REG - Seed Capital Sltns. - Half-year Report
17/03/2025 07:15
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RNS Number : 8639A Seed Capital Solutions PLC 17 March 2025
17 March 2025
SEED CAPITAL SOLUTIONS PLC
("Seed Capital", "SCSP" or the "Company"
HALF YEAR REPORT
Seed Capital Solutions plc is pleased to announce its unaudited half year
report for the six months ended 31 December 2024.
Chairman's Statement
During the financial period under review, the Company reported a net loss of
£158,000 (December 2023: £117,600, year to 30 June 2023: £262,400), being
the administrative expenses incurred. As at 31 December 2024, the Company had
a cash in bank balance of £310,700 (31 December 2023: £550,500, 30 June
2023: £518,100).
The Directors continue to review potential acquisition opportunities. A
further announcement will be made at such time as the Company is able to
provide further details on any proposed transaction.
Damion Greef, Chairman
Interim Management Report
Company Objective
The Company has been formed for the purpose of acquiring a business or
businesses operating in market sectors that display strong environmental,
social and governance ("ESG") credentials, thereby benefitting from the
current trend of superior performance aligned with increased investor
appetite. The Company is not geographically focused on any one or specific
country or region, but rather opportunity focused hence any potential
acquisition opportunities will not be limited by jurisdiction or geographic
region.
The Company was admitted to the Standard Listing of the London Stock Exchange
on 11 April 2023. Since listing, the Directors have targeted socially
conscious technology-based organisations which are capable of generating
sustainable long-term growth for investors. The Company's initial focus is to
identify opportunities to acquire companies with undervalued or
pre-commercialisation technologies, or current commercialisation technologies
which, when applied, produce cost savings or revenue enhancement for
customers. These commercial advantages could offer market and sector beating
performance potential whilst fulfilling the Company's ESG assessment criteria.
Principal Risks and Uncertainties
The Company's primary risk is that it may not be able to identify suitable
investment opportunities or there is no guarantee that the Company will be
able to secure an acquisition on commercially acceptable terms, and the
Company may incur costs in conducting due diligence into potential investment
opportunities that may not result in an investment being made. The directors
believe that their broad collective experience, together with their extensive
network of contacts will assist them in identifying, evaluating, and funding
suitable acquisition opportunities.
It may be necessary to raise additional funds in the future by a further issue
of new Ordinary Shares or by other means. However, the ability to fund future
investments and overheads as well as the ability of any acquisition to return
suitable profit cannot be guaranteed.
Related Parties Transactions
Details of related party transactions are set out in note 5 to these accounts.
Responsibility Statement
The Directors are responsible for preparing the Interim Report 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 Financial Reporting (IAS 34).
The Directors, being John Zorbas, Segar Karupiah, Damion Greef and Avi
Robinson confirm that, to the best of their knowledge:
• the interim financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company; and
• the interim financial statements have been prepared in accordance with IAS 34
and that, as required by DTR 4.2.7 and DTR 4.2.8, they give a fair review of:
- important events that have occurred during the first six months of the year;
- the impact of those events on the financial statements;
- a description of the principal risks and uncertainties for the remaining six
months of the financial year;
- details of any related party transactions that have materially affected the
Company's financial position or performance in the six months ended 31
December 2024; and
- any changes in the related party transactions described in the last annual
report that could have a material effect on the financial position or
performance of the enterprise in the first six months of the current financial
year.
By order of the Board
Damion Greef, Chairman
17 March 2025
Condensed Statement of Comprehensive Income (unaudited)
6 months 6 months 12 months
31 31 30 June
December December
2024 2023 2024
Note Unaudited Unaudited Audited
£000 £000 £000
Revenue - - -
Administrative expenses (158.0) (117.6) (262.4)
- -
Operating loss (158.0) (117.6) (262.4)
Loss on ordinary activities before taxation (158.0) (117.6) (262.4)
Income tax expense - - -
Loss after taxation (158.0) (117.6) (262.4)
Other comprehensive income - - -
Total comprehensive loss attributable to (158.0) (117.6) (262.4)
owners of the parent
Loss per share:
Basic and diluted (pence) 3 (0.08) (0.06) (0.14)
Condensed Statement of Financial Position as at 31
December 2024 (unaudited)
31 31 30 June
December December
2024 2023 2024
Note Unaudited Unaudited Audited
£000 £000 £000
Current assets
Trade and other receivables 52.9 82.3 10.8
Cash at bank and in hand 310.7 550.5 518.1
Total assets 363.6 632.8 528.9
Current liabilities
Trade and other payables (61.7) (28.0) (69.0)
Total current liabilities (61.7) (28.0) (69.0)
Total liabilities (61.7) (28.0) (69.0)
Net assets 301.9 604.8 459.9
Equity
Share capital 4 463.5 463.5 463.5
Share premium 539.3 539.3 539.3
Share based payments reserve 22.5 22.5 22.5
Reserves (723.4) (420.5) (565.4)
Shareholders' funds 301.9 604.8 459.9
Condensed Statement of Changes in Equity
For the six-month period ended 31 December 2024 (unaudited)
Share Share Share Retained Total
based
capital premium payment profits equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 2023 463.5 539.3 22.5 (302.9) 722.4
Loss for the period - - - (117.6) (117.6)
Balance at 31 December 2023 463.5 539.3 22.5 (420.5) 604.8
Loss for the period - - - (144.9) (144.9)
Balance at 30 June 463.5 539.3 22.5 (565.4) 459.9
2024
Loss for the period - - - (158.0) (158.0)
Balance at 31 December 2024 463.5 539.3 22.5 (723.4) 301.9
Condensed Statements of Cash Flows
For the six-month period ended 31 December 2024 (unaudited)
6 months 6 months 12 months
31 December 31 December 30 June
2024 2023 2024
Unaudited Unaudited Audited
£000 £000 £000
Cash flow from operating activities
Loss before taxation (158.0) (117.6) (262.4)
Change in prepayments (42.1) 3.2 (0.3)
Change in accruals (7.3) (42.9) (31.5)
Operating cash flows before movements in working capital (207.4) (157.3) (294.2)
Decrease in trade and other receivables - 220.1 295.1
Decrease in trade and other payables - (29.6) -
Cash (absorbed) / generated from operations (207.4) 33.2 (294.2)
Cash flows from operating activities (207.4) 33.2 (294.2)
Proceeds from share issue - - 295.0
Share issue costs - - -
Net cash generated from financing activities - - 295.0
Net increase/(decrease) in cash & cash equivalents (207.4) 33.2 0.8
Cash and equivalent at beginning of the period 518.1 517.3 517.3
Cash and equivalent at end of the period 310.7 550.5 518.1
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION AND PRINCIPAL ACTIVITIES
The Company is incorporated in England and Wales as a public limited
company with company number 11115718.
The registered office of the Company is 80 Cheapside, London EC2V 6EE.
This financial information is for the Company only as there are no subsidiary
undertakings.
The principal place of business of the Company is in the United Kingdom.
The interim financial statements are presented to the nearest thousand Pounds
Sterling (£'000), which is the presentational currency of the Company.
2. BASIS OF PREPARATION
The interim financial statements for the six months ended 31 December 2024
have been prepared in accordance with IAS 34, Interim Financial Reporting.
The principal accounting policies used in preparing the interim results are
the same as those applied in the Company's Financial Statements as at and for
the period ended 30 June 2024.
A copy of the audited financial statements for the period ended 30 June 2023,
which was prepared under IFRS, is available on the Company's website.
The interim report for the six months ended 31 December 2024 was approved by
the Directors on 17 March 2025.
3. LOSS PER SHARE
The loss per share information is as follows:
6 months 6 months 12 months
31 31 30 June
December December
2024 2023 2024
Unaudited Unaudited Audited
Loss after taxation (£'000) (158.0) (117.6) (262.4)
Weighted average number of ordinary shares
185,406,000 185,406,000 185,406,000
Basic loss per share (pence) (0.08) (0.06) (0.14)
4. SHARE CAPITAL
31 December 31 December 30 June
2024 2023 2024
Unaudited Unaudited Audited
£000 £000 £000
Ordinary shares allotted, called up and
issued of £0.0025 each
185,406,000 issued and fully paid 463.5 463.5 463.5
At 31 December 2024, the Company had the following warrants in issue:
31 December 2023, 30 June 2024 and 31 December 2024
Weighted Number
Average
exercise price
(p)
Outstanding at the beginning of the period 0.0027 8,313,532
Granted during the period - -
Exercised during the period - -
Outstanding at the end of the period 0.0027 8,313,532
Exercisable at the end of the period 0.0027 8,313,532
All of these warrants have an exercise price of 1.125 pence per share, vested
immediately and have a five-year contractual life.
Nature and purpose of reserves
Share based payments
The share-based payments reserve reflects the share based payments charge on
warrants granted by the Company as described earlier in this note.
5. RELATED PARTY TRANSACTIONS
Segar Karupiah, a director of the Company, has invoiced the Company for his
services via Danmar Management Limited, a wholly-owned service company. In the
six months to 31 December 2024, the total amount invoiced to the Company was
£6,000 (six months to 31 December 2023: £6,000, year to 30 June 2024:
£12,000).
John Zorbas, a director of the Company, has invoiced the Company for his
services via Corrales Trading Ltd, a wholly-owned service company. In the six
months to 31 December 2024, the total amount invoiced to the Company was
£25,000 (six months to 31 December 2023: £nil, year to 30 June 2024: £nil).
6. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the operations of the
company.
7. EVENTS AFTER THE REPORTING DATE
There are no events since the reporting date which require reporting.
- ENDS -
This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) ("UK MAR").
FOR FURTHER INFORMATION, PLEASE CONTACT:
Seed Capital Solutions plc Tel: +44 (0) 7976 431608
Damion Greef, Chairman
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
ABOUT SEED CAPITAL SOLUTIONS PLC
Seed Capital Solutions Plc (LON: SCSP) has been formed for the purpose of
acquiring a business or businesses operating in market sectors that can
display strong ESG credentials, thereby benefitting from the current trend of
superior performance and increased investor appetite.
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