Consolidated first 6 months Financial Statements to January 2021

S-Ventures PLC – Consolidated Financial Statements  RNS Number : 4093T S-Ventures PLC 25 March 2021
S-VENTURES PLC
(“S-Ventures” or the “Company”) 

Interim Unaudited Condensed Consolidated Financial Statements
For the period 6 July 2020 to 31 January 2021

The directors of S-Ventures PLC are pleased to report on their first trading period from 6th July 2020 to 31st January 2021.  These accounts are unaudited and have not been reviewed by an auditor.

The business was formed to invest in, acquire and grow businesses in the natural wellness food tech and organic snacking sector.  Since the company’s formation we have reviewed many possible candidates for investment or acquisition and continue to do so.  The key points of this initial period are:
1.     S-Ventures raised £650,400 by way of a subscription for new equity at an average price 2.66p per share and listed on AQSE exchange in September 2020.

2.     We are very pleased to report we have succeeded in keeping our costs to a minimum and have spent 50% less than planned on overhead /costs to date which include savings in all areas of the business. Our EBITDA for the 6 months is 65% better than plan.
3.     In January 2021, we acquired 75.1% of We Love Purely Ltd which sells flavoured healthy plantain crisps. www.welovepurely.com
4.     Appointed business veteran David Mitchell as Chairman

5.     We have taken a stake in and provided loans to Coldpress Foods Limited. www.cold-press.com
6.     We see no material change to our plan due to the pandemic.  Our sector has not suffered in the same way as other sectors as e-commerce, grocers and pharmacy have remained stable throughout the pandemic.

Following the 6 months results the following highlights to note:
a.     In February 2021, after the date of these accounts, we acquired 75.1% of OHSO Chocolate Ltd which sells chocolate with added probiotics.  www.ohso.com
b.     Application for admission to OTCQB USA stock market

The directors accept responsibility for the contents of this announcement.

Notes to Editors:
About S-Ventures PLC

Launched in July 2020, S-Ventures was created to acquire and develop businesses in the wellness sector.  It listed on AQSE in September 2020.

For further information, please contact:S-Ventures PlcRobert Hewitt+44 (0)1932 400224 Peterhouse Capital LimitedGuy Miller+44 (0)20 7220 9796

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

6 July 20 to 31 January 2021£Continuing operations
Revenue11,803 Cost of Sales(8,424)
3,379 Cost of Listing 76,300 Administrative expenses63,491 Loss before taxation(136,413)

Finance income – interest receivable3,468

Loss for the period(132,945)Loss attributable to Minority Interests(501)Loss Attributable to Shareholders(132,444)

Loss per shareBasic loss per share attributable to the equity shareholders of the parent (pence)(0.178)

CONDENSED BALANCE SHEETAs at 31 January 2021

£
ASSETS

Fixed Assets4,603
Goodwill180,102
Investments30,000
Total non-current assets Current assets214,705

Stocks in trade64,154
Trade and other receivables167,696
Cash and cash equivalents362,816
Total current assets594,666 
TOTAL ASSETS809,371 

LIABILITIES
Current Liabilities

Trade and other payables65,228
Income in Advance15,295
Borrowing1,354
Total current liabilities81,877 

Bounce Back loan (non current element)14,893 
TOTAL LIABILITIES96,770 

NET ASSETS712,601 

EQUITY ATTRIBUTABLE TO OWNERS

OF THE COMPANY

Share capital75,919
Share premium762,115
Equity to be issued

Minority Interests7,011
Retained losses(132,444)

TOTAL EQUITY712,601 

STATEMENT OF CAPITALShare capitalShare premiumMinority InterestRetained lossesTotal Equity£££££

At 6 July 2020

Loss for the period—(132,444)(132,444)Attributable to Minority on consolidation–7,011 -7,011 Issue of ordinary shares on formation & initial fund raise74,390 626,010 –700,400 Issue of ordinary in consideration of acquisition1,529 136,105 –137,634

Balance at 31 January 202175,919 762,115 7,011 (132,444)712,601 

The Company issued 1,529,267 shares as a swap involving the acquisition of 75.1% of the equity of We Love Purely Limited.

CONSOLIDATED STATEMENT OF CASH FLOWSParentParentGROUPGROUP

Reported Trading Loss pre Interest
(58,102)
(60,112)Add Back Depreciation
45
139

(58,057)
(59,973)Sources of Funds:

Share Raise700,400
700,400
Interest received3,468
3,468
Bank loans

16,247

703,868
720,115 Application of Funds

Investment (ColdPress)30,000
30,000
Net assets acquired (note)

34,956
Listing costs76,300
76,300
Fixed Assets1,964
4,742

(108,264)
(145,999)Changes in Working Capital

Stocks & Inventories-
(64,154)
Accounts Receivable(199,832)
(167,696)
Creditors5,710
80,522

(194,122)
(151,328)

343,425
362,816

Cash & Equivalents
343,426
362,816

Note:

The net asset acquired represents the Goodwill less shares issued to acquire the group interest in We Love Purely Limited.

Notes to Accounts:
1.     Basis of preparation:
The condensed interim financial statements have been prepared in accordance with the requirements of the AQSE Growth Market Rules.

The interim financial information set out above does not constitute statutory accounts. They have been prepared on a consolidated going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

These condensed consolidated interim financial statements comprise the accounts of the parent company and its subsidiary, after elimination of all material intercompany balances and transactions.

2.     Loss per share:
The calculation of the total basic loss per share of 0.178p is based on the loss attributable to equity owners of the company of £132,444 divided by the weighted number of shares in issue during the period.

3.     Investments:
The acquisition of shares in Coldpress Foods Limited is accounted for at cost.

4.     Post Balance Sheet Event:
The company completed the purchase of 75.1% of the share capital of Ohso Chocolate Limited in February 2021.

5.     Approval of Interim Finance Statements:
These condensed interim financial statements were approved by the Board of Directors on 26 March 2021.  This information is provided by RNS, the news service of the . RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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