Angelfish Investments Plc - Final Results PR Newswire

31 May 2018

Angelfish Investments Plc

(“Angelfish” or “the Company”)

Final Results for the year ended 31 December 2017

Board Statement

The Company’s principal activity is that of an investment trading company listed on the NEX Exchange Growth Market with trading symbol ANGP for its ordinary shares and ANGS for its preference shares.

At the Annual General Meeting in June 2017, the Company’s investment strategy was updated so that the Company’s investment strategy is now focused on businesses and companies in the service and technology sectors, including products related to social or life enhancement. The Directors are seeking to identify investee businesses and companies where they perceive the opportunity for significant growth through early stage opportunities and/or market opportunities. The Company principally invests through secured convertible loan notes or acquire controlling shareholdings in UK based or overseas companies whose managements are proposing to seek a stock market quotation in the short/medium term, although the acquisition of minority interests in companies already admitted to the AIM market of the or NEX Exchange Growth Market will not necessarily be precluded. The Directors will also consider investment opportunities where the natural exit strategy will be through a trade sale. Additionally and as referred to in the Company’s 30 June 2017 Interim Statements the focus is also on investing in a range of early stage companies seeking seed or follow on funding, where the Directors perceive the opportunity for significant growth, in the service and technology sectors, including products related to social or life enhancement.

The Company will also consider other complementary investment opportunities including but not specifically pre IPO funding. The Board will look to provide management support to those companies to assist in their growth and development. In so doing the Directors believe that this will provide the opportunity for healthy returns whilst minimising the investment risk. Subsequent to the year end one further investment has been made and the Board continues to review other potential opportunities.

In July 2016, the Company changed its accounting reference date from 30 June to 31 December.  Therefore the results to 31 December 2017 are for the full year whilst the comparative prior year results are for the eighteen months ended 31 December 2016.

During the year to 31 December 2017 (“the Year”) the Company made a profit before amortisation of preference shares of £708,126 (eighteen month period to 31 December 2016 (the Period”): loss of £718,628).

The profit before taxation for the Year was £257,811 (the Period to 31 December 2016: loss of £888,997). Costs of £450,315 (Period: £170,369) are in respect of amortisation of the Company’s preference shares. This is a non cash item and is charged pro rata in the Company’s Income Statement until maturity of the preference shares on 31 March 2021 so that the preference share carrying value in the Company’s Statement of Financial Position equates to the full redemption value on maturity.

As previously advised in April 2017 the Company ceased discussions with 4Navitas which were to establish a joint venture to acquire wind turbines supplied to end users by 4Navitas.  These discussions commenced in July 2016 and continued until April 2017 when the Directors concluded that 4Navitas was unable to provide the necessary information for satisfactory completion of due diligence and so terminated the negotiations. In undertaking these discussions, the Company incurred professional fees and expenses which as at 31 December 2016 amounted to £119,193, and had been charged to the period’s income statement.  After lengthy negotiations the Directors of Angelfish announced on 27 March 2018 that the Company had reached agreement with 4Navitas to receive a substantial contribution towards the professional costs incurred in connection with these aborted discussions.

Since the AGM in June 2017 the Company has made investments in line with its updated investment strategy.

On 25 July 2017 the Directors of Angelfish announced that the Company had entered into an agreement to provide an unsecured loan facility of £100,000 to X Markets Group Limited ("XMG"). XMG provides non-bank liquidity offering executable prices for a variety of mainly spot products which includes CFDs, FX, futures and equities. It streams prices to its clients who are forex and CFD brokers as well as tier-1 & tier-2 banks, brokers and other financial institutions (and exchanges) for their own clients’ order execution. The loan is repayable no later than two years after drawdown. If the loan is repaid in the first 12 months from drawdown, XMG will repay the loan in full plus an additional amount equal to 100% of the loan, if the loan is repaid in the second 12 months from drawdown, XMG will repay the loan in full plus an additional amount equal to 200% of the loan. In addition, the loan agreement entitles Angelfish to receive such number of ordinary shares that shall equate to five per cent of the share capital of XMG. The Company continues to work with the directors of XMG whose progress continues to be encouraging.

On 26 September 2017 the Directors of Angelfish announced that the Company had entered into an agreement to provide a loan facility to Rapid Nutrition Plc ("Rapid"). Rapid is a natural healthcare company focused on research, development and production of a range of life science and nutraceutical products. Rapid was established based on its successful and proven nutraceutical supplement range which is exported worldwide and offers consumers a growing range of health and well-being solutions to meet existing and emerging societal health concerns. Rapid is presently listed on the SIX Swiss Exchange, Zurich and has appointed corporate advisors with a view of working towards obtaining a listing in London. The loan is in the amount of £150,000 and was interest bearing at 10% per annum until 28 February 2018 when it increased to 15% per annum payable monthly in arrears as the London listing had not yet been completed. The loan, plus rolled-up interest to 28 February 2018 will automatically convert into Rapid ordinary shares immediately prior to an admission of Rapid ordinary shares to a listing on a recognised investment exchange as defined by the FCA ("Admission"), at a price of 13.32p per share. Due to matters outside of Rapid's control, the Admission process is taking longer than anticipated. Angelfish remains supportive of Rapid’s London listing plans.

On 22 December 2017 the Company announced that One Media Enterprises Limited ("OME"), a company in which Angelfish initially invested in 2013, had been acquired ("the Acquisition") by OneLife Technologies Corp. ("OneLife") a public company listed on the OTC:US with a ticker symbol "OLMM". To facilitate the Acquisition, OME agreed to repay in full the investment and loans made to date by Angelfish together with payment of management fees charged and an uplift on amounts due ("the Agreement").

The Agreement provides for an amount payable to Angelfish of US$1,000,000 in cash in instalments ("Cash Payment") plus the issue to Angelfish of 200,000 shares of Common Stock in OneLife and warrants to subscribe for 200,000 shares of Common Stock in OneLife, exercisable at US$1 per share for a period of five years. To date One Life is yet to raise sufficient funds and Angelfish has therefore agreed to extend the period for the first instalment of the Cash Payment to allow OneLife to pursue a substantial fund raising which would enable it to continue its business development and result in a positive outcome for both OneLife and Angelfish.

In the Company’s prior Period the investment in loans (and previously invoiced management charges) to OME totalling £412,762 had been provided for in the income statement. Although there has been a delay in receipt of the Cash Payments the full value of the Agreement signed in December 2017 has been accounted for in this Year’s financial statements which are enhanced as the prior Period’s impairment provision of £198,540 is written back in this Year.

The Directors have continued to review investment opportunities in the current financial year and on 2 February 2018 the Directors of Angelfish announced that the Company had agreed to subscribe for 0% fixed rate secured convertible loan notes issued by YBOO Limited ("YBOO").  The loan amount is £150,000 which is being drawn down in six equal monthly instalments which commenced in February. The loan is supported by a charge over the assets of YBOO, is repayable no later than three years after drawdown or alternatively the loan is convertible into 15% of YBOO on payment of the final instalment or immediately in the event of certain agreed corporate finance transactions.

The Company’s risks and uncertainties can be grouped into four categories; strategic, financial, operational and compliance. In so doing the Company continually seeks suitable investments not specifically in the UK that will provide an adequate return in the short to medium term (strategic). The Company can, but is not limited to, raising funds through its ordinary and preference shares whilst ensuring the cost of capital is attractive to investors but can be maintained by the Company (financial). The Company operates at a low cost base but ensures that it rewards the directors appropriately and support its advisor costs so it can operate effectively in order to achieve its strategic goals (financial). The Company must also retain suitably experienced directors and advisors to maintain its listing on the NEX Exchange Growth Market and comply with all its regulatory obligations (compliance).

Key Performance Indicators (“KPIs”) provide an illustration of management’s ability to successfully deliver against the Company’s strategic objectives. The Board periodically reviews the KPIs of the Company taking into account the strategic objectives and the challenges facing implementation of such. The measures reflect the Company’s development focused strategy, the importance of a positive cash position and our underlying commitment to ensuring safe operations. These KPI’s can be categorised into operational and financial. These include, but are not limited to, adopting an agreed risk based strategy and monitoring its successful implementation on a regular basis (operational); return on investment both income and capital, control of overheads and costs, current and forecast Company cash balances and availability of future funding being sufficient to support the needs of the business and service the Company’s current debt (financial).

In measuring these KPIs, the Company’s investment balance has been fully appraised and is shown in the balance sheet at cost plus interest/pro rata uplift for held investments and matured investments at future expected cash flow receipts. The Company’s cash balance at 31 December 2017 stood at £577,168 and the Company’s total assets have increased from £1,263,002 to £1,993,504 in the Year.

The directors of Angelfish Investments plc will continue to appraise the merits and added value of its investment in OME and at the same time we will also explore and consider other investment opportunities which are in accordance with the Company’s stated investment strategy.

Andrew Flitcroft
Director
On Behalf of the Board
31 May 2018

 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017


                                                  Notes Year ended Period ended
                                                            31 Dec       31 Dec
                                                              2017         2016
                                                                 £            £

Revenue                                                          -            -

Cost of sales                                                    -            -

Gross profit/(loss)                                              -            -

Other operating income                              4        9,000        9,000

Administrative expenses                             5    (141,370)    (121,289)

Loss before investment activities                        (132,370)    (112,289)

Fair value of receivables through profit and loss           95,954            -

Profit on disposal of investment                           617,575            -

                                                                 -    (198,540)
Investment write down

                                                                 -    (119,193)
Costs of aborted transaction

                                                           214,222    (228,897)
Provision released/(provision against) loans
receivable

                                                    8       72,797       92,689
Interest income

                                                         (160,052)    (152,398)
Interest payable at 7.1% on preference shares

                                                           708,126    (718,628)
Profit/(Loss) before amortisation of preference
shares

                                                         (450,315)    (170,369)
Amortisation of preference shares

                                                           257,811    (888,997)
Profit/(Loss) before taxation

Taxation expense                                    9            -            -

                                                           257,811    (888,997)
Profit/(Loss) for the period

Other comprehensive income                                       -            -

Total comprehensive income attributable to equity          257,811    (888,997)
holders of the company

Earnings per share for profit attributable to the
equity shareholders

Basic earnings per ordinary share (p)                        0.036      (0.125)

Diluted earnings per ordinary share (p)                      0.036      (0.125)



There are no recognised gains and losses other than those passing through the income statement.



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2017


                                                                31 Dec    31 Dec
                                                                  2017      2016
                                                                     £         £

Assets

Non-current assets

Share Investment                                                     -         -


                                                                     -         -

Non-current assets

Trade and other receivables falling due after more than one    423,599         -
year

Current assets

Short term investments                                         124,444         -

Trade and other receivables falling due within one year        868,293   536,558

Cash and cash equivalents                                      577,168   726,444


                                                             1,569,905 1,263,002


Total assets                                                 1,993,504 1,263,002

Equity and liabilities

Equity

Issued share capital                                            71,008    71,008

Share premium                                                        -         -

Retained earnings                                            1,033,110   775,299


                                                             1,104,118   846,307


Non-current liabilities
Loans and borrowings                                           791,125   340,810

Current liabilities

Trade and other payables                                        98,261    75,885


Total liabilities                                              889,386   416,695


Total equity and liabilities                                 1,993,504 1,263,002





STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017


                                      Number Nominal   Share  Retained
                                   of shares   value capital  earnings     Total
                                                   p       £         £         £

Balance at 30 June 2015          710,082,349    0.01  71,008   134,832   205,840

espense for the period

Share Premium account on 10p               -       -       - 1,529,464 1,529,464
preference shares cancelled
(included in liabilities)

Loss for period                            -       -       - (888,997) (888,997)

Other comprehensive income for             -       -       -         -         -
the year

Total comprehensive loss for the           -       -       - (888,997) (888,997)
year

Balance at 31 December 2016      710,082,349    0.01  71,008   775,299   846,307

Profit for period                          -       -       -   257,811   257,811

Other comprehensive income for             -       -       -         -         -
the year

Total comprehensive income for             -       -       -   257,811   257,811
the year

Balance at 31 December 2017      710,082,349    0.01  71,008 1,033,110 1,104,118





STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2017


                                                                   Period ended
                                                        Year ended       31 Dec
                                                            31 Dec         2016
                                                              2017            £
                                                                 £

Cash flow from operating activities

Profit/(loss) before taxation                              257,811    (888,997)

Adjustments for:

Profit on sale of investment                               419,035            -

Amortisation adjustment on preference shares               450,315      170,369

Investment and loan write (back)/down                    (412,762)      427,437

Costs of aborted transaction                                     -      119,193

Interest received                                         (72,796)     (92,689)

Increase in trade and other receivables                  (574,624)    (368,947)

Increase in trade and other payables                        22,376       22,114

Net cash inflow/(outflow) from operating activities         89,355    (611,520)

Cash flows from investing activities

Preference dividends paid                                (160,052)    (126,921)

Purchase of non-current assets                           (134,206)    (119,193)

Increase in short term investments                       (124,444)            -

Interest income                                             20,019       38,049

Interest paid                                                    -            -

Net cash outflow from investing activities               (398,683)    (208,065)

Cash flow from financing activities

Preference dividends payable                               160,052      152,398

Proceeds from issue of shares                                    -    1,275,034

Net cash inflow from financing activities                  160,052    1,427,432

Net increase in cash in the year                         (149,276)      607,847

Cash and cash equivalents at the beginning of the year     726,444      118,597

Cash and cash equivalents at the end of the year           577,168      726,444



The accounting policies and notes set out below form an integral part of these financial statements.

Notes to the financial information

1.   General information

The principal activity of Angelfish Investments Plc is that of an investment company.

The company is a public limited company incorporated and domiciled in the United Kingdom, having a registered office at Kings Court, Railway Street, Altrincham, Cheshire, WA14 2RD.  The registered number of the company is 06400833.

The Company changed its year end from 30 June 2016 to the 31 December 2016. These financial statements are therefore for the year ended 31 December 2017 with the comparative prior period being the eighteen month period ended 31 December 2016.

2.   Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards IFRS as developed and published by the International Accounting Standards Board (IASB) as adopted by the European Union EU, IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS.

Standards, amendments and interpretations to existing standards that have been issued and are effective at the balance sheet date have been applied in the financial statements.

The financial information has been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of certain financial assets at fair value through the income statement.

The preparation of financial information in conformity with IFRS requires management to exercise its judgement in the process of applying the group’s accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial information are disclosed in the summary of significant accounting policies below.

The Company’s business activities, together with factors likely to affect its future operations, financial position and liquidity position have been considered by the directors of the Company. The Directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The Directors, therefore, have made an informed judgement, at the time of approving financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

3.   Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.  A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.  Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired.

The amount of any provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.  The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within “administrative expenses”.  When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables.  Subsequent recoveries of amounts previously written off are credited against “administrative expenses” in the income statement.

Cash and cash equivalents

Cash comprises cash on hand and demand deposits.  Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash.

Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Investments

The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

Gains and losses on investments disposed of or identified are included in the net profit or loss for the period.

Fair Value of Assets and Liabilities

The Company measures all assets and liabilities at amortised cost or fair value.

Foreign currency translation

(a) Functional and presentation currency

The financial information is presented in pounds sterling, which is the company’s functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.  Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Segmental reporting

A business segment is a group of assets or operations engaged in providing services that are subject to risks and returns that are different from those of other business segments.  A geographical segment is engaged in providing services within a particular economic environment that is subject to different risks and returns from other segments in other economic environments.

Expenses

All expenses are accounted for on an accruals basis.

Current and deferred income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Financial liabilities

Preference share capital is classified as equity if it is non-redeemable, or redeemable only at the Company’s option, and any dividends are discretionary. Discretionary dividends thereon are recognised as distributions within equity upon approval by the Company’s shareholders.

Preference share capital is classified as a financial liability if it is redeemable on a specific date or at the option of the shareholders, or if dividend payments are not discretionary. Non-discretionary dividends thereon are recognised as interest expense in the income statement as accrued.

Preference share capital and premium is included at fair value. Costs associated with preference share funds raised are amortised in the Income Statement over the remaining life of the Preference shares.

Capital

The objectives when managing capital are to safeguard the company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain a capital structure that optimises the cost of capital. In order to maintain or adjust the capital structure the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Capital comprises all components of equity; share capital, share premium, and retained earnings.

Equity Settled share option plan

The Company has applied the requirements of IFRS2 Share-based payments in accordance with current provisions. The company issues equity-settled share based payments to certain employees, which are measured at fair value at the date of grant. The fair value determined at the date of grant is expensed on a straight line basis over the vesting period, based on the company’s estimate of shares that will eventually vest.  The fair value is determined by use of the share based payments intrinsic value.  Management do not believe the fair value can be measured reliably by use of an option pricing model, based on the fact that the company has only relatively recently obtained a listing and no reliable historical data is available.

Future changes in accounting policies - standards issued but not yet effective

New standards and interpretations not yet adopted:

At the date of approval of the Historical Financial Information, there are a number of new standards and amendments to standards and interpretations that have been issued but are not yet effective and, in some cases, have not yet been adopted by the EU.

The Directors do not consider that the above standards and interpretations will have a material effect on the presentation of the financial statements in the period of initial application or subsequently, except that IFRS 9 will impact the measurement of financial instruments, IFRS 15 may have an impact on revenue recognition and related disclosures, and IFRS 16 may impact the treatment of operating leases and its presentation. At this point, it is not practicable for the Directors to provide a reasonable estimate of the effect of IFRS 9, IFRS 15 and IFRS 16 as their detailed review of these standards is still ongoing.

Key sources of estimation and uncertainty

In the application of the company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Allowance for trade and other receivables

Management reviews its loans and receivables for objective evidence of impairment at least quarterly. Significant financial difficulties of the debtor, the probability that the debtor will enter bankruptcy, and default or significant delay in payments are considered objective evidence that a receivable is impaired. In determining this, management makes judgement as to whether there is observable data indicating that there has been a significant change in the payment ability of the debtor, or whether there have been significant changes with adverse effect in the technological, market, economic or legal environment in which the debtor operates.

The allowance policy for doubtful debts of the company is based on the ageing analysis and management’s on-going evaluation of the recoverability of the outstanding receivables. Once debtors have been identified as having evidence of impairment, it is regularly reviewed and appropriate impairment provision applied.

The directors also have to consider the appropriate discount rate to trade and other receivables.

Impairment of investments

The recoverable amounts of individual assets will be determined based on the higher of value-in-use calculations and fair value less costs to sell. These calculations will require the use of estimate and assumptions. It is reasonably possible that assumptions may change which may impact the directors’ estimates and may then require a material adjustment to the carrying value of investments.

The directors’ review and test the carrying value of investments when events or changes in circumstances suggest that the carrying amount may not be recoverable. Assets will be grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimate will be prepared of expected future cash flows for each group of assets.

Expected future cash flows used to determine the value in use of the investments will be inherently uncertain and could materially change over time.

Fair value adjustment to preference shares to increase borrowings to redemption value

The 10p preference shares are redeemable on 31 March 2021 at £1 per preference share.  The directors have spread the fair value uplift from the initial nominal value of 10p following cancelling of the 90p share premium to £1 over the life of the preference shares.

4.   Segmental analysis

Based on risks and returns, the directors consider that the primary reporting format is by business segment.  The directors consider that there is only one business segment, being the commission earned through signed up members gained by advertising and promoting the company's website.  Therefore, the disclosures for the primary segment have already been given in this financial information.

         Geographical segment


                        2017  2016
                           £     £

Revenue from services:

UK                     9,000 9,000

Other European             -     -

Rest of the world          -     -

Total                  9,000 9,000



   


                                                 2017 2016
                                                    £    £

Balance sheet – Net book value of segment assets

UK                                                  -    -

Other European                                      -    -

Rest of the world                                   -    -

Total                                               -    -



5.   Expenses

The following material expenses are included in administrative expenses:


                    2017   2016
                       £      £

Director          12,000 18,000
s’ emoluments

Hotel and travel  10,208  4,734

Professional fees 47,144 58,903

Consultancy fees  45,410  8,100

Salaries               - 15,173



6.   Loss before tax

Loss before tax, all of which arises from the company’s principal activities, is stated after charging:


                                              2017   2016
                                                 £      £

Fees payable to the Company’s auditor for :

- Audit of the Company                      11,000 10,000

- Other services                                 - 11,000



7.   Personnel costs

Excluding directors, there are no employees (2016: 1).


The aggregate remuneration comprised 2017   2016
                                        £      £

Wages and salaries                      - 14,742

Social security costs                   -    431



   


 - 15,173



   


Directors’ emoluments                                             2017   2016
                                                                     £      £

Emoluments                                                      12,000 18,000

The directors are considered the only key management personnel.



The directors are considered the only key management personnel. The emoluments paid to directors are management fees.

8.   Interest Income


                           2017   2016

                              £      £

Bank interest                 -  1,531

Loan interest receivable 72,797 91,158

Total                    72,797 92,689



9.   Taxation expense


                                                                2017      2016

                                                                   £         £

Profit/(Loss) before tax                                     257,811 (888,997)

Taxation at the UK corporation tax rate of 20% (2016: 20%)    51,562 (177,799)

Effects of:

Adjustment on preference shares                               69,052    34,074

Preference dividends paid                                     32,010    30,480

(Profit)/Loss during the year carried forward              (152,624)   113,245

Tax expense                                                        -         -



The taxation provision for the period is different to the standard rate of corporation tax in the UK of 20%. The differences are explained below:

No deferred tax asset has been provided in respect of tax losses as their crystallisation is not certain. At the balance sheet date there are approximately £1,193,475 (2016: £1,380,433) of losses carried forward.

10.  Dividends

No ordinary dividends have been proposed by the company for the period ended 31 December 2017 or the prior period.

The information contained in this announcement has been extracted from the audited Directors' Report and Financial Statements for the year ended 31 December 2017 (made available on the Company’s website), which contain an unqualified audit report. 

This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.

THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THIS ANNOUNCEMENT

Enquiries:


Angelfish Investments Plc          +44 (0)7769 591096
Andrew Flitcroft, Finance Director

NEX Exchange Corporate Adviser     +44 (0)207 213 0880
Cairn Financial Advisers LLP
David Coffman/ Richard Nash



About Angelfish Investments Plc

The Company's Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the NEX trading symbol ANGP for its Ordinary Shares and ANGS for its Preference Shares.

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