EVEREST GLOBAL PLC

Interim / Quarterly Report • Jul 25, 2025

National Storage Mechanism | Additional information

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:

E verest Global plc
Andy Sui, Chief Executive Officer Rob Scott, N on- Executive Director	+44 (0) 776 775 1787 +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 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 April 2025	Proportion of equity interest 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 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