TIDMTNT
RNS Number : 3495U
Tintra PLC
01 August 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310.
1 August 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Final Results and Audited Annual Report and Accounts for the
Year to 31 January 2022
The Board of Directors of Tintra is pleased to announce that it
has today published its audited annual report and accounts for the
year to 31 January 2022 (the "Annual Report").
The Annual Report will be published on the Company's website in
compliance with its articles of association and the electronic
communications provisions of the Companies Act 2006. A copy of the
Annual Report can also be accessed through the link below.
Annual Report
http://www.rns-pdf.londonstockexchange.com/rns/3495U_1-2022-7-31.pdf
Key extracts from the Annual Report can also be viewed below,
including from the Independent Auditor's Report.
Richard Shearer, Group CEO, commented, "The issuing of the
Annual Report today with its accompanying audit process marks the
end of the transformation from the old St. James House that I
joined as CEO a year ago to the new Tintra plc.
As I mentioned in my AGM Statement, the first six months of my
tenure were where most of the heavy lifting was completed in the
transformation process.
To that end, we took the view early that we wanted to produce a
set of financials that appropriately reflected the business and as
such we impaired nearly all legacy assets to remove any ambiguity.
And we believe we have delivered a balance sheet, that whilst not
pretty, forms a strong foundation for growth.
Doing this resulted in quite a unique set of challenges, which
in turn made for a very complex set of accounting work. Not least
the four-month internal audit and review of SDH which as I outlined
in Friday's AGM Statement, led to Tintra Acquisitions Limited
ultimately providing guarantees to support SDH to the tune of
GBP1.4m, an amount that is confirmed by audit to be the extent of
its liability. This action was decided upon as I wanted to ensure
that a historical lack of rigour did not disadvantage either
shareholders or our ability to raise capital for our Deep Tech
& Banking strategy.
The complexity of the Group audit for the year to 31 January
2022 was substantial, which in turn led to, an unavoidable in my
view, qualification of the audit opinion as it relates to the
legacy subsidiaries of SDH & SFH. There is only one employee
that remains in the Group from when I took over as CEO so the
market should fully expect much tighter reporting from us now that
proper internal systems and high-quality teams built of the right
people have been put in place.
This speaks to why the Annual Report is being reported later
than I would like. I would very much have preferred to be reporting
our numbers sooner after year end, but the heavy lifting of turning
what we adopted into what we want the future to be proved something
that not even my constant desire for time urgency could overcome.
The market should expect this process to be streamlined next
year.
An exception to the negatives from the past is the positive
developments in the previously announced (26 October 2021) revised
arrangements with MDC Nominees Ltd and its recently commenced
litigation. A substantial amount of work was undertaken on this
matter, of which Tintra plc is the main beneficiary, including
procuring formal legal opinions from Queen's Counsel as to chances
of success. Based on that work and the legal opinions provided, we
are very confident of recouping the fixed sum due to the Company
and confident of an award which is higher; the accounts reflect
that stronger position.
I discussed the challenges in the first 6 months in my letter of
last Friday, the issue of the Annual Report today means, that with
a few necessary exceptions, all of our narrative to the market
going forwards will be on our build out strategy. Something that
makes me very happy indeed. "
Extract from the Independent Auditor's Report - Basis for
qualified opinion
"During the year, the group divested of its holding in a
subsidiary, St. Frances House Ltd ("SFH"). Following this
transaction, management have been unable to provide adequate
supporting documentation with regards to transactions occurring
prior to the date of disposal. We were therefore unable to satisfy
ourselves by alternative means that the classification of results
for the period and the resulting gain or loss on disposal is
correctly attributed.
During the year, the new management of Tintra Plc undertook an
exercise to review the historic accounting records within another
subsidiary, St Daniel House Ltd ("SDH"), in order to confirm
amounts owed to creditors at the Balance sheet date. Following the
review, management have been unable to provide adequate
documentation to support the recognition and classification of
items included in the Group's loss for the year of GBP454,000.
Consequently, we were unable to determine whether any adjustment
to these amounts were necessary ."
The full Independent Auditor's Report can be viewed in the
weblink to the Annual Report above.
For further information, contact:
Tintra PLC
(Communications Head)
Hannah Haffield
h.haffield@tintra .com
Website www.tintra .com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
Extract from the Financial Summary and Highlights
Financial Key Performance Indicators
For the year to 31 January 2022 the Group's performance was as
follows:
Key Performance Indicators 2022 2021 *
GBP'000 GBP'000
Revenue 351 354
--------- ---------
Gross (loss) (118) (38)
--------- ---------
Loss from continuing operations (954) (1,948)
--------- ---------
Normalised EBITDA loss (395) (1,382)
--------- ---------
*Adjusted from previously reported to reflect the discontinued
operation
Normalised EBITDA loss 2022 2021
consists of: GBP'000 GBP'000
Operating loss (895) (1,922)
--------- ---------
Less Depreciation 2 5
--------- ---------
Less Amortisation 6 8
--------- ---------
Exceptional items 492 474
--------- ---------
IFRIC 19 charge - 53
--------- ---------
TOTAL (395) (1,382)
--------- ---------
Financial & Operational Points of Note
-- Investments totalling GBP750,000 were made into the Group through Tintra Acquisitions Limited
-- A funding round was announced at a valuation of $100m with
the first subscriber, Cap-Meridian Investors Limited, completing a
$1,000,000 investment during the year
-- Additional funding for working capital of GBP465,000 was
introduced for the year to 31 January 2022
-- St Daniel House Limited ("SDH") continued to be owned by the
Group throughout the year to 31 January 2022; SDH ceased to
generate income from September 2022
-- Prize Provision Services Limited remained in the Group but is
being held for sale further to a Heads of Terms executed with an
industry leading counterparty. A post balance sheet event gives
more information (see note 30 - Post Balance Sheet Events)
-- St Frances House contributed a small amount of income to the
Group, prior to its sale to Bryncae Limited as announced in July
2021 which completed in August 2021.
Extract From the Strategic Report
Chairman's Statement
During the year to 31 January 2022, the Company commenced a new
and definitive phase as it began to transform itself into a very
different business. It is in some ways hard to reconcile the level
of change that occurred during one reporting year and in the post
balance sheet events since. The changes are transformative, and
they continue apace.
In July 2021 we welcomed Richard Shearer to the Company as its
new Chief Executive who immediately set about a radical change
management process that ultimately led to focusing the business on
one core, namely building out its legacy payment business and
divesting all non-payments and non-performing businesses (as set
out in the Chief Financial Officer's review), and beginning the
journey to building a Deep Tech & Banking business of the
future based on the legacy platform of the Company.
This involved many steps, not least among them strengthening the
Group's Board and management team and enhancing working capital,
through business rationalisation and resizing, managing the
remainder of the effect of the Covid-19 pandemic, while investing
significantly in infrastructure for the core business.
Current Trading, Outlook and Transformation
The board of directors are delighted with the significant
progress that has been made in the Group's transformation during
the period after a number of years of legacy results, which lead to
liabilities being owed in excess of the funding available and
legacy operational control systems being in place. As a Board, we
made a firm decision to do the right thing, and we continue to
stand by that. Certain individuals in the new management have
underwritten the liability shortfalls to approximately GBP1m, but
the importance of making sure the new Tintra was built on a very
clean foundation was paramount.
This growth and restructuring dealt with often complex and
challenging issues, requiring painstaking analysis, but with
tenacity, the right team and an absolute goal to do the right thing
for clients, investors and stakeholders alike I am very pleased
with the way in which these issues were and are being resolved.
The strategic financing and commercial agreement with Tintra
Acquisitions Limited announced in March 2021 has led to other
substantial investments in Tintra and its exciting transformation
program.
After a number of challenging years under previous management
the financial position of the company showed the turmoil. As we end
the year to 31 January 2022, I am pleased to report that huge
effort has been undertaken to provide financial position that
provides a clean and clear platform for growth going forward.
Building on that new solid platform the company has a very clear
strategic business plan and a clear vision for executing on it
along with institutional and UHNW (ultra-high net worth) investors
supporting the goals and over the next 24 months will build out
infrastructure that will revolutionise the way that banking in the
emerging world works.
Chief Executive Officer's Review
Looking Back
The first six months of my tenure were in equal measure
challenging and incredibly exciting. I was appointed CEO on 2 July
2021 half-way through this reporting year and we moved quickly from
Day 1 to, in the first instance, understand the business and from
there to implement change and energy to turn the business on its
axis into one with a clearly articulated plan.
The first three months of my tenure were spent on our first
90-Day project, a project to fully understand the business and its
history. This was undertaken with some haste as the business which
my team & I inherited was on the back of a number of what can
best be described as 'trying' years - I won't cover these further
given what it set out in both our Chair and our Chief Financial
Officer's reports.
This process first and foremost illustrated that it was a lack
of a cohesive strategy that was at the core of the legacy issues,
so it was there that we started.
This process firstly saw huge cost savings across the Group and
rationalisation of many outdated processes. Whilst we came at the
business with an open mind it did become quickly evident that a
lottery business that had formed part of the plc for almost two
decades and had not grown meaningfully in half of that time was
likely not a great platform for future growth and the legal
business which was much more suited to being a small private
business rather than in a public environment probably didn't have
what it took to scale to the kind of multiples that are attractive
in public markets.
Put simply, my strongly held view is that a public company has
an imperative to be driven by a strategy that can reach scale, the
business as it was did not have that and it is through that lens
that we acted.
A lot of the six months from July 2021 to January 2022 were
swallowed up on that rationalisation process as we put in place
structures and processes that bought the business into the
2020's.
That saw the disposal of the legal business, terms signed with
the leading external lottery provider in the country to acquire the
lottery business and the realisation that the payments business,
whilst it had some good technology, had been inefficiently
operated, to the point that my holding company voluntarily stood
behind the plc to the tune of GBP1.5m to ensure all liabilities
were met
All of this meant that by the end of this reporting year the
Group had cut its monthly burn rate substantially and right-sized
the overhead to the operation, whilst at the same time implementing
robust HR, accounting and legal infrastructure.
Further to this the Company took on world leading legal advisors
who were instrumental in our efforts to rationalise the corporate
structure in a way that jettisoned legacy and dormant subsidiaries,
that included crypto gaming and soccer pitches, to build a
corporate structure fit for purpose and ready for growth.
At the same time as dealing with the operational and structural
aspects of the Company my team had a very detailed historical look
at the legacy financial reporting and how items were accounted for
and where there was perhaps optimism in place of fundamentals.
During that process we renegotiated terms on a legacy debt after
seeking Queen's Counsel opinion on a matter that we now see as a
high probability of success.
The challenges of dealing with the legacy business that my team
and I inherited whilst at the same time analysing and delivering on
building a global banking infrastructure built on revolutionary
artificial intelligence technology was a big undertaking and one
that I am supremely proud of the team for executing on both in this
reporting year and in the post balance sheet events narrated
elsewhere.
Looking Forward
Overview
As I move now to outlining what we have been executing on before
and since this reporting period it reminds me how far we have come.
It is incredibly rewarding to see the ground we have covered in the
12 months since my appointment and to have such a clearly developed
road map for going forward as we build out the payments business
into a multi-jurisdictional banking platform in a manner that
delivers value to shareholders and equally importantly goes some of
the way to solving the fiscal inclusion problems faced by people
across the emerging world.
The last few months have been challenging to the economy across
the world, not least in the tech sector where write downs and down
rounds have become an daily news event. It is with that in mind
that as we head into an inflationary period with global
macro-economic headwinds it is my main focus that our execution
strategy needs to be well defined, tightly budgeted and fully
deliverable in a timeline that is well articulated.
Our methodology is somewhat unorthodox and, in many ways, more
akin to a US style VC play than a UK AIM strategy. Whilst the
Company has been quoted on AIM for some 16 years, the strategy that
we have developed is a new one, so it is a very unique opportunity
for retail investors to invest alongside institutional and family
office investors at such an early stage in a company's cycle. And
somewhat amusingly to me, do so at a discount to the price that new
investors have invested at - 504p.
The AIM market perhaps will take some time to align with our
strategy, but I am pretty certain that in years to come once we
have delivered others will follow our lead.
Headline Strategy
The scale of Tintra's vision is truly global. The road to
execution has considered the journey and the components necessary
to get there and considering what has been achieved over the past
12 months gives us assurance that we will continue to accomplish
the projected milestones to democratize finance and be the World's
first Web 3.0 clearing bank. (Tintra's revolutionary "borderless"
approach will introduce a financial and regulatory infrastructure
built solidly upon Web 3.0 technologies and concepts, including
metaverse and blockchain interoperability, transparency by
utilising dataless cryptographic mechanisms, and blockchain-based
verification.)
We are solving a well-regarded challenge in global finance. Over
the past decade, the emerging world has come to the fore; as
friction in cross border trade has decreased, the ability to pay
for that trade has increased. And whilst the market is trying to
solve this problem, looking at it through a western prism, it falls
short. Legacy banks tried many years ago, failed, and now don't
have the appetite to try again. On the other hand, FinTech's also
struggle to solve the problem because they lack custody of their
own funds, causing them to bump up against the legacy banks who
have the ultimate control over how funds are processed. Pair these
perceived downsides and reputations risk with little appetite from
shareholders, who are inherently dubious of emerging markets, and
you find lack of interface to close trading loop.
As such, the problem is that emerging market finds themselves
in-between two ideals, one of trying to globalise whilst at the
same time trying to minimise pressure from western global
infrastructures. Our mission at Tintra is to navigate down the
middle of those two ideals, by building a regulatory framework
familiar to the west, but built on a KYC/AML (Know Your
Customer/Anti-Money Laundering) framework that's as culturally
sensitive to these markets as it is advanced.
Operating as a fast-growth regulatory and financial Deep Tech
company, we are building a clearing bank designed solely for
emerging markets clients, the first we know to exist, with
regulation at the forefront.
We are applying for regulatory licenses to operate from the UK,
Qatar, Puerto Rico, Mauritius and other markets to form the
platforms of Tintra's "Hubs" along with a number of other
subsidiary licences. This approach consolidates our position as a
global player, with the ability to transact across all developing
jurisdictions and developed countries.
Additionally, we are harnessing revolutionary tech to address
the way 'the West' interacts with emerging economies, reducing the
prejudice in bank decision making processes. Our patented
artificial intelligence (AI) optimises payment processes and
compliance between emerging and developed markets, as well as
offering end-to-end AI technology that mitigates human intervention
in KYC and AML. This is the key in levelling the playing field
across global markets.
Our AI-first banking infrastructure is designed to not just to
meet, but exceed, current global AML and KYC protocols, greatly
reducing the risk of illicit financial flows (IFFs) through those
Hubs and beyond. This is an approach which is recognised by the
FATF (Financial Action Task Force), G20, and the regulatory
authorities of other Partner Nations in Africa, Latin America and
across Asia.
We are also building relationships incrementally with
'in-country' partners who share our passion for fiscal inclusion.
In doing so, we wish to step away from Euro-American thinking, and
explore the issues objectively, collaborating with global partners
to best understand the problems that persist in emerging markets on
the ground.
Through this approach, we are building an emerging world bank
and global money movers see the value in our solution, investing
accordingly partnering in the growth of Tintra.
So, what are we doing and why are we doing it?
We are building banking infrastructure technology systems that
are focused on frontier and emerging markets, which it believes are
underserved by today ' s environment. By creating an open,
integrated banking capability, Tintra will offer software as a
service ( " SaaS") to its clients but uniquely sitting on its own
global banking platform, using scalable infrastructure and
application programming interface ( " API") innovation.
As a Bank, Tintra will become the banking interface between
African and Gulf states, Latin and Central America, and South-East
Asia - enabling businesses and family offices in those
jurisdictions to bank outside of their own territory and to be able
to make payments globally, to standards in terms of service,
KYC/AML recognition and cost-efficiencies that align with those of
developed markets.
Tintra is dedicated to delivering best in class technology and
services to ensure that the ability to access banking and make
payments matches the demand for frictionless trade, particularly in
emerging and frontier markets. Tintra intends to continue to build
its financial services technology suite at pace, to be able to
provide a full suite of banking infrastructure services within its
target markets.
Strategy
During the reporting year and in post balance sheet events, the
Company raised sufficient capital for its operations for the year
ended 31 January 2022 and beyond. We have deep resource to capital
through long held relationships and will continue to raise funds
from family offices, institutions and UHNW associates rather than
from the market. We would very much like to be running a more
traditional model, but we feel for the scale we aspire to and the
speed we wish to execute the AIM market does not currently offer
the level of capital or the valuations that our model demands.
It is for this reason that, since July 2022, we are now dual
quoted on the OTCQB market in New York. We have not activated it to
date, but plan to do so in the final months of 2022 via a
high-profile launch in the United States. The purpose of this
process is that it fulfils a longer-term strategy to navigate
toward a listing on NASDAQ in parallel with our UK AIM Listing in
2025. We need to focus on our execution strategy for the next 24
months and all efforts need to be on that, but as we move from
building banks and technologies into operating them, we feel that
NASDAQ will be the right home that will provide the fuller values
to shareholders, current and future, that we see our operational
model attracting.
Our original intention had been to raise $10m for 10% of the
Company and stop at that for some time. The thinking was that this
would allow the runway to get material traction on one of the major
licenses and to start to develop our technology stack with a view
to a further funding round in the first three months of 2023. For
more information, see Note 1.1.
We very much believe that we are building a $10B+ business if we
execute on our roadmap. Of course, there is material completion
risk between here and there, but it is risk that we are aware of
and are meticulously planned to navigate.
We remain fully capitalised for the run through to the end of
the year, however there have been material changes both in the
markets and in where we are on our roadmap. Our 90-Day Project
Revolution was a resounding success, the result of it was a
400-something page book that covers the entire road map for our
delivery - some of this book will be published for broader market
information and I very much look forward to doing that.
This book, that was worked on by a team of more than 40 people,
covers every aspect of our strategy to get from where we are to a
fully built Deep Tech & Banking Company in 2.5 years' time.
This progressed us perhaps 9 months from our previous road map and
removed a lot of unknowns. This coupled with the fact that we fully
expect our first major licence to be awarded in the autumn means
that we took a strategic decision that the Series A funding round
from earlier in the year was no longer the correct. As such we have
structured our Series B funding round that will launch after the
AGM and close during the autumn. This round we are looking to raise
up to $25m for not more than 10% of the company. The round will
likely be filled by those already in our orbit and commitments will
be sought during the summer with a closing date as soon as the
licence is awarded.
These funds will be sufficient for 18 months and will see
delivery of licences in the UK, Puerto Rico and Qatar, in addition
to Mauritius and along with the material advancement in other
markets. They also provide all the funds required to deliver the
tech stack. Toward the end of this section of our roadmap we see
ourselves moving from a buildout to an operational business.
Whilst we have both a desire and need to not be too disclosive
of our entire strategy we will share with the market information on
the many aspects of work that are happening across our business and
I encourage shareholders to follow the press as we start to share
more and more over the coming six months.
Our Shareholders
The Company started the year to 31 January 2022 as a very
different company to the one that it is today, so I think it
important I share my thoughts on the lens through which
shareholders should see, and ultimately judge us,
The Company has been on AIM (the AIM Market of the London Stock
Exchange) for the best part of two decades, so we have shareholders
that invested into a lottery business in the 2000's, into a
payments business in the 2010's into a broad ranging business that
included soccer pitches and legal services in the early 2020's. All
of these with different motivations, different goals and different
investment ideals and strategies. We have now narrowed the focus
down to one of those legacy businesses, namely payments and then
expanded it out into broader banking.
We are an unusual beast in many ways, we have a shareholder base
that reflects this history. We don't yet have, although that's how
I see the future, a shareholder base that are all bought in to the
banking space, our journey, or indeed me personally. Many are, but
more as I say may have been in this business for a decade or
more.
If the first six months of my tenure was stabilising the legacy
business and the second putting in place our plans for the future
and working with governments and regulators to get buy in for our
vision, the next 12 months is about execution on strategy.
As such we should be viewed as an R&D company for that
period, judged on our ability to create value with intellectual
property, gain licences by convincing regulators and governments of
the merits of our strategy to them and build truly revolutionary
technology.
To use the Roman adage, my strategy is to make haste slowly.
Over the past 6 months we had to ensure the robustness of our
model, our ability to fund it and establish that we would have
governmental and regulatory support where we needed it. We have
moved incredibly quickly but we have been meticulous in ensuring
that all eventualities are considered. The planning phase was the
most precarious and where the most attention needed to be spent,
defining the strategy properly now means less variation later.
Now that is done over the next six months you will see an
increase in our investor relations efforts and an uptick in our
public relations. With the ultimate goal that in 12 months from now
our investor base is all drawn from people that are invested in
Tintra plc building and operating global banking that is bringing
fiscal inclusion to the emerging world.
So, I encourage shareholders, and potential shareholders, to
view us as a medium term investment strategy for their portfolio,
we will continue to raise funds from institutional and family
office relationships at valuations that those professionals and we
agree on. And to view us as a development business and not on our
historic trading, we will of course have trading activity coming
online in line with the capability of our systems' evolution.
There are a number of further announcements that will be made
during the summer that relate to the matters set out above and
others that are to be announced in due course. I look forward to
continuing at the same pace with the same urgency to deliver value
to shareholders with a clear vision, an executable strategy and the
changed management tactics to grow the business.
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
for year ended 31 January 2022
Note 2022 2021
GBP000 GBP000
==== ======= =============
Continuing operations
==== ======= =============
Revenue 3,4 351 354
==== ======= =============
Cost of sales 3,5 (469) (392)
==== ======= =============
Gross (loss)/profit (118) (38)
==== ======= =============
Administrative expenses
==== ======= =============
Other 3,5 (1,098) (1,557)
==== ======= =============
Loss on disposal of fixed assets 12 (15) -
==== ======= =============
Impairment of goodwill 15 (334) (474)
==== ======= =============
Total administrative expenses (1,447) (2,031)
==== ======= =============
Fair value gain on financial assets 16 670 147
==== ======= =============
Operating loss (895) (1,922)
==== ======= =============
Finance expenses 7 (59) (26)
==== ======= =============
Loss before tax (954) (1,948)
==== ======= =============
Income Tax Expense 10 - -
==== ======= =============
Loss for the year from continuing
operations (954) (1,948)
==== ======= =============
Discontinuing operations
==== ======= =============
Gain from discontinued operations,
net of tax 9 500 1,932
==== ======= =============
Loss for the year (454) (16)
==== ======= =============
Other comprehensive income/(loss)
==== ======= =============
Other comprehensive income for the - -
year, net of income tax
==== ======= =============
Total comprehensive (loss) / profit
for the year (454) (16)
==== ======= =============
Attributable to:
==== ======= =============
Owners of Tintra PLC (454) (16)
==== ======= =============
Non-controlling interest - -
==== ======= =============
Loss per share Note 2022 2021
GBP000 GBP000
==== ====== ======
Basic loss per ordinary share (pence
per share) 11 (0.05) (0.01)
==== ====== ======
Diluted loss per ordinary share (pence
per share) 11 (0.05) (0.01)
==== ====== ======
Loss per share from continuing operations
==== ====== ======
Basic loss per ordinary share (pence
per share) 11 (0.11) (0.23)
==== ====== ======
Diluted loss per ordinary share (pence
per share) 11 (0.11) (0.23)
==== ====== ======
Earnings per share from discontinued
operations
==== ====== ======
Basic earnings per ordinary share
(pence per share) 11 0.06 0.23
==== ====== ======
Diluted earnings per ordinary share
(pence per share) 11 0.06 0.23
==== ====== ======
Consolidated Balance Sheet
At 31 January 2022
Note 2022 2021
GBP000 GBP000
Non-current assets
Property, plant and equipment 12 40 34
Goodwill 15 - 158
Other intangible assets 13 - 15
Non-current other receivables 18 35 -
Investments in debt instruments 16 1,917 1,247
Total non-current assets 1,992 1,454
------- -------
Current assets
Trade and other receivables 18 151 497
Cash and cash equivalents 19 512 932
------- -------
663 1,429
Disposal group classified as held
for sale 14 367 -
Total current assets 1,030 1,429
------- -------
Total assets 3,022 2,883
------- -------
Current liabilities
Trade and other payables 20 2,126 3,696
Bank and other borrowings 21 7 7
------- -------
2,133 3,703
------- -------
Disposal group classified as held
for sale 14 279 -
Total current liabilities 2,412 3,703
------- -------
Non-current liabilities
Trade and other payables 20 - 310
Bank and other borrowings 21 434 383
Total liabilities 2,846 4,396
Net assets/(liabilities) 176 (1,513)
------- -------
Equity attributable to equity
holders of the Group
Share capital 21 3,230 3,127
Share premium 5,252 3,277
Other reserves 141 100
Retained earnings (8,447) (8,017)
Total equity attributable to
equity holders of the Group 176 (1,513)
------- -------
Consolidated Statement of Changes in Equity
for year ended 31 January 2022
Share Share Other Retained Total
capital premium Reserves earnings equity
Notes GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31 January
2020 24 3,116 3,020 - (8,054) (1,918)
Issue of share capital 11 310 - - 321
Loss for the year - - - (16) (16)
Equity element relating
to the issue of the
convertible loan
notes - - 100 - 100
Transfer related
to share issue - (53) - 53 -
Balance at 31 January
2021 24 3,127 3,277 100 (8,017) (1,513)
Issue of share capital 103 1,932 - - 2,035
Loss for the year - - .- (454) (454)
Equity element relating
to the issue of the
convertible loan
notes - - 108 - 108
Conversion of notes
to shares 24 - 43 (43) - -
Transfer of interest
relating to equity
element of the convertible
loans for the year 7 - - (24) 24 -
Balance at 31 January
2022 24 3,230 5,252 141 (8,447) 176
-------- -------- --------- --------- -------
Consolidated Cash Flow Statement
for year ended 31 January 2022
Note 2022 2021
Cash flows from operating activities GBP000 GBP000
Profit/(Loss) before tax
Continuing operations (965) (1,948)
Discontinued operations 9 500 1,932
454 (16)
Adjustments for:
Depreciation and amortisation 12 2 13
Amortisation 13 5 -
Impairment of trade and other receivables 16 - 474
Financial expenses 7 (28) 26
Fair value adjustments 16 (670) (147)
Loss on disposal of fixed assets 30 (5)
Gain on disposals of subsidiaries 9 848 (2,160)
IFRIC 19 charge - 53
Movement in working capital :
Increase in trade and other receivables (361) 189
Decrease in non current receivables (35) -
Decrease in trade and other payables (1,880) 1,881
Cash generated by operations (2,543) 308
Interest paid 7 - -
------- -------
Net cash from operating activities (2,535) 308
------- -------
Cash flows from investing activities:
Disposal of property, plant and equipment 12 - (1)
Acquisition of plant and equipment 12 (40) -
Cash in repayment of debt instrument 16 - 25
Net cash used in investing activities (40) 24
------- -------
Cash flows from financing activities:
Lease payments - (7)
Issue of share capital 2,035 -
Cash from loan notes 134 221
Cash from/(repayment of) bank loans (6) 50
Net cash used in financing activities 2,163 264
------- -------
Net decrease in cash and cash equivalents (420) 596
Cash and cash equivalents at start
of period 932 336
Cash and cash equivalents at end
of period 19 512 932
------- -------
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FR RBMLTMTIJBJT
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