PR Newswire
London, December 2
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY QUETZAL CAPITAL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Quetzal Capital Plc
(formerly Welney Plc; renamed Quetzal Capital plc (“Quetzal Capital” or the "Company"))
Financial Results for Year Ended 30thJune 2020
Chairman’s Statement
Financial Results
Presented below are the audited financial statements of Quetzal Capital for the year from 1stJuly 2019 to 30thJune 2020. The statements which follow are extracted from but do not themselves form the Company’s full, statutory report and accounts, copies of which were posted today to shareholders along with notice of the annual general meeting in respect of the financial year under review.
Shareholders will see that there was a profit for last year of £275,963 (2018-19, loss £ (66,439)) but that shareholders’ funds in the Statement of Financial Position continue to show a deficit of £ (41,557), albeit this is at significantly lower level than that of financial 2018-19 (£ (334,211)). The reduction in the deficit of shareholders’ funds and the difference of £342,402 in the result in the Statement of Comprehensive Income below are linked to the measures which were approved on the penultimate day of the financial year 2019-20 and outlined below; they do not result from any trading activity or asset sales. They arise rather from the arrangements entered into between the Company and certain of its creditors whereby those creditors accepted repayment of the indebtedness owed to them at a discount of 92.5p in each £1 (ninety-two and a half pence in the pound); and from a refinancing consisting of new equity share capital and convertible loan capital aggregating £50,000 (fifty thousand pounds) provided by the current Directors, who are Mark Jackson and I.
Changes of Directorate and Other Matters
Following the Full details of the measures approved by shareholders on 29thJune 2020 in general meeting, which were set out in a Circular dated 2ndJune 2020, included a capital reorganisation whereby the Company’s ordinary share capital was effectively consolidated in the ratio of 1: 100 (one to one hundred). The Company also changed its name to Quetzal Capital plc from Welney plc. Immediately following the general meeting, at which Mr. Jackson and I were elected as Directors, Cameron Luck resigned from the Board in accordance with a prior understanding; we thank him for his contribution to the Company.
Post- Balance Sheet Developments
On 5thOctober 2020, the Company announced that Darren Edmonston had also resigned from the Board. This he did after a pre-agreed transition period, following the many changes which occurred towards the end of last financial year. Again, we wish to thank him for remaining with the Company during the early part of the current financial year and for his past service.
Future Prospects
Mr. Jackson and I have received a number of approaches and identified several potential business opportunities for Quetzal Capital. The Directors are presently evaluating four possible transactions and I look forward to informing shareholders and the market further as and when this is appropriate.
Simon Grant-Rennick,
Chairman,
2ndDecember 2020.
Quetzal Capital PLC
Statement of Comprehensive Income
Year ended 30 June 2020
| 2020 | 2019 | ||
| Note | £ | £ | |
| Administrative expenses | (284,981) | 58,696 | |
| -------- | -------- | ||
| Operating profit/(loss) | 284,981 | (58,696) | |
| Interest payable and similar expenses | 9,018 | 7,743 | |
| -------- | -------- | ||
| Profit/(loss) before taxation | 275,963 | (66,439) | |
| Tax on profit/(loss) | – | – | |
| -------- | -------- | ||
| Profit/(loss) for the financial year and total comprehensive income | 275,963 | (66,439) | |
| ======== | ======== | ||
All the activities of the Company are from continuing operations.
Quetzal Capital PLC
Statement of Financial Position
30 June 2020
| 2020 | 2019 | ||
| £ | £ | ||
| Fixed assets | |||
| Investments | 2,187 | 1,248 | |
| Current assets | |||
| Debtors | 7,495 | 6,214 | |
| Creditors: amounts falling due within one year | |||
| Trade creditors | 39,571 | 56,141 | |
| Amounts owed to group undertakings | 1,000 | 1,000 | |
| Other creditors including taxation and social security | 2,134 | – | |
| Accruals and deferred income | 8,534 | 7,500 | |
| -------- | -------- | ||
| 51,239 | 64,641 | ||
| -------- | -------- | ||
| Net current liabilities | 43,744 | 58,427 | |
| -------- | -------- | ||
| Total assets less current liabilities | (41,557) | (57,179) | |
| Creditors: amounts falling due after more than one year | |||
| Other creditors including taxation and social security | – | 277,032 | |
| -------- | -------- | ||
| Net liabilities | (41,557) | (334,211) | |
| ======== | ======== | ||
| Capital and reserves | |||
| Called up share capital | 1,552,202 | 1,545,511 | |
| Share premium account | 1,572,336 | 1,562,336 | |
| Profit and loss account | (3,166,095) | (3,442,058) | |
| -------- | -------- | ||
| Shareholders deficit | (41,557) | (334,211) | |
| ======== | ======== | ||
Quetzal Capital PLC
Statement of Changes in Equity
Year ended 30 June 2020
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve | Profit and loss account |
Total |
||
| £ | £ | £ | £ | £ | ||
| At 1 July 2018 | 1,545,511 | 1,562,336 | 10,714 | (3,386,333) | (267,772) | |
| Loss for the year | (66,439) | (66,439) | ||||
| Other comprehensive income for the year: | ||||||
| Transfer from equity reserve to profit and loss account | – | – | (10,714) | 10,714 | – | |
| -------- | -------- | -------- | -------- | -------- | ||
| Total comprehensive income for the year | – | – | (10,714) | (55,725) | (66,439) | |
| At 30 June 2019 | 1,545,511 | 1,562,336 | – | (3,442,058) | (334,211) | |
| Profit for the year | 275,963 | 275,963 | ||||
| -------- | -------- | -------- | -------- | -------- | ||
| Total comprehensive income for the year | – | – | – | 275,963 | 275,963 | |
| Issue of shares | 6,691 | 10,000 | – | – | 16,691 | |
| -------- | -------- | -------- | -------- | -------- | ||
| Total investments by and distributions to owners | 6,691 | 10,000 | – | – | 16,691 | |
| -------- | -------- | -------- | -------- | -------- | ||
| At 30 June 2020 | 1,552,202 | 1,572,336 | – | (3,166,095) | (41,557) | |
| ======== | ======== | ======== | ======== | ======== | ||
Quetzal Capital PLC
Statement of Cash Flows
Year ended 30 June 2020
| 2020 | 2019 | |
| £ | £ | |
| Cash flows from operating activities | ||
| Profit/(loss) for the financial year | 275,963 | (66,439) |
| Adjustments for: | ||
| Fair value adjustment of investment property | (1,187) | 1,080 |
| Interest payable and similar expenses | 9,018 | 7,743 |
| Other operating cash flow adjustment | (334,658) | – |
| Changes in: | ||
| Trade and other debtors | (1,281) | 3,145 |
| Trade and other creditors | 61,163 | 62,214 |
| -------- | -------- | |
| Cash generated from operations | 9,018 | 7,743 |
| Interest paid | (9,018) | (7,743) |
| -------- | -------- | |
| Net cash used in operating activities | - | – |
| ========= | ========= | |
| Net decrease in cash and cash equivalents | - | – |
| Cash and cash equivalents at beginning of year | - | – |
| -------- | -------- | |
| Cash and cash equivalents at end of year | - | – |
| ======== | ======== |
This announcement has been issued after due and careful enquiry; the Directors of Quetzal Capital Plc accept responsibility for the content.
Enquiries:
Quetzal Capital Plc
Simon Grant-Rennick: +44 7973 25 31 24
Mark Jackson: +44 1482 794654
CORPORATE ADVISER AND CONTACT DETAILS:
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 7506 43 41 07; [email protected]; [email protected]
Brinsley Holman: +44 7776 30 22 28; [email protected]
