TIDMSCGL
RNS Number : 6984A
Sealand Capital Galaxy Limited
27 September 2022
For release: 07.00, 27 September 2022
Sealand Capital Galaxy Limited
("Sealand" or the "Company")
Unaudited Interim Results
Sealand Capital Galaxy Limited (LSE: SCGL) announces that it has
today published its unaudited Interim Results for the six months
ended 30 June 2022 with respect to the Company and its subsidiaries
(the "Group").
Nelson Law, Executive Chairman of the Company commented:
" Our proven capabilities in acting as a bridge between European
merchants, mainly of accessible but luxury items, and Chinese
consumers, means that we remain excellently placed to continue
benefitting from the growing popularity of ecommerce, particularly
in China, and changing behaviors in the ecommerce ecosystem. Our
commercial and logistical systems and infrastructure are in place
and are capable of adapting to rapid changes in ecommerce trends
and behaviours. Our strong ties with Tmall, and with merchants of
high quality goods, will also contribute to our continued success
."
-Ends-
Enquiries:
Sealand Capital Galaxy Limited
Law Chung Lam Nelson, Executive + 44 (0) 753 795
Chairman 9788
Novum Securities Limited
+ 44 (0) 20 7399
David Coffman 9400
Notes to Editors:
The Company's Shares are traded on the Official List of the
London Stock Exchange's main market for listed securities under the
ticker SCGL.
Further information on Sealand is available on its website http://www.scg-ltd.com/
SEALAND CAPITAL GALAXY LIMITED
MANAGEMENT DISCUSSION AND ANALYSIS
Sealand Capital Galaxy Limited is a company acting as a special
purpose acquisition company. The Group is engaged in digital
marketing, mobile payment and other IT related business. Today it
announces its results for the six months ended 30 June 2022.
Business Review
Since April 2020, the Covid-19 pandemic had a significant
negative impact on the Group's business, but the Group is pleased
to report that is has now turned a corner, notwithstanding the
other new challenges facing virtually all economies, such as high
energy prices, inflation, and slowing growth rates.
The Group's presence on Tmall, via products for which it has
exclusive licences in mainland China, Hong Kong, and Macau,
continues to drive profits. These include Carter Beauty, Czech
& Speake, Heath London, HH Simonsen, Inari, Living Garden
Honey, Missguided Beauty, Silllk Aromas Beauty, and The Gruff
Stuff. Tmall is a leading Chinese-language website for
business-to-consumer online retail, allowing local Chinese and
international businesses to sell brand name goods to consumers in
greater China.
The Group is delighted to report that its ecommerce segment
delivered a profit of GBP13,118. Although many shoppers have been
eager to leave the house and return to stores where they are able,
behaviour patterns have changed since the onset of the pandemic.
Online shopping has come to serve a distinct purpose, and the
Directors believe this trend will continue in the long term.
Consumers can have whatever they want, whenever they want it,
on-demand and digitally. Shoppers increasingly expect e-retailers
to provide a sophisticated, personalised shopping experience, which
the Group is successfully doing.
In addition, the way in which we present information to online
shoppers mirrors consumers' increasing time conducting research.
Simply put, we are providing more information for shoppers. There
is now a greater emphasis on the shopper researching everything
about a product in order to make an informed decision.
The type of goods that we offer to shoppers are also precisely
the type of items we consider they are currently seeking online.
Just as we saw in the aftermath of the 2007 financial crisis,
consumers appear to be putting very large purchases on hold, while
continuing to spend on small luxuries such as upscale cosmetics
brands, and other daily luxury items which they consider
affordable. This trend is in line with the brands for which we have
exclusive licences, and we expect to see this to continue into
2023.
The momentum for online shopping is now considered to be
unstoppable and we continue to keep a strong focus on the evolution
of digital buying. For example, livestream shopping (i.e. brands
using livestreams to promote and sell products) is picking up
speed, and we continue to monitor advances to ensure that our
capabilities match the modern digital marketplace which consumers
continue to expect.
Our work with influencers in China has also proven to be the
correct strategy and continues to underpin our success. Younger
generations find authenticity and trust in different places than
older generations; predominantly they trust their peers and they
trust influencers.
Financial Review
During the six months ended 30 June 2022, the loss attributable
to ordinary shareholders was GBP226,910 (2021: GBP98,643), and the
revenue for the period was GBP76,071 (2021: GBP39,184). The loss
has widened because of an accrual of director's fees of GBP99,000
(the considerable majority of which have not been paid) and an
issue of shares valued at GBP27,000 to settle some professional
fees.
Prospects
Ecommerce continues to provide a lucrative and vital part of the
future of our business. By understanding the trends of today and
seeing where they are headed, we are preparing ourselves for
continued future growth in ecommerce. An increasing number of
people are engaging in online shopping, and more engagement means
more potential customers with unique interests and needs. This
creates many opportunities for merchants looking to engage with
ecommerce for the first time or to reinvigorate their efforts,
which will amplify our contact with merchants. Our proven
capabilities in acting as a bridge between European merchants,
mainly of accessible but luxury items, and Chinese consumers, means
that we remain excellently placed to continue benefitting from the
growing popularity of ecommerce, particularly in China, and
changing behaviors in the ecommerce ecosystem. Our commercial and
logistical systems and infrastructure are in place and are capable
of adapting to rapid changes in ecommerce trends and behaviours.
Our strong ties with Tmall, and with merchants of high quality
goods, will also contribute to our continued success.
Going Concern
As at 30 June 2022, the Group has cash and cash equivalent
balances of GBP13,031 and net current liabilities and net
liabilities of GBP1,258,755.
The directors' cash-flow projections for the forthcoming 12
months conclude there will be a need for additional cash resources.
The directors are in discussions with some parties that may raise
further equity and/or loans. There is no certainty that any such
funds will be forthcoming or the price and other terms will be
acceptable.
Directors
The following directors served during the six months ended 30
June 2022:
Mr Chung Lam Nelson Law (Chairman and Chief Financial Officer)
Mr Geoffrey John Griggs (Non-executive Director)
I would like to thank my colleagues for their continued
perseverance and commitment towards reaching the Groups'
objectives.
Chung Lam Nelson Law
Chairman
26 September 2022
SEALAND CAPITAL GALAXY LIMITED
PRINCIPAL RISKS AND UNCERTAINTIES
The Board regularly monitors exposure to risks and uncertainties
that it considers key as set out below.
Covid-19
In common with a lot of other businesses based in China, an
important challenge currently facing the Group is dealing with the
COVID-19 pandemic, although there are encouraging signs that the
effect of this is diminishing in the Group's main markets.
Going forward, the virus may however impact the Group's
transactional revenue streams and this is carefully considered by
the Board on a regular basis.
Acquisitions and investments
Part of the Group's strategy is to acquire and make strategic
investments in complementary businesses as appropriate
opportunities arise. The risks the Group may face should it acquire
or invest in complementary businesses include:
- Difficulties with the integration and assimilation of the acquired business;
- Diversion of the attention of the Group's management team from other business concerns;
- Loss of key employees of any acquired business;
- Acquisitions or investments may require the Group to expend
significant amounts of cash, which could result in the Group's
inability to use the funds for other business purposes;
- If the Group funds acquisitions through issuances of ordinary
shares, the interests of its shareholders will be diluted, which
may cause the market price of the ordinary shares to decline.
- There is no guarantee that the Directors will be able to
complete acquisitions of complementary companies on acceptable
terms. Failure to do so over an extended period would limit the
Directors' ability to carry out their strategy and would reduce the
long-term prospects of the Group.
To mitigate the risks in respect of acquisitions and
investments, the Group carries out due diligence and produces cash
flow projections to ensure that any target is a suitable strategic
fit and is financially sound. Staff are also trained to effectively
manage the integration of acquisitions.
Competition
The majority of the Group's work for existing or new clients or
on new projects is won competitively. The Group may face
significant competition, including from larger companies which have
greater capital and other resources and may result in some margin
erosion. There is no assurance that the Group will be able to
compete successfully in such a marketplace in the future.
Financial Risks
The Group financial risks including foreign exchange risk,
interest rate risk, credit risk, liquidity risk and cash flow risk
are carefully monitored by the Board.
Chung Lam Nelson Law
Chairman
26 September 202 2
SEALAND CAPITAL GALAXY LIMITED
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements, which has been
prepared in accordance with IAS 34 "Interim Financial Reporting",
gives a true and fair view of the assets, liabilities, financial
position and loss of the Group as a whole as required by DTR 4.2.4R
subject to the comment on the going concern position of the
Group.
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months of the year and a description of
principal risks and uncertainties for the remaining six months of
the year); and
( c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
By order of the Board
Chung Lam Nelson Law
Chairman
26 September 202 2
SEALAND CAPITAL GALAXY LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHSED 30 JUNE 202 2
Six months Six months
ended ended
30 June 30 June
202 2 202 1
(Unaudited) (Unaudited)
Note GBP GBP
Revenue 5 76 , 071 39,184
( 35,280
Cost of services (62,953) )
Gross profit 13,118 3,904
Other income 5 16,313 8,288
( 237 ,5
Administrative expenses 35 ) (160,515)
( 1,0 46
Finance cost s ) (467 )
Gain on bargain purchase of
a subsidiary - 3,839
Gain on disposal of a subsidiary 7,644 -
Share of results of an associate - 274
Loss before tax 6 (201,526) (144,677)
Income tax expense - (575)
--------------- ---------------
Loss for the period (201,526) (145,252)
=============== ===============
Attributable to:
Equity holders of the Company (226,910) (98,643)
Non-controlling interests 25,384 (46,609)
--------------- ---------------
(201,526) (145,252)
=============== ===============
Loss per share attributable
to equity holders of the Company
Pence Pence
Basic and diluted 8 (*) (*)
=============== ===============
* L ess than 0.001 pence
The notes to the financial statements form an integral part of
these financial statements.
SEALAND CAPITAL GALAXY LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 202 2
Six months Six months
ended ended
30 June 30 June
202 2 202 1
(Unaudited) (Unaudited)
Note GBP GBP
Loss for the period (201,526) (145,252)
Other comprehensive income
Items not to be reclassified subsequently
to profit or loss:
* Share of other comprehensive income of an associate - (72)
Items to be reclassified subsequently
to profit or loss:
* Exchange differences on translation of foreign
operations (86,249) 26,853
--------------- ---------------
Other comprehensive income for the
year, net of tax (86,249) 26,781
--------------- ---------------
Total comprehensive loss for the
period (287,775) (118,471)
=============== ===============
Attributable to:
Equity holders of the Company (287,823) (80,868)
Non-controlling interests 48 (37,603)
(287,775) (118,471)
=============== ===============
The notes to the financial statements form an integral part of
these financial statements.
SEALAND CAPITAL GALAXY LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 202 2
At At
30 June 31 December
202 2 202 1
(Unaudited) (Audited)
Note GBP GBP
Non-current assets
Property, plant and equipment 9 - 15,650
--------------- ---------------
Current assets
Inventories 10 112,478 81,823
Prepayments and other receivables 69,678 66,520
Trade receivables 38,876 15,123
Cash and cash equivalents 13,031 8,198
--------------- ---------------
234,063 171,664
--------------- ---------------
Current liabilit ies
Trade payables 125,233 81,743
Other payables and accrued expense
s 535,635 459,317
Amount due to a director 830,959 649,621
Finance lease liabilities 11 991 14,750
--------------- ---------------
1,492,818 1,205,431
--------------- ---------------
Net current liabilities (1,258,755) (1,033,767)
--------------- ---------------
Total assets less current liabilities (1,258,755) (1,018,767)
--------------- ---------------
Net liabilities (1,258,755) (1,018,117)
=============== ===============
Capital and reserves
Share capital 12 60,060 59,569
Reserve s (953,428) (692,114)
--------------- ---------------
Total equity attributable to equity
shareholders of the Company (893,368) (632,545)
Non-controlling interests (365,387) (385,572)
--------------- ---------------
Total equity (1,258,755) (1,018,117)
=============== ===============
The notes to the f inancial s tatements form an integral part of
these financial statements.
SEALAND CAPITAL GALAXY LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2021
Attributable to equity holders of the Company
Share-based
Share Share payment Accumulated Exchange Non-controlling Total
capital premium reserve losses r eserve Total interests equity
GBP GBP GBP GBP GBP GBP GBP GBP
---------------- ---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Six m onths
ended 30 June
202 2
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
At 1 January
202 2
(Audited) 59,569 6,660,898 357,417 (7,715,246) 4,817 (632,545) (385,572) (1,018,117)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Loss for the
period - - - (226,910) - (226,910) 25,384 (201,526)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Exchange
differences
arising
on
translation - - - - (60,913) (60,913) (25,336) (86,249)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Total
comprehensive
loss/(income) - - - (226,910) (60,913) (287,823) 48 (287,775)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Issue of
ordinary
shares 491 26,509 - - - 27,000 - 27,000
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Disposal of a
subsidiary - - - - - - 20,137 20,137
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
At 3 0 June
2022
(Unaudited) 60,060 6,687,407 357,417 (7,942,156) (56,096) (893,368) (365,387) (1,258,755)
========== =========== ============= ============== =========== =========== ================== =============
Six m onths
ended 30 June
202 1
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
At 1 January
2021
(Audited) 50,983 6,012,444 - (6,775,080) 14,963 (696,690) (296,005) (992,695)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Loss for the
period - - - (98,643) - (98,643) (46,609) (145,252)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Exchange
differences
arising
on
translation - - - - 17,775 17,775 9,006 26,781
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Total
comprehensive
loss/(income) - - - (98,643) 17,775 (80,868) (37,603) (118,471)
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
Issue of
ordinary
shares 621 89,379 - - - 90,000 - 90,000
---------- ----------- ------------- -------------- ----------- ----------- ------------------ -------------
At 3 0 June
2021
(Unaudited) 51,604 6,101,823 - (6,873,723) 32,738 (687,558) (333,608) (1,021,166)
========== =========== ============= ============== =========== =========== ================== =============
The notes to the financial statements form an integral part of
these financial statements.
SEALAND CAPITAL GALAXY LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 202 2
Six months Six months
ended ended
30 June 30 June
202 2 202 1
(Unaudited) (Unaudited)
GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax (201,526) (144,677)
Adjustments for:
Depreciation 16,373 17,488
Gain on disposal of a subsidiary (7,644) -
Gain on bargain purchase of a subsidiary - (3,839)
Share of profit of an associate - (274)
Interest expenses 1,025 467
Bank interest income (10) (4)
--------------- ---------------
Operating cash flows before movements
in working capital (191,782) (130,839)
Increase in inventories (30,655) -
In crease in prepayments and other
receivables (1,746) (83,145)
(In crease ) / de crease in trade
receivables and contract assets (23,753) 14,379
Increase in amount due to a director 180,197 3,920
Increase in trade payables 40,361 46,441
Increase in other payables and accrued
expenses 106,288 44,059
--------------- ---------------
78,910 (105,185)
Payment of interest portion of lease
liabilities (1,025) (467)
Income tax paid - (575)
--------------- ---------------
Net cash generated from/(used in)
operating activities 77,885 (106,227)
--------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash outflow in respect of the disposal (143) -
of a subsidiary
Net cash inflow from acquisition
of a subsidiary - 43,192
Interest income received 10 4
--------------- ---------------
Net cash (used in)/generated from
investing activities (133) 43,196
--------------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of ordinary shares 27,000 90,000
Payment of principal portion of lease
liabilities (15,508) (13,308)
--------------- ---------------
Net cash generated from financing
activities 11,492 76,692
--------------- ---------------
Net in crease in cash and cash equivalents 89,244 13,661
Foreign exchange realignment (84,411) 26,635
Cash and cash equivalents at 1 January 8,198 16,002
--------------- ---------------
Cash and cash equivalents at 30
June 13,031 56,298
=============== ===============
The notes to the financial statements form an integral part of
these financial statements.
SEALAND CAPITAL GALAXY LIMITED
NOTES TO UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 202 2
1. GENERAL INFORMATION
Sealand Capital Galaxy Limited (the "Company") was incorporated
in the Cayman Islands on 22 May 2015 as an exempted Company with
limited liability under the Companies Law of the Cayman Islands.
The registered office of the Company is Willow House, PO Box 709,
Cricket Square, Grand Cayman, KY1-1107, Cayman Islands. These
unaudited consolidated interim financial statements comprise the
Company and its subsidiaries (together referred to as the
"Group").
The Company's nature of operations is to act as a special
purpose acquisition c ompany.
The Group engaged in digital marketing and other IT and
e-Commerce related businesses.
2. BASIS OF PREPARATION
The unaudited consolidated interim financial statements for the
six months ended 30 June 202 2 have been prepared in accordance
with the International Accounting Standard ("IAS") No. 34 "Interim
Financial Reporting" issued by the International Accounting
Standards Board ("IASB"). These unaudited consolidated interim
financial statements were not reviewed or audited by our
auditor.
The consolidated interim financial information has been prepared
in accordance with the same accounting policies adopted in the 202
1 annual financial statements extracted, except for the accounting
policy changes that are expected to be reflected in the 202 2
annual financial statements.
The preparation of the interim financial information in
conformity with IAS 34 requires management to make judgements,
estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses
on a year to date basis. Actual results may differ from these
estimates.
This consolidated interim financial information contains
consolidated financial statements and selected explanatory notes.
The notes include an explanation of events and transactions that
are significant to an understanding of the changes in financial
position and performance of the Group since the 202 1 annual
financial statements. The consolidated interim financial statements
and notes thereon do not include all of the information required
for a full set of financial statements prepared in accordance with
International Financial Reporting Standards ("IFRSs").
3. GOING CONCERN
The directors' cash projections for the forthcoming 12 months
conclude that there will be a need for additional cash resources to
fully implement the business plans. The directors are in discussion
with a number of individuals that may lead to further equity and/or
loans being raised. There is no certainty that any such funds will
be forthcoming or the price and other terms will be acceptable.
4. SEGMENT INFORMATION
The Chief Operating Decision Maker ("CODM") has been identified
as the executive director of the Company who reviews the Group's
internal reporting in order to assess performance and allocate
resources. The CODM has determined the operating segments based on
these reports.
For management purposes, the Group is organised into business
units based on their products and services and has reportable
operating segments as follows:
(a) The digital marketing and payment segment includes services
on enlisting merchants to mobile payment gateways and providing
digital advertising services; and
(b) The software development and support segment includes sales
and distribution of mobile games and all other I.T. related
development and support services operated under Rightyoo.
(c) The e-commerce segment includes sales of goods through
internet and provision for consultancy services related to
e-commerce.
SEALAND CAPITAL GALAXY LIMITED
NOTES TO UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 202 2
4. SEGMENT INFORMATION - CONTINUED
Digital marketing
and payment Software
development and
support e-Commerce Unallocated Total
GBP GBP GBP GBP GBP
Six months ended 30
June 2022
(Unaudited)
Revenue ` 776 - 75,295 - 76,071
====================== ====================== ============== =============== =============
Segment
profit/(loss) (19,264) - 13,118 (195,380) (201,526)
====================== ====================== ============== =============== =============
Assets 30,984 - 165,559 37,520 234,063
====================== ====================== ============== =============== =============
Liabilities 295,767 - 139,944 1,057,107 1,492,818
====================== ====================== ============== =============== =============
Six months ended 30
June 2021
(Unaudited)
Revenue 39,067 - 117 - 39,184
====================== ====================== ============== =============== =============
Segment loss (92,154) (20,284) (22,099) (10,715) (145,252)
====================== ====================== ============== =============== =============
Assets 174,003 5,184 33,802 103,653 316,642
====================== ====================== ============== =============== =============
Liabilities 352,561 93,426 15,107 876,714 1,337,808
====================== ====================== ============== =============== =============
5. REVENUE AND OTHER INCOME
Six months Six months
ended ended
30 June 30 June
202 2 202 1
(Unaudited) (Unaudited)
GBP GBP
REVENUE
Advertising services 775 33,337
Commission income 669 2,161
Sales of goods 74,627 3,686
--------------- ---------------
76,071 39,184
=============== ===============
OTHER INCOME
Bank interest income 10 4
Others 16,303 8,284
16,313 8,288
=============== ===============
SEALAND CAPITAL GALAXY LIMITED
NOTES TO UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHSED 30 JUNE 202 2
6. LOSS BEFORE TAX
Six months Six months
ended ended
30 June 30 June
202 2 202 1
(Unaudited) (Unaudited)
GBP GBP
Loss before tax has been arrived
at after charging:
Depreciation - Owned assets and
right of use assets 16,373 17,488
=============== ===============
7. EMPLOYEES
The average number of employees during the period was made up as
follows:
Six months Six months
ended ended
30 June 30 June
202 2 202 1
(Unaudited) (Unaudited)
Directors 2 3
=============== ===============
Staff 2 11
=============== ===============
Directors' remuneration 99,000 -
=============== ===============
8. BASIC AND DILUTED LOSS PER SHARE
Basic loss per share is calculated by dividing the loss
attributable to the Company's owners of GBP 226,910 (2021:
GBP98,643) by the weighted average number of 598,081,125 ordinary
shares (2021: 512,968,277) in issue during the six months ended 30
June 2022.
Diluted loss per share was the same as basic loss per share as
no potential dilutive ordinary shares were outstanding for both the
six months ended 30 June 2022 and 2021.
9. PROPERTY, PLANT AND EQUIPMENT
Office Leasehold Right
equipment improvement of use Total
assets
GBP GBP GBP GBP
At 1 January 202
2 (Audited) - 1,159 14,491 15,650
Depreciation for
the period - (1,212) (15,161) (16,373)
Exchange differences - 53 670 723
At 30 June 202 2 - - - -
(Unaudited)
============= ============== ========== ==========
SEALAND CAPITAL GALAXY LIMITED
NOTES TO UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 202 2
10. INVENTORIES
At At
30 June 31 December
2022 2021
GBP GBP
(Unaudited) (Audited)
Finished goods 112,478 81,823
============= ==============
11. LEASE LIABILITIES
The total minimum lease liabilities under finance leases and
their present values at the reporting date are as follows:
At At 31 December
30 June 2021
2022
GBP GBP
(Unaudited) (Audited)
Current portion:
Gross finance lease liabilities 1,028 14,823
Finance expense not recognised (37) (73)
------------- ----------------
991 14,750
============= ================
The net finance lease liabilities
are analysed as follows:
* Not later than 1 year 991 14,750
============= ================
12. SHARE CAPITAL
Number GBP
Ordinary s hares issued and
fully paid
At 1 January 202 2 (Audited) 595,694,385 59,569
Issue of ordinary shares 4,909,091 491
-------------- --------
At 30 June 202 2 (Unaudited) 600,603,476 60,060
============== ========
In April 2022, the Company allotted and issued 4,909,091
ordinary shares of GBP0.0001 each to settle the professional fees
of the Group.
1 3 . RELATED PARTY TRANSACTIONS
(a) Details of the compensation of key management personnel are
disclosed in Note 7 to the unaudited interim results.
(b) Apart from the balances with related parties at the end of
the reporting period disclosed elsewhere in the financial
statements, the Company had not entered into any significant
related party transactions for the six months ended 30 June
2022.
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