Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Coinsilium Group Limited : Final Results for the -5-

07/01/2021 | 02:03am EDT

The Directors have controlled expenditures throughout the period and feel the current level of expenditures is in line with a business of its size. The Company successfully raised GBP580,001 during the period in two separate private subscriptions and additionally, a total of GBP1,552,500 was raised post period through a private placement and subscription, together with warrant and option conversions. These funds, together with the Company's liquid cryptocurrency treasury reserves provide the board with a high level of confidence, though the Directors continue to remain pragmatic and cautious in the control over the Group's cash and liquid assets.

The Directors believe that COVID-19 has had no correlation or any effects to the Group's income from blockchain, crypto advisory and venture initiatives. Whilst the cryptocurrency markets continue to remain highly volatile, the board is of the view that the long term positive cryptocurrency trend remains firmly in place. This is witnessed by the fact that the prices of Bitcoin and Ethereum are, respectively, around 350% and 800% higher than they were a year ago.

The Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.5 Business Combinations

The acquisition of subsidiaries in a business combination is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.



2.6 Foreign Currencies i. Functional and presentation currency

The functional currency of the Group and Company is UK Pound Sterling (GBP) and all values are rounded to the nearest Pound. This is on the basis that the Group is based in the United Kingdom, its overheads are generally incurred in sterling, its funds are generally held mainly in sterling bank accounts, and its investors have invested in sterling-based instruments. The Group financial statements are presented in UK Pound Sterling, which is the Group's presentational currency. ii. Transactions and balances

Transactions in foreign currencies are translated at the exchange rate ruling at the date of each transaction. Foreign currency monetary assets and liabilities are retranslated using the exchange rates at the reporting date. Gains and losses arising from changes in exchange rates after the date of the transaction are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated at the exchange rate at the date of the original transaction.

2.7 Intangible Assets i. Brands and Trademarks

Brand and trademark intangible assets have been recorded at cost, being their estimated fair value at the time of acquisition. They are amortised over their estimated useful economic lives.

2.8 Property, Plant and Equipment

Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all property, plant and equipment to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight-line basis at the following annual rates:

Office equipment - 33.33% straight line over the life of the asset

Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.




2.9 Financial Assets

From 1 January 2018 the Group and Company classifies its financial assets in the following measurement categories: ? Those to be measured subsequently at fair value through profit or loss; and ? Those to be measured at amortised cost.

The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met: ? The asset is held within a business model whose objective is to collect contractual cash flows; and ? The contractual terms give rise to cash flows that are solely payments of principal and interest.

Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. The Group's and Company's financial assets at amortised cost include trade and other receivables and cash and cash equivalents. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when: ? The rights to receive cash flows from the asset have expired; or ? The Group and Company has transferred its rights to receive cash flows from the asset or has assumed an obligation

to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement?

and either (a) the Group and Company has transferred substantially all the risks and rewards of the asset, or (b)

the Group and Company has neither transferred nor retained substantially all the risks and rewards of the asset,

but has transferred control of the asset.

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset's lifetime ECL at each reporting date.

The Group and Company classifies the following financial assets at fair value through profit or loss: ? Debt instruments that do not qualify for measurement at either amortised cost or fair value through other

comprehensive income; and ? Equity investments for which no election has been made to recognise fair value gains and losses through other

comprehensive income.

The Group and Company measures all equity investments at fair value through profit or loss.




2.9 Financial Assets (continued)

Unquoted investments are valued by the Directors using primary valuation techniques such as recent transactions, last price or net asset value.

Where the fair value of an equity investment cannot be estimated reliably, such as investments in unquoted companies, fair value is based on cost less any impairment charges. In this case impairment charges are recognised in profit or loss. The Group assesses at each period end date whether there is any objective evidence that a financial asset or group of financial assets classified as available-for-sale has been impaired.

Loans and Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition, these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and other receivables fall into this category of financial instruments. In relation to the Company, loans to and from subsidiaries are also recognised within this category of financial instruments.

Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default on payment.

Other financial assets are also classified within the loans and receivables category.

Impairment of Financial Assets

The Group and Company assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. For equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss - measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss - is removed from equity and recognised in profit or loss. Impairment losses recognised in profit or loss on equity instruments are not reversed through profit or loss.

(MORE TO FOLLOW) Dow Jones Newswires

July 01, 2021 02:02 ET (06:02 GMT)

Latest news "Companies"
05:59pCELANESE : Updates Acetyl Chain Regional Dynamics
05:57pProsecutor offers SNC-Lavalin to negotiate remediation deal in bridge fraud case
05:57pANTHEM : Announces Appearance at Upcoming Conference
05:57pWASTE MANAGEMENT : WM Sets Date for Third Quarter Earnings Release Conference Call
05:56pKROGER : 2 dead, including shooter, 13 injured in shooting at Tennessee grocery store
05:56pVENUS METALS CORPORATION LIMITED (ASX : VMC) Bridgetown East Ni-Cu-PGE Project-Exploration Update
05:53pPARQUE ARAUCO S A : Update Regarding Opening Status of Its Shopping Malls – August 2021
05:52pBR MALLS PARTICIPAÇÕES S A : Helloo Media Acquisition Presentation
05:52pFROM BREAKDOWN TO BREAKTHROUGH : 5 Tips for a Crisis Response Plan for Brands
05:52pGENIE ENERGY : Oriel Energy - Registration Statements (S-1) Filed with the SEC
Latest news "Companies"