Igraine Plc - Audited Results to 31 December 2021 and Board Changes
Announcement provided by
Igraine plc · KING18/07/2022 07:00
Igraine Plc
AQSE: KING
(“Igraine” or “the Company”)
Audited Financial Statements for the Year Ended 31 December 2021
Board Changes
The Company is pleased to announce, further to the release of the unaudited preliminiary results, announced on 30 June 2022, that the audited financial results are now available at https://igraineplc.com/. A summary of the financial information is set out below.
The Company also like to announce that Professor Sir Christopher Evans OBE, Martin Walton, Burns Singh Tennent-Bhohi and Richard Walker have resigned with immediate effect.
The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for the contents of this announcement.
Enquiries:
Company:
Simon Grant-Rennick (Non-Executive Director)
info@igraineplc.com
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Statement of Profit or Loss
for the year ended 31 December 2021
2021 2020
£ £
CONTINUING OPERATIONS
Other operating income 19,824 61,556
Loss on revaluation of investments (12,798) (147,043)
Administrative expenses (407,615) (294,073)
OPERATING LOSS (400,589) (379,560)
Impairment of loans and trade receivables (93,405) (41,229)
Interest Income - (23,657)
Interest payable at 7.1% on preference Shares - (163,450)
Conversion of Preference shares to Ordinary shares - 4,548,821
Amortisation of preference shares - (697,067)
(LOSS)/PROFIT BEFORE INCOME TAX (493,994) 3,291,172
Income tax - -
(LOSS)/PROFIT FOR THE YEAR (493,994) 3,291,172
Earnings per share expressed
in pence per share:
Basic -0.01 0.11
Diluted -0.01 0.11
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2021
2021 2020
£ £
(LOSS)/PROFIT FOR THE YEAR (493,994) 3,291,172
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (493,994) 3,291,172
Statement of Financial Position
31 December 2021
2021 2020
£ £
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment - 1,048
Investments 615,113 15,113
615,113 16,161
CURRENT ASSETS
Trade and other receivables 154,067 115,784
Investments 7,205 48,201
Cash and cash equivalents 904,129 7,811
1,065,401 171,796
TOTAL ASSETS 1,680,514 187,957
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 588,786 554,616
Share premium 1,946,995 26,818
Other reserves 46,116 -
Retained earnings (1,172,705) (678,711)
TOTAL EQUITY 1,409,192 (97,277)
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and borrowings 38,464 50,000
URRENT LIABILITIES
Interest bearing loans and borrowings 10,649 -
Trade and other payables 222,209 235,234
TOTAL LIABILITIES 271,322 285,234
TOTAL EQUITY AND LIABILITIES 1,680,514 187,957
Statement of Changes in Equity
for the year ended 31 December 2021
Called up
share Share Other Retained Total
capital premium reserves earnings equity
£ £ £ £ £
Balance at 1 January 2020 71,008 - - (3,969,883) (3,898,875)
Changes in equity
Profit for the year - - - 3,291,172 3,291,172
Total comprehensive income - - - 3,291,172 3,291,172
Issue of share capital 483,608 26,818 - - 510,426
Balance at 31 December 2020 554,616 26,818 - (678,711) (97,277)
Changes in equity
Deficit for the year - - - (493,994) (493,994)
Warrant and Option charge - 46,116 - 46,116
Total comprehensive income - - 46,116 (493,994) (447,878)
Transaction cost - (178,153) - - (178,153)
Issue of share capital 34,170 2,098,330 - - 2,132,500
Balance at 31 December 2021 588,786 1,946,995 46,116 (1,154,705) 1,409,192
Statement of Cash Flows
for the year ended 31 December 2021
2021 2020
£ £
Cash flows from operating activities
Cash generated from operations (498,688) (140,467)
Net cash from operating activities (498,688) (140,467)
Cash flows from investing activities
Purchase of tangible fixed assets - (591)
Purchase of fixed asset investments (600,000) -
Sale of fixed asset investments 13,431 -
Increase in loan payable - 50,000
Decrease in loan receivables - 48,813
Net cash from investing activities (586,569) 98,222
Cash flows from financing activities
Loan repayments in year (887) -
Share issue (net of share issue costs) 1,982,462 50,000
Net cash from financing activities 1,981,575 50,000
Increase in cash and cash equivalents 896,318 7,755
Cash and cash equivalents at beginning of year 7,811 56
Cash and cash equivalents at end of year 904,129 7,811
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