Startup Giants Plc - Results for the Year to 31st Dec. 2021 PR Newswire

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Startup Giants PLC

(“Startup Giants” or the “Company”; AQSE: SUG)

Directors’ Strategic Review; Results for the Year Ended 31st December 2021

The Directors of Startup Giants present below the Company’s audited financial statements for the year ended 31st December 2021. Readers should understand that the financial statements below are extracted from - but do not on their own constitute - Startup Giants’ statutory accounts. These are contained in the Annual Report and Financial Statements for the Year Ended 31 December 2021, which are expected to be posted to shareholders on 21st June 2022 and to be laid before shareholders for adoption and approval at the Annual General Meeting, notice of which will accompany the Annual Report. For a fuller and more detailed explanation of the financial statements below, readers are therefore referred to the statutory accounts, including the full Notes thereto. A downloadable copy of the Annual Report and Financial Statements will be obtainable from the Company’s website at https://startupgiants.com.

Headline Financial Data

The Board is pleased to inform shareholders that the Company’s revenues rose significantly from the previous year’s level owing to an increase in the Company’s business activities described below in identifying and supporting young businesses to locate and establish themselves in the United Kingdom. The Company undertook consultancy work for and provided support services to early-stage entrepreneurs, generating revenue of £623,839 (2020, £87,461). An increase in administrative costs to £537,368 (2020, £234,477), which was largely composed of costs associated with the support provided to endorsee entrepreneurs, resulted in an operating profit of £44,471 (2020, loss: £(147,016)). After deducting a small amount of financing costs, the Company generated an overall profit before and after taxation of £43,814 (2020, loss: £(188,099)) translating into a profit per share of 3.88 pence (2020, loss: (18.62) pence per share). At the end of the year, shareholders’ funds stood at £692,648 (2020, £446,627); cash and cash-equivalents in hand stood at £1,098,838 (2020, £675,958).

Significant Features of Financial 2021

The Company’s focus for the majority of 2021 remained on the selection and support of global opportunities and talent from visa applicants seeking to bring their innovation to the United Kingdom, in a range of sectors including Software-as-a-Service (SaaS), Fintech, MarTech, Manufacturing, and Supply Chain, where Startup Giants’ management has previous experience and expertise, enabling the Company significantly to increase the number of founders within its portfolio.

In the last quarter of 2021, with an indication that the Covid-19 pandemic seemed to be easing, the Company initiated activities on future growth areas including channels related to education/learning for start-up founders and a partner programme to expand the Company’s network of deal originators and investment intermediaries.

Current Trading and Post-Balance Sheet Events

Trading during the current financial year hitherto has been in line with the Directors’ expectations at the beginning of the period. The Company has during the current year to date commenced trialling its partner programme with a company in India, providing access to a wider selection of nurtured investment opportunities in the pre-seed and seed stages and to expand its network of investors into different regions.

Immediately following the Russian Federation’s invasion in February this year of The Ukraine, the UK government, along with many of its Continental European and other counterparts, introduced measures intended to restrict freedom of personal movement, choice of overseas residency and the free movement of capital against Russia and certain citizens of Russia; similarly, against some states and their citizens that are closely allied with Russia. Other than to the extent that the effects of the war are likely to be felt in many economies globally for some time to come, the Directors do not believe that targeted, tighter regulation for the grant of visas and leave to reside in the UK should impact the Company’s business model.  

Outlook

Looking ahead, the momentum for technology companies requiring investment at the seed stage should continue, with demand for the Company’s support model, which encompasses a delivery crew to support young start-ups with their technology and digital marketing strategies, showing signs of continuing to increase.

Key Performance Indicators

The Directors do not consider there to be any relevant key performance indicators other than turnover and profit/loss for the year at this stage of the development of the business.

Promoting the Success of the Company

The Directors, in accordance with s. 172, seek to promote the long-term success of the Company and consider the interests of all stakeholders, by regular Director meetings and communication, coupled with the substantial experience of the Board members and their varied skills.

Jeb Buckler,

Chairman and CEO,

20th  June 2022.

STARTUP GIANTS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £ £
Revenue 2 623,839 87,461
Gross profit 623,839 87,461
Administrative expenses (579,368) (234,477)
Operating profit/(loss) 3 44,471 (147,016)
Finance costs 6 (657) (1,083)
Other gains and losses 7 - (40,000)
Profit/(loss) before taxation 43,814 (188,099)
Income tax expense - -
Profit/(loss) and total comprehensive income for the year 43,814 (188,099)
Earnings per share (in pence) 8
Basic 3.88 (18.62)
Diluted 3.88 (18.62)
Earnings per share from continuing operations (in pence)
Basic 3.88 (18.62)
Diluted 3.88 (18.62)

   

The income statement has been prepared on the basis that all operations are continuing operations.

STARTUP GIANTS PLC

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

2021 2020
Notes £ £
Non-current assets
Goodwill 10 17,084 22,084
Property, plant and equipment 11 2,147 -
19,231 22,084
Current assets
Trade and other receivables 12 97,122 16,064
Current tax recoverable 14,916 14,915
Cash and cash equivalents 1,098,838 675,958
1,210,876 706,937
Current liabilities
Trade and other payables 15 498,969 241,350
Current tax liabilities 16,407 15,998
Borrowings 14 5,000 2,963
520,376 260,311
Net current assets 690,500 446,626
Non-current liabilities
Borrowings 14 17,083 22,083
Net assets 692,648 446,627
Equity
Called up share capital 16 152,405 140,510
Share premium account 17 960,102 769,790
Retained earnings (419,859) (463,673)
Total equity 692,648 446,627

   

The financial statements were approved by the board of directors and authorised for issue on 20 June 2022 and are signed on its behalf by:
J Buckler
Director
Company registration number 09690364

STARTUP GIANTS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

Share
capital
Share
Premium
account
Retained
earnings
Total
Notes £ £ £ £
Balance at 1 January 2020 140,510 769,790 (275,574) 634,726
Year ended 31 December 2020:
Loss and total comprehensive income for
the year
- - (188,099) (188,099)
Balance at 31 December 2020 140,510 769,790 (463,673) 446,627
Year ended 31 December 2021:
Profit and total comprehensive income for
the year
- - 43,814 43,814
Transactions with owners in their capacity
 as owners:
Issue of share capital 16 11,895 190,312 - 202,207
Balance at 31 December 2021 152,405 960,102 (419,859) 692,648

STARTUP GIANTS PLC

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 21 238,528 8,969
Interest paid (657) (1,083)
Income taxes refunded 408 1,083
Net cash inflow from operating activities 238,279 8,969
Investing activities
Purchase of property, plant and equipment (2,573) -
Payments arising from loans made (12,116) -
Net cash used in investing activities (14,689) -
Financing activities
Proceeds from issue of shares 202,207 -
Proceeds of new bank loans - 25,000
Repayment of bank loans (2,917) -
Net cash generated from financing activities 199,290 25,000
Net increase in cash and cash equivalents 422,880 33,969
Cash and cash equivalents at beginning of year 675,958 641,989
Cash and cash equivalents at end of year 1,098,838 675,958

This announcement has been made after due and careful enquiry and the Directors of Startup Giants PLC accept responsibility for its content.

A copy of the Annual Report and Financial Statements, from which the financial statements reproduced here are extracted, will be uploaded onto the Company’s website https://startupgiants.com immediately following the posting to shareholders on 21st June 2022.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Startup Giants PLC

Jeb Buckler; jeb@startupgiants.com; +44 747 794 9933

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck; +44 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com