REG - Pristine Capital PLC - Annual Financial Report

Pristine CapitalAnnouncement

24/02/2025 07:00

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RNS Number : 1749Y  Pristine Capital PLC  24 February 2025

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.

Pristine Capital Plc / EPIC: PRIS / Market: LSE

 

24 February 2025

 

PRISTINE CAPITAL PLC

("Pristine Capital " or the "Company")

 

Audited final results for the year ended 31 October 2024

 

Pristine Capital Plc, the Main Market cash shell focusing on the real estate
sector, is pleased to announce its audited financial results for the year
ended 31 October 2024.

 

Highlights:

 

·    Appointment of two new directors, namely Neil Sinclair (as Executive
Chairman) and Stanley Davis (as a Non-Executive director).

·    The Company changed its name from More Acquisitions Plc to Pristine
Capital Plc

·    Cash reserves received a boost when £52,000 of VAT was successfully
reclaimed from HMRC, on the fees paid in respect of the abortive reverse
takeover in 2023. Following this, the cash position at 31 October 2024
amounted to £764,364 (at 31 October 2023: £649,265), with a current cash
position of £712,303 as at 21 February 2025.

·    The Company reported a loss for the year of £284,784 (year ended 31
October 2023: loss of £463,897).

·    Net assets amounted to £788,978 as at 31 October 2024 (at 31 October
2023: £672,466).

·    Cash reserves deposited to an interest-bearing account at NatWest.

 

The full audited annual report and accounts for the year ended 31 October 2024
will be published on the Company's website (www.pristinecapitalplc.com
(http://www.pristinecapital.co.uk) ) shortly.

 

Neil Sinclair, Executive Chairman of Pristine Capital: "We are continuing to
use our extensive experience both with listed companies and in the real estate
sector, to find a suitable RTO target for the Company. There have been
encouraging signs over the course of the past couple of months, where we
continue to see that opportunities are becoming available, that could provide
the desired returns favoured by investors."

 

 For further information please visit www.pristinecapitalplc.com
(http://www.pristinecapital.co.uk) or contact:

 

 Pristine Capital plc                                                     Tel: +44 (0) 20 3988 0227

 Neil Sinclair, Executive Chairman

 Allenby Capital Limited (Broker)                                         Tel: +44 (0)20 3328 5656

 Nick Naylor/James Reeve/Lauren Wright (Corporate Finance)

 Guy McDougall (Sales & Corporate Broking)

 (https://www.brandonhillcapital.com/) RMS Partners (Investor Relations)  Tel: +44 (0) 20 3735 6551

 Simon Courtenay

 

 

Key Information Extracted from Annual Report and Accounts

 

 

 

Statement of Profit or Loss and Other Comprehensive Income

 

                                                                            2024

                                                                            £          2023

                                                                                       £

 Administrative expenses                                                    (196,987)  (463,897)
 Share based payment                                                        (45,000)   -
 Warrant expenses                                                           (44,056)   -
                                                                            (286,043)  (463,897)

 Operating loss before taxation
 Finance income                                                             1,259      -
 Loss before income tax                                                     (284,784)  (463,897)
 Income tax                                                                 -          -
 Loss for the year from continuing operations                               (284,784)  (463,897)

 Loss for the year attributable to the owners of the Company and total      (284,784)  (463,897)
 comprehensive loss for the year

 Earnings per share attributable to the owners of the Company
 From loss from continuing operations/loss for the period:
 Basic (pence per share)                                                    (0.19) p   (0.37) p
 Diluted (pence per share)                                                  (0.06) p   (0.10) p

 

Statement of Financial Position

                                  2024               2023

                                  £            £

 Current assets
 Trade and other receivables      50,678       63,570
 Cash and cash equivalents        764,364      649,265
 Total current assets             815,042      712,835

 Total assets                     815,042      712,835

 Current liabilities
 Trade and other payables         (26,064)     (40,369)
 Total current liabilities        (26,064)     (40,369)

 Total liabilities                (26,064)     (40,369)

 Net assets                       788,978      672,466

 Shareholders' equity
 Share capital                    1,607,241    1,250,001
 Warrant reserve                  862,448      818,392
 Retained earnings                (1,680,711)  (1,395,927)
 Total shareholders' equity       788,978      672,466

 

Statement of Changes in Equity

                                                Share      Warrant   Retained     Total

                                                capital    Reserve   Earnings
                                                £          £         £            £
 Balance at 31 October 2022 (restated)          1,250,001  818,392   (932,030)    1,136,363
 Total comprehensive loss for the period ended  -          -         (463,897)    (463,897)
 Balance at 31 October 2023                     1,250,001            (1,395,927)  672,466

                                                           818,392
 Total comprehensive loss for the year ended    -                    (284,784)    (284,784)

                                                           -
 Shares issued in year                          357,240    -         -            357,240
 Warrants issued in year                        -          44,056    -            44,056
 Balance at 31 October 2024                     1,607,241            (1,680,711)  788,978

                                                           862,448

 

Share capital

Share capital represents the nominal value on the issue of the Company's
equity share capital, comprising £0.01 ordinary shares.

 

Warrant reserve

Warrant reserve represents the fair value of warrants issued to investors and
the Company's advisor at the time of listing on the Standard Segment of the
Main Market of the London Stock Exchange and to investors in January 2024.

 

Retained earnings

Retained earnings represent the cumulative net losses of the Company
recognised through the Statement of Profit or Loss and Other Comprehensive
Income.

 

 

Statement of Cash Flows

                                                         2024           2023

                                                          £          £
 Operating activities
 Loss for the year                                       (284,784)  (463,897)
 Share based payments                                    45,000
 Warrant expense                                         44,056     -
 Finance income                                          (1,259)    -
 Working capital adjustments
 Decrease/(increase) in trade and other receivables      12,892     (50,070)
 (Decrease)/increase in trade and other payables         (14,305)   11,561
 Net cash used in operating activities                   (198,400)  (502,406)

 Financing activities
 Proceeds from issue of equity                           312,240    -
 Interest received                                       1,259      -
 Net cash generated from financing activities            313,499    -

 Net increase in cash and cash equivalents               115,099    (502,406)
 Cash and cash equivalents at start of the year          649,265    1,151,671
 Cash and cash equivalents at end of the year            764,364    649,265

 

 

 

 

**ENDS**

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