(“Startup Giants” or the “Company”)
Interim Results for the six months’ period to
Financial highlights for the period, extracted from the financial statements which follow, include: operational loss £(21,254) (2018, £(45,893)); loss per share
Review of Business During the Period
During the period under review, the Company has held a number of events for both founders and investors, including another investor event at NEX Exchange in
The Company has forged new partnerships with investment groups that invest up to £150,000 into each of the Company’s shortlisted startups. As part of the first round, the Company also agrees an option that can be exercised after three years to buy up to 15% of equity in the startup. Using these initial funds to complete its technology and reach a degree of early adoption, the Company will then take the startup through a private, follow-on SEIS co-investment round and a later SEED round via its investor syndicate.
This approach reduces the Company’s requirement for external funding as well as diminishing the risks to the Company from startups that might fail within their first three years. For those startups that do have successful follow-on pre-seed and seed rounds, the value of the Company’s options should be reflected in the audited accounts.
Current trading remains in line with the directors’ expectations at the beginning of the second half of the 2019 financial year.
Post- Balance Sheet Events
1) Co-investment Terms Sheets in Place
The Company has received three signed term sheets for startups which now have investment commitments from third parties whom the Company has introduced, with the Company taking options as described above on each investment. A fourth startup has an offer of investment and we await a signed term sheet. The Company has four additional, shortlisted startups which it is in the process of introducing to investors.
2) Change in Board of Directors
Effective today (27th
With the co-investment model starting to gain traction for first round funding, Startup Giants expects in the next year to increase the number of startups being funded to an average of two per month.
The directors would like to thank shareholders for their support during the period under review and look forward to informing them of developments at Startup Giants during the remainder of the current financial period and into the future.
Chief Executive Officer,
Statement of Comprehensive Income
Six months ended
(Financial data for the comparative period to
Six months ended 30 June Six months ended 31 July 2018 2019 GBP GBP Turnover 45,245 - Administrative expenses (66,499) (45,893) Operating loss (21,254) (45,893) Taxation - - Loss for the period (21,254) (45,893) Earnings per share: Basic and Diluted (pence) (2.1)p (4.5)p
Statement of Financial Position
30 June 2019 31 July 2018 GBP GBP Non-current assets: Goodwill 29,584 34,167 Investments 40,000 40,000 69,584 74,167 Current assets: Trade and other receivables 70,982 68,636 Cash and cash equivalents 642,680 665,033 713,662 733,669 Total assets 783,246 807,836 Current liabilities: Trade and other payables 84,223 82,647 Net current assets 629,439 651,022 Total liabilities 84,223 82,647 Net assets 699,023 725,189 Equity: Called up share capital 140,510 140,510 Share premium account 769,790 769,790 Retained earnings (211,277) (185,111) Total equity 699,023 725,189
Statement of Cash Flows
Six months ended
Six months ended 30 June Six months ended 31 July 2018 2018 GBP GBP Loss for the year after tax (21,254) (45,893) Adjustments for: Amortisation of intangible 2,500 2,500 assets Movement in trade and other 5,768 (14,196) receivables Movement in trade and other 9,213 36,420 payables Cash absorbed by operations (3,773) (21,169) Investing activities: Purchase of investments - - Financing activities: Proceeds from issue of - - shares (Decrease)/increase in cash (3,773) (21,169) and cash equivalents Cash and cash equivalents at 646,453 686,202 beginning of period Cash and cash equivalents at 642,680 665,033 end of period
The financial information set out above has not been reviewed or audited by the Company’s auditors.
The financial information set out above has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the
This announcement has been made after due and careful inquiry and the directors of