REG - GS Chain PLC - Audited Results And Notice of AGM
31/10/2024 12:15
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RNS Number : 4429K GS Chain PLC 31 October 2024
31 October 2024
GS CHAIN PLC
("GS Chain" or the "Company")
Audited Results
And
Notice of Annual General Meeting
GS Chain (LSE: GSC) is pleased to announce its audited results for the Period
Ended 30 June 2024. The full audited financial statements will be uploaded to
the Company website: https://gschain.world/ (https://gschain.world/) .
The Company announces it will hold its Annual General Meeting ("AGM") at
3:00pm (London Time) on 17 December 2024 at the 72 Charlotte Street, London
W1T 4QQ. Further details on the arrangement for this year's AGM are set out in
the Notice of AGM. The Notice of AGM, together with a Form of Proxy, will be
posted to shareholders in due course and will also be available on the
Company's website.
This announcement contains information which, prior to its disclosure,
constituted inside information as stipulated under Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
The directors of GS Chain Plc accept responsibility for this announcement.
For further information please contact:
GS Chain Plc
Alan Austin, CEO alan@gschain.world (mailto:alan@gschain.world)
+44 20 3989 2217
Leon Filipovic, Chairman leon@gschain.world (mailto:leon@gschain.world)
First Sentinel (Corporate Adviser)
Brian Stockbridge brian@first-sentinel.com (mailto:brian@first-sentinel.com)
+44 (0) 7858 888 007
CEO'S STATEMENT
Business strategy and objectives
The Company remains focused on identifying and acquiring businesses within the
technology sector, particularly those utilising advanced technologies in
fintech, banking, finance, and blockchain. Through ongoing due diligence and
disciplined execution, we continue to seek acquisition targets that align with
our growth strategy, ensuring both short-term impact and long-term
sustainability.
While the Board of Directors draws from a diverse range of industry expertise,
our efforts have been concentrated on technology-driven sectors. The Board
remains open to considering other industries if they offer strong potential
for value creation and complement the Company's objectives.
Building on the foundations established since our listing, GS Chain Plc is
dedicated to creating enduring shareholder value by acquiring high-quality
companies with strong growth potential. The experience and industry knowledge
of the Board continue to guide us in capitalizing on strategic opportunities
for sustained success.
Review of activities for the year ended 30 June 2024
The Board of Directors continues to actively evaluate potential acquisition
targets that align with the Company's strategic focus. While no acquisition
costs were incurred during the year ended 30 June 2024, the Company remains
committed to pursuing opportunities that will enhance long-term shareholder
value. Our thorough and ongoing assessment process ensures that only those
companies with significant potential for growth and alignment with our
technological focus are considered for acquisition.
Post Year-End Activities:
On 2 September 2024, GS Chain Plc delisted its ordinary shares from the US
OTCQB Market and transitioned to the OTC Pink Market. This change occurred as
a result of the Company's strategic decision not to complete an acquisition
within the allotted 18-month period following its listing on the OTCQB. The
Board had anticipated this transition, and it reflects the natural progression
of our operations as we continue to pursue acquisition opportunities that
align with our long-term goals.
It is important to note that this change does not impact GS Chain Plc's
ongoing strategy, operational effectiveness, or future prospects. The
Company's shares continue to trade on the London Main Market, the Frankfurt
Stock Exchange, and the US OTC Pink Market. Our focus remains on identifying
and executing acquisitions within the technology sector, specifically
targeting fintech, banking, finance, and blockchain industries.
The Board remains confident in the strength of GS Chain's strategy and our
ability to deliver value to shareholders. Our ongoing due diligence and
acquisition efforts continue unabated, and we view this transition as a
routine development that has no adverse impact on the Company's operational or
financial outlook.
Transparency and open communication remain a top priority, and we will
continue to update our stakeholders on any further developments through the
required channels.
Board of Directors
The composition of the Board remained stable and unchanged during the year
ended 30 June 2024, ensuring continuity of leadership and the sustained
execution of the Company's strategic vision. The current Board continues to
provide strong governance and direction, leveraging its collective expertise
to drive the Company's growth and long-term objectives.
Alan Austin
Chief Executive Officer
FINANCIAL REVIEW
Loss for the year
For the year the Company recorded a loss of £357,330 (2023: £688,242 loss).
The biggest cost driver was £285,832 (2023: £395,300) in professional fees,
£8,000 (2023: £16,000) in consultancy fees and £57,745 (2023: £48,252) in
accounting and audit fees.
Balance Sheet
The total amount of assets on the balance sheet as per the balance sheet date
is £643,965 (2023: £581,916) consisting in the majority of amounts owed by
directors and the Company's cash reserves.
The Company's liabilities of £998,341 (2023: £578,962) consist in the
majority of loans from directors, accrued expenses and directors' fees, as
well as accounts payable.
Cash flow
Cash used in operations totalled £303,187 (2023: £771,922).
Closing cash
At 30 June 2024, the Company held £561,054 (2023: £362,916) in the bank
account.
Sébastien Guerin
Chief Operating Officer
STATEMENT OF PROFIT OR LOSS
Notes 2024 2023
£ £
Administrative expenses (355,921) (688,242)
Operating loss 4 (355,921) (688,242)
Finance costs 7 (1,409) -
Loss before taxation (357,330) (688,242)
Income tax expense 8 - -
Loss for the year (357,330) (688,242)
Earnings per share 9
Basic (0.09) (0.17)
Diluted (0.09) (0.17)
Earnings per share from continuing operations
Basic (0.09) (0.17)
Diluted (0.09) (0.17)
2024 2023
£ £
Loss for the year (357,330) (688,242)
Other comprehensive income: - -
Total comprehensive income for the year (357,330) (688,242)
STATEMENT OF FINANCIAL POSITION
Notes 2024 2023
£ £
Current assets
Trade and other receivables 11 8,998 219,000
Current tax recoverable 11 73,913 -
Cash and cash equivalents 561,054 362,916
643,965 581,916
Current liabilities
Trade and other payables 17 242,020 178,962
Current tax liabilities 17 75,321 -
Borrowings 12 681,000 400,000
998,341 578,962
Net current (liabilities)/assets (354,376) 2,954
Net (liabilities)/assets (354,376) 2,954
Equity
Called up share capital 19 66,798 66,798
Share premium account 20 927,802 927,802
Retained earnings (1,348,976) (991,646)
Total equity (354,376) 2,954
STATEMENT OF CHANGES IN EQUITY
Share capital Share premium account Retained earnings Total
£ £ £ £
Balance at 1 July 2022 66,798 927,802 (303,404) 691,196
Year ended 30 June 2023:
Loss and total comprehensive income for the year (688,242) (688,242)
Balance at 30 June 2023 66,798 927,802 (991,646) 2,954
Year ended 30 June 2024:
Loss and total comprehensive income for the year (357,330) (431,243)
Balance at 30 June 2024 66,798 927,802 (1,348,976) (428,289)
STATEMENT OF CASH FLOWS
2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 25 (303,187) (771,922)
Net cash outflow from operating activities (303,187) (771,922)
Financing activities
Proceeds from loans from directors 500,000 400,000
Payments of loans to directors - (219,000)
Amount introduced by directors 1,325 -
Net cash generated in financing activities 501,325 181,000
Net increase / (decrease) in cash and cash equivalents 198,138 (590,922)
Cash and cash equivalents at beginning of year 362,916 953,838
Cash and cash equivalents at end of year 561,054 362,916
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
Company information
GS Chain Plc is a public company limited by shares incorporated in England and
Wales. The registered office is Ground Floor, 72 Charlotte Street, London, W1T
4QQ. The Company's principal activities and nature of its operations are
disclosed in the directors' report.
1.1 Accounting convention
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom
and with those parts of the Companies Act 2006 applicable to companies
reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional
currency of the company. Monetary amounts in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost
convention except for certain financial instruments classified as financial
instruments measured at fair value. The principal accounting policies adopted
are set out below.
The Company has not traded or received income since incorporation and so no
accounting policy in respect of revenue recognition is disclosed.
1.2 Going concern
The directors have at the time of approving the financial statements a
reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future; details of which are
included in Note 14. While the Company has negative net assets at 30 June
2024, the directors are confident that the existing financing will remain
available to the Company and that additional sources of finance will be
available. The directors committed that the director loans whilst repayable on
demand are not to be repaid until the Company is able to do so without
impacting the Company's solvency and to, alternatively, convert the director
loans into equity; the latter point of which further details are disclosed in
note 22. Thus, the directors continue to adopt the going concern basis of
accounting in preparing the financial statements.
1.3 Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with fintech
specialised solutions. Cash equivalents are short-term, highly-liquid
investments with original maturities of three months or less (as at their date
of acquisition). Cash equivalents are readily convertible to known amounts of
cash and subject to an insignificant risk of change in that cash value.
In the presentation of the Statement of Cash flows, cash and cash equivalents
also include bank overdrafts. Any such overdrafts are shown within borrowings
under 'current liabilities' on the Statement of Financial Position.
1.4 Financial assets
Financial assets are recognised in the company's statement of financial
position when the company becomes party to the contractual provisions of the
instrument. Financial assets are classified into specified categories,
depending on the nature and purpose of the financial assets.
Financial assets held at cost
Financial instruments are classified as financial assets measured at cost
where the objective is to hold these assets in order to collect contractual
cash flows, and the contractual cash flows are solely payments acquisition or
issue, and are subsequently carried at cost, less provision for impairment
where necessary.
Impairment of financial assets
Financial assets carried at cost are assessed for indicators of impairment at
each reporting end date.
The expected credit losses associated with these assets are estimated on a
forward-looking basis. A broad range of information is considered when
assessing credit risk and measuring expected credit losses, including past
events, current conditions, and reasonable and supportable forecasts that
affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership to another entity.
1.5 Financial liabilities
The company recognises financial debt when the company becomes a party to the
contractual provisions of the instruments. Financial liabilities are
classified as either 'financial liabilities at fair value through profit or
loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other
short-term monetary liabilities, are initially measured and subsequently held
at fair value net of transaction costs directly attributable to the issuance
of the financial liability. For the purposes of each financial liability,
interest expense includes initial transaction costs and any premium payable on
redemption, as well as any interest or coupon payable while the liability is
outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's
obligations are discharged, cancelled, or they expire.
1.6 Equity instruments
Equity instruments issued by the company are recorded at the proceeds
received, net of direct issue costs. Dividends payable on equity instruments
are recognised as liabilities once they are no longer at the discretion of the
company.
1.7 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
company's liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not
recognised if the temporary difference arises from goodwill or from the
initial recognition of other assets and liabilities in a transaction that
affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is realised.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. Deferred tax assets and liabilities
are offset when the company has a legally enforceable right to offset current
tax assets and liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
1.8 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an
expense, unless those costs are required to be recognised as part of the cost
of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in
which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company
is demonstrably committed to terminate the employment of an employee or to
provide termination benefits.
1.9 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the
rates of exchange prevailing at the dates of the transactions. At each
reporting end date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting
end date. Gains and losses arising on translation in the period are included
in profit or loss.
1.10 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
owners of the Company, excluding any costs of servicing equity other than
ordinary shares by the weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in ordinary shares
issued during the year and excluding treasury shares.
The Company is loss making throughout the period considered in this Financial
Information, therefore diluted earnings per share has not been considered.
2 Adoption of new and revised standards and changes in accounting
policies
Standards which are in issue but not yet effective
The standards and interpretations that are issued, but not yet effective, up
to the date of issuance of the Financial Information are listed below. The
Company intends to adopt these standards, if applicable, when they become
effective.
IAS 1 Amendments regarding the classification of liabilities as current or
non-current - effective 1 January 2024
IAS 1 Amendments regarding non-current liabilities with covenants - effective 1
January 2024
IAS 21 Amendments regarding when a currency is exchangeable and how to determine the
exchange rate when it is not - effective 1 January 2025
IFRS 7 and IAS 7 Amendments regarding disclosure requirements for entities to provide
qualitative and quantitative information about supplier finance arrangements -
effective 1 January 2024
IFRS 16 Amendments regarding a sale and leaseback transaction - effective 1 January
2024
The Company is evaluating the impact of the new and amended standards above.
The Directors believe that these new and amended standards are not expected to
have a material impact on the Company's results or shareholders' funds.
3 Critical accounting judgements and key sources of estimation
uncertainty
In the application of the Company's accounting policies, the directors are
required to make judgements, estimates and assumptions about the carrying
amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised, if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current
and future periods.
The estimates and assumptions which have a significant risk of causing a
material adjustment to the carrying amount of assets and liabilities are
outlined below.
Critical judgements
Going concern basis
The most significant judgement relates to the adoption of the going concern
basis given the Company has not recorded any revenue since the date of
incorporation.
The directors consider the Company's cash balances to be sufficient given the
cash burn rate of the Company since listing on the London Stock Exchange to
ensure the Company will be able to continue as a going concern for a period of
at least 12 months from the authorisation of these financial statements.
Further details can be found in the Directors' report under the section headed
Going Concern.
4 Operating loss
Operating loss for the year is stated after charging:
2024 2023
£ £
Fees payable to the company's auditor for the audit of the company's financial 30,602 26,700
statements
5 Employees
The average monthly number of persons (including directors) employed by the
company during the year was 5 (2023: 5).
Their aggregate remuneration comprised:
2024 2023
£ £
Wages and salaries - 216,000
Social security costs - 2,900
- 218,900
6 Directors' remuneration
2024 2023
£ £
Remuneration for qualifying services - 216,000
Remuneration disclosed above includes the following amount paid respectively
to the highest paid directors, of which there are four such individuals paid
equally (further details included in the Directors' Remuneration report):
2024 2023
£ £
Remuneration for qualifying services - 48,000
Since the Company was registered as a public company on 28 July 2021 four of
the directors receive a monthly fee of £4,000 and one director receives a
monthly fee of £2,000 under the terms of their respective service agreements
for their services to the Company. From 1 July 2023 the directors have agreed
to waive payment of future fees until such a time that a reverse takeover or
acquisition is completed.
7 Finance costs
2024 2023
£ £
Other interest payable 1,409 -
8 Income tax expense
Analysis of tax expense
No liability to UK corporation tax arose on the ordinary activities of the
Company for the year ended 30 June 2024 or year ended 30 June 2023.
Factors affecting the tax expense
The charge for the year can be reconciled to the loss per the statement of
profit or loss as follows:
2024 2023
£ £
Loss before taxation (357,330) (688,242)
Expected tax credit based on a corporation tax rate of 25% (2023: 19%) (89,333) (130,766)
Unrecognised deferred tax assets 89,333 130,766
Taxation charge for the year - -
At the year end, there were cumulative unrecognised deferred tax assets of
£334,378 (2023: £188,413) in respect of unutilised tax losses. These have
not been recognised as their recovery cannot be determined with reasonable
certainty.
9 Earnings per share
2024 2023
Number Number
Number of shares
Weighted average number of ordinary shares for basic earnings per share 399,985,888 399,985,888
2024 2023
£ £
Earnings
Continuing operations
Loss for the period from continued operations (357,330) (688,242)
2024 2023
Pence per share Pence per share
Basic and diluted earnings per share
From continuing operations (0.09) (0.17)
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share is calculated using the weighted average number of
shares adjusted to assume the conversion of all dilutive potential ordinary
shares.
10 Operating segments
The Board considers that during both the year ended 30 June 2024 and year
ended 30 June 2023 the Company continued with its quest to analyse a list of
potential acquisition targets throughout the period.
The Company's focus is on acquisitions in the technology space; specifically
targeting companies that leverage state of the art technology in automotive,
fintech, real estate, banking, finance, telecommunications and blockchain
industries.
11 Trade and other receivables
2024 2023
£ £
Loans to directors - 219,000
Other receivables 608 -
Prepayments 8,390 -
8,998 219,000
Current tax recoverable 73,913 -
The directors consider that the carrying amounts of financial assets held in
the financial statements approximate to their fair values.
Loans comprise solely of amounts loaned to directors. The loan is interest
free and repayable on demand.
12 Borrowings
2024 2023
£ £
Borrowings held at cost:
Directors' loans 681,000 400,000
Loans comprise two loans introduced by Leon Filipovic, one of £400,000
granted on 14(th) March 2023, and the other of £500,000 on 23(rd) October
2023. The loans are interest free and repayable on demand. The loans will not
be recalled until such a time that there are sufficient funds within the
Company to enable repayment and for the business to remain a going concern.
There has been, as disclosed in Note 23, an off set of £219,000 against this
balance, reconciling to £681,000.
13 Fair value of financial liabilities
The directors consider that the carrying amounts of financial liabilities held
in the financial statements approximate to their fair values.
14 Liquidity risk
The following table details the remaining contractual maturity for the
company's financial liabilities. The contractual maturity is based on the
earliest date on which the company may be required to pay.
Less than 1 year
£
At 30 June 2023
Trade payables excluding accrued expenses 19,403
Directors fees payable 123,175
Directors' loans 400,000
542,578
At 30 June 2024
Trade payables excluding accrued expenses 72,699
Directors' current account 1,325
Directors' fees payable 123,175
Directors' loans 681,000
Current tax liabilities 75,321
953,520
Liquidity and capital risk management
The Company's capital structure consists of items in shareholders' equity
(deficiency). The Company's objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital.
This was initially done through equity financing on incorporation however
since then the Company has moved to achieving liquidity through loans from
directors. Future financings are dependent on market conditions. There were no
other changes to the Company's approach to capital management during the year.
The Company has adequate sources of capital to complete its business plan,
current obligations and ultimately the development of its business over the
long term, and will need to raise adequate capital by obtaining equity
financing and/or incurring debt.
Liquidity risk is the risk that the Company will not be able to meet its
financial obligations as they fall due. In conjunction with the Company's
capital risk management policy, the Company ensures adequate liquidity is
obtained and available to meet these obligations. At 30 June 2024, the Company
had a cash balance of £561,054 to settle current liabilities of £953,520.
The Company has mitigated liquidity risk by securing additional funding from
the directors during this reporting period of £500,000 which cumulatively
stands at £681,000 at 30 June 2024, this being included within the total
current liabilities balance of £953,520. These director loans, whilst
repayable on demand, are not to be repaid until the Company is able to do so
without impacting the Company's solvency. If excluding these loans, current
liabilities of £272,520 fall far below that of the cash available of
£561,054. To further mitigate liquidity risk, the Company has secured
additional funding from the directors since the reporting date, details of
which can be found in the note entitled Events after the reporting date.
15 Market risk
Market risk management
Interest rate risk
The Company does not currently have any financial instruments that expose the
Company to significant interest rate risk as the Company does not have any
debt that bears variable interest rates.
Currency risk
The Company's financial instruments are currently all denominated in British
Pounds.
Price risk
The Company does not hold any equity securities and therefore is not exposed
to price risk.
Credit risk
The Company does not currently have any receivables and therefore is not
exposed to credit risk.
16 Business risk
As the Company is in its very early stages, business risk mainly comprises
effective cash management to ensure liabilities are met as they fall due. The
Board mitigates the impact of this by periodically reviewing cash levels
against forecasts and implements strategies and actions to ensure sufficient
cash is available for the operation to continue as a going concern in order to
meet the Company's objectives.
17 Trade and other payables
2024 2023
£ £
Trade payables 72,699 19,403
Accruals 44,821 36,384
Directors' current account 1,325 -
Accrued directors fees 123,175 123,175
242,020 178,962
Corporation tax payable 75,321 -
18 Share-based payment transactions
There have been no share-based payment schemes or share option compensation
since the Company was incorporated.
19 Share capital
2024 2023 2024 2023
Number Number £ £
Ordinary share capital
Issued and fully paid
Ordinary of 0.0167p each 399,985,888 399,985,888 66,798 66,798
All Ordinary shares are allotted and fully paid.
20 Share premium account
2024 2023
£ £
At the beginning and end of the year 927,802 927,802
21 Contingent liabilities
At 30 June 2024 the Company had no material contingent liabilities.
22 Events after the reporting date
Since the reporting period end date, director loans have been issued to the
Company totalling £300,000. These are interest free and repayable on demand.
The loan will not be recalled until such a time that there are sufficient
funds within the Company to enable repayment and for the business to remain a
going concern.
Further to the issuance of director loans, on 30 October 2024 Leon Filipovic
as lender has confirmed to convert a portion of these loans to equity insofar
as the amount converted does not exceed 30% of the total ownership of the
company in aggregate. Until the time of conversion, the terms of the loans
remain as disclosed above and in note 12.
There are no other subsequent events since the reporting date to disclose.
23 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel comprises solely of the
directors. This information is summarised in the note entitled Directors'
remuneration with further detail included in the Directors' Remuneration
Report.
Other transactions with related parties
Transactions with related parties include directors' fees and loans which are
disclosed in the following notes:
· Directors' remuneration - fees paid to directors in the year
· Trade and other receivables - loans made by the Company to directors
· Trade and other payables - cumulative accrued directors fees due to
directors at the reporting date
· Borrowings - loans made by directors to the Company
Of the above, directors' remuneration and accrued directors' fees are arm's
length transactions and conducted under normal commercial terms.
Directors' loans are not at arm's length or conducted under normal commercial
terms. During the year ended 30 June 2023, a loan was made from the company to
Sebastien Guerin (Chief Operating Officer) amounting to £219,000. The Board
has made the decision to transfer this loan in the year ended 30 June 2024.
Hence, it will be transferred against the interest-free loans made to the
company by Leon Filipovic (Chairman). Details of the terms of director loans
are disclosed in Notes 11 and 12.
24 Controlling party
There is no one shareholder that owns greater than 50% of the issued share
capital of GS Chain Plc. The Company therefore does not have an ultimate
controlling party.
25 Cash absorbed by operations
2024 2023
£ £
Loss for the year before income tax (357,330) (688,242)
Adjustments for:
Finance costs 1,409 -
Movements in working capital:
Increase in trade and other receivables (8,998) -
Increase/(decrease) in trade and other payables 61,732 (83,680)
Cash absorbed by operations (303,187) (771,922)
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