Audited Annual Results for the Year Ended 31 December 2023
20/06/2024 16:09
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY EVRIMA PLC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
20 June 2024
Evrima PLC
(“Evrima” or “the Company”)
AQSE: EVA
Audited Annual Results for the Year Ended 31 December 2023
Evrima Plc, the investment issuer focused on opportunities within the
commodities, mineral exploration and development sectors, is pleased to
announce its final results for the year ended 31 December 2023.
The financial information below has been extracted from the audited financial
statements of the Company for the year ended 31 December 2023, which have been
prepared in compliance with United Kingdom Accounting Standards, including
Financial Reporting Standard 102, "The Financial Reporting Standard applicable
in the United Kingdom and the Republic of Ireland" (“FRS102”) and the
Companies Act 2006. The Annual Report is available from the Company’s
website at www.evrimaplc.com.
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
- Ends -
Enquiries:
Company:
Burns Singh Tennent-Bhohi (CEO & Director)
burns@evrimaplc.com
Simon Grant-Rennick (Executive Chairman)
simon@evrimaplc.com
Novum Securities Limited (Corporate Adviser):
David Coffman / George Duxberry: + 44 (0) 20 7399 9400
Peterhouse Capital Limited (Corporate Stockbroker):
Lucy Williams: +44 (0) 20 7469 0930
REVIEW OF BUSINESS
The financial year ending 31 December 2023, presented a dynamic landscape for
global financial markets. While 2022 was marked by significant volatility and
a pronounced shift in risk sentiment, 2023 showed some signs of stabilisation,
albeit amidst persistent economic challenges. For Evrima, our strategic focus
on the natural resource sector continued to prove resilient supported by more
favourable commodity prices and ongoing demand.
Throughout 2023, the global commodities market remained robust, driven by
sustained demand and strategic supply constraints. The S&P GSCI, a benchmark
for commodity performance, saw moderate gains, reflecting the continued
importance of commodities in a diversified investment portfolio. This
environment underpinned Evrima's core strategy, as we continued to review
investments in the natural resource sector. Our focus on assets ranging from
exploration to pre-production stages in jurisdictions such as Botswana aligned
with the prevailing market conditions ensured that our portfolio remains
well-positioned to benefit from commodity market trends.
Whilst 2023 began to demonstrate the structural challenges within certain key
commodities by way of pricing, the allocation of capital to mineral
exploration and development assets which include mineral projects that are;
pre-discovery, post-discovery studies, pre-production (with the common theme
being; high sustaining costs and non-revenue) remained limited and risk-off.
Further challenges were felt across wider UK financial markets. Investment
issuers and smaller recognised investment exchanges struggled the most, with a
notable recovery Q4 continuing into 2024. While challenges such as inflation
and monetary policy adjustments persisted, investor sentiment started to
improve.
In 2023, Evrima remained steadfast in its commitment to prudent cost
management and strategic investment development. For a further consecutive
year, the Board of Directors elected to work at a cost of £0 to the Company
receiving no £0 cash compensation, £0 in salary sacrifice schemes by way of
equity and £0 by way of any stock-based compensation.
By maintaining a disciplined approach to expenses, we ensured that our capital
was effectively allocated towards high-potential opportunities. This fiscal
prudence allowed us to support the development of our existing investments
while also evaluating new prospects. Our operations in Botswana, where we have
executed three major investment transactions, continued to advance,
demonstrating the potential and resilience of our targeted assets.The Board as
ever continue to evaluate suitable investment opportunities that complement
the Company’s investment strategy.
As we reflect on the financial period 31 December 2023, Evrima Plc is
positioned for continued growth and value creation. Our strategic focus on the
natural resource sector, bolstered by a supportive commodities market, coupled
with disciplined cost management and a recovering equity landscape, underlines
our commitment to delivering long-term shareholder value. We remain vigilant
and adaptable, ready to capitalise on emerging opportunities while navigating
the evolving market conditions.
We take this opportunity as a Board to thank our shareholders for their
continued support of the business and the Company’s underlying strategy.
Investment Interests & Progress to 31 December 2023
Eastport Ventures Inc
Investment Interest as at Year End:
Shareholding at beginning of the Year: 3,596,623
Shares acquired during the Year: 430,289 (Price Paid per/share : $0.20)
Average Price Paid Per Share: CAD$0.22
Resulting Holding: 4,026,912 (Representing ~7.5% of the Issued Share Capital
of Eastport Ventures Inc.)
Warrants Held as at Year End:
1,281,265 Strike price: CAD$0.20 / Life to Expiry: June 2027*
215,144 Strike price: CAD$0.20 / 1-Year post admission
215,144 Strike price: CAD$0.30 / 3-Years post admission
*Following the conclusion of Eastport Ventures Inc’s $0.20 Unit Financing
opened in, April 2023 an agreement was reached to amend the strike price of
the 1,281,265 warrants held in Eastport. The warrants were previously
exercisable at CAD$0.30, during the year this was mutually amended to an
exercise price of CAD$0.20.
Burns Singh Tennent-Bhohi, Chief Executive Officer & Director of Evrima plc is
a Founding Partner in Eastport Ventures and the current Chairman and Chief
Executive Officer.
Eastport Ventures is a mining house, predicated on building and maximising
value from its asset base of investments and projects. The Company has a
portfolio of six projects in Botswana covering 3,906 sq km’s prospective for
copper, nickel, rare earths, uranium, and diamonds.
Over the past year the Company has been focussed on concluding a go-public
transaction on a recognised investment exchange in North America. Much work
has been done on the key documentation needed to achieve this, including the
completion of a 43-101 Technical Report, an independent Legal Opinion on its
prospecting licences, and a two-year Group Audit. Eastport envisages
completing its key documentation and concluding its go-public transaction
during the second half of 2024.
Eastport's three key projects are as follows:
Foley (Uranium)
Foley is located directly to the north of the Letlhakane uranium deposit in
Botswana, owned by ASX-listed Lotus Resources (ASX: LOT), and which contains
an indicated resource of 42.2 Mlbs of U3O8 at an average grade of 323 ppm
(0.0323%) (cut-off 200 ppm), and an inferred resource of 148.2 Mlbs at an
average grade of 321 ppm. Letlhakane is one of the world’s largest
undeveloped uranium deposits.
At Letlhakane, the uranium is in-part hosted in the Mea Arkose Formation, the
basal sandstone of the Karoo’s Ecca Group. The Mea formation extends
throughout the Foley project, whilst the base of the shale rich Tlapana
Formation that overlies the Mea also contains significant amounts of uranium.
Historic drilling on Foley indicates the existence and presence of uranium,
with elevated grades observed in the assay results. In conjunction with the
favourable stratigraphic similarities with the Lethlhakane deposit, there is a
strong degree of confidence that Foley could host a significant high-grade
resource.
Matsitama (Copper)
Matsitama is comprised of three known targets within the Matsitama Schist
Belt, an accreted terrane thrusted atop an Archean plutonic complex at the
western end of the Zimbabwe Craton. The most advanced target is Nakalakwana,
which hosts an historic SAMREC resource (non-compliant) of 9.9 Mt at 0.46% Cu,
which Eastport is seeking to increase markedly.
Phudulooga, meanwhile, is a shear hosted high-grade hydrothermal deposit with
a known 1,600 m x 30 m copper zone within and marginal to the Bushman Fault
Zone. The vein mineralisation is reporting high percentages of copper. Moving
forward, Eastport intends to better define the extent of the copper zone and
to locate areas of increased copper vein density through the use of drilling
and infill geophysics.
Semarule (Rare Earths)
The Semarule project is located 40km from the capital of Botswana, Gaborone,
and covers 249 sq km’s. Semarule features an outcropping mineral-rich
multi-phase syenite with carbonatite dykes. Surface rock sampling has reported
up to 5,097 ppm of Total Rare Earth Oxides (TREO), with a subset of magnet
light and heavy rare earths including neodymium, praseodymium, dysprosium, and
terbium up to 1,270 ppm. Exposed mineralisation outcrops over a 3 sq km area,
reaching 75 metres above regional cover. There is excellent infrastructure on
the project, including roads, electricity, and a nearby skilled workforce.
Eastport is intending to commence drilling on the project later in 2024, with
environmental permitting currently underway.
Other Projects
In addition to its three core projects, Eastport is also progressing the
Selebi, Keng, and Jwaneng projects. The Selebi project, targeting nickel and
copper, is located immediately to the east (~10 km’s) of the significant
past producing Selebi Nickel Mine, owned by Premium Nickel Resources Ltd
(TSX-V: PNRL). Keng, meanwhile, is targeting nickel, copper, and PGM’s,
and is located on the northern portion of the mafic-ultramafic intrusive known
as the Molopo Farms Complex. Finally, Jwaneng is prospective for diamonds,
being 20km’s north of the Jwaneng Mine, known as ìthe world’s richest
diamond mineî, producing >11 million carrots per annum.
Key Project Highlights Concluded In 2023
1,500 metre diamond drill program completed at Nakalakwana.
Regional geologic exploration program completed at Lepashe.
Soil sampling at Selebi, which remains ongoing.
Acquisition of Semarule rare earths project.
Premium Nickel Resources Ltd
Investment Interest as at Year End:
Shareholding at beginning of the Year: 1,014,115
Shares sold during the Year: 443,828
Gross Proceeds Realised: $637,212
Book Cost on Shares Purchased: $0.21
Capital Gain/ %-Gain on Sale: $544,008 ($1.23/share sold)/ 583%
Resulting Holding: 570,287
Premium Nickel Resources Ltd. is a mineral exploration and development company
focused on the discovery and advancement of high-quality Ni-Cu-Co-PGM
resources. PNRL is a Canada-based mining company listed on the Toronto Stock
Venture Exchange. The Company's Selebi Project encompass two fully permitted,
Ni-Cu-Co Mine re-development projects; former BCL Selebi Mine (Selebi Main and
Selebi North deposits), dubbed the "Tsholofelo Project" as well as the former
Tati Nickel Mining Company (TNMC) Selkirk Mine.
Material Highlights to the Year End Include:
27 Jan 2023 - PNRL Announces Assay Results at its 100% Owns Selebi Mine
Including: 16.75 metres of 1.72% NiEq (1.00% Ni, 2.05% Cu, 0.04% Co)
24 February 2023 - PNRL Closes Private Placement Financing: CAD$7,765,072@
CAD$1.75
12 April 2023 - PNRL Announces Filing of NI 43-101 Technical Report on Selkirk
Mine
28 June 2023 - PNRL Announces Financing Transactions Totalling CAD$34 Million
14 November 2023 - PNRL Announces Assay Results at its 100% Owns Selebi Mine
Including: 9.25 metres of 1.78% NiEq (1.35% Ni; 0.67% Cu; 0.07% Co) and 9.85
metres of 1.28% NiEq (0.77% Ni; 0.95% Cu; 0.04% Co)
14 December 2023 - PNRL Announces Financing Transactions Totalling CAD$21.6
Million
19 December 2023 - PNRL Assays and Extension of Historic Resource at Selebi
North Underground Including: 10.45 metres of 1.45% NiEq (0.48% Ni; 1.82% Cu;
0.02% Co)
Kalahari Key Mineral Exploration Company (pty) Ltd ("Kalahari Key")
Investment Interest as at Year End:
Shares held in Kalahari Key: 3,802
Kalahari Key is a private mineral exploration company registered in Botswana,
engaged in the development of its Nickel-Copper-Platinum Group Metals
(Ni-Cu-PGM) project called the Molopo Farms Complex ("MFC").
The Kalahari Key opportunity developed from a recognition that no historical
exploration targeting "feeder" styles of Ni-Cu-PGE mineralisation had been
completed within the Molopo Farms ultramafic complex. The founder's group of
four seasoned metals explorers identified a number of prospecting licences
over a prospective geological feature often associated with feeder-style
deposits.
On 6 October 2023 the Company announces that recently completed geophysical
inversions led to the identification of the highest priority conductor thus
far. The identified conductor is very strong, steeply dipping and
multi-kilometre in length and importantly is co-incident with the keel of the
feeder zone intrusion within target area T1-14. Significantly, this conductor
is geologically located where one would expect to find accumulations of
significant nickel sulphides within a mafic/ultramafic complex, giving the
Company further confidence in the provenance of this particular conductor.
Announced post year end, the successful completion of the drillhole DDH1-14C
at its Molopo Farms Complex Project. Diamond core drillhole DDH1-14C has
completed to a final depth of 832.6 metres, with the successful intersection
of the targeted steeply dipping geophysical superconductor at high priority
Molopo Farms Target Area T1-14. Geophysical superconductor is interpreted to
be a sulphide mineralised carbonaceous mudstone unit between 760.5 - 813m
downhole depth and from 828.4m - 832.6m (end of hole) where it remains open at
depth. The mineralised carbonaceous mudstone contains abundant
pyrrhotite-quartz-calcite veining and localised sulphide dominated veins of
what appears to be pyrrhotite. Further mostly vein-hosted sulphides are
present throughout the intervals including dominantly pyrite. With the
drillhole complete, the in-country geological team will now select samples
from the intervals for certified laboratory multielement and PGE assay
testing, with the assay results expected in the coming months.
Key Corporate Highlights to Year End:
Directors Compensation and Administrative Costs
The Directors of the Company were paid in aggregate £0 to the Year End in a
sign of complete commitment to Evrima and its commercial strategy.
PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider the key risks to the company to be that of maintaining,
augmenting and realising value from its investment positions and the company's
reliance on capital markets.
The company seeks to mitigate these risks through adhering to internal
protocols that govern the time for which investments should be maintained and
their respective liquidity profile to ensure that the company's asset profile
is diverse, flexible and importantly not overexposed.
The Directors continue to review investment opportunities that have the
potential to generate the company income that would reduce the company's
reliance on equity and debt finance to secure the ongoing operations of the
business.
Acquiring Less than Controlling Interests
The Company may acquire either less than whole voting control of, or less than
a controlling equity interest in, a target, which may limit the Company's
operational strategies and reduce its ability to enhance Shareholder value. In
recognising the risk in non-controlling investment interests, the Company
ensures to categorise an investment based on the desired exit strategy. If a
clear exit for the investment is pre-determined save for time to disposal,
then the Company is content to invest on the basis that non-control does not
impact or create an underlying risk by virtue of percentage ownership. To
further protect investment activity where this may occur the Company carefully
allocate capital to investments for which the Company have no influence over.
Inability of Investee to Raise Capital Post-Investment
An investee of the company may be unable to raise capital to fund operations
and achieve its commercial objectives post-investment by the Company. This may
lead to devaluation of the Company's investment interest, dilution or render
the investee insolvent. It may also lead the investee to seeking distressed
asset funding options that could create irrecoverable damages to the Company's
investment. The Company believe in evaluating investment opportunities whereby
they are not the sole investor responsible for capitalising the investment
ensuring that the investee has a broad shareholder base and access to a wide
pool of capital. Additionally in certain circumstances when conducting and
structuring investments the Company will do so using a variety of financial
instruments and terms that provide protection against risks associated with an
investee being unable to secure capital investment.
The Company's Relationship with the Directors and Conflicts of Interest
The Company is dependent on the Directors to identify potential acquisition
opportunities and to structure and complete investments consistent with its
investment strategy. The Directors are not obliged to commit their whole time
to the Company's business; they will allocate a portion of their time to other
businesses which may lead to the potential for conflicts of interest in their
determination as to how much time to assign to the Company's affairs. The
Company ensures that the Board maintains independence where conflicts may
arise both internally with the Board and its advisors. In the event any
conflicts should arise, the Board maintain a policy of disclosure and
independent opinion.
Risks Inherent in an Investment
Although the Company and the Directors will evaluate the risks inherent in a
particular investment, they cannot offer any further assistance that all of
the significant risk factors can be identified or properly assessed.
Furthermore, no assurance can be made that an investment in Ordinary Shares in
the Company will ultimately prove to be more favourable to investors then a
direct investment, if such an opportunity were available, in an investment
interest. The Company believe that in holding investments through a quoted
investment issuer structure the Company can provide sufficient indirect
investment protection were they to own the investment directly. Furthermore,
through the Company creating a basket of investment interests that in
aggregate provide increased optionality in exposure to the underlying the
Company is aiming to mitigate downside risk should an event impact the
valuation of any of the investments.
Funding
The aim of the investment strategy is to seek capital gains on successful
disposals of its investment interests rather than financial investments and
instruments that generate income. The absence of income will mean that the
company is reliant on the performance of the investee not just in its ability
to operate but in its ability to provide the Company a material and liquid
exit to ensure the company has capital to progress its investment strategy.
Impact of the business on the environment and other environmental matters
The report does not contain such information, as the nature and principal
activity of the business is that of investment, the Board consider
environmental matters in forming any investment they may make and ensuring
that the potential investment opportunity maintains internal standards and
disciplines that demonstrate competence when evaluating their underlying
operations.
Within the mineral and natural resource industry, companies operating must
comply with legislative and regulatory policy when undertaking such activity,
including reclamation and environmental liabilities as a requisite of
operating in an industry that involves the extraction of minerals from the
environment and the remediation associated.
Company's employees
The employees of the company are the Board of Directors. The Board of
Directors must adhere to high standards of operation consistent with managing
a quoted company at all times.
Social, community and human rights issues
The report does not contain such information, as the nature and principal
activity of the business is that of investment, the Board consider social,
community and human right issues in forming any investment they may make and
ensuring that the potential investment opportunity maintains internal
standards and disciplines that demonstrate competence when evaluating their
underlying operations.
Key performance indicators
The company's principal activity is to acquire investment interests in global
mineral and natural resource opportunities through mechanisms including direct
asset investment, indirect asset investment (including investment in quoted
companies operating in the mineral/natural resource industry) and through
investing in instruments such as royalties that have the ability to generate
the company investment income.
For the year ending 31 December 2023, the company held three unquoted
investments in private companies operating in the natural resource sector. The
three companies were actively developing their underlying assets through
operating exploration and development activities in base and industrial
metals.
The company continue to focus on the underlying investments held generating
capital returns that can enable the company to consider redeployment of
capital in additional opportunities as the Directors see suitable or the
distribution of profits to the shareholders of the company in the form of a
cash or in-specie dividends.
The company's key investment objectives include:
1. Identification of undervalued opportunities that the Board can augment
through capital and direct involvement whether at the Board or Consultancy
level.
1. The generation of internal investment opportunities that can be developed
through investment and creative commercial structures.
1. To evaluate opportunities that post-investment are not reliant on the
company to provide consistent capital investment over a period of time that
will isolate and concentrate too much of the company’s investment portfolios
capital and focus.
The company's key investment disposal objectives include:
1. For the unquoted investment positions to achieve either a trade sale or
consummate a go public transaction that would result in a premium realised to
the cost of investment.
1. To redeploy capital where the Directors of the company identify suitable
opportunities that can generate sufficient returns for the company and its
shareholders.
1. To consider methods where shareholders can benefit in having exposure to
the company's underlying assets through in- specie dividends
SECTION 172(1) STATEMENT
The Directors are required to make a statement which describes their attitude
with regard to the matters set out in Section 172
(1) of the Companies Act 2006, namely:
Duty to promote the success of the company
(a) The likely consequences of any decision in the long term
(b) The interests of the company's employees
(c) The need to maintain the company's business relationships with
suppliers, customers and others
(d) The impact of the company's operations on the community and environment
(e) The desirability of the company maintaining a reputation for high
business conduct
(f) The need to act fairly between members of the company
Section 172 Statement
The Directors of the company commit to maintaining high operating standards
and fiscal discipline and frequently communicate and engage with each other in
order to consider and understand the underlying issues within the
organisation. In order to enhance the standards of the business, the Board
considers the global landscape that may present impediments to the business.
The Board maintains a disciplined internal evaluation process that is used to
identify opportunities consistent with its underlying investment strategy that
are determined as suitable investment opportunities. Thorough internal and
external analysis is completed and of much significance is a pre-determined
exit strategy with an associated timeframe for realisation of value.
The company is committed to the highest levels of integrity and transparency
with stakeholders.
Stakeholders include, suppliers, government and regulatory agencies, service
providers and shareholders. The Board, both individually and together,
consider that they have acted in the way they consider would be most likely to
promote the success of the Company as a whole. In order to do this, there is a
process of dialogue with stakeholders to understand the uses that they might
have. Communications with shareholders occur on an ongoing basis and as
questions arise.
Transparency and integrity are central themes for the Company's Directors. The
Directors of the company strive to provide our stakeholders with timely and
informative responses.
The Board recognises its responsibilities under Section 172 as outlined above
and has acted at all times in a way consistent with promoting the success of
the Company with regard to all stakeholders.
POST YEAR END REVIEW
Reflecting on key moments for the Company in 2023, I am pleased to report to
shareholders that despite challenging capital market conditions the Company
has been able to reduce costs and only seek to release capital from its
portfolio of investments for key financial obligations and to evaluate new
investment opportunities. A significant outcome of this exercise has been in
understanding and acknowledging that as a business the Board are committed to
using its internal treasury to capitalise growth and create value for our
shareholders and not to seek capital investment through equity finance that
would be dilutive to our existing shareholders.
This model has required patience and sacrifice from our Board, advisors,
management and our shareholders and I would like to take this opportunity to
thank all for their continued support of Evrima as we continue to progress our
investment mandate concurrent with considering optimal realisation strategies
for our shareholders.
When considering the first half of 2024 and looking to the following six
months to the year ending 2024 the key objectives at Evrima include:
- Augmenting the treasury position of the business,
primarily our portfolio of marketable securities for which is the main source
of the Company's current direct liquidity positions.
- To evaluate quality investment opportunities in the
exploration, development and mining industry both in private and public
markets
- To materialise value in our two substantive private
interests being Eastport Ventures Inc. & Kalahari Key for which the Board are
actively pursuing with Eastport Ventures Inc. seeking to complete its go
public transaction in North America in this year.
- To consider potential market synergies that would enhance
the liquidity profile for our current shareholders.
ON BEHALF OF THE BOARD:
Mr Simon Grant-Rennick - Director
Date: 19 June 2024
Statement of Comprehensive Income for the year ended 31 December 2023
2023 2022
£ £
TURNOVER - -
Administrative expenses (271,998) (166,997)
(271,998) (166,997)
Other operating income 29,981 10,250
OPERATING LOSS (242,017) (156,747)
Gain on revaluation of assets (555,075) (253,032)
(797,092) (409,779)
Interest payable and similar expenses (11,304) (129)
LOSS BEFORE TAXATION (808,396) (409,908)
Tax on loss 54,780 81,178
LOSS FOR THE FINANCIAL YEAR (753,616) (328,730)
Earnings per share expressed in pence per share:
Basic (1.91) (0.50)
Diluted (1.91) (0.30)
Statement of Financial Position 31 December 2023
2023 2022
£ £
FIXED ASSETS
Investments 546,050 886,884
CURRENT ASSETS Debtors 25,360 13,710
Investments 474,561 1,046,355
Cash at bank 6,886 44,386
506,807 1,104,451
CREDITORS
Amounts falling due within one year (31,559) (161,640)
NET CURRENT ASSETS 475,248 942,811
TOTAL ASSETS LESS CURRENT LIABILITIES 1,021,298 1,829,695
PROVISIONS FOR LIABILITIES - (54,781)
NET ASSETS 1,021,298 1,774,914
CAPITAL AND RESERVES
Called up share capital 244,068 244,068
Share premium 1,360,029 1,360,029
Other reserves 44,100 44,100
Retained earnings (626,899) 126,717
SHAREHOLDERS’ FUNDS 1,021,298 1,774,914
Statement of Changes in Equity for the year ended 31 December 2023
Called up share capital £ Retained earnings £ Share premium £ Other reserves £ Total equity £
Balance at 1 January 2022 244,068 455,447 1,360,029 44,100 2,103,644
Changes in equity
Deficit for the year - (328,730) - - (328,730)
Total comprehensive income - (328,730) - - (328,730)
Balance at 31 December 2022 244 , 068 126,717 1,360,029 44,100 1,774 , 914
Changes in equity Deficit for the year - (753,616) - - (753,616)
Total comprehensive income - (753,616) - - (753,616)
Balance at 31 December 2023 244 , 068 (626,899) 1,360,029 44,100 1,021,298
Statement of Cash Flows for the year ended 31 December 2023
Notes 2023 £ 2022 £
Cash flows from operating activities
Cash generated from operations 1 (181,287) (119,258)
Interest paid (11,304) (129)
Net cash from operating activities (192,591) (119,387)
Cash flows from investing activities Purchase of tangible fixed assets (162,998) -
Purchase of fixed asset investments - (148,297)
Sale of tangible fixed assets 418,760 -
Sale of fixed asset investments - 101,710
Net cash from investing activities 255,762 (46,587)
Cash flows from financing activities Amount introduced by directors - 104,241
Amount withdrawn by directors (100,671) -
Net cash from financing activities (100,671) 104,241
Decrease in cash and cash equivalents (37,500) (61,733)
Cash and cash equivalents at beginning of year 2 44,386 106,119
Cash and cash equivalents at end of year 2 6,886 44,386
Notes to the Statement of Cash Flows for the year ended 31 December 2023
1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£ £
Loss before taxation (808,396) (409,908)
Loss on disposal of fixed assets 100,073 29,895
Loss on revaluation of fixed assets 555,075 253,104
Finance costs 11,304 129
(141,944) (126,780)
(Increase)/decrease in trade and other debtors (25,094) 42,760
Decrease in trade and other creditors (14,249) (35,238)
Cash generated from operations (181,287) (119,258)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statement of Cash Flows in respect of cash and
cash equivalents are in respect of these Statement of Financial Position
amounts:
Year ended 31 December 2023 31/12/23 £ 1/1/23 £
Cash and cash equivalents 6,886 44,386
Year ended 31 December 2022 31/12/22 1/1/22
£ £
Cash and cash equivalents 44,386 106,119
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/23 £ Cash flow £ At 31/12/23 £
Net cash
Cash at bank 44,386 (37,500) 6,886
44,386 (37,500) 6,886
Liquid resources
Current asset investments 1,046,355 (571,794) 474,561
Total 1,046,355 (571,794) 474,561
1,090,741 (609,294) 481,447
4. MAJOR NON-CASH TRANSACTIONS
Excluded from the cashflow is the reversal of deferred tax of £54,780.
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