Informe financiero anual
Más adquisiciones plc
Informe Anual y
Estados Financieros
_____________________
Por el período terminado
31 de octubre de 2023
| Página |
Directores y asesores | 1 |
Declaración del presidente | 2 |
Informe estratégico | 3 |
Informe de directores | 5 |
Informe de Gobierno Corporativo | 7 |
Declaración de responsabilidades de los directores | 12 |
Reporte de un auditor independiente | 13 |
Estado de pérdidas y ganancias y otros resultados integrales | 18 |
Estado de situación financiera | 19 |
Estado de cambios en el Patrimonio Neto | 20 |
Estado de flujos de efectivo | 21 |
Notas a los Estados Financieros | 22 |
directiva Ronald Neil Sinclair (Appointed 22 January 2024) Chairman
Stanley Harold Davis (Appointed 22 January 2024)
Charles Edouard Goodfellow
Sede Social 42 Calle Superior Berkeley
Londres
W1H 5QL
Numero de compañia 13628889
Secretario Westend Corporate LLP
Calle Heddon 6
Londres
W1B 4BT
Auditor Pointon Young Chartered Accountants
Auditor de cuentas
33 Colina Ludgate
Birmingham, West Midlands
B3 1EH
Registradores Registradores de acciones limitadas
3 The Millennium Centre, Crosby Way
Farnham GU9 7XX
More Acquisitions is pleased to present its Annual Report to shareholders.
As you know, a Reverse Takeover (RTO) was agreed in September 2022. Unfortunately, this transaction failed to materialise and was terminated in May 2023.
Post year end and in late January 2024, Stanley Davis & I together with a Pension Fund subscribed for 31,224,000 shares at £0.01 entitling us on an RTO to 62,448,000 shares at £0.015.
We have extensive experience in the Real Estate sector particularly with listed companies. It is our intention to seek a suitable RTO in this sector, which is beginning to show the first signs of recovery as interest rates fall. We have done it before and intend to make every effort to do it again. We will of course keep shareholders updated.
I wish to thank Rod McIllree who has stepped down from the Board but remains a supportive shareholder.
neil sinclair
Presidente Ejecutivo
28 de febrero de 2024
The Directors present their Strategic Report on the Company for the period ended 31 October 2023.
Revisión de negocios y análisis utilizando indicadores clave de desempeño
The Company reported a loss for the reporting period of £463,897 (13-month period to 31 October 2022: loss of £932,031 as restated*).
Net assets amounted to £672,466 at 31 October 2023 (£1,136,362 at 31 October 2022).
The cash position at 31 October 2023 amounted to £649,265 (2022: £1,151,671).
Indicadores clave de rendimiento
The Board monitors the activities and performance of the Company on a regular basis. The indicators set out below have been used by the Board to assess performance over the period to 31 October 2023. The main KPIs for the Company are listed as follows:
Key Performance indicator | 2023 | 2022 |
Efectivo y equivalentes de efectivo | £649,265 | £1,151,671 |
Activos netos | £672,466 | £1,136,362 |
Pérdida antes de impuestos | £463,897 | £ 932,031 * |
· Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
Investing Policy and Future Developments
More Acquisitions Plc was formed with the intention to identify and acquire a suitable business opportunity or opportunities and undertake an acquisition or merger or a series of acquisitions or mergers.
This intention continues but with the focus on the real estate sector.
We intend to acquire a portfolio of properties or a significant single asset where we have the opportunity to add value and create attractive returns for shareholders.
The Directors believe that their extensive experience and wide range of contacts, will enable the company to achieve its objective.
Promoción de la Compañía en beneficio de los socios en su conjunto.
The Director's believe they have acted in the way most likely to promote the success of the Company for the benefit of its members, as required by s172 of the Companies Act 2006.
Los requisitos de s172 son que los Directores:
? Considere las posibles consecuencias de cualquier decisión a largo plazo,
? Actuar de manera justa entre los miembros de la Compañía,
? Mantener una reputación de altos estándares de conducta empresarial,
? Considerar los intereses de los empleados de la Compañía,
? Fomentar las relaciones de la Compañía con proveedores, clientes y otros, y
? Considerar el impacto de las operaciones de la Compañía en la comunidad y el medio ambiente.
Los siguientes párrafos resumen cómo los Consejeros cumplen sus funciones:
The Company is quoted on Standard Segment of the Main Market on the London Stock Exchange. Its members are kept informed, through detailed announcements, shareholder meetings and financial communications of the Board's broad and specific intentions and the rationale for its decisions. The Board recognises its responsibility for setting and maintaining a high standard of behaviour and business conduct. There is no special treatment for any group of shareholders and all material information is disseminated through appropriate channels and available to all through the Company's news releases and website.
A la hora de seleccionar las inversiones se han tenido activamente en cuenta cuestiones como el impacto en la comunidad y el medio ambiente. El enfoque de la Compañía es utilizar su posición para promover cambios positivos para las personas con quienes interactúa.
The Company is committed to being a responsible business. The Company pays its creditors promptly and keeps its costs to a minimum to protect shareholders funds. There were no employees in the Company other than the two Directors in the current year therefore effectiveness of employee policies is not relevant for the Company.
Principales riesgos e incertidumbres
The Company's primary risk is that it may not be able to identify suitable investment opportunities or there is no guarantee that investment opportunities will be available, and the Company may incur costs in conducting due diligence into potential investment opportunities that may not result in an investment being made. The Directors believe that their broad, collective experience, together with their extensive network of contacts, will assist them in identifying, evaluating and funding suitable acquisition opportunities.
It may be necessary to raise additional funds in the future by a further issue of new Ordinary shares or by other means. However, the ability to fund future investments and overheads in More Acquisitions Plc as well as the ability of investments to return suitable profit cannot be guaranteed, particularly in the current economic climate. The Directors stringently monitor the Company's expenses. As a cash shell, the annual outgoings are minimal. The Directors have an active presence in the finance sectors and will be able to raise future funding if required.
In the original Prospectus published on 04 March 2022, it was stated that if an acquisition had not been made within 24 months of Admission, the Board will consult with Shareholders as to the future direction of the Company. The recommendation will be that in view of the recent appointments and Placing, we should continue to seek a suitable target for another twenty-four months. We are in the course of meeting shareholders and expect them to be supportive of our strategy.
Este informe fue aprobado por el consejo de administración el 28 de febrero de 2024 y firmado en su nombre por
neil sinclair
Presidente Ejecutivo
The Directors present their report together with the audited financial statements for the period ended 31 October 2023.
Resultados y dividendos
The trading results for the period ended 31 October 2023 and the Company's financial position at that date are shown in the attached financial statements.
The Directors do not recommend the payment of a dividend for either reporting periods.
Principales actividades y revisión del negocio
The Company was formed on 17 September 2021 as a cash shell with the aim to undertake one or more acquisitions, which may be in the form of a merger, capital stock exchange, asset acquisition, stock purchase or a scheme arrangement of a majority interest in a company or business. The Company shares were admitted to trading on the Standard List of the Main Market on the London Stock Exchange on 4 March 2022. It is now intended that the Company will focus on the Real Estate sector.
A review of the business is included within the Chairman's Statement and Strategic Report.
Directores en servicio durante el año
Mr Rod McIllree (Resigned 22 January 2024) | |
Mr Charles Edouard Goodfellow |
Intereses de los directores
The Directors at the date of the balance sheet of these financial statements who served during the year, and their interest in the ordinary shares of the Company, are as follows:
| 31 de octubre de 2023 | |
Número de ordinary Shares | Warrants | |
Mr Rod McIllree (Resigned 22 January 2024) | 19,250,000 | 18,000,000 |
Mr Charles Edouard Goodfellow | 1,454,545 | 1,000,000 |
Accionistas significativos
As al 1 de diciembre de 2023, so far as the Directors are aware, the parties (other than the interests held by Directors) who are directly or indirectly interested in 3% or more of the nominal value of the Company's share capital is as follows:
Accionista | Número de Acciones ordinarias | Porcentaje de capital social emitido | |
Sanderson Capital Partners Limited | 15,000,000 | 12.00% | |
TS Capital Limited | 15,000,000 | 12.00% | |
Steve Xerri | 15,000,000 | 12.00% | |
Richard Edwards | 9,250,000 | 7.40% | |
mike blanco | 8,100,000 | 6.48% | |
Juan Celaschi | 5,000,000 | 4.00% | |
Hobart Capital Markets Limited | 5,000,000 | 4.00% | |
Philip Small | 5,000,000 | 4.00% | |
Self-Select Maxi ISA | 4,555,134 | 3.64% | |
Peel Hunt Partnership Limited | 3,966,616 | 3.17% | |
Transacciones con partes relacionadas
Las transacciones y relaciones con partes relacionadas se revelan en la nota 12.
Preocupación continua
The Company has reported a loss for the period of £463,897 (13-month period to 31 October 2022: loss of £932,031 as restated*).
*Restated to include expenditure relating to share warrants - See Note 9 to the financial statements
La Compañía tenía reservas de efectivo al final del año de £649,265 (2022: £1,151,671).
The Directors therefore consider that the company has adequate resources to continue its operational existence for the foreseeable future.
Eventos posteriores a la fecha del informe
Los hechos ocurridos después de la fecha de presentación se revelan en la nota 15.
Donaciones políticas y caritativas
There were no political or charitable donations made for the period ended 31 October 2023 (2022: £Nil).
Suministro de información al Auditor
En la medida en que cada uno de los Consejeros tenga conocimiento en el momento de la aprobación del informe:
? no hay información de auditoría relevante que el auditor de la Compañía desconozca; y
? los Consejeros han tomado todas las medidas que deberían haber tomado para estar al tanto de cualquier información de auditoría relevante y para establecer que el auditor tiene conocimiento de esa información.
Auditor
Pointon Young have expressed their willingness to continue in office as auditor and will be proposed for reappointment at the Annual General Meeting.
Este informe fue aprobado por el consejo de administración el 28 February 2024 and signed on its behalf by
neil sinclair
Presidente Ejecutivo
The Company has adopted the principles of the Quoted Companies Alliance Corporate Governance Code (QCA Code) for small and mid-size quoted companies. The QCA Code identifies ten principles that they consider to be appropriate arrangements and asks companies to provide an explanation on how they are meeting the principles. The Board considers that the Company complies with the QCA Code so far as it is practicable having regard to the size, and complexity of the Company and its business.
These disclosures are set out on the basis of the current Company and the Board highlights where it has departed from the Code presently.
The following paragraphs set out the Company's compliance with the 10 principles of the QCA code and the information below was last updated on 23 February 2024.
1. Establish a strategy and business model which promotes long-term value for shareholders
The Company's strategy is to undertake one or more acquisitions, which may be in the form of a merger, capital stock exchange, asset acquisition, stock purchase or a scheme arrangement of a majority interest in a company or business.
The Board considers that the key challenge in executing the Company's plan is identifying opportunities where it is likely that the investee will progress rapidly and the investment will therefore rise in value.
The Board intends to deliver shareholder returns through capital appreciation. Challenges to delivering strategy, long-term goals and capital appreciation are an uncertainty in relation to organisational, operational, financial and strategic risks, all of which are outlined in the Risk Management section below, as well as steps the Board takes to protect the Company by mitigating these risks and secure a long-term future for the Company.
Given the size of the Company, we believe the strategy and business model we have now adopted is consistent with our goal of promoting long term value for shareholders.
2. Seek to understand and meet shareholder needs and expectations
The Company is committed to communicating openly with its shareholders to ensure that its strategy, business model and performance are clearly understood. The principal forms of communication are the Annual Report and Accounts, full and half-year announcements, trading updates, other Regulatory News Service announcements and its website.
The Company also maintains a dialogue with shareholders through Annual General Meetings, which provides an opportunity to meet, listen and present to shareholders, and shareholders are encouraged to attend in order to express their views on the Company's business activities and performance.
The Company's website is kept updated and contains details of relevant developments and has a facility for questions to be addressed to the Company and it is the Board's commitment that all reasonable questions are answered promptly.
3. Take into account wider stakeholder and social responsibilities and their implications for long-term success
The Company's business is now focused on making and appraising real estate investments. As such, stakeholder and social responsibilities, in terms of impact on society, the communities within which the Company operates and the environment, apply less than that of an operating company. Therefore, the Company appraises its social responsibilities as part of its investment appraisal process.
The key resource on which the Company relies is the collective experience of the Directors. The Company offers equal opportunities regardless of race, gender, gender identity or reassignment, age, disability, religion of sexual orientation.
In terms of its shareholders, the Company aims to provide transparent and balanced information to encourage support and confidence in the Board's approach.
The Board recognises that the long-term success of the Company is reliant upon the efforts of employees, regulators and many other stakeholders and has close ongoing relationships with a broad range of its stakeholders.
4. Embed effective risk management, considering both opportunities and threats, throughout the organisation
The Board recognises the need for an effective and well-defined risk management process and it oversees and regularly reviews the current risk management and internal control mechanisms.
The Company considers risk management to fall into two broad categories, being the investment activity of the Company and the operations of the Company.
(a) The investment risk is considered as part of the appraisal processes and by way of due diligence and ongoing monitoring.
(b) The Company uses internal appraisal and the annual audit to ensure financial risks are evaluated in detail. Board meetings are also used for the directors to raise any issues relating to business risk arising from the Company's business model and operations.
Dealings in the Company's shares are monitored and any dealings must first be approved by the Non-executive Director.
The risk assessment matrix below sets out and categorises key risks, and outlines the mitigating actions which are in place. This matrix is updated as changes arise in the nature of risks or the mitigating actions implemented, and the Board reviews these on a regular basis. The Company has identified the principal risks to the Company achieving its objectives as follows:
Riesgo | Impacto potencial | Mitigación |
Dependence on the Company's Directors, who are the only employees.
| As a consequence of a failure by the Executive Management Team: · Quarterly management information is not adequate/ received in a timely fashion. · Annual or interim reports or other market updates are filed late, therefore damaging market reputation.
| The Company has very simple operations, its assets consist of only cash and prepayments. |
Ability to raise further funds | Our business model depends on our ability to raise debt and/or equity funding to finance future investments and overheads in the Company. There can be no guarantee that we will be able to raise funds, particularly in the current economic climate.
| The careful management of our investments underpin our success to date in raising funds. This includes not only making the initial investment after our appraisal process but continuous ongoing monitoring of the investee companies and reporting positive news. |
Ability to identify further suitable investment opportunities | There is no guarantee that investment opportunities will be available, and the Company may incur costs in conducting due diligence into potential investment opportunities that may not result in an investment being made. | The detailed due diligence carried out coupled with the Board's knowledge and expertise give us confidence that we will continue to identify potential investments. |
The Board considers that an internal audit function is not considered necessary or practical due to the size of the Company and the day-to-day control exercised by the Directors. However, the Board will monitor the need for an internal audit function. The Board has established appropriate reporting and control mechanisms to ensure the effectiveness of its control systems.
5. Maintain the Board as a well-functioning, balanced team led by the Chair
The Board recognises the QCA recommendation for a balance between Executive and Non-executive Directors and the recommendation that there be at least two Independent Non-executives. The Board consists of three directors; one Executive Director and two Non-Executive Directors. The Board deems the current composition to be sufficient, given the nature and size of the Company. The Board maintains that the Board's compositions will be frequently reviewed as the Company develops.
The Company has in place two committees, an Audit and Risk Committee and a Nomination Committee. The Directors of the Company are committed to sound governance of the business, and each devotes sufficient time to ensure this happens. The Board held four Board meetings in the period. All meetings were attended by both Directors. Board meetings cover regular business, investments, finance, and operations.
6. Ensure that between them the Directors have the necessary up-to-date experience, skills and capabilities
The Company believes that the Board as a whole has significant experience in the financial services industry. The Board believes they have the requisite mix of skills and experience to successfully execute the business strategy in order to meet the Company's objectives.
Neil Sinclair, Executive Director (Appointed on 22 January 2024)
Neil Sinclair has over 60 years' experience in the real estate sector. He was a co-founder of Sinclair Goldsmith, Chartered Surveyors, which was admitted to the Official List in 1987. It subsequently merged with Conrad Ritblat in 1993, when he became Executive Deputy Chairman. Neil was appointed Chairman of Baker Lorenz, surveyors in 1999, which was sold to Hercules Property Services plc in 2001. He was appointed a non-executive director of Tops Estates plc in 2003 and remained so until it was sold to Land Securities plc in 2005. He co-founded Palace Capital plc with Stanley Davis in July 2010 and helped build a £280m property portfolio. He served as Chief Executive Officer until June 2022.
Stanley Davis, Non-executive Director (Appointed on 22 January 2024)
Stanley Davis is a successful entrepreneur who has been involved in the City of London since 1977. He founded a company registration agent, Stanley Davis Company Services Limited, which he sold in 1988. In 1990 he became Chief Executive of a small share registration company which became known as IRG plc. It acquired several businesses including Barclays Bank Registrars and was sold in April 2000 for a substantial sum to the Capita Group plc. He was Chairman of Stanley Davis Group Limited specialising in company formations, property & company searches. It was sold in June 2020 to Dye & Durham listed on the Toronto Stock Exchange. He co-founded Palace Capital plc with Neil Sinclair in July 2010 and helped build a £280m property portfolio. He served as Chairman until December 2021.
Charles Goodfellow, Non-executive Director
Charles Goodfellow is a corporate broker with over 25 years' experience of raising funds for small and mid-caps and private companies across a range of sectors and jurisdictions. This includes a specialised focus on oil and gas, and clean and renewable technology. In addition, he was previously a Director of Acorn Growth plc (re-named Vodere plc). Proficient in six languages, Charles has studied and worked globally and brings a wealth of experience and broad outlook to the team.
Board composition is always a factor for contemplation in relation to succession planning. The Board will seek to take into account any Board imbalances for future nominations, with areas taken into account including Board independence and gender balance.
7. Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement
The Directors consider that the Company and Board are not yet of a sufficient size and complexity for a full Board evaluation to make commercial and practical sense. The Board acknowledges that it is non-compliant with its processes to evaluate the performance of the Board.
As the Company is a cash shell, the Board deems the current structure to be sufficient.
As the Company grows, it expects to expand the Board and with the Board expansion, re-consider the need for Board evaluation.
In view of the size of the Board, the responsibility for proposing and considering candidates for appointment to the Board as well as succession planning is retained by the Board. All Directors submit themselves for re-election at the AGM at regular intervals.
8. Promote a corporate culture that is based on ethical values and behaviours
The Board believes that by acting ethically and promoting strong core values it will gain a reputation for honesty and that this will attract business and help the long-term objectives of the Company. As such the Board adopts an open approach to all investors, investment opportunities and all its advisers and service providers.
The Board further considers the activities of and persons involved with potential investee companies as part of its due diligence processes.
The Board places great importance on the responsibility of accurate financial statements and auditing standards which comply with the Auditing Practice Board's (APB's) and Ethical Standards for Auditors. The Board places great importance on accuracy and honesty and seeks to ensure that this aspect of corporate life flows through all that the Company does.
A large part of the Company's activities is centred upon an open and respectful dialogue with stakeholders. The Directors consider that the Company has an open culture facilitating comprehensive dialogue and feedback.
9. Maintain governance structures and processes that are fit for purpose and support good decision-making by the Board
The Board is committed to, and ultimately responsible for, high standards of corporate governance and notes the departure from the Code in terms of independence on the Board. The Board reviews the Company's corporate governance arrangements regularly and expects these to evolve over time, in line with the Company's growth. The Board delegates responsibilities to Committees and individuals as it sees fit.
It is the role of the Non-Executive Directors to manage the Board and advise its conduct.
The Non-Executive Director is responsible for the day-to-day management of the Company's activities.
The matters reserved for the Board are:
(a) Defining the long-term strategy for the Company;
(b) Approving all major investments;
(c) Approving any changes to the Capital and debt structure of the Company
(d) Approving the full year and half year results and reports;
(e) Approving resolutions to be put to the AGM and any general meetings of the Company;
(f) Approving changes to the Advisory team; and
(g) Approving changes to the Board structure.
10. Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders
The Board is committed to maintaining effective communication and having constructive dialogue with its stakeholders. All shareholders are encouraged to attend the Company's Annual General Meeting and the Board discloses the result of General Meetings by way of announcement.
The Company's first annual financial statements will be publicly announced once audited and will also be available on the Company's website and at the Company's registered office.
Information on the Investor Relations section of the Company's website is kept updated and contains details of relevant developments, regulatory announcements, financial reports and shareholder circulars. Shareholders with a specific enquiry can contact us on the website contact page.
Carlos Goodfellow
Director no ejecutivo
28 de febrero de 2024
Responsabilidades de los directores
The Directors are responsible for preparing the Strategic Report, 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 period. Under that law they are required to prepare financial statements in accordance with the UK adopted international accounting standards (IAS), in conformity with the requirements of the Companies Act.
The financial statements are required by law and IAS to present fairly the financial position and performance of the Company; the Companies Act 2006 provides in relation to such financial statements that references in the relevant part of the Act to financial statements give a true and fair view and references to their achieving a fair presentation.
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 state of affairs of the Company and of the profit or loss for the period. The Directors are also required to prepare financial statements in accordance with the rules of the London Stock exchange.
Al preparar los estados financieros de la Sociedad, los Consejeros deben:
? seleccionar políticas contables adecuadas y luego aplicarlas de manera coherente;
? hacer juicios y estimaciones razonables y prudentes;
? state whether applicable UK adopted international accounting standards (IAS), in conformity to the Companies Act, been followed, subject to any material departures disclosed and explained in the financial statements.;
? prepare the financial statements on a going concern basis unless it is inappropriate to assume the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Publicación del sitio web
Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.
Opinión
We have audited the financial statements of More Acquisitions Plc (the 'company') for the period ended 31 October 2023 which comprise Statement of Profit or Loss and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows y notas a los estados financieros, incluidas políticas contables importantes. El marco de información financiera que se ha aplicado en su preparación es la ley aplicable y el Reino Unido adoptó normas de contabilidad internacionales.
En nuestra opinión los estados financieros:
? give a true and fair view of the state of the company's affairs as at 31 October 2023, and of its loss for the period then ended;
? have been properly prepared in accordance with UK adopted international accounting standards; and
? have been prepared in accordance with the requirements of the Companies Act 2006.
Fundamento de la opinión
Realizamos nuestra auditoría de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) (ISA (Reino Unido)) y la ley aplicable. Nuestras responsabilidades según esas normas se describen con más detalle en la sección Responsabilidades del auditor para la auditoría de los estados financieros de nuestro informe. Somos independientes de la empresa de acuerdo con los requisitos éticos que son relevantes para nuestra auditoría de los estados financieros en el Reino Unido, incluido el Estándar Ético de la FRC, aplicado a entidades de interés público que cotizan en bolsa, y hemos cumplido nuestras otras responsabilidades éticas de acuerdo con estos requisitos. Creemos que la evidencia de auditoría que hemos obtenido es suficiente y apropiada para proporcionar una base para nuestra opinión.
Emphasis of Matter relating to Going Concern
Al auditar los estados financieros, hemos concluido que el uso por parte de los directores del principio contable de empresa en funcionamiento en la preparación de los estados financieros es apropiado. Nuestra evaluación de la evaluación de los directores sobre la capacidad de la entidad para continuar adoptando la base contable de empresa en funcionamiento incluyó la revisión y el escrutinio del pronóstico de flujo de efectivo preparado por los directores para el período de doce meses a partir de la fecha de firma de los estados financieros y también conversaciones con los directores sobre los gastos previstos para el próximo año. La previsión de tesorería elaborada por los administradores parece razonable.
Based on the work we have performed, we would like to draw to your attention information contained in the Company's Prospectus published at the time of Admission to trading on the Standard List of the Main Market of the on 4 March 2022:
'If an Acquisition has not been announced within 24 months of Admission, the Board will consult with the Shareholders as to the future direction of the Company. The Directors may recommend to Shareholders that the Company continue to pursue an Acquisition for a further 24 months, or that the Company be wound up (in order to return capital to Shareholders). The Board's recommendation will then be put to a Shareholder vote (from which the Directors will abstain). In the event that the Company is wound up, any capital available for distribution will be returned to Shareholders.'
Nuestra opinión no se modifica con respecto a este asunto.
Nuestras responsabilidades y las responsabilidades de los directores con respecto a la empresa en funcionamiento se describen en las secciones relevantes de este informe.
Resumen de nuestro enfoque de auditoría
Materialidad
Al planificar y realizar nuestra auditoría, aplicamos el concepto de materialidad. Un elemento se considera material si se puede esperar razonablemente que cambie las decisiones económicas de un usuario de los estados financieros. Usamos el concepto de materialidad tanto para enfocar nuestras pruebas como para evaluar el impacto de las incorrecciones identificadas.
Based on our professional judgement, we determined overall materiality for the Company's financial statements as a whole to be £7,100 (2022: £11,500) based on gross assets (1.0%) in both periods.
Usamos un nivel diferente de materialidad ("materialidad del desempeño") para determinar el alcance de nuestras pruebas para la auditoría de los estados financieros. La materialidad del desempeño se establece con base en la materialidad de la auditoría ajustada por los juicios realizados en cuanto al riesgo de la entidad y nuestra evaluación del riesgo específico de cada área de auditoría teniendo en cuenta el entorno de control interno.
Where considered appropriate performance materiality may be reduced to a lower level, such as, for related party transactions and administration and reverse takeover expenses.
We agreed with the directors to report to it all identified errors in excess of £355 (2022: £575). Errors below that threshold would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative grounds.
Resumen del alcance de nuestra auditoría
In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements. In particular, we looked at the capturing of administrative costs, for example ensuring all administrative and reverse takeover costs were captured as well as unrecorded liabilities at year end. 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.
Asuntos clave de auditoría
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 (whether or not due to fraud) that we identified. These matters included 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. These matters 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.
A continuación detallamos, junto con la empresa en funcionamiento, aquellas cuestiones que identificamos como cuestiones clave de auditoría. Esta no es una lista completa de todos los riesgos identificados por nuestra auditoría.
Asunto clave de la auditoría | Cómo el alcance de nuestra auditoría abordó el asunto clave de la auditoría |
Capturing of all administrative and reverse takeover costs The company was incorporated and listed on the London Stock Exchange in the prior period and attempted a reverse takeover in the period we are reporting on. All administrative costs relating to the running of the Company and costs associated with the attempted reverse takeover may not be included in the Statement of Profit or Loss and Other Comprehensive Income therefore understating the loss for the period.
|
Realizamos procedimientos por muestreo para: (i) reviewed engagement letters between the company and professional service providers (ii) reviewed invoices from professional service providers (iii) reviewed the company's bank statement for the period and post period end (iv) made enquiries of management |
Uso por parte de los directores del supuesto de empresa en funcionamiento Los directores han utilizado el principio contable de empresa en funcionamiento en la preparación de estos estados financieros. Por lo tanto, los directores consideran que la empresa cuenta con los recursos adecuados para continuar su existencia operativa en el futuro previsible. Existe el riesgo de que esta suposición no sea apropiada. |
We reviewed and scrutinised the cash flow forecast prepared by directors for the twelve-month period from the date of signing the financial statements as well as holding discussions with the directors relating to planned expenditure over the next year. We have reviewed the Company's Prospectus from the time of Admission to the London Stock Exchange and have brought to the attention of the reader the risk relating to an acquisition not being announced by the Company within 24-months of Admissions (see Emphasis of Matter relating to Going Concern paragraph above.). |
Classification and Valuation of Share Warrants La empresa emitió inversores y broker instrumentos warrants en el momento de su cotización en la Bolsa de Valores de Londres. El tratamiento contable, la valoración y la divulgación de estos warrants pueden no ser apropiados en los estados financieros. | We reviewed a sample of the agreements for the warrant instruments between the Company and the brokers/investors to ensure the appropriate accounting treatment was applied, selected a sample of signed agreements to ensure appropriately executed, vouched the number of warrants issued to the warrant register and reviewed the basis of valuation verifying assumptions made by management within their selected valuation model plus mathematically accurate as well as reviewing appropriateness and completeness of disclosure in the financial statements. |
Nuestros procedimientos de auditoría en relación con estos asuntos se diseñaron en el contexto de nuestra opinión de auditoría en su conjunto. No fueron diseñados para permitirnos expresar una opinión sobre estos asuntos individualmente y no expresamos tal opinión.
Más información (opcional – piso, bloque edificio, puerta, etc.)
La otra información comprende la información incluida en el informe anual y los estados financieros, distinta de los estados financieros y nuestro informe de auditoría sobre los mismos. Los directores son responsables de la demás información contenida en el informe anual y los estados financieros. Nuestra opinión sobre los estados financieros no cubre la otra información y, salvo que se indique explícitamente lo contrario en nuestro informe, no expresamos ningún tipo de conclusión de aseguramiento al respecto. Nuestra responsabilidad es leer la otra información y, al hacerlo, considerar si la otra información es materialmente inconsistente con los estados financieros, o nuestro conocimiento obtenido en el curso de la auditoría, o de otra manera parece contener errores materiales. Si identificamos tales inconsistencias materiales o errores materiales aparentes, estamos obligados a determinar si esto da lugar a un error material en los propios estados financieros. Si, con base en el trabajo que hemos realizado, llegamos a la conclusión de que existe un error material en esta otra información, estamos obligados a informar ese hecho.
No tenemos nada que informar al respecto.
Opiniones sobre otros asuntos prescritos por la Ley de Sociedades de 2006
En nuestra opinión, con base en el trabajo realizado en el transcurso de la auditoría:
? the information given in the strategic report and the directors' report for the financial period 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.
Asuntos sobre los que estamos obligados a informar por excepción
A la luz del conocimiento y comprensión de la empresa y su entorno obtenidos en el transcurso de la auditoría, no hemos identificado errores materiales en el informe estratégico ni en el informe de gestión.
No tenemos nada que informar con respecto a los siguientes asuntos en relación con los cuales la Ley de Sociedades de 2006 requiere que le informemos si, en nuestra opinión:
? adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
? the financial statements are not in agreement with the accounting records and returns; or
? 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.
Responsabilidades de los directores
Como se explica con más detalle en la declaración de responsabilidades de los directores que se establece en la página 12, los directores son responsables de la preparación de los estados financieros y de estar satisfechos de que brinden una imagen fiel y veraz, y del control interno que los directores determinen. necesarios para permitir la preparación de estados financieros libres de errores materiales, ya sea debido a fraude o error.
Al preparar los estados financieros, los directores son responsables de evaluar la capacidad de la empresa para continuar como empresa en funcionamiento, divulgando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando la base contable de empresa en funcionamiento, a menos que los directores tengan la intención de liquidar la empresa o cesar sus operaciones, o no tener otra alternativa realista que hacerlo.
Responsabilidades del auditor para la auditoría de los estados financieros
Nuestros objetivos son obtener una seguridad razonable sobre si los estados financieros en su conjunto están libres de errores materiales, ya sea debido a fraude o error, y emitir un informe de auditoría que incluya nuestra opinión. La seguridad razonable es un alto nivel de seguridad, pero no garantiza que una auditoría realizada de acuerdo con las NIA (Reino Unido) siempre detecte una incorrección material cuando exista. Las incorrecciones pueden deberse a fraude o error y se consideran materiales si, individualmente o en conjunto, se puede esperar razonablemente que influyan en las decisiones económicas que los usuarios toman sobre la base de estos estados financieros.
Las irregularidades, incluido el fraude, son casos de incumplimiento de las leyes y regulaciones. Diseñamos procedimientos de acuerdo con nuestras responsabilidades, descritas anteriormente, para detectar errores materiales con respecto a irregularidades, incluido el fraude. En qué medida nuestros procedimientos son capaces de detectar irregularidades, incluido el fraude, se detalla a continuación:
? We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context was the UK Companies Act and relevant taxation legislation.
? 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 and basis of journals and sample testing all expenditure in the period.
Debido a las limitaciones inherentes de una auditoría, existe el riesgo de que no detectemos todas las irregularidades, incluidas las que conducen a una incorrección material en los estados financieros o al incumplimiento de la regulación. Este riesgo aumenta cuanto más se elimina el cumplimiento de una ley o reglamento de los eventos y transacciones reflejados en los estados financieros, ya que será menos probable que tengamos conocimiento de casos de incumplimiento. El riesgo también es mayor con respecto a las irregularidades que ocurren debido a fraude en lugar de error, ya que el fraude implica ocultación intencional, falsificación, colusión, omisión o tergiversación.
Una descripción más detallada de nuestras responsabilidades está disponible en el sitio web del Financial Reporting Council en:https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. Esta descripción forma parte de nuestro informe de auditoría.
Otros asuntos que debemos abordar
We were appointed by the board of directors on 23 November 2022 to audit the financial statements for the period ending 31 October 2022. Our total uninterrupted period of engagement is two year, covering the period ending 31 October 2023.
Los servicios que no son de auditoría prohibidos por el Estándar Ético de FRC no fueron proporcionados a la empresa y seguimos siendo independientes de la empresa en la realización de nuestra auditoría.
Nos comunicamos con los encargados del gobierno corporativo respecto, entre otras cuestiones, del alcance planificado y del momento de la auditoría y de los hallazgos importantes de la auditoría, incluida cualquier deficiencia significativa en el control interno que identifiquemos durante nuestra auditoría. Nuestra opinión de auditoría es consistente con el informe adicional al comité de auditoría.
Uso de nuestro informe
Este informe se hace únicamente a los miembros de la empresa, como organismo, de conformidad con el Capítulo 3 de la Parte 16 de la Ley de Sociedades de 2006. Nuestro trabajo de auditoría se ha realizado para que podamos informar a los miembros de la empresa los asuntos que debemos declarar. a ellos en un informe de auditoría y para ningún otro propósito. En la máxima medida permitida por la ley, no aceptamos ni asumimos responsabilidad ante nadie más que la empresa y sus miembros como organismo, por nuestro trabajo de auditoría, por este informe o por las opiniones que nos hemos formado.
Rakesh Chauhan FCCA (Auditor Estatutario Superior)
En nombre y representación de:
Pointon Jóvenes Contadores Públicos, Revisor Fiscal
33 Colina Ludgate
Birmingham
B3 1EH 28 February 2024
| Notas | 2023 £ | Replanteado* 2022 £ |
Gastos administrativos | 2 | (463,897) | (113,639) |
Warrant expenses | 2,10 | - | (818,392) |
Pérdida operativa antes de impuestos | (463,897) | (932,031) | |
|
| ||
Impuesto sobre la renta | 4 | - | - |
Pérdida del período por operaciones continuas | (463,897) | (932,031) | |
|
|
| |
Pérdida del período atribuible a los propietarios de la Compañía y pérdida integral total del período | (463,897) | (932,031) | |
Earnings per share attributable to the owners of the Company | |||
Por pérdida por operaciones continuas/pérdida del período: | |||
Básico y diluido (peniques por acción) | 5 | (0.37) p | (1.30) p |
|
*Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
Las notas de las páginas 22 a 32 forman parte de estos estados financieros.
| Notas | 2023 £ | Replanteado* 2022 £ |
Activos circulantes | |||
Cuentas comerciales y otras cuentas por cobrar | 6 | 63,570 | 13,499 |
Efectivo y equivalentes de efectivo | 7 | 649,265 | 1,151,671 |
Total de activos corrientes | 712,835 | 1,165,170 | |
|
|
| |
los activos totales | 712,835 | 1,165,170 | |
| |||
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 8 | (40,369) | (28,808) |
Total pasivo corriente | (40,369) | (28,808) | |
|
|
| |
Pasivos totales | (40,369) | (28,808) | |
|
|
| |
Activos netos | 672,466 | 1,136,362 | |
| |||
Accionistas | |||
Capital social | 9 | 1,250,001 | 1,250,001 |
Reserva de autorización | 10 | 818,392 | 818,392 |
Ganancias retenidas | (1,395,928) | (932,031) | |
Equidad total de los accionistas | 672,465 | 1,136,362 | |
|
|
|
*Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
The financial statements were approved by the Board, authorised for issue on 28 February 2024 y fueron firmados en su nombre por:
Carlos Goodfellow
Director No Ejecutivo
Registered number: 13628889
Las notas de las páginas 22 a la 32 forman parte de estos estados financieros
*Como se reiteró
| Compartir capital | Orden Reservar | retenido Ganancias | Total |
| £ | £ | £ | £ |
Saldo al 17 de septiembre de 2021 | - | - | - | - |
Total comprehensive loss for the period ended como se reiteró | - | (932,031) | (932,031) | |
Acciones emitidas en el año | 1,250,001 | - | 1,250,001 | |
Warrants options issued in year | - | 818,392 | - | 818,392 |
| 1,250,001 |
818,392 | (932,031) | 1,136,362 |
Total comprehensive loss for the period ended | - |
- | (463,897) | (463,897) |
Saldo al 31 de octubre de 2023 | 1,250,001 |
818,392 | (1,395,928) | (672,465) |
|
*Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
Capital social
El capital social representa el valor nominal de la emisión del capital social de la Sociedad, compuesto por 0.01 libras de acciones ordinarias.
Reserva de autorización
Warrant reserve represents the fair value of warrants issued to investors and the Company's advisor at the time of listing on the Standard Segment of the Main Market of the London Stock Exchange.
Ganancias retenidas
Retained earnings represent the cumulative net losses of the Company recognised through the Statement of Profit or Loss and Other Comprehensive Income.
Las notas de las páginas 22 a 32 forman parte de estos estados financieros.
2023 | Replanteado* 2022 | ||
Note | £ | £ | |
Actividades de explotación | |||
Pérdida del período | (463,897) | (932,031) | |
Ajustes de capital circulante | |||
Aumento de cuentas por cobrar comerciales y otras | 6 | (50,070) | (13,499) |
Aumento de cuentas por pagar comerciales y otras | 8 | 11,561 | 28,808 |
Efectivo neto utilizado en actividades operativas | (502,406) | (916,722) | |
Actividades de financiación | |||
Warrant instruments issued | 10 | 818,392 | |
Producto de la emisión de acciones | 9 | - | 1,250,001 |
Efectivo neto generado por actividades de financiamiento | - | 2,068,393 | |
Aumento neto de efectivo y equivalentes de efectivo | (502,406) | 1,151,671 | |
Efectivo y equivalentes de efectivo al inicio del año | 1,151,671 | - | |
Efectivo y equivalentes de efectivo al final del año | 7 | 649,265 | 1,151,671 |
Las notas de las páginas 22 a 32 forman parte de estos estados financieros.
*Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
1. Políticas contables
Información general
More Acquisitions Plc (the "Company") is a public limited company incorporated and domiciled in the United Kingdom. The address of its registered office is 42 Upper Berkeley Street, London W1H 5QL with registered number 13628889.
The Company was formed on 17 September 2021 as a cash shell with the aim to undertake one or more acquisitions, which may be in the form of a merger, capital stock exchange, asset acquisition, stock purchase or a scheme arrangement of a majority interest in a company or business. The Company shares were admitted to trading on the Standard List of the Main Market on the London Stock Exchange on 4 March 2022. It is now intended that the Company will focus on the Real Estate Sector.
Resumen de políticas contables importantes
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to both years presented, unless otherwise stated.
Base de preparación
These financial statements have been prepared in accordance with the UK adopted Internacional Accounting Standards and Companies Act 2006 and are presented in the sterling which is the functional currency of the Company and rounded to the nearest whole pound.
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of assets and liabilities held at fair value.
The preparation of financial statements in conformity with the UK adopted International Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. There was one area involving a higher degree of judgement or complexity, where assumptions and estimates were significant in the financial statements, this related to the Classification & Valuation of Share warrant instruments (see further information in critical accounting judgements, estimates and assumptions section of this note.
No dividends were declared or paid in either period.
Preocupación continua
The Company has reported a loss for the year of £463,897.
The Company had cash reserves at the year-end of £649,265.
The Directors therefore consider that the company has adequate resources to continue its operational existence for the foreseeable future.
Adopción de normas nuevas y revisadas y cambios en las políticas contables
Se han emitido las siguientes Normas e Interpretaciones nuevas y modificadas, pero son efectivas para el año financiero actual de la Compañía.
Estándar o Interpretación | Efectiva para periodos anuales que comiencen en o después |
Referencia al marco conceptual Actualiza ciertas referencias sin cambiar los requisitos contables para combinaciones de negocios. | 1 de enero de 2022 |
Modificaciones a la NIIF 3 |
Estándar o Interpretación | Efectiva para periodos anuales que comiencen en o después |
Contratos Onerosos: Costo de cumplir un contrato Especifica qué costos incluir al evaluar si un contrato generará pérdidas | 1 de enero de 2022 |
Modificaciones a la NIC 37 |
En la corriente año, the Company has applied a number of amendments to Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after 1 November 2022. These have not had any material impact on the amounts reported for the period under review or prior years.
Normas que están en circulación pero aún no son efectivas
A la fecha de formulación de estos estados financieros, la Compañía no ha adoptado anticipadamente las siguientes modificaciones a Normas e Interpretaciones que han sido emitidas pero que aún no son efectivas:
Estándar o Interpretación | Efectiva para periodos anuales que comiencen en o después | |
Contratos de seguros Reemplaza la NIIF 4, que permite una amplia variedad de prácticas en la contabilidad de contratos de seguro. La Compañía no tiene contratos de seguro. | 1 de enero de 2023 | |
Modificaciones a la NIIF 17 | ||
Estándar o Interpretación | Efectiva para periodos anuales que comiencen en o después | |
Declaración de práctica 2 y NIC 8 Tiene como objetivo mejorar la distinción entre cambios en las estimaciones contables y cambios en las políticas contables. | 1 de enero de 2023 | |
Modificaciones de alcance limitado a la NIC 1 | ||
Estándar o Interpretación | Efectiva para periodos anuales que comiencen en o después |
Impuesto diferido relacionado con activos y pasivos que surgen de una sola transacción Reconocer el impuesto diferido que da lugar a cantidades iguales de diferencias temporarias imponibles y deducibles. | 1 de enero de 2023 |
Modificación de la NIC 12 |
Estándar o Interpretación | Efectiva para periodos anuales que comiencen en o después |
Pasivos no corrientes con convenios Reemplaza la NIIF 4, que permite una amplia variedad de prácticas en la contabilidad de contratos de seguro. | 1 de enero de 2023 |
Modificaciones a la NIC 1 |
Adopción de normas nuevas y revisadas y cambios en las políticas contables
As yet, none of these have been endorsed for use in the UK and will not be adopted until such time as endorsement in confirmed. The Directors do not expect any material impact as a result of adopting the standards and amendments listed above in the financial year, they become effective.
Instrumentos financieros
Financial assets and financial liabilities are recognised in the Company's balance sheet when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value.
Efectivo y equivalentes de efectivo
El efectivo y equivalentes de efectivo incluyen el efectivo en caja, los depósitos a la vista en bancos y otras inversiones de corto plazo de alta liquidez con vencimientos originales de tres meses o menos.
For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.
Pasivos financieros
The Company classifies its financial liabilities in the category of financial liabilities measured at amortised cost. The Company does not have any financial liabilities at fair value through profit or loss.
Pasivos financieros medidos a costo amortizado
Los pasivos financieros medidos al costo amortizado incluyen:
Cuentas por pagar comerciales y otros pasivos monetarios de corto plazo, que se reconocen inicialmente a su valor razonable y posteriormente se contabilizan al costo amortizado utilizando el método de la tasa de interés efectiva.
Pérdida operativa
La pérdida operativa se declara después de acreditar todas las partidas de ingresos operativos y cargar todas las partidas de gastos operativos.
1. Políticas contables (continuación)
Taxation
The tax currently payable is based on taxable profit or loss for the period. Taxable profit or loss differs from net profit or loss as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Impuestos diferidos
Los activos y pasivos por impuestos diferidos se reconocen cuando el valor en libros de un activo o pasivo en el balance difiere de su base fiscal.
El reconocimiento de activos por impuestos diferidos se restringe a aquellos casos en los que es probable que se disponga de ganancias fiscales contra las cuales se pueda utilizar la diferencia.
El monto del activo o pasivo se determina utilizando tasas impositivas que han sido promulgadas o sustancialmente promulgadas en la fecha del balance y que se espera que se apliquen cuando los pasivos/(activos) por impuestos diferidos se liquiden/(recuperen).
Juicios, estimaciones y supuestos contables críticos
La preparación de los estados financieros requiere que la administración haga juicios, estimaciones y suposiciones que afectan los montos reportados en los estados financieros. La gerencia evalúa continuamente sus juicios y estimaciones en relación con activos, pasivos, pasivos contingentes, ingresos y gastos. La administración basa sus juicios, estimaciones y suposiciones en la experiencia histórica y en otros factores diversos, incluidas las expectativas de eventos futuros, que la administración considera razonables dadas las circunstancias. Los juicios y estimaciones contables resultantes rara vez igualarán los resultados reales relacionados. Los juicios, estimaciones y supuestos que tienen un riesgo significativo de causar un ajuste material a los valores en libros de los activos y pasivos (consulte las notas respectivas) dentro del próximo año financiero se analizan a continuación.
Classification & Valuation of Share warrant instruments
La clasificación de los broker and investor warrant instruments issued by the Company at the time of admission to trade on the Standard Segment of the Main Market of the London Stock Exchange was assessed in accordance with IFRS 9 and IAS 32. These warrants were assessed as meeting the criteria to be classed as equity instruments and are therefore accounted for as such in the financial statements being an expense through the Statement of Comprehensive Income and an equity reserve in the Statement of Financial Position.
The Company estimates the fair value of the equity instruments at the grant date using the Black Scholes Model in which the terms and conditions upon which those equity instruments were granted are considered. Refer to Note 10 for more detail relating to the share warrant instruments.
2. Nature of expenses
| 2023 £ | Replanteado* 2022 £ | |
Listado de gastos | 73,067 | 56,542 | |
comisiones bancarias | 3,597 | 1,476 | |
Compartir registradores | 5,107 | 2,683 | |
honorarios de contabilidad | 94,916 | 21,000 | |
Audit and tax fee | 15,917 | 19,400 | |
Honorarios de abogados | 149,479 | 12,044 | |
Brokers advisory fee | 104,000 | - | |
Investigación | 17,600 | - | |
gasto de orden | - | 818,392 | |
Otros gastos | 214 | 494 | |
463,897 | 932,031 |
| 2023 | 2022 |
La remuneración del Auditor: |
|
|
Auditoría de estos estados financieros | 15,500 | 15,000 |
Otros servicios | - | 700 ** |
Remuneración total de los auditores | 15,500 | 15,700 |
* Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
**Related to the audit of the Company's balance sheet to re-register as a Plc.
3. Staff costs, including Directors
During the year the Company had an average of 2 employees who were management. The employees are Directors of the Company.
The Directors did not earn or accrue any fees or salaries or receive any expenses for the periods ended 31 October 2023 and 31 October 2022.
4. Fiscalidad
The tax assessed on loss before tax for the period differs to the applicable rate of income tax in the UK for small companies of 25% The differences are explained below:
| 2023 | Replanteado* 2022 |
Análisis del gasto por impuesto a la renta: |
|
|
Impuesto corriente | - | - |
Impuesto diferido | - | - |
Gasto total por impuesto sobre la renta | - | - |
Pérdida antes de impuestos | (463,897) | (932,031) |
Loss before tax multiplied by effective rate of corporation tax of 25%* (2022: 19%) | (109,089) | (177,086) |
|
| |
Conciliación fiscal: |
|
|
Pérdida del año | (463,897) | (932,031) |
Gastos no deducibles a efectos fiscales | - | 909,056 |
Pérdidas arrastradas | 463,897 | 22,975 |
Cargo fiscal en la cuenta de resultados | - | - |
As at 31 October 2023 the Company had unused tax losses of £486,872 (2022: £22,975) available for offset against future profits. The deferred tax asset relating to these losses is not provided for due to the uncertainty over the timing of any future profits. On 10 June 2021, the UK Government's proposal to increase the rate of UK income tax from 19% to 25% with effect from 1 April 2023 was enacted into UK law.
* Restated to include expenditure relating to share warrants - See Note 10 to the financial statements
**Includes marginal relief of £4,629.
5. Beneficio por acción ordinaria
Las ganancias y el número de acciones utilizadas en el cálculo de la pérdida/ganancia por acción ordinaria se detallan a continuación:
2023 | Replanteado* 2022 | |
Ganancias básicas por acción | ||
Pérdida del ejercicio económico | (463,897) | (932,031) |
Número medio ponderado de acciones | 125,000,100 | 71,423,610 |
Ganancias por acción (peniques) | (0.37) p | (1.30) p |
As at the end of the financial period ended 31 October 2023, there were 256,250,005 share warrants in issue, which had an anti-dilutive effect on the weighted average number of shares. Refer to Note 10 for more information relating to the share warrant instruments.
6. Cuentas por cobrar comerciales y otras
2023 £ | 2022 £ | |
Prepagos | 13,141 | 13,499 |
IVA por cobrar | 50,429 | - |
63,570 | 13,499 |
7. Efectivo y equivalentes de efectivo
2023 £ | 2022 £ | |
Efectivo en banco y en mano | 649,265 | 1,151,671 |
649,265 | 1,151,671 |
El efectivo y equivalentes de efectivo comprenden efectivo en bancos y otras inversiones a corto plazo de alta liquidez con un vencimiento original de tres meses o menos. Los Consejeros consideran que el valor en libros del efectivo y equivalentes al efectivo se aproxima a su valor razonable.
8. Acreedores comerciales y otras cuentas por pagar
2023 £ | 2022 £ | |
Acumulaciones | 31,277 | 22,920 |
Otras cuentas por pagar | 9,092 | 5,888 |
40,369 | 28,808 |
Todas las cuentas por pagar comerciales y otras cuentas por pagar vencen en el plazo de un año. Los Consejeros consideran que el valor en libros de las cuentas por pagar comerciales y otras cuentas por pagar se aproxima a su valor razonable.
9. Capital social
Emitido y pagado en su totalidad | 2023 Número | 2023 |
At 17 September - at incorporation | 1 | 1 |
Total shares at £1 each | 1 | 1 |
Share consolidation: | ||
1 share at £1 per share, consolidated into | ||
100 acciones a 0.01 libras esterlinas por acción | 100 | 1 |
Total shares at £0.01 each | 100 | 1 |
Ordinary shares issued at £0.01 | 4,999,900 | 49,999 |
Ordinary shares issued at £0.01 | 120,000,100 | 1,200,001 |
Al 31 de octubre de 2023 | 125,000,100 | 1,250,001 |
On incorporation, the Company issued 1 Ordinary Share at £1 nominal value.
On 1 November 2021, the Company consolidated the 1 Ordinary Share at £1 in issue into 100 Ordinary Shares at £0.01 each.
On 11 February 2022, the Company issued 4,999,900 new Ordinary Shares at £0.01 per share.
On 4 March 2022, 120,000,100 new Ordinary Shares were issued at £0.01 per share.
The fully paid ordinary shares have no par value.
10. Share warrant reserve and expenses
Investor warrants
On Admission, the Company issued 250,000,000 Investor Warrants. The Investor Warrant entitles the holder to subscribe for one Ordinary Share at £0.015 per Ordinary Share. The Investor Warrants are exercisable either in whole or in part for a period of 5 years from the date of Admission. The Investor Warrants have an accelerator clause which applies if the Company announces and signs a sale and purchase agreement within 60 months of Admission. The Company will serve notice on the Investor Warrant holders to exercise their warrants in this event. When the Company serves notice, any Investor Warrants remaining unexercised after 7 calendar days following the notification of the notice will be cancelled.
Broker garantiza
On Admission, the Company issued 6,250,005 Broker Warrants to Peterhouse Capital Limited. The Broker Warrants are exercisable at £0.01 per Ordinary Share and are exercisable either in whole or in part for a period of 5 years from the date of Admission. The Broker Warrants are non-transferable. The Broker Warrants have an accelerator clause which applies if the Company announces and signs a sale and purchase agreement within 60 months of Admission. The Company will serve notice on the Broker Warrant holders to exercise their warrants in this event. When the Company serves notice, any Broker Warrants remaining unexercised after 7 calendar days following the notification of the notice will be cancelled.
Details of the number of warrants and the Weighted Average Exercise Price (WAEP) outstanding during the year are set out below.
Ajuste del año anterior
During the year, the Company recognised a total warrant expense of £818,392 in the prior year as a Prior Year Adjustment, restating the Statement of Profit or Loss and Other Comprehensive Income to include this expense, as well as a Warrant reserve within Equity in the Statement of Financial Position and the relevant notes to the financial statements were restated as appropriate.
The fair value of warrants granted is calculated using the Black-Scholes Pricing Model. The model is internationally recognised as being appropriate to value warrants. The total number of warrants outstanding at 31 October 2023 were 256,250,005 (2022: 256,250,005).
Warrants |
| 2023 |
| Warrants |
| 2022 | ||||
Número |
| £ |
| Número |
| £ | ||||
Investor warrants | 250,000,000 | 791,391 | 250,000,000 | 791,391 | ||||||
Peterhouse Capital Limited | 6,250,005 | 27,001 | 6,250,005 | 27,001 | ||||||
256,250,005 | 818,392 | 256,250,005 | 818,392 | |||||||
Movimientos en reservas
Movements in the warrant reserve during the current and previous financial period are set out below:
Investor Warrant |
| Broker Orden |
| Total | ||
£ |
| £ |
| £ | ||
Saldo al 17 de septiembre de 2021 | - | - | - | |||
Investor warrants issued - 4 Marzo 2022 | 791,391 | - | 791,391 | |||
Broker warrants issued - 4 March 2022 | - | 27,001 | 27,001 | |||
Saldo al 31 de octubre de 2022 | 791,391 | 27,001 | 818,392 | |||
Saldo al 1 de noviembre de 2022 | 791,391 | 27,001 | 1 | 818,392 | ||
Emitido durante el año | - | - | - | |||
Caducado durante el año | - | - | - | |||
Saldo al 31 de octubre de 2023 | 791,391 | 27,001 | 818,392 |
Set out below are summaries of warrants granted on admission to the London Stock Exchange:
Numero de opciones |
| Precio de ejercicio promedio ponderado |
| Numero de opciones |
| Precio de ejercicio promedio ponderado | ||
2023 |
| 2023 |
| 2022 |
| 2022 | ||
Outstanding at the beginning of the financial period | 256,250,005 | £0.00 | - | £0.00 | ||||
Granted - investor warrants | - | £0.01 | 250,000,000 | £0.01 | ||||
Granted - broker garantiza | - | £0.01 | 6,250,005 | £0.01 | ||||
Outstanding at the end of the financial period | 256,250,005 | £0.01 | 256,250,005 | £0.01 |
2022 | ||||||||||||||
Saldo en | Venció/ | Saldo en | ||||||||||||
Haz ejercicio | el comienzo de | confiscado/ | Al final de | |||||||||||
Fecha de concesión | Fecha de caducidad | precio | el período | Concedido | Ejercido | otros | el período | |||||||
04/03/2022 | 04/03/2027 | £0.01 | - | 256,250,005 | - | - | 256,250,005 | |||||||
- | 256,250,005 | - | - | 256,250,005 |
2023 | ||||||||||||||
Saldo en | Venció/ | Saldo en | ||||||||||||
Haz ejercicio | el comienzo de | confiscado/ | Al final de | |||||||||||
Fecha de concesión | Fecha de caducidad | precio | el período | Concedido | Ejercido | otros | el período | |||||||
04/03/2022 | 04/03/2027 | £0.01 | 256,250,005 | - | - | - | 256,250,005 | |||||||
256,250,005 | - | - | - | 256,250,005 |
Precio de la acción | Haz ejercicio | Esperado | Dividendo | Sin riesgo | Valor razonable | |||||||||
Fecha de concesión | Fecha de caducidad | en la fecha de concesión | precio | volátil | rendimiento | tasa de interés | en la fecha de concesión | |||||||
Inversionistas: | ||||||||||||||
04/03/2022 | 04/03/2027 | £0.01 | £0.015 | 49.00% | - | 0.984% | £0.003 | |||||||
Broker: | 04/03/2027 | 04/03/2027 | ||||||||||||
04/03/2022 | 04/03/2027 | £0.01 | £0.01 | 49.00% | - | 0.984% | £0.004 |
11. Instrumentos financieros
Categorías de activos y pasivos financieros
The following tables set out the categories of financial instruments held by the Company:
Activos financieros |
| Préstamos y cuentas por cobrar | Préstamos y cuentas por cobrar | ||
Note | 2023 | 2022 | |||
£ | £ | ||||
Efectivo y equivalentes de efectivo | 7 | 649,265 | 1,151,671 | ||
649,265 | 1,151,671 |
Pasivos financieros |
| Pasivos financieros medidos a costo amortizado | Pasivos financieros medidos a costo amortizado | ||
Note | 2023 | 2022 | |||
£ | £ | ||||
Comerciales y otras cuentas a pagar | 8 | 40,369 | 28,808 | ||
40,369 | 28,808 |
The Company's financial instruments comprise cash and cash equivalents and trade payables that arise directly from the Company's operations. The main purpose of these instruments is to ensure that the Company has sufficient resources to fulfil its investment strategy. The main risks arising from holding these financial instruments are market risk and liquidity risk.
Riesgo de mercado
All trading instruments are subject to market risk, the potential that future changes in market conditions may make any future investments less valuable, due to fluctuations in security prices, as well as interest and foreign exchange rates. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
Riesgos de liquidez
The Company seeks to manage liquidity risk by ensuring sufficient liquid assets are available to meet foreseeable needs and to invest liquid funds safely and profitably. All cash balances are immediately accessible, and the Company holds no trades payable that mature in greater than 3 months, hence a contractual maturity analysis of financial liabilities has not been presented. Since these financial liabilities all mature within 3 months, the Directors believe that their carrying value reasonably equates to fair value.
Capital Disclosure and Capital Management
The Company defines capital as issued capital and retained earnings as disclosed in statement of changes in equity. The Company manages its capital to ensure that the Company will be able to continue to pursue strategic investments and continue as a going concern. The Company does not have any externally imposed financial requirements.
12. Transacciones con partes relacionadas
During the previous 13-month period, the Company issued 2,700,000 ordinary shares and 6,250,005 broker warrants to Peterhouse Capital Limited, a company connected to Charles Goodfellow (director of the Company) and the Company's financial adviser and corporate broker durante ambos periodos.
Brokers advisory fees of £104,000 (2022: £21,112) for the reimbursement of payments made on the Company's behalf) was paid by the company in the current financial year to Peterhouse Capital Limited. At both period ends £5,887.87 was owing to Peterhouse Capital Limited which has been paid at the time of finalising these financial statements.
The following companies with common control and/or directorships as Peterhouse Capital Limited hold interests in the Company at both period ends as follows: P3 Capital Limited and P4 Capital Limited both hold 2,117,700 ordinary shares and 4,235,400 each. Also, Flare Capital Limited holds 814,600 shares and 1,629,200 warrants.
Shareholdings and warrants held by each of the directors is shown in the directors' interests section of the Directors' Report.
13. Operating lease commitments
A la fecha del balance la Sociedad no tenía compromisos pendientes de arrendamiento operativo.
14. Ultimate Controlling Party
The Company considers that there is no ultimate controlling party.
15. Eventos posteriores al balance
On 22 January 2024 the Company announced the retirement of one of its directors namely Roderick McIllree and the appointment of two new directors, namely Neil Sinclair (Executive Chairman) and Stanley Davis (Non-executive director). In addition, on the same date it was announced that the Company raised £312,240 through the issue of 31,224,000 new ordinary shares of £0.01 each at a price of 1 pence per share with two free attaching warrants for every one placing share used exercisable at 1.5 pence during a 5 year period.
On 18 January 2024 Peterhouse Capital Limited resigned from the position of Corporate Advisor and broker to the Company and in consideration for such termination it was agreed by the Board that Peterhouse would be paid the sum of £30,000 to be satisfied by the issue of new ordinary shares of £0.01 each in the Company at par.
16. Compromisos de capital
There were no contracts for capital expenditure at the period end.
17. Pasivos contingentes
The Company intends to pay a current director and a former director, a success fee as part of their remuneration for their role in the Company listing on the standard listing segment of the official list and admission to trading on the main market of the London Stock Exchange. The success fee is subject to the Company completing a Reverse Takeover following admission. The board agreed that each of Roderick McIllree and Charles Goodfellow would in the event of successful completion of a Reverse Takeover by the Company be paid the sum of £50,000 each to be satisfied by the issue of new ordinary shares of £0.01 each in the Company at the price at which such shares are issued to investors in connection with such Reverse Takeover. As the success fee is contingent upon a Reverse Takeover taking place, the arrangement is deemed to be a contingent liability and disclosed as such.
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