(“Startup Giants” or the “Company”)
Results for the Year Ended 31st
Startup Giants is pleased to present its audited financial statements for the year ended
The year ended 31st
In addition to raising over £800,000 of new equity investment capital, the Company spent much of financial 2017-18 before being admitted to NEX Exchange preparing and completing the successful application to join the market.
Alongside the application for admission to NEX Exchange, Startup Giants was also able to continue to engage further with the technology start-up community to source new deal flow and continued to mentor and support a shortlist of start-ups from previous accelerator rounds.
Current Trading and Post-Balance Sheet Developments
Trading during the first half of the current financial year to date has been in line with the Directors’ expectations at the beginning of the period. Since 1st
Startup Giants has also developed a proprietary online platform that allows its shortlisted companies to create their business profiles and to invite their communities and networks to pre-register their interest to invest in their upcoming funding round(s). The platform is currently being tested in Beta with several short-listed start-ups and will be adapted and improved according to feedback received.
Looking ahead, the momentum seen in 2017 for technology companies requiring investment at the seed stage has quickened, with demand for the Company’s accelerator model that encompasses a delivery crew to support young start-ups with their technology and digital marketing strategies continuing unabated.
As it moves forwards with its next accelerator round, the Company will look to increase its portfolio of investee companies and to focus on key partnerships. 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 on the foundation it has already built by sourcing a number of new investments over the coming year from a large pool of available opportunities.
Being satisfied with the number of potential opportunities available to shortlist, Startup Giants will focus on its next stage of growth by increasing its portfolio by up to 25 investments and building the delivery mechanism to provide technology and marketing services to support investee companies. To achieve this goal, it is likely that in the Summer of 2018 Startup Giants will seek additional equity capital from new sources.
Startup Giants is one of the pioneers in the
Annual General Meeting (“AGM”)
The Company’s AGM will be held at 11.00 a. m. BST on 26th
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.
This announcement has been made after due and careful enquiry and the Directors of
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
31 JANUARY 2018Notes 2018 2017 GBP GBP Administrative expenses (71,753) (47,517) Operating loss 2 (71,753) (47,517) Income tax expense - - Loss and total comprehensive income for the year 12 (71,753) (47,517)
The income statement has been prepared on the basis that all operations are continuing operations.
STATEMENT OF FINANCIAL POSITION AS AT
31 JANUARY 2018Notes 2018 2017 GBP GBP Non-current assets Goodwill 5 36,667 41,667 Investments 6 40,000 - 76,667 41,667 Current assets Trade and other receivables 7 54,440 - Cash and cash equivalents 686,202 8,953 740,642 8,953 Total assets 817,309 50,620 Current liabilities Trade and other payables 9 46,227 18,085 Net current assets 694,415 (9,132) Total liabilities 46,227 18,085 Net assets 771,082 32,535 Equity Called up share capital 10 140,510 100,000 Share premium account 11 769,790 - Retained earnings 12 (139,218) (67,465) Total equity 771,082 32,535
The financial statements were approved by the board of directors and authorised for issue on
Company Registration No. 09690364
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
31 JANUARY 2018Share premium account Share Retained capital earnings Total Notes GBP GBP GBP GBP Balance at 29 January 100,000 - (19,948) 80,052 2016 Year ended 31 January 2017: Loss and total - - (47,517) (47,517) comprehensive income for the year Balance at 31 January 100,000 - (67,465) 32,535 2017 Year ended 31 January 2018: Loss and total - - (71,753) (71,753) comprehensive income for the year Issue of share capital 10 40,510 769,790 - 810,300 Balance at 31 January 140,510 769,790 (139,218) 771,082 2018
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
31 JANUARY 20182018 2017 Notes GBP GBP GBP GBP Cash flows from operating activities Cash absorbed by operations 15 (93,051) (28,547) Net cash outflow from operating activities (93,051) (28,547) Investing activities Purchase of investments (40,000) - Net cash used in investing activities (40,000) - Financing activities Proceeds from issue of shares 810,300 - Net cash generated from/(used in) financing activities 810,300 - Net increase/(decrease) in cash and cash 677,249 (28,547) equivalents Cash and cash equivalents at beginning of 8,953 37,500 year Cash and cash equivalents at end of year 686,202 8,953