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Evrima Plc - Preliminary Results for Year to 31-12-2020

·8-min read

For a PDF version of the announcement please click here: https://mma.prnewswire.com/media/1571448/Preliminary_Financial_Results_2020.pdf

THE DIRECTORS OF EVRIMA PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS DEEMED NOW TO BE IN THE PUBLIC DOMAIN.

Evrima plc

AQSE: EVA

(“Evrima” or the “Company”; formerly Sport Capital Group plc)

Preliminary Financial Results for the Year Ended 31st December 2020

Chairman’s Statement

The Company presents below its preliminary results for the year from 1st January to 31st December 2020 (“Pleliminary Results”) as presaged in the regulatory announcement issued on 5th July 2021. It is emphasised that the financial statements appearing below are unaudited and that the audited financial statements for the same period which the Directors anticipate announcing later this month (“Final Results”) are accordingly liable to possible changes from the Preliminary Results presented today. Publication of the Preliminary Results as set out in the financial statements which follow has been approved by Evrima’s statutory auditors, PKF Littlejohn LLP, whose appointment to their role the Company announced on 23rd April 2021.

The Preliminary Results presented today have been prepared on same basis and applying the same accounting principles and conventions as were the financial results for the year 1st January to 31st December 2019 with which they are compared, for earlier finacial reporting periods, the unaudited interim financial statements for the interm period to 30th June 2020 and as will be applied to the forthcoming Final Results

Financial Highlights

The loss for the year after taxation was £(207,745) (2019: £(63,171)) resulting in a basic loss per share of (0.18) pence (2019: (0.053) pence) and a diluted loss per share of (0.17) pence (2019: (0.050) pence). Cash at bank at the end of December 2019 was £163,607 (2019: £11,845) and shareholders’ funds stood at £461,138 (2019: £206,483).

Reasons for the Delay in Publication of the Final Results

In the course of their work on the year ended 31st December 2020, the auditors became aware of certain items in the past years’ statutory accounts, the previous accounting treatment of which could, in the auditors’ view, require minor adjustments to be made to those prior years’ accounts. Readers’ attebtion is drawn to Note 9 headed “Prior Year Adjustment” of the selected notes to the unaudited financial statements for the year ended 31 December 2020 below. The Directors wish to state that, to the best of their knowledge and belief, any prior year adjustements are of a character to affect neithet or the Company’s cash position as it is shown in the Preliminary Results for last year appearing below nor its future ability to implement its investment strategy; nor lead to any emphasis of matter, modification or qualification of the auditors’ opinion when the audit is finaised and the Final Results in respect of the year ended 31st Decmber 2020 are published.

When the Final Results are announced and the Annual Report containing the Company’s statutory accounts is posted to shareholders, these will contain the customary report on financial 2020, a strategic review of the last financial year, a discussion of significant post- balance sheet developments (most of which latter will have been the subject of earlier regulatory announcements by the Company) and the Directors’ outlook for the remainder of the current financial year.

Simon Grant-Rennick,

Executive Chairman,

11th July 2021

Unaudited Statement of Comprehensive Income

for the year ended 31 December 2020

Unaudited 2020 2019

as restated

Notes £ £

TURNOVER 20,141 20,180

Cost of sales - (348)

GROSS PROFIT 20,141 19,832

Administrative expenses (256,075) (62,120)

OPERATING LOSS 5 (235,934) (42,288)

Gain/loss on revaluation of investments

69,769

-

(166,165) (42,288)

Interest payable and similar expenses

6

(5,959)

(10,000)

LOSS BEFORE TAXATION

(172,124)

(52,288)

Tax on loss 7 (35,621) (10,883)

LOSS FOR THE FINANCIAL YEAR

(207,745)

(63,171)

OTHER COMPREHENSIVE INCOME - -

TOTAL COMPREHENSIVE INCOME FOR THE YEAR


(207,745)


(63,171)

Earnings per share expressed

in pence per share: 8

Basic -0.18 -0.05

Diluted -0.17 -0.05

Unaudited Statement of Financial Position

31 December 2020

Unaudited 2020 2019 2018

as restated

Notes £ £ £

FIXED ASSETS

Investments 10 344,976 65,250 57,410

Investment property 11 - 204,436 204,436

344,976 269,686 261,846

CURRENT ASSETS

Debtors 12 68,895 40,214 50,203

Cash at bank 163,607 11,845 9,776

232,502 52,059 59,979

CREDITORS

Amounts falling due within one year

13

(116,340)

(115,262)

(116,171)

NET CURRENT ASSETS/(LIABILITIES) 116,162 (63,203) (56,192)

TOTAL ASSETS LESS CURRENT LIABILITIES


461,138


206,483


205,654

NET ASSETS 461,138 206,483 205,654

CAPITAL AND RESERVES

Called up share capital 15 229,668 119,234 97,990

Share premium 16 673,448 321,482 293,726

Other reserves 16 24,000 24,000 9,000

Retained earnings 16 (465,978) (258,233) (195,062)

SHAREHOLDERS' FUNDS 461,138 206,483 205,654

The preliminary financial statements were approved by the Board of Directors and authorised for issue on 11th July 2021 and were signed on its behalf by:

..........................................................................

Mr S R Grant-Rennick - Director

Unaudited Statement of Changes in Equity

for the year ended 31 December 2020

Called up

share Retained Share Other Total

capital earnings premium reserves equity

£ £ £ £ £

Balance at 1 January 2019 97,990 (195,062) 293,726 9,000 205,654

Changes in equity

Deficit for the year - (54,171) - - (54,171)

Other comprehensive income - - - 15,000 15,000

Total comprehensive income - (54,171) - 15,000 (39,171)

Issue of share capital 21,244 - 27,756 - 49,000

Balance at 31 December 2019 119,234 (249,233) 321,482 24,000 215,483

Prior year adjustment - (9,000) - - (9,000)

As restated 119,234 (258,233) 321,482 24,000 206,483

Changes in equity

Deficit for the year - (207,745) - - (207,745)

Total comprehensive income - (207,745) - - (207,745)

Issue of share capital 110,434 - 351,966 - 462,400

Balance at 31 December 2020 229,668 (465,978) 673,448 24,000 461,138

Unaudited Statement of Cash Flows

for the year ended 31 December 2020

Unaudited 2020 2019

as restated

Notes £ £

Cash flows from operating activities

Cash generated from operations 1 (294,522) (44,091)

Interest paid (5,959) (10,000)

Net cash from operating activities (300,481) (54,091)

Cash flows from investing activities

Purchase of fixed asset investments (71,957) (7,840)

Sale of investment property 200,000 -

Net cash from investing activities 128,043 (7,840)

Cash flows from financing activities

Share issue 324,200 64,000

Net cash from financing activities 324,200 64,000

Increase in cash and cash equivalents

151,762

2,069

Cash and cash equivalents at beginning of year


2


11,845


9,776

Cash and cash equivalents at end of year

2

163,607

11,845

Notes to the Unaudited Statement of Cash Flows

for the year ended 31 December 2020

1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Unaudited 2020 2019

as restated

£ £

Loss before taxation (172,124) (52,288)

Loss on disposal of fixed assets 4,436 -

Gain on revaluation of fixed assets (69,769) -

Accrued (income)/expenses 91,198 (9,372)

Finance costs 5,959 10,000

(140,300) (51,660)

Increase in trade and other debtors (64,302) (894)

(Decrease)/increase in trade and other creditors (89,920) 8,463

Cash generated from operations

(294,522)

(44,091)

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2020

31/12/20 1/1/20

£ £

Cash and cash equivalents 163,607 11,845

Year ended 31 December 2019

31/12/19 1/1/19

as restated

£ £

Cash and cash equivalents 11,845 9,776

3.

ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/20 Cash flow At 31/12/20

£ £ £

Net cash

Cash at bank 11,845 151,762 163,607

11,845 151,762 163,607

Total 11,845 151,762 163,607

9. PRIOR YEAR ADJUSTMENT

The 2019 statement of financial position has been restated due to reserve balances being incorrectly allocated and also certain costs being omitted from prior year accounts. A third balance sheet is presented as the error occurred solely in the prior period and affects that year only.

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.

Enquiries:

Company:

Simon Grant-Rennick (Executive Chairman)

simon@evrimaplc.com

+44 7973 25 31 24

Burns Singh Tennent-Bhohi (CEO & Director)

burns@evrimaplc.com

+44 7403 16 31 85


Keith, Bayley, Rogers & Co. Limited (AQSE Corporate Adviser):

Graham Atthill-Beck: +44 (0) 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com

Peterhouse Capital Limited (Corporate Stockbroker):

Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)

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