XML 172 R25.htm IDEA: XBRL DOCUMENT
v3.26.1

Risks Arising from Financial Instruments and Risk Management | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Risks Arising from Financial Instruments and Risk Management [Abstract] |  |
Risks Arising from Financial Instruments and Risk Management |
| 18. | Risks Arising from Financial Instruments and Risk Management
The Company’s activities expose it to a variety of financial risks: market risk (including foreign exchange and interest rate risks), credit risk and liquidity risk. Risk management is the responsibility of the Company, which identifies, evaluates and, where appropriate, mitigates financial risks.
| (a) | Market risk
Foreign exchange risk: is the risk that the fair value of future cash flows for financial instruments will fluctuate because of changes in foreign exchange rates. The Company has not entered into any foreign exchange hedging contracts. The Company is exposed to currency risk from the British Pound (“GBP”), Euro (“EUR”) and Canadian dollar (“CAD”) through the following foreign currency denominated financial assets and liabilities:
As at (expressed in GBP) |  | June 30, 2025 |  |  | December 31, 2024 |
Financial assets |  |  |  |  |  |
Cash and cash held in trust |  | £ | 100 |  |  | £ | 16,558 |
Trade and other receivables |  |  | 354 |  |  |  | 293,055 |
Loan receivable |  |  | - |  |  |  | 469,233 |
|  | £ | 454 |  |  | £ | 778,846 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other payables |  | £ | 2,126 |  |  | £ | 820,809 |
|  | £ | 2,126 |  |  | £ | 820,809 |
As at (expressed in EUR) |  | June 30, 2025 |  |  | December 31, 2024 |
Financial assets |  |  |  |  |  |
Cash |  | € | 12,504 |  |  | € | 12,504 |
Trade and other receivables |  |  | 3,076 |  |  |  | 3,076 |
|  | € | 15,580 |  |  | € | 15,580 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other payables |  | € | 22,777 |  |  | € | 838 |
Loans and borrowings |  |  | 124,890 |  |  |  | 124,890 |
|  | € | 147,667 |  |  | € | 125,728 |
As at (expressed in CAD) |  | June 30, 2025 |  |  | December 31, 2024 |
Financial assets |  |  |  |  |  |
Cash |  | $ | 3,433,592 |  |  | $ | 5,473,500 |
Loans receivable |  |  | 1,391,457 |  |  |  | 515,197 |
|  | $ | 4,825,049 |  |  | $ | 5,988,697 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other payables |  | $ | 2,973,090 |  |  | $ | 2,809,356 |
Due to related party |  |  | 434,691 |  |  |  | 425,962 |
Lease liabilities |  |  | 298,812 |  |  |  | - |
Loans and borrowings |  |  | 49,683 |  |  |  | 315,557 |
|  | $ | 3,756,276 |  |  | $ | 3,550,875 |
Based on the above net exposures as at June 30, 2025, assuming that all other variables remain constant, a 5% appreciation or deterioration of the USD against the GBP would result in a corresponding increase or decrease, respectively on the Company’s net income of approximately $nil (December 31, 2024 - $2,000), EUR - $6,000 (December 31, 2024 - $5,000) and CAD - $39,000 (December 31, 2024 - $85,000).
| (b) | Credit risk
Credit risk is the risk of financial loss to the Company if a partner or counterparty to a financial instrument fails to meet its contractual obligation and arises principally from the Company’s cash and accounts receivable. The carrying amounts of the financial assets represents the maximum credit exposure. The Company limits its exposure to credit risk on cash by placing these financial instruments with high-credit quality financial institutions. At December 31, 2024, the Company was subject to a concentration of credit risk related to its accounts receivable as 74% of the balance of amounts owing is from two customers. The Company did not record any bad debt expense during the years ended December 31, 2024. As at December 31, 2024, the expected credit lifetime credit losses for accounts receivable aged as current were nominal amounts. The Company considers a financial asset in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. At June 30, 2025, the Company was no longer subject to any concentration of credit risk related to accounts receivable due to the Company having no trade receivables during the six months ended June 30, 2025.
| (c) | Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continuously monitoring forecasted and actual cash flows, as well as anticipated investing and financing activities and to ensure that it will have sufficient liquidity to meet its liabilities and commitments when due and to fund future operations. The Company’s trade and other payables are due within the current operating year. |
| 19. | Risks Arising from Financial Instruments and Risk Management
The Company’s activities expose it to a variety of financial risks: market risk (including foreign exchange and interest rate risks), credit risk and liquidity risk. Risk management is the responsibility of the Company, which identifies, evaluates and, where appropriate, mitigates financial risks.
| (a) | Market risk
Foreign exchange risk: is the risk that the fair value of future cash flows for financial instruments will fluctuate because of changes in foreign exchange rates. The Company has not entered into any foreign exchange hedging contracts. The Company is exposed to currency risk from the British Pound (“GBP”), Euro (“EUR”) and Canadian dollar (“CAD”) through the following foreign currency denominated financial assets and liabilities:
As at (expressed in GBP) |  | December 31, 2024 |  |  | December 31, 2023 |
Financial assets |  |  |  |  |  |
Cash |  | £ | 16,558 |  |  | £ | 20,087 |
Trade and other receivables |  |  | 293,055 |  |  |  | 104,753 |
Loan receivable |  |  | 469,233 |  |  |  | 466,000 |
|  | £ | 778,846 |  |  | £ | 590,840 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other payables |  | £ | 820,809 |  |  | £ | 998,092 |
Loans and borrowings |  |  | - |  |  |  | 36,771 |
|  | £ | 820,809 |  |  | £ | 1,034,863 |
As at (expressed in EUR) |  | December 31, 2024 |  |  | December 31, 2023 |
Financial assets |  |  |  |  |  |
Cash |  | € | 12,504 |  |  | € | 46,202 |
Trade and other receivables |  |  | 3,076 |  |  |  | 136,963 |
|  | € | 15,580 |  |  | € | 183,165 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other payables |  | € | 838 |  |  | € | 2,171,878 |
Loans and borrowings |  |  | 124,890 |  |  |  | 3,225,389 |
|  | € | 125,728 |  |  | € | 5,397,267 |
As at (expressed in CAD) |  | December 31, 2024 |  |  | December 31, 2023 |
Financial assets |  |  |  |  |  |
Cash and cash held in trust |  | $ | 5,473,500 |  |  | $ | 22,949 |
Loans receivable |  |  | 515,197 |  |  |  | - |
|  | $ | 5,988,697 |  |  | $ | 22,949 |
Financial liabilities |  |  |  |  |  |  |  |
Trade and other payables |  | $ | 2,809,356 |  |  | $ | 3,356,916 |
Due to related party |  |  | 425,962 |  |  |  | 2,744,510 |
Holdback payable |  |  | - |  |  |  | 511,238 |
Lease liabilities |  |  | - |  |  |  | 179,412 |
Loans and borrowings |  |  | 315,557 |  |  |  | 340,469 |
|  | $ | 3,550,875 |  |  | $ | 7,132,545 |
Based on the above net exposures as at December 31, 2024, assuming that all other variables remain constant, a 5% appreciation or deterioration of the USD against the GBP would result in a corresponding increase or decrease, respectively on the Company’s net income of approximately $2,000 (2023 - $17,000), EUR - $5,000 (2023 - $236,000) and - $85,000 (2023 - $268,000).
| (b) | Credit risk
Credit risk is the risk of financial loss to the Company if a partner or counterparty to a financial instrument fails to meet its contractual obligation and arises principally from the Company’s cash and accounts receivable. The carrying amounts of the financial assets represents the maximum credit exposure. The Company limits its exposure to credit risk on cash by placing these financial instruments with high-credit quality financial institutions. At December 31, 2024, the Company was subject to a concentration of credit risk related to its accounts receivable as 74% (2023 - 81% from four customers) of the balance of amounts owing is from two customers. The Company did not record any bad debt expense during the years ended December 31, 2024 and 2023. As at December 31, 2024 and 2023, the expected credit lifetime credit losses for accounts receivable aged as current were nominal amounts. The Company considers a financial asset in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
| (c) | Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continuously monitoring forecasted and actual cash flows, as well as anticipated investing and financing activities and to ensure that it will have sufficient liquidity to meet its liabilities and commitments when due and to fund future operations. The Company’s trade and other payables are due within the current operating year.

X
- Definition The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Classes of financial instruments [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2025-01-01 -Paragraph 31 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2025-en-r&anchor=para_31&doctype=Standard -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration