Quetzal Capital Plc - Results for Year 1st July 2019 to 30th June 2020 PR Newswire

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY QUETZAL CAPITAL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Quetzal Capital Plc

(formerly Welney Plc; renamed Quetzal Capital plc (“Quetzal Capital” or the "Company"))

Financial Results for Year Ended 30th June 2020

Chairman’s Statement

Financial Results

Presented below are the audited financial statements of Quetzal Capital for the year from 1st July 2019 to 30th June 2020. The statements which follow are extracted from but do not themselves form the Company’s full, statutory report and accounts, copies of which were posted today to shareholders along with notice of the annual general meeting in respect of the financial year under review.

Shareholders will see that there was a profit for last year of £275,963 (2018-19, loss £ (66,439)) but that shareholders’ funds in the Statement of Financial Position continue to show a deficit of £ (41,557), albeit this is at significantly lower level than that of financial 2018-19 (£ (334,211)). The reduction in the deficit of shareholders’ funds and the difference of £342,402 in the result in the Statement of Comprehensive Income below are linked to the measures which were approved on the penultimate day of the financial year 2019-20 and outlined below; they do not result from any trading activity or asset sales. They arise rather from the arrangements entered into between the Company and certain of its creditors whereby those creditors accepted repayment of the indebtedness owed to them at a discount of 92.5p in each £1 (ninety-two and a half pence in the pound); and from a refinancing consisting of new equity share capital and convertible loan capital aggregating £50,000 (fifty thousand pounds) provided by the current Directors, who are Mark Jackson and I.

Changes of Directorate and Other Matters

Following the Full details of the measures approved by shareholders on 29th June 2020 in general meeting, which were set out in a Circular dated 2nd June 2020, included a capital reorganisation whereby the Company’s ordinary share capital was effectively consolidated in the ratio of 1: 100 (one to one hundred). The Company also changed its name to Quetzal Capital plc from Welney plc. Immediately following the general meeting, at which Mr. Jackson and I were elected as Directors, Cameron Luck resigned from the Board in accordance with a prior understanding; we thank him for his contribution to the Company.

Post- Balance Sheet Developments

On 5th October 2020, the Company announced that Darren Edmonston had also resigned from the Board. This he did after a pre-agreed transition period, following the many changes which occurred towards the end of last financial year. Again, we wish to thank him for remaining with the Company during the early part of the current financial year and for his past service.

Future Prospects

Mr. Jackson and I have received a number of approaches and identified several potential business opportunities for Quetzal Capital. The Directors are presently evaluating four possible transactions and I look forward to informing shareholders and the market further as and when this is appropriate.

Simon Grant-Rennick,
Chairman,
2nd December 2020.

Quetzal Capital PLC
Statement of Comprehensive Income
Y
ear ended 30 June 2020

2020 2019
Note £ £
Administrative expenses (284,981) 58,696
-------- --------
Operating profit/(loss) 284,981 (58,696)
Interest payable and similar expenses 9,018 7,743
-------- --------
Profit/(loss) before taxation 275,963 (66,439)
Tax on profit/(loss)
-------- --------
Profit/(loss) for the financial year and total comprehensive income 275,963 (66,439)
======== ========


All the activities of the Company are from continuing operations.

Quetzal Capital PLC
Statement of Financial Position
30 June 2020

2020 2019
£ £
Fixed assets
Investments 2,187 1,248
Current assets
Debtors 7,495 6,214
Creditors: amounts falling due within one year
Trade creditors 39,571 56,141
Amounts owed to group undertakings 1,000 1,000
Other creditors including taxation and social security 2,134
Accruals and deferred income 8,534 7,500
-------- --------
51,239 64,641
-------- --------
Net current liabilities 43,744 58,427
-------- --------
Total assets less current liabilities (41,557) (57,179)
Creditors: amounts falling due after more than one year
Other creditors including taxation and social security 277,032
-------- --------
Net liabilities (41,557) (334,211)
======== ========
Capital and reserves
Called up share capital 1,552,202 1,545,511
Share premium account 1,572,336 1,562,336
Profit and loss account (3,166,095) (3,442,058)
-------- --------
Shareholders deficit (41,557) (334,211)
======== ========

Quetzal Capital PLC
Statement of Changes in Equity
Year ended 30 June 2020




Called up share capital



Share premium account
Other reserves, including the fair value reserve


Profit and loss
account





Total
£ £ £ £ £
At 1 July 2018 1,545,511 1,562,336 10,714 (3,386,333) (267,772)
Loss for the year (66,439) (66,439)
Other comprehensive income for the year:
Transfer from equity reserve to profit and loss account (10,714) 10,714
-------- -------- -------- -------- --------
Total comprehensive income for the year (10,714) (55,725) (66,439)
At 30 June 2019 1,545,511 1,562,336 (3,442,058) (334,211)
Profit for the year 275,963 275,963
-------- -------- -------- -------- --------
Total comprehensive income for the year 275,963 275,963
Issue of shares 6,691 10,000 16,691
-------- -------- -------- -------- --------
Total investments by and distributions to owners 6,691 10,000 16,691
-------- -------- -------- -------- --------
At 30 June 2020 1,552,202 1,572,336 (3,166,095) (41,557)
======== ======== ======== ======== ========

Quetzal Capital PLC
Statement of Cash Flows
Y
ear ended 30 June 2020

2020 2019
£ £
Cash flows from operating activities
Profit/(loss) for the financial year 275,963 (66,439)
Adjustments for:
Fair value adjustment of investment property (1,187) 1,080
Interest payable and similar expenses 9,018 7,743
Other operating cash flow adjustment (334,658)
Changes in:
Trade and other debtors (1,281) 3,145
Trade and other creditors 61,163 62,214
-------- --------
Cash generated from operations 9,018 7,743
Interest paid (9,018) (7,743)
-------- --------
Net cash used in operating activities -
========= =========
Net decrease in cash and cash equivalents -
Cash and cash equivalents at beginning of year -
-------- --------
Cash and cash equivalents at end of year -
======== ========

This announcement has been issued after due and careful enquiry; the Directors of Quetzal Capital Plc accept responsibility for the content.

Enquiries:

Quetzal Capital Plc
Simon Grant-Rennick: +44 7973 25 31 24
Mark Jackson: +44 1482 794654

CORPORATE ADVISER AND CONTACT DETAILS:
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com
Brinsley Holman: +44 7776 30 22 28; Brinsley.Holman@kbrl.co.uk