Quetzal Capital Plc - Final Results Year Ended 30 June 2021
PR Newswire
London, October 15
Quetzal Capital Plc
("Quetzal Capital" or the "Company")
Final Audited Financial Statements
Year Ended 30 June 2021
The Board of Quetzal Capital is pleased to announce the audited final results for the 12 month period ended 30 June 2021.
The financial results for the twelve months ended 30 June 2021 show a loss of £71,915 compared to a profit for the same period in 2020 of £275,963. The profit recorded in 2020 was attributable to the write-off of historic debt by creditors in June 2020. The net assets as at 30 June 2021 were £3,160,034 (2020: (£41,557)).
In October 2020 Darren Edmonston, who had been with the Company for four-and-a-half years resigned from the Board with immediate effect to concentrate on his other business interests.
In March 2021, Mark Jackson resigned as a director of the Company and John Taylor joined the Board. At the same time Peterhouse Capital, the Company's brokers, raised £3.43million recapitalising the Company and enabling Quetzal to relaunch. At a general meeting of the Company held on 1 April 2021, shareholders approved a change in Quetzal's investment strategy, to focus on potentially high growth companies in the technology, eCommerce and lifestyle sciences sectors. Following the general meeting, Simon Grant-Rennick stepped down from the Board and Fungai Ndoro was appointed as a director.
The new Board is very excited about by its current prospects and is firmly focused on acquiring an exciting business with the ability to scale rapidly and expand globally, in a short space of time.
The Directors do not recommend the payment of a dividend for the year ended 30 June 2021.
Post Balance Sheet Events
The directors have received a number of approaches and identified several potential business opportunities for the Company. The directors are presently evaluating a number of potential transactions, and look forward to informing shareholders and the market further as and when this is appropriate.
On behalf of the Board of directors, I thank both old and new shareholders for their support.
John Edward Taylor
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Quetzal Capital Plc
Fungai Ndoro: +44 (0) 203 813 0175
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Statement of Comprehensive Income
Year Ended 30 June 2021
| 2021 | 2020 | ||
| £ | £ | ||
| Administrative expenses | (68,803) | 284,981 | |
| Operating profit / (loss) | (68,803) | 284,981 | |
| Interest payable and similar expenses | - | (9,018) | |
| Profit / (loss) before taxation | (68,804) | 275,963 | |
| Tax on profit / (loss) | (3,112) | - | |
| Profit / (loss) for the financial year and total comprehensive income | (71,915) | 275,963 |
| Earnings per share | (0.087)p | 0.734p | |
| Diluted earnings per share | (0.076)p | 0.734p |
All the activities of the Company are from continuing operations and investments.
Statement of Financial Position
Year Ended 30 June 2021
| 2021 | 2020 | ||
| £ | £ | ||
| Fixed assets | |||
| Investments | 2,279 | 2,187 | |
| 2,279 | 2,187 | ||
| Current assets | |||
| Debtors | 71,628 | 7,495 | |
| Financial assets | 267,930 | - | |
| Cash and cash equivalents | 2,841,679 | - | |
| Total current assets | 3,181,237 | 7,495 | |
| Creditors: amounts falling due within one year | 20,370 | 51,239 | |
| Net current assets | 3,160,867 | (43,744) | |
| Total assets less current liabilities | 3,163,146 | (41,557) | |
| Provisions | (3,112) | - | |
| Net assets | 3,160,034 | (41,557) | |
| Capital and reserves | |||
| Called up share capital | 1,701,243 | 1,552,202 | |
| Share premium | 4,687,681 | 1,572,336 | |
| Option & warrant reserve | 9,120 | - | |
| Profit & loss accounts | (3,238,010) | (3,166,095) | |
| Shareholders' funds/ (deficit) | 3,160,034 | (41,557) |
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Fungai Ndoro
Director
Statement of Changes in Equity
Year Ended 30 June 2021
| Called up Share Capital | Share Premium | Other Reserves | Profit & Loss Account | Total | |
| £ | £ | £ | £ | £ | |
| As at 1 July 2020 | 1,552,202 | 1,572,336 | - | (3,166,095) | (41,557) |
| Total comprehensive profit for the year | - | - | - | (71,915) | (71,915) |
| Issue of shares | 149,041 | 3,115,345 | - | - | 3,264,386 |
| Option & warrant reserve | - | - | 9,120 | - | 9,120 |
| Balance at 30 June 2021 | 1,701,243 | 4,687,681 | 9,120 | (3,238,010) | 3,160,034 |
| Called up Share Capital | Share Premium | Profit & Loss Account | Total | |
| £ | £ | £ | £ | |
| As at 1 July 2019 | 1,545,511 | 1,562,336 | (3,442,058) | (334,211) |
| Total comprehensive profit for the year | - | - | 275,963 | 275,963 |
| Issue of shares | 6,691 | 10,000 | - | 16,691 |
| Balance at 30 June 2020 | 1,552,202 | 1,572,336 | (3,166,095) | (41,557) |
The following describes the nature and purpose of each reserve within owners' equity:
| Reserve | Description and purpose |
Called Up Share Capital | This represents the nominal value of shares issued. |
Share Premium | Amount subscribed for share capital in excess of nominal value. |
Profit & Loss Account | Cumulative net gains and losses recognised in the statement of comprehensive income. |
Statement of Cash Flows
Year Ended 30 June 2021
| 2021 £ | 2020 £ | ||
| Cash flows from operating activities | |||
| Profit / (loss) for the financial year | (71,915) | (275,963) | |
| Adjustments for: | |||
| Fair value adjustment of listed shares | (16,472) | (1,187) | |
| Interest payable and similar expenses | - | 9,018 | |
| Other operating cash flow adjustment | 9,120 | (334,658) | |
| Changes in: | |||
| Trade and other debtors | (64,133) | (1,281) | |
| Trade and other creditors | (27,757) | 61,163 | |
| Cash generated from operations | (171,157) | 9,018 | |
| Interest paid | - | (9,018) | |
| Net cash used in operating activities | (171,157) | - | |
| Cash flows from financing activities | |||
| Purchase of listed investment | (251,550) | - | |
| Share issue | 3,470,124 | - | |
| Share issue expenses paid | (205,738) | - | |
| Net cash used in financing activities | 3,012,836 | - | |
| Increase / (Decrease) in cash and cash equivalents | 2,841,679 | - | |
| Cash and cash equivalents at beginning of the year | - | - | |
| Cash and cash equivalents at the end of the year | 2,841,679 | - |
