TIDMGSC
RNS Number : 8595U
GS Chain PLC
31 March 2023
31 March 2023
GS CHAIN PLC
("GS Chain " or the "Company")
Half-Year Results
GS Chain (LSE: GSC) announces is pleased to announce its
Half-Year results for the Period Ended 31 December 2022. The full
unaudited financial statements will be uploaded to the Company
website: https://gschain.world/
IMPORTANT EVENTS
The Company continued with its quest to analyse a list of
potential acquisition targets throughout the period. The Company
also submitted its application to list on the OTCQB market, aiming
to facilitate participation for US investors.
The directors also provided a cash injection post period end of
GBP400,000 to ensure sufficient cash reserves were available to the
Company. This has been disclosed under Note 15 below.
The directors have also assessed the principal risks and
uncertainties and have disclosed this under Note 7 below.
This announcement contains information which, prior to its
disclosure, constituted inside information as stipulated under
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310 (as amended).
The directors of GS Chain plc accept responsibility for this
announcement.
For further information please contact:
GS Chain plc
Alan Austin, CEO alan@gschain.world
+44 20 3989 2217
--------------------------
Leon Filipovic, Chairman leon@gschain.world
--------------------------
First Sentinel (Corporate Adviser)
--------------------------
Brian Stockbridge brian@first-sentinel.com
+44 7876 888 011
--------------------------
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE
INCOME FOR THE PERIODED 31 DECEMBER
2022
Period Ended Period Ended
31 December 22 31 December
Notes GBP 21
GBP
CONTINUING OPERATIONS
Revenue - -
Administrative expenses (681,879) (582)
------------
OPERATING LOSS (681,879) (582)
------------
LOSS BEFORE INCOME
TAX (681,879) (582)
Income tax 4 - -
------------
LOSS FOR THE PERIOD (681,879) (582)
------------
Earnings per share
expressed in pence
per share: 5
Basic - -
Diluted - -
UNAUDITED CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE PERIODED 31 DECEMBER 2022
Period Ended Period Ended
31 December 22 31 December 21
GBP GBP
LOSS FOR THE PERIOD (681,879) (582)
OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (681,879) (582)
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION 31 DECEMBER
2022
31 December 30 June
Notes 2022 2022
ASSETS GBP GBP
CURRENT ASSETS
Cash and cash equivalents 8 221,604 953,838
-------------- -----------
TOTAL ASSETS 221,604 953,838
-------------- -----------
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 9 66,798 66,798
Share premium Account 10 927,802 927,802
Retained earnings 10 (985,283) ( 303,404)
-------------- -----------
TOTAL EQUITY 9,317 691,196
-------------- -----------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 11 (212,287) (262,642)
-------------- -----------
TOTAL LIABILITIES (212,287) (262,642)
-------------- -----------
TOTAL EQUITY AND LIABILITIES (221,604) (953,838)
============== ===========
The unaudited condensed interim financial statements were
approved by the Board of Directors and authorized for issue on 30
March 2023 and were signed on its behalf by:
L Filipovic - Director
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE
PERIODED 31 DECEMBER 2022
The unaudited statement of changes in equity of the Company for
the period from 1 July 2021 to 31 December 2021is set out
below:
Called up Share premium
share Retained Account Total equity
capital earnings
GBP GBP GBP GBP
Changes in equity
Issue of share capital 66,798 - 927,002 993,800
Total comprehensive loss - (582) - (582)
--------------- ----------------- ---------------------- -----------------------
Balance at 31 December 2021 66,798 (582) 927,002 993,218
=============== ================= ====================== =======================
The unaudited statement of changes in equity of the Company for
the period from 01 July 2022 to 31 December 2022 is set out below:
Called up Share premium
share Retained Account Total equity
capital earnings
GBP GBP GBP GBP
Changes in equity
Issue of share capital 66,798 - 927,802 994,600
Brought forward - (303,404) - (303,404)
Total comprehensive loss - (681,879) - (681,879)
--------------- ----------------- ---------------------- -----------------------
Balance at 31 December 2022 66,798 (985,283) 927,802 9,317
=============== ================= ====================== =======================
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2022
Period Ended Period Ended
31 December 22 31 December
GBP 21
GBP
Cash flows from operating
activities
Cash generated from operations A (469,592) (582)
Net cash from operating
activities (469,592) (582)
Cash flows from financing (219,070) -
activities
Payment of loan creditors
Amount introduced by 18,980 -
directors
Amount withdrawn by directors (62,552) 66,798
Net cash from financing
activities (262,642) 66,798
(Decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of (732,234) 66,216
period B 953,838 -
--------- -------
Cash and cash equivalents at end of period
B 221,604 993,218
--------- -------
NOTES TO THE UNAUDITED CONDENSED STATEMENT OF CASH FLOWS FOR THE
PERIODED 31 DECEMBER 2022
A. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED
FROM OPERATIONS
Period Ended Period Ended
31 December 31 December
22 21
GBP GBP
Loss before income tax (681,879) (582)
(Increase)/Decrease in trade
and other payables 212,287 -
Cash generated from operations (469,592) (582)
B. 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:
Period ended 31 December 2022
31 December 1 July
22 22
Cash and cash equivalents GBP 221,604 GBP953,838
Period ended 31 December 2021
31 December 1 July
21 21
GBP GBP
Cash and cash equivalents 993,218 -
NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE PERIODED 31
DECEMBER 2022
1. STATUTORY INFORMATION
GS Chain Plc is a public company, limited by shares, registered
in England and Wales. The Company's registered number and
registered office address can be found on the Company Information
page.
The presentation currency of the financial statements is the
Pound Sterling (GBP).
2. ACCOUNTING POLICIES
Basis of preparation
The unaudited interim condensed unaudited financial statements
for the period ended 31 December 2022 have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not
include all the information required for a complete set of IFRS
financial statements. However, selected explanatory notes are
included to explain events and transactions that are significant to
an understanding of the changes in the Company's financial position
and performance since the last annual consolidated financial
statements as at the year ended 30 June 2022. The results for the
period ended 31 December 2022 are unaudited.
The unaudited condensed interim financial statements for the
period ended 31 December 2022 have adopted accounting policies
consistent with those followed in the preparation of the Company's
annual financial statements for the year ended 30 June 2022.
Going Concern
The directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future and therefore continues to adopt the going
concern basis in preparing its financial Information.
Critical accounting judgements and key sources of estimation
uncertainty
The preparation of these financial statements requires
management to make judgments and estimates and form assumptions
that affect the reported amounts of assets and liabilities at the
date of the financial statements and reported amounts of expenses
during the reporting period. On an ongoing basis, management
evaluates its judgments and estimates in relation to assets,
liabilities and expenses. Management uses historical experience and
various other factors it believes to be reasonable under the given
circumstances as the basis for its judgments and estimates. Actual
outcomes may differ from these estimates.
The most significant judgment relates to the adoption of the
going concern basis given the Company is newly incorporated and has
not recorded any revenue since the date of incorporation.
The directors consider the Company's cash balances to be
sufficient given the cash burn rate of the Company since listing on
London Stock Exchange to ensure the Company will be able to
continue as a going concern for a period of at least 12 months from
the authorization of these financial statements.
Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with
financial institutions. Cash equivalents are short-term, highly
liquid investments with original maturities of three months or less
(as at their date of acquisition). Cash equivalents are readily
convertible to known amounts of cash and subject to an
insignificant risk of change in that cash value.
In the presentation of the Statement of Cash Flows, cash and
cash equivalents also include bank overdrafts. Any such overdrafts
are shown within borrowings under 'current liabilities' on the
Statement of Financial Position.
2. ACCOUNTING POLICIES - continued Taxation
Tax on profit or loss for the period comprises current and
deferred tax. Tax is recognized in the statement of loss.
and comprehensive loss except to the extent that it relates to
items recognized directly in equity, in which case it is recognized
in equity.
Current tax is the expected tax payable on the taxable income
for the period, using tax rates enacted or substantively enacted at
the reporting date, and any adjustment to tax payable in respect of
previous periods.
Deferred tax is provided on temporary differences between the
carrying amount of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: the
initial recognition of assets or liabilities that affect neither
accounting nor taxable profit other than in a business combination.
The amount of deferred tax provided is based on the expected manner
of realization or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at
the statement of financial position date.
A deferred tax asset is recognized only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilized.
3. EMPLOYEES AND DIRECTORS
The average number of employees during the period were 4:
Period Ended Period Ended
31 December 22 31 December
21
GBP GBP
Directors' remuneration 110,976 -
4. INCOME TAX
Analysis of tax expense
No liability to UK corporation tax arose for the period ended 31
December 2022 nor for the period ended 31 December 2021.
Factors affecting the tax expense
The tax assessed for the period is higher than the standard rate
of corporation tax in the UK. The difference is explained
below:
Period Ended Period Ended
31 December 22 31 December
21
GBP GBP
Loss before income tax (681,880) (582)
Loss multiplied by the standard rate
of corporation tax in the UK of 19%
(2021 - 19%) (129,557) (111)
Effects of:
Unrecognized deferred tax assets 129,557 111
Tax expense - -
4. INCOME TAX - continued
No liability to UK corporation tax arose for the period ended 31
December 2022.
At the period end, there were unrecognized deferred tax assets
of GBP129,557 in respect of unutilised tax losses. These have not
been recognised as their recovery cannot be determined with
reasonable certainty.
Deferred tax assets in respect of carried forward losses are not
recognised in the financial statements.
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated using the weighted
average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares.
Reconciliations are set out below.
Basic EPS Earnings 2022 Per-share
Weighted average amount
Number Per-share pence
of amount shares
GBP GBP GBP
Earnings attributable to ordinary (681,879) - -
shareholders
Effect of dilutive securities - - -
---------- ------------------ ----------
Diluted EPS
Adjusted earnings (681,879) - -
========== ================== ==========
Basic EPS Earnings 2021 Per-share
Weighted average amount
Number Per-share pence
of amount shares
GBP GBP GBP
Earnings attributable to ordinary (582) - -
shareholders
Effect of dilutive securities - - -
--------- ------------------ ----------
Diluted EPS
Adjusted earnings (582) - -
========= ================== ==========
6. OPERATING SEGMENTS
The Board considers that during the period ended 31 December
2022 the Company does not have a specific segment of operating
given the recent listing.
Going forward the Company intends to focus on acquisitions in
the technology space; specifically targeting companies that
leverage state of the art technology in automotive, fintech, real
estate, banking, finance, telecommunications, and blockchain
industries.
7. FINANCIAL INSTRUMENTS
Categories of financial assets and liabilities
The following table categorizes the carrying value of the
financial assets and liabilities at the balance sheet date. In each
case the fair value is not materially different to the carrying
value
31 December
Financial assets 2022
GBP
Cash at bank 221,604
Total 221,604
The contractual maturities of financial assets are all within 1
period of the balance sheet date.
Financial liabilities 31 December 2022
GBP
Trade and other current payables
excluding accruals and deferred
income 189,273
Total 189,273
The contractual maturities of financial liabilities, including
estimated interest payments are all within 1 period of the balance
sheet date.
Risks arising from financial assets and liabilities
The following summarises the principal risks associated with the
Company's financial assets and liabilities and how those risks are
managed.
Liquidity and capital risk management
The Company's capital structure consists of items in
shareholders' equity (deficiency). The Company's objectives when
managing capital are to safeguard the Company's ability to continue
as a going concern in order to provide returns for shareholders and
benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital.
This is done primarily through equity financing. Future
financings are dependent on market conditions. There were no
changes to the Company's approach to capital management during the
period.
The Company has adequate sources of capital to complete its
business plan, current obligations and ultimately the development
of its business over the long term and will need to raise adequate
capital by obtaining equity financing and/or incurring debt.
Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they fall due. As at 31 December
2022, the Company had a cash balance of GBP221,604 to settle
current liabilities of GBP212,287. The Company's current financial
liabilities have contractual maturities of 30 days or are due on
demand and are subject to normal trade terms.
Interest rate risk
The Company does not currently have financial instruments that
expose the Company to significant interest rate risk as the Company
does not have any debt that bears variable interest rate.
Currency risk
The Company's financial instruments are currently all
denominated in British Pounds.
Price risk
The Company does not hold any equity securities and therefore is
not exposed to price risk.
Credit risk
The Company does not currently have any receivable and therefore
is not exposed to credit risk.
8. CASH AND CASH EQUIVALENTS
31 December 2022 30 June 2022
GBP GBP
Bank accounts 221,604 953,838
Cash and cash equivalents consist of cash on hand and short-term
deposits held with banks with an A-1+ rating. The carrying value of
these approximates their fair value. Cash and cash equivalents
included in the cash flow statement comprise the following balance
sheet amounts.
9. CALLED UP SHARE CAPITAL
Allotted, issued and fully paid:
Number: Class: Nominal 2022 2022
value: GBP GBP
399,985,888 Ordinary 0.000167 66,798 66,798
10. RESERVES
Retained earnings Share premium Account Totals
GBP GBP GBP
At 1 June 2022 (303,404) 927,802 624,398
Deficit for the
period (681,879) - (681,879 )
At 31 December
2022 (985,283) 927,802 (57,481)
11. TRADE AND OTHER PAYABLES
31 December 2022 30 June 2022
Current: GBP GBP
Trade payable 108,629 56,859
Other loan payable 62,460 -
Accrued expenses 23,014 10,608
Director's current account 18,184 195,175
212,287 262,642
The amounts due to directors represent management fees and other
amounts accrued since the listing of the Company.
12. ULTIMATE PARENT COMPANY
There is no one shareholder that owns greater than 50% of the
issued share capital of GS Chain Plc. Therefore, the Company does
not have an ultimate controlling party.
13. CONTINGENT LIABILITIES
As at 31 December 2022 the Company had no material contingent
liabilities.
14. RELATED PARTY DISCLOSURES
There were no related party transactions except for the payments
of directors' transactions disclosed in the interim financial
statements.
15. EVENTS AFTER THE REPORTING PERIOD
There have been no subsequent events since the reporting period
end date other than a cash injection by the directors of GBP400,000
on 14(th) March 2023 to ensure that there was sufficient cash
available to cover the Company's 1-year runway projections.
16. SHARE-BASED PAYMENT TRANSACTIONS
There have been no share-based payment schemes or share option
compensation since the Company was incorporated.
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END
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