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Igraine Plc - Audited Results to 31 December 2021 and Board Changes


Announcement provided by

Igraine plc · KING

18/07/2022 07:00

Igraine Plc - Audited Results to 31 December 2021 and Board Changes PR Newswire

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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