> If the above assessment results in the Group's projected cash balance on the last business day of the coming
calendar month being less than \u00a3250,000, the Company may draw down an amount under the TAG Top-Up
Shareholder Loan Agreement which is no greater than the GBP amount to ensure that the Group's bank balances
in the coming month shall be equal to \u00a3250,000;
> Repayment of any sum drawn down under the TAG Top-Up Shareholder Loan Agreement will be due \ufb01ve calendar
years (calculated on the basis of a year of 360 days) from the date which funds are received by the Company
subject to the relevant draw down request;
> Any sums drawn down by the Company under the TAG Top-Up Unsecured Shareholder Loan will attract a
non-compounding interest rate of 10% per annum, and any principal amount (excluding accrued interest)
outstanding on a relevant due date shall attract a compounding rate of 15% per annum thereafter. Interest will be
due to be paid annually on 31 March of each relevant calendar year.
As at 31 December 2024, the Group had issued draw down notices to the value of \u00a32,042,000 to TAG, however these
amounts had not yet been received by the Group (31 December 2022: amount drawn down of \u00a3969,000). As a result of
the late payment of the amounts drawn down by TAG, the Group recognised an interest revenue of \u00a3279,000 (2023:
\u00a311,000), of which \u00a3270,000 (2023: \u00a311,000) remained unpaid as at 31 December 2024. The \u00a320,000 paid by TAG during
the current \ufb01nancial year in respect to this late payment interest (2023: \u00a3nil) was by way of o\ufb00set against the interest
payable by the Company to TAG that had accrued on the TAG Unsecured Working Capital Facility referred to above.
As detailed in note 14, the full outstanding balance of \u00a3270,000 in respect of this late payment interest was impaired as
at 31 December 2024.
TradeFlow Capital Management Pte. Ltd. (\"TradeFlow\")
On 30 June 2023, TradeFlow entered into a three-year White-Label licence agreement with Supply@ME Technologies
S.r.l., a wholly owned subsidiary of the Group, with respect to use of the Platform, on a non-exclusive basis and limited
to the Asia-Paci\ufb01c region, for a total consideration of \u00a31,000,000 payable over a three-year period. As at 31 December
2023, no amounts have been billed in respect of this contract, and no revenues have been recognised, as the two
parties have been undergoing discussions regarding the point in time when the access to the Platform will be activated.
During the year ended 31 December 2024, TradeFlow have provided a termination notice to the Supply@ME
Technologies S.r.l. in respect of this contract. The Board carried out a cost / bene\ufb01t analysis of challenging this notice of
termination, including the likely recoverability of amounts should any challenge be successful in the future. Following
this, the termination notice was accepted and as such no amounts have been billed in respect of this contract, and no
revenues have been recognised in either 2023 or 2024.
SFE Soci\u00e9t\u00e9 Financi\u00e8re Europ\u00e9enne SA
Commencing in 2023, the Group has been collaborating with a group of private investors and subject matter experts of
working capital solutions to launch an independent Swiss-based trading business (the the \u201cCH Trading Hub\u201d) which has
replaced the Cayman-based global inventory fund (\u201cGIF\u201d), previously advised by TradeFlow Capital Management Pte.
Ltd. The CH Trading Hub, owned by Soci\u00e9t\u00e9 Financi\u00e8re Europ\u00e9enne S.A. (\u201cSFE\u201d), has assumed control of the
independent stock companies from the GIF and will purchase / set up additional stock companies in order to manage
the overall trading businesses using the Platform and the associated services provided by the Group. TAG, along with a
number of other investors, holds a non-controlling interest in SFE. During the years ended 31 December 2024 and
2023, no transactions were directly entered into between the Group and SFE, however it is noted that: \u00b7
> in November 2023, Supply@ME S.r.l. sold two if its 100% owned subsidiaries, Supply@ME Stock Company 2 S.r.l.
and Supply@ME Stock Company 3 S.r.l to SFE for consideration of \u20ac1,000 each. Prior to the sale by Supply@ME
Stock Company 2 S.r.l. and Supply@ME Stock Company 3 S.r.l were non trading entities;
> in early January 2024, both the Group and SFE were party to the term sheet that was signed with respect to the
commitment for the \ufb01rst White-Label transaction;
> in late April 2024, both the Group and SFE were party to an agreement that was signed with an Italian neo banking
group to launch an Inventory Monetisation programme; and
> SFE now owns the Stock Company that has monetised the inventory from the \ufb01rst three IM transactions that have
been facilitated over the Group\u2019s Platform.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-460": {
"value": "15 Share capital Allotted, called up and fully paid shares | | As at 31 December 2024 | | As at 31 December 2024 | |
| | No. 000 | \u00a3 000 | No. 000 | \u00a3 000 |
| Equity | | | | | |
| Ordinary shares of \u00a30.00002 each | | 71,732,151 | 1,434 | 61,232,096 | 1,224 |
| Deferred shares of \u00a30.04000 each | | 63,084 | 2,523 | 63,084 | 2,523 |
2018 | Deferred shares of \u00a30.01000 each | 224,194 | 2,242 | 224,194 | 2,242 |
| Total | | 72,019,429 | 6,199 | 61,519,374 | 5,989 |
Reconciliation of allotted, called up and full paid | As at 31 December 2024 | | As at 31 December 2024 | |
| No. 000 | \u00a3 000 | No. 000 | \u00a3 000 |
| Ordinary shares as at 1 January | 61,519,374 | 5,989 | 56,908,846 | 5,897 |
| New ordinary shares issued to TAG in connection | | | | |
| with the settlement of the TAG Working Capital Facility | 1,500,000 | 30 | - | - |
New ordinary shares issued in connection with the New Equity Subscription Agreement dated 14 May 2024 | 9,000,000 | 180 | - | - |
| New ordinary shares issued to ful\ufb01l the conversion | | | | |
| of Open O\ufb00er warrants | 55 | - | 110,528 | 2 |
| New ordinary shares issued to Venus Capital S.A. | | | | |
| in connection with 2023 Venus Subscription | - | - | 4,500,000 | 90 |
| Total at 31 December | 72,019,429 | 6,199 | 61,519,374 | 5,989 |
New shares allotted during the current \ufb01nancial year New ordinary shares issued to TAG in connection with the settlement of the TAG Unsecured Working Capital Facility Subsequent to TAG satisfying the full amount of \u00a3800,000 drawn down by the Company under the amended TAG Unsecured Working Capital Facility, the Company and TAG signed a second deed of amendment agreement dated 26 March 2024, which allowed the full outstanding amount of the amended TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each, which were issued to TAG on 28 March 2024. These new ordinary shares issued had a \ufb01xed subscription price of 0.053 pence per share. New ordinary shares issued in connection with New Equity Subscription Agreement On 14 May 2024, the Company entered into a new equity subscription agreement with a UK investment \ufb01rm, pursuant to which the UK investment \ufb01rm committed to subscribe for 9,000,000,000 new ordinary shares of nominal value \u00a30.00002 each (the \"Subscription Shares\"), on behalf of its private clients, at 0.01725 pence per Subscription Share (the \u201cNew Equity Subscription Agreement\u201d). The issue of the Subscription Shares was made for gross proceeds of \u00a31,552,500 (or \u00a31,428,300 net of an 8% commission charged). These Subscription Shares were admitted to standard segment of the O\ufb03cial List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange on 28 May 2024. New ordinary shares issued to ful\ufb01l the conversion of Open O\ufb00er warrants Further to the issue of new ordinary shares on the 18 August 2022 as a result of the Open O\ufb00er, the Company also issued 320,855,008 warrants to certain qualifying shareholders who participated in its open o\ufb00er (the \"Open O\ufb00er Warrants\"). Following the issue of the Open O\ufb00er Warrants, certain holders have elected to exercise their Open O\ufb00er Warrants and this resulted in a total of 54,696 new ordinary shares being issued during the year ended 31 December 2024 in relation to Open O\ufb00er Warrant conversion. Rights, preferences and restrictions Ordinary shares have the following rights, preferences, and restrictions: The ordinary shares carry rights to participate in dividends and distributions declared by the Company and each share carries the right to one vote at any general meeting. There are no rights of redemption attaching to the ordinary shares. Deferred shares have the following rights, preferences, and restrictions: The deferred shares carry no rights to receive any dividend or distribution and carry no rights to vote at any general meeting. On a return of capital, the Deferred shareholders are entitled to receive the amount paid up on them after the Ordinary shareholders have received \u00a3100,000,000 in respect of each share held by them. The Company may purchase all or any of the Deferred shares at an appropriate consideration of \u00a31. 2018 Deferred shares have the following rights, preferences, and restrictions: The deferred shares carry no rights to receive any dividend or distribution and carry no rights to vote at any general meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-430": {
"value": "15 Share capital Allotted, called up and fully paid shares | | As at 31 December 2024 | | As at 31 December 2024 | |
| | No. 000 | \u00a3 000 | No. 000 | \u00a3 000 |
| Equity | | | | | |
| Ordinary shares of \u00a30.00002 each | | 71,732,151 | 1,434 | 61,232,096 | 1,224 |
| Deferred shares of \u00a30.04000 each | | 63,084 | 2,523 | 63,084 | 2,523 |
2018 | Deferred shares of \u00a30.01000 each | 224,194 | 2,242 | 224,194 | 2,242 |
| Total | | 72,019,429 | 6,199 | 61,519,374 | 5,989 |
Reconciliation of allotted, called up and full paid | As at 31 December 2024 | | As at 31 December 2024 | |
| No. 000 | \u00a3 000 | No. 000 | \u00a3 000 |
| Ordinary shares as at 1 January | 61,519,374 | 5,989 | 56,908,846 | 5,897 |
| New ordinary shares issued to TAG in connection | | | | |
| with the settlement of the TAG Working Capital Facility | 1,500,000 | 30 | - | - |
New ordinary shares issued in connection with the New Equity Subscription Agreement dated 14 May 2024 | 9,000,000 | 180 | - | - |
| New ordinary shares issued to ful\ufb01l the conversion | | | | |
| of Open O\ufb00er warrants | 55 | - | 110,528 | 2 |
| New ordinary shares issued to Venus Capital S.A. | | | | |
| in connection with 2023 Venus Subscription | - | - | 4,500,000 | 90 |
| Total at 31 December | 72,019,429 | 6,199 | 61,519,374 | 5,989 |
New shares allotted during the current \ufb01nancial year New ordinary shares issued to TAG in connection with the settlement of the TAG Unsecured Working Capital Facility Subsequent to TAG satisfying the full amount of \u00a3800,000 drawn down by the Company under the amended TAG Unsecured Working Capital Facility, the Company and TAG signed a second deed of amendment agreement dated 26 March 2024, which allowed the full outstanding amount of the amended TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each, which were issued to TAG on 28 March 2024. These new ordinary shares issued had a \ufb01xed subscription price of 0.053 pence per share. New ordinary shares issued in connection with New Equity Subscription Agreement On 14 May 2024, the Company entered into a new equity subscription agreement with a UK investment \ufb01rm, pursuant to which the UK investment \ufb01rm committed to subscribe for 9,000,000,000 new ordinary shares of nominal value \u00a30.00002 each (the \"Subscription Shares\"), on behalf of its private clients, at 0.01725 pence per Subscription Share (the \u201cNew Equity Subscription Agreement\u201d). The issue of the Subscription Shares was made for gross proceeds of \u00a31,552,500 (or \u00a31,428,300 net of an 8% commission charged). These Subscription Shares were admitted to standard segment of the O\ufb03cial List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange on 28 May 2024. New ordinary shares issued to ful\ufb01l the conversion of Open O\ufb00er warrants
Further to the issue of new ordinary shares on the 18 August 2022 as a result of the Open O\ufb00er, the Company also
issued 320,855,008 warrants to certain qualifying shareholders who participated in its open o\ufb00er (the \"Open O\ufb00er
Warrants\"). Following the issue of the Open O\ufb00er Warrants, certain holders have elected to exercise their Open O\ufb00er
Warrants and this resulted in a total of 54,696 new ordinary shares being issued during the year ended 31 December
2024 in relation to Open O\ufb00er Warrant conversion.
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences, and restrictions:
The ordinary shares carry rights to participate in dividends and distributions declared by the Company and each
share carries the right to one vote at any general meeting. There are no rights of redemption attaching to the
ordinary shares.
Deferred shares have the following rights, preferences, and restrictions:
The deferred shares carry no rights to receive any dividend or distribution and carry no rights to vote at any general
meeting. On a return of capital, the Deferred shareholders are entitled to receive the amount paid up on them after
the Ordinary shareholders have received \u00a3100,000,000 in respect of each share held by them. The Company may
purchase all or any of the Deferred shares at an appropriate consideration of \u00a31.
2018 Deferred shares have the following rights, preferences, and restrictions:
The deferred shares carry no rights to receive any dividend or distribution and carry no rights to vote at any general
meeting.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-431": {
"value": "16 Trade and other payables
| As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Trade payables | 820 | 1,314 |
| Other payables | 1,051 | 943 |
| Current portion of long-term bank borrowings | 210 | 192 |
| Social security and other payroll taxes due | 1,903 | 1,566 |
| Accruals | 415 | 488 |
| Contract liabilities | 75 | 59 |
| Accrued interest payable to related party | - | 7 |
| Total trade and other payables | 4,474 | 4,569 |
| As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Trade payables | 820 | 1,314 |
| Other payables | 1,051 | 943 |
| Current portion of long-term bank borrowings | 210 | 192 |
| Social security and other payroll taxes due | 1,903 | 1,566 |
| Accruals | 415 | 488 |
| Contract liabilities | 75 | 59 |
| Accrued interest payable to related party | - | 7 |
| Total trade and other payables | 4,474 | 4,569 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-461": {
"value": "16 Trade and other payables | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Trade payables | 820 | 1,314 |
| Other payables | 1,051 | 943 |
| Current portion of long-term bank borrowings | 210 | 192 |
| Social security and other payroll taxes due | 1,903 | 1,566 |
| Accruals | 415 | 488 |
| Contract liabilities | 75 | 59 |
| Accrued interest payable to related party | - | 7 |
| Total trade and other payables | 4,474 | 4,569 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-432": {
"value": "17 Long-term borrowings
| As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Non-current portion of long-term bank borrowings | 364 | 590 |
| Working capital loan due to TAG | - | 250 |
| Total long-term borrowings | 364 | 840 |
Non- current portion of long-term bank borrowings
On 12 October 2022, Supply@ME Technologies S.r.l, entered into a new long term loan facility with Banco BPM S.p.A
(the \u201cBanco BPM Facility\u201d). The obligations of Supply@ME Technologies S.r.l under the Banco BPM Facility are
guaranteed by the Company. The key commercial terms of the Banco BPM Facility include:
a) \u20ac1 million in principal amount;
b) 275 basis points over Euribor interest rate; and
c) a \ufb01ve-year repayment term (the \ufb01nal payment to be made on 11 October 2027), including an initial six months of
interest only repayments, followed by 54 months of combined principal and interest repayments.
Fees totalling \u20ac52,000 were incurred in connection with the arrangement of the Banco BPM Facility. These costs have
been capitalised and will be spread over the term of the Banco BPM Facility. The amount included in the table above
represents the non-current portion of the Banco BPM Facility. The current portion is set out in note 16 above.
Working capital loan due to TAG
The TAG Unsecured Working Capital Facility, which was initially signed on 28 April 2023 and then amended on
30 June 2023, created the obligation for TAG to provide a working capital facility to the Company up to \u00a3800,000.
Following the amendment on 30 June 2023, the Company issued a draw down notice to TAG under TAG Unsecured
Working Capital Facility for the full \u00a3800,000 available. As at 31 December 2023, \u00a3250,000 had been received from
TAG in respect of this facility, and during the year ended 31 December 2024, the remaining \u00a3550,000 was received
from TAG.
Subsequent to the receipt of the full \u00a3800,000 from TAG, a second deed of amendment was signed between
TAG and the Company and this was dated 26 March 2024. This second deed of amendment allowed the full
outstanding amount of the TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000
new ordinary shares of nominal value \u00a30.00002 each, which were issued to TAG on 28 March 2024. These new
ordinary shares issued had a \ufb01xed subscription price of 0.053 pence per share. As such, the balance owing in
respect of the TAG Unsecured Working Capital Facility as at 31 December 2024 as \u00a3nil (31 December 2023: \u00a3250,000).
22 Financial instruments
Financial assets
| Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial assets at amortised cost: | | | | |
| Cash and cash equivalents | 34 | 5 | 34 | 5 |
| Trade receivables | 82 | 15 | 82 | 15 |
| Receivable from related party | 52 | 847 | 52 | 847 |
| Other receivables | 946 | 974 | 946 | 974 |
| 1,114 | 1,841 | 1,114 | 1,841 |
Valuation methods and assumptions: The directors believe due to their short term nature, the fair value approximates
to the carrying amount.
Financial liabilities
| Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial liabilities at amortised cost: | | | | |
| Long-term borrowings | 574 | 1,032 | 574 | 1,032 |
| Trade payables | 820 | 1,314 | 820 | 1,314 |
| Other payables | 1,051 | 943 | 1,051 | 943 |
| 2,445 | 3,289 | 2,445 | 3,289 |
Valuation methods and assumptions: The directors believe that the fair value of trade and other payables approximates
to the carrying value.
There are no \ufb01nancial liabilities that are carried at fair value through the pro\ufb01t and loss as at 31 December 2024 (31
December 2023: \u00a3nil).
Risk management
The Group is exposed through its operations to the following \ufb01nancial risks: credit risk, foreign exchange risk, and
liquidity risk.
In common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments.
This note describes the Group\u2019s objectives, policies and processes for managing these risks and the methods used
to measure them. Further quantitative information in respect of these risks is presented throughout these \ufb01nancial
statements. There have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its
objectives, policies and processes for managing those risks or the methods used to measure them from previous
periods unless otherwise stated in this note.
Principal \ufb01nancial instruments
The principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, were as follows:
> trade receivables and other receivables;
> cash at bank;
> receivables from related parties;
> trade and other payables; and
> long-term borrowings.
General objectives, policies and processes
The Board had overall responsibility for the determination of the Group\u2019s risk management objectives and policies
and, whilst retaining ultimate responsibility for them, it had delegated the authority for designing and operating
processes that ensure the e\ufb00ective implementation of the objectives and policies to the Group\u2019s \ufb01nance function.
The Board received monthly reports from the Chief Financial Of\ufb01cer through which it reviewed the e\ufb00ectiveness
of the processes put in place and the appropriateness of the objectives and policies it had set. The overall objective
of the Board was to set polices that sought to reduce risk as far as possible without unduly a\ufb00ecting the Group\u2019s
competitiveness and \ufb02exibility. Further details regarding these policies are set out below.
Interest rate risk
At present the Directors do not believe that the Group has signi\ufb01cant interest rate risk and consequently does not
hedge against such risk. Cash balances earn interest at variable rates.
The Group\u2019s interest generating \ufb01nancial assets from continuing operations as at 31 December 2024 comprised cash
and cash equivalents of \u00a334,000 (2023: \u00a35,000). Interest is paid on cash at \ufb02oating rates in line with prevailing market
rates. In addition, late payment interest of \u00a3312,000 was recognised during the year ended 31 December 2024 (2023:
\u00a322,000) relating to the late payments of both the TAG Top-Up Shareholder Loan Agreement and the Deed of
Novation. These interest amounts have been calculated at a compounding rate of 15% per annum on the overdue
amounts. During the year ended 31 December 2024 an amount of \u00a357,000 was paid by TAG relating to late payment
interest (2023: \u00a3nil). Of the remaining \u00a3277,000 that remained outstanding as at 31 December 2024, \u00a37,000 was paid
by TAG prior to the issue of these \ufb01nancial statements and \u00a3270,000 was impaired as detailed in note 14.
The Group's interest generating \ufb01nancial liabilities as at 31 December 2024 comprised long-term borrowings of
\u00a3574,000 (2023: \u00a31,032,000).
Sensitivity analysis
At 31 December 2024, had the EURIBOR 3 MONTH rate of 2.736 (2023 \u2013 3.905) increased by 1% with all other variables
held constant, the increase in interest payable on \ufb01nancial assets would amount to approximately \u00a36,000 (2023 -
\u00a37,000). Similarly, a 1% decrease in the EURIBOR 3 MONTH rate with all other variables held constant would result
in a decrease in interest receivable on \ufb01nancial assets of approximately \u00a37,000 (2023 - \u00a37,000).
Credit risk and impairment
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or a counterparty to a \ufb01nancial instrument fails to
meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy,
implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings take
into account local business practices. The Group has a credit policy under which each new customer is analysed
individually for creditworthiness before the Group's standard payment and delivery terms and conditions are o\ufb00ered.
Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. To manage
this, the Group has made sure that they use reputable banks.
The Group's Chief Financial Of\ufb01cer monitors the utilisation of the credit limits regularly.
The Group\u2019s maximum exposure to credit by class of individual \ufb01nancial instrument is shown in the table below:
| Carrying value | Maximum exposure | Carrying value | Maximum exposure |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2024 | 31 December 2023 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Cash and cash equivalents | 34 | 34 | 5 | 5 |
| Trade receivables | 82 | 82 | 15 | 15 |
| Receivable from related party | 52 | 52 | 847 | 847 |
| 168 | 168 | 867 | 867 |
As at 31 December 2024, with the exception of \u00a3270,000 relating to late payment interest receivable from TAG in
respect of the Top-Up Shareholder Loan Agreement, the \ufb01nancial assets held by the Group have not been impaired.
Further details of the impairment to the related party interest receivable can be found in note 14.
Foreign exchange risk
Foreign exchange risk arises because the Group has operations located in various parts of the world whose functional
currency is not the same as the functional currency in which the Group operates. Although its global market
penetration reduces the Group's operational risk, in that it has diversi\ufb01ed into several markets, the Group's net assets
arising from such overseas operations are exposed to currency risk resulting in gains or losses on retranslation into
sterling. Only in exceptional circumstances would the Group consider hedging its net investments in overseas
operations as generally it does not consider that the reduction in foreign currency exposure warrants the cash \ufb02ow
risk created from such hedging techniques.
The Group's policy is, where possible, to allow Group entities to settle liabilities denominated in their functional
currency (primarily Euros or Pound Sterling) with the cash generated from their own operations in that currency.
Where Group entities have liabilities denominated in a currency other than their functional currency (and have
insu\ufb03cient reserves of that currency to settle them) cash already denominated in that currency will, where possible,
be transferred from elsewhere within the Group.
Currency pro\ufb01le as at 31 December 2024
| As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Financial assets | | |
| Cash and cash equivalents: Sterling | 1 | 3 |
| Cash: Euro | 33 | 2 |
| Trade receivables: Sterling | - | - |
| Trade receivables: Euro | 82 | 15 |
| Financial liabilities | | |
| Trade payables: Sterling | 478 | 865 |
| Trade payables: Euro | 342 | 449 |
| Long-term borrowings: Sterling | - | 250 |
| Long-term borrowings: Euro | 574 | 782 |
Sensitivity analysis
At 31 December 2024, if Sterling had strengthened by 10% against the below currencies with all other variables held
constant, loss before tax for the year would have been approximately:
> EUR: \u00a368,000 higher (2023 - \u00a3102,000 higher).
Conversely, if the below currencies had weakened by 10% with all other variables held constant, loss before tax for the
year would have been approximately:
> EURO: \u00a368,000 lower (2023 - \u00a3102,000 lower).
Liquidity risk
Liquidity risk arises from the Group's management of working capital and the \ufb01nance charges and principal
repayments on its debt instruments. It is the risk that the Group will encounter di\ufb03culty in meeting its \ufb01nancial
obligations as they fall due.
The Group's policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabilities when they
become due.
The Board receives rolling 12-month cash \ufb02ow projections on a regular basis as well as information regarding cash
balances. At the statement of \ufb01nancial position date, these projections indicated that the Group expects to have
su\ufb03cient liquid resources to meet its obligations under all reasonably expected circumstances subject to the material
uncertainties detailed in the going concern assumptions set out in note 2.
As set out in note 28, the TAG Top-Up Shareholder Loan Agreement gave the Company the ability to draw down up
to \u00a33.5 million in line with speci\ufb01c conditions. As at 31 December 2024, the Company had issued draw down notices
for \u00a32,042,000 (31 December 2023: \u00a3969,000). As such as at 31 December 2024 \u00a31,458,000 remains undrawn under
the TAG Top-Up Shareholder Loan Agreement. As at 31 December 2023, the Group had \u00a32,531,000 that had not been
| drawn under the TAG Top-Up Shareholder Loan Agreement. | | | |
| Subsequent to the 31 December 2024, the Board entered into the Nuburu On-Demand Facility for US$5,150,000 and | | | |
| agreed to release TAG from its outstanding obligations under the TAG Top-Up Shareholder Loan Agreement once the | | | |
| full amount under the new facility has been received. Further details of this new funding facility can be found in note | | | |
30. This action was taken by the Board due to continued underperformance of TAG a commitments in line with the TAG Top-Up Shareholder Loan Agreement and the rece | | | |
| TAG\u2019s \ufb01nancial position, for which further details can be found in note 14. | | Between | Between |
| Up to 3 months | 3 and 12 months | 1 and 2 years |
| At 31 December 2024 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Liabilities | | | |
| Long-term borrowings | 44 | 148 | 193 |
Trade and other payables
Social security and other taxes
Total liabilities
At 31 December 2023
Liabilities
Long-term borrowings
Trade and other payables
Social security and other taxes
Total liabilities
1,133
1,903
3,080
76
1,511
1,566
3,153
738
-
886
182
746
-
928
-
-
193
223
-
-
223
Between
2 and 5 years
\u00a3 000
189
-
-
189
676
-
-
676
Over 5 years
\u00a3 000
-
-
-
-
-
-
Capital risk management The Group's capital management objectives are to ensure the Group is appropriately funded to continue as a going concern and to provide an adequate return to shareholders commensurate with risk. The Group de\ufb01nes capital as being issued share capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group's capital structure is periodically reviewed and, if appropriate, adjustments are made in the light of expected future funding needs, changes in economic conditions, \ufb01nancial performance and changes in Group structure. As explained in note 28, the Group had various \ufb01nancing facilities from TAG in place during the year ended 31 December 2024. As explained in note 30, subsequent to the 31 December 2024, the Board entered into the Nuburu On-Demand Facility for US$5,150,000 and agreed to release TAG from its outstanding obligations under the Top-Up Shareholder Loan Agreement once the full amount under the new facility has been received. The Group adheres to the capital maintenance requirements as set out in the Companies Act. Capital for the reporting periods under review is summarised as follows: > Net liabilities: (\u00a34,246,000) (2023: (\u00a33,807,000)) > > > | Cash and cash equivalents: \u00a334,000 (2023: \u00a35,000) |
> > | Share Capital \u00a36,199,000 (2023: \u00a35,989,000) |
| 23 Net debt | |
| The Group reconciliation of the movement in net debt from continuing operations is set out below: | |
At 1 January 2023 Net cash \ufb02ows Foreign exchange At 31 December 2023 Net cash \ufb02ows Repayment of TAG Unsecured Working Capital Facility via new share issue (non cash) Foreign exchange As at 31 December 2024 Total long-term borrowings (current and non-current portion) \u00a3 000 (906) (145) 19 (1,032) (374) 800 32 (574)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-479": {
"value": "17 Long-term borrowings | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Non-current portion of long-term bank borrowings | 364 | 590 |
| Working capital loan due to TAG | - | 250 |
| Total long-term borrowings | 364 | 840 |
Non- current portion of long-term bank borrowings On 12 October 2022, Supply@ME Technologies S.r.l, entered into a new long term loan facility with Banco BPM S.p.A (the \u201cBanco BPM Facility\u201d). The obligations of Supply@ME Technologies S.r.l under the Banco BPM Facility are guaranteed by the Company. The key commercial terms of the Banco BPM Facility include: a) \u20ac1 million in principal amount; b) 275 basis points over Euribor interest rate; and c) a \ufb01ve-year repayment term (the \ufb01nal payment to be made on 11 October 2027), including an initial six months of interest only repayments, followed by 54 months of combined principal and interest repayments. Fees totalling \u20ac52,000 were incurred in connection with the arrangement of the Banco BPM Facility. These costs have been capitalised and will be spread over the term of the Banco BPM Facility. The amount included in the table above represents the non-current portion of the Banco BPM Facility. The current portion is set out in note 16 above. Working capital loan due to TAG The TAG Unsecured Working Capital Facility, which was initially signed on 28 April 2023 and then amended on 30 June 2023, created the obligation for TAG to provide a working capital facility to the Company up to \u00a3800,000. Following the amendment on 30 June 2023, the Company issued a draw down notice to TAG under TAG Unsecured Working Capital Facility for the full \u00a3800,000 available. As at 31 December 2023, \u00a3250,000 had been received from TAG in respect of this facility, and during the year ended 31 December 2024, the remaining \u00a3550,000 was received from TAG. Subsequent to the receipt of the full \u00a3800,000 from TAG, a second deed of amendment was signed between TAG and the Company and this was dated 26 March 2024. This second deed of amendment allowed the full outstanding amount of the TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each, which were issued to TAG on 28 March 2024. These new ordinary shares issued had a \ufb01xed subscription price of 0.053 pence per share. As such, the balance owing in respect of the TAG Unsecured Working Capital Facility as at 31 December 2024 as \u00a3nil (31 December 2023: \u00a3250,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-462": {
"value": "17 Long-term borrowings | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Non-current portion of long-term bank borrowings | 364 | 590 |
| Working capital loan due to TAG | - | 250 |
| Total long-term borrowings | 364 | 840 |
Non- current portion of long-term bank borrowings On 12 October 2022, Supply@ME Technologies S.r.l, entered into a new long term loan facility with Banco BPM S.p.A (the \u201cBanco BPM Facility\u201d). The obligations of Supply@ME Technologies S.r.l under the Banco BPM Facility are guaranteed by the Company. The key commercial terms of the Banco BPM Facility include: a) \u20ac1 million in principal amount; b) 275 basis points over Euribor interest rate; and c) a \ufb01ve-year repayment term (the \ufb01nal payment to be made on 11 October 2027), including an initial six months of interest only repayments, followed by 54 months of combined principal and interest repayments. Fees totalling \u20ac52,000 were incurred in connection with the arrangement of the Banco BPM Facility. These costs have been capitalised and will be spread over the term of the Banco BPM Facility. The amount included in the table above represents the non-current portion of the Banco BPM Facility. The current portion is set out in note 16 above. Working capital loan due to TAG The TAG Unsecured Working Capital Facility, which was initially signed on 28 April 2023 and then amended on 30 June 2023, created the obligation for TAG to provide a working capital facility to the Company up to \u00a3800,000. Following the amendment on 30 June 2023, the Company issued a draw down notice to TAG under TAG Unsecured Working Capital Facility for the full \u00a3800,000 available. As at 31 December 2023, \u00a3250,000 had been received from TAG in respect of this facility, and during the year ended 31 December 2024, the remaining \u00a3550,000 was received from TAG. Subsequent to the receipt of the full \u00a3800,000 from TAG, a second deed of amendment was signed between TAG and the Company and this was dated 26 March 2024. This second deed of amendment allowed the full outstanding amount of the TAG Unsecured Working Capital Facility to be extinguished by the issue of 1,500,000,000 new ordinary shares of nominal value \u00a30.00002 each, which were issued to TAG on 28 March 2024. These new ordinary shares issued had a \ufb01xed subscription price of 0.053 pence per share. As such, the balance owing in respect of the TAG Unsecured Working Capital Facility as at 31 December 2024 as \u00a3nil (31 December 2023: \u00a3250,000). Financial liabilities | Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial liabilities at amortised cost: | | | | |
| Long-term borrowings | 574 | 1,032 | 574 | 1,032 |
| Trade payables | 820 | 1,314 | 820 | 1,314 |
| Other payables | 1,051 | 943 | 1,051 | 943 |
| 2,445 | 3,289 | 2,445 | 3,289 |
Valuation methods and assumptions: The directors believe that the fair value of trade and other payables approximates to the carrying value. There are no \ufb01nancial liabilities that are carried at fair value through the pro\ufb01t and loss as at 31 December 2024 (31 December 2023: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-433": {
"value": "| 18 Provisions | | |
| Post-employment | Provision for risks |
| bene\ufb01ts | and charges |
| \u00a3 000 | \u00a3 000 |
| At 1 January 2023 | 37 | |
| Released to pro\ufb01t and loss | - | (28) |
| Provided for in the year | 17 | 139 |
| Payments | (13) | |
| Actuarial (gain)/loss | 3 | |
| At 31 December 2023 | 44 | 194 |
| Forex retranslation adjustment | (2) | |
| At 1 January 2024 | 42 | 190 |
Released to pro\ufb01t and loss
Provided for in the year
Payments
Actuarial (gain)/loss
At 31 December 2024
-
9
(22)
-
29
83
-
-
(4)
(5)
41
-
-
226
Provision for VAT
and penalties
\u00a3 000
337
-
-
-
-
337
(15)
322
-
-
-
-
322
Total
\u00a3 000
457
(28)
156
(13)
3
575
(21)
554
(5)
50
(22)
-
577
Post-employment bene\ufb01ts
Post-employment bene\ufb01ts include severance pay and liabilities relating to future commitments to be disbursed to
employees based on their permanence in the relevant company. This entirely relates to the Italian subsidiary,
Supply@ME S.r.l. where severance indemnities are due to each employee at the end of the employment relationship.
Post-employment bene\ufb01ts relating to severance indemnities are calculated by estimating the amount of the future
bene\ufb01t that employees have accrued in the current period and in previous years using actuarial techniques. The
calculation is carried out by an independent actuary using the \u201cProjected Unit Credit Method\u201d.
Provision for risks and charges
Provision for risks and charges includes the estimated amounts of penalties and interest for payment delays
referring the tax and social security payables recorded in the \ufb01nancial statements of both of the Italian subsidiaries
which, at the closing date, are overdue. The increase in the prior \ufb01nancial year was primarily due the interest
component as the interest rates in Italy have risen during FY23 to an average at 5% during 2023 (2022: 1.5% in 2022).
The increase in the current \ufb01nancial year primarily re\ufb02ects additional interest charges provided for during the year.
Provision for VAT and penalties
In advance of the Group\u2019s \ufb01rst monetisation transaction, a number of advance payments have been received by the
Group\u2019s Italian subsidiary, Supply@ME S.r.l., from potential client companies in accordance with agreed contractual
terms. These payments have been recognised as revenue in accordance with local accounting rules. These advance
payments, for which an invoice has not yet been issued, have been made exclusive of VAT. As at 31 December 2024,
the Group has included a provision relating to a potential VAT liability, including penalties, in respect of these
advance payments of \u00a3187,000 (31 December 2023: \u00a3196,000). As the underlying currency of this provision is based
in Euros the movement during 2024 is the result of foreign exchange rate movements at each respect year end.
At the point in the future when the associated monetisation transaction takes place, the potential VAT liability will
be settled by the Group. At this same point in time, the Directors expect to be able to recover the VAT from the client
companies as invoices in respect of the monetisation transactions are issued. The timing of these future
monetisation transactions currently remains uncertain and as such no corresponding VAT receivable has been
recognised as at 31 December 2024, however there is a contingent asset of \u00a3134,000 as at 31 December 2024
(31 December 2023: \u00a3140,000) in respect of this.
An additional amount of \u00a3144,000 was added to the provision during the second half of 2022 to re\ufb02ect the fact that
the Italian intercompany invoice was issued late and this balance re\ufb02ects potential VAT penalties that may arise due
to the timing of the invoice. This balance remains provided for at 31 December 2024, however has been revalued to
\u00a3135,000 as at 31 December 2024 (31 December 2023: \u00a3141,000).
From time to time, during the course of business, the Group maybe subject to disputes which may give rise to claims.
The Group will defend such claims vigorously and provision for such matters are made when costs relating to
defending and concluding such matters can be measured reliably. There were no cases outstanding as at 31
December 2024 that meet the criteria for a provision to be recognised.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-463": {
"value": "| 18 Provisions | | |
| Post-employment | Provision for risks |
| bene\ufb01ts | and charges |
| \u00a3 000 | \u00a3 000 |
| At 1 January 2023 | 37 | |
| Released to pro\ufb01t and loss | - | (28) |
| Provided for in the year | 17 | 139 |
| Payments | (13) | |
| Actuarial (gain)/loss | 3 | |
| At 31 December 2023 | 44 | 194 |
| Forex retranslation adjustment | (2) | |
| At 1 January 2024 | 42 | 190 |
Released to pro\ufb01t and loss Provided for in the year Payments Actuarial (gain)/loss At 31 December 2024 - 9 (22) - 29 83 - - (4) (5) 41 - - 226 Provision for VAT and penalties \u00a3 000 337 - - - - 337 (15) 322 - - - - 322 Total \u00a3 000 457 (28) 156 (13) 3 575 (21) 554 (5) 50 (22) - 577 Post-employment bene\ufb01ts Post-employment bene\ufb01ts include severance pay and liabilities relating to future commitments to be disbursed to employees based on their permanence in the relevant company. This entirely relates to the Italian subsidiary, Supply@ME S.r.l. where severance indemnities are due to each employee at the end of the employment relationship. Post-employment bene\ufb01ts relating to severance indemnities are calculated by estimating the amount of the future bene\ufb01t that employees have accrued in the current period and in previous years using actuarial techniques. The calculation is carried out by an independent actuary using the \u201cProjected Unit Credit Method\u201d. Provision for risks and charges Provision for risks and charges includes the estimated amounts of penalties and interest for payment delays referring the tax and social security payables recorded in the \ufb01nancial statements of both of the Italian subsidiaries which, at the closing date, are overdue. The increase in the prior \ufb01nancial year was primarily due the interest component as the interest rates in Italy have risen during FY23 to an average at 5% during 2023 (2022: 1.5% in 2022). The increase in the current \ufb01nancial year primarily re\ufb02ects additional interest charges provided for during the year. Provision for VAT and penalties In advance of the Group\u2019s \ufb01rst monetisation transaction, a number of advance payments have been received by the Group\u2019s Italian subsidiary, Supply@ME S.r.l., from potential client companies in accordance with agreed contractual terms. These payments have been recognised as revenue in accordance with local accounting rules. These advance payments, for which an invoice has not yet been issued, have been made exclusive of VAT. As at 31 December 2024, the Group has included a provision relating to a potential VAT liability, including penalties, in respect of these advance payments of \u00a3187,000 (31 December 2023: \u00a3196,000). As the underlying currency of this provision is based in Euros the movement during 2024 is the result of foreign exchange rate movements at each respect year end. At the point in the future when the associated monetisation transaction takes place, the potential VAT liability will be settled by the Group. At this same point in time, the Directors expect to be able to recover the VAT from the client companies as invoices in respect of the monetisation transactions are issued. The timing of these future monetisation transactions currently remains uncertain and as such no corresponding VAT receivable has been recognised as at 31 December 2024, however there is a contingent asset of \u00a3134,000 as at 31 December 2024 (31 December 2023: \u00a3140,000) in respect of this. An additional amount of \u00a3144,000 was added to the provision during the second half of 2022 to re\ufb02ect the fact that the Italian intercompany invoice was issued late and this balance re\ufb02ects potential VAT penalties that may arise due to the timing of the invoice. This balance remains provided for at 31 December 2024, however has been revalued to \u00a3135,000 as at 31 December 2024 (31 December 2023: \u00a3141,000). From time to time, during the course of business, the Group maybe subject to disputes which may give rise to claims. The Group will defend such claims vigorously and provision for such matters are made when costs relating to defending and concluding such matters can be measured reliably. There were no cases outstanding as at 31 December 2024 that meet the criteria for a provision to be recognised. 21 Contingent liabilities There were no contingent liabilities for the Group at 31 December 2024 or 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-434": {
"value": "19 Pension and other schemes De\ufb01ned contribution pension scheme The Group operates a de\ufb01ned contribution pension scheme for employees of the Company. The assets of the scheme are recognised as being held separately from those of the Group and Company and will be paid over to an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. The total pension charge for the year represents contributions payable by the Group to the scheme relating to employer contributions amounted to \u00a347,000 for continuing operations (2023: \u00a353,000). Contributions (including employee and employer contributions) totalling \u00a330,000 (2023: \u00a316,000) were payable to the scheme at the end of the year and are included in creditors. This has been paid post year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-435": {
"value": "20 Capital commitments
There were no capital commitments for the Group at 31 December 2024 or 31 December 2023.
21 Contingent liabilities
There were no contingent liabilities for the Group at 31 December 2024 or 31 December 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-480": {
"value": "20 Capital commitments There were no capital commitments for the Group at 31 December 2024 or 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-481": {
"value": "21 Contingent liabilities There were no contingent liabilities for the Group at 31 December 2024 or 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-492": {
"value": "Financial assets | Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial assets at amortised cost: | | | | |
| Cash and cash equivalents | 34 | 5 | 34 | 5 |
| Trade receivables | 82 | 15 | 82 | 15 |
| Receivable from related party | 52 | 847 | 52 | 847 |
| Other receivables | 946 | 974 | 946 | 974 |
| 1,114 | 1,841 | 1,114 | 1,841 |
Valuation methods and assumptions: The directors believe due to their short term nature, the fair value approximates to the carrying amount. Financial liabilities | Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial liabilities at amortised cost: | | | | |
| Long-term borrowings | 574 | 1,032 | 574 | 1,032 |
| Trade payables | 820 | 1,314 | 820 | 1,314 |
| Other payables | 1,051 | 943 | 1,051 | 943 |
| 2,445 | 3,289 | 2,445 | 3,289 |
Valuation methods and assumptions: The directors believe that the fair value of trade and other payables approximates to the carrying value. There are no \ufb01nancial liabilities that are carried at fair value through the pro\ufb01t and loss as at 31 December 2024 (31 December 2023: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-482": {
"value": "Financial assets | Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial assets at amortised cost: | | | | |
| Cash and cash equivalents | 34 | 5 | 34 | 5 |
| Trade receivables | 82 | 15 | 82 | 15 |
| Receivable from related party | 52 | 847 | 52 | 847 |
| Other receivables | 946 | 974 | 946 | 974 |
| 1,114 | 1,841 | 1,114 | 1,841 |
Valuation methods and assumptions: The directors believe due to their short term nature, the fair value approximates to the carrying amount. Financial liabilities | Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial liabilities at amortised cost: | | | | |
| Long-term borrowings | 574 | 1,032 | 574 | 1,032 |
| Trade payables | 820 | 1,314 | 820 | 1,314 |
| Other payables | 1,051 | 943 | 1,051 | 943 |
| 2,445 | 3,289 | 2,445 | 3,289 |
Valuation methods and assumptions: The directors believe that the fair value of trade and other payables approximates to the carrying value. There are no \ufb01nancial liabilities that are carried at fair value through the pro\ufb01t and loss as at 31 December 2024 (31 December 2023: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-464": {
"value": "Financial assets | Carrying value | Carrying value | Fair value | Fair value |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Financial assets at amortised cost: | | | | |
| Cash and cash equivalents | 34 | 5 | 34 | 5 |
| Trade receivables | 82 | 15 | 82 | 15 |
| Receivable from related party | 52 | 847 | 52 | 847 |
| Other receivables | 946 | 974 | 946 | 974 |
| 1,114 | 1,841 | 1,114 | 1,841 |
Valuation methods and assumptions: The directors believe due to their short term nature, the fair value approximates to the carrying amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-465": {
"value": "Risk management The Group is exposed through its operations to the following \ufb01nancial risks: credit risk, foreign exchange risk, and liquidity risk. In common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes the Group\u2019s objectives, policies and processes for managing these risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these \ufb01nancial statements. There have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. Principal \ufb01nancial instruments The principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, were as follows: > trade receivables and other receivables; > cash at bank; > receivables from related parties; > trade and other payables; and > long-term borrowings. General objectives, policies and processes The Board had overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it had delegated the authority for designing and operating processes that ensure the e\ufb00ective implementation of the objectives and policies to the Group\u2019s \ufb01nance function. The Board received monthly reports from the Chief Financial Of\ufb01cer through which it reviewed the e\ufb00ectiveness of the processes put in place and the appropriateness of the objectives and policies it had set. The overall objective of the Board was to set polices that sought to reduce risk as far as possible without unduly a\ufb00ecting the Group\u2019s competitiveness and \ufb02exibility. Further details regarding these policies are set out below. Interest rate risk At present the Directors do not believe that the Group has signi\ufb01cant interest rate risk and consequently does not hedge against such risk. Cash balances earn interest at variable rates. The Group\u2019s interest generating \ufb01nancial assets from continuing operations as at 31 December 2024 comprised cash and cash equivalents of \u00a334,000 (2023: \u00a35,000). Interest is paid on cash at \ufb02oating rates in line with prevailing market rates. In addition, late payment interest of \u00a3312,000 was recognised during the year ended 31 December 2024 (2023: \u00a322,000) relating to the late payments of both the TAG Top-Up Shareholder Loan Agreement and the Deed of Novation. These interest amounts have been calculated at a compounding rate of 15% per annum on the overdue amounts. During the year ended 31 December 2024 an amount of \u00a357,000 was paid by TAG relating to late payment interest (2023: \u00a3nil). Of the remaining \u00a3277,000 that remained outstanding as at 31 December 2024, \u00a37,000 was paid by TAG prior to the issue of these \ufb01nancial statements and \u00a3270,000 was impaired as detailed in note 14. The Group's interest generating \ufb01nancial liabilities as at 31 December 2024 comprised long-term borrowings of \u00a3574,000 (2023: \u00a31,032,000). Sensitivity analysis At 31 December 2024, had the EURIBOR 3 MONTH rate of 2.736 (2023 \u2013 3.905) increased by 1% with all other variables held constant, the increase in interest payable on \ufb01nancial assets would amount to approximately \u00a36,000 (2023 - \u00a37,000). Similarly, a 1% decrease in the EURIBOR 3 MONTH rate with all other variables held constant would result in a decrease in interest receivable on \ufb01nancial assets of approximately \u00a37,000 (2023 - \u00a37,000). Credit risk and impairment Credit risk is the risk of \ufb01nancial loss to the Group if a customer or a counterparty to a \ufb01nancial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings take into account local business practices. The Group has a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment and delivery terms and conditions are o\ufb00ered. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. To manage this, the Group has made sure that they use reputable banks. The Group's Chief Financial Of\ufb01cer monitors the utilisation of the credit limits regularly. The Group\u2019s maximum exposure to credit by class of individual \ufb01nancial instrument is shown in the table below: | Carrying value | Maximum exposure | Carrying value | Maximum exposure |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2024 | 31 December 2023 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Cash and cash equivalents | 34 | 34 | 5 | 5 |
| Trade receivables | 82 | 82 | 15 | 15 |
| Receivable from related party | 52 | 52 | 847 | 847 |
| 168 | 168 | 867 | 867 |
As at 31 December 2024, with the exception of \u00a3270,000 relating to late payment interest receivable from TAG in respect of the Top-Up Shareholder Loan Agreement, the \ufb01nancial assets held by the Group have not been impaired. Further details of the impairment to the related party interest receivable can be found in note 14. Foreign exchange risk Foreign exchange risk arises because the Group has operations located in various parts of the world whose functional currency is not the same as the functional currency in which the Group operates. Although its global market penetration reduces the Group's operational risk, in that it has diversi\ufb01ed into several markets, the Group's net assets arising from such overseas operations are exposed to currency risk resulting in gains or losses on retranslation into sterling. Only in exceptional circumstances would the Group consider hedging its net investments in overseas operations as generally it does not consider that the reduction in foreign currency exposure warrants the cash \ufb02ow risk created from such hedging techniques. The Group's policy is, where possible, to allow Group entities to settle liabilities denominated in their functional currency (primarily Euros or Pound Sterling) with the cash generated from their own operations in that currency. Where Group entities have liabilities denominated in a currency other than their functional currency (and have insu\ufb03cient reserves of that currency to settle them) cash already denominated in that currency will, where possible, be transferred from elsewhere within the Group. Currency pro\ufb01le as at 31 December 2024 | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Financial assets | | |
| Cash and cash equivalents: Sterling | 1 | 3 |
| Cash: Euro | 33 | 2 |
| Trade receivables: Sterling | - | - |
| Trade receivables: Euro | 82 | 15 |
| Financial liabilities | | |
| Trade payables: Sterling | 478 | 865 |
| Trade payables: Euro | 342 | 449 |
| Long-term borrowings: Sterling | - | 250 |
| Long-term borrowings: Euro | 574 | 782 |
Sensitivity analysis At 31 December 2024, if Sterling had strengthened by 10% against the below currencies with all other variables held constant, loss before tax for the year would have been approximately: > EUR: \u00a368,000 higher (2023 - \u00a3102,000 higher). Conversely, if the below currencies had weakened by 10% with all other variables held constant, loss before tax for the year would have been approximately: > EURO: \u00a368,000 lower (2023 - \u00a3102,000 lower). > > Liquidity risk Liquidity risk arises from the Group's management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter di\ufb03culty in meeting its \ufb01nancial obligations as they fall due. The Group's policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabilities when they become due. The Board receives rolling 12-month cash \ufb02ow projections on a regular basis as well as information regarding cash balances. At the statement of \ufb01nancial position date, these projections indicated that the Group expects to have su\ufb03cient liquid resources to meet its obligations under all reasonably expected circumstances subject to the material uncertainties detailed in the going concern assumptions set out in note 2. As set out in note 28, the TAG Top-Up Shareholder Loan Agreement gave the Company the ability to draw down up to \u00a33.5 million in line with speci\ufb01c conditions. As at 31 December 2024, the Company had issued draw down notices for \u00a32,042,000 (31 December 2023: \u00a3969,000). As such as at 31 December 2024 \u00a31,458,000 remains undrawn under the TAG Top-Up Shareholder Loan Agreement. As at 31 December 2023, the Group had \u00a32,531,000 that had not been | drawn under the TAG Top-Up Shareholder Loan Agreement. | | | |
| Subsequent to the 31 December 2024, the Board entered into the Nuburu On-Demand Facility for US$5,150,000 and | | | |
| agreed to release TAG from its outstanding obligations under the TAG Top-Up Shareholder Loan Agreement once the | | | |
| full amount under the new facility has been received. Further details of this new funding facility can be found in note | | | |
30. This action was taken by the Board due to continued underperformance of TAG a commitments in line with the TAG Top-Up Shareholder Loan Agreement and the rece | | | |
| TAG\u2019s \ufb01nancial position, for which further details can be found in note 14. | | Between | Between |
| Up to 3 months | 3 and 12 months | 1 and 2 years |
| At 31 December 2024 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Liabilities | | | |
| Long-term borrowings | 44 | 148 | 193 |
Trade and other payables Social security and other taxes Total liabilities At 31 December 2023 Liabilities Long-term borrowings Trade and other payables Social security and other taxes Total liabilities 1,133 1,903 3,080 76 1,511 1,566 3,153 738 - 886 182 746 - 928 - - 193 223 - - 223 Between 2 and 5 years \u00a3 000 189 - - 189 676 - - 676 Over 5 years \u00a3 000 - - - - - - Capital risk management The Group's capital management objectives are to ensure the Group is appropriately funded to continue as a going concern and to provide an adequate return to shareholders commensurate with risk. The Group de\ufb01nes capital as being issued share capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group's capital structure is periodically reviewed and, if appropriate, adjustments are made in the light of expected future funding needs, changes in economic conditions, \ufb01nancial performance and changes in Group structure. As explained in note 28, the Group had various \ufb01nancing facilities from TAG in place during the year ended 31 December 2024. As explained in note 30, subsequent to the 31 December 2024, the Board entered into the Nuburu On-Demand Facility for US$5,150,000 and agreed to release TAG from its outstanding obligations under the Top-Up Shareholder Loan Agreement once the full amount under the new facility has been received. The Group adheres to the capital maintenance requirements as set out in the Companies Act. Capital for the reporting periods under review is summarised as follows: > Net liabilities: (\u00a34,246,000) (2023: (\u00a33,807,000)) > Cash and cash equivalents: \u00a334,000 (2023: \u00a35,000) > Share Capital \u00a36,199,000 (2023: \u00a35,989,000) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-483": {
"value": "Interest rate risk At present the Directors do not believe that the Group has signi\ufb01cant interest rate risk and consequently does not hedge against such risk. Cash balances earn interest at variable rates. The Group\u2019s interest generating \ufb01nancial assets from continuing operations as at 31 December 2024 comprised cash and cash equivalents of \u00a334,000 (2023: \u00a35,000). Interest is paid on cash at \ufb02oating rates in line with prevailing market rates. In addition, late payment interest of \u00a3312,000 was recognised during the year ended 31 December 2024 (2023: \u00a322,000) relating to the late payments of both the TAG Top-Up Shareholder Loan Agreement and the Deed of Novation. These interest amounts have been calculated at a compounding rate of 15% per annum on the overdue amounts. During the year ended 31 December 2024 an amount of \u00a357,000 was paid by TAG relating to late payment interest (2023: \u00a3nil). Of the remaining \u00a3277,000 that remained outstanding as at 31 December 2024, \u00a37,000 was paid by TAG prior to the issue of these \ufb01nancial statements and \u00a3270,000 was impaired as detailed in note 14. The Group's interest generating \ufb01nancial liabilities as at 31 December 2024 comprised long-term borrowings of \u00a3574,000 (2023: \u00a31,032,000). Sensitivity analysis At 31 December 2024, had the EURIBOR 3 MONTH rate of 2.736 (2023 \u2013 3.905) increased by 1% with all other variables held constant, the increase in interest payable on \ufb01nancial assets would amount to approximately \u00a36,000 (2023 - \u00a37,000). Similarly, a 1% decrease in the EURIBOR 3 MONTH rate with all other variables held constant would result in a decrease in interest receivable on \ufb01nancial assets of approximately \u00a37,000 (2023 - \u00a37,000). Foreign exchange risk Foreign exchange risk arises because the Group has operations located in various parts of the world whose functional currency is not the same as the functional currency in which the Group operates. Although its global market penetration reduces the Group's operational risk, in that it has diversi\ufb01ed into several markets, the Group's net assets arising from such overseas operations are exposed to currency risk resulting in gains or losses on retranslation into sterling. Only in exceptional circumstances would the Group consider hedging its net investments in overseas operations as generally it does not consider that the reduction in foreign currency exposure warrants the cash \ufb02ow risk created from such hedging techniques. The Group's policy is, where possible, to allow Group entities to settle liabilities denominated in their functional currency (primarily Euros or Pound Sterling) with the cash generated from their own operations in that currency. Where Group entities have liabilities denominated in a currency other than their functional currency (and have insu\ufb03cient reserves of that currency to settle them) cash already denominated in that currency will, where possible, be transferred from elsewhere within the Group. Currency pro\ufb01le as at 31 December 2024 | As at | As at |
| 31 December 2024 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 |
| Financial assets | | |
| Cash and cash equivalents: Sterling | 1 | 3 |
| Cash: Euro | 33 | 2 |
| Trade receivables: Sterling | - | - |
| Trade receivables: Euro | 82 | 15 |
| Financial liabilities | | |
| Trade payables: Sterling | 478 | 865 |
| Trade payables: Euro | 342 | 449 |
| Long-term borrowings: Sterling | - | 250 |
| Long-term borrowings: Euro | 574 | 782 |
Sensitivity analysis At 31 December 2024, if Sterling had strengthened by 10% against the below currencies with all other variables held constant, loss before tax for the year would have been approximately: > EUR: \u00a368,000 higher (2023 - \u00a3102,000 higher). Conversely, if the below currencies had weakened by 10% with all other variables held constant, loss before tax for the year would have been approximately: > EURO: \u00a368,000 lower (2023 - \u00a3102,000 lower). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-493": {
"value": "Sensitivity analysis At 31 December 2024, had the EURIBOR 3 MONTH rate of 2.736 (2023 \u2013 3.905) increased by 1% with all other variables held constant, the increase in interest payable on \ufb01nancial assets would amount to approximately \u00a36,000 (2023 - \u00a37,000). Similarly, a 1% decrease in the EURIBOR 3 MONTH rate with all other variables held constant would result in a decrease in interest receivable on \ufb01nancial assets of approximately \u00a37,000 (2023 - \u00a37,000). Sensitivity analysis At 31 December 2024, if Sterling had strengthened by 10% against the below currencies with all other variables held constant, loss before tax for the year would have been approximately: > EUR: \u00a368,000 higher (2023 - \u00a3102,000 higher). Conversely, if the below currencies had weakened by 10% with all other variables held constant, loss before tax for the year would have been approximately: > EURO: \u00a368,000 lower (2023 - \u00a3102,000 lower). ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-484": {
"value": "Credit risk and impairment Credit risk is the risk of \ufb01nancial loss to the Group if a customer or a counterparty to a \ufb01nancial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings take into account local business practices. The Group has a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment and delivery terms and conditions are o\ufb00ered. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. To manage this, the Group has made sure that they use reputable banks. The Group's Chief Financial Of\ufb01cer monitors the utilisation of the credit limits regularly. The Group\u2019s maximum exposure to credit by class of individual \ufb01nancial instrument is shown in the table below: | Carrying value | Maximum exposure | Carrying value | Maximum exposure |
| as at | as at | as at | as at |
| 31 December 2024 | 31 December 2024 | 31 December 2023 | 31 December 2023 |
| \u00a3 000 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Cash and cash equivalents | 34 | 34 | 5 | 5 |
| Trade receivables | 82 | 82 | 15 | 15 |
| Receivable from related party | 52 | 52 | 847 | 847 |
| 168 | 168 | 867 | 867 |
As at 31 December 2024, with the exception of \u00a3270,000 relating to late payment interest receivable from TAG in respect of the Top-Up Shareholder Loan Agreement, the \ufb01nancial assets held by the Group have not been impaired. Further details of the impairment to the related party interest receivable can be found in note 14. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-485": {
"value": "Liquidity risk Liquidity risk arises from the Group's management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter di\ufb03culty in meeting its \ufb01nancial obligations as they fall due. The Group's policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabilities when they become due. The Board receives rolling 12-month cash \ufb02ow projections on a regular basis as well as information regarding cash balances. At the statement of \ufb01nancial position date, these projections indicated that the Group expects to have su\ufb03cient liquid resources to meet its obligations under all reasonably expected circumstances subject to the material uncertainties detailed in the going concern assumptions set out in note 2. As set out in note 28, the TAG Top-Up Shareholder Loan Agreement gave the Company the ability to draw down up to \u00a33.5 million in line with speci\ufb01c conditions. As at 31 December 2024, the Company had issued draw down notices for \u00a32,042,000 (31 December 2023: \u00a3969,000). As such as at 31 December 2024 \u00a31,458,000 remains undrawn under the TAG Top-Up Shareholder Loan Agreement. As at 31 December 2023, the Group had \u00a32,531,000 that had not been | drawn under the TAG Top-Up Shareholder Loan Agreement. | | | |
| Subsequent to the 31 December 2024, the Board entered into the Nuburu On-Demand Facility for US$5,150,000 and | | | |
| agreed to release TAG from its outstanding obligations under the TAG Top-Up Shareholder Loan Agreement once the | | | |
| full amount under the new facility has been received. Further details of this new funding facility can be found in note | | | |
30. This action was taken by the Board due to continued underperformance of TAG a commitments in line with the TAG Top-Up Shareholder Loan Agreement and the rece | | | |
| TAG\u2019s \ufb01nancial position, for which further details can be found in note 14. | | Between | Between |
| Up to 3 months | 3 and 12 months | 1 and 2 years |
| At 31 December 2024 | \u00a3 000 | \u00a3 000 | \u00a3 000 |
| Liabilities | | | |
| Long-term borrowings | 44 | 148 | 193 |
Trade and other payables Social security and other taxes Total liabilities At 31 December 2023 Liabilities Long-term borrowings Trade and other payables Social security and other taxes Total liabilities 1,133 1,903 3,080 76 1,511 1,566 3,153 738 - 886 182 746 - 928 - - 193 223 - - 223 Between 2 and 5 years \u00a3 000 189 - - 189 676 - - 676 Over 5 years \u00a3 000 - - - - - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-486": {
"value": "Capital risk management The Group's capital management objectives are to ensure the Group is appropriately funded to continue as a going concern and to provide an adequate return to shareholders commensurate with risk. The Group de\ufb01nes capital as being issued share capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group's capital structure is periodically reviewed and, if appropriate, adjustments are made in the light of expected future funding needs, changes in economic conditions, \ufb01nancial performance and changes in Group structure. As explained in note 28, the Group had various \ufb01nancing facilities from TAG in place during the year ended 31 December 2024. As explained in note 30, subsequent to the 31 December 2024, the Board entered into the Nuburu On-Demand Facility for US$5,150,000 and agreed to release TAG from its outstanding obligations under the Top-Up Shareholder Loan Agreement once the full amount under the new facility has been received. The Group adheres to the capital maintenance requirements as set out in the Companies Act. Capital for the reporting periods under review is summarised as follows: > Net liabilities: (\u00a34,246,000) (2023: (\u00a33,807,000)) > Cash and cash equivalents: \u00a334,000 (2023: \u00a35,000) > Share Capital \u00a36,199,000 (2023: \u00a35,989,000) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-466": {
"value": "23 Net debt The Group reconciliation of the movement in net debt from continuing operations is set out below: At 1 January 2023 Net cash \ufb02ows Foreign exchange At 31 December 2023 Net cash \ufb02ows Repayment of TAG Unsecured Working Capital Facility via new share issue (non cash) Foreign exchange As at 31 December 2024 Total long-term borrowings (current and non-current portion) \u00a3 000 (906) (145) 19 (1,032) (374) 800 32 (574)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-436": {
"value": "24 Share-based payments Share warrants issued in connection with the New Equity Subscription Agreement On the 14 May 2024, the Company announced it had entered into the New Equity Subscription Agreement with a UK investment \ufb01rm, pursuant to which the UK investment \ufb01rm committed to subscribe for 9,000,000,000 Subscription Shares. Under the New Equity Subscription Agreement, new warrants were required to be issued to the UK investment \ufb01rm at a ratio of one warrant for every twenty subscription shares issued under the New Equity Subscription Agreement. This resulted in an obligation for the Group to issue 450,000,000 new warrants to the UK investment \ufb01rm (\"New Warrants\"). These New Warrants are each exercisable into one new ordinary share at a price equal to 0.01725 pence per share up to a \ufb01nal exercise date of 28 May 2029. As these share warrants were issued as a cost of issuing new ordinary shares to the UK investment \ufb01rm they fall into of scope of IFRS 2 (\"Share-based payments\"). As such, the Directors were required to determine the fair value of the equity-settled share-based payments at the date on which they were granted. The fair value was determined using a Black-Sholes model which required certain judgements to be made in determining the most appropriate inputs to be used. The key judgemental point was the expected volatility rate of the Company\u2019s share price over the relevant period prior to the grant of the warrants. The volatility rate assumption applied in the model for the New Warrants was 82.5%. This was based on the actual volatility of the Company\u2019s shares over the historical period from March 2020 (the date of the reverse take over) to the valuation date. The total fair value of the New Warrants was \u00a352,000 and this amount has been fully recognised during the year ended 31 December 2024. Given this amount directly related to the cost of issuing new ordinary shares to the UK investment \ufb01rm, the total amount of \u00a352,000 was o\ufb00set against the share premium balance speci\ufb01cally created in connection with the relevant issue of Subscription Shares in accordance with IAS 32 (\"Financial Instruments\"). Share warrants issued to Mercator During 2021 the Group entered into a funding facility with Mercator Capital Management Fund LP (\"Mercator\") which required share warrants to be issued representing 20% of the face value of any loan notes or convertible loan notes issued in connection with this facility. These warrants have a term of 3 years from issue and an exercise price of 130% of the lowest closing VWAP over the ten trading days immediately preceding the issue of the warrants. The total number of share warrants issued under this arrangement to Mercator during the years ended 31 December 2021 and 2022 was 961,832,433 (the \"Mercator Warrants\"). Details of the outstanding share warrants issued to Mercator are set out in the table below. During the year ended 31 December 2024, a total of 522,791,512 of the Mercator Warrants expired prior to being exercised. There is no impact to the \ufb01nancial statements as a result of these warrants expiring. There have been no movement in these Mercator Warrants during the prior year ended 31 December 2023, however as announced by the Company on 23 November 2023, and further on 28 March 2024, the Company approved the transfer of Mercator Warrants from Mercator to an independent third-party purchaser(s). Outstanding Mercator Warrants at 31 December 2024 | Number of | | |
| warrants | | |
| Date of issue | outstanding | Exercise price | Expiry date |
| 4 January 2022 | 77,763,767 | \u00a30.00174 | 4 January 2025 |
| 2 February 2022 | 79,179,799 | \u00a30.00171 | 2 February 2025 |
| 4 March 2022 | 105,948,198 | \u00a30.00128 | 4 March 2025 |
| 14 July 2022 | 176,149,157 | \u00a30.00085 | 14 July 2025 |
| Total | 439,040,921 | | |
Mercator Warrants that expired during the year ended 31 December 2024 | Number of | | |
| warrants | | |
| Date of issue | outstanding | Exercise price | Expiry date |
| 1 October 2021 | 443,726,031 | \u00a30.00316 | 1 October 2024 |
| 1 November 2021 | 29,197,856 | \u00a30.00314 | 1 November 2024 |
| 1 December 2021 | 49,867,625 | \u00a30.00184 | 1 December 2024 |
| Total | 522,791,512 | | |
The total fair value of the above Mercator Warrants has been fully expensed in the prior periods. No further costs have been recognised in the current \ufb01nancial year ended 31 December 2024 (2023: \u00a3nil), and none of these warrants have been converted during the same period (2023: nil converted). Share warrants issued to Venus under the 2022 Capital Enhancement Plan On the 27 April 2022, the Group announced it had entered into a subscription agreement with Venus Capital S.A (\u201cVenus Capital\u201d). Under the terms of this subscription agreement the Group issued a total of 8,175,000,000 share warrants to Venus Capital during the year ended 31 December 2022, and as at the 31 December 2024, these all remain outstanding. The initial terms of the warrants speci\ufb01ed that they could be exercised at any time up to 31 December 2025 and have an exercise price of 0.065 pence per warrant, however this expiry date was extended to 31 December 2026 through a deed of amendment dated 26 April 2023. As these share warrants were issued as a cost of issuing new ordinary shares to Venus Capital, they fall into of scope of IFRS 2 (\"Share-based payments\") and the total fair value of these was fully recognised during 2022. No further costs have been recognised in the year ended 31 December 2024 (2023: \u00a3nil). Share warrants issued to retail shareholders under the Open O\ufb00er On 22 July 2022, the Group announced an Open O\ufb00er, giving existing shareholders the opportunity to subscribe for up to 641,710,082 new ordinary shares in the Group. Following the closing of the Open O\ufb00er, on 18 August 2022, the Group announced it would allot and issue 641,710,082 new ordinary shares to those qualifying shareholders. In addition, the Group also issued 320,855,008 warrants to the qualifying shareholders on the basis of one warrant for every two ordinary shares received as a result of the Open O\ufb00er. The initial terms of the warrants speci\ufb01ed that they could be exercised at any time up to 31 December 2025 and have an exercise price of 0.065 pence per warrant, however this expiry date was extended to 31 December 2026 through a deed of amendment dated 26 April 2023. As these share warrants were issued as a cost of issuing the new Open O\ufb00er ordinary shares they fall into of scope of IFRS 2 (\"Share-based payments\") and the total fair value of these was fully recognised during 2022. No further costs have been recognised in the year ended 31 December 2024 (2023: \u00a3nil). Subsequent to the issue of the Open O\ufb00er warrants, and prior to 31 December 2024, a cumulative amount of 160,091,075 (31 December 2023:160,036,379) of these warrants have been converted in exchange for new ordinary shares and as at 31 December 2024 there is a balance of 160,763,933 (31 December 2023: 160,818,629) Open O\ufb00er warrants which remained outstanding. On the exercise of the Open O\ufb00er warrants, the fair value amount is reclassi\ufb01ed from the share-based payment reserve to retained losses in the relevant period in the Groups statement of changes in equity. Share warrants issued to Venus Capital under the April 2023 Equity Subscription Agreement On the 28 April 2023, the Company announced it had and entered into a new subscription agreement with Venus Capital. Under this subscription agreement, 2,250,000,000 new warrants were required to be issued to Venus Capital (the \u201cNew Venus Warrants\u201d). This resulted in an obligation for the Group to issue the New Venus Warrants. These New Venus Warrants are each exercisable into one new ordinary share at a price equal to 0.065 pence per share up to a \ufb01nal exercise date of 31 December 2026. As these share warrants were issued as a cost of issuing new ordinary shares to Venus Capital they fall into of scope of IFRS 2 (\"Share-based payments\"). As such, the Directors were required to determine the fair value of the equity-settled share-based payments at the date on which they were granted. The total fair value of the New Venus Warrants was \u00a31,717,000 and this amount has been fully recognised during the year ended 31 December 2023. These were no additional amounts recognised during the current \ufb01nancial year ended 31 December 2024. Given this amount directly related to the cost of issuing new ordinary shares to Venus Capital, the total amount of \u00a31,717,000 was o\ufb00set against the share premium balance during the \ufb01nancial year ended 31 December 2023 in accordance with IAS 32 (\"Financial Instruments\"). This amount was o\ufb00set against the related share premium that was created in connection with the relevant issue of ordinary share to Venus Capital. No further amounts have been recognised in the year ended 31 December 2024. Extension to the expiry date of the warrants issued in connection with the Open O\ufb00er carried out on 17 August 2022 and the warrants issued to Venus Capital during 2022 As outlined above, both of these warrants had been valued previously in line with IFRS 2 (\"Share-based payments\"). The modi\ufb01cation to the expiry date was also valued in line with IFRS 2. The change in the fair value due to the extension of the expiry date on those warrants still outstanding at the time of modi\ufb01cation of \u00a3346,000 was fully recognised during the six month period ended 30 June 2023. Given this amount directly related to the cost of issuing new ordinary shares in the past to Venus Capital or under the Open O\ufb00er, the amount of \u00a3132,000 was o\ufb00set against the share premium balance in accordance with IAS 32 (\"Financial Instruments\") and the remaining fair value amount of \u00a3214,000 was recognised in retained losses during the year ended 31 December 2023. No further amounts have been recognised in the year ended 31 December 2024. A summary of the share warrants outstanding as at 31 December 2024 is detailed in the table below: | Number of | Number of |
| warrants outstanding | warrants outstanding |
| at 31 December 2024 | at 31 December 2023 |
| Share warrants issued to Mercator | 439,040,921 | 961,832,433 |
| Share warrants issued to Venus Capital | 8,175,000,000 | 8,175,000,000 |
| Share warrants to be issued to Venus Capital | 2,250,000,000 | 2,250,000,000 |
| Share warrants issued to retail shareholders | 160,763,933 | 160,818,629 |
| Share warrants issued in connection with New Equity | | |
| Subscription Agreement completed in May 2024 | 450,000,000 | - |
| Total | 11,474,804,854 | 11,547,651,062 |
A summary of the movement to the number of share warrants outstanding during the \ufb01nancial year ended 31 December 2024 are set out below: > a total of 522,791,512 shares warrants that had previously been issued to Mercator expired prior to the holder choosing to convert into ordinary shares of the Company; > a total of 54,696 share warrants that had been issued in connection with the Open O\ufb00er that took place in August 2022, where exercised by the holders and converted into ordinary shares of the Company; and > a total of 450,000,000 new share warrants were issued under the New Equity Subscription Agreement that was completed in May 2024. These all remain unexercised as at 31 December 2024. A summary of the fair value of the share warrants issued during the period, including the change in fair value due to modi\ufb01cation of the terms of certain share warrants, are detailed in the table below: | | 2024 | 2023 |
| | \u00a3 000 | \u00a3 000 |
| Share warrants to be issued to Venus Capital | | - | 1,717 |
| Increase in fair value of outstanding warrants issued to Venus | | | |
| Capital and retail shareholders as a result of expiry date extension | | - | 346 |
May 2024 | Subscription Agreement | 52 | - |
| Total | | 52 | 2,063 |
| Employee share scheme awards |
| October 2022 Employee share scheme |
| On 31 October 2022, the Group awarded an long term-term incentive plan (\u201cLTIP\u201d) conditional on performance |
conditions to certain employees, being the achievement of speci\ufb01ed Total Shareholder Return (\"TSR\") (market condition) performance, as well as continued employment. The TSR performance related to a three year period over the 2022, 2023 and 2024 \ufb01nancial years and the required TSR performance is set out in the table below with the adjusted share price measurement period being the average closing mid-market price of a share over a three month period ending on the last dealing day of the performance period: Adjusted share price per share Below 0.6945 pence Equal to 0.6945 pence 1 penny or greater Percentage of TSR award vesting 0% 25% 100% > > > Vesting was to be on a straight-line basis between target levels, however as the average closing mid-market price of a share over a three month period ending 31 December 2024 did not meet the lower of the performance targets set above, none of the share awards will vest. The vesting date of these share awards was to be 31 October 2025, and the continued employment needed to cover up until this date. The share awards issued to the Chief Executive O\ufb03cer were to be subject to an additional 2 years holding period following the vesting date. | For those share schemes with market related vesting conditions, the fair value is determined using the Monte Carlo |
| model at the grant date. The following table lists the inputs to the model used for the awards granted in the year |
| ended 31 December 2022 based on information at the date of grant: |
| LTIP awards (granted on 31 October 2022) |
| Share price at date of grant |
| Award price |
| Volatility |
Life of award
Risk free rate
Dividend yield
Fair value per award
TSR element
0.08 pence
0.002 pence
116.38%
3 years
3.34%
0%
0.0245 pence
The additional holding period applicable to the share awards issued to the Chief Executive O\ufb03cer have been valued
using the Finnerty model. The following table lists the inputs to the model used for the awards granted in the year
ended 31 December 2022 based on information at the date of grant:
| LTIP awards (granted on 31 October 2022) | TSR element additional holding period |
| Share price at date of grant | 0.08 pence |
| Award price | 0.08 pence |
| Volatility | 116.73% |
| Life of holding period | 2 years |
| Risk free rate | 3.60% |
| Dividend yield | 0% |
| Fair value per award with holding period | 0.0208 pence |
These awards would have been equity-settled by award of ordinary shares, however as set out above due to the TSR
performance condition not having been meet at the end of 2024, none of these share awards will vest in the future.
The total share-based payment charge recognised in the consolidated statement of comprehensive income for the
year ended 31 December 2024 in relation to the October 2022 employee share scheme options is \u00a320,000 (2023:
\u00a360,000). As all social security charges with respect to the share awards will be the responsibility of the employee,
no expense has been recognised by the Group in respect of these charges.
The following table summarised the movements in the number in share awards issued by the Company in October 2022: | 2024 | 2023 |
| No. | No. |
| Outstanding at 1 January | 786,658,094 | 874,783,094 |
| Conditionally awarded in year | - | - |
| Exercised | - | - |
| Forfeited or expired in year | (228,883,759) | (88,125,000) |
| Lapsed at 31 December due to performance condition not being met | (557,774,335) | |
| Outstanding at 31 December | - | 786,658,094 |
| Exercisable at the end of the year | - | - |
May 2023 Employee share scheme On 19 May 2023, the Group awarded its second LTIP conditional on performance conditions to certain employees, being the achievement on continued employment and the achievement of performance conditions relating to the speci\ufb01ed TSR (market condition) performance (50%) and the speci\ufb01c GBP amount of inventory monetised (non market condition) (50%). Each of the performance conditions relate to a three year period over the 2023, 2024 and 2025 \ufb01nancial years and the required performance is as follows: > with respect to the TSR element the adjusted share price measurement period is the average closing mid-market price of a share price over a three month period ending on the last dealing day of the performance period, being 31 December 2025. If the average share price during the measurement period is 0.15p then 25% of the aware will vest, and this increases on a straight line basis to 0.3p for 100% of vesting; and > with respect to the GBP amount of inventory monetised the measurement period is by the end of the performance period, being 31 December 2025. 25% of the award will vest if \u00a3300m of inventory is monetised (in aggregate) over the three year performance period, increasing on a straight line to 100% of the award to vest if \u00a3400m of inventory is monetised (in aggregate) over the same three year performance period. As with the October 2022 LTIP award in addition to the satisfaction of the performance conditions set out above, the Group\u2019s Remuneration Committee must also be satis\ufb01ed that the potential level of vesting of the LTIP is appropriate in all circumstances. The vesting date of these share awards is 19 May 2026, and the continued employment covers up until this date. The share awards issued to the Chief Executive O\ufb03cer are subject to an additional 2 years holding period following the vesting date. For those share schemes with market related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For those share schemes with non-market vesting conditions, the fair value is determined using the Black Scholes model at the grant date. The following table lists the inputs to the models used for the May 2023 share awards granted based on information at the date of grant: > > LTIP awards (granted on 19 May 2023) TSR element Share price at date of grant 0.14 pence Award price 0.002 pence Volatility 119.81% Life of award Risk free rate Dividend yield Fair value per award 3 years 3.90% 0% 0.1098 pence Inventory Monetisation element 0.14 pence 0.002 pence n/a 3 years n/a 0% 0.1384 pence The additional holding period applicable to the share awards issued to the Chief Executive O\ufb03cer have been valued using the Finnerty model. The following table lists the inputs to the model used for the awards granted during year ended 31 December 2024 based on information at the date of grant: | LTIP awards (granted on 19 May 2023) | TSR element | Inventory Monetisation element |
| Share price at date of grant | 0.14 pence | 0.14 pence |
| Award price | 0.14 pence | 0.14 pence |
| Volatility | 127.25% | 127.25% |
| Life of award | 2 years | 2 years |
| Risk free rate | 3.87% | 3.87% |
| Dividend yield | 0% | 0% |
| Fair value per award | 0.0924 pence | 0.1165 pence |
These awards will be equity-settled by award of ordinary shares. The total share-based payment charge recognised consolidated statement of comprehensive income for the year ended 31 December 2024 in relation to the May 2023 employee share scheme options was a credit of \u00a39,000 (2023: debit of \u00a371,000). As all social security charges with respect to the share awards will be the responsibility of the employee, no expense has been recognised by the Group in respect of these charges. In calculating the credit recognised in comprehensive income for the current \ufb01nancial year, the Board made the judgement that the Inventory Monetisation target of the May 2023 LTIPs was highly unlikely to be met by the end of the performance period, and as such a true up adjustment was required to ensure the cumulative amounts charged to comprehensive income since grant date re\ufb02ected this judgement. The following table summarised the movements in the number in share awards issued by the Company in May 2023:
| 2024 | 2023 |
| No. | No. |
| Outstanding at 1 January | 309,095,310 | - |
| Conditionally awarded in year | - | 343,548,435 |
| Exercised | - | - |
| Forfeited or expired in year | (80,838,945) | (34,453,125) |
| Outstanding at 31 December | 228,256,365 | 309,095,310 |
| Exercisable at the end of the year | - | - |
25 Share issue costs
The costs relating to the equity subscription share issue that took place during the year have been netted o\ufb00 against
the amount of share premium that is recognised in respect of the share issue to which they directly relate. Any
amounts in excess of the share premium recognised, are taken to retained earnings. Details of the share issue costs
recognised during the year ended 31 December 2024 are set out in the table below.
| 2024 | 2024 |
| Costs recognised | Costs recognised |
| in share premium | in retained earnings |
| \u00a3 000 | \u00a3 000 |
| Share warrants issued in connection with New Equity Subscription | | |
| Agreement dated May 2024 (note 24) | 52 | - |
| Other costs (legal fees, listing fees, commission cost) | 140 | - |
| Total | 192 | - |
| | 2023 | 2023 |
| | Costs recognised | Costs recognised |
| | in share premium | in retained earnings |
| | \u00a3 000 | \u00a3 000 |
2023 | Venus Subscription warrant costs (note 24) | 1,717 | - |
| Other costs (legal fees, listing fees, commission cost) | | 254 | - |
| Impact of extension of expiry date of warrants issued during 2022 | | | |
| relating to Capital Enhancement plan and Open O\ufb00er warrants (note 24) | | 132 | 214 |
| Total | | 2,103 | 214 |
26 Loss from discontinued operations recognised in the prior year comparative period
During the second half of 2022, the Board of Directors of the Company began the process of the TradeFlow
Restructuring, and as such in the \ufb01nancial statements for the year ended 31 December 2022, it was considered that
the TradeFlow operations meet the criteria to be classi\ufb01ed as held for sale at the balance sheet date in accordance
with IFRS 5 (\"Non-current Assets Held for Sale and Discontinued Operations\"). This is due to the fact that as at this
date the details of the TradeFlow Restructuring had all been agreed in principle between the parties and was
expected to be completed post year-end. As a result the TradeFlow operations were available for immediate sale in
its present condition and it was highly probably that that sale would be completed at 31 December 2022.
Subsequently, on 30 June 2023 the Company announced that had entered into relevant binding commercial
agreements to complete the TradeFlow Restructuring.
The TradeFlow Restructuring resulted in the Group reducing its ownership in TradeFlow from 100% to 19% by selling
81% of the issued share capital in TradeFlow to Tom James and John Collis (the \"Buyers\"). The consideration for the
Group\u2019s 81% stake in TradeFlow was \u00a314,386,100 of which \u00a312,386,100 was netted o\ufb00 against potential future
amounts owed by the Group to the Buyers under the terms of an earn-out letter relating to the original acquisition
of TradeFlow in July 2021.
This resulted in a remaining \u00a32,000,000 consideration to be receivable by the Group. On the 30 June 2023, the
Group's major shareholder, TAG, assumed this remaining \u00a32,000,000 consideration, to be receiveable by the Group,
from the buyers of TradeFlow, by way of a Debt Novation Deed (the \u201cDeed of Novation\u201d). As outlined in note 14, this
\u00a32,000,000 was repaid by TAG over 2023 and 2024.
The accounting for the TradeFlow Restructuring has been re\ufb02ected in the consolidated \ufb01nancial statements for the
year ended 31 December 2023. During the period from 1 January 2023 and up until the date of completion of the
TradeFlow Restructuring, being 30 June 2023, the TradeFlow operations continued to meet the criteria to be
classi\ufb01ed as held for sale in accordance with IFRS 5 (\"Non-current Assets Held for Sale and Discontinued
Operations\"). The TradeFlow operations contributed a loss of \u00a3185,000 (inclusive of the pro\ufb01t on disposal of 81%
of TradeFlow referred to below) in the period from 1 January 2023 to 30 June 2023.
From 30 June 2023, the assets and liabilities of TradeFlow, including the intangible assets acquired on the acquisition
of TradeFlow in July 2021, are no longer consolidated by the Group, and instead the fair value of the new 19%
investment of \u00a3352,000 was recognised on the balance sheet as at 30 June 2023, together with the outstanding
consideration to be received from TAG. The di\ufb00erence between these items resulted in a pro\ufb01t on disposal of 81%
of TradeFlow recorded in the consolidated \ufb01nancial statements for the year ended 31 December 2023 of \u00a3718,000.
The results of the TradeFlow (discontinued) operations for the period from 1 January 2023 to 30 June 2023 are presented below: Revenue Administrative expenses Other operating income Amortisation of intangible assets Foreign currency translation loss reclassi\ufb01ed to comprehensive income Pro\ufb01t on disposal of 81% of TradeFlow Operating loss Finance costs Loss before tax Deferred tax credit Loss for the period 6 months to 30 June 2023* \u00a3 000 684 (1,037) 24 (442) (62) 718 (115) (145) (260) 75 (185) * Represents the results for the six-month period prior to the \ufb01nalisation of the TradeFlow Restructuring on 30 June 2023. The net cash \ufb02ows from the TradeFlow operations were as follows: | 6 months to |
| 30 June 2023* |
| \u00a3 000 |
| Net cash \ufb02ow from operating activities | (405) |
| Net cash \ufb02ow from investing activities | - |
| Net cash \ufb02ow from \ufb01nancing activities | 405 |
| Net cash out\ufb02ow | - |
* Represents the cash \ufb02ows for the six-month period prior to the \ufb01nalisation of the TradeFlow Restructuring on 30 June 2023. The calculation of the pro\ufb01t on disposal of 81% of TradeFlow as at 30 June 2023 is shown below: | As at |
| 30 June 2023 |
| \u00a3 000 |
| Accounting fair value of the 81% ownership of the TradeFlow operations disposed of by the Group | 2,000 |
| Accounting fair value of 19% ownership of the TradeFlow operations retained by the Group | 352 |
| 2,352 |
| Less: | |
| Accounting fair value of net assets disposed of by the Group | (1,634) |
| Pro\ufb01t on disposal of 81% of TradeFlow | 718 |
The value of the 19% ownership of the TradeFlow operations retained by the Company was calculated with
reference to the speci\ufb01cs set out in the TradeFlow Restructuring share purchase agreement dated 30 June 2023 (the
\"TradeFlow SPA\"). These speci\ufb01cs included:
a) The TradeFlow SPA set out the total legal consideration for the 81% of the TradeFlow business and required a
cash amount of \u00a32,000,000 to be payable to the Company by the Buyers as a result of the TradeFlow
Restructuring;
b) Based on the amount agreed in a) above, the estimated accounting fair value of 100% of the TradeFlow
operations is assumed to be \u00a32,469,000; and
c) Based on the numbers set out in a) and b) above, the fair value of the 19% investment in TradeFlow retained by
the Company as at 30 June 2023 is \u00a3469,000. Management then applied a discount of 25% to this fair value to
take account of the fact that the Group no longer controls TradeFlow operations. This discount applied is a
management judgement that will continue to be reassessed at each reporting date.
The major classes of assets and liabilities of the TradeFlow operations as at 30 June 2023, immediately prior to the
\ufb01nalisation of the TradeFlow Restructuring, are shown below:
| As at |
| 30 June 2023* |
| \u00a3 000 |
| Assets | |
| Intangible assets | 5,841 |
| Tangible assets | 2 |
| Trade and other receivables | 174 |
| Contract assets | 119 |
| Cash and cash equivalents | 305 |
| Assets of disposal group held for sale | 6,441 |
| Liabilities | |
| Trade and other payables | 482 |
| Long-term borrowings | 3,440 |
| Deferred tax liability | 885 |
| Liabilities of disposal group held for sale | 4,807 |
| Net assets | 1,634 |
* Represents the assets and liabilities of the TradeFlow operations as at 30 June 2023 immediately prior to the \ufb01nalisation of the TradeFlow Restructuring.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-467": {
"value": "26 Loss from discontinued operations recognised in the prior year comparative period During the second half of 2022, the Board of Directors of the Company began the process of the TradeFlow Restructuring, and as such in the \ufb01nancial statements for the year ended 31 December 2022, it was considered that the TradeFlow operations meet the criteria to be classi\ufb01ed as held for sale at the balance sheet date in accordance with IFRS 5 (\"Non-current Assets Held for Sale and Discontinued Operations\"). This is due to the fact that as at this date the details of the TradeFlow Restructuring had all been agreed in principle between the parties and was expected to be completed post year-end. As a result the TradeFlow operations were available for immediate sale in its present condition and it was highly probably that that sale would be completed at 31 December 2022. Subsequently, on 30 June 2023 the Company announced that had entered into relevant binding commercial agreements to complete the TradeFlow Restructuring. The TradeFlow Restructuring resulted in the Group reducing its ownership in TradeFlow from 100% to 19% by selling 81% of the issued share capital in TradeFlow to Tom James and John Collis (the \"Buyers\"). The consideration for the Group\u2019s 81% stake in TradeFlow was \u00a314,386,100 of which \u00a312,386,100 was netted o\ufb00 against potential future amounts owed by the Group to the Buyers under the terms of an earn-out letter relating to the original acquisition of TradeFlow in July 2021. This resulted in a remaining \u00a32,000,000 consideration to be receivable by the Group. On the 30 June 2023, the Group's major shareholder, TAG, assumed this remaining \u00a32,000,000 consideration, to be receiveable by the Group, from the buyers of TradeFlow, by way of a Debt Novation Deed (the \u201cDeed of Novation\u201d). As outlined in note 14, this \u00a32,000,000 was repaid by TAG over 2023 and 2024. The accounting for the TradeFlow Restructuring has been re\ufb02ected in the consolidated \ufb01nancial statements for the year ended 31 December 2023. During the period from 1 January 2023 and up until the date of completion of the TradeFlow Restructuring, being 30 June 2023, the TradeFlow operations continued to meet the criteria to be classi\ufb01ed as held for sale in accordance with IFRS 5 (\"Non-current Assets Held for Sale and Discontinued Operations\"). The TradeFlow operations contributed a loss of \u00a3185,000 (inclusive of the pro\ufb01t on disposal of 81% of TradeFlow referred to below) in the period from 1 January 2023 to 30 June 2023. From 30 June 2023, the assets and liabilities of TradeFlow, including the intangible assets acquired on the acquisition of TradeFlow in July 2021, are no longer consolidated by the Group, and instead the fair value of the new 19% investment of \u00a3352,000 was recognised on the balance sheet as at 30 June 2023, together with the outstanding consideration to be received from TAG. The di\ufb00erence between these items resulted in a pro\ufb01t on disposal of 81% of TradeFlow recorded in the consolidated \ufb01nancial statements for the year ended 31 December 2023 of \u00a3718,000. The results of the TradeFlow (discontinued) operations for the period from 1 January 2023 to 30 June 2023 are presented below: Revenue Administrative expenses Other operating income Amortisation of intangible assets Foreign currency translation loss reclassi\ufb01ed to comprehensive income Pro\ufb01t on disposal of 81% of TradeFlow Operating loss Finance costs Loss before tax Deferred tax credit Loss for the period 6 months to 30 June 2023* \u00a3 000 684 (1,037) 24 (442) (62) 718 (115) (145) (260) 75 (185) * Represents the results for the six-month period prior to the \ufb01nalisation of the TradeFlow Restructuring on 30 June 2023. The net cash \ufb02ows from the TradeFlow operations were as follows: | 6 months to |
| 30 June 2023* |
| \u00a3 000 |
| Net cash \ufb02ow from operating activities | (405) |
| Net cash \ufb02ow from investing activities | - |
| Net cash \ufb02ow from \ufb01nancing activities | 405 |
| Net cash out\ufb02ow | - |
* Represents the cash \ufb02ows for the six-month period prior to the \ufb01nalisation of the TradeFlow Restructuring on 30 June 2023. The calculation of the pro\ufb01t on disposal of 81% of TradeFlow as at 30 June 2023 is shown below: | As at |
| 30 June 2023 |
| \u00a3 000 |
| Accounting fair value of the 81% ownership of the TradeFlow operations disposed of by the Group | 2,000 |
| Accounting fair value of 19% ownership of the TradeFlow operations retained by the Group | 352 |
| 2,352 |
| Less: | |
| Accounting fair value of net assets disposed of by the Group | (1,634) |
| Pro\ufb01t on disposal of 81% of TradeFlow | 718 |
The value of the 19% ownership of the TradeFlow operations retained by the Company was calculated with reference to the speci\ufb01cs set out in the TradeFlow Restructuring share purchase agreement dated 30 June 2023 (the \"TradeFlow SPA\"). These speci\ufb01cs included: a) The TradeFlow SPA set out the total legal consideration for the 81% of the TradeFlow business and required a cash amount of \u00a32,000,000 to be payable to the Company by the Buyers as a result of the TradeFlow Restructuring; b) Based on the amount agreed in a) above, the estimated accounting fair value of 100% of the TradeFlow operations is assumed to be \u00a32,469,000; and c) Based on the numbers set out in a) and b) above, the fair value of the 19% investment in TradeFlow retained by the Company as at 30 June 2023 is \u00a3469,000. Management then applied a discount of 25% to this fair value to take account of the fact that the Group no longer controls TradeFlow operations. This discount applied is a management judgement that will continue to be reassessed at each reporting date. The major classes of assets and liabilities of the TradeFlow operations as at 30 June 2023, immediately prior to the \ufb01nalisation of the TradeFlow Restructuring, are shown below: | As at |
| 30 June 2023* |
| \u00a3 000 |
| Assets | |
| Intangible assets | 5,841 |
| Tangible assets | 2 |
| Trade and other receivables | 174 |
| Contract assets | 119 |
| Cash and cash equivalents | 305 |
| Assets of disposal group held for sale | 6,441 |
| Liabilities | |
| Trade and other payables | 482 |
| Long-term borrowings | 3,440 |
| Deferred tax liability | 885 |
| Liabilities of disposal group held for sale | 4,807 |
| Net assets | 1,634 |
* Represents the assets and liabilities of the TradeFlow operations as at 30 June 2023 immediately prior to the \ufb01nalisation of the TradeFlow Restructuring.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-439": {
"value": "27 Investments
As set out in note 26, the fair value of the 19% investment in the equity instruments of TradeFlow was initially
recorded having regard to the accounting consideration received for the disposal of 81% of the Group\u2019s holding in
TradeFlow as adjusted for an appropriate discount for loss of control. As at 31 December 2024, a fair value adjustment
of \u00a3284,000 (31 December 2023: \u00a368,000) was recorded to fully reverse the remaining fair value of the 19%
investment in TradeFlow held on the balance sheet at this date. This re\ufb02ected the lack of regular TradeFlow \ufb01nancial
information available to the Group and also the increase in TradeFlow's underlying net liabilities that had been
observed since the TradeFlow Restructuring was completed (2023: based on the movement in TradeFlow's net
liabilities between the date of the TradeFlow Restructuring and 31 December 2023).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-468": {
"value": "27 Investments As set out in note 26, the fair value of the 19% investment in the equity instruments of TradeFlow was initially recorded having regard to the accounting consideration received for the disposal of 81% of the Group\u2019s holding in TradeFlow as adjusted for an appropriate discount for loss of control. As at 31 December 2024, a fair value adjustment of \u00a3284,000 (31 December 2023: \u00a368,000) was recorded to fully reverse the remaining fair value of the 19% investment in TradeFlow held on the balance sheet at this date. This re\ufb02ected the lack of regular TradeFlow \ufb01nancial information available to the Group and also the increase in TradeFlow's underlying net liabilities that had been observed since the TradeFlow Restructuring was completed (2023: based on the movement in TradeFlow's net liabilities between the date of the TradeFlow Restructuring and 31 December 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-440": {
"value": "29 Controlling party
At 31 December 2024 the Directors do not believe that a controlling party exists.
",
"dimensions": {
"concept": "supplymecapital:DisclosureOfControllingParty",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-441": {
"value": "30 Subsequent events New funding agreement with Nuburu Inc. On 18 March 2025, the Company entered into a new US$5,150,000 on-demand convertible funding facility with Nuburu Inc., an NYSE listed high-tech company of which Alessandro Zamboni, a director of the Company, is Executive Chairman (\u201cNuburu\u201d), which was subsequently amended on 10 June 2025 and 29 August 2025 (the \"Nuburu On-Demand Facility\"). The agreement of this new funding facility has followed the non-performance of the \u00a33.5 million shareholder loan agreement the Company entered into with TAG on 28 September 2023. The key terms of the Nuburu On-Demand Facility are set out below: > Under the agreement signed on the 18 March 2025, the US$5,150,000 will be received by the Company in line with the following tranches: > US$150,000 which was received by the Company as an advance payment on 7 March 2025; > US$500,000 on or before 31 March 2025; > US$1,000,000 on or before 30 April 2025; > US$1,000,000 on or before 31 May 2025; > US$1,000,000 on or before 30 June 2025; > US$1,000,000 on or before 31 July 2025; and > US$500,000 on or before 31 August 2025. Nuburu experienced certain regulatory issues that impacted their ability to make the original initial tranches due on or before the 31 March 2025, on or before the 30 April 2025, and on or before 31 May 2025, on time and in full. As a result of the delayed initial tranches referred to above, the Nuburu funding agreement was amended \ufb01rstly on 10 June 2025, and secondly on 29 August 2025, to agree new payment schedules that aligned with the actions being taken by Nuburu to raise capital to allow it to complete its strategic investments and meet its commitment to the Company under the Nuburu On-Demand Facility. As at the date of publication of these consolidated \ufb01nancial statements for the year ended 31 December 2024, Nuburu had paid amounts totalling USD$2,952,000 to the Company. > Under the amended Nuburu On-Demand Facility dated 29 August 2025 the remaining amounts of USD$2,198,000 was committed to be paid to the Company on or before 31 October 2025. > If Nuburu announces the receipt of up to US$3,000,000 of funding from SFE Equity Investments S.A.R.L. (\"SFE EI\"), such amounts will be advanced to the Company against any of the above tranches which have not been paid at the date of such receipt, accelerating the payment schedule set out above. Alternatively, if Nuburu announces the receipt of equity or debt funding from a party other than SFE EI, 30% of such amounts will be advanced to the Company against any outstanding tranches, up to a maximum of US$3,000,000 (also taking into account any other amounts advanced from funding Nuburu may have received from SFE EI), which have not yet been paid, accelerating the payment schedule set out above. > If, following an accelerated advance of US$3,000,000 referred to in the point above, Nuburu announces the receipt of equity or debt funding (whether from SFE EI or any other equity or debt provider), 10% of such amounts will be advanced to the Company up to a maximum amount equal to the value of the remaining outstanding tranches at that time. > The repayment of the Nuburu On-Demand Facility is, subject to the receipt of certain Approvals (as de\ufb01ned below), expected to be via on demand conversion(s) into ordinary shares of the Company at the request of Nuburu at a \ufb01xed conversion rate of \u00a30.00003 per ordinary share to be issued. > At the time point of any conversion of the Nuburu On-Demand Facility, Nuburu, will receive warrants over the ordinary shares of the Company at a ratio of 1 warrant for every 2 ordinary shares issued to Nuburu as a result of each conversion. > The warrants have an exercise price of \u00a30.000039, however Nuburu can elect to exercise the warrants on a cashless basis. > In order for the Company to be able to issue the new ordinary shares that will be required under the Nuburu On-Demand Facility, a number of approvals will be required from the shareholders of the Company, the Financial Conduct Authority (the \"FCA\") and The Panel on Takeovers and Mergers (together, the \"Approvals\"). > Under the Nuburu On-Demand Facility, if the Approvals are not obtained by the Company by 30 June 2026, Nuburu can demand repayment in cash and the Company is required to provide security over intellectual property rights and receivables related to its Italian subsidiary entities in favour of Nuburu. > Interest will accrue daily at the federal funds rate set by the Federal Open Market Committee of the US Federal Reserve from time to time plus 10%. Any interest accrued but outstanding at the date of any conversion notice issued by Nuburu will be added to the amount noti\ufb01ed in the conversion notice. > Following the obtaining of the Approvals, the Company can choose to pre-pay part or all of the outstanding amount of the Nuburu On-Demand Facility on that date. > In addition to the Nuburu On-Demand Facility, on 18 March 2025 the Company has also entered into a heads of terms
agreement with Nuburu (the \"Heads of Terms\") whereby the following actions are legally binding by the Company:
> The Company has agreed to release TAG from its obligations under the Top-Up Shareholder Loan Agreement once
Nuburu has provided the full US$5,150,000 of funding to the Company under the Nuburu On-Demand Facility. The
release of these obligations includes the Company\u2019s right to receive any amounts drawn down and any late
payment interest amounts, arising as a result of the non-performance by TAG under the Top-Up Shareholder Loan
Agreement;
> For a period from the date of receipt by the Company of the total amount of US$5,150,000 funding until the date
falling six months following the full repayment of the Nuburu On-Demand Facility, the Company has agreed that:
> Alessandro Zamboni will remain as Chief Executive O\ufb03cer of the Company, a director of the Company\u2019s Italian
subsidiaries or in another such role as the Company and Nuburu may agree; and
> TAG, or another entity designated by Alessandro Zamboni and approved by the Company, will continue to
provide certain corporate support activities to the Company on the terms in force at the date of the Heads of
Terms. These terms may be subject to review and approval by the Company as to the continuing supply of
these services being in the best interests of the Company and the supply of those services being in line with
the agreed contractual terms.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-9": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800ZY2C2TI2C5WQ61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}