Consolidated Financial Statements for the Year Ended 31st December 2023
27/06/2024 13:13
27 June 2024
Mollyroe Plc
(“Mollyroe” or the “Company”)
Consolidated Financial Statements for the Year Ended 31st December 2023
Chairman’s Statement Year End 31st December 2023
In 2023 as in 2022, saw the Company focus on reducing overheads pending the
adoption of a new corporate strategy.
In December the Company announced the appointments of Paul Benedict Ryan as
Executive Director and Noel Lyons as Non-Executive Director to the board and
the resignation of the existing Directors, Roger Shane and Richard France. The
Company thanked Mr Shane and Mr France for their long and dedicated service to
the Company and I reiterate that. At the same time, investors, including Paul
Ryan and Noel Lyons, agreed, via Peterhouse Capital Limited, to acquire
574,621 Ordinary Shares in the Company at a price of 26.11 pence per share,
equating to £150,000 in total, from the then existing Directors of the
Company.
In April 2024 the Company’s shareholders agreed on a name change to Mollyroe
plc and a new strategy to focus on opportunities in the technology sector. The
Company will focus on opportunities which would provide the Company with an
economic interest (by equity, royalty or debt participation) and a controlling
interest (through board or management positions) and whose potential value,
over the long term, is greater than the price and costs expended by the
Company to acquire them. The Company also reserved the ability to make
investments outside of the technology sector, if the Directors believe that
they will bring long-term value to shareholders. The Company does not propose
to limit its search to any specific geographic location, however the Directors
will ensure that the geographic location of any investment opportunity is
suitable for institutional investment in the London market. Initially within
the technology segment opportunities are likely to arise in Spatial computing
and intelligent natural interfaces are the next computing paradigm which will
fundamentally change human and machine interaction. We are already seeing the
impact of this rapidly evolving technology across all sectors (driverless cars
being the most commonly quoted example), further, the interplay between these
technologies and technologies traditionally created for the games industry
(including but not limited to Virtual Reality, Unreal Engine and Unity) are
disrupting numerous sectors from, training, AI driven simulation,
architectural visualisation and data visualisation solutions that assimilate
rich and complex data into intuitive, interactive spatial simulations for more
rapid and efficient analysis, insight and learning. Our focus will be on
investing in technology companies or technology-enabled services companies
within this rapidly developing market.
The Board has continued to reduce overheads and as a result the Company is in
a good financial position as it adopts its new strategy.
The directors do not recommend the payment of a dividend.
Extract from the auditor’s report:
Conclusions relating to going concern
“In auditing the consolidated financial statements, we have concluded that
the directors’ use of the going concern basis of accounting in the
preparation of the consolidated financial statements is appropriate.
Based on the work we have performed, we have not identified any material
uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the Group and parent company’s
ability to continue as a going concern for a period of at
least twelve months from when the consolidated financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to
going concern are described in the relevant sections of this report.”
N Lyons Chairman
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries
Company
Paul Ryan - Executive Director
mollyroeplc@gmail.com
Peterhouse Capital Limited - Financial Adviser and Corporate Broker
+ 44 (0) 20 7469 0930
Consolidated Statement of Comprehensive Income for the Year Ended 31st
December 2023
2023 2022
£ £
TURNOVER - -
Administrative expenses (72,882) (17,514)
OPERATING LOSS (72,882) (17,514)
Interest receivable and similar income 4,099 754
LOSS BEFORE TAXATION (68,783) (16,760)
Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (68,783) (16,760)
Loss attributable to: Owners of the parent (68,783) (16,760)
Earnings per share expressed in pence per share:
Basic (3.49) (0.85)
Diluted (3.49) (0.85)
The Group has no recognised gains or losses other than those disclosed in the
Income Statement above. Consequently, no Statement of Other Comprehensive
Income is presented.
Consolidated Statement of Financial Position for the Year Ended 31st December
2023
2023 2022
£ £
CURRENT ASSETS Debtors 7,578 7,864
Cash at bank 335,550 383,465
CREDITORS 343,128 391,329
Amounts falling due within one year (42,948) (22,366)
NET CURRENT ASSETS 300,180 368,963
TOTAL ASSETS LESS CURRENT LIABILITIES 300,180 368,963
CAPITAL AND RESERVES Called up share capital 418,861 418,861
Share premium 3,473 3,473
Retained earnings (122,154) (53,371)
SHAREHOLDERS' FUNDS 300,180 368,963
The financial statements were approved by the Board of Directors and
authorised for issue on and were signed on its behalf
by:
......................................................................
P Ryan - Director
......................................................................
N Lyon – Director
Company Statement of Financial Position for the Year Ended 31st December 2023
2023 2022
£ £
FIXED ASSETS Investments 4 4
CURRENT ASSETS Debtors 7,520 7,806
Cash at bank 335,550 369,518
CREDITORS 343,070 377,324
Amounts falling due within one year (54,016) (19,487)
NET CURRENT ASSETS 289,054 357,837
NET ASSETS 289,058 357,841
CAPITAL AND RESERVES Called up share capital 418,861 418,861
Share premium 3,473 3,473
Retained earnings (133,276) (64,493)
P Ryan - Director
......................................................................
N Lyon - Director
Consolidated Statement of Changes in Equity for the Year Ended 31st
December 2023
Share Retained earnings £ Share Total equity £
capital premium
£ £
Balance at 1st January 2022 418,861 (36,611) 3,473 385,723
Changes in equity Total comprehensive income - (16,760) - (16,760)
Balance at 31st December 2022 418,861 (53,371) 3,473 368,963
Changes in equity Total comprehensive income - (68,783) - (68,783)
Balance at 31st December 2023 418,861 (122,154) 3,473 300,180
Company Statement of Changes in Equity for the Year Ended 31st December
2023
Share Retained earnings £ Share Total equity £
capital premium
£ £
Balance at 1st January 2022 418,861 (288,940) 3,473 133,394
Changes in equity Total comprehensive income - 224,447 - 224,447
Balance at 31st December 2022 418,861 (64,493) 3,473 357,841
Changes in equity Total comprehensive income - (68,783) - (68,783)
Balance at 31st December 2023 418,861 (133,276) 3,473 289,058
Consolidated Cash Flow Statement
for the Year Ended 31st December 2023
Cash flows from operating activities 2023 £ 2022 £
Loss for the financial year (68,783) (16,760)
Interest received (4,099) (754)
Decrease/(increase) in debtors 286 (2,051)
Increase/(decrease) in creditors 20,582 (27,844)
Net cash used in operating activities (52,014) (47,409)
Cash flows from investing activities Interest received 4,099 754
Net cash from investing activities 4,099 754
Decrease in cash and cash equivalents (47,915) (46,655)
Cash and cash equivalents at beginning of year 383,465 430,120
Cash and cash equivalents at end of year 335,550 383,465
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