Lift Global Ventures - Half Year Results

Lift Global Ventures

28/03/2025 07:00

RNS Number : 5946C

Lift Global Ventures PLC

28 March 2025

 

 

Lift Global Ventures Plc
 ("Lift" or the "Company")

 

Half Year Results

 

It is with pleasure that I take this opportunity to update shareholders of Lift Global Ventures Plc (the "Company" or "Group") on the Group's performance during the six-month period to 31 December 2024.

 

Update on Investment Strategy

 

Miriad Limited ("Miriad")

 

The Company's flagship investment, Miriad, a financial PR and IR consulting company run by well-known stock market commentator and the Company's CEO, Saqib "Zak" Mir continues to perform well, with healthy revenues and profits.

 

In the period, Miriad has generated turnover of £204,853 and a net profit after tax of £90,168.

 

Zaks Traders Cafe has built up a very loyal following both on X where it is one of the leading financial PR companies with over 25,700 followers but also via its website https://zakstraderscafe.com. Corporates certainly have a choice of different platforms in which to distribute key messages to the market and clients of Miriad favour the content and distribution from a market leader in Zak Mir.

 

Companies seeking the benefits of Zak's services on the basis that Zaks Traders Cafe has a genuine reach and trust as a market commentator amongst retail investors.  

 

Such services include:

                          Daily RNS Hot List

                          Daily Bulletin Heros

                          Week in Small Caps

                          Daily US Chart Breakers

 

 

Investment in Trans-Africa Energy Limited ("TAE")

 

In January 2023, the Company subscribed for £750,000 of unsecured convertible loan notes in TAE ("Loan Notes"), a UK private company focused on the development, financing, construction and operation of energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana.

 

During the period and post period end, the redemption date for the Loan Notes were extended such that 30 April 2025 is the revised redemption date ("New Redemption Date"). The consideration for Lift agreeing to the New Redemption Date, is that the Loan Notes have been increased by TAE in the amount of £500,000 without Lift subscribing for further cash. Therefore, the principal amount to be redeemed on the New Redemption Date shall be £1,250,000.

 

Post period end, on 31 January 2025, Lift announced that TAE is in advanced discussions with a Southern African state investor in relation to an investment into TAE. The proposed investor is looking to invest in oil and gas infrastructure and has undertaken extensive due diligence in relation to the TAE gas pipeline projects.  In the event that any investment is secured by TAE then TAE and Lift have agreed the immediate repayment by TAE to Lift of £350,000 of the Loan Notes ("Initial Payment"). Notwithstanding the Initial Payment, TAE shall remain liable for the outstanding principal of the Loan Notes.

 

 

Financial Overview

 

As at 31 December 2024, the Group had cash reserves of £170,847. The Group remains debt free.

 

The Group reports revenue of £204,853 for the 6-month period to 31 December 2024 (31 December 2023: £280,261).

 

Group administration expenses for the 6-months to 31 December 2024 totalled £197,071 (31 December 2023: £167,216). Details of these expenses are shown in the note 5.

 

Summary

 

Zak Traders Cafe continues to be very resilient and well thought of financial PR company given the strong results for this interim period.  With a healthy cash balance the Company is well positioned such that Miriad can widen its offering for all clients.

 

We look forward with great optimism in all our investments and on behalf of the Board, I'd like to thank our shareholders for their continued support.

 

 

 

 

Roy Kelly

Non-Executive Chairman

 

27 March 2025

 

LIFT GLOBAL VENTURES PLC

CONDENSED consolidated STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

 

Note
Unaudited
31 December 2024
£
Audited
30 June 2024
£
Unaudited
31 December 2023
£
Non-Current Assets
Intangible assets
7
225,075
252,870
307,959
Fair value through profit and loss equity investments
8
55,117
69,881
93,862
Total non-current assets
280,192
322,751
401,821
Current Assets
Trade and other receivables
100,041
98,075
248,014
Cash and cash equivalents
170,847
163,220
179,375
Financial assets at fair value through profit and loss
9
-
-
750,000
Total current assets
270,888
261,295
1,177,389
Total Assets
551,080
584,046
1,579,210
Current Liabilities
Trade and other payables
92,818
120,265
50,727
Total Liabilities
92,818
120,265
50,727
Net Assets
458,262
463,781
1,528,483
Equity attributable to owners of the Parent
Share capital
10
957,100
957,100
957,100
Share premium
10
1,225,507
1,225,507
1,225,507
Other reserves
181,540
181,540
181,540
Retained earnings
(1,905,885)
(1,900,366)
(835,664)
Total Equity
458,262
463,781
1,528,483

 

The condensed consolidated financial statements were approved and authorised for issue by the Board of Directors on 27 March 2025 and were signed on its behalf by:

 

 

 

Roy Kelly
Non-Executive Chairman


 

 

The accompanying notes on pages 7 to 12 form an integral part of the financial information

LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE six months ENDED 31 DECEMBER 2024
Note
Unaudited
For the 6 month period ended 31 December 2024
£
Unaudited
For the 6 month period ended 31 December 2023
£
Revenue
204,853
280,261
Cost of Sales
(18,900)
(25,835)
Gross Profit
185,953
254,426
Administration expenses
5
(197,071)
(167,216)
Operating Loss
(11,118)
87,210
Gain on disposal of equity investments
14,900
-
Valuation losses on fair value through profit and loss equity investments
8
(9,451)
(5,025)
Profit/(loss) before Taxation
(5,669)
82,185
Corporation tax charge
150
(3,770)
Profit/(loss) for the period
(5,519)
78,415
Earnings/(loss) per share (pence) - Basic
6
(0.006)
0.08
Earnings/(loss) per share (pence) - Diluted
6
(0.006)
0.06


 

The Company has no Other Comprehensive Income as at 31 December 2024 (31 December 2023: £nil)

 

All operations are continuing.

 

 

The accompanying notes on pages 7 to 12 form an integral part of the financial information

LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED STATEMENT of CASH FLOWS
FOR THE six months ENDED 31 DECEMBER 2024
Note
Unaudited
30 December 2024
£
Unaudited
31 December 2023
£
Cash flows from operating activities
Profit/(loss) for the period
(5,519)
78,415
Adjustments for:
Depreciation & amortisation
5
27,795
504
Impairment of receivables
49,900
(30,200)
Gain on sale of equity investments
(14,900)
-
Fair value loss on equity investments
8
9,451
5,025
Income tax expense
(150)
3,770
Changes in working capital:
Increase in trade and other receivables
(115,965)
(49,471)
Increase in trade and other payables
(27,447)
(42,488)
Income tax received/(paid)
150
(3,770)
Net cash used in operating activities
(76,685)
(38,215)
Cash flows from investing activity
Cash received for sale of investments
8
84,312
-
Cash paid for investments
8
-
(55,013)
Net cash used in investing activity
84,312
(55,013)
Cash flows from financing activity
Net cash generated from financing activity
-
-
Net increase in cash and cash equivalents
7,627
(93,228)
Cash and cash equivalents at start of the period
163,220
272,603
Cash and cash equivalents at end of period
170,847
179,375


 

Non-Cash Investing and Financing Activities

 

Unaudited 6 months ended 31 December 2024 -        Miriad Limited received 10,589,594 shares in lieu of payment of services provided to customers, totalling £76,900.

296,000 shares, totaling £12,801, were transferred to introducers in lieu of commission and is shown in 'Cost of Sales' in the Condensed Consolidated Income Statement (Refer to Note 8).

 

Unaudited 6 months ended 31 December 2023 -        Miriad Limited received 513,399 shares in lieu of payment of services provided to customers, totalling £14,013.

 

The accompanying notes on pages 7 to 12 form an integral part of the financial information

LIFT GLOVAL VENTURES PLC

CONDENSED CONSOLIDATED STATEMENT of CHANGES IN EQUITY

FOR THE six months ENDED 31 DECEMBER 2024

 

 

Attributable to Equity Shareholders
Notes
Share capital
£
Share premium
£
Other reserves
£
Retained earnings
£
Total equity
£
Unaudited - Period ended 31 December 2023
At 1 July 2023
957,100
1,225,507
181,540
(914,079)
1,450,068
Profit for the period
-
-
-
78,415
78,415
Total Profit for the period
-
-
-
78,415
78,415
As at 31 December 2023
957,100
1,225,507
181,540
(835,664)
1,528,483
Unaudited - Period ended 31 December 2024
At 1 July 2024
957,100
1,225,507
181,540
(1,900,366)
463,781
Loss for the period
-
-
-
(5,519)
(5,519)
Total Loss for the period
-
-
-
(5,519)
(5,519)
As at 31 December 2024
957,100
1,225,507
181,540
(1,905,885)
458,262


 

 

The accompanying notes on pages 7 to 12 form an integral part of the financial information

LIFT GLOBAL VENTURES PLC

NOTES TO THE INTERIM REPORT

FOR THE six months ENDED 31 DECEMBER 2024

 

1.            Reporting Entity 

 

Lift Global Ventures Plc (the "Company") is a company domiciled in the United Kingdom. The condensed consolidated interim financial statements (the "Interim Financial Statements") as at and for the six months ended 31 December 2024 comprise the results of the Company and its subsidiary (together referred to as the "Group").

 

The Interim Financial Statements of the Group as at and for the period ended 30 June 2024 are available upon request from the Company's registered office at 6 Heddon Street, London, England, W1B 4BT or at www.liftgv.com. 

 

2.           BASIS OF PREPARATION

 

The Interim Financial Statements set out in this report is based on the consolidated financial information of the Group. The Interim Financial Statements of the Group for the 6 months ended 31 December 2024 was approved and authorised for issue by the Board on 27 March 2025.  The Interim Financial Statements have not been audited.

 

These Interim Financial Statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2024 were approved by the board of directors on 20 November 2024 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

 

The Interim Financial Statements is presented in Pound Sterling and values are rounded to the nearest pound. 

 

The Interim Financial Statements for the six month ended 31 December 2024 has been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'.

The Interim Financial Statements does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2024, which has been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006, and any public announcements made by Lift Global Ventures Plc during the interim reporting period.

 

A number of new standards, amendments and became effective on 1 July 2024 and have been adopted by the Group. None of these standards have materially affected the Group.

 

3.           GOING CONCERN

 

Management has prepared a forecast covering 18 months post-period end and believe that current cash reserves will adequately cover the working capital requirements of the Group. Miriad Limited is a revenue generating and profitable entity. Miriad has continued to be revenue generating, adequately covering the operating costs of the Company and the Group and has generated profits in the six-month period to 31 December 2024. The Board believes this will further strengthen over the coming 18 months. The Group has forecast that the Group's projected that the profits generated from Miriad will be sufficient to cover the working capital requirements of the Group for a period of at least 18 months from the period end.

 

As such, the Directors have a reasonable expectation that the Group has, and will have access to, adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing the financial statements.

 

4.           SEGMENTAL INFORMATION

 

The results reported for the Group's two reportable segments, Head Office and Financial PR, have been derived from the results of Lift Global Ventures Plc and Miriad Limited respectively, less any inter-company transactions. The total value of inter-company transactions in the period were £43,645 (2023: £50,784).

 

Management allocates costs associated with the provision of financial PR services to the entity's Financial PR segment, plus a portion of administration expenses relative to the amount of time spent on administrative matters within this segment. The majority of administrative expenses occur in relation to the running and management of Lift Global Ventures Plc and are therefore allocated to the Head Office segment.

 

Unaudited - Period ended 31 December 2024
Head Office
£
Financial PR
£
Intercompany
£
Total
£
Revenue - revenue recognition over time
43,645
204,853
(43,645)
204,853
Cost of Sales
-
(18,900)
-
(18,900)
Administrative expenses
(145,146)
(95,570)
43,645
(197,071)
Gain on disposal of equity investments
14,900
-
-
14,900
Valuation losses on fair value through profit and loss equity investments
(9,086)
(365)
-
(9,451)
Profit/(loss) before Taxation
(95,687)
90,018
-
(5,669)
Reportable segment assets
651,117
227,444
(327,481)
551,080
Reportable segment liabilities
33,687
82,922
(23,791)
92,818
Unaudited - Period ended 31 December 2023
Revenue - revenue recognition over time
50,784
280,261
(50,784)
280,261
Cost of Sales
-
(25,835)
-
(25,835)
Administrative expenses
(186,717)
(31,283)
50,784
(167,216)
Valuation losses on fair value through profit and loss equity investments
(5,025)
-
-
(5,025)
Profit/(loss) before Taxation
(140,958)
223,143
-
82,185
Reportable segment assets
1,513,358
377,942
(312,090)
1,579,210
Reportable segment liabilities
24,816
(30,506)
56,417
50,727

 

 

5.             EXPENSES BY NATURE

Unaudited
31 December 2024
£
Unaudited
31 December 2023
£
Directors' fees
44,000
75,000
Employers tax contributions and other employment expenses
710
9,095
Termination of previous auditor fee
-
5,000
Fees paid to the Company's auditor for the audit of the Company financial statements
1,000
3,000
Professional, legal and consulting fees
50,821
82,624
PR and marketing
612
1,050
Insurance
6,944
8,379
Exchange listing fees
5,846
4,693
IT and software services
1,373
984
Depreciation and amortisation
27,795
504
Impairment loss of trade receivables
49,900
(30,200)
Other expenses
8,070
7,087
Total administrative expenses
197,071
167,216

 

 

 

6.             EARNINGS/(LOSS) PER SHARE

 

Unaudited
31 December 2024
£
Unaudited
31 December 2023
£
Net earnings/(loss) for the period from continued operations attributable to equity shareholders
(5,519)
78,415
Weighted average number of shares for the period (basic)
95,710,000
95,710,000
Basic earnings/(loss) per share for continued operations (expressed in pence)
(0.006)
0.08
Weighted average number of shares for the period (diluted)
95,710,000
133,659,442
Diluted earnings/(loss) per share for continued operations (expressed in pence)
(0.006)
0.06

 

The number of share options and warrants that could potentially dilute the loss per share in future periods is 37,949,442 as at 31 December 2023. Given that the Group was loss making in the period to 31 December 2024, these instruments have an anti-dilutive effect and therefore the Group has not presented a diluted loss per share.

 

 

7.             INTANGIBLE ASSETS

 

Intangible Assets - Cost and Net Book Value
Website
£
Goodwill
£
Customer Relationships
£
Total
£
Cost
As at 1 July 2023
10,000
189,516
109,180
308,696
As at 31 December 2023
10,000
189,516
109,180
308,696
As at 1 July 2024
10,000
189,516
109,180
308,696
As at 31 December 2024
10,000
189,516
109,180
308,696
Amortisation
As at 1 July 2023
233
-
-
233
Charge for the year
504
-
-
504
As at 31 December 2023
737
-
-
737
As at 1 July 2024
1,236
-
54,590
55,826
Charge for the year
500
-
27,295
27,795
As at 31 December 2024
1,736
-
81,885
83,621
Net book value as at 31 December 2023
9,263
189,516
109,180
307,959
Net book value as at 30 June 2024
8,764
189,516
54,590
252,870
Net book value as at 31 December 2024
8,264
189,516
27,295
225,075

 

 

The intangible asset classes are:

 

-      Website is the value attributed to the build of Miriad's website.

-     Goodwill is the excess of the consideration transferred and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets.

-      Customer relations is the value attributed to the key customer lists and relationships of Miriad.

 

 

8.             FAIR VALUE THROUGH PROFIT AND LOSS EQUITY INVESTMENTS

 

£
1 July 2023
34,873
Additions at cost
64,014
Change in fair value recognised in profit and loss
(5,025)
31 December 2023
93,862
1 January 2024
93,862
Additions at cost
29,141
Change in fair value recognised in profit and loss
(53,122)
30 June 2024 and 31 December 2024
69,881
1 July 2024
69,881
Additions at cost
76,900
Disposal of equity investments - sold
(69,412)
Disposal of equity investments - transferred to third parties
(12,801)
Change in fair value recognised in profit and loss
(9,451)
31 December 2024
55,117

 

Fair value through profit and loss equity investments include the following;

 

31 December 2024
£
30 June 2024
£
31 December 2023
£
Quoted:
Equity securities - United Kingdom
55,117
69,881
43,862
Unquoted:
Equity securities - United Kingdom
-
-
50,000
55,117
69,881
93,862

 

The fair value of quoted securities is based on published market prices.

 

All assets and liabilities for which fair value is measured are categorised within the fair value hierarchy. The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments and other assets and liabilities for which the fair value was used:

 

-            level 1: quoted prices in active markets for identical assets or liabilities;

-           level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

-            level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

 

The following tables set forth, by level, equity investments measured at fair value on a recurring basis as at 31 December 2023, 30 June 2024 and 31 December 2024:

 

Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Description
Equity securities:
31 December 2023
43,862
50,000
-
30 June 2024
69,881
-
-
31 December 2024
55,117
-
-

 

 

9.             financial asset at fair value through profit and loss

 

On 31 January 2023, the Company subscribed for £750,000 of unsecured convertible loan notes in TAE, a UK private company focused on the development, financing, construction and operation of energy infrastructure projects located in Sub- Saharan Africa.

31 December 2024
£
At 1 July 2023
750,000
Fair value loss
(750,000)
At 30 June 2024 and 31 December 2024
-

 

Key terms of the convertible loan notes are as follows:

•       Date of maturity of 2 August 2024, extended to 30 April 2025

•       Conversion price is equal to:

(i)           on Admission, lower of: (i) price per new share at admission with a 20% discount, and (ii) price per share with deemed market capitalisation of £50 million;

(ii)           on Relevant Fundraising, a price per share with a 20% discount to the subscription price;

(iii)          on a Change of Control, a price per share equivalent to what is being paid by the acquiring entity.

During the period, it was agreed that the loan notes shall be increased by TAE in the amount of £500,000 without Lift subscribing for further cash. The redemption date for the loan notes was also extended to October 25, 2024 and subsequently January 31, 2025.

 

Post period end, the Company announced that, by mutual agreement, the redemption date for the loan notes be extended to 30 April 2025.

 

In accordance with IFRS 9, the instrument is measured at fair value through profit and loss and management are required to undertake a valuation exercise at the period end to determine the instrument's fair value as at that date.

 

In doing so, the Directors considered whether there had been any further issuances of similar notes by TAE and the price in which these were issued (Level 2 inputs), however due to delays with TAE's funding, no comparable data was available, and it was determined that the basis of management's valuation should be carried out in accordance with Level 3 of the fair value hierarchy. 

 

Level 3 inputs are not based on observable market data (unobservable inputs), therefore management relied on information such as the financial statements of the underlying asset within its valuation. Given the TAE project is in its infancy and it is yet to become revenue generating, the financial statements of TAE did not support the carrying value of the Company's investment.

 

At the reporting date, the Directors concluded that the carrying amount of the convertible loan note should continue to be held at nil and, in accordance with the Company's accounting policy, management will continue to carry out a valuation exercise at each reporting period and will adjust the value of its asset accordingly. 

 

 

10.          Share capital

Number of shares
Ordinary shares
£
Share premium
£
Total
£
At 30 June 2023
95,710,000
957,100
1,225,507
2,182,607
At 31 December 2023
95,710,000
957,100
1,225,507
2,182,607

 

At 30 June 2024
95,710,000
957,100
1,225,507
2,182,607
At 31 December 2024
95,710,000
957,100
1,225,507
2,182,607

 

 

 

 

11.          EVENTS AFTER THE REPORTING DATE

 

On 31 January 2025, the Company announced that the redemption date for the unsecured convertible loan notes in TAE was extended by mutual consent to 30 April 2025 to allow further discussions with funders to conclude.

 

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