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Harrogate Group Plc - Interim Results; 1st April to 30th Sept 2020

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THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY HARROGATE GROUP 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.

HARROGATE GROUP PLC
(formerly Iberian Gold plc; “Harrogate” or the “Company”)

RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2020

Chairman’s Statement

The Directors present below the condensed, abridged, unaudited financial statements for the half-year ended 30th September 2020, which show a loss before taxation of £(63,559) (30th September 2019: £0)) and cash-at-bank of £1 (30th September 2019: £1). The financial statements which follow have not been reviewed by the Company’s statutory auditors. The loss for the half-year was in line with the Directors’ expectations at the beginning of the period under review.

Trading Performance

During the period under review, the Company continued to be operationally dormant. We anticipate commencement of operations as soon as prevailing government restrictions permit.

Other Developments

Shortly prior to the beginning of the period under review, for the purposes of seeking admission to the Aquis Exchange Growth Market (“AQSE”) (“Admission”), the Company appointed Keith, Bayley, Rogers & Co. Limited as AQSE Corporate Adviser. In September 2020, the Company issued 100,000,000 new ordinary vendor consideration shares to the shareholders of Greencore Commercial Limited (“Greencore”), a private company, in a related party transaction in which Greencore acquired the education and training assets of Ngage Training and the Company acquired 100 per cent. of Greencore’s issued share capital. This transaction was approved by Harrogate’s shareholders in general meeting.

Post- Balance Sheet Events

i. On 9th November 2020, the whole of the Company’s issued ordinary share capital was admitted to AQSE.

ii. On the same day, the Company was pleased to confirm the appointment (which had been conditional upon Admission) of Sir Aubrey Brocklebank, Bt. as an independent, non-executive Director of the Company.

Reginald Brealey,

Chairman,

24th December 2020

Harrogate Group plc: Condensed Profit and Loss Account
for the period ended 30 September 2020


Notes

30-Sept
2020

30-Sept
2019

£

£

Operating expenses

1, 4

(63,559)

-

Operating loss

(63,559)

-

Loss on ordinary activities before taxation

(63,559)

-

_ (63,559)

Total comprehensive loss for the period attributable to members

3

(63,559)

Nil

Harrogate Group plc: Condensed Balance Sheet
as at 30 September 2020

Notes

30-Sep
2020

30-Sep
2019

£

£

Fixed assets

Investment in subsidiary

2

5,000,000

-

5,000,000

-

Current assets

Cash at bank and in hand

1

1

1

1

Creditors: amounts falling due within one year

(146,947)

(83,388)

Net current liabilities

(146,946)

(83,387)

Net assets

4,853,054

(83,387)

Capital and reserves

Called up share capital

12,785,336

7,785,336

Share premium

6,455,018

6,455,018

Shares to be issued

5,430,557

5,430,557

Profit and loss account

(19,817,857)

(19,754,298)

Shareholders' funds

4,853,054

(83,387)

Harrogate Group plc: Condensed Statement of Changes in Equity
for the period ended 30 September 2020

Share
capital

Share
premium

Shares to be
issued

Profit
and loss
account

Total

£

£

£

£

£

At 1 April 2019

7,785,336

6,455,018

5,430,557

(19,754,298)

(83,387)

Loss for the financial period

-

-

-

-

-

At 30 September 2019

7,785,336

6,455,018

5,430,557

(19,754,298)

(83,387)

At 1 April 2020

7,785,336

6,455,018

5,430,557

(19,754,298)

(83,387)

Issue of ordinary shares

5,000,000

-

-

-

5,000,000

Loss for the financial period

-

-

-

(63,559)

(63,559)

At 30 September 2020

12,785,336

6,455,018

5,430,557

(19,817,857)

4,853,054

Harrogate Group plc: Condensed Cashflow Statement
as at 30 September 2020

30-Sept
2020

30-Sept
2019

£

£

Cashflows from operating activities

Operating loss

(63,559)

-

Movement in working capital:

(Decrease)/ increase in trade and other payables

63,559

Nil
-

Cash and cash equivalents at beginning of the period

1

1

Cash and cash equivalents at end of the period

1
1

1
1

Notes* to the Condensed, Abridged Financial Statements

for the period 1st April 2020 to 30th September 2020:

1 Financial information

The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the IFRS as adopted by the European Union.

The accounting policies used in the preparation of this set of condensed interim financial statements are consistent with those which will be applied to the preparation of the Company's annual financial statements for the year ending 31st March 2021. Statutory accounts for a dormant company for the year ended 31st March 2020 were approved by the board of directors and delivered to the Registrar of Companies on 9th April 2020. The accounts were unaudited.

The financial information for the period ended 30th September 2020 has not been audited or reviewed. As permitted, the Company has chosen not to adopt IAS34 'Interim Financial Statements' in preparing this financial information.

2 Fixed assets: Investment in subsidiary

On 21st September 2020, the Company acquired Greencore Commercial Limited which principally consists of a long-established youth training scheme. The assets were independently valued at £5,000,000. The consideration for the transaction was the issuance of 100,000,000 ordinary shares of 5p each at par.

3 Earnings per share

The calculation of basic earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average of ordinary shares in issue being 78,125,383 during the period. This results in a loss per share of 0.00p (2019 - 0.00p).

4 Directors’ remuneration

The Directors received no remuneration during the period.

* Note 1 applies to the condensed, abridged financial statements above, as a whole.

The Directors of Harrogate Group, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091/ +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk

Harrogate Group Public Limited Company
Michael Burton: +44 7894 23 36 94/ enquiries@harrogategroupplc.co.uk