REG - YOLO Leisure & Tech - Final Results <Origin Href="QuoteRef">YOLO.L</Origin> - Part 2
22/03/2017 12:50
- Part 2: For the preceding part double click ID:nRSV2166Aa
2016 2015
£ £
Issued and fully paid
As at 1 October 2015 2,182,954 1,813,675
Issue of 40,000,000 (2015: 36,927,903) Ordinary shares of 1p each 400,000 369,279
----------------------- -----------------------
At 30 September 2016 2,582,954 2,182,954
=========== ===========
The Company has the following classes of share capital
Ordinary shares 178,922,758 (2015: 138,922,758) shares of 1p each) 1,789,228 1,389,228
Deferred shares (8,819,181 shares of 9p each) 793,726 793,726
---------------------- ----------------------
2,582,954 2,182,954
=========== ===========
Share transaction history
During the 2016 financial year the following share transactions took place.
Quantity of
1p shares Value
£
22 January 2016 Placing 37,733,334 377,333
10 February 2016 Placing 2,266,666 22,667
The Ordinary shares have full voting rights, priority dividend rights and
priority in the case of winding up.
The Deferred shares have no voting rights and shareholders are not entitled to
any dividend, and only receive the nominal amount paid up on their share after
there has been a distributed £1,000,000 to the holders of the Ordinary shares.
The Deferred shares shall not entitle the holders thereof to any further or
other right of participation in the assets of the Company.
Warrants
During the year warrants were granted as follows:
Type Exercise price
Expiry date Number
Placing warrants 1.8p
31 July 2017 10,000,000
Warrant Number Exercise price pence Expiry Date
As At 1 October 2015
20,973,048 1.3p 15/07/2017
3,059,846 1.3p 15/07/2019
8,000,000 1.8p 27/01/2018
-------------------------
32,032,894
Granted during the year 10,000,000 1.8p 31/07/2017
-------------------------
42,032,894
-------------------------
As At 30 September 2016 20,973,048 1.3p 15/07/2017
3,059,846 1.3p 15/07/2019
8,000,000 1.8p 27/01/2018
10,000,000 1.8p 31/07/2017
------------------------
42,032,894
============
13. FINANCIAL INSTRUMENTS
The Company's financial instruments comprise cash and various items such as
trade receivables and trade payables that arise directly from its operations.
Categories of fair values of financial assets and liabilities
Set up below is a comparison by category of the carrying amounts and fair
values of the Company's financial instruments:
2016 2015
£ £
Financial assets
Cash and cash equivalents 139,412 41,901
Trade receivables 8,400 4,200
Other receivables - 3,500
-------------- --------------
Total financial assets 147,812 49,601
Non-financial assets
Prepayments and accrued income 8,814 3,163
Other receivables - 5,686
--------------- ---------------
TOTAL ASSETS 156,626 58,450
======== =========
Financial liabilities
Financial liabilities measured at amortised cost:
Accruals 68,892 34,159
--------------- ---------------
68,892 34,159
Non-financial liabilities
Other payables 8,124 4,705
--------------- ---------------
TOTAL LIABILITIES 77,016 38,864
======== =========
The fair value of the Company's financial assets and liabilities are not
materially different from their carrying values in the statement of financial
position, as such no fair value hierarchy analysis has been produced.
It is and has been throughout the period under review, the Company's policy
that no trading in financial derivatives shall be undertaken.
The main risks arising from the Company's financial instruments are interest
rate movements, liquidity risk, and credit risk. The Directors do not
consider there to be significant exposure to market or price risk.
Interest rate risk
It is the Company's policy to regularly review the Company's exposure to
interest rate risk.
Financial assets
The Company's exposure to interest rate risk currently applies only to the
interest received on cash deposits which is based on the NatWest base rate.
The Company's floating rate cash balances at the year end were £115,391 (2015:
£35,357).
Liquidity risk
The principal risk to which the Company is exposed is liquidity risk. The
nature of the Company's activities means it finances its operations through
retained earnings and the issue of new shares to investors. The principal
cash requirements are in relation to the Company's investing policy and
meeting working capital requirements. The Company seeks to manage liquidity
through planning, forecasting, and careful cash management.
Credit risk
The Company carries out credit checks on potential customers and monitors and
chases debts that are overdue to mitigate their credit risk.
Capital management
The Company's main objective when managing capital is to protect returns to
shareholders by ensuring the Company will continue to invest and trade
profitably in the foreseeable future. The Company also aims to maximise its
capital structure of equity so as to minimise its cost of capital. The
Company expects its current and projected capital resources to be sufficient
to cover its existing liabilities.
The Company has not made any changes to its capital management during the
year.
14. ULTIMATE CONTROLLING PARTY
The Company is listed on AIM and there is no individual controlling party.
The Directors' Report provides details of those shareholders with an
individual holding exceeding 3% of issued share capital.
15. RELATED PARTY DISCLOSURES
As well as remuneration of Directors (Note 5), the following transactions fall
within the scope of IAS 24 Related Party Disclosures.
During the year Sports Resource Group Limited, a company controlled by Chris
Akers who is a significant shareholder in Yolo Leisure and Technology Plc was
paid £ Nil (2015: £28,800) for corporate services relating to the new share
issue. At the year end the Company owed £Nil (2015: £6,000) to Sports Resource
Group Limited.
Simon Robinson's director's fees of £ Nil (2015: £8,000) were paid to Positive
Thoughts Limited, a company controlled by him.
Sohail Bhatti's director's fees of £ Nil (2015: £8,000) were paid to Woodhouse
Price Limited, a company controlled by him.
16. POST BALANCE SHEET EVENTS
Placing of shares
On 7 November 2016, the Company completed a placing of 254,000,000 shares at a
price of 1.0p raising total gross funds of £2,540,000. A further 8,400,000 fee
shares were issued at a price of 1.0p.
Also on the same date 9,000,000 director warrants at exercise price of 1.3p
were issued to Simon Robinson.
Further investment
On 5 November 2016, the Company completed an investment in Magic Media Works
Ltd by investing £1,400,000 through a convertible loan note in Magic Media
Works ("Loan Notes"). The Loan Notes bear interest at a rate of 10% per annum
from 1 March 2017 and are repayable on or before 31 December 2018. The Loan
Notes are secured by a first ranking debenture over the assets of Magic Media
Works and are convertible into approximately 41.2% of the ordinary share
capital of Magic Media Works on a fully diluted basis.
This information is provided by RNS
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