TIDMSUG
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION (EU) NO. 596/2014 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 (THE "MARKET ABUSE REGULATION"). UPON
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
STARTUP GIANTS PLC
("Startup Giants" or the "Company"; AQSE: SUG)
FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022
The directors of Startup Giants (the "Directors") present below the Company's
audited financial results for the year ended 31 December 2022. Startup Giants
is a UK-based start-up accelerator that invests in and mentors internet
technology start-up businesses in the UK and internationally.
The financial information below is extracted from, but does not on its own
constitute, the Company's statutory financial statements. These are contained
in the Annual Report and Financial Statements for the Year Ended 31 December
2022, which are expected to be posted to shareholders imminently, and which will
then be immediately available on the Company's website (startupgiants.com).
Financial Results for the Year Ended 31 December 2022
Startup Giants undertook consultancy work for and provided support services to
early-stage entrepreneurs, generating revenue of £320,957 (2021: £623,839). The
reduced revenue in comparison with 2021 reflects tightening economic conditions
and in specific terms is mainly attributable to a lesser number of new fee
-paying visa applicants joining the Company's portfolio on its standard business
support programme. There was also a reduction in administrative expenses, which
were largely composed of costs associated with the support provided to endorsee
entrepreneurs, to £456,368 (2021: £579,368). The Company recorded an operating
loss of £135,411 (2021: profit of £44,471) and a total comprehensive loss of
£136,514 (2021: profit of £43,814) translating into a loss per share of 10.94
pence (2021: profit of 3.88 pence per share). At the end of the year, net assets
stood at £556,134 (2021: £692,648); cash and cash-equivalents in hand stood at
£712,389 (2021: £1,098,838).
Significant Features of Financial 2022
The focus of Startup Giants for the majority of 2022 remained on supporting
founders already in the Company's portfolio to target their early stage
investment rounds with private investors and funds within the Company's network,
as well as the selection and support of global opportunities and talent from
visa applicants seeking to bring their innovation to the United Kingdom, in
order to further expand the Company's portfolio of founders.
During the second half of the year, the Company also ran trials of a partnership
program with several startup mentoring organisations providing access to over
200 nurtured startups, and 20 independent venture capital syndicates, qualifying
partner investment opportunities at pre-seed and seed stage, and facilitating
demo day introductions to the venture capital syndicates for companies located
in the UK, India, the USA, Canada, and the Middle East. The Company used
feedback from these trials to build on and strengthen its engagement model with
its founders with the launch of a pre-funding bootcamp, being made available to
founders that are ready-to-raise to improve their level of preparedness before
entering a roadshow with investors.
In that latter half of the year, the Company also initiated the development of
an online platform to support their network of independent venture capital
syndicates and will look to expand the number of partners going forwards on a
region by region basis.
Current Trading and Post-Balance Sheet Events
Trading during the current financial year hitherto has been in line with the
Directors' expectations at the beginning of the period. The Company has during
the current year to date continued its core focus to expand its portfolio of
founders with innovative concepts, where the Company receives either straight
equity or a warrant on shares for longer-term asset appreciation, as well as
building on initiatives previously put in place for diversifying regionally.
Outlook
Looking ahead, the momentum for technology companies requiring investment at the
seed stage should continue, with demand for the Company's support model, which
encompasses a delivery crew to support young start-ups with their technology and
digital marketing strategies, showing signs of continuing to increase.
Jeb Buckler
Chairman & CEO
STARTUP GIANTS
PLC
STATEMENT OF
COMPREHENSIVE
INCOME
FOR THE YEAR
ENDED 31
DECEMBER 2022
2022 2021
Notes £ £
Revenue 2 320,957 623,839
Gross profit 320,957 623,839
Administrative (456,368) (579,368)
expenses
Operating 3 (135,411) 44,471
(loss)/profit
Investment 6 242 -
revenues
Finance costs 7 (1,345) (657)
(Loss)/profit (136,514) 43,814
before taxation
Income tax 8 - -
expense
(Loss)/profit (136,514) 43,814
and total
comprehensive
income for the
year
Earnings per 9
share (in pence)
Basic (10.94) 3.88
Diluted (10.94) 3.88
Earnings per
share from
continuing
operations (in
pence)
Basic (10.94) 3.88
Diluted (10.94) 3.88
The income
statement has
been prepared on
the basis that
all operations
are continuing
operations.
STARTUP GIANTS
PLC
STATEMENT OF
FINANCIAL
POSITION
FOR THE YEAR
ENDED 31
DECEMBER 2022
2022 2021
Notes £ £
Non-current
assets
Goodwill 10 12,084 17,084
Property, plant 11 1,445 2,147
and equipment
13,529 19,231
Current assets
Trade and other 12 31,859 97,122
receivables
Current tax 3,939 14,916
recoverable
Cash and cash 712,389 1,098,838
equivalents
748,187 1,210,876
Current
liabilities
Trade and other 15 182,219 498,969
payables
Current tax 6,280 16,407
liabilities
Borrowings 14 5,000 5,000
193,499 520,376
Net current 554,688 690,500
assets
Non-current
liabilities
Borrowings 14 12,083 17,083
Net assets 556,134 692,648
Equity
Called up share 16 152,405 152,405
capital
Share premium 17 960,102 960,102
account
Retained (556,373) (419,859)
earnings
Total equity 556,134 692,648
The financial
statements were
approved by the
board of
directors and
authorised for
issue on
28 June 2023 and
are signed on
its behalf by:
J Buckler
Director
Company
registration
number 09690364
STARTUP GIANTS PLC
STATEMENT OF CHANGES
IN EQUITY
FOR THE YEAR ENDED 31
DECEMBER 2022
Share Share Retained Total
capital premium earnings
account
Notes £ £ £ £
Balance at 1 January 140,510 769,790 (463,673) 446,627
2021
Year ended 31
December 2021:
Profit and total - - 43,814 43,814
comprehensive income
for
the year
Transactions with
owners in their
capacity
as owners:
Issue of share 16 11,895 190,312 - 202,207
capital
Balance at 31 152,405 960,102 (419,859) 692,648
December 2021
Year ended 31
December 2022:
Loss and total - - (136,514) (136,514)
comprehensive income
for
the year
Balance at 31 152,405 960,102 (556,373) 556,134
December 2022
STARTUP GIANTS PLC
STATEMENT OF CASH
FLOWS
FOR THE YEAR ENDED 31
DECEMBER 2022
2022 2021
Notes £ £
Cash flows from
operating activities
Cash (absorbed 21 (380,755) 238,528
by)/generated from
operations
Interest paid (1,345) (657)
Income taxes refunded 850 408
Net cash
(outflow)/inflow from
operating
activities (381,250) 238,279
Investing activities
Purchase of property, (199) (2,573)
plant and equipment
Repayment of loans (242) (12,116)
Interest received 242 -
Net cash used in (199) (14,689)
investing activities
Financing activities
Proceeds from issue - 202,207
of shares
Repayment of bank (5,000) (2,917)
loans
Net cash (used (5,000) 199,290
in)/generated from
financing
activities
Net (386,449) 422,880
(decrease)/increase
in cash and cash
equivalents
Cash and cash 1,098,838 675,958
equivalents at
beginning of year
Cash and cash 712,389 1,098,838
equivalents at end of
year
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries:
Startup Giants plc
Jeb Buckler, Chairman & CEO
jeb@startupgiants.com
+44 (0)7477 949933
Keith Bayley Rogers & Co. Limited
Brinsley Holman
brinsley.holman@kbrl.co.uk
+44 (0)7776 302228
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/startup-giants-plc/r/annual-financial-report,c3798083
END
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