RNS Number : 4924S
Everest Global PLC
25 July 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
25 July 2025
Everest Global plc
("Everest" or the "Company")
Unaudited interim results for the six months ended 30 April 2025
The Board of Everest is pleased to announce its unaudited results for the six months ended 30 April 2025.
Chief Executive Officer's report
The unaudited interim results for the six-month period ended 30 April 2025 have been pleasing. The company is growing its presence in the London alcohol retail market and is considering growing its footprint further in this sector, with the addition of new retail stores. This period has seen significant transformation and growth, marked by a substantial increase in revenue, a return to profitability, and the successful expansion of our retail footprint.
The first half of the 2025 fiscal year has been a period of achievement for Everest Global plc. The Board is delighted to report a turnaround in the Group's financial performance, transitioning from a loss in the previous comparable period to a profit. This success is a direct result of the strategic initiatives executed, including the full integration and revenue contribution of our existing alcohol retail shops and the outstanding performance of our new London store, which commenced operations in January 2025.
Revenue for the six-month period surged by approximately 100% to £270,251, a clear indicator of our growth and the successful execution of our expansion strategy. Gross profit margins have shown a healthy improvement, reflecting better supplier terms and a favourable product mix. Administration expenses saw a controlled increase to £312,929 from £291,346, an increase that is well below the rate of revenue growth. This reflects prudent cost management and the operational leverage of our business model. This top-line growth, combined with disciplined cost management and improved operational efficiencies, has enabled the Group to report a profit before one-off items of £75,617, a stark and welcome contrast to the loss of £285,307 in the corresponding prior period.
Finance costs have been impacted by the interest on convertible loan notes relative to the comparable prior period, as previously disclosed. However, as described in the full year accounts, the Board implemented a treasury strategy to actively managed our cash reserves to generate higher finance income through investing in short-term secured loans, offsetting these costs. These investments have been fully repaid. The Group is reviewing its treasury management strategy, but for the time being does not expect to invest surplus capital in short-term loans.
The Group maintains a healthy cash and near-cash position and a strengthened balance sheet. The positive cash flow from operations during this period underscores the sustainability of our business model.
The new store, which opened its doors in January 2025, has exceeded initial expectations. Its performance has been a key driver of our revenue growth and has contributed positively to our overall profitability from its first full quarter of operation. This successful launch provides a replicable blueprint for future expansion. We are closely monitoring key performance indicators such as like-for-like sales growth, gross margin percentage, and inventory turnover, all of which are trending in a positive direction.
Our strategic focus remains on expanding our presence in the food and beverage distribution sector and where strategic manufacturing. The early success of our latest store opening validates our business model and provides a strong platform for future growth. We are committed to building on this momentum, driving shareholder value.
Everest Global plc is committed to a clear and focused strategy of growth. We continue to identify and evaluate opportunities, with a view to further increasing our value and shareholder returns.
The Board acknowledges that the Group operates in a dynamic market and is subject to various risks. A comprehensive risk management framework is in place to identify, assess, and mitigate these risks and is detailed below.
The six-month period ended 30 April 2025 has been a testament to the successful execution of our strategic vision. The remarkable turnaround from a significant loss to a healthy profit, coupled with substantial revenue growth, underscores the strength of our business model and the dedication of our team.
During the period, the Company issued issue a further £250,000 convertible loan notes (CLN) to Surich Real Estate Opportunity Fund SPC ("SPC") under the terms of the Loan Note Instrument. Following the issue of these CLN, SPC holds CLN with an aggregate value of £3.25 million. In addition, SPC advanced an amount of approximately £155,000 (the total investment made in respect of this advance and the above mentioned CLN was HK$4 million which is subject to conversion at the prevailing exchange rate) over and above the CLN which will attract the same interest rate as the CLN (being 6 per cent. per annum) and, if and when topped up to £250,000, can be converted into a CLN under the Loan Note Instrument.
The Board is confident that Everest Global plc is on a clear path to creating sustainable, long-term value for our shareholders. We thank you for your continued support and look forward to reporting on our further progress at the end of the fiscal year.
I would like to thank the Board and our advisers for assisting during the period.
The focus for 2025 will be to continue the growth the Company via acquisition, investment and joint ventures. The Company will require additional capital to invest in these ventures.
The unaudited interim report for the 6 months ended 30 April 2025 is available on the Company's website at: www.everestglobalplc.com and in hard copy form at the Company's registered office at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW
It will also shortly be available for inspection at: www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). With the publication of this announcement, this information is now considered to be in the public domain.
The Directors of the Company accept responsibility for the content of this announcement.
For further information please contact the following:
Everest Globalplc
Andy Sui, Chief Executive Officer Rob Scott, Non-Executive Director
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
Principal risks and uncertainties for the remaining 6 months of the financial year
The Directors consider the following risk factors to be of relevance to the Group's activities. It should be noted that the list is not exhaustive and that other risk factors not presently known or currently deemed immaterial may apply. The risk factors are summarised below:
i. Failure to identify or anticipate future risks
Although the Directors believe that the Group's risk management procedures are adequate, the methods used to manage risk may not identify or anticipate current or future risks or the extent of future exposures, which could be significantly greater than historical measures indicate.
ii. The Company may be unable to raise funds to complete any further acquisitions for growth
The Company intends to make further acquisitions in the food and beverage industry with a focus on the beverage distribution and production sector in the UK and the rest of Europe. Although the Company has not formally identified any prospective targets, it cannot currently predict the amount of additional capital that may be required.
iii. Ownership and reverse takeover risks
The Company's next acquisition may be a reverse takeover. If an acquisition is made, its business risk will be concentrated in a single target until the Company completes an additional acquisition, if it chooses to do so. In the event that the Company acquires less than a 100 per cent. interest in a particular entity, the remaining ownership interest will be held by third parties and the subsequent management and control of such an entity may entail risks associated with multiple owners and decision-makers. In circumstances where the Company were to undertake a reverse takeover, the Company would seek re-admission to the FCA's official list and would need to satisfy the minimum market capitalisation requirement of £30,000,000 to gain entry to the equity shares (commercial companies) category under the new UK listing rules which came into effect in July 2024. In the event that the Company was unable to meet the eligibility requirements to maintain its listing, it would either not be able to complete a reverse takeover (and would need to find another acquisition target) or its listing would be cancelled (in which circumstances either the Company would seek admission to an alternative exchange or shareholders would no longer be able to trade their shares on a public market).
iv. Reliance on consistent supply
The beverage industry is dependent on prompt supply and quality transportation of beverage ingredients and finished goods. Disruptions such as adverse weather conditions, natural disasters and labour strikes in places where supplies of beverage ingredients are sourced could lead to delayed or lost deliveries or deterioration of ingredients and may, amongst other things, result in an interruption to the business of the Group or a failure of the Group to be able to comply with relevant legislation and provide quality food / beverage and services to customers, thereby damaging its reputation.
v. Maintenance of quality of products and services
In the beverage industry, it is essential that the quality of products is consistent. Any inconsistency in the quality of products may result in customer dissatisfaction and hence a decrease in their loyalty.
vi. Identifying a suitable acquisition target
The Board has adopted an acquisition strategy to make acquisitions in the beverage industry with a focus on the beverage distribution and production sector in the UK and the rest of Europe. This has already directly led the Company to acquire PL, a wine retailer in the South of England. The Company will be dependent upon the ability of the Directors to identify suitable acquisition opportunities in the future and to implement the Company's strategy.
vii. Demand for the Group's products may be adversely affected by changes in consumer preferences
The Company's success will depend heavily on the maintenance of the brands in which it invests and the ability of the Company to adapt the companies in which it invests, taking into consideration the changing needs and preferences of its customers. Consumer preferences, perceptions and spending habits may shift due to a variety of factors that are difficult to predict and over which the Group has no control (including lifestyle, nutritional and health considerations). Any significant changes in consumer preferences or any failure to anticipate and react to such changes could result in reduced demand for the Group's products and weaken its competitive position.
viii. Highly competitive sector
Although the beverage distribution and production sector is a highly competitive one in which barriers to entry are often low, the alcohol industry, like any other, has its own set of barriers to entry that can make it challenging for new players, to establish themselves.
ix. Actions of third parties, including contractors and partners
The Group may be reliant on third parties to provide contracting services. There can be no assurance that these relationships will be successfully formed or maintained. A breach or disruption in these relationships could be detrimental to the future business, operating results and/or financial performance of the Group.
The Company continually identifies the risks that could affect its goals and operations. It assesses the likelihood and impact of each risk and prioritises them accordingly.
Internal controls are designed and implemented to mitigate or reduce the risks, or transfer or avoid them if possible. The Directors monitor and evaluate the effectiveness and efficiency of the internal controls and identify any gaps or weaknesses as well as review and update the internal controls periodically, or when there are significant changes in the business environment or objectives.
Responsibility statement
The Directors, being Xin (Andy) Sui (Chief Executive Officer), Robert Scott (Non-Executive Director), Simon Grant-Rennick (Non-Executive Director) and Feng Chen (Non-Executive Director), all of 7th Floor The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, accept responsibility for the information contained in this set of interim results for the six month period ended 30 April 2025.
To the best of the knowledge of the Directors:
· The condensed set of financial statements are prepared in accordance with the applicable set of accounting standards (with IAS 34 'Interim Financial Reporting' as contained in UK-adopted IFRS), give a true and fair view of the assets, liabilities, financial position and profit or loss of Everest Global Plc and the undertakings included in the consolidation taken as a whole;
· the interim management report, titled 'Chief Executive Officer's report' includes an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). There were no related party transactions in the period ended 30 April 2025 nor were there any changes in the related party transactions described in the annual report and accounts for the year ended 31 October 2024 that could have a material effect on the financial position or performance of the Group during the six month period ended 30 April 2025.
Everest Global plc acknowledges that it is responsible for all information drawn up and made public in this set of interim results for the period ended 30 April 2025.
Xin (Andy) Sui
Chief Executive Officer
Interim condensed consolidated statement of comprehensive income
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
As restated
Notes
£
£
£
Revenue
3
270,251
437,738
134,772
Cost of sales
(183,268)
(329,714)
(89,037)
Gross profit
86,983
108,054
45,735
Other income
5,500
-
-
Administrative expenses
(312,929)
(777,661)
(291,346)
Operating loss
(220,446)
(669,607)
(245,611)
Finance costs
(135,872)
(124,012)
(43,038)
Finance income
431,935
163,839
3,342
Profit/(loss) before tax from continuing operations
75,617
(629,780)
(285,307)
Profit from discontinued operations
4,755,269
4,755,269
Tax on profit/(loss) on ordinary activities
-
-
-
Profit/(loss) for the year from all operations
75,617
4,125,489
4,469,962
Profit attributable to ordinary shareholders
75,617
1,795,408
2,139,881
Profit attributable to non-controlling interests
-
2,330,081
2,330,081
Total comprehensive profit attributable to ordinary shareholders
75,617
4,125,489
4,469,962
Total comprehensive profit attributable to non-controlling interests
-
-
-
Basic earnings per share - in pence
5
0.10
2.48
3.18
Diluted earnings per share - in pence
5
0.10
1.44
1.79
Interim condensed consolidated statement of financial position
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
As restated
Notes
£
£
£
Assets
Non-current assets
Goodwill
879,127
879,127
879,127
Investment in associates
6
16,465
16,465
-
Property, plant & equipment
7
-
-
-
Right of use asset
9
35,297
42,357
50,338
Total non-current assets
930,889
937,949
929,465
Current assets
Investment in associate
-
-
-
Inventories
56,546
39,253
32,127
Trade & other receivables
3,729,684
2,877,033
41,676
Cash & cash equivalents
19,121
279,725
228,129
Total current assets
3,805,351
3,196,011
301,932
Total assets
4,736,240
4,133,960
1,231,397
Equity & liabilities
Share capital
8
1,547,778
1,547,778
1,547,778
Share premium
8
3,752,967
3,752,967
3,752,967
Share based payment reserve
464,734
464,734
464,734
Equity portion of convertible loan notes
83,016
79,531
37,713
Retained earnings
(5,673,021)
(5,748,638)
(5,404,236)
Total equity
175,474
96,372
398,956
Non-current liabilities
Non-current lease liabilities
9
25,614
34,869
38,865
Borrowings
-
7,283
19,564
Convertible loan notes
3,948,418
3,001,564
528,383
Total non-current liabilities
3,974,032
3,043,716
586,812
Current liabilities
Current lease liabilities
9
17,668
16,826
20,568
Borrowings
24,889
6,678
-
Convertible loan notes
-
568,555
-
Trade & other payables
544,177
401,813
225,061
Total current liabilities
586,734
993,872
245,629
Total equity and liabilities
4,736,240
4,133,960
1,231,397
Interim condensed consolidated statement of changes in equity
Share capital
Share Premium
Share based payment reserve
Equity portion of convertible loan notes
Retained earnings
Total owner's equity
Non-controlling interest
Total equity
£
£
£
£
£
£
£
£
Balance at 31 October 2023
1,297,778
3,502,967
464,734
37,713
(7,544,046)
(2,240,854)
(2,330,081)
(4,570,935)
Shares issued
250,000
250,000
-
-
-
500,000
-
500,000
Profit from discontinued operation
-
-
-
-
2,425,188
2,425,188
2,330,081
4,755,269
Profit for the period
-
-
-
-
(285,378)
(285,378)
-
(285,307)
Balance at 30 April 2024 (as restated)
1,547,778
3,752,967
464,734
37,713
(5,404,236)
398,956
-
398,956
New convertible loan notes issued
-
-
-
41,818
-
41,818
-
41,818
Loss for the period
-
-
-
-
(344,402)
(344,402)
-
(344,402)
Balance at 31 October 2024
1,547,778
3,752,967
464,734
79,531
(5,748,638)
96,372
-
96,372
New convertible loan notes issued
-
-
-
3,485
-
3,485
-
3,485
Profit for the period
-
-
-
-
75,617
75,617
-
75,617
Balance at 30 April 2025
1,547,778
3,752,967
464,734
83,016
(5,673,021)
175,474
-
175,474
Interim condensed consolidated statement of cash flows
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
Notes
£
£
£
Cashflows from operating activities
Operating loss
(220,446)
(669,607)
(245,611)
Adjusted for:
Depreciation
7,060
14,119
6,139
Finance costs
-
3,552
-
Discontinued operations
-
49,578
49,578
Changes in working capital
(Increase)/decrease in inventories
(17,293)
(39,253)
(32,127)
(Increase)/decrease in receivables
(424,516)
13,529
(1,459)
(Decrease)/increase in payables
(567)
(98,291)
(233,542)
Net cashflow from operating activities
(655,762)
(726,373)
(457,022)
Investing activities
Purchase of subsidiaries
-
(196,966)
(196,966)
Purchase of associate
-
(16,465)
-
Loans receivable
-
(2,630,324)
-
Net cashflow from investing activities
-
(2,843,755)
(196,966)
Financing activities
Net proceeds from issue of shares
-
-
-
Convertible loan notes issued
250,000
3,000,000
-
Increase/(decrease) in borrowings
158,881
13,961
31,590
Capital repayments of lease liability
(10,998)
(21,996)
(7,332)
Net cashflow from financing activities
397,883
2,991,965
24,258
Net cashflow for the period
(257,879)
(76,213)
(629,730)
Opening cash and cash equivalents
279,725
858,024
858,024
Foreign exchange movements
(2,725)
(136)
(165)
Closing cash and cash equivalents
19,121
279,725
228,129
Notes to the interim condensed consolidated financial statements
1. General information
Everest Global Plc (the 'Company') is a public limited company and is incorporated in England and Wales (Registration number 07913053) and domiciled in England. These condensed financial statements for the six months ended 30 April 2025 comprise the Company and its subsidiaries (the 'Group'). The principal activity of the Group has not changed since 31 October 2024 year-end accounts were prepared. As such the principal activity at the date of the period end (30 April 2025) was investing and trading in off-licence premises within the South-East region of England. The address of its registered office is 7th Floor The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW.
These condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The most recent statutory accounts prepared were for the year ended 31 October 2024 and approved by the board of directors on 27 February 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The Company is admitted to the FCA'S Official List equity shares (transition category) and to trading on the London Stock Exchange's Main Market for listed securities. The information within these financial statements and accompanying notes has been prepared for the period ended 30 April 2025 with comparatives for the year ended 31 October 2024 and 30 April 2024.
2. Basis of preparation and significant accounting policies
The condensed consolidated interim financial statements of the Group have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'. As contained in International Financial Reporting Standards as adopted by the United Kingdom ('IFRS as adopted by the UK').
The condensed consolidated interim financial statements of the Group were approved by the Board and authorised for issue on 24 July 2025.
The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 October 2024 have been applied in the preparation of these condensed consolidated interim financial statements. These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ('IFRS') as endorsed by the UK that are expected to be applicable to the consolidated financial statements for the year ending 31 October 2025 and on the basis of the accounting policies expected to be used in those financial statements.
The figures for the six months ended 30 April 2025 and 30 April 2024 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 October 2024 are extracts from the 2024 audited accounts. The independent auditor's report on the 2024 accounts was unqualified. These financial statements are not audited and therefore no audit report has been issued for these interim accounts.
As part of the 2024 annual financial statements, a number of changes were undertaken during the audit process. This included the reclassification of DI as a discontinued operation. As a result of this change, we have restated the 2024 interim accounts to mirror the changes that were incorporated as part of the annual audited financial statements.
This had a number of changes, the profit and loss now includes the profit from discontinued operations. This has removed all DI components in individual lines and combined into the single line of profit from discontinued operations.
Furthermore, the goodwill calculated at 30 April 2024 has been changed to reflect the assignment of the directors' loan account from within Precious Link (UK) Ltd. This was part of the consideration for the purchase of PL in January 2024.
The retained earnings for the Group have changed as a result of this change to the accounting for the assignment of the loan.
3. Segmental reporting
The Group operates in one segment and one geographical region as follows:
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
£
£
£
Geographical revenue:
United Kingdom
270,251
437,738
134,772
Segmental revenue:
Alcohol retail market
270,251
437,738
134,772
All revenue relates to Precious Link as a result of the restated numbers present for the interim accounts for the period ending 30 April 2024.
4. Company results for the period
The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent Company income statement account.
The operating loss of the Group for the six-month period ended 30 April 2025 was £220,446 (30 April 2024: £245,611 and year ended 31 October 2024: £669,607). The operating loss incorporated the following main items:
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
£
£
£
Auditors' remuneration for audit services
-
88,000
-
Over provision of prior year audit fee
-
(368)
(441)
Legal and professional fees
28,701
174,488
30,689
Brokership fees
13,096
31,626
15,069
Personnel expenses
181,354
277,830
166,683
Registrar and stock exchange fees
19,806
46,493
25,762
Depreciation on IFRS right of use asset
7,060
14,119
6,139
Other administrative expenses
62,912
224,673
47,445
Total administrative expenses
312,929
777,661
291,346
5. Earnings per share
Earnings per share data is based on the Group result for the six months and the weighted average number of ordinary shares in issue.
Basic profit per share is calculated by dividing the profit/(loss) attributable to equity shareholders by the weighted average number of Ordinary Shares in issue during the period:
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
As restated
£
£
£
Profit/(loss) attributable to ordinary shareholders
75,617
1,795,408
2,139,881
Weighted average number of shares in issue
77,388,855
72,368,363
67,224,020
Basic earnings per share (pence)
0.10
2.48
3.18
Diluted earnings per share (pence)
0.10
1.44
1.79
As at 30 April 2025 there were 77,388,855 Ordinary Shares and no share warrants outstanding. As at 30 April 2024 there were 77,388,855 Ordinary Shares and 63,089,171 share warrants outstanding.
6. Investments
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
Investment in subsidiary
£
£
£
Everest Capital London Ltd
200,000
200,000
200,000
Everest (Hong Kong) Securities Limited
-
-
-
Precious Link (UK) Ltd ('PL')
315,804
315,804
315,804
Carrying value
515,804
515,804
515,804
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
Investment in associate
£
£
£
Ace Jumbo Ventures Ltd
16,465
16,465
-
Carrying value
16,465
16,465
-
As at 30 April 2025, the Company directly and indirectly held the following investments:
Name of company
Principal activities
Country of incorporation and place of business
Proportion of equity interest 30 April2025
Proportion of equity interest 30 April2024
Precious Link (UK) Ltd
Retail sales of alcoholic beverages
United Kingdom
100.00%
100.00%
Everest (Hong Kong) Securities Limited
Type 4 and 9 licence holders
Hong Kong
100.00%
-
Everest Capital London Ltd
Treasury
United Kingdom
100.00%
-
Ace Jumbo Ventures Ltd
Intermediary holding company
Republic of Seychelles
33.33%
-
7. Property, plant & equipment
Depreciation on property, plant and equipment is calculated using the straight-line method to write off their cost over their estimated useful lives at the following annual rates:
Furniture and fixtures
17%
Leasehold improvements
33%
Plant and equipment
20% and 33%
Useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting period.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the relevant asset and is recognised in profit or loss in the year in which the asset is derecognised.
Leasehold improvements
Furniture, fixtures and fittings
Plant & machinery
Total
Group
£
£
£
£
Cost
As at 31 October 2023
18,142
4,985
252,078
275,205
Additions
-
-
-
-
Acquisition of PL
-
1,209
-
1,209
Disposal of DI
(18,142)
(4,985)
(252,078)
(275,205)
Exchange difference
-
-
-
-
As at 30 April 2024
-
1,209
-
1,209
Additions
-
-
-
-
As at 31 October 2024
-
1,209
-
1,209
Additions
-
-
-
-
As at 30 April 2025
-
1,209
-
1,209
Accumulated depreciation
As at 31 October 2023
18,140
4,023
227,271
249,434
Charge in the period
-
23
1,270
1,293
Acquisition of PL
-
1,209
-
1,209
Disposal of DI
(18,140)
(4,046)
(228,541)
(250,727)
As at 30 April 2024
-
1,209
-
1,209
Charge in the period
-
-
-
-
As at 31 October 2024
-
1,209
-
1,209
Charge in the year
-
-
-
-
As at 30 April 2025
-
1,209
-
1,209
Net book value
As at 30 April 2024
-
-
-
-
As at 31 October 2024
-
-
-
-
As at 30 April 2025
-
-
-
-
The Company held no tangible fixed assets at 30 April 2024, 31 October 2023 nor 30 April 2023
8. Share capital and share premium
Number of shares
Nominal value
Share premium
Total
£
£
£
Balance at 31 October 2023
64,888,855
1,297,778
3,665,525
4,963,303
Warrants issued during the year
-
-
(162,558)
(162,558)
Share issue 27 March 2024
12,500,000
250,000
250,000
500,000
Balance at 30 April 2024 & 31 October 2024
77,388,855
1,547,778
3,752,967
5,300,745
Balance at 30 April 2025
77,388,855
1,547,778
3,752,967
5,300,745
Share capital is the amount subscribed for shares at nominal value.
Retained losses represent the cumulative loss of the Group attributable to equity shareholders.
Share-based payments reserve relates to the charge for share-based payments in accordance with IFRS 2.
9. Leases
Right of use asset and lease liability
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
£
£
£
Operating lease commitments disclosed
51,695
186,988
186,988
Interest payments
2,585
8,869
7,441
Lease payments
(10,998)
(36,069)
(26,904)
Exchange difference
-
(52)
(51)
Disposal of DI right of use assets
-
(175,033)
(175,033)
Acquisition of PL right of use assets
-
66,992
66,992
Lease liability recognised in the statement of financial position
43,282
51,695
59,433
Of which:
Current lease liabilities
17,668
16,826
20,568
Non-current lease liabilities
25,614
34,869
38,865
43,282
51,695
59,433
Right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position as at 30 April 2025. There were no onerous lease contracts that would have required an adjustment to the right of-use assets at the date of initial application. The recognised right of-use assets relate to the following types of assets:
6 months ended
Year ended
6 months ended
30 April
31 October
30 April
2025
2024
2024
(unaudited)
(audited)
(unaudited)
£
£
£
Properties
43,282
51,695
59,433
43,282
51,695
59,433
10. Subsequent events
Subsequent to the period ended 30 April 2025, the Group appointed Spark Advisory Partners Ltd as their Financial Advisor.
Additionally, all funds that had been deployed within the Group for treasury purposes have been repaid in accordance with their short-term lending covenants.
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IR FLFFEDTISFIE
