TIDMSLWD
RNS Number : 7221C
Silverwood Brands PLC
13 October 2022
DATE: 13 October 2022
Silverwood Brands plc
("Silverwood" or the "Company")
Interim Unaudited Condensed Consolidated Financial
Statements
For the period from incorporation to 31 August 2022
Silverwood Brands plc, an enterprise company established to
invest primarily in branded consumer businesses, is pleased to are
pleased to report on the first trading period of the Company from
incorporation to 31 August 2022. These accounts are unaudited and
have not been reviewed by an auditor.
Since the Company's incorporation and admission to trading on
the Aquis Stock Exchange Growth Market, the Directors have reviewed
a number of possible investment opportunities and will continue to
do so. The key highlights of this initial period are:
-- Silverwood raised gross proceeds of GBP1.99 million by way of
a subscription for new ordinary shares with an issue price of 40
pence per share contemporaneously with its admission to trading on
the Access Segment of the Aquis Stock Exchange Growth Market on 8
November 2022.
-- The Directors are pleased that the cost base was tightly
managed, and the Company's acquisitions were structured to ensure
that performance of the targets is demonstrated before full payment
is made.
-- In June 2022, the Company acquired 100% of the issued share
capital of Balmonds Skincare Limited ("Balmonds") which sells
organic and skin friendly skin products.
-- Although the Company posted a small loss for the period, it
now has established a solid platform to support future growth
plans.
-- The Directors are carefully assembling a high calibre team of
executives, non-executives and advisors to pursue those growth
plans.
The Directors accept responsibility for the contents of this
announcement.
For more information, please contact:
Silverwood Brands plc
Andrew Gerrie info@silverwoodbrands.com
--------------------------
VSA Capital - AQSE Corporate Adviser and
Broker +44(0)20 3005 5000
--------------------------
Andrew Raca, Simba Khatai, Pascal Wiese (Corporate
Finance)
Andrew Monk, David Scriven, Peter Mattsson
(Corporate Broking)
--------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YTD
Total Income GBP831,415
----------------------------- ------------
Total Cost of Sales GBP176,172
============================= ============
Gross Profit GBP655,243
============================= ============
Total Operating Expenses GBP798,341
============================= ============
Operating Profit -GBP143,098
============================= ============
Total Non-operating Expenses GBP156,005
----------------------------- ------------
Net Profit (Loss) -GBP299,103
============================= ============
CONSOLIDATED BALANCE SHEET
31 Aug
2022
Assets
Cash and cash equivalents
Total cash and cash equivalents GBP1,761,258
---------------------------------- --------------
Current Assets
Trade and other receivables GBP571,610
Inventories GBP192,159
Total Current Assets GBP763,769
---------------------------------- --------------
Fixed Assets
Property, plant and equipment GBP26,779
Intangibles GBP6,812,208
Total Fixed Assets GBP6,838,987
---------------------------------- --------------
Total Assets GBP9,364,015
================================== ==============
Liabilities
Current Liabilities
Trade and other payables GBP232,231
Total Current Liabilities GBP232,231
---------------------------------- --------------
Total Liabilities GBP232,231
================================== ==============
Net Assets GBP9,131,784
================================== ==============
Equity
Share capital GBP1,153,134
Share premium GBP6,114,909
Other equity GBP2,162,840
P&L reserve -GBP299,100
Total Equity GBP9,131,784
================================== ==============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Called up share Share premium Other equity Profit and loss Total equity
capital account
GBP GBP GBP
Comprehensive income (loss) for the period -GBP299,103 -GBP299,103
Shares issued during GBP1,153,134 GBP6,114,909 GBP2,162,840 GBP9,430,884
the period
At 31 August 2022 GBP1,153,134 GBP6,114,909 GBP2,162,840 -GBP299,103 GBP9,131,784
====================== ====================== ============== ============== ====================== ==============
CONSOLIDATED STATEMENT OF CASH FLOWS
GBP
Cash flows from operating
activities
Profit (loss) for the financial -GBP299,103
period
Adjustments for:
Amortisation of intangible GBP148,385
assets
Depreciation of tangible assets GBP7,619
Increase in inventories -GBP21,623
Decrease in debtors GBP225,060
Decrease in creditors -GBP288,430
Net cash generated from operating -GBP228,091
activities
Cash flows from investing
activities
Purchase of tangible fixed -GBP3,250
assets
Net cash used in investing -GBP3,250
activities
Cash flows from financing
activities
Shares issued GBP1,992,600
Net cash from financing activities GBP1,992,600
Net increase in cash and cash GBP1,761,259
equivalents
Cash and cash equivalents GBP1,761,258
at the end of period
Notes to the Accounts :
Summary of the Acquisition
Prior to the Acquisition, the Company had an existing issued
ordinary share capital of 5,324,942 Ordinary Shares.
The consideration for the Acquisition will be satisfied by the
initial issue of 4,808,039 new Ordinary Shares ("Initial
Consideration Shares") at a deemed share price of 85p per share
("Consideration Price") to Andrew Gerrie and Alison Hawksley (the
"Principal Vendors"), and to the other shareholders in Balmonds
(the "Minority Vendors") (together the "Vendors"). As part of the
Acquisition, the Company conditionally acquired a shareholder loan
(the "Balmonds Shareholder Loan") advanced to Balmonds by Andrew
Gerrie and Alison Hawksley (the "Balmonds Loan Holders") in
exchange for the issue of 1,398,365 new Ordinary Shares at a price
equivalent to the Consideration Price (the "Loan Shares") to the
Balmonds Loan Holders on or around Admission. As a result, the
Company's issued share capital will be enlarged to 11,531,347
Ordinary Shares and is expected to be admitted to trading on the
Access Segment of the AQSE Growth Market on 15 June 2022.
The total consideration for the Acquisition amounts to up to
GBP8,000,000, to be satisfied via the issue and allotment of up to
8,013,399 new Ordinary Shares ("Consideration Shares") to the
Vendors. The Consideration Shares consists of the Initial
Consideration Shares, and up to 3,205,360 Ordinary Shares
("Deferred Consideration Shares") which will be allotted and issued
to the Vendors only after the satisfaction of certain performance
and other criteria.
1 Preparation of the interim financial statements
These interim financial statements have been prepared in
accordance with International Accounting Standards in conformity
with the requirements of the Companies Act 2006 and with those
parts of the Companies Act 2006 applicable to companies reporting
under International Financial Reporting Standards (IFRS).
These interim financial statements have not been audited and do
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006.
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END
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