27 June
2024
Mollyroe Plc
(“Mollyroe” or the “Company”)
Consolidated Financial Statements for the Year
Ended 31st December 2023
Chairman’s Statement Year End 31st December 2023
In 2023 as in 2022, saw the Company focus on
reducing overheads pending the adoption of a new corporate
strategy.
In December the Company announced the appointments
of Paul Benedict Ryan as Executive Director and Noel Lyons as
Non-Executive Director to the board and the resignation of the
existing Directors, Roger Shane and
Richard France. The Company thanked
Mr Shane and Mr France for their long and dedicated service to the
Company and I reiterate that. At the same time, investors,
including Paul Ryan and Noel Lyons,
agreed, via Peterhouse Capital Limited, to acquire 574,621 Ordinary
Shares in the Company at a price of 26.11
pence per share, equating to £150,000 in total, from the
then existing Directors of the Company.
In April 2024 the
Company’s shareholders agreed on a name change to Mollyroe plc and
a new strategy to focus on opportunities in the technology sector.
The Company will focus on opportunities which would provide the
Company with an economic interest (by equity, royalty or debt
participation) and a controlling interest (through board or
management positions) and whose potential value, over the long
term, is greater than the price and costs expended by the Company
to acquire them. The Company also reserved the ability to make
investments outside of the technology sector, if the Directors
believe that they will bring long-term value to shareholders. The
Company does not propose to limit its search to any specific
geographic location, however the Directors will ensure that the
geographic location of any investment opportunity is suitable for
institutional investment in the London market. Initially within the technology
segment opportunities are likely to arise in Spatial computing and
intelligent natural interfaces are the next computing paradigm
which will fundamentally change human and machine interaction. We
are already seeing the impact of this rapidly evolving technology
across all sectors (driverless cars being the most commonly quoted
example), further, the interplay between these technologies and
technologies traditionally created for the games industry
(including but not limited to Virtual Reality, Unreal Engine and
Unity) are disrupting numerous sectors from, training, AI driven
simulation, architectural visualisation and data visualisation
solutions that assimilate rich and complex data into intuitive,
interactive spatial simulations for more rapid and efficient
analysis, insight and learning. Our focus will be on investing in
technology companies or technology-enabled services companies
within this rapidly developing market.
The Board has continued to reduce overheads and as
a result the Company is
in a good financial position as it adopts its new strategy.
The directors
do not recommend the payment of a
dividend.
Extract from
the auditor’s report:
Conclusions relating to going concern
“In auditing the consolidated financial
statements, we have concluded that the directors’ use of the going
concern basis of accounting in the preparation of the consolidated
financial statements is appropriate.
Based on the work we have performed, we have not
identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant
doubt on the Group and parent company’s ability to continue as a
going concern for a period of at
least twelve months from when the consolidated
financial statements are authorised for issue.
Our responsibilities and the responsibilities of
the directors with respect to going concern are described in the
relevant sections of this report.”
N Lyons
Chairman
The Directors of the Company accept responsibility
for the contents of this announcement.
Enquiries
Company
Paul Ryan -
Executive Director
mollyroeplc@gmail.com
Peterhouse Capital Limited -
Financial Adviser and Corporate Broker
+ 44 (0) 20 7469 0930
Consolidated Statement of Comprehensive Income for
the Year Ended 31st December
2023
|
|
2023
£
|
2022
£
|
TURNOVER
|
|
-
|
-
|
Administrative expenses
|
|
(72,882)
|
(17,514)
|
OPERATING LOSS
|
|
(72,882)
|
(17,514)
|
Interest receivable and similar income
|
|
4,099
|
754
|
LOSS BEFORE TAXATION
|
|
(68,783)
|
(16,760)
|
Tax on loss
|
|
-
|
-
|
LOSS FOR THE FINANCIAL
YEAR
|
|
(68,783)
|
(16,760)
|
Loss attributable to: Owners of the
parent
|
|
(68,783)
|
(16,760)
|
Earnings per share expressed in pence per
share:
|
|
|
|
|
|
|
|
Basic
|
|
(3.49)
|
(0.85)
|
Diluted
|
|
(3.49)
|
(0.85)
|
The Group has no recognised gains or losses other
than those disclosed in the Income Statement above. Consequently,
no Statement of Other Comprehensive Income is
presented.
Consolidated Statement of Financial Position for
the Year Ended 31st December
2023
|
|
2023
£
|
2022
£
|
CURRENT ASSETS
Debtors
|
|
7,578
|
7,864
|
Cash at bank
|
|
335,550
|
383,465
|
CREDITORS
|
|
343,128
|
391,329
|
Amounts falling due within one year
|
|
(42,948)
|
(22,366)
|
NET CURRENT ASSETS
|
|
300,180
|
368,963
|
TOTAL ASSETS LESS CURRENT
LIABILITIES
|
|
300,180
|
368,963
|
CAPITAL AND RESERVES
Called up share capital
|
|
418,861
|
418,861
|
Share premium
|
|
3,473
|
3,473
|
Retained earnings
|
|
(122,154)
|
(53,371)
|
SHAREHOLDERS' FUNDS
|
|
300,180
|
368,963
|
The financial statements were approved by the
Board of Directors and authorised for issue on and
were signed on its behalf by:
......................................................................
P Ryan - Director
......................................................................
N Lyon –
Director
Company Statement of Financial Position for the
Year Ended 31st December
2023
|
|
2023
£
|
2022
£
|
FIXED ASSETS
Investments
|
|
4
|
4
|
CURRENT ASSETS
Debtors
|
|
7,520
|
7,806
|
Cash at bank
|
|
335,550
|
369,518
|
CREDITORS
|
|
343,070
|
377,324
|
Amounts falling due within one year
|
|
(54,016)
|
(19,487)
|
NET CURRENT ASSETS
|
|
289,054
|
357,837
|
NET ASSETS
|
|
289,058
|
357,841
|
CAPITAL AND RESERVES
Called up share capital
|
|
418,861
|
418,861
|
Share premium
|
|
3,473
|
3,473
|
Retained earnings
|
|
(133,276)
|
(64,493)
|
P Ryan - Director
......................................................................
N Lyon -
Director
Consolidated Statement of Changes in
Equity for the Year Ended 31st December
2023
|
Share
capital
£
|
Retained
earnings
£
|
Share
premium
£
|
Total
equity
£
|
Balance at 1st January
2022
|
418,861
|
(36,611)
|
3,473
|
385,723
|
Changes in equity
Total comprehensive income
|
-
|
(16,760)
|
-
|
(16,760)
|
Balance at 31st December
2022
|
418,861
|
(53,371)
|
3,473
|
368,963
|
Changes in equity
Total comprehensive income
|
-
|
(68,783)
|
-
|
(68,783)
|
Balance at 31st December
2023
|
418,861
|
(122,154)
|
3,473
|
300,180
|
Company Statement of Changes in
Equity for the Year Ended 31st December
2023
|
Share
capital
£
|
Retained
earnings
£
|
Share
premium
£
|
Total
equity
£
|
Balance at 1st January
2022
|
418,861
|
(288,940)
|
3,473
|
133,394
|
Changes in equity
Total comprehensive income
|
-
|
224,447
|
-
|
224,447
|
Balance at 31st December
2022
|
418,861
|
(64,493)
|
3,473
|
357,841
|
Changes in equity
Total comprehensive income
|
-
|
(68,783)
|
-
|
(68,783)
|
Balance at 31st December
2023
|
418,861
|
(133,276)
|
3,473
|
289,058
|
Consolidated Cash Flow Statement
for the Year Ended 31st
December 2023
Cash flows from operating
activities
|
2023
£
|
2022
£
|
Loss for the financial year
|
(68,783)
|
(16,760)
|
Interest received
|
(4,099)
|
(754)
|
Decrease/(increase) in debtors
|
286
|
(2,051)
|
Increase/(decrease) in creditors
|
20,582
|
(27,844)
|
Net cash used in operating activities
|
(52,014)
|
(47,409)
|
Cash flows from investing
activities
Interest received
|
4,099
|
754
|
Net cash from investing activities
|
4,099
|
754
|
Decrease in cash and cash
equivalents
|
(47,915)
|
(46,655)
|
Cash and cash equivalents at beginning
of year
|
383,465
|
430,120
|
Cash and cash equivalents at end
of year
|
335,550
|
383,465
|