REG - Dial Square Invest. - Interim Accounts
30/11/2022 16:45
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RNS Number : 1275I Dial Square Investments PLC 30 November 2022
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30 November 2022
Dial Square Investments plc
Interim Accounts - 31 August 2022
Dial Square Investments plc (the "Company"), a company formed to undertake one
or more acquisitions of interests in companies, businesses or assets in the
sports management sector is pleased to announce its interim results for the
six months ended 31 August 2022.
Enquiries
Dial Square Investments plc Neil Cousins +44 (0)1615040629
(Non-Executive Chairman)
Optiva Securities Limited Christian Dennis/Daniel Ingram +44 (0)20 3137 1903
(Company Broker)
CHAIRMAN'S STATEMENT
Dial Square Investments was formed to undertake one or more acquisitions of
interests in companies, businesses or assets in the sports management sector.
The Company intends to target acquisitions of majority interests that enable
it to capitalise on the potential to develop a vertically integrated sports
management operation. The world of sport is responsible for the employment of
many millions of people around the world and attracts a huge amount of
interest from persons playing or watching professional and elite level
competition. This growth in consumption has led to the development of a large
sports management sector which encompasses a wide variety of different
opportunities. The Directors believe that viable companies exist in the
sports management sector and that through the Company's experienced board and
contacts in the sport and financial industry, it can identify acquisitions
which have the potential to grow significantly with the right guidance and
resources.
Any transaction is deemed likely to be categorised a Reverse takeover as
defined in the Listing Rules and we expect the funding for any transaction to
be derived from existing cash resources, or the raising of additional capital.
Now that the Company's listing has completed on 30 November 2022, the Company
is well placed, via its experienced management team and strategic advisers, to
identify and assess potential transaction opportunities with a view to
maximising value for shareholders. We will provide further updates on this as
we progress.
Neil Cousins
Non-Executive Chairman
30 November 2022
Unaudited Unaudited
6 months ended 31 August 2022 6 months ended 31 August 2021
Note £ £
Revenue - -
Administrative expenses (50,820) (96,022)
Operating result (50,820) (96,022)
Finance income/(expense) - -
Loss before taxation (50,820) (96,022)
Income tax - -
Loss for the period and total comprehensive income for the period (50,820) (96,022)
Basic and diluted loss per ordinary share (pence) 3 (0.0035) (0.0066)
Unaudited Unaudited
As at 31 As at 31
August 2022 August 2021
Note £ £
ASSETS
Current assets
Cash and cash equivalents 316,148 335,776
Total assets 316,148 335,776
Liabilities
Current Liabilities
Trade and Other Payables 4 112,763 28,623
Total Liabilities 112,763 28,623
Net Assets 203,385 312,053
EQUITY AND LIABILITIES
Equity attributable to owners
Ordinary share capital 5 162,500 162,500
Share premium 5 245,575 245,575
Accumulated losses (204,689) (96,022)
Total equity and liabilities 203,385 312,053
Ordinary share capital
Share premium Retained earnings Total equity
£ £ £ £
Profit for the period - - (204,689) (204,689)
Total comprehensive income for the period - - (204,689) (204,689)
Transactions with owners
Ordinary shares issued on incorporation 50,000 - - 50,000
Ordinary shares issued during period 112,500 262,500 - 375,000
Share issue costs (16,925) - (16,925)
Total transactions with owners 162,500 245,575 - 408,075
As at 31(st) August 2022 162,500 245,575 (204,689) 203,385
Unaudited Unaudited
6 months ended 31 August 2022 6 months ended 31 August 2021
£ £
Cash flows from operating activities
Loss before income tax (50,820) (96,022)
Adjustments for:
Increase in other payables 25,310 23,723
Net cash from operating activities (25,510) (72,299)
Cash flows from financing activities
Cash received from issue of ordinary Shares 0 408,075
Net cash inflow from financing activities 0 408,075
Net increase in cash and cash equivalents (25,510) 335,776
Cash and cash equivalents at beginning of period 341,658 0
Cash and cash equivalents at end of period 316,148 335,776
NOTES TO THE UNAUDITED INTERIM ACCOUNTS
FOR THE PERIOD ENDED 31 AUGUST 2022
1 General information
Dial Square Investments plc ("the Company" or "Dial Square"), a public limited
company, was incorporated on 15 February 2021 in England and Wales with
Registered Number 13201653 under the Companies Act 2006. The address of its
registered office is the 10(th) Floor, 3 Hardman Street, Manchester United
Kingdom.
The principal activity of the Company is to seek suitable investment
opportunities primarily in the sports management sector.
2 Accounting policies
IAS 8 requires that management shall use its judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
2.1 Basis of preparation
The condensed interim financial information ("interim financial information")
has been prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting" (IAS 34). The interim financial information have
been prepared on the historical cost basis, except for assets and liabilities
measured at fair value through profit and loss, and are presented in pounds
sterling, which is the currency of the primary economic environment in which
the Company operates. All amounts have been rounded to the nearest pound,
unless otherwise stated.
The interim financial information has not been audited in accordance with the
International Standard on Review Engagements 2410 issued by the Auditing
Practices Board. The interim financial information do not constitute
statutory accounts within the meaning of section 434 of the Companies Act
2006. The figures have been prepared using applicable accounting policies and
practices consistent with those adopted in the audited annual financial
information for the year ended 31 August 2022.
16
The interim financial information is for the six months to 31 August 2022,
being six months from the financial year end for the Company being 28 February
2022. The interim financial information does not include all the information
and disclosures required in the annual financial statements and should be read
in conjunction with the Company's annual audited financial statements for the
period ended 28 February 2022.
The functional currency for the Company is determined as the currency of the
primary economic environment in which it operates. The functional and
presentational currency of the Company is Pounds Sterling (£).
The business is not considered to be seasonal in nature.
New standards, amendments and interpretations adopted
During the current period the Company adopted all the new and revised
standards, amendments and interpretations that are relevant to its operations
and are effective for accounting periods beginning on 1 January 2022. This
adoption did not have a material effect on the accounting policies of the
Company.
New standards, amendments and interpretations not yet adopted by the Company.
The standards and interpretations that are relevant to the Company, issued,
but not yet effective, up to the date of these interim Financial information
have been evaluated by the Directors and they do not consider that there will
be a material impact of transition on the financial information.
2.2 Going concern
The financial information has been prepared on a going concern basis, which
assumes that the Company will continue in operational existence for the
foreseeable future.
The Company is in the final stages of securing fundraising that will allow it
to list on the London Stock Exchange. All costs relating to this admission are
contingent upon the listing and therefore will not adversely affect the cash
position of the Company. In the event that the admission does not take place
the Company will only be subject to very base level administrative costs as
evidenced by the net profit & loss position of the Company over the 6
month period ending 31 August 2022.
Taking these matters into consideration, the Directors consider that the
continued adoption of the going concern basis is appropriate having reviewed
the forecasts for the coming 12 months from the date of signing and the
financial information do not reflect any adjustments that would be required if
they were to be prepared other than on a going concern basis.
2.3 Cash and cash equivalents
The Directors consider any cash on short-term deposits and other short-term
investments to be cash equivalents.
2.4 Financial assets and liabilities
Financial assets and financial liabilities are recognised when the Company
becomes a party to the contractual provisions of a financial instrument.
Financial assets and financial liabilities are offset if there is a legally
enforceable right to set off the recognised amounts and interests and it is
intended to settle on a net basis.
2.5 Earnings per Ordinary Share
The Company presents basic and diluted earnings per share data for its
Ordinary Shares. Basic earnings per Ordinary Share is calculated by dividing
the profit or loss attributable to Shareholders by the weighted average number
of Ordinary Shares outstanding during the period. Diluted earnings per
Ordinary Share is calculated by adjusting the earnings and number of Ordinary
Shares for the effects of dilutive potential Ordinary Shares.
2.6 Equity
Share capital is determined using the nominal value of shares that have been
issued.
The share premium account includes any premiums received on the initial
issuing of the share capital. Any transaction costs associated with the
issuing of shares are deducted from the share premium account, net of any
related income tax benefits.
Retained losses includes all current and prior period results as disclosed in
the income statement.
2.7 Critical accounting estimates and judgments
In preparing the Company Financial information, the Directors have to make
judgments on how to apply the Company's accounting policies and make estimates
about the future. The Directors do not consider there to be any critical
judgments that have been made in arriving at the amounts recognised in the
interim financial information.
3 Loss per Ordinary Share
There were no potentially dilutive instruments in issue at the period end.
As at 31 August 2022
Earnings Weighted average number of Ordinary Shares Per-share amount
£
(pence)
Basic loss per Ordinary Share
Earnings attributable to Shareholders (50,820) 14,107,143 (0.0035)
4 Trade and other payables
As at 31 August 2022
£
Trade payables 22,888
Accruals 89,875
112,763
All trade and other payables are denominated in GBP.
5 Share Capital
Ordinary Shares Share Capital Share Premium Total
# £ £ £
Issue of ordinary shares on incorporation(1) 5,000,000 50,000 - 50,000
Issue of ordinary shares (2) 11,250,000 112,500 262,500 375,000
Share issue costs - - (16,925) (16,925)
At 31 August 2022 16,250,000 162,500 245,575 408,075
(1) On incorporation, the Company issued 5,000,000 Ordinary Shares of £0.01
each at £0.01 per Ordinary Share.
(2)On 28 April 2021, the Company issued 11,250,000 Ordinary Shares; 2,500,000
at a subscription price of £0.01 and 8,750,000 at a subscription price of
£0.04, in connection with the seed round of fundraising.
6 Related party transactions
There have been no material related party transactions in the period that
require disclosure.
7 Events subsequent to the reporting date
There have been no material events subsequent to period end.
8 Financial commitments and contingent liabilities
There were no financial commitments or contingent liabilities of the Company
as at 31 August 2022.
9 Ultimate controlling party
As at 31 August 2022, there was no ultimate controlling party of the Company.
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