Rogue Baron Plc - Audited Annual Accounts to 30 September 2022
Announcement provided byRogue Baron Plc · SHNJ
For Immediate Release
31 March 2023
ROGUE BARON PLC
(“Rogue Baron”, ”Rogue”, “The Group” or “The Company”)
Audited Annual Accounts to 30 September 2022
Rogue Baron PLC (AQSE: SHNJ), a leading company in the premium spirit sector is pleased to announce its audited results for the year ended 30 September 2022.
The Company's annual report and accounts will be dispatched to shareholders shortly and will be available on the website at https://roguebaron.com/.
Rogue Baron PLC
DIRECTOR’S STATEMENT & STRATEGIC REPORT
For the year ended September 2022
Rogue Baron plc has made substantial progress towards the goals it set out for 2022. In spite of significant global challenges continuing from the Covid pandemic, not least the lingering disruptions on international shipping in the early part of the year and high-cost inflation, the Company has been successful in increasing its global distribution.
2022 remained a difficult time for the bar/restaurant industry. The ability to hire labour in the industry became extremely hard even at premium pay rates. This led to the decision to close De Rhum Spot Bar. The sale will have no effect on Rogue Baron’s revenue as the investment was a non-controlling stake.
It will allow management to fully concentrate on its flagship Shinju whisky. Bars, particularly in a post
covid world, rather than facing inflationary cost pressure, sourcing staff and spending time and cost on accounting.
From the beginning of 2022 to date, Rogue has placed Shinju in a number of new markets in the
The Shinju brand also saw a strong start to sales in the
Included in the
Sales in the period to September 2022 were impacted by not having stock available in Q1 due to shipping delays, and an intentional slowdown in sales while we transitioned to our new distributor. Once the transition to the new distributor was finalized the Company recommenced full sales in October and sold approximately 930 cases of Shinju in Q4 2022 globally, which was an increase of approximately 100% compared to the same period in 2021, resulting in revenues of approximately
The Company has a positive outlook on 2023 for sales and margins due to subsiding shipping issues, that the Company has dealt with over the past couple years. Delays in finding space on ships is starting to ease. This will allow the Company to maintain consistent supply to meet Shinju’s market demand. In 2022, due to shipping delays, the Company went nearly five months without product available to sell.
Product margins should also increase in 2023 as shipping costs are starting to come back to pre-Covid levels. In early 2022 the Company shipped a container to
Results for the year
The loss before tax for the period amounted to
Net assets have decreased from
Key performance indicators
Due to the size of the Group, the Group currently monitors progress with particular reference to the following key performance indicators:
Revenue from the sales of Shinju has decreased from
Loss before taxation
The loss before taxation decreased from
Auditors note on Material uncertainty related to going concern
“We draw attention to note 2 in the financial statements, under the heading ‘Going concern’ concerning the ability of the group and parent company to continue as a going concern. Based on our discussion with management and our review of the group and parent company’s cash flow forecasts and projections, it was noted that the Group needs to raise additional funds within twelve months of the date of the approval of these financial statements.
As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the group and company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group and parent company’s ability to continue to adopt the going concern basis of accounting included;
- Reviewing management’s assessment of going concern.
- Determining if all relevant information has been included in the assessment of going concern including completeness of forecasted expenditure.
- Analysing cash flow forecasts, reviewing the underlying assumptions in relation to revenue and expenditure and checking mathematical accuracy.
- Considering the cash position at and after the period end.
- Reviewing the reasonable worst-case forecast scenario and the financial resources available to deal with this outcome i.e. ability of the group and parent company to raise funds.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.”
Auditors note on Emphasis of Matter - recoverability of inventory
“We draw your attention to Note 3 of the financial statements, which describes the group’s assessment over the inventory balance held in
Our opinion is not modified in this respect.
Auditors note on Other Matter
“The group and parent company opening balances as at and for the year ended 31 December 2021 had a modified audit report by way of a Disclaimer due to the fact that we were not able to observe the counting of physical inventories at the beginning and end of last year.
In addition, management were not able to provide us with all the supporting documentation to support material receipts and payments relating to one of the Group’s subsidiaries called “1301 Bin” which was a discontinued operation in the year to 31 December 2021.
However, we were able to resolve these matters during the year, as we have observed the physical count of inventories as at 30 September 2022 and for the significant lines of inventory there was no material movement during the period. Further, Bin 1301 operations were discontinued last year and during the period Bin 1301 was disposed-of and all balances relating to Bin 1301 are eliminated from the financial statements of the Group as at 30 September 2022.”
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
AQSE Corporate Adviser:
Peterhouse Capital Limited
Guy Miller +44 (0) 20 7469 0936
AQSE Corporate Broker:
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 September 2022
|Notes||Period ended 30 September 2022||Year ended 31 December 2021|
|Cost of sales||(103)||(236)|
|IPO and related extraordinary costs||-||(358)|
|Payments made in shares||-||(440)|
|Share based payments||16||(4)||-|
|Other administrative expenses||4||(728)||(582)|
|Exchange differences movement||85||(7)|
|Total administrative expenses||(647)||(1,387)|
|Loss before taxation||(604)||(1,339)|
|Loss after taxation||(604)||(1,339)|
|Profit from assets held for sale||7||(2)||3|
|Loss for the year||(606)||(1,336)|
|Other comprehensive income for the period / year|
Exchange difference on translating foreign operations
|Total comprehensive loss for the period / year||(671)||(1,373)|
|Loss attributable to|
|- Non-controlling shareholders||17||14||36|
|- Equity holders of the parent||(685)||(1,372)|
|Total comprehensive loss attributable to|
|- Non-controlling shareholders||17||14||36|
|- Equity holders of the parent||(685)||(1,409)|
|Total earnings per ordinary share|
|Basic and diluted loss per share (cents) from continuing operations||9||(0.67)||(1.69)|
|Basic and diluted loss per share (cents) from operations held for sale||9||(0.00)||0.00|
The activities of Legacy Group LLC are classified as held for sale in 2021 (see Note 7).
As permitted by section 408 of the Companies Act 2006, the parent company’s profit and loss account has not been included in these financial statements. The loss after taxation for the financial year/period for the parent company was
|GROUP STATEMENT OF FINANCIAL POSITION
At 30 September 2022
|30 September 2022||31 December 2021||30 September 2022||31 December 2021|
|Investment in subsidiaries||10||-||-||4,353||4,362|
|Assets held for sale||7||-||75||-||-|
|Receivable on sale of subsidiaries||75||-||-||-|
|Trade and other receivables||12||268||325||522||631|
|Cash and cash equivalents||43||246||40||233|
|Total current assets||1,045||1,363||562||864|
|Trade and other payables||13||342||39||245||35|
|Liabilities of assets held for resale||7||-||190||-||-|
|Total current liabilities and
|Share based payment reserve||16||4||-||4||-|
|Equity attributable to the equity holders of the Company||4,155||4,835||4,503||5,035|
|Total equity and liabilities||4,636||5,179||4,915||5,226|
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