17th
AQSE: FIRE
(“IamFire” or the “company”)
Unaudited Final Results to
Extension of Reporting Deadline
IamFire announces that, it has been granted a further extension to end
Chief Executive Officer's statement and Group Strategic Report
REVIEW OF BUSINESS
The key themes for
The consistent message that I have made to both shareholders and the broader market is that
For the year ending,
The Board and I focused instead on creating critical internal protocols that would influence our review and identification processes when considering investment opportunities.
This internal review resulted in the formation of two investment divisions and principles that the company will rely on moving forward when analysing investment proposals;
1. High Growth Investment Division (HG)
The HG division focuses on companies that have reached a critical point of growth and need to access specialised capital investment, public market exits or trade sales. IamFire will look to opportunities globally where companies have robust balance sheets, strong growth profile's and management teams that require no disruption.
2. Asset Augmentation Investment Division (AA)
The AA division has been designed to look at distressed asset situations that IamFire can seek to augment through a broad-restructure, recapitalisation and through the injection of Management & Directors.
The formation of these divisions and principles represent the foundations for which we ultimately finalise our investment categorisation and decisions.
POST YEAR END REVIEW
On
In a step to complement the existing Board, Mr Marc T Bamber was appointed as Non-Executive Chairman of
AUDITED RESULTS TO
As the audited financial results for year-end
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Burns Singh Tennent-Bhohi (Director)
Telephone:020 3778 0755
Corporate Adviser
Telephone: 020 7220 9795
Statement of Profit or Loss
for the year ended
2020 2019
as restated
£ £
CONTINUING OPERATIONS
Revenue - -
Other operating income 254,913 30,311
Administrative expenses (138,205) (671,487)
OPERATING PROFIT/(LOSS) 116,708 (641,176)
Finance costs - (7,000)
Finance income 8 10
PROFIT/(LOSS) BEFORE INCOME TAX 116,716 (648,166)
Income tax - -
PROFIT/(LOSS) FOR THE YEAR 116,716 (648,166)
Statement of Profit or Loss and Other Comprehensive Income
for the year ended
2020 2019
as restated
£ £
PROFIT/(LOSS) FOR THE YEAR 116,716 (648,166)
OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 116,716 (648,166)
Note
Statement of Financial Position
2020 2019
as restated
£ £
ASSETS
CURRENT ASSETS
Trade and other receivables 29,852 19,645
Cash and cash equivalents 1,079 1,234
30,931 20,879
TOTAL ASSETS 30,931 20,879
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 526,733 511,837
Share premium 2,344,890 2,231,786
Retained earnings (3,061,096) (3,177,812)
TOTAL EQUITY (189,473) (434,189)
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 220,404 455,068
TOTAL LIABILITIES 220,404 455,068
TOTAL EQUITY AND LIABILITIES 30,931 20,879
Statement of Changes in Equity
for the year ended
Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 May 2018 511,837 (2,529,646) 2,231,786 213,977
Changes in equity
Deficit for the year - (557,804) - (557,804)
Total comprehensive income - (557,804) - (557,804)
Balance at 30 April 2019 511,837 (3,087,450) 2,231,786 (343,827)
Prior year adjustment - (90,362) - (90,362)
As restated 511,837 (3,177,812) 2,231,786 (434,189)
Changes in equity
Profit for the year - 116,716 - 116,716
Total comprehensive income - 116,716 - 116,716
Issue of share capital 14,896 - 113,104 128,000
Balance at 30 April 2020 526,733 (3,061,096) 2,344,890 (189,473)
Statement of Cash Flows
for the year ended
2020 2019
as restated
£ £
Cash flows from operating activities
Cash generated from operations (128,238) (110,860)
Interest paid - (7,000)
Net cash from operating activities (128,238) (117,860)
Cash flows from investing activities
Interest received 8 10
Net cash from investing activities 8 10
Cash flows from financing activities
Amount introduced by directors 75 77,665
Share issue 128,000 -
Net cash from financing activities 128,075 77,665
Decrease in cash and cash equivalents (155) (40,185)
Cash and cash equivalents at beginning of year 1,234 41,419
Cash and cash equivalents at end of year 1,079 1,234
Notes to the Statement of Cash Flows
for the year ended
PRIOR YEAR ADJUSTMENT
The 2019 statement of profit and loss, other comprehensive income and financial position has been restated to account for certain costs amounting to £90,362 that were not recognised in the prior year accounts due to invoices from suppliers being omitted and an error in costs not being accrued.
| Statement of profit or loss and other comprehensive income (extract) | note |
Year ended 30April 2019 | |||
| Loss per signed accounts 2019 | 557,804 | ||||
| Audit fees | i) | 28,200 | |||
| Legal fees | ii) | 47,837 | |||
| Consultancy fees | iii) | 6,150 | |||
| Legal fees | iv) | 8,160 | |||
| Restated 2019 | 648,166 | ||||
| Statement of financial position (extract) | note |
Signed accounts as at |
Adjustments |
Restated as at |
|||||||
Trade and other receivables
| Director current account | v) | 16,595 | (16,595) | - | |||||||
Trade and other payables
| Trade creditors | i), ii), iii) | 252,041 | 82,202 | 334,243 | |||||||
| Accruals and deferred income | iv) | 21,800 | 8,160 | 29,960 | |||||||
| Loan from related party | v) | 94,260 | (94,260) | - | |||||||
| Directors' loan accounts | v) | - | 77,665 | 77,665 | |||||||
Details on prior year adjustments made:
i) Invoices in respect of Audit fees for the year ended
ii) Invoices in respect of Legal fees for the year ended
iii) Invoices in respect of Consultancy fees for the year ended
iv) Legal fees in respect of listing fees were not accrued for which were subsequently invoiced during 2020.
v) Balances due to/from one director were presented in receivables and payables in the prior year, these have been reclassified to be reflected as one net balance due to the director.