Startup Giants Plc Final Results
31 May 2019 - 8:17PM
UK Regulatory
TIDMSUG
STARTUP GIANTS PLC
("Startup Giants" or the "Company")
Results for the 11 Months Ended 31st December 2018
Introduction
Startup Giants is pleased to present its audited financial statements for the
eleven months from 1st February 2018 to 31st December 2018, which have been
prepared in accordance with the conventions of IFRS. The loss for the period
was GBP(50,805) (2017-18, loss of GBP(71,753)), net assets were GBP720,277 (2017-18,
GBP771,082) and the Company's net cash position stood at GBP646,453 (2017-18, GBP
686,202).
Review
During the period under review, as presaged in the last Chairman's Statement,
the Company explored options to expand the pool of capital available for
investment in start-ups within its B to C purview and examined a number of
potential key partnerships. It also undertook consultancy work for early-stage
entrepreneurs, which generated revenue of GBP58,539 (2017-18, GBP nil) and resulted
in the reduced net loss stated above, translating into a loss per share of
(5.03) pence (2017-18, loss of (7.17) pence per share).
During the first quarter of 2018, the Company also applied for and was awarded
the status of a Small UK Alternative Investment Fund Manager (AIFM) by the FCA
with FRN number 799439.
Current Trading and Post-Balance Sheet Developments
Trading during the current financial year to date has been in line with the
Directors' expectations at the beginning of the period. Since 1st January 2019,
Startup Giants has continued to source new investment opportunities with the
opening of a new spring accelerator round, with follow-on selection, interviews
and short-listing, and to leverage potential key partnerships within both
private and governmental sectors.
Startup Giants has also explored the ability to support entrepreneurs from
non-EU countries to bring their IP to the UK through the Innovator and Startup
Route Visa programmes sponsored by the Home Office. Startup Giants has applied
to the Home Office to become an endorsing body and is working towards getting
the required support from the Department of Trade and Industry to complete the
process. As an endorsing body, Startup Giants will thereafter be able to source
new investment opportunities globally.
Outlook
Looking ahead, the momentum for technology companies requiring investment at
the seed stage should continue, with demand apparent for the Company's
accelerator model, which encompasses a delivery crew to support young start-ups
with their technology and digital marketing strategies.
As it moves forwards with its next accelerator round, the Company will look to
increase its portfolio of investee companies. Few competitors specialise in
sourcing promising consumer start-ups at the pre-seed stage and the Directors
believe Startup Giants is on track to build its portfolio by sourcing new
investments over the coming year from among many available opportunities.
Having identified an innovative methodology for acquiring minority interests in
highly prospective founders' businesses, Startup Giants will focus on its next
stage of growth by increasing its portfolio investments and providing the
technology and marketing services to support these investee companies.
Startup Giants is one of the pioneers in the UK of start-up acceleration for
companies that have a focus on consumer business models and it is well
positioned to leverage its expertise, contacts, and know-how to build long-term
shareholder value.
Annual General Meeting ("AGM")
The Company's AGM will be held at 11.00 a. m. BST on Wednesday 26th June 2019.
Notice of the AGM giving full details of the location and the resolutions to be
laid before shareholders will be included with the Annual Report, which will be
posted to shareholders by 3rd June 2019.
Conclusion
I wish to thank my Board colleagues and the shareholders for their support and
I look forward to reporting on future developments as and when this is
appropriate.
Jeb Buckler, Chairman and Chief Executive Officer
London, 30th May 2019
STARTUP GIANTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 DECEMBER 2018
Period Year
ended ended
31 December 31 January
2018 2018
Notes GBP GBP
Revenue 2 58,539 -
Gross profit 58,539 -
Administrative expenses (109,344) (71,753)
Operating loss 3 (50,805) (71,753)
Income tax expense - -
Loss and total comprehensive income
for the period 15 (50,805) (71,753)
Earnings per share 7
Basic (5.03) (7.17)
Diluted (5.03) (7.17)
Earnings per share from continuing
operations
Basic (5.03) (7.17)
Diluted (5.03) (7.17)
The income statement has been prepared on the basis that all operations are
continuing operations.
STARTUP GIANTS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
31 December 31 January
2018 2018
GBP GBP
Notes
Non-current assets
Goodwill
8 32,084 36,667
Investments 9 40,000 40,000
72,084 76,667
Current assets
Trade and other receivables
10 76,750 54,440
Cash and cash equivalents 646,453 686,202
723,203 740,642
Total assets 795,287 817,309
Current liabilities
Trade and other payables 12 75,010 46,227
Net current assets 648,193 694,415
Total liabilities 75,010 46,227
Net assets 720,277 771,082
Equity
Called up share capital 13 140,510 140,510
Share premium account 14 769,790 769,790
Retained earnings 15 (190,023) (139,218)
Total equity 720,277 771,082
The financial statements were approved by the board of directors and authorised
for issue on 30 May 2019 and are signed on its behalf by:
V Filmer-Sankey
Director
Company Registration No. 09690364
STARTUP GIANTS PLC
STATEMENT OF CHANGES IN EQUITYFOR THE PERIODED 31 DECEMBER 2018
Total
Share Share premium Retained
capital account earnings
Notes GBP GBP GBP GBP
Balance at 1 February 2017 100,000 - (67,465) 32,535
Year ended 31 January 2018:
Loss and total comprehensive income - - (71,753) (71,753)
for the year
Issue of share capital 13 40,510 769,790 - 810,300
Balance at 31 January 2018 140,510 769,790 (139,218) 771,082
Period ended 31 December 2018:
Loss and total comprehensive income - - (50,805) (50,805)
for the period
Balance at 31 December 2018 140,510 769,790 (190,023) 720,277
STARTUP GIANTS PLC
STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2018
Notes Period ended Year
31 December ended 31
2018 January
2018
GBP GBP GBP
Cash flows from operating activities 19 (39,749) (93,051)
Cash absorbed by operations
Net cash outflow from operating activities (39,749) (93,051)
Investing activities
Purchase of investments -
(40,000)
Net cash used in investing activities - (40,000)
Financing activities
Proceeds from issue of shares - 810,300
Net cash (used in)/generated from financing
activities - 810,300
Net (decrease)/increase in cash and cash (39,749) 677,249
equivalents
Cash and cash equivalents at beginning of 686,202 8,953
year
Cash and cash equivalents at end of year 646,453 686,202
This announcement has been made after due and careful enquiry and the Directors
of Startup Giants PLC accept responsibility for its content. A copy of the
Annual Report from which the financial statements reproduced here are extracted
will be uploaded onto the NEX Exchange website www.nexexchange.com immediately
following the posting to shareholders.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Startup Giants PLC
Jeb Buckler; jeb@startupgiants.com; +44 747 794 9933
Cherry Martin; cherry@startupgiants.com; +44 20 7 157 9764
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck; +44 20 7464 4090; +971 50 856 9408;
blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk
Notes for Editors:
The Company at a Glance
Startup Giants plc is a UK-based Investment Vehicle, which invests in
technology start-ups at the concept stage and then participates on subsequent
seed and expansion rounds. The Company intends to evaluate and invest in a
range of businesses located in the UK and mainland Europe. The Directors and
the Investment Advisory Panel have experience in technology companies and
start-ups and will use their expertise and their industry contacts actively to
manage the early stage development of the businesses in which it chooses to
invest.
The Company's revenue model is principally to realise investment gains through
portfolio divestments by using the skill and experience of its executive
management, supported by the non-executive Directors and investment advisory
panel, to identify and mentor technology start-ups with the potential for
significant growth. The Company may also provide a range of services to its
portfolio companies relating to mentoring and delivery of technology and
digital marketing.
The Company made a net loss for the year of GBP50,805. At the year end, the
Company had net assets of GBP720,227.
END
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