SPORT CAPITAL GROUP PLC (formerly PELICAN HOUSE MINING PLC)
(the “Company”)
RESULTS FOR YEAR ENDED 31ST DECEMBER 2018
Chairman’s Statement
I present below the strategic report on the Company for the year ended 31st December 2018 together with the audited, consolidated financial statements for the same period signed on 30th May 2019.
Financial results
The loss of the year before and after taxation was £7,973 (2017: £8,926 resulting in a basic loss per share of (0.008) pence (2017: (0.014 pence). Cash in the bank at the end of December 2017 was £9,776 (2017: £272); shareholders’ funds were £205,654 (2017: £58,217). The Directors consider the results for the year under review to be in line with expectations at the beginning of the second half of 2018.
Review of business
The Company has been seeking potential acquisitions and investment opportunities since its flotation on the NEX Exchange Growth Market. During the year under review, the Company sought to invest in assets in the UK property market and/or the African resources sector. Two investments in the latter sector were made during the year. These are valued in the financial statements at cost. The Company retains its investment property in Leeds, which was let during 2018 on the three-year lease to a commercial tenant.
Board changes
On 5th December 2018, Mr. Mark Jackson resigned from the Board although remains associated with the Company in a consultative capacity. At the same time, Mr. John Treacy joined the Board.
Post- balance sheet events
Shortly after the end of financial 2018, further investment was entered into on a speculative basis following a General Meeting needed to approve it, which was held on 2nd January 2019. This investment was subsequently disposed of, incurring no charge to the Company’s capital account.
In December 2018, the Company agreed to place 13,333,333 new shares; the placing was conditional on the outcome of a shareholders’ meeting and these shares were allotted on 2nd January 2019. The gross proceeds from the issuance of new shares were £60,000, which will be reflected in the financial statements for the first half of 2019.
Future developments
The Company continues to evaluate potential investments and further announcements will be made if, as and when necessary.
Principal risks and uncertainties
Given the nature of the business and activity of the Company, the Directors believe that the Company is not exposed to significant risks other than liquidity risk. The Company's continued future operations depend on the ability to hold sufficient working capital to be able to meet its financial obligations. The Directors are confident that there is adequate funding to finance immediate working capital requirements.
| Simon Grant-Rennick, |
Chairman,
30 th May 2018 |
Sport Capital Group PLC
Statement of Comprehensive Income
Year ended 31 December 2018
|
2018 |
2017 |
| Note |
£ |
£ |
| Turnover |
4 |
10,243 |
22,500 |
| Cost of sales |
22,971 |
756 |
|
------ |
------ |
| Gross (loss)/profit |
(12,728) |
21,744 |
| Administrative expenses |
36,201 |
22,241 |
|
|
------ |
------ |
| Operating loss |
5 |
(48,929) |
(497) |
| Interest payable and similar expenses |
7 |
5,548 |
8,429 |
|
------ |
------ |
| Loss before taxation |
(54,477) |
(8,926) |
| Tax on loss |
8 |
(46,504) |
– |
|
------ |
------ |
| Loss for the financial year and total comprehensive income |
(7,973) |
(8,926) |
|
====== |
====== |
| Earnings per share |
|
|
|
| Basic loss per share (pence per share) |
9 |
(0.008) |
(0.014) |
| Diluted loss per share (pence per share) |
9 |
(0.007) |
(0.013) |
|
====== |
====== |
All the activities of the company are from continuing operations.
Sport Capital Group PLC
Statement of Financial Position
31 December 2018
| Fixed assets |
|
|
|
| Tangible assets |
10 |
204,436 |
204,436 |
| Investments |
11 |
57,410 |
– |
|
---------- |
---------- |
|
261,846 |
204,436 |
| Current assets |
|
|
|
| Debtors |
12 |
50,203 |
20,084 |
| Cash at bank and in hand |
9,776 |
272 |
|
------ |
------ |
|
59,979 |
20,356 |
| Creditors: amounts falling due within one year |
13 |
116,171 |
166,575 |
|
---------- |
---------- |
| Net current liabilities |
56,192 |
146,219 |
|
---------- |
---------- |
| Total assets less current liabilities |
205,654 |
58,217 |
|
---------- |
------ |
| Net assets |
205,654 |
58,217 |
|
========== |
====== |
| Capital and reserves |
|
|
|
| Called up share capital |
15 |
97,990 |
62,190 |
| Share premium account |
16 |
293,726 |
174,116 |
| Profit and loss account |
16 |
(186,062) |
(178,089) |
|
---------- |
---------- |
| Shareholders’ funds |
205,654 |
58,217 |
|
========== |
========== |
These financial statements were approved by the board of directors and authorised for issue on 30 May 2019, and are signed on behalf of the board by:
| Mr Grant-Rennick |
| Director |
Company registration number: 06474216
Sport Capital Group PLC
Statement of Changes in Equity
Year ended 31 December 2018
|
Called up share capital |
Share premium account |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
| At 1 January 2017 |
61,890 |
173,544 |
(169,163) |
66,271 |
|
|
|
|
|
| Loss for the year |
|
|
(8,926) |
(8,926) |
|
------ |
------ |
------ |
------ |
| Total comprehensive income for the year |
– |
– |
(8,926) |
(8,926) |
|
|
|
|
|
| Issue of shares |
300 |
572 |
– |
872 |
|
------ |
------ |
------ |
------ |
| Total investments by and distributions to owners |
300 |
572 |
– |
872 |
|
|
|
|
|
| At 31 December 2017 |
62,190 |
174,116 |
(178,089) |
58,217 |
|
|
|
|
|
| Loss for the year |
|
|
(7,973) |
(7,973) |
|
------ |
------ |
------- |
------ |
| Total comprehensive income for the year |
– |
– |
(7,973) |
(7,973) |
|
|
|
|
|
| Issue of shares |
35,800 |
119,610 |
– |
155,410 |
|
------ |
------ |
------ |
------ |
| Total investments by and distributions to owners |
35,800 |
119,610 |
– |
155,410 |
|
|
|
|
|
|
------ |
------ |
------ |
------ |
| At 31 December 2018 |
97,990 |
293,726 |
(186,062) |
205,654 |
|
====== |
====== |
====== |
====== |
Sport Capital Group PLC
Statement of Cash Flows
Year ended 31 December 2018
|
2018 |
2017 |
|
£ |
£ |
| Cash flows from operating activities |
|
|
| Loss for the financial year |
(7,973) |
(8,926) |
| Adjustments for: |
|
|
| Depreciation of tangible assets |
– |
927 |
| Interest payable and similar expenses |
5,548 |
8,429 |
| Tax on loss |
(46,504) |
– |
| Accrued expenses |
1,296 |
1,275 |
| Changes in: |
|
|
| Trade and other debtors |
16,385 |
(17,055) |
| Trade and other creditors |
(39,200) |
143,437 |
|
------ |
---------- |
| Cash generated from operations |
(70,448) |
128,087 |
| Interest paid |
(5,548) |
(8,429) |
|
------ |
---------- |
| Net cash (used in)/from operating activities |
(75,996) |
119,658 |
|
====== |
====== |
| Cash flows from investing activities |
|
|
| Purchase of tangible assets |
– |
(205,363) |
| Purchases of other investments |
(57,410) |
– |
|
------ |
---------- |
| Net cash used in investing activities |
(57,410) |
(205,363) |
|
====== |
====== |
| Cash flows from financing activities |
|
|
| Proceeds from issue of ordinary shares |
155,410 |
872 |
| Proceeds from borrowings |
(12,500) |
190,500 |
| Repayments of borrowings |
– |
(178,000) |
|
---------- |
---------- |
| Net cash from financing activities |
142,910 |
13,372 |
|
====== |
====== |
| Net increase/(decrease) in cash and cash equivalents |
9,504 |
(72,333) |
| Cash and cash equivalents at beginning of year |
272 |
72,605 |
|
------ |
------ |
| Cash and cash equivalents at end of year |
9,776 |
272 |
|
====== |
====== |
This announcement has been made after due and careful consideration; the Directors of the Company accept responsibility for the information contained in it.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Sport Capital Group plc:
Simon Grant-Rennick
E-mail: sgrelk@aol.com
Mob: +44 797 325 3124
Keith, Bayley, Rogers & Co. Limited (NEX Exchange Corporate Adviser and Broker):
Graham Atthill-Beck
E-mail: Graham.Atthill-Beck@kbrl.co.uk
Tel: +44 20 7464 4091
Mob: +44 750 643 4107; +971 50 856 9408
Brinsley Holman
E-mail: Brinsley.Holman@kbrl.co.uk
Tel: +44 20 7464 4098
Mob: +44 777 630 2228