REG - Roquefort Theraptcs. - Interim Results to 30 June 2024
27/09/2024 07:00
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RNS Number : 8697F Roquefort Therapeutics PLC 27 September 2024
27 September 2024
Roquefort Therapeutics plc
("Roquefort Therapeutics" or the "Company")
Interim Results to 30 June 2024
Roquefort Therapeutics (LSE:ROQ), the Main Market listed biotech company
focused on developing first in class drugs in the high value and high growth
immunology and oncology markets, is pleased to announce its interim results
for the six-month period ended 30 June 2024 (the "period" or "H1").
Highlights
· Signed a term sheet in May 2024 for the Company's first
therapeutic out-licensing deal for its Midkine antibody program with PDC
FZ-LLC ("PDC") for an initial consideration of US$10 million
· Significant progress made across pre-clinical portfolio with
positive results announced in MK cells, Midkine mRNA and STAT-6 siRNA programs
· Convertible loan notes (the "Convertible Loan Notes") raising net
proceeds of £584,915 announced in May 2024 providing funds for at least 12
months, in conjunction with Company's existing cash reserves
· Significant cost cutting measures announced in May 2024 to
further support cashflow, while working on completing cash generative
out-licensing deals
· Sir Martin Evans moved from his executive position as Chief
Scientific Officer to Non-Executive Director and Dr Michael Stein stepped down
as Non-Executive Director in May 2024
· Cash at period end of £595,662 and a net loss of £596,547 for
the 6 months to 30 June 2024
Post Period End Highlights
· Additional experiments completed for potential out licensing
partners for the STAT-6 siRNA program
· European Patent Office and Japan Patent Office granted patents
for the Company's MK cell therapy, across 40 countries including the UK, EU
and Japan
· The Company received a UK R&D refund of £123,593 in
September 2024
Outlook
· The Company continues to work with PDC towards finalising a
binding out-licensing agreement for its Midkine antibody portfolio, with
updates to be provided to the market in due course
· The Company remains committed to securing other therapeutic
licensing deals and is in active discussions in this regard
Commenting on the Interim Results, Roquefort Therapeutics CEO, Ajan Reginald
said: "During the first half of the year we continued with our strategy to
select novel medicines in high value pharmaceutical markets and developed them
to deliver the results required to attract Big Pharma partners. This
culminated in Roquefort Therapeutics announcing the signing of a term sheet
for our first therapeutic licensing deal with PDC, whilst also engaging with
multiple Big Pharma partners regarding our siRNA programs in Immunology and
Inflammation.
The Board is mindful of operational costs, and in May 2024 we raised the
necessary funds for an additional 12 months, which enables us to complete the
development of our pre-clinical programs and to retain the flexibility needed
in negotiating the ongoing out-licensing transactions. I would like to thank
my colleagues at Roquefort Therapeutics in completing the necessary
pre-clinical milestones which have allowed the Company to engage in
out-licensing discussions with large pharma companies and other partners. With
excellent pre-clinical data, and the necessary funding in place, I am
confident in our ability to complete additional licensing deals and look
forward to providing our shareholders with further updates as appropriate."
Chairman Statement
I am pleased to present the interim financial statements to shareholders for
the six months ending 30 June 2024.
The highlight of the period was signing a term sheet for the out-licensing of
our Midkine antibody portfolio to PDC, a leading MEA pharmaceutical
organisation. Under the non-binding strategic out-licensing term sheet,
Roquefort Therapeutics receives US$10 million total initial consideration
value including a guaranteed share of the trade sale proceeds on successful
completion of Phase 1 clinical trials. PDC will develop one or more of the
Midkine antibodies within a new Special Purpose Vehicle ("SPV") to complete
the Phase 1 clinical trial and then seek a trade sale of the SPV. We are now
working with PDC to complete the definitive licence agreement, and further
updates will be made as this progresses.
A summary of the agreed commercial terms in the term sheet are listed below:
· Initial consideration value of US$10 million, which includes
non-dilutive equity in the SPV;
· Exclusive worldwide licence granted to the SPV for 20 years;
· Within three years, PDC to develop at least one of the Midkine
antibodies within the SPV to the completion of a Phase 1 trial and then, upon
success, to complete a trade sale of the SPV; and
· Roquefort Therapeutics will receive circa 24% from any successful
trade sale proceeds, which if the Phase 1 trial is successful, this 24% is
projected to be worth up to US$50M (gross) based on similar phase 1 trade
sales.
Additionally, we made progress with further out-licensing discussions, notably
for our STAT-6 siRNA program, with potential out-licensing partners requesting
additional immunology in vitro experiments to be conducted. These preliminary
experiments were completed in September 2024 with the Company's STAT-6 siRNA
demonstrating efficacy in a validated in vitro experimental model of
immunological disease. The Company believes that these positive immunology
results enhance the Company's existing positive oncology results and therefore
strengthens the program's attractiveness to potential licensees. The Company
will update the market as this process progresses.
Producing compelling pre-clinical data remains important to our strategy of
attracting partners to out-licence and sell our programs, and during the
period we also provided encouraging updates on our MK cells, Midkine mRNA and
STAT-6 siRNA oncology programs. In February 2024, we announced superior in
vivo efficacy, when combining our MK cells with natural killer cells to
demonstrate anti-cancer effect in leukaemia and lymphoma.
In March 2024 we announced significant pre-clinical development milestones,
reporting positive results in Midkine mRNA and STAT-6 siRNA programs. The
Company continued developing, in validated in vivo models, its Midkine mRNA
therapeutics in combination with lipid nanoparticle ("LNP") delivery systems
to target liver cancer, where Midkine is associated with disease progression.
The experiment demonstrated safety and efficacy in reducing functional Midkine
and is significant as it demonstrates when combining with a LNP, our mRNA as a
potential anti-cancer medicine. This offers the potential to be a first in
class medicine targeting the US$3 billion liver cancer market. The STAT-6
siRNA program continues to produce compelling data, and in March 2024, via
validated in vivo models of colon cancer, we demonstrated efficacy of our four
siRNA sequences in reducing STAT-6 expression by 40-50%. Similarly to the
Midkine mRNA program, this offers the potential to be a first in class
medicine in the US$12 billion colon cancer market.
In order to provide additional funding, the Company announced on 23 May 2024
the issuance of unsecured Convertible Loan Notes raising net proceeds of
£584,915. This provides the Company with the necessary funding to continue to
conduct pre-clinical studies and continue out-licensing discussions. The
funding is sufficient for 12 months from June 2024 and is independent of any
funds the Company receives from licensing deals. In addition to participating
in the Convertible Loan Notes fundraise, the Directors' of Roquefort
Therapeutics demonstrated their commitment to securing a licensing deal by
taking a 50% reduction in salaries and Directors fees effective from 1 March
2024, and in August 2024 this reduction was increased to 75%. It is intended
that salaries and Directors' fees will be re-instated to 100% when a cash
generative licensing deal is completed.
Outlook
The Company continues with its strategy to discover first in class medicines,
enhance their appeal through pre-clinical R&D and to then license or sell
the program. Roquefort Therapeutics remains in active out-licensing
discussions with potential partners, and it is our goal to secure binding
agreements with one or more partners. We are working towards reaching a
binding agreement with PDC for our Midkine antibody portfolio as well as
re-engaging with big pharma for our STAT-6 siRNA program now that we have
demonstrated efficacy in a validated in vitro experimental model of
immunological disease. The fundraise leaves the Company with the necessary
funds to continue out-licensing discussions, and the Board is confident in the
Company's ability to sign further agreements, which in turn are expected to
generate value for all stakeholders.
Financial Review
For the 6 months to 30 June 2024, the Group reported a net loss of £596,547,
mostly relating to administrative expenses. The Group maintained a sufficient
balance sheet position at 30 June 2024, most notably holding cash at period
end of £595,662.
Directors
The following directors have held office during the period to 30 June 2024:
Stephen West
Trevor Ajanthan (Ajan) Reginald
Prof. Sir Martin Evans
Dr Darrin Disley
Ms Jean Duvall
Dr Simon Sinclair
Dr Michael Stein (resigned on 23 May 2024)
Corporate Governance
The UK Corporate Governance Code (September 2014) ("the Code"), as appended to
the Listing Rules, sets out the Principles of Good Corporate Governance and
Code Provisions which are applicable to listed companies incorporated in the
United Kingdom. As a standard listed company, the Company is not subject to
the Code; however, the Board acknowledges the importance of high standards of
corporate governance and endeavours, given the Company's size and the
constitution of the Board, to comply with the principles set out in the QCA
Corporate Governance Code. The QCA Code sets out a standard of minimum best
practice for small and mid-size quoted companies.
Responsibility Statement
The Directors are responsible for preparing the Unaudited Interim Condensed
Financial Statements in accordance with the Disclosure and Transparency Rules
of the United Kingdom's Financial Conduct Authority ("DTR") and with
International Accounting Standard 34 on Interim Reporting ("IAS 34"). The
Directors confirm that, to the best of their knowledge, this condensed interim
report has been prepared in accordance with IAS 34 as adopted by the European
Union. The interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
• an indication of important events that have occurred during the
six months ended 30 June 2024 and their impact on the condensed financial
statements for the period, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
• related party transactions that have taken place in the six
months ended 30 June 2024 and that have materially affected the financial
position of the performance of the business during that period.
ENDS
Enquiries:
Roquefort Therapeutics plc +44 (0)20 3918 8633
Stephen West (Chairman) / Ajan Reginald (CEO)
SP Angel Corporate Finance LLP (Broker) +44 (0) 20 3470 0470
David Hignell / Vadim Alexandre / Devik Mehta
Buchanan (Public Relations) +44 (0)20 7466 5000
Ben Romney / Jamie Hooper / George Beale
Peak IR (Investor Relations) +33 (0)7 44 44 15 42
Seb Wykeham
LEI: 254900P4SISIWOR9RH34
ROQUEFORT THERAPEUTICS PLC - CONDENSED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
Unaudited Unaudited Audited
6 Month Period ended 30 June 2024 6 Month Period ended 30 June 2023 Year ended 31 December 2023
Notes £ £ £
Revenue - 200,000 200,000
Cost of goods (16,000) - -
Gross profit (16,000) 200,000 200,000
Administrative expenses (541,171) (770,812) (1,509,595)
Research and development (118,319) (365,435) (620,159)
Depreciation (2,702) (1,189) (3,890)
Operating loss (678,192) (937,436) (1,933,644)
Interest receivable 193 - 1,469
Interest payable (13,645) - (58)
Finance expense 7 (11,137) - -
Loss before taxation (702,781) (937,436) (1,932,233)
Income tax 123,282 155,078 187,693
Total loss for the period attributable to equity holders of the Company (579,499) (782,358) (1,744,540)
Other comprehensive (loss)/ income (12,196) 39,525 27,045
Total comprehensive loss attributable to equity holders of the Company (591,695) (742,833) (1,717,495)
Basic and diluted earnings per ordinary share (pence) 6 (0.45) (0.64) (1.35)
The notes form an integral part of the Unaudited Condensed Interim Financial
Statements.
ROQUEFORT THERAPEUTICS PLC - CONDENSED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Unaudited Unaudited Audited
Notes As at As at As at
30 June 30 June 31 December
2024 2023 2023
£ £ £
Assets
Non-current assets
Property, Plant & Equipment 47,450 52,855 50,152
Intangible assets 5,343,505 5,343,505 5,343,505
Total non-current assets 5,390,955 5,396,360 5,393,657
Current assets
Trade and other receivables 87,361 345,832 157,589
Cash and cash equivalents 595,662 1,379,021 537,322
Total current assets 683,023 1,724,853 694,911
Total assets 6,073,978 7,121,213 6,088,568
Equity and liabilities
Equity attributable to shareholders
Share capital 9 1,291,500 1,291,500 1,291,500
Share premium 9 4,403,094 4,403,094 4,403,094
Share based payments reserve 10 407,001 380,336 385,537
Merger relief reserve 3,700,000 3,700,000 3,700,000
Retained deficit (4,872,767) (3,331,086) (4,293,268)
Currency translation reserve 484 25,160 12,680
Total equity 4,929,312 6,469,004 5,499,543
Liabilities
Non-Current liabilities
Deferred tax liabilities 281,911 281,911 281,911
Current liabilities
Trade and other payables 8 253,058 370,298 307,114
Borrowings 7 609,697 - -
Total liabilities 1,144,666 652,209 589,025
Total equity and liabilities 6,073,978 7,121,213 6,088,568
The notes form an integral part of the Unaudited Condensed Interim Financial
Statements.
ROQUEFORT THERAPEUTICS PLC - CONDENSED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOW
AS AT 30 JUNE
2024
Unaudited Unaudited Audited
6 Month Period ended 30 June 2024 6 Month Period ended 30 June 2023 Year ended 31 December 2023
£ £ £
Cash flow from operating activities
Loss before income tax (702,781) (937,436) (1,932,233)
Adjustments for:
Share based payment 21,463 5,201 10,402
Foreign exchange (9,957) 31,865 26,533
Finance charge 11,137 - -
Interest income (193) - (1,469)
Interest expense 13,645 - 58
Taxation 123,282 - 187,693
Depreciation 2,702 1,189 3,890
Changes in working capital:
(Increase) /decrease in receivables 70,228 (86,268) (55,851)
Increase / (decrease) in payables (54,056) 96,922 27,444
Net cash used in operating activities (524,530) (888,527) (1,733,533)
Cash flow from investing activities
Interest received 193 - 1,469
Purchase of Property, Plant & Equipment - (54,042) (54,042)
Net cash used in investing activities 193 (54,042) (52,573)
Cashflows from financing activities
Interest paid - - (58)
Proceeds from convertible note 584,915 - -
Net cash from financing activities 584,915 - (58)
Net increase in cash and cash equivalents 60,578 (942,570) (1,786,164)
Cash and cash equivalents at beginning of the period 537,322 2,322,974 2,322,974
Foreign exchange impact on cash (2,238) (1,383) 512
Cash and cash equivalents at end of the period 595,662 1,379,021 537,322
The notes form an integral part of the Unaudited Condensed Interim Financial
Statement
ROQUEFORT THERAPEUTICS PLC - CONDENSED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2024
Ordinary Share Premium Share Merger Translation Reserve
Relief Reserve
Share capital Based Payment Reserve Retained earnings Total equity
£ £ £ £ £ £ £
As at 1 January 2023 1,291,500 4,403,094 375,135 3,700,000 (2,548,728) (14,365) 7,206,636
Loss for the year - - - - (1,744,540) - (1,744,540)
Exchange differences - - - - - 27,045 27,045
Total comprehensive loss for the year - - - - (1,744,540) 27,045 (1,717,495)
Transactions with owners
Ordinary shares issued - - - - - - -
Warrants charge - - 10,402 - - - 10,402
Total transactions with owners - - 10,402 - - - 10,402
As at 31 December 2023 1,291,500 4,403,094 385,537 3,700,000 (4,293,268) 12,680 5,499,543
Loss for the period - - - - (579,499) - (579,499)
Exchange differences - - - - (12,196) (12,196)
Total comprehensive loss for the period - - - - (579,499) (12,196) (591,695)
Transactions with owners -
Ordinary shares issued - - - - - - -
Warrants charge - - 21,464 - - - 21,464
Total transactions with owners - - 21,464 - - - 21,464
As at 30 June 2024 1,291,500 4,403,094 407,001 3,700,000 (4,872,767) 484 4,929,312
The notes form an integral part of the Unaudited Condensed Interim Financial
Statements
ROQUEFORT THERAPEUTICS PLC - CONDENSED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE 6 MONTHS ENDED 30 JUNE 2024
1 General Information
The Company was incorporated on 17 August 2020 as a public company in England
and Wales with company number 12819145 under the Companies Act.
The address of its registered office is 85 Great Portland Street, First Floor,
London, England, W1W 7LT.
The principal activity of the Company is to develop pre-clinical next
generation medicines focused on hard-to- treat cancers.
The Company listed on the London Stock Exchange ("LSE") on 22 March 2021.
The condensed consolidated interim financial statements of the Group have been
prepared in accordance with UK adopted International Accounting Standards as
issued by the UK Accounting Standards Board (ASB). They have been prepared
under the assumption that the Group operates on a going concern basis.
2 New Standards and Interpretations
New and revised accounting standards adopted for the period ended 30 June 2024
did not have any material impact on the Group's accounting policies. There are
a number of standards, amendments to standards, and interpretations which have
been issued by the IASB that are effective in future accounting periods that
the Group has decided not to adopt early.
The Group is currently assessing the impact of these new accounting standards
and amendments. The Group does not expect any other standards issued by the
IASB, but not yet effective, to have a material impact on the Group.
3 Summary of Significant Accounting Policies
Basis of Preparation
These condensed consolidated 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 31 December 2023 were approved by
the Board of Directors on 25 April 2024 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified and
did not contain any statement under section 498 of the Companies Act 2006;
however, it did contain an emphasis of matter paragraph relating to a material
uncertainty in relation to going concern identified by the Directors and
appropriately disclosed in the financial statements.
These condensed consolidated interim financial statements have been prepared
in accordance with the Disclosure Guidance and Transparency Rules of the
Financial Conduct Authority and with IAS 34 "Interim Financial Statements."
The condensed consolidated interim financial statements do not include all
disclosures that would otherwise be required in a complete set of financial
statements but have been prepared in accordance with the existing accounting
policies of the Group. The condensed consolidated interim financial statements
should be read in conjunction with the annual financial statements for the
year ended 31 December 2023, which have been prepared in accordance with UK
adopted International Accounting Standards and the Companies Act 2006.
The condensed consolidated interim financial statements for the period ended
30 June 2024 are unaudited.
The condensed consolidated interim financial statements are presented in £
unless otherwise stated, which is the Company's functional and presentational
currency.
Going concern
The preparation of the financial statements requires an assessment on the
validity of the going concern assumption.
The Directors, having made due and careful enquiry, are of the opinion that
the Company and the Group have adequate working capital to execute its
operations over the next 12 months. As a result, the Directors have adopted
the going concern basis of accounting in the preparation of the interim
financial statements.
Accounting policies
The same accounting policies, presentation and methods of computation have
been followed in these condensed consolidated interim financial statements as
were applied in the preparation of the Company's and the Group's financial
statements for the period ended 31 December 2023.
Segment reporting
The Group considers it has one operating segment and therefore the results are
as presented in the primary statements.
Forward-looking statements
Certain statements in this condensed set of consolidated interim financial
statements are forward looking. Although the Group believes that the
expectations reflected in these forward-looking statements are reasonable, we
can give no assurance that these expectations will prove to be correct. As
these statements involve risks and uncertainties, actual results may differ
materially from those expressed or implied by these forward-looking
statements. We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
4 Critical accounting estimates and judgements
In preparing the condensed consolidated interim financial statements, the
Directors have to make judgements on how to apply the Company's accounting
policies and make estimates about the future. Estimates and judgements are
continuously evaluated based on historical experiences and other factors,
including expectations of future events that are believed to be reasonable
under the circumstances. In the future, actual experience may deviate from
these estimates and assumptions.
Actual results may differ from these estimates. In preparing these condensed
consolidated interim financial statements, the significant judgements made by
management in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the financial
statements for the year ended 31 December 2023.
5 Financial risk management
The Group's activities expose it to a variety of financial risks, including
market risk (which includes currency risk and interest rate risk), credit risk
and liquidity risk. The condensed consolidated interim financial statements do
not include all financial risk management information and disclosures required
in the annual financial statements; they should be read in conjunction with
the Group's annual financial statements as at 31 December 2023. There have
been no changes in any risk management policies since the year.
6 Earnings per Ordinary Share
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 June 30 June 31 December 2023
2024 2023 £
£ £
Loss attributable to equity shareholders (579,499) (782,358) (1,744,540)
Weighted number of ordinary shares in issue 129,149,998 121,850,000 129,149,998
Basic and diluted loss per share in pence (0.45) (0.64) (1.35)
7 Borrowings
Unaudited Unaudited Audited
30 June 30 June 31 December 2023
2024 2023 £
£ £
Convertible loan notes 584,915 - -
Finance charge 11,137
Accrued interest 13,645 - -
609,697 - -
The Convertible Loan Notes are unsecured with a 12 month maturity, have a
total face value of £655,000 and have been issued to noteholders at 95% of
the face value. A finance charge has been recognised for the period, being
the difference between the face value and net proceeds received apportioned
over the life of the loan notes. The interest rate is 12.5% accrued daily and
paid upon conversion (in shares) or repayment (in cash). The conversion price
of the Convertible Loan Notes is calculated as the lower of a) 6 pence per
share; and b) 90% of the price equal to the 10-day volume-weighted average
price calculated backwards from the date which is three business days prior to
the notice of conversion given to the Company.
8 Trade and other payables
Unaudited Unaudited Audited
30 June 30 June 31 December 2023
2024 2023 £
£ £
Trade creditors 135,631 274,755 144,841
Accruals and other creditors 117,427 95,543 162,273
253,058 370,298 307,114
9 Share Capital
Ordinary Shares Share Capital Share Premium Total
No. £ £ £
At 1 January 2023 129,149,998 1,291,500 4,403,094 5,694,594
Movement for the year - - - -
At 31 December 2023 129,149,998 1,291,500 4,403,094 5,694,594
Movement for the period - - - -
As at 30 June 2024 129,149,998 1,291,500 4,403,094 5,694,594
10 Share Based Payment Reserves
Unaudited Unaudited Audited
30 June 30 June 31 December 2023
2024 2023 £
£ £
Opening balance 385,537 375,135 375,135
NED and Advisor warrants 10,958 5,201 10,402
CLN Broker warrants 10,506 - -
407,001 380,336 385,537
The fair value of the services received in return for the warrants granted are
measured by reference to the fair value of the warrants granted. The estimate
of the fair value of the warrants granted is measured based on the
Black-Scholes valuations model. Measurement inputs and assumptions are as
follows:
Warrant Number of warrants Share Price Exercise Price Expected volatility Expected life Risk free rate Expected dividends
Director 750,000 £0.05 £0.05 50.00% 5 0.15% 0.00%
Director 750,000 £0.05 £0.10 50.00% 5 0.15% 0.00%
Completion 3,000,000 £0.10 £0.10 50.00% 3 0.15% 0.00%
Senior Management 4,500,000 £0.10 £0.15 50.00% 5 0.15% 0.00%
Broker 1,320,000 £0.10 £0.10 50.00% 3 0.15% 0.00%
Corporate Advisor 175,000 £0.10 £0.10 50.00% 3 0.15% 0.00%
NED and Advisor 900,000 £0.08 £0.15 50.00% 5 0.15% 0.00%
CLN broker 497,800 £0.06 £0.08 50.00% 5 3.63% 0.00%
TOTAL 11,892,800
Warrants
Number of Warrants Exercise Price Expiry date
At at 1 January 2023 35,375,000 £0.106
Expired during the year (11,500,00) £0.102 21 March 2023
As at 31 December 2023 23,875,000 £0.109
Expired during the period (480,000) £0.05 22 March 2024
Granted during the period 6,720,300 £0.075 23 May 2029
As at 30 June 2024 30,115,300 £0.102
The weighted average time to expiry of the warrants as at 30 June 2024 is 4.94
years (2023: 2.7 years).
The expected volatility was calculated using the Exponentially Weighted Moving
Average Mode. Due to limited trading history comparable listed peer company
information was used.
11 Related Party Transactions
During the period the Company raised £655,000 in gross proceeds via the issue
of convertible loan notes. Chairman Stephen West, CEO Ajan Reginald and
Non-Executive Director Dr Darrin Disley all participated in the raise with Mr
West investing £26,750, Mr Reginald investing £25,000 and Dr Disley
investing £20,000.
There were no other related party transactions during the period ended 30 June
2024.
12 Post Balance Sheet Events
There has been no significant change in either the financial performance or
the financial position of the Group since 30 June 2024.
13 Ultimate Controlling Party
As at 30 June 2024, there was no ultimate controlling party of the Company.
14 Nature of the Consolidated Condensed Interim Financial Statements
The Company Financial Information presented above does not constitute
statutory accounts for the period under review.
15 Approval of the Condensed Interim Financial Statements
The Condensed Interim Financial Statements were approved by the Board of
Directors on 26 September 2024.
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