ChallengerX Plc Final Results for the Period Ended 30 June 2022
December 23 2022 - 7:00AM
UK Regulatory
TIDMCXS
23 December 2022
ChallengerX plc
("ChallengerX", "CX" or the "Company")
Final Results for the Period Ended 30 June 2022
ChallengerX (AQUIS: CXS), the trading company with principal activity of
employing both traditional and non-traditional marketing strategies to rapidly
"professionalise" amateur and semi-professional sports clubs around the world
announces its Audited Annual Report and financial statements for the year ended
30 June 2022 (the "Annual Report").
An extract of the Company's audited report and accounts can be found below. A
full copy of the Annual Report, which should be read in full, will shortly be
available from the Company's website https://challengerx.io/investors/ and
will be sent to all shareholders.
In accordance with Rule 4.3 of the AQSE Growth Market Access Rulebook, the
Company will announce management statements within one month of the quarter end
for each quarter until an audit report is published without modification.
Accordingly, the Company will release the following quarterly reports:
· A report for the two quarters ended 30 September 2022 and 30 December
2022 by 31 January 2022
· A report for the quarter ending 31 March 2022 by 30 April 2023
· A report for the quarter ending 30 June 2023 by 31 July 2023
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation and the Directors of the Company are responsible for the
release of this announcement.
For further information, please contact:
Enquiries:
ChallengerX plc
Olivia Edwards, CEO Olivia@challengerx.io
John May, Chairman john@challengerx.io
Nicholas Lyth, CFO
First Sentinel Corporate Finance +44 203 989 2222
AQSE Corporate Adviser Brian Stockbridge
/ Jenny Liu
Statement of Comprehensive Income For the period ended 30 June 2022
2022
£'000
Administrative expenses (279)
Impairment of investment in subsidiary (839)
Impairment of loan (118)
Operating loss (1,236)
Loss before tax (1,236)
Taxation -
Loss for the financial year (1,236)
Total comprehensive loss (1,236)
(Loss) per share (pence) from continuing operations (0.047)
attributable to
owners of the Company - Basic & Diluted
Statement of Financial Position As at 30 June 2022
2022
£'000
Current assets
Trade and other receivables 7
Cash and cash equivalents 385
Total current assets 392
Total assets 392
Current liabilities
Trade and other payables 110
Total current liabilities 110
Net assets 282
Capital and reserves
Share capital 288
Share premium 1,230
Retained earnings (1,236)
Total equity 282
The financial statements were approved by the Board of Directors on 21 December
2022 and signed on its behalf by:
Nicholas Lyth CFO
Statement of Changes in Equity
For the period ended 30 June 2022
Share Share Retained
capital premium earnings Total
£'000 £'000 £'000 £'000
Loss for the year - - (1,236) (1,236)
Total Comprehensive - - (1,236) (1,236)
Income
Issue of shares 288 1,230 - 1,518
Total Transactions with 288 1,230 - 1,518
Owners
As at 30 June 2022 288 1,230 (1,236) 282
Statement of Cash Flows
For the period ended 30 June 2022
2022
£'000
Cash from operating activities
Loss before tax (1,236)
Adjustments for:
(Increase) in trade and other receivables (7)
Increase in trade and other payables 110
Net cash used in operating activities (1,133)
Cash flows from financing activities
Proceeds from issue of shares (net of issue costs) 1,518
Net cash from financing activities 1,518
Net cash flow for the year 385
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 385
Net change in cash and cash equivalents 1,463
Cash and cash equivalents comprise:
Cash at bank and in hand 385
385
Notes to the financial statements
1. General information
ChallengerX plc is a public limited company limited by shares and was
incorporated in England on 1 October 2019 with company number 13440398. Its
registered office is 16 Great Queen Street, London, WC2B 5DG.
The Company's shares are traded on the Aquis Stock Exchange Growth Market under
symbol CXS and ISIN number
GB00BMD0WG01.
The Company was first incorporated on 7 June 2021 and so the period ended 30
June 2022 represents an approx. 13-month period.
The information above has been extracted from the final report and accounts for
the period ended 30 June 2022. Accordingly, references to notes and page
numbers will related to the final report and accounts which should be read in
full.
2. Basis of Preparation
The financial statements of Greencare Capital plc have been prepared in
compliance with United Kingdom Accounting Standards, including Financial
Reporting Standard 102, "The Financial Reporting Standard applicable in the
United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act
2006.
These financial statements are prepared on a going concern basis, under the
historical cost convention, as modified by the recognition of listed
investments at fair value.
The financial statements are presented in Pounds Sterling, which is the
Company's presentation and functional
currency.
The preparation of the financial statements requires the use of certain
critical accounting estimates. It also requires management to exercise its
judgment in the process of applying the Company's accounting policies. The
areas involving a higher degree of judgment and complexity, or areas where
assumptions and estimates are significant to the financial statements are
disclosed in Note 3 to the financial statements.
The financial statements have been prepared on the historical cost basis and
are presented in £'000 unless
otherwise stated.
3. Going Concern
As at 30 June 2022, the Company had cash of £0.385 million. As a newly
established trading business, the Company has limited operating cash flow and
is dependent on the performance of its trading and its cash balances for its
working capital requirements. Annualised normal running costs of the Company
are circa £0.225m. As at the date of this report, the Company had approximately
£0.115 million of cash at bank.
The Directors continue to seek recovery of the sequestered funds held by the
Administrator of it's subsidiary, SportsX, which are believed to be £0.6m
approx .
For this reason, it continues to adopt the going concern basis in preparing the
financial statements.
4. Earnings per share
2022
£'000
Earnings
Loss for the period (1,236)
Number of shares
Weighted average number of shares for the purposes of basic
and diluted earnings per share 264,235,601
Earnings per share (pence) (0.047)
5. Dividends
The Directors do not recommend payment of a dividend for the period ended 30
June 2022.
6. Annual General Meeting (AGM)
The Company's AGM is being held at 10.30am on Friday 30 December at 50 Jermyn
Street, London, SW1Y 6LX.
END
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