TIDMBLOC
RNS Number : 7257B
Blockchain Worldwide PLC
24 September 2018
24th September 2018
BLOCKCHAIN WORLDWIDE PLC
("Blockchain" or "the Company")
Final Results for the 12 month period ended 30 June 2018
Blockchain (ticker: BLOC) announces its audited financial
results for the period ended 30 June 2018.
Period highlights
-- On 21 September 2017, the Company was admitted to the
standard segment of the Official List and to trading on the London
Stock Exchange's Main Market
-- Raised GBP1.5 million cash (gross) through the listing of 30,000,000 new ordinary shares
-- Changed strategy from investing in telecoms to seeking
business in the blockchain technology sector and changed name to
Blockchain Worldwide plc
-- Loss for the period of GBP82,251 with over GBP1.4m cash at period end
Jon Hale, Chairman of Blockchain said: "The blockchain sector
continues to grow rapidly, attracting large amounts of capital
investment, the formation of new sub-sectors and the development of
innovative applications for blockchain around the world.
"Since January, the board has examined a number of investment
opportunities within the sector and remain confident we will
identify and complete an acquisition to generate significant
shareholder value in the near future. I look forward to being able
to give shareholders further updates as soon as I can."
For information please contact:
Blockchain Worldwide www.bloc-worldwide.com
plc
Rodger Sargent via Walbrook PR
Walbrook PR Ltd Tel: 020 7933 8780
Paul McManus paul.mcmanus@walbrookpr.com
CHAIRMAN'S STATEMENT
INTRODUCTION
I am pleased to present the financial results for the period
ended 30 June 2018. Blockchain Worldwide Plc incorporated on 15
February 2017 and floated on the London Stock Exchange on 29
September 2017. The Company was created to undertake an acquisition
within the telecoms sector, but on 22 January 2018, the strategy
was changed to seek investment opportunities within the blockchain
technology industry. To reflect this change, the Company changed
its name from Stapleton Capital Plc to Blockchain Worldwide
Plc.
Blockchain is a digital networked database system of ledgers
that can record almost any type of data or transaction. The system
is continually reconciled and, as information is stored in multiple
locations, it is public and easily verifiable. Currently
blockchain's mainstream use is as the basis for digital currency,
however it has applications across multiple other industries such
as data, banking, gaming and communications. It is within these
industries and applications, among others, where the Directors
believe the technology has the potential to cause major disruption
and that they will focus the Company's resources.
BUSINESS REVIEW
During this period, Blockchain Worldwide Plc recorded a loss of
GBP82,251 and the loss per share was 0.38p. This reflects the costs
of the formation of the Company and its admission to the London
Stock Exchange. The Company held cash reserves at the period end of
over GBP1.4m with no debt financing.
FUTURE DEVELOPMENTS
The sector continues to grow rapidly as evidenced by the
attraction of large amounts of capital investment, the formation of
new sub-sectors and the development of innovative applications for
blockchain around the world.
Since January, the board has examined a number of investment
opportunities within the sector and remain confident we will
identify and complete an acquisition to generate significant
shareholder value in the near future. I look forward to being able
to give shareholders further updates as soon as I can.
Jon Hale
Chairman
21 September 2018
STRATEGIC REPORT
The Directors present the Strategic Report for the period ended
30 June 2018.
Blockchain Worldwide Plc incorporated on 15 February 2017. On 19
January 2018, the Company changed its name from Stapleton Capital
Plc to Blockchain Worldwide Plc.
RESULTS
The Company made a loss for the period of GBP82,251.
REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS
Information on the Company's activities is contained in the
Chairman's Statement.
KEY PERFORMANCE INDICATORS
The Board seeks to maximise share value by investing in
businesses with high growth potential. When an investment has been
identified, the Board will assess it against a number of KPIs to
assess its suitability.
PRINCIPAL RISKS AND UNCERTAINTIES AND RISK MANAGEMENT
Capital risk management
The Company manages its capital to ensure that it will be able
to continue as a going concern while maximising returns to the
shareholders. It is the current strategy of the Group to finance
its activities from existing equity and reserves and by the issue
of new equity whenever required.
Financial risk management
The directors consider the Company to be exposed to the
following financial risks:
a. Price risk: the price paid for securities is subject to
market movement that will have an impact on the operations of the
Company.
b. Cash flow interest rate risk: the company has significant
cash balances which exposes it to movements in the market interest
rates.
c. Liquidity risk: the Company manages its cash requirements in
order to maximise interest income.
Given the relatively small sized and operation of the Company in
the period, the directors have not delegated the responsibility of
risk monitoring to a sub-committee of the board, but will closely
monitor the risks on a regular basis. The directors consider their
exposure in the financial period to have been low.
Rodger Sargent
CEO
21 September 2018
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2018
2018
Note GBP
CONTINUING OPERATIONS
Turnover -
Administrative expenses (84,671)
-------------------
OPERATING LOSS 4 (84,671)
Interest income 2,420
-------------------
LOSS FOR THE PERIOD BEFORE TAXATION (82,251)
Taxation 7 -
-------------------
TOTAL COMPREHENSIVE INCOME (82,251)
=========
BASIC AND DILUTED LOSS PER SHARE (PENCE) 0.38
=========
There was no other comprehensive income in 2018.
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
2018
Note GBP
CURRENT ASSETS
Cash and cash equivalents 8 1,412,288
-------------------
TOTAL ASSETS 1,412,288
=========
CURRENT LIABILITIES
Trade and other payables 9 (40,409)
-------------------
NET ASSETS 1,371,879
=========
EQUITY
Share capital 10 365,000
Share premium account 10 1,089,130
Retained losses (82,251)
--------------------
TOTAL EQUITY 1,371,879
==========
These financial statements were approved by the Board of
Directors on 21 September 2018 and were signed on its behalf
by:
................................
Rodger Sargent (CEO)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2018
Share Share Retained Total
Capital Premium Losses Equity
GBP GBP GBP GBP
On incorporation - - - -
Loss for the period
and total
comprehensive loss - - (82,251) (82,251)
Shares issues 365,000 - - 365,000
Share premium (net
of expenses) - 1,089,130 - 1,089,130
----------------- ----------------- ----------------- -----------------
Balance at 30 June
2018 365,000 1,089,130 (82,251) 1,371,879
======== ======== ======== ========
Share premium is stated net of issue costs of GBP170,870.
STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 JUNE 2018
Note 2018
CASH FLOWS FROM OPERATING ACTIVITIES GBP
Loss after taxation
Adjustments for: (82,251)
Interest income (2,420)
Increase in trade and other payables 40,409
------------------
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (44,262)
Interest income 2,420
Issue of shares (net of costs) 1,454,130
------------------
NET CASH INFLOW FROM FINANCING ACTIVITIES 1,456,550
------------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,412,288
========
Cash and cash equivalents brought forward -
------------------
CASH AND CASH EQUIVALENTS CARRIED FORWARD 8 1,412,288
========
The cashflows during the year have had no impact on the
movements in net debt; at the 30 June 2018 the company had no debt
finance.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2018
1. GENERAL INFORMATION
Blockchain Worldwide Plc is a public limited company registered
and incorporated in the England and Wales. The Company's principal
activities are described in the Directors' Report. The Company's
registered office and principal place of business is 4(th) floor,
43-44 Albemarle Street, London, England, W1S 4JJ. The Company's
registered number is 10621059.
2. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union. The financial statements have been prepared
using the measurement bases specified by IFRS for each type of
asset, liability, income and expense. The measurement bases are
more fully described in the accounting policies below.
The financial statements are presented in pounds sterling (GBP)
which is the functional currency of the company.
An overview of standards, amendments and interpretations to
IFRSs issued but not yet effective, and which have not been adopted
early by the Company are presented below under 'Statement of
Compliance'.
Statement of compliance
The financial statements comply with IFRS as adopted by the
European Union. At the date of authorisation of these financial
statements the following Standards and Interpretations affecting
the Company, which have not been applied in these financial
statements, were in issue, but not yet effective. The company does
not plan to adopt these standards early.
-- Amendments to IFRS 2 Share Based Payment (effective for
accounting periods beginning on or after 1 January 2018)
-- Amendments to IFRS 12 Disclosure of Interests in Other
Entities (effective for accounting periods beginning on or after 1
January 2017)
-- IFRS 15 Clarification of Revenue from Contracts with
Customers (effective for accounting periods beginning on or after 1
January 2018)
-- IFRS 16 Leases (effective for accounting periods beginning on or after 1 January 2019)
-- Amendments to IAS 7 Statement of Cash Flows (effective for
accounting periods beginning on or after 1 January 2017)
-- Amendments to IAS 12 Income Taxes (effective for accounting
periods beginning on or after 1 January 2017)
The implementation of these standards is not expected to have
any material effect on the company's financial statements. The
company has assessed the impact of implementing the above standards
on the financial statements, there is no impact in the current
period.
Going Concern
The directors have assessed the Company's position as at 30 June
2018 and at the signing date and consider it appropriate to prepare
the financial statements on a going concern basis. There are cash
reserves of GBP1.4m which the directors consider sufficient to
ensure that the Company will be able to continue to meet its
commitments as they fall due for at least twelve months from the
date of approval of the financial statements.
Segment reporting
A business segment is a group of assets and operations engaged
in providing products or services that are subject to risks and
returns that are different from those of other business segments. A
geographical segment is engaged in providing products or services
within a particular economic environment that are subject to risks
and returns that are different from those of segments operating in
other economic environments.
The directors are of the opinion that the Company is not
currently engaged in any more than a single sector as it has not
yet traded and has incurred only set up fees and the costs of
running a business for the period. Accordingly, no segmental
analysis is considered necessary. The Company is based in the
United Kingdom.
2. ACCOUNTING POLICIES (continued)
Expenses
All expenses are accounted for on an accruals basis and are
presented through the Statement of Comprehensive Income.
Taxation
Current taxation is the taxation currently payable on taxable
profit for the year.
Trade and other receivables
Trade and other receivables are recognised and carried at
original invoice value less an allowance for any uncollectible
amounts. An estimate for doubtful debts is made when collection of
the full amount is no longer probable. Bad debts are written off
when identified.
Cash and Cash equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits, together with other short-term, highly liquid investments
that are readily convertible into known amounts of cash and which
are subject to an insignificant risk of changes in value.
Trade payables
Trade payables are initially measured at fair value and are
subsequently measured at amortised cost, using the effective
interest rate method.
Financial instruments
The Company's financial assets comprise cash and cash
equivalents.
The Company's financial liabilities comprise trade payables.
Financial liabilities are obligations to pay cash or other
financial assets and are recognised when the Company becomes a
party to the contractual provisions of the instruments.
Equity
Equity comprises the following:
-- "Share capital" represents the nominal value of equity shares.
-- "Share premium" represents the excess over nominal value of
the fair value of consideration received for equity shares, net of
expenses of the share issue.
-- "Retained losses" represents cumulative net gains and losses
recognised in the Statement of Comprehensive Income
Critical Accounting Estimates and Judgements
The preparation of financial statement in conformity with IFRS
requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting year. These estimates and assumptions
are based upon management's knowledge and experience of the
amounts, events or actions. Actual results may differ from such
estimates.
The Directors' consider the only area subject to estimation and
judgement to be transaction costs. The Directors have apportioned
certain costs in accordance with IAS 32 to the share premium
account as relating to the issue of shares. This area is reviewed
on an annual basis by the Directors to ensure that to the best of
their knowledge the appropriate costs have been apportioned between
share premium and the income statement.
3. SEGMENTAL INFORMATION
The Company is organised around one business class and the
results are reported to the Chief Operating Decision Maker
according to this class. There is one continuing class of business,
being the investment in the blockchain technology industry.
Given that there is only one continuing class of business,
operating within the UK, no further segmental information has been
provided.
4. EXPENSES BY NATURE 2018
GBP
Legal and professional 23,939
Bank charges 443
Administrative expenses 60,289
----------------
84,671
========
5. STAFF COSTS
Staff costs for all employees, including directors, were GBPnil
and therefore remuneration of key management personnel was GBPnil.
The average monthly number of employees during the year, including
directors, was 2.
6. AUDITOR'S REMUNERATION 2018
GBP
During the year the Company obtained the following services
from the Company's auditor:
Fees payable to the Company's auditors for the audit
of the Company's
annual accounts 13,200
Fees payable to the Company's auditors for other services:
Other services pursuant to legislation 12,600
-----------------
25,800
========
TAXATION
7.
Due to tax losses sustained there was no corporation tax payable
by the company in the period. The tax charge for the year is
different from the standard rate of corporation tax in the United
Kingdom. The difference is reconciled as follows:-
2018
GBP
Loss on ordinary activities before tax (82,251)
Loss on ordinary activities at the effective rate
of corporation tax applicable to the Company of 19% 15,628
Expenses not deductible -
Losses not utilized (15,628)
-----------------
Total tax charge -
========
No deferred tax asset has been recognised as the Directors
cannot be certain that future profits will be sufficient for this
asset to be realised.
8. CASH AND CASH EQUIVALENTS 2018
GBP
Cash at bank 1,412,288
=========
The Directors consider that the carrying amount of cash and cash
equivalent represents their fair value.
9. TRADE AND OTHER PAYABLES 2018
GBP
Trade payables 11,967
Accruals 28,442
------------------
40,409
=========
The fair value of trade and other payables is considered by the
Directors not to be materially different to carrying amounts.
10. ISSUED SHARE CAPITAL Number of Nominal Share
Shares Value premium
Issued and fully paid No. GBP GBP
At 30 June 2018:
Ordinary shares of 1p each
Issued on incorporation 1 0.01 -
Issued on 16 June 2017 4,999,999 49,999.99 -
Issued on 21 September 2017 31,500,000 315,000.00 1,089,130
------------------ ------------------- ------------------
36,500,000 365,000 1,089,130
========= ========= ========
Share premium is stated net of issue costs of GBP170,870.
Included within these costs is a share based payment expense
recognised against share premium for the period end 30 June 2018
was GBP75,000.
Fully paid ordinary shares, which have a par value of 1p, carry
one vote per share and rank equally in respect of dividends.
Reserve Description and Purpose
Share premium Amount subscribed for share capital
in excess of nominal value.
Retained Losses Cumulative net gains and losses recognised
in the income statement.
Capital management
The Company manages its capital to ensure that it will be able
to continue as a going concern while maximising returns to
shareholders. It is the current strategy of the Company to finance
its activities from existing equity and reserves and by the issue
of new equity as required.
The Board's policy is to maintain a strong capital base so as to
maintain investors, creditors and market confidence and to sustain
future development of the business. The Board manages the Company's
affairs to achieve shareholders returns through capital growth and
income.
The Company is not subject to externally imposed capital
requirements.
11. LOSS PER SHARE
The calculation of loss per ordinary share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
Weighted Average Per shares
Loss number of amount pence
shares
GBP
Basic and diluted earnings
per share 2017 (82,251) 21,516,000 (0.38)
There is no difference between the basic
and diluted loss per share.
12. NET ASSET VALUATION
The net asset valuation per share is calculated by dividing the
net assets attributable to the equity holders of the Company at the
end of the reporting period by the number of shares in issue.
2018
GBP
Net assets 1,371,897
Number of ordinary shares
in issue 36,500,000
Net asset valuation per share 3.8p
==========
13. FINANCIAL INSTRUMENTS
The Company's activities expose it to a variety of financial
risks: market risk, credit risk, liquidity risk, cash flow interest
rate risk and equity price risk.
Risk management is carried out by the Board of Directors.
(a) Capital management
The Company's objectives when managing capital are:
-- to safeguard the Company's ability to continue as a going
concern, so that it continues to provide returns and benefits for
shareholders;
-- to support the Company's growth; and
-- to provide capital for the purpose of strengthening the
Company's risk management capability.
The Company actively and regularly reviews and manages its
capital structure to ensure an optimal capital structure and equity
holder returns, taking into consideration the future capital
requirements of the Company and capital efficiency, prevailing and
projected profitability, projected operating cash flows, projected
capital expenditures and projected strategic investment
opportunities. Management regards total equity as capital and
reserves, for capital management purposes.
(b) Credit risk
The main credit risk relates to liquid funds held at banks. The
credit risk in respect of these bank balances is limited because
the counterparties are banks with high credit ratings assigned by
international credit rating agencies.
(c) Liquidity risk
The Company seeks to manage financial risk, to ensure sufficient
liquidity is available to meet foreseeable needs.
An analysis of trade and other payables is given in note 10.
These payables are payable within a year.
13. FINANCIAL INSTRUMENTS (Continued)
CATEGORIES OF FINANCIAL INSTRUMENTS
The IAS 39 categories of financial asset included in the
statement of financial position and the headings in which they are
included are as follows:
2018
GBP
Financial assets:
Cash and bank balances 1,412,288
=========
Financial liabilities at amortised cost:
Trade and other payables 40,409
=========
14. ULTIMATE CONTROLLING PARTY
The directors do not consider there to be one ultimate
controlling party.
This information is provided by RNS, the news service of the
London Stock Exchange. 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.
END
FR SEIFELFASESU
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