Quetzal Capital Plc - Final Results Year Ended 30 June 2021 PR Newswire

Quetzal Capital Plc

(“Quetzal Capital” or the "Company")

Final Audited Financial Statements

Year Ended 30 June 2021

The Board of Quetzal Capital is pleased to announce the audited final results for the 12 month period ended 30 June 2021.

The financial results for the twelve months ended 30 June 2021 show a loss of £71,915 compared to a profit for the same period in 2020 of £275,963. The profit recorded in 2020 was attributable to the write-off of historic debt by creditors in June 2020. The net assets as at 30 June 2021 were £3,160,034 (2020: (£41,557)).

In October 2020 Darren Edmonston, who had been with the Company for four-and-a-half years resigned from the Board with immediate effect to concentrate on his other business interests.

In March 2021, Mark Jackson resigned as a director of the Company and John Taylor joined the Board. At the same time Peterhouse Capital, the Company’s brokers, raised £3.43million recapitalising the Company and enabling Quetzal to relaunch. At a general meeting of the Company held on 1 April 2021, shareholders approved a change in Quetzal’s investment strategy, to focus on potentially high growth companies in the technology, eCommerce and lifestyle sciences sectors. Following the general meeting, Simon Grant-Rennick stepped down from the Board and Fungai Ndoro was appointed as a director.

The new Board is very excited about by its current prospects and is firmly focused on acquiring an exciting business with the ability to scale rapidly and expand globally, in a short space of time. 

The Directors do not recommend the payment of a dividend for the year ended 30 June 2021.

Post Balance Sheet Events

The directors have received a number of approaches and identified several potential business opportunities for the Company. The directors are presently evaluating a number of potential transactions, and look forward to informing shareholders and the market further as and when this is appropriate.

On behalf of the Board of directors, I thank both old and new shareholders for their support.

John Edward Taylor

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries:

Quetzal Capital Plc
Fungai Ndoro: +44 (0) 203 813 0175

AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited

Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930

Statement of Comprehensive Income

Year Ended 30 June 2021

2021 2020
£ £
Administrative expenses (68,803) 284,981
Operating profit / (loss) (68,803) 284,981
Interest payable and similar expenses - (9,018)
Profit / (loss) before taxation (68,804) 275,963
Tax on profit / (loss) (3,112) -
Profit / (loss) for the financial year and total comprehensive income (71,915) 275,963

   

Earnings per share (0.087)p 0.734p
Diluted earnings per share (0.076)p 0.734p

All the activities of the Company are from continuing operations and investments.

Statement of Financial Position

Year Ended 30 June 2021

2021 2020
£ £
Fixed assets
Investments 2,279 2,187
2,279 2,187
Current assets
Debtors 71,628 7,495
Financial assets 267,930 -
Cash and cash equivalents 2,841,679 -
Total current assets 3,181,237 7,495
Creditors: amounts falling due within one year 20,370 51,239
Net current assets 3,160,867 (43,744)
Total assets less current liabilities 3,163,146 (41,557)
Provisions (3,112) -
Net assets 3,160,034 (41,557)
Capital and reserves
Called up share capital 1,701,243 1,552,202
Share premium 4,687,681 1,572,336
Option & warrant reserve 9,120 -
Profit & loss accounts (3,238,010) (3,166,095)
Shareholders’ funds/ (deficit) 3,160,034 (41,557)

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

Fungai Ndoro

Director

Statement of Changes in Equity

Year Ended 30 June 2021

Called up Share Capital Share Premium Other Reserves Profit & Loss Account Total
£ £ £ £ £
As at 1 July 2020 1,552,202 1,572,336 - (3,166,095) (41,557)
Total comprehensive profit for the year - - - (71,915) (71,915)
Issue of shares 149,041 3,115,345 - - 3,264,386
Option & warrant reserve - - 9,120 - 9,120
Balance at 30 June 2021 1,701,243 4,687,681 9,120 (3,238,010) 3,160,034

   

Called up Share Capital Share Premium Profit & Loss Account Total
£ £ £ £
As at 1 July 2019 1,545,511 1,562,336 (3,442,058) (334,211)
Total comprehensive profit for the year - - 275,963 275,963
Issue of shares 6,691 10,000 - 16,691
Balance at 30 June 2020 1,552,202 1,572,336 (3,166,095) (41,557)

The following describes the nature and purpose of each reserve within owners’ equity:

Reserve Description and purpose

Called Up Share Capital

This represents the nominal value of shares issued.

Share Premium

Amount subscribed for share capital in excess of nominal value.

Profit & Loss Account

Cumulative net gains and losses recognised in the statement of comprehensive income.

Statement of Cash Flows

Year Ended 30 June 2021

2021
£
2020
£
Cash flows from operating activities
Profit / (loss) for the financial year (71,915) (275,963)
Adjustments for:
Fair value adjustment of listed shares (16,472) (1,187)
Interest payable and similar expenses - 9,018
Other operating cash flow adjustment 9,120 (334,658)
Changes in:
Trade and other debtors (64,133) (1,281)
Trade and other creditors (27,757) 61,163
Cash generated from operations (171,157) 9,018
Interest paid - (9,018)
Net cash used in operating activities (171,157) -
Cash flows from financing activities
Purchase of listed investment (251,550) -
Share issue 3,470,124 -
Share issue expenses paid (205,738) -
Net cash used in financing activities 3,012,836 -
Increase / (Decrease) in cash and cash equivalents 2,841,679 -
Cash and cash equivalents at beginning of the year - -
Cash and cash equivalents at the end of the year 2,841,679 -