Startup Giants Plc - Final Results for the Year Ended 31 January 2018 PR Newswire

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

Results for the Year Ended 31st January 2018

Introduction

Startup Giants is pleased to present its audited financial statements for the year ended 31st January 2018, which have been prepared in accordance with the conventions of IFRS. The loss for the year was £(71,753) (2016-17, £(47,517)), net assets were £771,082 (2016-17, £32,535) and the Company's net cash position stood at £686,202 (2016-17, £8,953).

Review

The year ended 31st January 2018 witnessed the transition of Startup Giants from the private arena to become a quoted public interest company. 1st November 2017 saw Startup Giants’ share capital being admitted to NEX Exchange Growth Market (“NEX Exchange”), with the end of the 2017 calendar year and the first month of 2018 allowing it to review its existing shortlist of potential investee companies and to make its first investment in GoShow Ltd. in January 2018.

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 February 2018, 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.

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.

Outlook

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 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 a framework for long-term growth.

Annual General Meeting (“AGM”)

The Company’s AGM will be held at 11.00 a. m. BST on 26th July 2018. Notice of the AGM giving full details of the time, location and the resolutions to be laid before shareholders will be included with the Annual Report which will be posted to shareholders on 2nd July 2018.

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, 28th June 2018

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 (which are not the Company’s statutory accounts) are extracted, will be uploaded onto the NEX Exchange website www.nexexchange.com immediately following posting to shareholders.

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 


STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2018

                                                 Notes     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 2018

                                Notes      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 28 June 2018 and are signed on its behalf by:

V Filmer-Sankey
Director
Company Registration No. 09690364


STATEMENT OF CHANGES IN
EQUITY
FOR THE YEAR ENDED 31
JANUARY 2018

                                       Share 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 2018

                                                               2018         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