RNS Number : 7724T
S-Ventures PLC
29 March 2021
29 March 2021
S-VENTURES PLC
("S-Ventures" or the "Company")
Interim Unaudited Condensed Consolidated Financial Statements
For the period 6 July 2020 to 31 January 2021
The directors of S-Ventures PLC are pleased to report on their first trading period from 6th July 2020 to 31st January 2021. These accounts are unaudited and have not been reviewed by an auditor.
The business was formed to invest in, acquire and grow businesses in the natural wellness food tech and organic snacking sector. Since the company's formation we have reviewed many possible candidates for investment or acquisition and continue to do so. The key points of this initial period are:
1. S-Ventures raised £650,400 by way of a subscription for new equity at an average price 2.66p per share and listed on AQSE exchange in September 2020.
2. We are very pleased to report we have succeeded in keeping our costs to a minimum and have spent 50% less than planned on overhead /costs to date which include savings in all areas of the business. Our EBITDA for the 6 months is 65% better than plan.
3. In January 2021, we acquired 75.1% of We Love Purely Ltd which sells flavoured healthy plantain crisps. www.welovepurely.com
4. Appointed business veteran David Mitchell as Chairman
5. We have taken a stake in and provided loans to Coldpress Foods Limited. www.cold-press.com
6. We see no material change to our plan due to the pandemic. Our sector has not suffered in the same way as other sectors as e-commerce, grocers and pharmacy have remained stable throughout the pandemic.
Following the 6 months results the following highlights to note:
a. In February 2021, after the date of these accounts, we acquired 75.1% of OHSO Chocolate Ltd which sells chocolate with added probiotics. www.ohso.com
b. Application for admission to OTCQB USA stock market
The directors accept responsibility for the contents of this announcement.
Notes to Editors:
About S-Ventures PLC
Launched in July 2020, S-Ventures was created to acquire and develop businesses in the wellness sector. It listed on AQSE in September 2020.
For further information, please contact:
S-Ventures Plc
Robert Hewitt
+44(0)1932 400224
Peterhouse Capital Limited
Guy Miller
+44(0)20 72209796
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 July 20 to 31 January 2021
£
Continuing operations
Revenue
11,803
Cost of Sales
(8,424)
3,379
Cost of Listing
76,300
Administrative expenses
63,491
Loss before taxation
(136,413)
Finance income - interest receivable
3,468
Loss for the period
(132,945)
Loss attributable to Minority Interests
(501)
Loss Attributable to Shareholders
(132,444)
Loss per share
Basic loss per share attributable to the equity shareholders of the parent (pence)
(0.178)
CONDENSED BALANCE SHEET
As at 31 January 2021
£
ASSETS
Fixed Assets
4,603
Goodwill
180,102
Investments
30,000
Total non-current assets Current assets
214,705
Stocks in trade
64,154
Trade and other receivables
167,696
Cash and cash equivalents
362,816
Total current assets
594,666
TOTAL ASSETS
809,371
LIABILITIES
Current Liabilities
Trade and other payables
65,228
Income in Advance
15,295
Borrowing
1,354
Total current liabilities
81,877
Bounce Back loan (non current element)
14,893
TOTAL LIABILITIES
96,770
NET ASSETS
712,601
EQUITY ATTRIBUTABLE TO OWNERS
OF THE COMPANY
Share capital
75,919
Share premium
762,115
Equity to be issued
Minority Interests
7,011
Retained losses
(132,444)
TOTAL EQUITY
712,601
STATEMENT OF CAPITAL
Share capital
Share premium
Minority Interest
Retained losses
Total Equity
£
£
£
£
£
At 6 July 2020
Loss for the period
-
-
-
(132,444)
(132,444)
Attributable to Minority on consolidation
-
-
7,011
-
7,011
Issue of ordinary shares on formation & initial fund raise
74,390
626,010
-
-
700,400
Issue of ordinary in consideration of acquisition
1,529
136,105
-
-
137,634
Balance at 31 January 2021
75,919
762,115
7,011
(132,444)
712,601
The Company issued 1,529,267 shares as a swap involving the acquisition of 75.1% of the equity of We Love Purely Limited.
CONSOLIDATED STATEMENT OF CASH FLOWS
Parent
Parent
GROUP
GROUP
Reported Trading Loss pre Interest
(58,102)
(60,112)
Add Back Depreciation
45
139
(58,057)
(59,973)
Sources of Funds:
Share Raise
700,400
700,400
Interest received
3,468
3,468
Bank loans
16,247
703,868
720,115
Application of Funds
Investment (ColdPress)
30,000
30,000
Net assets acquired (note)
34,956
Listing costs
76,300
76,300
Fixed Assets
1,964
4,742
(108,264)
(145,999)
Changes in Working Capital
Stocks & Inventories
-
(64,154)
Accounts Receivable
(199,832)
(167,696)
Creditors
5,710
80,522
(194,122)
(151,328)
343,425
362,816
Cash & Equivalents
343,426
362,816
Note:
The net asset acquired represents the Goodwill less shares issued to acquire the group interest in We Love Purely Limited.
Notes to Accounts:
1. Basis of preparation:
The condensed interim financial statements have been prepared in accordance with the requirements of the AQSE Growth Market Rules.
The interim financial information set out above does not constitute statutory accounts. They have been prepared on a consolidated going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.
These condensed consolidated interim financial statements comprise the accounts of the parent company and its subsidiary, after elimination of all material intercompany balances and transactions.
2. Loss per share:
The calculation of the total basic loss per share of 0.178p is based on the loss attributable to equity owners of the company of £132,444 divided by the weighted number of shares in issue during the period.
3. Investments:
The acquisition of shares in Coldpress Foods Limited is accounted for at cost.
4. Post Balance Sheet Event:
The company completed the purchase of 75.1% of the share capital of Ohso Chocolate Limited in February 2021.
5. Approval of Interim Finance Statements:
These condensed interim financial statements were approved by the Board of Directors on 26 March 2021.
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