Everest Global Plc

PR Newswire

LONDON, United Kingdom, February 27

27 February 2024

Everest Global plc

("Everest" or the "Company")

Final Results

The Board of Everest is pleased to announce its final results for the year ended 31 October 2023.

The last financial year has been very rewarding albeit not without its challenges. With that said we consider it successful in terms of achieving what we set out to achieve.

In October 2022, the Company name was changed to Everest Global Plc and a new board was constituted. The new board has integrated well and is working particularly well together. Much was achieved in the past 12 months.

In late 2022 our existing auditors resigned as they exited the Public Interest Entity ('PIE') audit space which left the business without an auditor. It took some time to appoint a PIE registered auditor, with a false start announced in December 2022. Eventually in April 2023 a PIE registered auditor, RPG Crouch Chapman LLP ('RPGCC') was appointed. The Annual Financial Statements for October 2022 were produced and lodged late on 27 July 2023. Both Companies House and the Financial Conduct Authority ('FCA') were informed of the Company's situation. During this period the shares were suspended by the FCA. On 4 August 2023 the suspension was lifted.

New shareholders invested in the Company on 23 January 2023. 12,726,000 new Ordinary Shares were issued at a subscription price of 5.5 pence per share raising a total of £699,930. The subscription price represented a premium of 119 per cent to the closing price of 2.51 pence on 19 January 2023. Allied to this on 25 January 2023 Golden Nice International Group Limited, the major shareholder, converted £300,000 convertible loan notes ('CLNs') to 6,000,000 new Ordinary Shares. The conversion price being 5 pence per share. This represented a premium of 85 per cent to the closing price of 2.70 pence on 23 January 2023. On 29 September 2023, Golden Nice International Group Limited, being the holder of the outstanding CLNs in the Company, agreed to extend the redemption date by 18 months from 30 September 2023 to 31 March 2025, at a conversion price of 5 pence per share.

On 31 October 2023 the Company issued a prospectus. This allowed the shares issued since 3 October 2022 to be listed. The shares were as follows:

Number of Ordinary Shares immediately prior to prospectus	25,789,714
Number of Ordinary Shares issued pursuant to the previously announced subscriptions	25,726,000
Number of Ordinary Shares issued pursuant to the previously announced conversions	13,373,141
Total number of Ordinary Shares in issue and listed on 31 October 2023	64,888,855

On 4 July 2023 the Company advanced £200,000 to PL as part of its strategic pivot. The Company was of the opinion that PL operated in a complementary sector and would therefore assist the Company in expanding its activities into the wider food and beverage sector. Post year-end, on 10 January 2024, the Company completed the acquisition of PL which was announced on 18 December 2023. The acquisition price for 100% of PL, was £500,000, to be settled by the issue of 12,500,000 new Ordinary Shares at a value of 4 pence per Ordinary Share, being a premium of 23.08 per cent, compared to the closing middle market price of 3.25 pence per Ordinary Share on 15 December 2023. PL is a wine retailer consisting of 2 retail liquor outlets in the Southeast of England. The Company would like to assist in expanding the footprint and product range of PL.

Following the acquisition of PL, the Company and K2 Spice Limited ('K2') exercised the put and call option agreement which was detailed in the previous Annual Financial Statements for the year ended October 2022. This resulted in the Company selling its remaining 51% holding in Dynamic Intertrade (PTY) Ltd ('DI') in January 2024. I would like to thank the team at DI. The Company currently has only one subsidiary, although the results for DI have been fully consolidated for the year ended October 2023.

The focus for 2024 will be the growth in the food and beverage business via acquisition and joint ventures. The Company will be looking for additional capital during the next financial year in order to build up a war chest to allow it to acquire operating assets. The additional funding available to PL following the acquisition is expected to lead to growth due to development of new sites and extending the product range.

We are looking forward to a busy year ahead. The financial information set out below does not constitute the Company's statutory accounts for the years ended 31 October 2022 or 2023 within the meaning of Section 434 of the Companies Act 2006, but is derived from those accounts. Statutory accounts for 2022 have been delivered to the Registrar of Companies and those for 2023 will be delivered in due course. The auditor's report on the statutory accounts for the year ended 31 October 2022 contained a qualification in respect of inventory, as the auditor was appointed after the year end and therefore could not attend the stock take, as well as a material uncertainty in relation to going concern.

The auditor's report on the statutory accounts for the year ended 31 October 2023 contained a material uncertainty relating to going concern due to uncertainty inherent in the Company meeting its forecasts and obtaining additional fund raising. However, the Directors are of the opinion that the Group will be able to undertake its planned activities for the period to 28 February 2025 from current cash and debtor positions and have prepared the consolidated financial statements on the going concern basis.

The announcement has been prepared on the basis of the accounting policies as stated in the financial statements for the year ended 31 October 2023. The information included in this announcement is based on the Company's financial statements which are prepared in accordance with International Financial Reporting Standards ("IFRS"). The Company will publish full financial statements that comply with IFRS on its website in due course.

The annual report and accounts for the year ended 31 October 2023 will be posted to shareholders in due course. An announcement will be made regarding the posting of these documents as appropriate.

Once published, hard copies will be available to shareholders upon request to the Company Secretary at 48 Chancery Lane, London WC2A 1JF, and soft copies will be available for download and inspection from the Company's website at www.everestglobalplc.com.

The annual report and accounts for the year ended 31 October 2023 will be made available from the FCA's National Storage Mechanism at www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism in due course.

Further the Company would like to update the market in relation to the consideration shares to be paid in respect of the acquisition of Precious Link (UK) Limited ("Precious Link"). On 10 January 2024. the Company announced that it had completed its acquisition of Precious Link and had issued 12,500,000 new Ordinary Shares as consideration for the acquisition. These shares have not yet been issued. The total number of shares currently in issue therefore is 64,888,855 ,as mentioned above, and this represents the total number of voting rights in the Company. The Company will make a further announcement updating the market as soon as it issues the new Ordinary Shares in respect of the Precious Link acquisition. Once issued the total voting rights will be 77,388,855.

This announcement contains 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).

The Directors of the Company take responsibility for the contents of this announcement.

For further information please contact the following:

Everest Global plc

Andy Sui, Chief +44 (0) 776 775 1787

Executive Officer

Rob Scott, Non-Executive Director +27 (0)84 6006 001

Cairn Financial Advisers LLP

Jo Turner / Emily Staples +44 (0) 20 7213 0885 / +44 (0)20 7213 0897

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed 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 re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

Overview

The objective of the management report of Everest Global Plc ('the Company') is to provide sufficient detailed information to both shareholders and stakeholders to make an informed decision as to how they assess how the Directors have performed their duty, under section 172 of the Act, to promote the success of the Company and to provide context for the related financial statements as well as assist them in their decision making.

The duty of a director, as set out in section 172 of the Act, is to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members, and in so doing have regard, amongst other matters, to:

the likely consequences of any decision in the long term;
the interests of the Company's employees;
the need to foster the Company's business relationships with suppliers, customers and others;
the impact of the Company's operations on the community and the environment;
the desirability of the Company maintaining a reputation for high standards of business conduct; and
the need to act fairly as between members of the Company.

As a Board we consider the wider environment within which we operate and as such ensure that we have considered the impact of our decisions on key stakeholders. We also ensure that we are aware of any significant changes in the market or the external environment, including the identification of emerging risks, which can be fed into our strategy discussions and our risk management process. The Board considered its strategic stakeholders in the year as follows:

In accordance with Section 414C (11) of the Companies Act 2006, the Group chooses to report the review of the business, the outlook and the risk and uncertainties faced by the Company in the principal risks section below. The Directors' assessment of the risks faced by the Group are set out in the specific subsidiary risks and uncertainties and can be found below in the financial statements.

Responsibility statement

The Directors, whose names and functions are set out below of this annual report and accounts under the sub-heading 'Board of Directors' with registered office located at 1st Floor, 48 Chancery Lane, London WC2A 1JF, accept responsibility for the information contained in this annual report and accounts for the year ended 31 October 2023.

To the best of the knowledge of the Directors:

• the financial statements are prepared in accordance with the applicable set of accounting standards, 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; and

• the management report includes a fair review of the development and performance of the business and the position of Everest Global Plc and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

Everest Global Plc acknowledges that it is responsible for all information drawn up and made public in this report and accounts for the period ended 31 October 2023.

Strategy

As set out in the Company's prospectus dated 31 October 2023, the Company recently extended its acquisition strategy to cover the wider food and beverage industry with a focus on the beverage distribution and production sector in the UK and the rest of Europe. The Directors of the Company believe that the recently announced acquisition of Precious Link (UK) Limited ('PL') will provide an entry into the beverage industry and allow it to access industry know-how and expertise. This follows the £200,000 loan advance made to PL during the financial year. The Company believes PL operates in a complementary sector and the acquisition will pave the way in expanding its activities into the wider food and beverage sector.

The Company is focusing on additional acquisitions of businesses in the beverage distribution and production sector in the UK and the rest of Europe.

The Company's primary objective is that of securing the best possible value for Shareholders, consistent with achieving, over time, both capital growth and income for Shareholders through developing profitability coupled with dividend payments on a sustainable basis.

Our purpose & values

The Company's purpose and values are the fundamental beliefs and principles that guide our decision making and actions. These shape our culture and promotes teamwork. They assist differentiation although the values are generic. These core principles assist us to stay true to our vision.

TheCompany'spurposeandvaluesis:

Chief Executive Officer's statement

The last financial year has been very rewarding albeit not without its challenges. With that said we consider it successful in terms of achieving what we set out to achieve.

On 31 October 2023 the Company issued a prospectus. This allowed the shares issued since 3 October 2022 to be listed. The shares were as follows:

Number of Ordinary Shares immediately prior to prospectus	25,789,714
Number of Ordinary Shares issued pursuant to the previously announced subscriptions	25,726,000
Number of Ordinary Shares issued pursuant to the previously announced conversions	13,373,141
Total number of Ordinary Shares in issue and listed on 31 October 2023	64,888,855

We are looking forward to a busy year ahead.

.............................

Xin (Andy) Sui

ChiefExecutiveOfficer

Date: 26 February 2024

Financial review

As stated above, DI was fully disposed of in January 2024. DI is involved in the importation, milling, blending, and packaging of products that include herbs, spices, seasonings and confectionery for the domestic market.

DI achieved an increase in revenue during the year under review of 64.33% (2022: 20.98%) to £2.792 million (2022: £1.699 million). In DI's local currency of South African Rand turnover increased from R34.8 million to R60.8 million - a 74.71% increase. This was as a result of across the board increases in sales to existing customers and a handful of new customers. Product mix was similar to previous years and gross margins improved from 22.8% in 2022 to 24.6% during the year under review. Gross profits for the Group increased by 63.58% to £687,635 (2022: £420,358).

Group operating losses for the year decreased to £721,902 (2022: £1,152,170). Total Group comprehensive loss amounted to £887,038 (2022: £4,570,562). The 2022 loss was after incurring a finance charge on consolidation, resulting from the assignment of the loans to K2, of £3.1 million.

Basic and diluted loss per share from continuing operations for the year was 1.71p (2022:17.79p).

As at 31 October 2023 the Group held £858,024 (2022: £925,814) in cash and cash equivalents.

Financing and capital structure

During the year under review, the Company issued 12,726,000 new Ordinary Shares at a subscription price of 5.5 pence per share raising a total of £699,930. Golden Nice International Group Limited, the major shareholder, converted £300,000 CLNs to 6,000,000 new Ordinary Shares at a conversion price of 5 pence per share. In the year ended 31 October 2022, the Company assigned certain debts, which amounted to £4,174,538, that were due by DI to K2.

The Group uses warrants and CLNs to provide cash liquidity that allows the Directors to pursue investment opportunities. More details of the Company's financial instruments are at note 29 of our financial statements.

Acquisition strategy

The Company will be actively looking for new acquisitions to bolster its operations and will as a result in all likelihood seek to raise more capital by way of both debt and equity.

Key performance indicators ('KPI')

	Yearended 31October	Yearended 31October
	2023 £	2022 £
Turnover	2,791,695	1,698,839
Gross profit	687,635	420,368
Cash on hand and in bank	858,024	925,814
Underlying operating loss	(721,902)	(1,152,170)

The Board use these indicators as a high level indication of how the Group is performing and therefore how to actively improve the performance.

The KPIs used are reflective of the business as at 31 October 2023 and therefore includes DI's financial information. As a result of the acquisition and subsequent disposal, the KPIs in future years will reflect this change in the group.

Turnover is the income for the Group and therefore is vital to enable the Group to continue with its current business model. Turnover in 2023 has increased by 64%, which shows the business is growing and recovering from the pandemic.

Gross profit is an indication that the underlying business is profitable. This is because gross profit is turnover less any direct costs. As with any business, growing turnover by more than 64% is a good sign but it needs to be making profit to allow the business to grow and reinvest in itself or pay out to its shareholders. It is also important to see the gross profit margin remain the same. In 2022 it was 24.7% and it has marginally decreased to 24.6%. This reiterates the point that the underlying business remains profitable and with good margins.

As a Company that invests in companies, having cash in hand is invaluable to both pay for ongoing costs but also to be able to invest in new businesses. Investment opportunities can arise from anywhere and by having adequate cash, this allows the Group to actively scour the market for these opportunities.

Finally, operating loss takes into consideration overheads of the Group. This can include impairment charges and also foreign exchange difference as a result of currency moving between South African Rand and British Pound. Given the Group lost £722k is not a direct indication of poor performance as we pivot the business from a South African focus to a European focus with retail footprint rather than manufacturing.

We would hope to see improvements in these KPIs as we move forward. This isn't going to occur in the short term as we purchase businesses, however in the medium to long term we envisage a profitable group that is growing its turnover and producing cash.

Principal risks

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:

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	The Company intends to make acquisitions in the food and beverage industry with
	be unable to raise	a focus on the beverage distribution and production sector in the UK and the rest of
	funds to complete	Europe. Although the Company has not formally identified any prospective
	an acquisition or	targets, save for what is mentioned in Events Subsequent to Year End, it cannot
	fund the operations	currently predict the amount of additional capital that may be required.
	of the target
	business if it does
	not obtain
	additional funding

iii.

Food safety and

regulation

Ensuring the safety and quality of food products is crucial for the Group.

Contamination, improper handling, storage or processing can lead to foodborne illnesses, product recalls, legal issues and damage to the brand's reputation. Any non-compliance with food safety regulations may adversely affect the Group's operations and / or result in penalties, fines, product recalls and potential closure of the business.

iv.

Ownership and

Reverse Takeover risks

The Company's next acquisition following our recent purchase of PL 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 (or analogous transaction) requiring the eligibility of the Company to be re-assessed, the Company would be required to meet the minimum market capitalisation requirement of £30,000,000 to maintain its listing. In the event that the Company is unable to satisfy the minimum market capitalisation requirement, the Company would be unable to meet the eligibility requirements to maintain its listing and would be required to de-list, meaning the shareholders of the Company would hold shares in a non-trading public company (assuming it would be unable to secure a listing or quotation on another exchange).

Reliance on key

customers and key suppliers

DI, although disposed of, generated approximately 90 per cent of its revenues in

the year ended October 2023 from its top ten customers. This dominance of a select few customers in any business has the potential to force erosion of prices and, by extension, profit margins. Additionally, there is the risk that loss of a key customer and inability to locate an alternative buyer for that proportion of product could result in a significant decrease in revenue.

Specific subsidiary risks & uncertainties

Sector risk

The agriculture and agri-processing sectors are highly competitive markets and

many of the competitors will have greater financial and other resources than the Company and as a result may be in a better position to compete for opportunities. The development of these enterprises involves significant uncertainties and risks including unusual climatic conditions such as drought, improper use of pesticides, availability of labour and seasonality of produce, any one of which could result in security of supply, damage to, or destruction of crops, environmental damage or pollution. Each of these could have a material adverse impact on the business, operations and financial performance of the Group. The market price of agricultural products and crops is volatile and affected by numerous factors which are beyond the Group's control. These include international supply and demand, the level of consumer product demand, international economic trends, currency exchange rate fluctuations, the level of interest rates, the rate of inflation, global or regional political events, as well as a range of other market forces. Sustained downward movements in agricultural prices could render less economic, or un-economic, any development or investing activities to be undertaken by the Group. Certain agricultural projects involve high capital costs and associated risks. Unless such projects enjoy long term returns, their profitability will be uncertain resulting in potentially high investment risk.

ii.

Political and

regulatory risk

African countries experience varying degrees of political instability. There can be no

assurance that political stability will persist in those countries where the Group may have operations going forward. In the event of political instability or changes in government policies in those countries where the Group may operate, the operations and financial condition of the Group could be adversely affected.

iii.

Environmental

risks and hazards

All phases of the Group's operations are subject to environmental regulation in the

areas in which it operates. Environmental legislation is evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, Directors and employees.

There is no assurance that existing or future environmental regulation will not materially adversely affect the Group's business, financial condition and results of operations. Environmental hazards may exist on the properties on which the Group holds interests that are unknown to the Group at present. The Board manages this risk by working with environmental consultants and by engaging with the relevant governmental departments and other concerned stakeholders.

Managing risks & internal controls

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.

The key features of the Group's systems and internal controls have been detailed in risk four of the specific subsidiary risks and uncertainties below.

Going concern & viability statement

The Directors have reviewed the Group's forecast financial position for the 12 months following the Board approval of these financial statements. The Group's business activities, financial standing, and factors likely to influence its future development, performance, and position were reviewed by the Board. Following a full analysis of the Company, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.

During the year, the Group raised additional equity funding of £699,930 (2022: £650,000) in gross funding through share subscriptions to fund working capital. In addition, the Company converted £300,000 (2022: £581,951.52) of CLNs into new ordinary shares.

The Directors have prepared cash flow forecasts. These forecasts consider operating cash flows and capital expenditure requirements for the Company as well as its subsidiaries, available working capital and forecast expenditure, including overheads and other costs. The Directors are of the opinion that the Group has sufficient working capital and that no additional funding is required other than that what has been raised. Based upon the Company's forecast, it has sufficient cash for the foreseeable future.

Based on the results of this analysis, the Directors have a reasonable expectation that the Group will be able to continue in operation and meet its obligations as they fall due over the period to 2025.

.............................

Xin (Andy) Sui

Onbehalfoftheboard

Date: 26 February 2024

Board of Directors

The following Directors have held office in the year:

Xin(Andy)Sui-ChiefExecutiveDirector

Andy Sui has over 11 years of investment banking experience. Andy started his career at Barclays Capital on the trading desk. He eventually became Chief Risk Officer (CRO) at Union Bank of India (UK) managing a balance sheet of over $1 billion asset. Andy is also a co-founder of London Capital Homes Ltd managing over 120 residential properties and focusing on property development projects in the North of England. Andy has a Masters Degree from the London School of Economics (LSE) in Finance and a number of financial market qualifications.

RobertScott-Non-ExecutiveDirector

Robert has principal responsibility as being the director responsible for the overview of the management of DI, the Group's spice manufacturing business that was disposed of post year end, in January 2024. He has over 30 years' financial and investment management experience with the last twenty years specifically focussed on, executive management, finance, corporate governance, acquisitions and investor management. Rob is a Chartered Accountant (CA(SA)) by profession. He served as Country Manager for Lonrho and has was the General Manager of Uramin's South African operations. He held executive and senior positions with a number of companies across a number of countries in Southern Africa. He has been involved in such broad industries as mining, food manufacturing, hotels, agriculture, shipping, consumer products and construction amongst others. Robert has been a Director of DI for 12 years and is responsible for setting the strategy for DI with management and ensuring implementation. He has an intimate understanding of its day-to-day operations. He has served on a number of other public and private Company boards. Robert began his career and qualified with Deloitte South Africa after obtaining his Certificate of Theory of Accounting (CTA) from the University of Cape Town. Rob's broad understanding of finance, markets, acquisitions and corporate governance will greatly assist the Group in its growth plans.

SimonGrant-Rennick-Non-ExecutiveDirector

Simon graduated from Camborne School of Mines (BSc Hons Mining Engineering, ACSM) and has been actively involved in the mining and metal trading industry for over 40 years. He has also been active in the agriculture space in Southern Africa, from the growing of macadamia nuts to chillies and paprika, amongst other crops and game farming with his own game farm. Simon has served as chairman and executive director of various private and public companies in Australia, America and UK (LSE, ASX) over various global industries in agriculture, mining, property and technology.

Key activities of the board during the year

Meetings attended:

	Xin (Andy) Sui	Robert Scott	Simon Grant-Rennick
Board meetings	31/31	31/31	31/31
Audit Committee meetings	2/2	2/2	2/2
Remuneration Committee meetings	1/1	1/1	1/1

Directors duties

The duties and responsibilities of the Board are:

• To promote the success of the Company;

• To exercise independent judgement;

• To exercise reasonable care, skill and diligence;

• To avoid conflicts of interest;

• Not to accept benefits from third parties; and

• To declare interests in transactions or arrangements.

Corporate governance

As a company with a Standard Listing, the Company is not required to comply with the provisions of the UK Corporate Governance Code published by the Financial Reporting Council. Nevertheless, the Directors are committed to maintaining high standards of corporate governance and, so far as is practicable given the Group's size and nature, adopts and complies with the OCA Corporate Governance Code 2023 ('OCA Code') on a comply or explain basis. A copy of the OCA Code is publicly available at https://www.theqca.com.

The Company does depart from the OCA Code. This isn't the intention of the Board but is circumstantial for the Company.

The complexity of the Board's needs remain limited and therefore the size of the board has matched the needs of the Company. It is hoped that as the Company progresses through its current cycle of investments, it will grow in both revenue and market capitalisation. With a bigger and more complex Company the Board will need to grow. This will provide greater governance with the addition of a chairperson, more independent Non- Executive Directors, the formation of a stand alone nomination committee and well as other committees being formed of individuals rather than the entire Board.

Principle 1.		The Company is a holding company. Its subsidiary, which makes up the group with the Company ('the Group'), is a businesses involved in the production of food, agriculture and agricultural related products and more recently the wider food and beverage industry. The Company's strategy is to acquire profitable businesses within the sector and leverage existing management and the Company's ability to access capital and new talent.
	Establish a purpose, strategy and business model which promotes long- term value for shareholders.	The Company's strategy for growth is to: • Acquire profitable businesses within the sectors we operate; • Leverage the internal skills that is has and where necessary bring in the appropriate skills; • Ensure the underlying business has access to sufficient growth capital while being aware of the actual cost of capital and the returns that are required to be generated; and
		• Create a company that engages all our people with a common set of values and goals.
		Our can-do culture feeds into our strategy, which is being pursued both organically and, as opportunities arise, by relevant acquisitions.

Board diversity

The Company is dedicated to promoting equal opportunities for all employees and job applicants. We aim to create an environment that is free from discrimination and harassment, where cultural diversity and individual differences are positively valued and decisions are based on merit. We do not discriminate against employees on the basis of age, disability, gender reassignment, gender identity, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation.

As at 31 October 2023, being the reporting date, the Company had only three Board members of which all were men and only one has an ethnic origin other than white British. As such the Company has not met the targets specified under the Listing Rules of having women make up 40 per cent of the Board or having a woman in at least one of the following senior positions on its Board: (A) the chair; (B) the Chief Executive; (C) the senior independent director; and (D) the chief financial officer. However the Company does have one Board member from an Asian background meaning that it does meet the target of having at least one Board member from a minority ethnic background.

The Company has not met the diversity expectation of a standard listed company on the London Stock Exchange. This is because Board doesn't comprise of any women, however, our subsidiary company, DI, does have a female board member. The Board currently views its size as adequate for the needs of the Company. As the Company's needs grow the Board will also grow which will provide the ability to create a diverse team of Directors.

As part of our starting form for staff there are a number of questions that perform dual purposes for both commercial needs as well as financial reporting needs. Of these questions we have been able to use: what sex do you identify as; and what ethnic background do you come from. Both of these questions are deemed to be self reporting as each member of staff undertakes the questions by themselves.

Gender identity or sex

Task Force on Climate-related Financial Disclosures (TCFD)

The Company operates in an environment that renders our exposure to climate-related risks minimal, therefore, the Company has not included in this annual report and financial statement the climate related financial disclosures consistent with the TCFD Recommendations and Recommended Disclosures. However, our commitment is unwavering towards comprehending our environmental footprint and crafting sustainability strategies over the future relative to our operational size. While limited in its environmental impact, our operational ethos is underscored by a proactive approach to environmental stewardship. We detail the eleven TCFD recommendation below.

The Company intends to comply with the TCFD recommendations within the next 12-24 months. As part of this we will review our new investments and see how they can provide accurate information to the Company to enable this reporting.

Governance

Strategy

Riskmanagement

Metrics& targets

The Company is deeply committed to a sustainable future and will continuously assess its environmental impact and adopt strategies to minimise its carbon emissions.

Remuneration Committee report

RemunerationCommitteetermsofreference

The Remuneration Committee has responsibility, subject to any necessary Shareholder approval, for the determination of the terms and conditions of employment, remuneration and benefits of the Executive Directors and certain other senior executives, including pension rights and any compensation payments. It also recommends and monitors the level and structure of remuneration for senior management and the implementation of share option or other performance-related schemes. It is the aim of the committee to remunerate Executive Directors competitively and to reward performance. The Remuneration Committee determines the Company's policy for the remuneration of Executive Directors, having regard to the OCA Corporate Governance Code 2023.

The Remuneration Committee meets at least twice a year. However, due to the structure of the business currently the meeting was combined into a board meeting as all the members are the same as the Board. The responsibilities of the committee covered in its terms of reference include determining and monitoring policy on and setting levels of remuneration, termination, performance-related pay, pension arrangements, reporting and disclosure, share incentive plans and the appointment of remuneration consultants. The terms of reference also set out the reporting responsibilities and the authority of the committee to carry out its responsibilities.

Directors' remuneration, shareholding and options

Remuneration

The Directors' remuneration for the year ended 31 October 2023 is set out in the table below. None of the Directors receive share options, long term incentives, bonus schemes or the like as part of their remuneration packages. Some Directors receive monthly fees as invoiced for consultancy work as agreed between the Directors and the Remuneration Committee. There are contracts for the Directors.

No pension contributions were made by the Company on behalf of its Directors other than for Andrew Monk. Andrew Monk's pension contribution for 2023 Nil (2022: £330).

At the year-end a total of £2,810 (2022: £33,587) was outstanding in respect of Directors' emoluments.

Shareholding

As at 31 October 2023, the Directors of the Company held the following shares:

number of Ordinary Shares in issue on 31 October 2023 - 64,888,855

** Total number of Ordinary Shares in issue on 31 October 2022 - 46,162,855

*** Shares are held Vidacos Nominees Ltd as nominee

Xin (Andy) Sui and Simon Grant-Rennick do not have any shares in the Company.

Options

There is no Option Scheme in place at the Company and no options have been issued to any of the Directors. All options issued previously have expired.

Warrants

As at 31 October 2023 the warrants held by Directors were:

Warrantholder	5pwarrants	5pwarrants
	2023	2022
Robert Scott	-	820,000
Andrew Monk *	-	4,240,000
Matt Bonner *	-	840,000
Total	-	5,900,000

* These directors resigned during the year ended 31 October 2022

The warrants that were held by the Directors as at 31 October 2022 expired on 23 March 2023. Due to the warrants lapsing the Directors no longer hold any warrants within the company.

Audit Committee report

AuditCommittee termsofreference

The Audit Committee comprises of all three members of the Board, with only one of those members being an independent Non-Executive Director. The committee encompasses the monitoring of risks posed to the Group on an ongoing basis, has responsibility for, among other things, the monitoring of the financial integrity of the Group's financial statements and the involvement of its auditors in that process. It focuses in particular on compliance with accounting policies and ensuring that an effective system of internal financial controls is maintained. The ultimate responsibility for reviewing and approving the annual report and accounts and the half-yearly reports remains with the Board.

The Audit Committee meets no less than twice a year at the appropriate times in the reporting and audit cycle. It also meets on an 'as necessary' basis. The responsibilities of the committee covered in its terms of reference include external audit, internal audit, financial reporting and internal controls.

AuditCommittee report

I am pleased to present the 2023 audit report. As part of the process of preparing a prospectus the Board conducted a review of the Company's risk management. As the Company pivoted its business model to a broader food and beverage business we believed it was vital for us to conduct a new and thorough understanding of how uncertainty affects our business objectives. While we had a good understanding of these effects before, we now have a significantly improved focus and comprehension of the risks and this understanding enhances the Board's strategic thinking and decision-making process. The new auditors settled in very well and we have built up a level of trust with them. I believe their continued input will be very helpful to the Company in reducing risk and enhancing internal controls. Next year, we are looking to continue our work on risk management, particularly focusing on identifying, assessing, and mitigating potential risks that could impact our strategic objectives. I am proud of the progress we have made over the past year and we as a Company remain committed to maintaining the highest standards of corporate governance.

.............................

Simon Grant-Rennick

ChairoftheAuditCommittee

Date: 26 February 2024

Directors' report

The Directors have the pleasure of submitting their report and the audited financial statements for the year ended 31 October 2023.

To make our annual report and financial statements more accessible, a number of the sections traditionally found in this report can be found in other sections of this annual report, where it is deemed that the information is presented in a more connected and accurate way.

Principal Group activities, business review and results

The principal activity of the Group in the reporting year was investing and trading in the agriculture and ancillary sectors in Africa. The business review and results can be found above in the annual report.

Statement of disclosure to auditors

Each person who is a Director at the date of approval of this Annual Report confirms that:

• so far as the Directors are aware, there is no relevant audit information of which the Group and Parent Company's auditors are unaware;

• the Directors have taken all the steps they ought to have taken as Directors, in order to make themselves aware of any relevant audit information and to establish that the Group and Parent Company's auditors are aware of that information, and

• each Director is aware of and concurs with the information included in the management report.

Statement of Directors' responsibilities

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the Company and the Group and of the profit or loss of the Company and the Group for that year. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether the Group and Parent Company financial statements have ben prepared in accordance with IFRS as adopted by the United Kingdom, subject to any material departures disclosed and explained in the Financial Statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are enough to show and explain the Group and Parent Company's transactions, disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006.

The Directors are responsible for safeguarding the assets of the Group and Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website.

Annual general meeting ('AGM')

Information about the AGM can be found below.

Auditors

RPGCC, has expressed its willingness to continue in office and a resolution to reappoint following the 2023 annual report being signed will be proposed at the next annual general meeting.

Branches outside the UK

Details of all branches outside the UK can be found below.

Corporate governance code (the 'Code')

Information on how the Company applied the Principles and complied with the provisions of the Code may be found above.

Dividends

No dividends will be distributed for the current year (2022 - nil).

Diversity

The Group's diversity statistics are available above.

Events after the reporting period

Further information on events after the reporting date are set out in note 32.

Employees

The average number of employees and their remuneration are detailed in note 7.

Internal control and risk management

The Group's has detailed out its internal controls and risk management above. Additionally its principle risks are above.

Investing policy

The Company was established to invest in or acquire companies engaged in the agriculture and ancillary sectors in Africa. The Directors intend to use their collective experience to identify appropriate investment opportunities in the production, transportation and trading of food and beverage products and ancillary industries.

Indemnity and insurance

Details of Directors' indemnity and insurance is located below.

Political donations

The Group made no political donations during the current year and previous financial period. Nor has it made any contributions to any non-UK political party during the current year or previous financial period.

Supplier Payment Policy

It is the Group's payment policy to pay its suppliers in conformance with industry norms. Trade payables are paid in a timely manner within contractual terms, which is generally 30 to 45 days from the date an invoice is received.

Substantial shareholders

The Group has been informed of the shareholdings that represent 3% or more issued Ordinary Shares of the Company as at 31 October 2023. A full list of these positions can be found below.

Stakeholder engagement

Details regarding the engagement with suppliers, customers and others in business relationships with the Company may be found above.

Non-financial reporting

Non-financial measures are an important part of our business and we have consistently recognised the importance of non-financial information in our annual report. The Board is committed to acting responsibility and working with our stakeholders to manage the social and ethical impact of our activities. We aim to treat all our stakeholders fairly and with integrity, as we explain in our climate related financial disclosures.

.............................

Xin (Andy) Sui

Onbehalfoftheboard

Date: 26 February 2024

Independent auditor's report

To the members of Everest Global Plc

Opinion

We have audited the financial statements of Everest Global Plc (the 'Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023 which comprise the Group and Company statements of comprehensive income, statements of changes in equity, statements of financial position, statements of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards as adopted in the United Kingdom (IFRS).

In our opinion, the financial statements:

• give a true and fair view of the state of the Group's and of the Company's affairs as at 31 October 2023 and of the Group's loss for the year then ended;

• have been properly prepared in accordance with IFRS; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Material uncertainty relating to going concern

We draw attention to note 2a in the financial statements, which indicates events or conditions identified that may cast significant doubt over the Company's ability to continue as a going concern. As stated in note 2a, these events or conditions, along with other matters set forth in note 2a, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the Directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included:

• review budgets and cash flows projections up to 31 October 2025;

• comparison of budget to past performance;

• sensitise cash flows for variations in trading performance and working capital requirements;

• consider if there is any other information brought to light during the audit that would impact on the going concern assessment;

• review of working capital facilities and assess headroom available in the projections; and

• review of adequacy and completeness of disclosures in the financial statements in respect of the going concern assumption.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Our approach to the audit

In planning our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant accounting estimates. As in all of our audits, we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit to ensure that we performed sufficient work to be able to issue an opinion on the financial statements as a whole, taking into account the structure of the Group and the parent Company, the accounting processes and controls, and the industry in which they operate.

We performed the audit of the Company and reviewed the work performed by the component auditor in addition to performing our own tests on the Company's subsidiary.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement we identified (whether or not due to fraud), including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. The matters identified were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The use of the Going Concern basis of accounting was assessed as a key audit matter and has already been covered in the previous section of this report. The other key audit matter identified is described below.

Our application of materiality

We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users that are taken on the basis of the financial statements.

In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.

We consider gross assets to be the most significant determinant of the Group's financial performance used by the users of the financial statements. We have based materiality on 2% of gross assets for each of the operating components. Overall materiality for the Group was therefore set at £33,000. For each component, the materiality set was lower than the overall group materiality.

We agreed with the Audit Committee that we would report on all differences in excess of 5% of materiality relating to the Group financial statements. We also report to the Audit Committee on financial statement disclosure matters identified when assessing the overall consistency and presentation of the consolidated financial statements.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent Company financial statements are not in agreement with the accounting records and returns;

• certain disclosures of Directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on above, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with IASs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

• We obtained an understanding of the legal and regulatory frameworks within which the Group operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.

• We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Other matters that we are required to address

We were appointed on 12 April 2023 and this is the second year of our engagement as auditors for the Group.

We confirm that we are independent of the Group and have not provided any prohibited non-audit services, as defined by the Ethical Standard issued by the Financial Reporting Council.

Our audit report is consistent with our additional report to the Audit Committee explaining the results of our audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Statement of comprehensive income

Statement of financial position As at 31 October 2023

The notes form part of these financial statements The financial statements were approved and authorised for issue on 26

February 2024 by the board of directors and were signed on its behalf by:

CompanyRegistrationNo.07913053

.............................

Xin (Andy) Sui

Director

Group statement of changes in equity For the year ended 31 October 2023

Company statement of changes in equity For the year ended 31 October 2023

Statement of cash flows

For the year ended 31 October 2023

Notes to the group annual financial statements For the year ended 31 October 2023

1. General information

Everest Global Plc is a company incorporated in the United Kingdom. Details of the registered office, the officers and advisers to the Company are presented on the directors and professional advisers page at the back of this report. The Company is admitted to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) 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 year ended 31 October 2023 with comparatives for the year ended 31 October 2022.

2. Basis of preparation and significant accounting policies

The consolidated financial statements of Everest Global Plc have been prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (IFRS as adopted by the UK), IFRS Interpretations Committee and the Companies Act 2006 applicable to companies reporting under IFRS.

The consolidated financial statements have been prepared under the historical cost convention in the Group's reporting currency of Pound Sterling.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Although these estimates are based on management's experience and knowledge of current events and actions, actual results may ultimately differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years.

a. Going concern

These consolidated financial statements are prepared on the going concern basis. The going concern basis assumes that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business. The Group has incurred significant operating losses and negative cash flows from operations as the Group pivoted to new opportunities during the year under review.

There remains an active and liquid market for the Group's shares.

As at 31 October 2023 the Group held £858,024 (2022: £925,814) in cash and cash equivalents.

As disclosed in note 32, the Group has acquired PL and disposed of DI since the year-end. Furthermore, the Group continues to seek further investment opportunities to develop its European-focused food and beverage operations. It will be necessary to raise further funding to achieve these objectives. At the time of approving this report, negotiations are in progress to raise further capital in the form of CLNs.

The Directors have prepared cash flow forecasts. These forecasts consider operating cash flows and capital expenditure requirements for the Company and PL, available working capital and forecast expenditure, including overheads and other costs. The Directors are of the opinion that the Group has sufficient working capital and that no additional funding is required. However, funding is being raised to provide adequate cash flow to cover the business for unforeseen costs that might occur.

After careful consideration of the matters set out above, the Directors are of the opinion that the Group will be able to undertake its planned activities for the period to 28 February 2025 from current cash and debtor positions and have prepared the consolidated financial statements on the going concern basis. Nevertheless, due to the uncertainties inherent in meeting its forecasts and obtaining additional fund raising there can be no certainty in these respects. The financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern. For this reason, the Directors believe that there is a material uncertainty relating to the Group's going concern.

b. New and amended standards adopted by the Company

The Group has implemented IFRS as adopted by the UK. At the point of transition from IFRS as adopted by the EU the underlying requirements were identical. The following standards, amendments and interpretations are new and effective for the year ended 31 October 2023 and have been adopted. None of the IFRS standards below had a material impact on the financial statements.

The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 November 2022 and have not been early adopted:

The Directors anticipate that the adoption of these standards and the interpretations in future periods will not have a material impact on the financial statements of the Group.

c. Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 October each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Non-controlling interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non- controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non- controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.

When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. Where certain assets of the subsidiary are measured at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the related assets (i.e. reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 "Financial Instruments: Recognition and Measurement" or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

Businesscombinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition- date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that:

• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;

• liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree's share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and

• assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.

Goodwill

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after assessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.

Associates

The Company's interest in an associate is carried in the statement of financial position at its share in the net assets of the associate together with goodwill paid on acquisition, less any impairment loss. When the share in the losses exceeds the carrying amount of an equity-accounted Company, the carrying amount is written down to nil and recognition of further losses is discontinued.

d. Property, plant & equipment

Property, plant and equipment are stated at historical cost less subsequent accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial year in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method to write of their cost over their estimated useful lives at the following annual rates:

Useful lives and depreciation method are reviewed and adjusted if appropriate, at the end of each reporting year.

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.

e. Leased assets

The Group leases various offices and equipment. Rental contracts are typically made for fixed periods of 3 years but may have extension options for an additional 2 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.

The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term as per the table below:

First year of the lease	15.00%
Second year of the lease	17.00%
Third year of the lease	20.00%
Fourth year of the lease	22.00%
Fifth year of the lease	26.00%

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

• fixed payments (including in-substance fixed payments), less any lease incentives receivable.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

Right-of-use assets are measured at cost comprising the following:

• the amount of the initial measurement of lease liability

• any lease payments made at or before the commencement date less any lease incentives received any initial direct costs, and

• restoration costs.

Payments associated with short term leases and leases of low-value assets are recognised on a straight- line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise moving equipment rented on a day to day basis.

f. Investments in subsidiaries

Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.

g. Inventories

Inventories are carried at the lower of cost and net realisable value. Cost is determined using specific identification and in the case of work in progress and finished goods, comprises the cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses.

When the inventories are sold, the carrying amount of those inventories is recognised as an expense in the year in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the year in which the write- down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as an expense in the year in which the reversal occurs.

h. Impairment

Non-derivativefinancialassets

Credit-impairedfinancialassets

At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at Fair Value through Other Comprehensive Income ('FVTOCI') are credit-impaired. A financial asset is "credit-impaired" when one or more events that have a detrimental impact on the estimated future cash flows of the financial assets have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

• significant financial difficulty of the borrower or issuer;

• a breach of contract such as a default or being more than 90 days past due;

• the restructuring of a loan or advance by the Group on terms that the Group would not consider

• it is probable that the borrower will enter bankruptcy or other financial reorganisation; or

• the disappearance of an active market for a security because of financial difficulties.

A 12 month approach is followed in determining the Expected Credit Loss ('ECL').

PresentationofallowanceforECLinthestatement offinancialposition

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.

For debt securities at FVTOCI, the loss allowance is charged to profit or loss and is recognised in Other Comprehensive Income ('OCI').

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group's procedures of recovery of the amounts due.

i. Financial instruments

The Group classifies non-derivative financial assets into the following categories: loans and receivables and Fair Value through Profit and Loss ('FVTPL') and Fair Value through OCI ('FVTOCI') financial assets.

The Group classifies non-derivative financial liabilities into the following category: other financial liabilities.

Non-derivative financial assets and financial liabilities - recognition and derecognition

The Group initially recognises loans and receivables on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date when the entity becomes a party to the contractual provisions of the instrument.

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability.

The Group derecognises a financial liability when it's contractual obligations are discharged or cancelled or expire. Gains or losses on derecognition of financial liabilities are recognised in profit or loss as a finance charge.

Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

Loans and receivables - measurement

These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.

Assets at FVTOCI - measurement

These assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, are recognised in OCI and accumulated in the revaluation reserve.

When these assets are derecognised, the gain or loss accumulated in equity is reclassified to profit or loss.

Non-derivative financial liabilities - measurement

Other non-derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method.

Convertible loan notes and derivative financial instruments

The presentation and measurement of loan notes for accounting purposes is governed by IAS 32 and IFRS 9. These standards require the loan notes to be separated into two components:

• a derivative liability; and

• a debt host liability.

This is because the loan notes are convertible into an unknown number of shares, therefore failing the 'fixed-for- fixed' criterion under IAS 32. This requires the 'underlying option component' of the loan note to be valued first (as an embedded derivative), with the residual of the face value being allocated to the debt host liability (refer financial liabilities policy above).

Compound financial instruments issued by the Group comprise convertible notes denominated in British pounds that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.

The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.

Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.

The Group's financial liabilities include amounts due to a director, trade payables and accrued liabilities. These financial liabilities are classified as FVTPL are stated at fair value with any gains or losses arising on re-measurement recognised in profit or loss. Other financial liabilities, including borrowings are initially measured at fair value, net of transaction costs.

j. Borrowings

Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the reporting period, in which case they are presented as non- current liabilities.

Borrowings are initially recorded at fair value, net of transaction costs and subsequently carried for at amortised costs using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the year of the borrowings using the effective interest method. Borrowings which are due to be settled within twelve months after the reporting period are included in current borrowings in the statement of financial position even though the original term was for a period longer than twelve months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the financial statements are authorised for issue.

k. Revenue recognition

Performanceobligationsandservicerecognitionpolicies

Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over of goods or services to a customer.

The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies.

l. Cost of sales

Cost of sales consists of all costs of purchase and other directly incurred costs.

Cost of purchase comprises the purchase price, import duties and other taxes (other than those subsequently recoverable by the Group from the taxing authorities), if any, and transport, handling and other costs directly attributable to the acquisition of goods. Trade discounts, rebates and other similar items are deducted in determining the costs of purchase. Cost of conversion primarily consists of hiring charges of subcontractors incurred during conversion.

m. Finance income and finance costs

The Group's finance income and finance costs include:

• interest income;

• interest expense; and

• dividend income.

Interest income and expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Group's right to receive payment is established.

The "effective interest rate" is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

• the gross carrying amount of the financial asset; or

• the amortised cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset, if the asset is no-longer credit-impaired, then the calculation of interest income reverts to the gross basis.

n. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income and expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting year.

Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.

Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting year, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

o. Cash & cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are also included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows.

p. Provisions and contingencies

Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the statement of financial position date and are discounted to present value where the effect is material. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

When the effect of discounting is material, the amount recognised for a provision is the present value at the reporting date of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of comprehensive income.

Contingent liabilities are not recognised in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the financial statements but disclosed when an inflow of economic benefits is probable.

q. Share capital

Ordinary shares are classified as equity. Proceeds from issuance of ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against share capital and share premium.

r. Foreign currencies

In preparing the financial statements of each individual Group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting year, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on translation of monetary items, are recognised in profit or loss in the year in which they arise. Exchange differences arising on the retranslation of non- monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains, and losses are recognised directly in other comprehensive income, in which cases, the exchange differences are also recognised directly in other comprehensive income.

For the purposes of presenting the consolidated financial statements, assets and liabilities of the Group's foreign operations are translated from South African Rand into the presentation currency of the Group of Pound Sterling at the rate of exchange prevailing at the end of the reporting year, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during that year, in which case, the exchange rates prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity.

The principal exchange rates during the year are set out in the table below:

Ratecomparedto£(GBP)
Foreign currency	Fortheyear ending31 October 2023	Fortheyear ending31 October 2022
South African Rand	22.6757	21.0410
US Dollar	1.2154	1.1469

s. Employee benefits

Salaries, annual bonuses, paid annual leave and the cost to the Group of non-monetary benefits are accrued in the year in which employees of the Group render the associated services. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.

t. Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Director who makes strategic decisions.

3. Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the application of the Group's accounting policies, which are described above, management is required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions that had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below.

a. Inventory valuation

Inventory is valued at the lower of cost and net realisable value. Net realisable value of inventories is the estimated selling price in the ordinary course of business, less estimated costs of completion and selling expenses. These estimates are based on the current market conditions and the historical experience of selling products of a similar nature. It could change significantly as a result of competitors' actions in response to severe industry cycles. The Group reviews its inventories in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory value is reduced when the decision to markdown below cost is made.

b. Impairment of long term inter-company receivables

The Group's management reviews long-term inter-company receivables on a regular basis to determine if any provision for impairment is necessary. The policy for the impairment of long-term inter-company receivables of the Group is based on, where appropriate, the evaluation of collectability, the trading performance of the relevant subsidiary and on management's judgement. A considerable amount of judgement is required in assessing the ultimate realisation of these outstanding amounts, including the current and estimated future trading performance of the relevant subsidiary. If the financial conditions of inter-company debtors of the Group were to deteriorate, resulting in an impairment of their ability to make payments, a provision for impairment may be required.

c. Impairment of receivables

The Group's management reviews receivables on a regular basis to determine if any provision for impairment is necessary. The policy for the impairment of receivables of the Group is based on, where appropriate, the evaluation of collectability and ageing analysis of the receivables and on managements' judgement. A considerable amount of judgement is required in assessing the ultimate realisation of these outstanding amounts, including the current creditworthiness and the past collection history of each debtor. If the financial conditions of debtors of the Group were to deteriorate, resulting in an impairment of their ability to make payments, provision for impairment may be required.

d. Incremental borrowing cost of right of use assets and lease liabilities

In assessing the Group's right of use assets and lease liabilities, the Group has to assess its incremental borrowing costs. As an approximation of the Group's incremental long term borrowing costs, the Group estimated the borrowing costs associated with similar long term, asset based financing arrangements. The Group based the implied incremental borrowing costs on the South African prime lending rate applicable at the date of commencement of the agreement and added an appropriate lending premium that would be typically applied by lenders. At the year end the estimated incremental borrowing costs used amounted to 8.5% (2022: 8.5%).

e. Income taxes

The Group is subject to income taxes in South Africa and the UK. The South African income taxes are administered by South African accountants. Significant judgement is required in determining the provision for income taxes and the timing of payment of the related tax. There are certain transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax provision in the year in which such determination is made.

f. Share based payments

The fair value of share-based payments recognised in the income statement is measured by use of the Black Scholes model, which considers conditions attached to the vesting and exercise of the equity instruments. The expected life used in the model is adjusted; based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. The share price volatility percentage factor used in the calculation is based on management's best estimate of future share price behaviour based on past experience, future expectations and benchmarked against peer companies in the industry.

g. Equity portion of convertible loan notes

The Group provides for the equity portion of convertible loan notes by applying an estimated interest rate in determining the present values of the convertible loan notes and the interest payable thereon over the life of the convertible loan notes.

h. Depreciation and amortisation

The Group depreciates property, plant and equipment and amortises the leasehold buildings and land use rights on a straight-line method over the estimated useful lives. The estimated useful lives reflect the Directors' estimate of the years that the Group intends to derive future economic benefits from the use of the Groups' property, plant and equipment.

4. Segmental reporting

In the opinion of the Directors, the Group, during the reporting period has one class of business, being the trading of agricultural materials. The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There is currently only one geographic reporting segment, which is South Africa. All revenues and costs are derived from the single segment.

5. Revenue

6. Other income

7. Personnel expenses and staff numbers

8. Directors' remuneration

Group Company

Fortheyear		Fortheyear	Fortheyear	Fortheyear
ending31		ending31	ending31	ending31
October		October	October	October
2023		2022	2023	2022
Salariesandfees £		£	£	£
Xin (Andy) Sui	39,000	-	39,000	-
Robert Scott	34,000	12,000	34,000	12,000
Simon Grant-Rennick	50,260	-	50,260	-
Andrew Monk * #	-	12,923	-	12,923
Matthew Bonner *	-	11,000	-	11,000
Total	123,260	35,923	123,260	35,923

* These directors resigned during the year ended 31 October 2022

# included in Andrew Monk's remuneration is £1,923 for National Insurance contributions

No pension contributions were made by the Company on behalf of its directors in the current year. Included in Andrew Monk's 2022 remuneration are pension contributions amounting to £330.

At the year-end a total of £2,810 (2022: £33,587) was outstanding in respect of directors' emoluments.

G. Expenses - analysis by nature

Admission costs included £100,000 payable to RPGCC with respect to their engagement as reporting accountant.

10. Impairments

In previous financial years, the recoverability of the investment was evaluated and in management's estimation, it was considered necessary to impair the goodwill on consolidation, the investment in the subsidiary and the intercompany loans receivable. They are held at nil value in the financial statements.

11. Financecosts

Finance costs represent interest and charges in respect of the discounting of invoices, the interest accrual for the Convertible Loan Notes issued and the interest charged on capitalised right-of use lease liability.

Note 1: These finance charges relate to the disposal of an inter-company loan to K2.

12. Finance income

13. Taxation

The charge for the year can be reconciled to the profit before taxation per the consolidated statement of comprehensive income as follows:

The Company has excess management expenses of £1,585,329 (2022: £1,432,899 )available for carry forward against future trading profits. The deferred tax asset in these tax losses at 19.0% has not ben recognised due to the uncertainty of recovery.

The UK government changed the corporate tax with effect from 1 April 2023. This change meant there was a sliding scale between 19% and 25%, depending on your profits. Given the Company isn't profitable we have applied the rate of 19%, which is applicable for business with profits less than £50,000.

14. Loss per share

Loss per share data is based on the Group result for the year and the weighted average number of shares in issue. Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the year:

Basic and diluted loss per share are the same, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. As at 31 October 2023 there were 50,488,839 (2022: 46,162,855) shares in issue, 63,089,171 (2022: 38,363,171) outstanding share warrants and nil (2022: nil) outstanding options, both are potentially dilutive.

During the year, DIA, was sold to the proposed purchaser as disclosed last year. It had been anticipated that the sale be concluded within the last two financial year, however COVID-19 delayed the process. The Company received £15,385 for its investment within DIA. This was greater than the Directors had estimated while preparing the financial statements to 31 October 2022.

As at 31 October 2023, the Company directly and indirectly held the following investments:

The reconciliation of non-controlling interests in note 23 includes an analysis of the profit or loss allocated to non-controlling interests of each subsidiary where the non-controlling interest is material. There are no significant restrictions on the ability of the Group to access or use assets and settle liabilities.

Subsequent to the year end the Company has disposed of its remaining holding of 51% of DI to K2.

Property, plant & equipment

17. Inventories
	Group Yearended	Yearended	Company Yearended	Yearended
	31October	31October	31October	31October
	2023 £	2022 £	2023 £	2022 £
Raw materials	329,408	175,875	-	-
Carrying value	329,408	175,875	-	-

The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was secured by a lien over the inventory and a cession of the debtors balances.

18. Tradeandotherreceivables
	Group Yearended	Yearended	Company Yearended	Yearended
	31October	31October	31October	31October
	2023 £	2022 £	2023 £	2022 £
Financialinstruments Trade receivables	282,671	256,824	-	-
Deposits	-	14,360	-	-
Loans receivable	210,773	-	200,000	-
Other receivables	42,726	11,219	42,726	11,219
Non-financialinstruments Accrued income	6,959	-	6,959	-
Prepayments	30,257	126	8,634	-
Carrying value	573,386	282,529	258,319	11,219
Current	573,386	282,529	258,319	11,219
Non-current	-	-	-	-

573,386 282,529 258,319 11,219

The receivables are considered to be held within a held-to-collect business model consistent with the Group's continuing recognition of the receivables.

As at 31 October 2023 the Group does not have any contract assets nor any contract liabilities arising out of contracts with customers relating to the Group's right to receive consideration for agricultural products sold but not billed. Group trade receivables represent amounts receivable on the sale of agricultural products and are included after provisions for doubtful debts.

Creditandmarketrisks,andimpairmentloses

The Group did not impair any of its trade receivables as at 31 October 2023, as all trade receivables generated during the financial year, and outstanding at 31 October 2023 are considered to be recoverable during the ordinary course of business.

Information about the Group's exposure to credit and market risks and impairment losses for trade receivables is included in Note 29.

The Directors consider that the carrying amount of trade receivables and other receivables approximates their fair value.

19. Cashandcashequivalents
	Group Yearended	Yearended	Company Yearended	Yearended
	31October	31October	31October	31October
	2023 £	2022 £	2023 £	2022 £
Cash on hand	858,024	925,814	765,814	922,613
	858,024	925,814	765,814	922,613

20. Tradeandotherpayables
	Group Yearended	Yearended	Company Yearended	Yearended
	31 October	31October	31October	31October
	2023 £	2022 £	2023 £	2022 £
Trade payables	478,862	582,180	92,135	160,585
Other payables	643,166	-	256,595	-
Related party payables	-	42,202	-	-
	1,122,028	624,382	348,730	160,585

Trade payables represent amounts due for the purchase of agricultural materials and administrative expenses. The Directors consider that the carrying amount of trade payables approximates to their fair value.

The related party financial liabilities comprise:

Terms:

Matthew Bonner & Robert Scott: The loan bears interest at the South African prime overdraft rate. The interest is calculated and paid quarterly. The loan is repayable as decided upon from time to time. The loans were repaid in the year

21. Share capital and share premium

Share capital is the amount subscribed for shares at nominal value.

During the 2019 financial year the Company consolidated all existing and issued shares and share options on the basis of 20 existing shares/options for 1 new share/option.

Retained losses represent the cumulative loss of the Group attributable to equity shareholders.

Share-based payments reserve relate to the charge for share-based payments in accordance with IFRS 2.

22. Share based payments reserve

The Company does not have a share-ownership compensation scheme for senior executives of the Company. However senior executives may be granted options to purchase Ordinary Shares in the Company.

Warrants

During the 2019 financial year the Company consolidated all existing and issued shares and share options on the basis of 20 existing shares/options for 1 new share/option.

There are 63,089,171 warrants to subscribe for Ordinary Shares at 31 October 2023 (2022: 38,363,171).

Warrants were attached to the CLNs issued on 23 March 2021, with an exercise price of 5.0p per Ordinary Share. The redemption date for these CLNs is 31 March 2025.. These warrants will only be issued once the CLNs are converted into shares.

Warrants were attached to the subscription shares issued on 24 July 2020 a 1-for-1 basis, with an exercise price of 5.0p per ordinary share and expire 12 months from allotment of the subscription shares. Further warrants were attached to any new ordinary shares that are issued as a result of conversion of any loan notes, on a 1-for-1 basis on the same terms as the subscription warrants.

Warrants were attached to the subscription shares issued on 14 September 2018 a 1-for-1 basis, with an exercise price of 20.0p per ordinary share and expire 12 months from allotment of the subscription shares. Further warrants were attached to any new ordinary shares that are issued as a result of conversion of any loan notes, on a 1-for-1 basis on the same terms as the subscription warrants. A maximum of 20,450,222 new ordinary shares could potentially be issued in the event that all subscription warrants and loan note warrants are exercised.

On 3 October 2022 an investor subscribed for 13,000,000 new ordinary shares in the Company at a price of 5p per share, representing a capital injection of £650,000 (gross and net) into the Company. The new ordinary shares were accompanied by 1 for 1 warrants at 5p in the Company's ordinary shares, equating to 13,000,000 warrants exercisable at any time before 31 December 2024.

On 3 October 2022 the Company agreed with 35% of the CLN holders to accelerate the conversion of 5,971,000 CLNs and accrued but unpaid interest into 7,373,141 New Ordinary Shares in the Company at a conversion price of 5p. As such, the conversion of 5,971,000 CLNs plus accrued but unpaid interest resulted in the issue of 7,373,141 5p Warrants and 7,373,141 10p Warrants, all of which will expire on 31 December 2024.

On 19 January 2023 investors subscribed for 12,726,000 new ordinary shares in the Company at a price of 5.5p per share, representing a capital injection of £699,930 (gross and net) into the Company. The new ordinary shares were accompanied by 1 for 1 warrants at 5.5p in the Company's ordinary shares, equating to 12,726,000 warrants exercisable at any time before 31 December 2024.

The conversion of £300,000 of CLNs on 24 January 2023 has created 6,000,000 new shares in the Company. As per the terms of the CLNs on conversion each share also gets both a 5p and a 10p warrant. Therefore on conversion 6,000,000 5p warrants and 6,000,000 10p warrants were issued and are exercisable up until 31 December 2024.

The estimated fair value of the options in issue was calculated by applying the Black-Scholes option pricing model.

The assumptions used in the calculation were as follows:

Share price at date of grant	0.03
Exercise price	Being the exercise price as stated above
Expected volatility	69%
Expected dividend	0%
Contractual life (in years)	1.92
Risk free rate (based on 10 year UK Government Gilts)	3.28%
Estimated fair value of each option	0.004796 - 0.011232

Options

At 31 October 2023 there were nil share options issued to the Directors and past directors of the Company. During the current year nil share options were granted (2022: nil).

23. Non-controlling interests

Summarised financial information in respect of each of the Group's subsidiaries that has material non- controlling interests is set out below. The summarised financial information below represents amounts before intragroup eliminations.

DynamicIntertrade(Pty)Ltd	2023 £	2022 £
Current assets	736,685	451,450
Non-current assets	181,900	264,330
Current liabilities	(1,259,338)	(522,082)
Non-current liabilities	(4,414,514)	(4,898,562)
	(4,755,267)	(4,704,864)
Equity attributable to the owners of the Company	(2,425,186)	(2,399,481)
Non-controlling interests	(2,330,081)	(2,305,383)
	(4,755,267)	(4,704,864)

DynamicIntertrade(Pty)Ltd	2023 £	2022 £
Revenue	2,791,695	1,698,839
Expenses	(3,138,683)	(2,615,612)
Loss for the year	(346,988)	(916,773)
Loss attributable to the owners of the Company	(346,988)	(916,773)
Loss attributable to the non-controlling interests	-	-
Lossfortheyear	(346,988)	(916,773)
Other comprehensive income attributable to owners of the Company	-	-
Other comprehensive income attributable to the non-controlling interests	-	-
Othercomprehensiveincome forthe year	-	-
Total comprehensive income attributable to owners of the Company	(346,988)	(916,773)
Total comprehensive income attributable to the non-controlling interests	-	-
Totalcomprehensiveincomefortheyear	(346,988)	(916,773)

Net cash outflows from operating activities	(314,591)	(786,055)
Net cash outflows from investing activities	(22,290)	(4,415)
Net cash outflows from financing activities	429,724	792,436
Netcashinflow/(outflow)	92,843	1,966

Non-controllinginterest	2023 £	2022 £
Balance at 1 November	(2,305,383)	-
Equity attributable to non-controlling interest on disposal of 49% interest	-	(2,305,905)
Share of profits for the year	(24,698)	522
Balanceat31October	(2,330,081)	(2,305,383)

On 16 January 2024 K2 exercised the put and call option agreement which was detailed in the Annual Financial Statements for the year ending October 2022. This resulted in the Company selling its remaining 51% of DI. Full details of this transaction can be found in the subsequent events, at note 32.

24. Equity portion of convertible loan notes

During the 2021 financial year, on 23 March 2021, the Company converted £383,000 owed to the Directors and a Company owned by a director for 7,660,000 CLNs and, simultaneously, issued 4,400,000 CLNs to the value of £220,000 for cash. During the current financial year the Company extended the conversion date of the CLNs to 31 December 2024. The equity portion of the CLNs is presented below.

25. Convertible loan notes

The loan notes holder will be paid an interest rate of 12 per cent, accrued on a monthly basis. The loan notes will not be admitted to trading on any exchange.

On 31 March 2021, the Company issued 12,060,000 2021 Loan Notes in the sum of £603,000 (by the conversion of existing sums due to creditors and by way of subscription from private investors).

On 3 October 2022, Golden Nice acquired £162,000 of the 2018 Loan Notes and £391,950 of the 2021 Loan Notes from various holders, being 65 per cent. of the Convertible Loan Notes outstanding at that time, at a 15 per cent. discount to their face value together with accrued but unpaid interest.

The Company also agreed with the remaining holders of Convertible Loan Notes to accelerate the conversion of the balance of £87,500 2018 Loan Notes and £211,050 2021 Loan Notes and accrued but unpaid interest into, in aggregate, 7,373,141 2022 Conversion Shares in the Company at a conversion price of 5p. In accordance with their terms, the Company granted each holder one warrant to subscribe for a new Ordinary Share at an exercise price of £0.05 per Ordinary Share for every 2022 Conversion Share issued.

Additionally, the Company also agreed to grant each holder one warrant to subscribe for a new Ordinary Share at an exercise price of £0.10 per Ordinary Share for every 2022 Conversion Share issued. Accordingly, the conversion of £87,500 2018 Loan Notes and £211,050 2021 Loan Notes plus accrued but unpaid interest resulted in the granting of 7,373,141 5p 2022 CLN Warrants and 7,373,141 10p 2022 CLN Warrants.

On or around 24 January 2023, the Company received a conversion notice from Golden Nice, pursuant to which Golden Nice notified the Company of the conversion of the 2021 Loan Notes in the aggregate sum of

£300,000 into 6,000,000 Ordinary Shares at a price of 5 pence per share, being a premium of 25 per cent to the closing price of 3.75 pence on 23 January 2023, being the business day prior to agreement of the conversion. As part of the 2023 Conversion, Golden Nice received a 5p 2023 CLN Warrant and a 10p 2023 CLN Warrant for every Ordinary Share issued in connection with the 2023 Conversion.

A maximum of 32,510,222 New Ordinary Shares could potentially be issued in the event that all New Ordinary Shares Warrants and Loan Conversion Warrants are exercised.

The fair value of the liability component, included in non-current liabilities, is calculated using a market

interest rate for an equivalent non-convertible loan note at the date of issue. The residual amount, representing the value of the equity conversion component, is included in shareholder's equity in Equity portion of convertible loan notes (Note 25).

The carrying amounts of the liability component of the CLNs at the balance sheet date are derived as follows:

As part of the of 3 October 2022 investment agreement, the Company agreed with the CLN holders to accelerate the conversion of 5,971,000 CLNs and accrued but unpaid interest into 7,373,141 new Ordinary Shares in the Company at a conversion price of 5p.

26. Borrowings
	Group		Company
	Yearended Yearended		Yearended Yearended
	31October 31October		31October 31October
	2023 2022		2023 2022
	£ £		£ £
Euro 2 Afrisko Ltd - inventory financing	291,744	417,891	- -
Working Capital Partners Pty Ltd - accounts	71,267	140,063	-	-
receivable financing
Loan from K2 Spice Ltd	4,355,369	4,174,538	- -
Carrying value	4,718,380	4,732,492	- -

The Group's subsidiary DI entered into a funding agreement with Euro 2 Afrisko Ltd whereby Euro 2 Afrisko Ltd pays the suppliers directly and this is then repaid by DI to purchase stock from suppliers where deposits are required. This funding was then repaid and secured by a lien over the inventory and accession of the debtors.

The borrowings were secured by a security agreement from the Company. The loans bear interest at 14% per annum.

27. Leases
Rightofuse assetandleaseliability
	Group		Company
	Yearended Yearended		Yearended Yearended
	31October 31October		31October 31October
	2023 2022		2023 2022
	£ £		£ £
Operating lease commitments disclosed as at 31	266,555	347,102	-	-
October
Interest payments	17,935	-	- -
Lease payments	(89,704)	(73,234)	- -
Exchange difference	(7,798)	(7,313)	- -
Leaseliabilityrecognisedinthestatementof	186,988	266,555	-	-
financialposition
Of which:
Current lease liabilities	108,266	100,485	- -
Non-current lease liabilities	78,722	166,070	- -
	186,988	266,555	- -

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 31 October 2019. 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:

Group Company

Yearended 31October		Yearended 31October	Yearended 31October	Yearended 31October
2023		2022	2023	2022
£		£	£	£
Properties	156,129	250,446	- -
	156,129	250,446	- -

On 3 March 2020 a new lease was signed for the Group's main trading address, 104 Bofors Circle, Epping Industrial 2, Cape Town, South Africa with commencement date of 1 July 2020. On the commencement date, the Group recognised a lease liability and right-of-use asset of £430,973.

Impactonearningspershare

Depreciation on the right-of-use asset amounting to £103,842 (2022: £73,234) and interest on the right-of-use lease liability of £17,935 (2022: £25,995) were charged to the statement of profit and loss for the current year. As a result, the earnings per share decreased by 0.002p.

28. Notestothestatementofcashflows

29. Financial instruments - fair values and risk management

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Trade and other receivables and trade and other payables classified as held-for-sale are not included in the table below.

The Group has not disclosed the fair values of financial instruments such as short-term trade receivables and payables, because their carrying amounts are a reasonable approximation of their fair value.

Group as at 31 October 2023

Companyasat31October2023

Company as at 31 October 2022

Measurement of fair values

Valuation techniques and significant unobservable inputs

The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in Note 3.

Financial instruments measured at fair value

Type

Valuationtechnique

Significant unobservableinputs

Inter-relationship betweensignificant unobservableinputs and fair value measurement

Investment in associate

The value of the

investment is adjusted annually based upon the group's share of the associate profit or loss.

None

Transfers between Levels 1 C 2

There were no transfers between levels 1 C 2 in either the current financial year or in the prior financial year.

C. Financial risk management

The Group has exposure to the following risks arising from financial instruments:

• credit risk;

• liquidity and cash flow risk; and

• market risk.

Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities.

The Group's Audit Committee oversees how management monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group's Audit Committee undertakes ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers and investments in debt securities.

The carrying amounts of financial assets represent the maximum credit exposure. There was no impairment loss in the current year nor in the prior year.

Trade receivables

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which its customers operate. Details of concentration of revenue are included in Note 6.

The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment terms and conditions are offered. The Group's review includes external ratings, if they are available, financial statements, credit agency information, industry information and in some cases bank references. Sales limits are established for each customer and are reviewed regularly.

The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month.

The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables for which a no allowance is recognised because of collateral.

Expectedcredit loss assessment for corporate customers asat 31October 2023and 31October 2022

The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and available press information about customers) and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default.

Movementsintheallowanceforimpairmentinrespectoftradereceivables

The movement in the allowance for impairment in respect of trade receivables during the year amounted to nil.

Cashandcashequivalents

As at 31 October 2023, the Group held £858,024 in cash and cash equivalents (2022: £925,814) and had a bank overdraft of £nil. The cash and cash equivalents are held with bank and financial institution counterparties which are rated Baa3 to A1+ by Moody's.

Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. On the implementation of IFRS 9 the Group did not impair any of its cash and cash equivalents.

Liquidity and cash flow risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

Exposuretoliquidityandcashflowrisk

The following tables present the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements.

Company as at 31 October 2022

The interest payments on the financial liabilities represent the fixed interest rates as per the respective contracts.

The Group aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount in excess of expected cash outflows on financial liabilities other than trade payables. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.

Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Foreign currency risk

The Group undertakes certain transactions denominated in foreign currencies. Hence, exposures to exchange rate fluctuations arise.

The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:

Group foreign exchange risk

31October2023 31October2022
	£(GBP)	R(ZAR)	£(GBP)	R(ZAR)
Trade and other receivables	258,319	7,144,365	-	5,708,637
Cash and cash equivalents	765,814	2,090,921	922,613	67,345
Unsecured shareholders' loans	-	(98,761,043)	-	(87,836,461)
Secured loans	-	(8,231,521)	-	(11,739,909)
Convertible loan notes	(491,071)	-	(710,274)	-
Right of use finance lease	-	(3,905,322)	-	(5,608,577)
Trade payables	(348,730)	(17,535,102)	(160,585)	(9,758,757)
Netstatementoffinancialexposure	184,332	(119,197,702)	51,754	(109,167,722)
Next 6 months actual sales	-	-	1,434,073	30,816,695
Next 6 months actual forecast	-	-	(1,231,550)	(26,464,641)
Netstatementoffinancialexposure	-	-	202,523	4,352,054

Netexposure	184,332	(119,197,702)	254,277	(104,815,668)
Companyforeignexchangerisk
31October2023 31October2022
	£(GBP)	R(ZAR)	£(GBP)	R(ZAR)
Trade and other receivables	258,319	-	-	-
Cash and cash equivalents	765,814	-	922,613	-
Convertible loan notes	(491,071)	-	(710,274)	-
Trade payables	(348,730)	-	(160,585)	-
Netstatementoffinancialexposure	184,332	-	51,754	-
Next 6 months sales forecast	-	-	-	-
Next 6 months purchases forecast	-	-	(1,231,550)	-
Netstatementoffinancialexposure	-	-	(1,231,550)	-

Netexposure	184,332	-	(1,179,796)	-

As previously disclosed Dynamic was sold post year end in January 2024. It is the opinion of the Directors that the only foreign exchange risk that the Group faced were the outstanding debtor and creditor balances at the 31 October 2023 as documented on the statement of financial position. It is believed that the trading in November and December, wouldn't have created foreign exchange risk as cash wouldn't have been received nor paid prior to the sale of the subsidiary.

The following significant exchange rates in relation to the reporting currency are applicable:

Averagefortheyear Yearendspotrate

	2023	2022	2023	2022
United States Dollar ($)	1.2477	1.2610	1.2154	1.1469
South African Rand (ZAR)	21.7957	20.5000	22.6757	21.0410

The presentation currency of the Group is British Pound Sterling.

The Group is exposed primarily to movements in USD and ZAR, the currency in which the Group receives most of its funding, against other currencies in which the Group incurs liabilities and expenditure.

Sensitivity analysis

Financial instruments affected by foreign currency risk include cash and cash equivalents, trade other receivables and trade and other payables. The following analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity of the Group's financial instruments (at year end) to changes in market variables, being exchange rates.

The following assumptions were made in calculating the sensitivity analysis:

• all income statement sensitivities also impact equity; and

• translation of foreign subsidiaries and operations into the Group's presentation currency have been excluded from this sensitivity as they have no monetary effect on the results.

Incomestatement/equity
	2023	2023	2022	2022
	+10%	-10%	+10%	-10%
United States Dollar ($)	0.1215	(0.1215)	0.1147	(0.1147)
South African Rand (ZAR)	2.2676	(2.2676)	2.1041	(2.1041)

The above sensitivities are calculated with reference to a single moment in time and will change due to a number of factors including:

• fluctuating other receivable and trade payable balances;

• fluctuating cash balances; and

• changes in currency mix.

Interest rate risk

The Group has entered into fixed rate agreements for its finance leases and shareholders loans. The Group does not hedge its interest rate exposure by entering into variable interest rate swaps.

Exposuretointerestraterisk
The interest rate profile of the Group's interest-bearing financial instruments management of the Group is as per the table below.				as reported		to the
Group				Company
2023 2022				2023		2022
£ £				£		£
Financial assets	-	-		-		-
Financial liabilities	(5,033,428)	(5,709,321)	(491,071)		(710,274)

Fairvaluesensitivityanalysisforfixed-rateinstruments

The Group does not account for any fixed-rate financial assets of financial liabilities at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Other market price risk

The Group is exposed to equity price risk, which arises from equity securities at FVTOCI are held as a long- term investment.

The Groups' investments in equity securities comprise small shareholdings in unlisted companies. The shares are not readily tradable and any monetisation of the shares is dependent on finding a willing buyer.

Valuation techniques and assumptions applied for the purpose of measuring fair value

The fair value of cash and receivables and liabilities approximates the carrying values disclosed in the financial statements.

Capital management

The Group manages its capital resources to ensure that entities in the Group will be able to continue as a going concern, while maximising shareholder return.

The capital structure of the Group consists of equity attributable to shareholders, comprising issued share capital and reserves. The availability of new capital will depend on many factors including a positive operating environment, positive stock market conditions, the Group's track record, and the experience of management. There are no externally imposed capital requirements. The Directors are confident that adequate cash resources exist or will be made available to finance operations but controls over expenditure are carefully managed.

30. Related party transactions

Directors' fees

During the year ended 31 October 2023 £123,260 was paid to Directors of the Company (2022: £35,923 ). At the year- end a total of £2,810 (2022: £33,587) was outstanding in respect of Directors' emoluments.

Otherrelatedparty transactions

Included in trade and other payables are the following related party financial liabilities:

Terms:

Matthew Bonner and Robert Scott: The loan bears interest at the South African prime overdraft rate. The interest will be calculated and paid when the loan is repaid. The loan is repayable as decided upon from time to time.

OutstandingDirector'ssalariesandrelatedpartytransactions

Included in trade and other payables are the following outstanding Directors' salaries and fees payable to related parties for other services:

The following information relates to the comparative period when Andrew Monk was a director of both the Company and K2.

ArrangementswithK2

During the period under review the Company and K2 entered into certain related party arrangements in relation to DI as outlined below. K2 is a 10% subsidiary of VSA Capital. At the time the arrangements were entered into Andrew Monk was a director of the Company, VSA Capital and K2 and is deemed to have significant influence over VSA Capital and K2.

Disposalof4S%equityinterestinDItoK2

K2 subscribed for such number of new shares in the capital of DI resulting in K2 holding 49% of the enlarged issued share capital of DI for a consideration of ZAR10,982 and therefore became a significant shareholder in DI representing the non-controlling interest disclosed in the group financial statements.

PutandcalloptionforK2toacquireremaining51%ofDI

At the same time a put and call option agreement was entered into with the Company granting to K2 the option to acquire 11,430 shares in DI, which represents the remaining 51% equity interest currently owned by the Company. This is subject to the satisfaction of certain conditions and a time restrictions of 31 December 2023 for a consideration of £1.

DisposalofgrouploansinDIfromtheCompanytoK2andentryintoaloansubordinationagreement

Simultaneously with the above subscription and to allow the equity in DI to be issued to K2, the Company agreed to assign certain debts owing by DI, amounting to £4.2 million which had been fully impaired in prior years, to the Company and certain other parties to K2 in consideration for K2 paying to the Company £100,001 and agreeing to fund DI so as to enable DI to carry on its business in the ordinary course until such time as the Company ceases to hold any further shares in DI. This assignment agreement resulted in K2 having a non-controlling interest in DI, full details of K2's non-controlling interest are at note 23.

Additionally, the assignment of the loans resulted in the Group incurring a finance charge on consolidation of £3.1 million. K2 has signed a subordination agreement in relation to the loans due by DI to K2 with an expiry date of 31 October 2023. Should K2 choose to request the repayment of the loans due by DI this will severely impact the Company's ability to continue as a going concern.

31. Controlling Party Note

There is no single controlling party. Significant shareholders are listed below.

32. Subsequent events

Subsequent to year end the following occurred:

The Company acquired from PI Distribution Investment Ltd the entire issued share capital of Precious Link (UK) Limited ('PL'). PL is a wine retailer incorporated and registered in England and Wales which consists of 2 retail liquor outlets in the Southeast of England. For the year ended 30 September 2022, PL made a loss before tax of £35,057 on turnover of £692,985. For the same period net liabilities amounted to £533,631. Under the terms of the SPA the Company will issue 12,500,000 new ordinary shares of £0.02 each in the issued share capital of the Company ('Ordinary Shares') at a value of 4 pence per Ordinary Share, valuing the transaction at £500,000. At the date of signing the accounts these shares had not yet been issued. This is due to complexities with the vendors and the British Virgin Islands company that we purchased PL from. The £200,000 loan between PL and the Company will remain in force and the director of PL has assigned his loan of circa £0.5m, due to him from PL, to the Company, as a condition of the SPA. Following the issue of the 12,500,000 new Ordinary Shares to PI Distribution Investment Ltd, the total number of Ordinary Shares in issue with voting rights in the Company will be 77,388,855 ('Total Voting Rights').

On 10 January 2024 the Company announced that it had acquired PL and issued 12,500,000 new Ordinary Shares as consideration for the acquisition. In fact these shares have not yet been issued due to complexities with the vendors and the British Virgin Islands company from which PL was acquired. The total number of shares currently in issue therefore is 64,888,855 and this represents the total number of voting rights in the Company. The Company will make a further announcement updating the market as soon as it issues the new Ordinary Shares in respect of PL.

The Company and K2 exercised the put and call option agreement ('Option Agreement'), that was detailed in the Annual Financial Statements for the year ending October 2022 and announced on 27 July 2023 and the option was exercised by K2 on 16 January 2024. In October 2022, K2 subscribed for such number of new shares in the capital of DI resulting in K2 holding 49% of the enlarged issued share capital of DI for a consideration of ZAR10,982, with the Company retaining the remaining 51%. The Company also agreed to assign certain debts owing by DI, amounting to £4.2 million which had been fully impaired in prior years, to the Company and certain other parties to K2 in consideration for K2 paying to the Company £100,001 and agreeing to fund DI so as to enable DI to carry on its business in the ordinary course until such time as the Company ceased to hold any further shares in DI. This assignment agreement resulted in K2 having a non-controlling interest in DI and DI was consolidated as such. At the same time, the Company and K2 also entered into the Option Agreement which was extended by mutual agreement and exercised on 16 January 2024. Under the Option Agreement the Company granted to K2 the option to acquire 11,430 shares in DI, being the remaining 51% of DI held by the Company, subject to the satisfaction of certain conditions and subject to certain time restrictions, for £1. At 31 October 2023 DI was still controlled by Everest Global and is consolidated in the Group financial statements for this year.

General meeting

The Company will be holding a general meeting ('GM') at the offices of Keystone Law, 1st Floor, 48 Chancery Lane, London, WC2A 1JF on 28 February 2024 at 11am.

The notice convening the GM was issued on 12 February 2024.

Annual general meeting

The Company has not yet scheduled an annual general meeting ('AGM') at the time of signing the accounts. All details of the future AGM will be provided to shareholders and notice convening the meeting will be released on the London Stock Exchange as well as on the Company's website.

Auditor

The Board recommend that RPG Chapman Crouch LLP be reappointed as auditor, a resolution will be tabled at the GM on 28 February 2024 for their re-appointment following the 31 October 2022 audit being signed off.

Directors' and officers' insurance

The Group maintains insurance cover for all Directors and officers of Group companies against liabilities which may be incurred by them while acting as Directors and officers.

Everest Global Plc - 2023 full year accounts - signing (V18)

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28.08.	Everest Global Plc - £3.0 million received from subscription of New Convertible Loan Notes	Everest Global Plc - £3.0 million received from subscription of New Convertible Loan Notes PR Newswire LONDON, United Kingdom, August 28 28 August 2024Everest Global... ► Artikel lesen
23.08.	Everest Global Plc - Correction re £3m funds received	Everest Global Plc - Correction re £3m funds received PR Newswire LONDON, United Kingdom, August 23 23 August 2024Everest Global plc("Company")Correction to announcement... ► Artikel lesen
23.08.	Everest Global Plc - £3.0 million received from subscription of New Convertible Loan Notes	Everest Global Plc - £3.0 million received from subscription of New Convertible Loan Notes PR Newswire LONDON, United Kingdom, August 23 23 August 2024Everest Global... ► Artikel lesen
16.08.	Everest Global Plc - Issue of £3.5 million of New Convertible Loan Notes	Everest Global Plc - Issue of £3.5 million of New Convertible Loan Notes PR Newswire LONDON, United Kingdom, August 16 16 August 2024Everest Global plc("Company")Issue... ► Artikel lesen
16.08.	Everest Global plc - Issue of £3.5 million of New Convertible Loan Notes	LONDON , Aug. 15, 2024 /PRNewswire/ -- The directors of the Company are pleased to announce that on 15 August 2024 the Company constituted a loan note instrument pursuant to which the Company... ► Artikel lesen

Everest Global Plc - Final Results

Overview

Responsibility statement

Strategy

Our purpose & values

Chief Executive Officer's statement

Financial review

Financing and capital structure

Acquisition strategy

Key performance indicators ('KPI')

Principal risks

Specific subsidiary risks & uncertainties

Going concern & viability statement

Board of Directors

Key activities of the board during the year

Directors duties

Corporate governance

Gender identity or sex

Task Force on Climate-related Financial Disclosures (TCFD)

Remuneration Committee report

Directors' remuneration, shareholding and options

Audit Committee report

Directors' report

Principal Group activities, business review and results

Statement of disclosure to auditors

Statement of Directors' responsibilities

Annual general meeting ('AGM')

Auditors

Branches outside the UK

Corporate governance code (the 'Code')

Dividends

Diversity

Events after the reporting period

Employees

Internal control and risk management

Investing policy

Indemnity and insurance

Political donations

Supplier Payment Policy

Substantial shareholders

Stakeholder engagement

Non-financial reporting

Independent auditor's report

Opinion

Basis for opinion

Material uncertainty relating to going concern

Our approach to the audit

Key audit matters

Our application of materiality

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of directors

Auditor's responsibilities for the audit of the financial statements

Other matters that we are required to address

Use of our report

Statement of comprehensive income

Statement of financial position As at 31 October 2023

1. General information

2. Basis of preparation and significant accounting policies

a. Going concern

b. New and amended standards adopted by the Company

c. Basis of consolidation

d. Property, plant & equipment

e. Leased assets

f. Investments in subsidiaries

g. Inventories

h. Impairment

i. Financial instruments

j. Borrowings

k. Revenue recognition

l. Cost of sales

m. Finance income and finance costs

n. Taxation

o. Cash & cash equivalents

p. Provisions and contingencies

q. Share capital

r. Foreign currencies

s. Employee benefits