REG - Everest Global PLC - Half-Year Report
25/07/2025 07:00
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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
(http://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
(https://urldefense.proofpoint.com/v2/url?u=http-3A__www.fca.org.uk_markets_primary-2Dmarkets_regulatory-2Ddisclosures_national-2Dstorage-2Dmechanism&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=7Um2a7LLyUH5SxHgl6zdagatUzGQxXwYgU_CeVAgL9Q&m=kR_Hjjn07Jsd47IiTGeyUKC3Q2HOmc2k-HnXXjfJDbg&s=z7lAUYO9aq6HBtuB_Hq8I10m4igZv3uixdkqQJaliao&e=)
.
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 Global plc
Andy Sui, Chief Executive Officer +44 (0) 776 775 1787
Rob Scott, Non-Executive Director +27 (0)84 6006 001
SPARK Advisory Partners Limited (Financial Adviser)
Andrew Emmot +44 (0) 20 3368 3555
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 7(th) 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 Share Premium Share based payment reserve Equity portion of convertible loan notes Retained earnings Total owner's equity Non-controlling interest Total equity
capital
£ £ £ £ £ £ £ £
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 7(th) 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 Proportion of equity interest
30 April 2025 30 April 2024
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 33.33% -
Seychelles
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 Share Total
value
premium
£ £ £
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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