Startup Giants Plc - Results for the Year to 31st Dec. 2021
Announcement provided by
Startup Giants Plc · SUG22/06/2022 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Startup Giants PLC
(“Startup Giants” or the “Company”; AQSE: SUG)
Directors’ Strategic Review; Results for the Year Ended 31st December 2021
The Directors of Startup Giants present below the Company’s audited financial statements for the year ended 31st December 2021. Readers should understand that the financial statements below are extracted from - but do not on their own constitute - Startup Giants’ statutory accounts. These are contained in the Annual Report and Financial Statements for the Year Ended 31 December 2021, which are expected to be posted to shareholders on 21st June 2022 and to be laid before shareholders for adoption and approval at the Annual General Meeting, notice of which will accompany the Annual Report. For a fuller and more detailed explanation of the financial statements below, readers are therefore referred to the statutory accounts, including the full Notes thereto. A downloadable copy of the Annual Report and Financial Statements will be obtainable from the Company’s website at https://startupgiants.com.
Headline Financial Data
The Board is pleased to inform shareholders that the Company’s revenues rose significantly from the previous year’s level owing to an increase in the Company’s business activities described below in identifying and supporting young businesses to locate and establish themselves in the
Significant Features of Financial 2021
The Company’s focus for the majority of 2021 remained on the selection and support of global opportunities and talent from visa applicants seeking to bring their innovation to the
In the last quarter of 2021, with an indication that the Covid-19 pandemic seemed to be easing, the Company initiated activities on future growth areas including channels related to education/learning for start-up founders and a partner programme to expand the Company’s network of deal originators and investment intermediaries.
Current Trading and Post-Balance Sheet Events
Trading during the current financial year hitherto has been in line with the Directors’ expectations at the beginning of the period. The Company has during the current year to date commenced trialling its partner programme with a company in
Immediately following the Russian Federation’s invasion in February this year of The
Outlook
Looking ahead, the momentum for technology companies requiring investment at the seed stage should continue, with demand for the Company’s support model, which encompasses a delivery crew to support young start-ups with their technology and digital marketing strategies, showing signs of continuing to increase.
Key Performance Indicators
The Directors do not consider there to be any relevant key performance indicators other than turnover and profit/loss for the year at this stage of the development of the business.
Promoting the Success of the Company
The Directors, in accordance with s. 172, seek to promote the long-term success of the Company and consider the interests of all stakeholders, by regular Director meetings and communication, coupled with the substantial experience of the Board members and their varied skills.
Jeb Buckler,
Chairman and CEO,
20th June 2022.
STARTUP GIANTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
2021 | 2020 | |||||
Notes | £ | £ | ||||
Revenue | 2 | 623,839 | 87,461 | |||
Gross profit | 623,839 | 87,461 | ||||
Administrative expenses | (579,368) | (234,477) | ||||
Operating profit/(loss) | 3 | 44,471 | (147,016) | |||
Finance costs | 6 | (657) | (1,083) | |||
Other gains and losses | 7 | - | (40,000) | |||
Profit/(loss) before taxation | 43,814 | (188,099) | ||||
Income tax expense | - | - | ||||
Profit/(loss) and total comprehensive income for the year | 43,814 | (188,099) | ||||
Earnings per share (in pence) | 8 | |||||
Basic | 3.88 | (18.62) | ||||
Diluted | 3.88 | (18.62) | ||||
Earnings per share from continuing operations (in pence) | ||||||
Basic | 3.88 | (18.62) | ||||
Diluted | 3.88 | (18.62) | ||||
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 2021
2021 | 2020 | ||||||||
Notes | £ | £ | |||||||
Non-current assets | |||||||||
Goodwill | 10 | 17,084 | 22,084 | ||||||
Property, plant and equipment | 11 | 2,147 | - | ||||||
19,231 | 22,084 | ||||||||
Current assets | |||||||||
Trade and other receivables | 12 | 97,122 | 16,064 | ||||||
Current tax recoverable | 14,916 | 14,915 | |||||||
Cash and cash equivalents | 1,098,838 | 675,958 | |||||||
1,210,876 | 706,937 | ||||||||
Current liabilities | |||||||||
Trade and other payables | 15 | 498,969 | 241,350 | ||||||
Current tax liabilities | 16,407 | 15,998 | |||||||
Borrowings | 14 | 5,000 | 2,963 | ||||||
520,376 | 260,311 | ||||||||
Net current assets | 690,500 | 446,626 | |||||||
Non-current liabilities | |||||||||
Borrowings | 14 | 17,083 | 22,083 | ||||||
Net assets | 692,648 | 446,627 | |||||||
Equity | |||||||||
Called up share capital | 16 | 152,405 | 140,510 | ||||||
Share premium account | 17 | 960,102 | 769,790 | ||||||
Retained earnings | (419,859) | (463,673) | |||||||
Total equity | 692,648 | 446,627 | |||||||
The financial statements were approved by the board of directors and authorised for issue on 20 June 2022 and are signed on its behalf by: | |
J Buckler | |
Director | |
Company registration number 09690364 |
STARTUP GIANTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
Share capital |
Share Premium account |
Retained earnings |
Total | |||
Notes | £ | £ | £ | £ | ||
Balance at 1 January 2020 | 140,510 | 769,790 | (275,574) | 634,726 | ||
Year ended 31 December 2020: | ||||||
Loss and total comprehensive income for the year |
- | - | (188,099) | (188,099) | ||
Balance at 31 December 2020 | 140,510 | 769,790 | (463,673) | 446,627 | ||
Year ended 31 December 2021: | ||||||
Profit and total comprehensive income for the year |
- | - | 43,814 | 43,814 | ||
Transactions with owners in their capacity as owners: |
||||||
Issue of share capital | 16 | 11,895 | 190,312 | - | 202,207 | |
Balance at 31 December 2021 | 152,405 | 960,102 | (419,859) | 692,648 |
STARTUP GIANTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021 | 2020 | ||||||||
Notes | £ | £ | £ | £ | |||||
Cash flows from operating activities | |||||||||
Cash generated from operations | 21 | 238,528 | 8,969 | ||||||
Interest paid | (657) | (1,083) | |||||||
Income taxes refunded | 408 | 1,083 | |||||||
Net cash inflow from operating activities | 238,279 | 8,969 | |||||||
Investing activities | |||||||||
Purchase of property, plant and equipment | (2,573) | - | |||||||
Payments arising from loans made | (12,116) | - | |||||||
Net cash used in investing activities | (14,689) | - | |||||||
Financing activities | |||||||||
Proceeds from issue of shares | 202,207 | - | |||||||
Proceeds of new bank loans | - | 25,000 | |||||||
Repayment of bank loans | (2,917) | - | |||||||
Net cash generated from financing activities | 199,290 | 25,000 | |||||||
Net increase in cash and cash equivalents | 422,880 | 33,969 | |||||||
Cash and cash equivalents at beginning of year | 675,958 | 641,989 | |||||||
Cash and cash equivalents at end of year | 1,098,838 | 675,958 | |||||||
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 and Financial Statements, from which the financial statements reproduced here are extracted, will be uploaded onto the Company’s website https://startupgiants.com immediately following the posting to shareholders on 21st June 2022.
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 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com
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