REG - Spiritus Mundi PLC - Interim Results
26/06/2025 07:00
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RNS Number : 5298O Spiritus Mundi PLC 26 June 2025
26 June 2025
Spiritus Mundi plc
("Spiritus Mundi" or the "Company")
Interim Results for the six months ended 31 March 2025
Spiritus Mundi plc (LSE: SPMU), the Special Purpose Acquisition Company (SPAC)
which is seeking to acquire targets in Europe and Asia in the clinical
diagnostics sector, announces its unaudited half-yearly results for the six
months ended 31 March 2025 (the "Interim Report").
Chairman's statement
I am pleased to present the Company's unaudited interim results for the six
months ended 31 March 2025.
The Company was established to identify and acquire target businesses in the
clinical diagnostics space. Since the Company's admission to trading on the
Main Market of the London Stock Exchange in July 2022, we evaluated a number
of potential opportunities across laboratory diagnostics, testing services,
and digital healthcare.
Further to the announcements on 6 March 2023 and 3 February 2025, on 3 June
2025, the Company announced that it had entered into an amended Heads of Terms
to acquire the entire issued share capital of Reste Laboratories Pte Ltd
("ResteLab") and Restalyst Pte Ltd ("Restalyst") which will constitute a
reverse takeover under the UK Financial Conduct Authority's ("FCA") Listing
Rules.
Despite the ongoing volatility in capital markets, we remain committed to our
strategy and are actively pursuing the closing of the acquisitions of ResteLab
and Restalyst, together with seeking to raise additional funds to facilitate
the completion of the acquisitions. This is being done with the support of the
Company's creditors, who are predominantly advisers to the Company, which is
greatly appreciated.
In addition to the support being received from the Company's advisers, I thank
our shareholders for their continued support and patience as we work towards
closing these transformational acquisitions. Further updates will be provided
as matters progress
Financial review
The Company incurred a loss for the six months ended 31 March 2025 of
£333,866. The loss for the period resulted from the on-going administrative
expenses required to operate the Company and evaluate potential acquisition
opportunities. As at 31 March 2025 the Company held £531 in cash.
There have been no significant events since the end of the reporting period.
Principal Risks and Uncertainties
Details of the principal risks and uncertainties facing the company are
disclosed in pages 5 to 7 of the Company's annual report for the year ended 30
September 2024.
The Directors confirm, to the best of their knowledge, that this interim set
of financial statements gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company as a whole and has been
prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by
the United Kingdom. The interim management report herein 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
first six months and their impact on the financial statements and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
- disclosure of material related party transactions in the first six
months and any material changes to related party transactions.
By order of the Board
Zaccheus Peh
Non-Executive Chairman
26 June 2025
For further information please contact:
Spiritus Mundi plc Via IFC
Zaccheus Peh (Non-Executive Chairman)
Strand Hanson Limited (Financial Adviser) +44 (0) 20 7409 3494
James Harris / James Bellman / Abigail Wennington
IFC Advisory Limited (Financial PR and IR) +44 (0) 203 934 6630
Graham Herring, Florence Chandler spiritusmundi@investor-focus.co.uk
Interim Statement of Comprehensive Income
6 months ended 6 months ended 12 months ended
31 March 31 March 30 September
Note 2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Continuing operations
Administrative expenses (333,866) (230,292) (592,921)
Operating loss and loss before tax 4 (333,866) (230,292) (592,921)
Taxation - - -
Total comprehensive loss for the period attributable to the equity owners
(333,866) (230,292) (592,921)
Loss per share
Basic and diluted 6 (0.007) (0.005) (0.012)
Interim Statement of Financial Position
As at As at As at
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
ASSETS
Current assets
Receivables 70,770 20,972 93,182
Cash and cash equivalents 8 531 275,469 27,334
Total current assets 71,301 296,441 120,516
TOTAL ASSETS 71,301 296,441 120,516
LIABILITIES
Current liabilities
Other payables 8 (545,230) (82,878) (260,579)
Total current liabilities (545,230) (82,878) (260,579)
Total Liabilities (545,230) (82,878) (260,579)
NET ASSETS (473,929) 213,563 (140,063)
EQUITY
Share capital 7 493,000 493,000 493,000
Share premium 7 957,531 957,531 957,531
Accumulated losses (1,924,460) (1,236,968) (1,590,594)
Total equity (473,929) 213,563 (140,063)
These interim financial statements were approved by the Board of Directors on
26 June 2025.
Zaccheus Peh
Non-Executive Chairman
Interim Statement of Cash Flows
6 months ended 6 months ended 12 months ended
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Cash flow from operating activities
Loss for the period (333,866) (230,292) (592,921)
Adjustments:
Share based payments - 18,008 27,012
Loss for the period before changes in working capital (333,866) (212,284) (565,910)
Changes in working capital
Decrease/(increase) in receivables 22,412 (6,470) (78,680)
Increase/(decrease) in trade and other payables 284,651 (4,403) 173,298
Net cash used in operating activities (26,803) (223,157) (471,292)
Net (decrease)/increase in cash and cash equivalents (26,803) (223,157) (471,292)
Cash and cash equivalents at the beginning of period 27,334 498,626 498,626
Cash and cash equivalent at the end of the period 531 275,469 27,334
Interim Statement of Changes in Equity
Share Share Accumulated Total
Capital Premium Losses Equity
£ £ £ £
For period from 1 October 2023 to 30 September 2024 (audited)
As at 1 October 2023 493,000 957,531 (1,024,684) 425,847
Comprehensive income
Loss for the period - - (592,921) (592,921)
Transactions with owners
Share based payments - - 27,012 27,012
As at 30 September 2024 493,000 957,531 (1,590,593) 140,062
For period from 1 October 2023 to 31 March 2024 (unaudited)
As at 1 October 2023 493,000 957,531 (1,024,684) 425,847
Comprehensive income
Loss for the period - - (230,292) (230,292)
Transactions with owners
Share based payments - - 18,008 18,008
As at 31 March 2024 493,000 957,531 (1,236,968) 213,563
For period from 1 October 2024 to 31 March 2025 (unaudited)
As at 1 October 2024 493,000 957,531 (1,590,593) (140,062)
Comprehensive income
Loss for the period - - (333,866) (333,866)
Transactions with owners
Share based payments - - - -
As at 31 March 2025 493,000 957,531 (1,924,459) (473,928)
Notes to the Interim Financial Statements
1. Company Information
Spiritus Mundi plc (the "Company'') is a public company limited by shares,
listed on the London Stock Exchange, registered in England and Wales. The
Company is domiciled in England and its registered office is 6 Heddon Street,
London W1B 4BT, United Kingdom.
The principal activity of the Company is that of identifying and acquiring
investment projects.
2. Summary of significant accounting policies
2.1 Basis of preparation
The principal accounting policies applied in the preparation of this interim
financial statements are set out below. These policies have been consistently
applied to all the periods presented, unless otherwise stated. The interim
financial statements are presented in its functional currency, pounds Sterling
("£"), rounded to the nearest pound.
The interim financial statements for the six months period ended 31 March 2025
have been prepared in accordance with International Accounting Standard (IAS)
34 Interim Financial Reporting, as adopted for use in the United Kingdom. The
interim financial statements do not include all the notes of the type normally
included in annual financial statements. Accordingly, this report is to be
read in conjunction with the annual report for the financial year ended 30
September 2024 and any public announcements made by Spiritus Mundi plc during
the interim reporting period. The Interim Report does not include all the
information and disclosures required in the financial statements and should be
read in conjunction with the audited financial statements for the financial
year ended 30 September 2024.
The interim financial statements have been prepared under the historical cost
convention unless otherwise stated. Historical cost is generally based on the
fair value of the consideration given in exchange for assets. The preparation
of the financial statements in compliance with IAS 34 requires the use of
certain critical accounting estimates and management judgements in applying
the accounting policies.
The accounting policies and methods of computation adopted in the preparation
of the interim financial statements are consistent with those followed in the
preparation of the Company's annual financial statements for the financial
year ended 30 September 2024.
The Company does not expect any other standards issued by the IASB, but not
yet effective, to have a material impact on the Company.
The interim financial statements do not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. The financial information
for the full year is based on the statutory accounts for the financial year
ended 30 September 2024. A copy of the statutory accounts for that year, which
were prepared in accordance with International Financial Reporting Standards
adopted for use in the United Kingdom ("UK adopted IFRS") and with the
Companies Act 2006, as applicable to companies reporting under international
accounting standards, have been delivered to the Registrar of Companies. The
auditors' report under section 495 of the Companies Act 2006 in relation to
those accounts was qualified except for the possible effects of the matter
described in the basis for qualified opinion section of their report.
The qualification related to the auditors' inability to obtain sufficient
appropriate audit evidence to conclude on the appropriateness of the
directors' use of the going concern basis of accounting.
These interim condensed consolidated financial statements have been reviewed,
not audited.
2.2 Going concern
The Company's current ongoing operational costs, which do not include
additional professional fees that would be required to complete an
acquisition, are approximately £416,000 per annum and the cash on hand as at
31 March 2025 was £531.
The Company has net liabilities as at 31 March 2025 which have continued to
increase post year end as further expenditure has been incurred. Whilst the
current cash resources of the Company are not sufficient to cover the existing
liabilities or ongoing operational costs of the Company, the cash expected to
be received from the Company's current fund raising activities, and the refund
of VAT previously incorrectly charged by vendors, is expected to be sufficient
for the Company to continue the acquisition process, with support from its
creditors.
The fundraising to be undertaken at the time of the completion of the
acquisition is then expected to cover the outstanding liabilities and provide
sufficient working capital for the enlarged Company.
Whilst there is no certainty that the fundraising will be a success, the
Directors have sufficient confidence that enough funds can be raised to
continue to adopt the going concern basis in preparing the Company's financial
statements.
Nevertheless, the Directors have considered the above circumstances gives rise
to a material uncertainty that casts significant doubt on the Company's
ability to continue as a going concern and thus needs to be properly disclosed
in the interim financial statements for the period ended 31 March 2025.
The interim financial statements do not include any adjustments that may arise
in the event that the Company is unable to complete a successful acquisition
including raising adequate funds to facilitate this.
3. Critical accounting judgements and key sources of
estimation uncertainty
In the process of applying the Company's accounting policies, the Directors
make estimates and assumptions that have an effect on the amounts recognised
in the interim financial information. Although these estimates are based on
the Directors' best knowledge of the current events and actions, actual
results may ultimately differ from those estimates.
The significant judgements made by the Directors in applying the Company's
accounting policies and the key sources of estimation uncertainty were the
same as those described in the last annual financial statements.
4. Loss before income tax
The breakdown by nature of administrative expenses is as follows:
6 months ended 6 months ended 12 months ended
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Accounting fees 766 766 1,528
Audit fees
- Current year/period 16,500 13,200 36,300
- Under provision of prior period - 5,640 -
Non-audit fees paid to auditor - 4,200 3,000
Directors' remunerations (Note 5) 67,500 85,508 162,012
Listing fee 108,327 50,208 134,142
Professional fees 136,328 35,820 182,544
Secretarial fees - - 780
Other costs 4,445 34,950 72,615
333,866 230,292 592,921
5. Loss per share
The loss per share has been calculated using the loss for the financial
year/periods and the weighted average number of ordinary shares entitled to
dividend rights which were outstanding during the financial year/periods, as
follows:
6 months ended 6 months ended 12 months ended
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Loss for the period attributable to equity holders of the Company (333,866) (230,292) (592,921)
Weighted average number of ordinary shares 49,300,000 49,300,000 49,300,000
Basic and diluted loss per Share (0.007) (0.005) (0.012)
For the financial year/periods, basic loss per share and diluted loss per
share are the same due to effect of warrants and options being non-dilutive in
light of the loss per share.
6. Share capital and share premium
Number of shares Share Share premium(*)
capital
'000 £ £
At 30 September 2024 and 31 March 2025 49,300 493,000 957,531
*Net against share issuance costs of £40,469.
Each Ordinary Share (including Subscription Shares) ranks pari passu for
voting rights, dividends and return of capital upon winding up of the Company.
All Ordinary Shares are freely transferable and there are no restrictions on
transfer, except for all shares held by Directors including any shares
exercised under Directors Warrants and Options, which are subjected to a 12
month lock-in period from date of admission and followed by a subsequent 12
month period where they shall only be entitled to sell shares in such a manner
that would not create a disorderly market in the share.
As at 30 September 2024 and 31 March 2025, there were 20,886,000 warrants and
3,000,000 options unissued ordinary shares exercisable. In addition, subject
to a successful RTO or an acquisition taking place, another 10,000,000
warrants will be issued.
For the six months ended 31 March 2025, no warrant or option has been issued
or exercised or lapsed, except for £10,994 received from Zaccheus Peh on 21
October 2024 in anticipation of the exercise of Founder's Warrant upon the
lifting of suspension in the trading of the Company shares
7. Financial instruments by category
Financial assets
Financial assets measured at amortised cost comprise the following:
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Cash at bank 531 275,469 27,334
Receivables 64,170 - 77,156
Financial liabilities
Financial liabilities measured at amortised cost comprise the following:
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Other payables and accruals 545,230 82,878 260,579
The Company's major financial instruments include bank balances and amounts
payables to suppliers. The risks associated with these financial instruments,
and the policies on how to mitigate these risks are set out below. Risk
management is carried out by Board of Directors. The Company uses financial
instruments to provide flexibility regarding its working capital requirements
and to enable it to manage specific financial risk to which it is exposed.
Liquidity risk
Liquidity risk arises from the Company's management of working capital.
The Company regularly reviews its major funding positions to ensure that it
has adequate financial resources in meeting its financial obligations. The
Directors have considered the liquidity risk as part of their going concern
assessment. Controls over expenditure are carefully managed in order to
maintain its cash reserves whilst it targets a suitable transaction.
The Company's financial liabilities as shown above have contractual maturities
within 6 months from the date of the interim financial statements.
Credit risk
The Company's credit risk is wholly attributable to its cash balance. The
credit risk from its cash and cash equivalents is limited because the counter
parties are banks with high credit ratings and have not experienced any losses
in such accounts.
Interest risk
The Company's exposure to interest rate risk is the interest received on the
cash held, which is immaterial.
Currency risk
The Company is exposed to minimal currency risk at present.
Capital risk management
The Company's capital structure consists mainly of equity share capital and
the share premium. The Company's objectives when managing capital is to
safeguard the Company's ability to continue as a going concern, in order to
provide returns for shareholders and benefits for other stakeholders and to
maintain an optimal capital structure. The Company has no borrowings and does
not pay dividends. In order to maintain or adjust the capital structure, the
Company may return capital to shareholders or issue new shares. Following an
acquisition, the Company may also pay dividends to shareholders.
8. Related party transactions
The following transactions with related parties took place at terms agreed
between the parties during the financial year/periods:
6 months ended 6 months ended 12 months ended
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
IR services* 15,000 15,000 30,188
Professional fees - - 64,169
Other Payables 73,188 - 60,500
*Prior period comparative numbers have been restated to reflect the amount
without VAT as the Company is outside the scope of VAT and credit notes have
been issued by the supplier.
For the financial period ended 31 March 2024, 31 March 2025 and the financial
year ended 30 September 2024, advisory fees were paid to IFC Advisory Limited
whilst Timothy Metcalfe, a director of IFC Advisory Limited, was appointed as
a director of the Company from 1 April 2023.
On 21 October 2024, an amount of £10,994 was received from Zaccheus Peh in
anticipation of the exercise of Founder's Warrant upon the lifting of
suspension in the trading of the Company shares. On 17 February 2025, an
advance to the Company of £1,694 was received from Zacheus Peh.
9. Subsequent events
There have been no significant events since the end of the reporting period
that would have a material impact on the interim financial statements.
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