Startup Giants Plc - Full-year Audited Financial Statements PR Newswire

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY STARTUP GIANTS TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
 

STARTUP GIANTS PLC
(“Startup Giants” or the “Company”)
Results for the Year Ended 31st December 2018

 

Board Statement

The Directors are pleased to present the audited financial statements for Startup Giants for the year ended 31st December 2019. The financial statements below do not constitute the Company’s full statutory accounts but are extracted from them. On or around 4th June 2020 the Company anticipates that the 2019 Report and Accounts, along with notice of the Annual General Meeting to be held on 30th June 2020, will be posted to shareholders. A PDF copy of the Annual Report will be downloadable from www.startupgiants.com.

Highlights

During the last financial year the Company explored options to expand the number of start-ups looking for potential investment using key partnerships and has secured several key partnerships that participate with the introduction and validation of potential investment opportunities as well as providing additional support services in areas of marketing and technology.  It also undertook consultancy work for early-stage entrepreneurs, which generated revenue of £45,256 (2018, £58,539) and resulted in a net loss of £85,551 (2018, £50,805), translating into a loss per share of 8.47 pence (2018, loss of 5.03 pence per share). At the end of the year, the Company had net cash balances of £641,989 (2018, £646,453) and shareholders’ funds stood at £634,726 (2018, £720,277).

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 2020, 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 been approved by the Home Office as an Endorsing Body for the Innovator Route and Start-up Route visa categories, with its profile now published on the Government website. This enables the Company to source investment opportunities globally; and directly to support foreign entrepreneurs from non-EU countries to bring their innovations to the U.K., providing support over several years to target growth, including assisting capital raising. Successful applicants need to produce to the Company evidence of innovation, viability and scalability in order to qualify for endorsement. Many sectors and sub-sectors are considered, with a focus on Tech, SaaS, FinTech, AdTech, PropTech, Manufacturing and Supply Chain.

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 encompass a delivery crew to support young start-ups with their technology and digital marketing strategies.

The Company has a provisional allocation of 25 endorsements from the Home Office for endorsing foreign innovators over the coming year, which also require support for acceleration and growth over a period of up to three years, and has already issued endorsements to several foreign innovators with viable and scalable business propositions.

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 of foreign innovators and supporting these investee companies with necessary technology and marketing services.

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

Jeb Buckler,
Chairman,
3rd June 2020





STARTUP GIANTS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2019
 


                                                              2019        2018

                                                  Notes          £           £

Revenue                                             2       45,256      58,539

                                                        ----------  ----------

Gross profit                                                45,256      58,539

Administrative expenses                                  (130,807)   (109,344)

                                                        ----------  ----------

Operating loss                                      3     (85,551)    (50,805)

Income tax expense                                               -           -

                                                        ----------  ----------

Loss and total comprehensive income for the year          (85,551)    (50,805)

                                                          ========    ========

Earnings per share (in pence)                       6

Basic                                                       (8.47)      (5.03)

Diluted                                                     (8.47)      (5.03)

Earnings per share from continuing operations (in
pence)

Basic                                                       (8.47)      (5.03)

Diluted                                                     (8.47)      (5.03)

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 2019
 


                                              2019        2018

                                  Notes          £           £

Non-current assets

Goodwill                            7       27,084      32,084

Investments                         8       40,000      40,000

                                        ----------  ----------

                                            67,084      72,084

                                        ----------  ----------

Current assets

Trade and other receivables         9       50,624      76,750

Cash and cash equivalents                  641,989     646,453

                                        ----------  ----------

                                           692,613     723,203

                                        ----------  ----------

Total assets                               759,697     795,287

                                        ----------  ----------

Current liabilities

Trade and other payables           11      124,971      75,010

                                        ----------  ----------

Net current assets                         567,642     648,193

                                        ----------  ----------

Total liabilities                          124,971      75,010

                                        ----------  ----------

Net assets                                 634,726     720,277

                                          ========    ========

Equity

Called up share capital            13      140,510     140,510

Share premium account              12      769,790     769,790

Retained earnings                        (275,574)   (190,023)

                                        ----------  ----------

Total equity                               634,726     720,277

                                          ========    ========

The financial statements were approved by the board of
directors and authorised for issue on 29 May 2020 and are
signed on its behalf by:

V Filmer-Sankey

Director

Company Registration No. 09690364






STARTUP GIANTS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2019
 


                               Share capital      Share   Retained      Total
                                                premium   earnings
                                                account

                                           £          £          £          £

Balance at 1 February 2018           140,510    769,790  (139,218)    771,082

Period ended 31 December 2018:

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

                                  ---------- ---------- ---------- ----------

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

                                  ---------- ---------- ---------- ----------

Year ended 31 December 2019:

Loss and total comprehensive               -          -   (85,551)   (85,551)
income for the year

                                  ---------- ---------- ---------- ----------

Balance at 31 December 2019          140,510    769,790  (275,574)    634,726






STARTUP GIANTS PLC

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2019
 


                                                         2019         2018

                                               Notes £          £ £          £

Cash flows from operating activities

Cash absorbed by operations                     17        (4,464)     (39,749)

                                                       ----------   ----------

Net cash outflow from operating activities                (4,464)     (39,749)

                                                       ----------   ----------

Net decrease in cash and cash equivalents                 (4,464)     (39,749)

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

                                                       ----------   ----------

Cash and cash equivalents at end of year                  641,989      646,453




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 20 7464 4090; +44 (0)7506 43 41 07; blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk