TIDMBSFA
RNS Number : 5047X
BSF Enterprise PLC
04 May 2021
Registered number: 11554014
BSF Enterprise Plc
Unaudited Interim Financial Statements
for the period ended 31 March 2021
Overview
The Company incurred a loss for the period ended 31 March 2021
of GBP31,858. The loss for the period results from the on-going
administrative expenses of GBP31,858 reflecting the Company's
professional fees, legal fees and accountancy fees.
Cash Flow and Net Debt
The Company's cash balance as at 31 March 2021 was GBP407,050
and it had no debt as at 31 March 2021.
Dividends
During the period ended 31 March 2021, there were no dividends
paid.
Current Trading and Outlook
The Company has been created to consider opportunities within
the innovation marketing and technology sector. The Company is
seeking an acquisition target that focuses on trade innovation,
data-driven analytics and technology to maximise sales and assist
companies to enter new markets. The Company seeks an acquisition
target within the innovation marketing and technology sector that
uses its trade innovation and data to assist its customer base with
the development of brands, products and services, marketing
campaigns or improvement of products and services.
Risk and uncertainties
The Directors have considered the current and developing impact
on the business as a result of the COVID-19 virus. This has not had
a significant, immediate impact on the Company's operations but the
Directors are aware that if the current situation becomes prolonged
then this may change.
Statement of directors' responsibilities in respect of the
interim results
The Directors; being Min Yang (Non-Executive Chairman) and
Geoffrey Baker (Non-Executive Director) confirm that the set of
Interim Financial Statements has been prepared in accordance with
international Accounting Standard 34 "interim financial reporting",
as adopted by the European Union and that interim report includes a
fair review of the information required by DTR 4.2.7R and DTR
4.2.8R, namely an indication of important events that have occurred
during the first six months of the financial year; and material
related party transactions in the first six months and any material
changes in the related party transactions described in the last
annual report.
Statement of Comprehensive Income
for the period ended 31 March 2021
6-month period 6-month period
to 31 March to 31 March
2021 (Unaudited) 2020 (Unaudited)
Note GBP GBP
Continuing operations
Administrative expenses (31,858) (33,885)
---------------------- -----------------
Operating loss for the period (31,858) (33,885)
Other comprehensive income - -
for the period
---------------------- -----------------
Loss and total comprehensive
loss for the financial period (31,858) (33,885)
====================== =================
Earnings per share
Basic and diluted (pence
per share) 3 (0.16) (0.17)
There are no items of other comprehensive income.
The notes to the interim financial statements on pages 7 to 9
form an integral part of these interim financial statements.
Statement of Financial Position
as at 31 March 2021
As at 31 March As at 30 September
2021 (Unaudited) 2020 (Audited)
Note GBP GBP
Assets
Current assets
Cash and cash equivalents 4 407,050 445,061
Prepayments 7,515 10,337
----------------------- -------------------
Total current assets 414,565 455,398
----------------------- -------------------
Total assets 414,565 455,398
======================= ===================
Equity and liabilities
Capital and reserves
Share capital 6 203,400 203,400
Share premium 6 407,984 407,984
Retained deficit (220,101) (188,243)
Total equity 391,283 423,141
======================= ===================
Liabilities
Current liabilities
Other payables 5 23,282 32,257
Total liabilities 23,282 32,257
----------------------- -------------------
Total equity and liabilities 414,565 455,398
======================= ===================
The notes to the interim financial statements on pages 7 to 9
form an integral part of these interim financial statements .
Statement of Changes in Equity
for the period ended 31 March 2021
Share capital Share premium Retained deficit Total
GBP GBP GBP GBP
As at 30 September 2019 203,400 407,984 (94,398) 516,986
-------------- -------------- ----------------- ---------
Comprehensive income for the period
Loss for the period - - (33,885) (33,885)
-------------- -------------- ----------------- ---------
Total comprehensive loss for the period - - (33,885) (33,885)
-------------- -------------- ----------------- ---------
As at 31 March 2020 203,400 407,984 (128,283) 483,101
-------------- -------------- ----------------- ---------
As at 30 September 2020 203,400 407,984 (188,243) 423,141
-------------- -------------- ----------------- ---------
Comprehensive income for the period
Loss for the period - - (31,858) (31,858)
-------------- -------------- ----------------- ---------
Total comprehensive loss for the period - - (31,858) (31,858)
-------------- -------------- ----------------- ---------
As at 31 March 2021 203,400 407,984 (220,101) 391,283
-------------- -------------- ----------------- ---------
Statement of Cash Flows
for the period ended 31 March 2021
6-month period 6-month period
ended 31 ended 31
March March
2021 (Unaudited) 2020 (Unaudited)
GBP GBP
Cash flow from operating activities
Operating loss (31,858) (33,885)
Changes in working capital:
(Decrease)/increase in trade and
other payables (8,975) (20,820)
(Increase)/decrease in trade and
other receivables 2,822 (7,344)
----------------- -----------------
Net cash generated (used in)/from operating
activities (38,011) (62,049)
----------------- -----------------
Decrease in cash and cash equivalents (38,011) (62,049)
Cash and cash equivalents at beginning
of the period 445,061 552,202
----------------- -----------------
Cash and cash equivalents at end
of the period 407,050 490,153
----------------- -----------------
No net debt reconciliation is provided as the Company has no
debt.
1. Accounting policies
1.1. Basis of preparation of Interim Financial Statements
The Interim Financial Statements have been prepared in
accordance with IAS 34 "Half Year Financial Reporting" as adopted
by the European Union and the Disclosure and Transparency Rules of
the Financial Conduct Authority. These Interim Financial Statements
do not comprise statutory accounts within the meaning of section
434 of the Companies Act 2006, do not include all the notes of the
type normally included in an annual financial report and have not
been audited or reviewed by the auditors pursuant to the Financial
Reporting Council guidance on Review of Interim Financial
Information. Accordingly, this report should be read in conjunction
with the annual report for the period ended 30 September 2020 (the
"Annual Report and Financial Statements"), which has been prepared
in accordance with International Financial Reporting Standards as
adopted by the European Union ("IFRS"). The Annual Financial
Statements constitute statutory accounts as defined in section 434
of the Companies Act 2006 and a copy these statutory accounts has
been delivered to the Registrar of Companies. The auditor's report
on those statutory accounts was unqualified, drew attention to a
material uncertainty in relation to going concern by way of
emphasis, and did not contain a statement under 498(2) or 498(3) of
the Companies Act 2006.
The accounting policies adopted in the preparation of the
Interim Financial Statements are consistent with those used to
prepare the Financial Statements for the year ended 30 September
2020 and those applicable for the year ended 30 September 2021. The
preparation of the Interim Financial Statements requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may
differ from these estimates. In preparing these Interim Financial
Statements, the significant judgements made by management in
applying the accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the Annual
Financial Statements described above. The Interim Financial
Statements have been prepared on a going concern basis, under the
historical cost convention.
2. Going concern
The Company had cash of GBP407,050 as at 31 March 2021. On this
basis, the Board considers the Company to have sufficient resources
to remain in operational existence for the foreseeable future.
3. Earnings per share
The calculation of earnings per share is based on the following
loss and number of shares:
6-month period 6-month period
ended 31 March ended 31 March
2021 (Unaudited) 2020 (Unaudited)
Loss for the period from continuing GBP31,858 GBP 33,885
operations
Weighted average shares in issue 20,340,002 20,340,002
Earnings per share (in pence) (0.16p) (0.17p)
Basic earnings per share is calculated by dividing the loss for
the year from continuing operations of the Company by the weighted
average number of Ordinary Shares in issue during the year. There
are no potential dilutive shares in issue.
4. Cash and cash equivalents
As at 30 September
As at 31 March 2020 (Audited)
2021 (Unaudited)
GBP GBP
Cash at Bank 407,050 445,061
======================== ========================
All bank balances are denominated in pounds sterling. The
Directors consider that the carrying value of cash and cash
equivalents represents their fair value.
5. Other payables
As at 31 March As at 30 September
2021 (Unaudited) 2020 (Audited)
GBP GBP
Current:
Trade payables 12,062 4,957
Accruals 11,220 27,300
----------------------- ------------------------
23,282 32,257
======================= ========================
6. Share capital and share premium
Number Share Share premium
of shares capital
GBP GBP
Issued and fully paid Ordinary shares
of GBP0.01 each
As at 31 March 2021 20,340,002 203,400 407,984
=========== ========= ==============
The Company was incorporated on 05 September 2018. On
incorporation, two Ordinary Shares of GBP0.01 par value were issued
at par. On 15 January 2019, a further 5,000,000 Ordinary Shares of
GBP0.01 par value were issued at par for cash consideration of
GBP50,000. On 26 July 2019, 15,340,000 new Ordinary Shares were
issued at the Placing Price, being GBP0.05, pursuant to the
Placing, for a total cash consideration of GBP767,000. Expenditure
relating to the new share issue totalling GBP205,616 was
subsequently deducted from the share premium.
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END
IR FLFVVEAISIIL
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