Startup Giants Plc - Final Results PR Newswire

STARTUP GIANTS PLC
(“Startup Giants” or the “Company”)

Results for the 11 Months Ended 31st December 2018

Introduction

Startup Giants is pleased to present its audited financial statements for the eleven months from 1st February 2018 to 31st December 2018, which have been prepared in accordance with the conventions of IFRS. The loss for the period was £(50,805) (2017-18, loss of £(71,753)), net assets were £720,277  (2017-18, £771,082)  and the Company's net cash position stood at £646,453 (2017-18, £686,202).

Review

During the period under review, as presaged in the last Chairman’s Statement, the Company explored options to expand the pool of capital available for investment in start-ups within its B to C purview and examined a number of potential key partnerships. It also undertook consultancy work for early-stage entrepreneurs, which generated revenue of £58,539 (2017-18, £ nil) and resulted in the reduced net loss stated above, translating into a loss per share of (5.03) pence (2017-18, loss of (7.17) pence per share).      

During the first quarter of 2018, the Company also applied for and was awarded the status of a Small UK Alternative Investment Fund Manager (AIFM) by the FCA with FRN number 799439.

Current Trading and Post-Balance Sheet Developments

Trading during the current financial year to date has been in line with the Directors’ expectations at the beginning of the period. Since 1st January 2019, Startup Giants has continued to source new investment opportunities with the opening of a new spring accelerator round, with follow-on selection, interviews and short-listing, and to leverage potential key partnerships within both private and governmental sectors.

Startup Giants has also explored the ability to support entrepreneurs from non-EU countries to bring their IP to the UK through the Innovator and Startup Route Visa programmes sponsored by the Home Office. Startup Giants has applied to the Home Office to become an endorsing body and is working towards getting the required support from the Department of Trade and Industry to complete the process. As an endorsing body, Startup Giants will thereafter be able to source new investment opportunities globally.

Outlook

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

As it moves forwards with its next accelerator round, the Company will look to increase its portfolio of investee companies.  Few competitors specialise in sourcing promising consumer start-ups at the pre-seed stage and the Directors believe Startup Giants is on track to build its portfolio by sourcing new investments over the coming year from among many available opportunities.

Having identified an innovative methodology for acquiring minority interests in highly prospective founders’ businesses, Startup Giants will focus on its next stage of growth by increasing its portfolio investments and providing the technology and marketing services to support these investee companies.

Startup Giants is one of the pioneers in the UK of start-up acceleration for companies that have a focus on consumer business models and it is well positioned to leverage its expertise, contacts, and know-how to build long-term shareholder value.

Annual General Meeting (“AGM”)

The Company’s AGM will be held at 11.00 a. m. BST on Wednesday 26th June 2019. Notice of the AGM giving full details of the location and the resolutions to be laid before shareholders will be included with the Annual Report, which will be posted to shareholders by 3rd June 2019.

Conclusion

I wish to thank my Board colleagues and the shareholders for their support and I look forward to reporting on future developments as and when this is appropriate.

 Jeb Buckler, Chairman and Chief Executive Officer

London, 30th May 2019


                              STARTUP GIANTS PLC
                       STATEMENT OF COMPREHENSIVE INCOME
                     FOR THE PERIOD ENDED 31 DECEMBER 2018


                                                              Period       Year

                                                               ended      ended

                                                         31 December 31 January

                                                                2018       2018

                                                   Notes           £          £

Revenue                                            2          58,539          -

Gross profit                                                  58,539          -

Administrative expenses                                    (109,344)   (71,753)

Operating loss                                     3        (50,805)   (71,753)

Income tax expense                                                 -          -

Loss and total comprehensive income for the period
                                                   15       (50,805)   (71,753)





Earnings per share                                 7

Basic                                                         (5.03)     (7.17)

Diluted                                                       (5.03)     (7.17)

Earnings per share from continuing operations

Basic                                                         (5.03)     (7.17)

Diluted                                                       (5.03)     (7.17)



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 2018


                                  31 December 31 January
                                  2018        2018
                                  £           £
                            Notes

Non-current assets
Goodwill
                            8          32,084     36,667

Investments                 9          40,000     40,000

                                       72,084     76,667

Current assets
Trade and other receivables
                            10    76,750      54,440

Cash and cash equivalents             646,453    686,202

                                      723,203    740,642

Total assets                          795,287    817,309



Current liabilities
Trade and other payables    12         75,010     46,227

Net current assets                    648,193    694,415

Total liabilities                      75,010     46,227

Net assets                            720,277    771,082


Equity
Called up share capital     13        140,510    140,510

Share premium account       14        769,790    769,790

Retained earnings           15      (190,023)  (139,218)

Total equity                          720,277    771,082



The financial statements were approved by the board of directors and authorised for issue on 30 May 2019 and are signed on its behalf by:

V Filmer-Sankey
Director

Company Registration No. 09690364



                               STARTUP GIANTS PLC
      STATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 31 DECEMBER 2018

                                                                         Total
                          Share capital Share premium Retained earnings
                                           account

                    Notes             £             £                 £        £

Balance at 1                    100,000             -          (67,465)   32,535
February 2017

Year ended 31
January 2018:

Loss and total                        -             -          (71,753) (71,753)
comprehensive
income for the year

Issue of share       13          40,510       769,790                 -  810,300
capital

Balance at 31                   140,510       769,790         (139,218)  771,082
January 2018

Period ended 31
December 2018:

Loss and total                        -             -          (50,805) (50,805)
comprehensive
income for the
period

Balance at 31                   140,510       769,790         (190,023)  720,277
December 2018



STARTUP GIANTS PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2018


                        Notes Period ended 31          Year ended 31 January
                                December 2018                           2018

                                            £        £                     £

Cash flows from            19        (39,749)                       (93,051)
operating activities
Cash absorbed by
operations

Net cash outflow from                (39,749)                       (93,051)
operating activities

Investing activities                        -
Purchase of investments                       (40,000)

Net cash used in                            -                       (40,000)
investing activities

Financing activities

Proceeds from issue of                      -  810,300
shares

Net cash (used
in)/generated from          -                                        810,300
financing activities

Net (decrease)/increase              (39,749)                        677,249
in cash and cash
equivalents

Cash and cash                         686,202                          8,953
equivalents at
beginning of year

Cash and cash                         646,453                        686,202
equivalents at end of
year



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 from which the financial statements reproduced here are extracted will be uploaded onto the NEX Exchange website www.nexexchange.com immediately following the posting to shareholders.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Startup Giants PLC
Jeb Buckler; jeb@startupgiants.com; +44 747 794 9933
Cherry Martin; cherry@startupgiants.com; +44 20 7 157 9764

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck; +44 20 7464 4090; +971 50 856 9408; blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk

Notes for Editors:

The Company at a Glance

Startup Giants plc is a UK-based Investment Vehicle, which invests in technology start-ups at the concept stage and then participates on subsequent seed and expansion rounds. The Company intends to evaluate and invest in a range of businesses located in the UK and mainland Europe. The Directors and the Investment Advisory Panel have experience in technology companies and start-ups and will use their expertise and their industry contacts actively to manage the early stage development of the businesses in which it chooses to invest.

The Company’s revenue model is principally to realise investment gains through portfolio divestments by using the skill and experience of its executive management, supported by the non-executive Directors and investment advisory panel, to identify and mentor technology start-ups with the potential for significant growth. The Company may also provide a range of services to its portfolio companies relating to mentoring and delivery of technology and digital marketing.

The Company made a net loss for the year of £50,805. At the year end, the Company had net assets of £720,227.