TIDMGSC
RNS Number : 7696E
GS Chain PLC
31 October 2022
31 O ctober 2022
GS CHAIN PLC
("GS Chain " or the "Company")
Audited Results
GS Chain (LSE: GSC) announces is pleased to announce its audited
results for the Period Ended 30 June 2022. The full audited
financial statements will be uploaded to the Company website:
https://gschain.world/
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
-------------------------
CEO's Statement
Business strategy and objectives
GS Chain Plc, was established to make acquisitions has published
its prospectus on 4th May 2022 for the admission of its ordinary
shares to the Main Market of the London Stock Exchange on 13th May
2022 under the symbol GSC.L.
The company seeks to identify opportunities within the
technology sector, to conduct the necessary due diligence and
subsequently complete acquisitions that would benefit its short-and
long-term strategies.
While the Board of Director's experience spans across a wide
range of business sectors, the board will focus its energy 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.
The Board may consider other sectors if they believe such sectors
present a suitable opportunity for the Company.
The company will leverage this expertise to create long term
shareholder value as they seek to acquire high quality companies
with long term compounding potential growth while aggressively
managing performance
The Company's Board of Directors reflects the industry expertise
necessary to pursue this opportunity.
Review of activities for the period ended 30 June 2022
The company following its admission was successful in raising
over GBP1,000,000 from the sale of share capital in the
company.
The company received these funds in September 2021
Since then the company has used these resources to cover
professional fees, the fees of the directors and other expenses
associated with the costs of admission.
The directors are assessing a company for acquisition however
during the period ended 30 June 2022 no significant costs were
incurred in respect of this.
Board of directors
Leon Filipovic has served as a director since the Company's
incorporation on 3 April 2021. In July 2021 the Board was enlarged
by the appointment of Alan Austin as CEO and Sebastien Guerin as
Chief Operational Officer.
In September 2021 Sanjay Nath was appointed as a Non-Executive
Director and Mark Wilson as an Independent Non-Executive
Director
Alan Austin
Chief Executive Officer
31 October 2022
Financial Review
Profit for the period
For the period the Company recorded a loss of GBP303,304. The
biggest cost driver was GBP195,175 in accrued directors fees,
GBP4,496 in professional fees and GBP10,608 in accounting and audit
fees.
Balance Sheet
The total amount of assets on the balance sheet as per the
balance sheet date is GBP953,838 consisting of the Company's cash
reserves.
The companies liabilities of GBP262,642 consist of accrued
expenses and directors fees, as well as accounts payable.
Cash flow
Cash used in operations totalled GBP40,762.
Closing cash
As at 30 June 2022, the Company held GBP953,838 in the bank
account.
Sébastien Guerin
Chief Operational Officer
31 October 2022
Board of Directors and Senior Management
The present Board consists of Leon Filipovic (Chairman), Alan
Austin (Chief Executive Officer), Stephen Guerin (Chief Operation
Officer), Sanjay North (Non-Executive Director and Mark Wilson
(Independent Non-Executive Director). Details of the current Board
are set out below.
Alan Austin
Chief Executive Officer
Appointed 9 September 2021
Alan Austin is Chief Executive Officer of GS Chain PLC and a
director of the company's board of directors. Alan has over 27
years of experience leading large operational business units across
various industries, including consumer goods, healthcare and
banking. As CEO, Alan has executive oversight of the company's
global day-to-day operations and is responsible for delivering on
the overall organizational strategy as set by the Board of
Directors. Alan began his career in the telecommunications industry
at AT&T (NYSE:T) in 1991. In 1996 he moved to The Coca-Cola
Company (NYSE: KO) where he spent 13 years in various leadership
roles and eventually became Director of Customer Operations and
Business Development. Seeking to broaden his experience, Alan then
moved to Alere /Optum Health/UHG (NYSE: UNH). As the Vice President
of Global Operations & Strategic Initiatives, Alan was
responsible for the leadership, development, and implementation of
Optum Health's global operational initiatives in their Risk
Assessment, Maternity and Disease Management programs. In 2016 Alan
moved to Assurant (NYSE: AIZ) where as Vice President of
Operations, he was responsible for the leadership and executive
oversight of US & Global operations teams supporting US banks
and their customers. He has a proven ability to combine vision,
ingenuity, strong business acumen, with well-developed project
management and people leadership qualities to drive business
results. Alan holds a bachelor of Arts from Jacksonville University
and a Masters of Project Management from Keller Graduate School of
Business. Alan also holds a Fintech (Financial Technology)
Certification from Wharton Business School and a Professional
Business Development Certification from University of Strathclyde
in Scotland.
Leon Filipovic
Chairman
Appointed 3 April 2021
Leon Filipovic is a financial expert. Born in Croatia, Leon was
educated in corporate finance, having worked for more than 10 years
as CFO, head of compliance and sales manager in various onshore and
offshore entities, in particular the Pameroy Group and IFLS
Corporate Services Ltd. Leon has AML/CFT compliance skills
according to the OECD and FATF guidelines.
Sébastien Guerin
Chief Operational Officer
Appointed 9 July 2021
Sébastien has over 10 years of experience in digital marketing.
After having worked in Faurecia, he joined MuCreative in 2009 where
he trained in different web monetization methods and specialized in
search engine optimization ("SEO"). He created the first video
training dedicated to natural referencing in France. After that, he
worked in the web agency 1ère Position as a Key Accounts Manager.
He was also the SEO Manager of the Wedig agency, in charge of
managing all of the SEO accounts and one of the company's main
shareholders. He is currently the CMO of GSB Gold Standard
Corporation AG. Sébastien holds a Master in Marketing from l'École
des sciences commerciales d'Angers (ESSCA) and a Brevet de
technicien supérieur (BTS) in International Trade.
Sanjay Nath
Non-Executive Director
Appointed 29 September 2021
Sanjay Nath is an entrepreneur with over 35 years of experience
in business management. He started several companies, including
retail and sports development companies. He also worked alongside
David Sullivan (West Ham FC) and became the Chief Head Consultant
for his network of retail, property and funds companies. Sanjay was
the non-executive director of Golden Rock Global plc, a special
purpose acquisition company listed on the London Stock Exchange. He
is currently the business development director for the law firm
Rainer Hughes (featured in the Legal 500) and the former honorary
Vice President of West Ham Women's Football Club.
Mark Wilson
Independent Non-Executive Director
Appointed 27 September 2021
Mark is an experienced senior executive, with over 30 years of
experience in both UK and international financial management and
accounting. He has worked in a range of sectors including
automotive, home entertainment consumer goods, construction,
software development and ship management. Before joining the
Company, he was Finance Director Armour Group plc (listed on AIM
until 2018) where he started in 2009 and was responsible for the
reverse takeover of OneView Group Limited in 2016. He remained as
Director of OneView Group Limited after takeover until 2019 and was
responsible for all aspects of OneView's finance and finance
management across the group, including the preparation, review and
publication of all statutory accounts (the group accounts were
reported under IFRS and the subsidiaries accounts were reported
under UK GAAP or US GAAP), as well as for ensuring compliance with
the AIM rules. More recently, he has acted as Senior Finance
Manager of Dandara South East Limited, a real estate developer.
Directors' Report
The Directors present their report with the financial statements
of the Company for the period ended 30 June 2022.
The Company's Ordinary Shares were originally admitted to
listing on the London Stock Exchange, on the Official List pursuant
to Chapters 14 of the Listing Rules, which sets out the
requirements for Standard Listings, on 28 July 2021.
Principal Activities
The company was established to make acquisitions has published
its prospectus on 4th May 2022 for the admission of its ordinary
shares to the Main Market of the London Stock Exchange on 13th May
2022 under the symbol GSC.L.
The company will leverage this expertise to create long term
shareholder value as they seek to acquire high quality companies
with long term compounding potential growth while aggressively
managing performance.
The company seeks to identify opportunities within the
technology sector, to conduct the necessary due diligence and
subsequently complete acquisitions that would benefit its short-and
long-term strategies.
While the Board of Director's experience spans across a wide
range of business sectors, the board will focus its energy 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.
The Board may consider other sectors if they believe such sectors
present a suitable opportunity for the Company.
Review of Business in the Period
Further details of the Company's business and expected future
development are also set out in the CEO's Statement and the
Financial Reviews on page 5.
Directors
The Directors of the Company during the period and their
beneficial interest in the Ordinary shares of the Company at 30
June 2022 were as follows:
Director Position Appointed Resigned Ordinary Options
Shares
A Austin CEO 09/07/2021 - - -
L Filipovic Chairman 03/04/2021 - 113,205,988 -
S Guerin COO 09/07/2021 - 113,200,000 -
S Nath Director 29/09/2021 - 9,000,000 -
M Wilson Director 27/09/2021 - -
Substantial shareholders
As at 30 June 2022, the total number of issued Ordinary Shares
with voting rights in the Company was 399,985,888.
Aside Leon Filipovic and Sebastien Guerin no other shareholder
owns more than 5% of the issued share capital of the company.
Financial instruments
Details of the use of financial instruments by the Company are
contained in accounting policies of these financial statements.
Dividends
The Directors do not propose a dividend in respect of the period
ended 30 June 2022.
Going Concern
The financial information has been prepared on the assumption
that the Company will continue as a going concern. Under the going
concern assumption, an entity is ordinarily viewed as continuing in
business for the foreseeable future with neither the intention nor
the necessity of liquidation, ceasing trading or seeking protection
from creditors pursuant to laws or regulations. In assessing
whether the going concern assumption is appropriate, the Directors
take into account all available information for the foreseeable
future, in particular for the twelve months from the date of
approval of the financial information.
The company has cash reserves of GBP935,838 as at 30 June 2022
which the directors consider to be sufficient for the operations of
the company for the foreseeable future. Additional financing if
required will be raised through the issue of new shares or issue of
debt.
Auditors
The auditors, Macalvins Limited, have expressed their
willingness to continue in office and a resolution to reappoint
them will be proposed at the Annual General Meeting.
Statement of Directors' responsibilities
The directors are responsible for preparing the Report of the
Directors and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with
UK-adopted international accounting standards. Under company law
the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of
affairs of the company and of the profit or loss of the company for
that period. In preparing these financial statements, the directors
are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company's
transactions and disclose with reasonable accuracy at any time the
financial position of the company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Statement as to Disclosure of Information to Auditors
So far as the directors are aware, there is no relevant audit
information (as defined by Section 418 of the Companies Act 2006)
of which the company's auditors are unaware, and each director has
taken all the steps that he ought to have taken as a director in
order to make himself aware of any relevant audit information and
to establish that the company's auditors are aware of that
information.
Auditors
The auditors, Macalvins Limited, will be proposed for
re-appointment at the forthcoming Annual General Meeting.
The maintenance and integrity of the GS Chain Plc website is the
responsibility of the Directors
The CEO's statement and Financial Review, all of which are
incorporated into this report, include a true and fair view of the
development and performance of the business and the position of the
Company taken as a whole, together with a description of the
principal risks and uncertainties that they face and provides
information necessary for shareholders to assess the Company's
performance, business model and strategies.
The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the issuer.
Corporate Governance Report
Introduction
The Board is committed to good corporate governance and because
it is a Company listed on the Standard Segment of the Official List
of the UK Listing Authority, the Company is required to comply with
the provisions of the UK Corporate Governance Code. The Board sets
out below its practices to ensure good corporate governance having
due regard for the principles of the UK Corporate Governance Code
to the extent appropriate for a company of this size and
nature.
The Board meets regularly and is responsible for formulating,
reviewing, and approving the Company's strategy, budgets,
performance, major capital expenditure and corporate actions.
Set out below are GS Chain Plc's corporate governance practices
for the period ended 30 June 2022 and, where applicable, its
position for the current financial period.
Leadership
The Company is headed by an effective Board which is
collectively responsible for the long-term success of the
Company.
The role of the Board
The Board sets the Company's strategy, ensuring that the
necessary resources are in place to achieve the agreed strategic
priorities, and reviews management and financial performance. It is
accountable to shareholders for the creation and delivery of
strong, sustainable financial performance and monitoring the
Company's affairs within a framework of controls which enable risk
to be assessed and managed effectively. The Board also has
responsibility for setting the Company's core values and standards
of business conduct and for ensuring that these, together with the
Company's obligations to its stakeholders, are widely understood
throughout the Company. The Board has a formal schedule of matters
reserved which is detailed later in this report.
Board Meetings
The core activities of the Board are carried out in scheduled
meetings of the Board and its Committees. These meetings are timed
to link to key events in the Company's corporate calendar and
regular reviews of the business are conducted. Additional meetings
and conference calls are arranged to consider matters, which
require decisions outside the scheduled meetings.
Outside the scheduled meetings of the Board, the Directors
maintain frequent contact with each other to discuss any issues of
concern they may have relating to the Company or their areas of
responsibility, and to keep them fully briefed on the Company's
operations.
Matters reserved specifically for the Board
The Board has a formal schedule of matters reserved that can
only be decided by the Board. The key matters reserved are the
consideration and approval of:
-- The Company's overall strategy;
-- Financial statements and dividend policy;
-- Management structure including succession planning, appointments and remuneration;
-- Material acquisitions and disposal, material contracts, major
capital expenditure projects and budgets;
-- Capital structure, debt and equity financing and other matters;
-- Risk management and internal controls;
-- The Company's corporate governance and compliance arrangements;
-- Corporate policies.
Non-executive Directors
The non-executive Directors bring a broad range of business and
commercial experience to the Company and have a particular
responsibility to challenge independently and constructively the
performance of the Executive management and to monitor the
performance of the management team in the delivery of the agreed
objectives and targets.
Delegations of authority
Other governance matters
All of the Directors are aware that independent professional
advice is available to each Director in order to properly discharge
their duties as a Director. In addition, each Director and Board
committee has access to the advice of the Company Secretary.
Effectiveness
For the period under review the Board comprised of the Chairman,
the CEO, the COO and two Non-Executive Directors. Biographical
details of the Board members are set out on pages x and x.
The Directors are of the view that the Board consists of
Directors with an appropriate balance of skills, experience,
independence and diverse backgrounds to enable them to discharge
their duties and responsibilities effectively.
Independence
The Non-Executive Directors bring a broad range of business and
commercial experience to the Company. The Board considers Sanjay
Nath and Mark Wilson to be independent in character and
judgement.
Appointments
The Remuneration Committee is responsible for reviewing the
structure, size and composition of the Board and making
recommendations to the Board with regards to any required
changes.
Commitments
All Directors have disclosed any significant commitments to the
Board and confirmed that they have sufficient time to discharge
their duties.
Induction
All new Directors received an induction as soon as practical on
joining the Board.
Conflict Of interest
A Director has a duty to avoid a situation in which he or she
has, or can have, a direct or indirect interest that conflicts, or
possibly may conflict with the interests of the Company. The Board
has satisfied itself that there is no compromise to the
independence of those Directors who have appointments on the Boards
of, or relationships with, companies outside the Company. The Board
requires Directors to declare all appointments and other situations
which could result in a possible conflict of interest.
Board performance and evaluation
GS Chain Plc has a policy of appraising Board performance
annually. GS Chain Plc has concluded that for a company of its
current scale, an internal process administered by the Board is
most appropriate at this stage.
Diversity and inclusion
The Company does not discriminate on the grounds of age, gender,
nationality, ethnic or racial origin, non-job-related-disability,
sexual orientation or marital status. The Company gives due
consideration to all applications and provides training and the
opportunity for career development wherever possible. The Board
does not support discrimination of any form, positive or negative,
and all appointments are based solely on merit.
Accountability
The Board is committed to providing shareholders with a clear
assessment of the Company's position and prospects. This is
achieved through this report and as required other periodic
financial and trading statements. The Board has made appropriate
arrangements for the application of risk management and internal
control principles. Given the size of the Company the Board as a
whole has performed the duties of the audit committee and the
remuneration committee.
Going concern
The Company's business activities, together with factors likely
to affect its future operations, financial position, and liquidity
position are set out in the Financial Review sections of the Annual
Report. In addition, the financial statements disclose the
Company's financial risk management practices with respect to its
capital structure, liquidity risk, interest rate risk, credit risk,
and other related matters.
Internal controls
The Board of Directors reviews the effectiveness of the
Company's system of internal controls in line with the requirements
of the Code. The internal control system is designed to manage the
risk of failure to achieve its business objectives. This covers
internal financial and operational controls, compliances and risk
management. The Company had necessary procedures in place during
the period under review and up to the date of approval of the
Annual Financial Report. The Directors acknowledge their
responsibility for the Company's system of internal controls and
for reviewing its effectiveness. The Board confirms the need for an
ongoing process for identification, evaluation and management of
significant risks faced by the Company.
The Directors are responsible for taking such steps as are
reasonably available to them to safeguard the assets of the Company
and to prevent and detect fraud and other irregularities.
Nomination
Currently due to the size of the Company there is no Nomination
Committee. Nominations are considered by the whole Board.
The Nomination Committee will review the composition and balance
of the Board and senior management on a regular basis to ensure
that the Board and senior management have the right structure,
skills and experience in place for the effective management of the
Company's business.
Shareholder relations
Communication and dialogue
Open and transparent communication with shareholders is given
high priority. The Directors are available to meet with
institutional shareholders to discuss any issues and gain an
understanding of the Company's business, its strategies and
governance.
All Directors are kept aware of changes in major shareholders in
the Company and are available to meet with shareholders who have
specific interests or concerns. The Company issues its results
promptly to individual shareholders and also publishes them on the
Company's website: https://gschain.world/. Regular updates to
record news in relation to the Company and the status of its
projects are included on the Company's website.
Annual General Meeting
At every AGM individual shareholders are given the opportunity
to put questions to the Chairman and to other members of the Board
that may be present. Notice of the AGM is sent to shareholders at
least 10 days before the meeting. Details of proxy votes for and
against each resolution, together with the votes withheld are
announced to the London Stock Exchange and are published on the
Company's website as soon as practical after the meeting.
Directors' Remuneration Report
The Remuneration Committee
During the period ended 30 June 2022, the full Board of the
Company met to consider matters relating to remuneration and
performed the duties as set out in the report. The members of the
Remuneration Committee are Sanjay Nath, Sébastien Guerin and Mark
Wilson. The Remuneration Committee is chaired by Mark Wilson.
Committee's main responsibilities
-- The Remuneration Committee considers the remuneration policy,
employment terms and remuneration of the Directors and reviews the
remuneration of senior management;
-- The Remuneration Committee's role is advisory in nature, and
it makes recommendations to the Board on the overall remuneration
packages for Directors and senior management in order to attract,
retains and motivates high quality executives capable of achieving
the Company's objectives;
-- The Remuneration Committee also reviews proposals for any
share option plans and other incentive plans, makes recommendations
for the grant of awards under such plans as well as approving the
terms of any performance-related pay schemes.
Committee advisors
The Company consults with the Company's major investors and
investor representative companies as appropriate. No Director takes
part in any decision directly affecting their remuneration. No
remuneration advisors were retained by the Remuneration Committee
during the period.
Statement of GS Chain Plc's policy on Directors'
remuneration
The Company's policy is to maintain levels of remuneration so as
to attract, motivate, and retain Directors and senior executives of
the highest calibre who can contribute their experience to deliver
industry leading performance with the Company's operations. The
remuneration package for Directors comprises base fees and is
planned to implement share incentive arrangements. Each executive
director is entitled to participate in a bonus scheme.
Service Agreements and Letters of Appointment
All of the service contracts with Directors are on an evergreen
basis, subject to termination provisions. The appointment of
Directors is subject to termination upon three months' notice.
The directors who held office at 30 June 2022 and had beneficial
interests in the Ordinary Shares of the Company are disclosed on
page 8 of the financial statements.
Terms of appointment
The services of the Directors, provided under the terms of
agreements with the Company, either direct with the director or
with an intermediary company which undertakes to provide the
services of the director, dated as follows:
Director Year of appointment Number of years Date of current
completed engagement letter
A Austin 2021 1 23/07/2021
L Filipovic 2021 1 23/07/2021
S Guerin 2021 1 01/08/2021
S Nath 2021 1 01/08/2021
M Wilson 2021 1 30/09/2021
Consideration of shareholder views
The Remuneration committee will consider shareholder feedback
received and guidance from shareholder bodies. This feedback, plus
any additional feedback received from time to time, is considered
as part of the Company's annual policy on remuneration.
Policy for new appointments
Base salary levels will take into account market data for the
relevant role, internal relativities, their individual's experience
and their current base salary. Where an individual is recruited at
below market norms, they may be re-aligned over time (e.g. two to
three years), subject to performance in the role. Benefits will
generally be in accordance with the approved policy.
For external and internal appointments, the Committee may agree
that the Company will meet certain relocation and/or incidental
expenses as appropriate.
Directors' emoluments and compensation (audited)
Set out below are the emoluments of the Directors for the period
ended 30 June 2022 (GBP):
Director Directors
Fees (GBP)
A Austin 44,000
L Filipovic 45,025
S Guerin 44,000
S Nath 44,000
M Wilson 18,150
There were accruals of GBP195,175 as of 30 June 2022 in respect
of outstanding fees for director services.
None of the remuneration paid was subject to performance
conditions.
Other matters
The Company does not have a bonus scheme in place for
executives.
The Company does not have any pension plans for any of the
Directors and does not pay pension amounts in relation to their
remuneration. The Company has not paid out any excess retirement
benefits to any Directors or past Directors. The Company has not
paid any excess retirement benefits to any current or past
Directors.
Report from the Audit & Risk Committee
The responsibilities of the Audit & Risk Committee were
performed by the full Board during the period. The committee
oversees the Company's financial reporting and internal controls
and provides a formal reporting link with the external auditors.
The ultimate responsibility for reviewing and approving the Annual
Report and Accounts and the half-yearly reports remains with the
Board. The Audit Committee meets not less than twice in each
financial year and will have unrestricted access to the Company's
external auditors. The Audit Committee is chaired by Sanjay Nath
and its other member is Mark Wilson.
Main Responsibilities
The Audit Committee acts as a preparatory body for discharging
the Board's responsibilities in a wide range of financial matters
by:
-- Monitoring the integrity of the financial statements and
formal announcements relating to the Company's financial
performance;
-- Reviewing significant financial reporting issues and
accounting policies and disclosures in financial reports;
-- Overseeing that an effective system of internal control and
risk management systems are maintained;
-- Ensuring that effective whistle-blowing, anti-fraud and bribery procedures are in place;
-- Considering the Company's internal audit requirements and
making recommendations to the Board;
-- Overseeing the Board's relationship with the external
auditors and, where appropriate, the selection of new external
auditors;
-- Approving non-audit services provided by the external
auditors, or any other accounting firm, ensuring the independence
and objectivity of the external auditors is safeguarded when
appointing them to conduct non-audit services;
-- Ensuring compliance with legal requirements, accounting
standards and the Listing Rules and the Disclosure and Transparency
Rules.
The Company's external auditors are Macalvins Limited and the
Audit Committee will closely monitor the level of audit and
non-audit services they provide to the Company. In the period ended
31 June 2022 Macalvins Limited performed no non-audit services for
the company.
External auditor
The Company's external auditors are Macalvins Limited. The
external auditors have unrestricted access to the Audit Committee
Chairman. The Committee is satisfied that Macalvins Limited has
adequate policies and safeguards in place to ensure that auditor
objectivity and independence are maintained. The external auditors
report to the Audit Committee annually on their independence from
the Company.
The current auditors, Macalvins Limited were first appointed by
the Company in 2022. Having assessed the performance objectivity
and independence of the Auditors, the Committee will be
recommending the reappointment of Macalvins Limited as auditors to
the Company at the next annual general meeting.
Independent Auditor's Report to the Members of GS Chain Plc
Opinion
We have audited the financial statements of GS Chain Plc (the
'company') for the period ended 30 June 2022 which comprise the
Statement of Profit or Loss, the Statement of Profit or Loss and
Other Comprehensive Income, the Statement of Financial Position,
the Statement of Changes in Equity, the Statement of Cash Flows and
Notes to the Statement of Cash Flows, Notes to the Financial
Statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the UK.
In our opinion the financial statements:
- give a true and fair view of the state of the company's
affairs as at 30 June 2022 and of its loss for the period then
ended;
- have been properly prepared in accordance with IFRSs as adopted by the UK; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditors' responsibilities for the audit of the financial
statements section of our report. We are independent of the company
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Overview of our audit approach
Materiality
In planning and performing our audit we applied the concept of
materiality. An item is considered material if it could reasonably
be expected to change the economic decisions of a user of the
financial statements. We used the concept of materiality to both
focus our testing and to evaluate the impact of misstatements
identified.
Based on our professional judgement, we determined overall
materiality for the financial statements as a whole to be
GBP14,800, based on 5% of the loss for the period from continuing
operations.
We use a different level of materiality ('performance
materiality') to determine the extent of our testing for the audit
of the financial statements. Performance materiality is set based
on the audit materiality as adjusted for the judgements made as to
the entity risk and our evaluation of the specific risk of each
audit area having regard to the internal control environment.
Where considered appropriate performance materiality may be
reduced to a lower level, such as, for related party transactions
and directors' remuneration.
We agreed with the Audit Committee to report to it all
identified errors in excess of GBP740. Errors below that threshold
would also be reported to it if, in our opinion as auditor,
disclosure was required on qualitative grounds.
Overview of the scope of our audit
As part of designing our audit, we determined materiality and
assessed the risks of material misstatement in the financial
statements. In particular, we focussed on where the directors made
subjective judgements, for example in respect of estimating the
recoverability of the amounts receivable.
The Company was subject to a full scope audit.
Independent Auditor's Report to the Members of GS Chain Plc
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the
directors' use of the going concern basis of accounting in the
preparation of the 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
company's ability to continue as a going concern for a period of at
least twelve months from when the 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.
Other information
The directors are responsible for the other information. The
other information comprises the information in the Report of the
Directors, but does not include the financial statements and our
Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated
in our report, we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act
2006
In our opinion, based on the work undertaken in the course of
the audit:
- the information given in the Report of the Directors for the
financial period for which the financial statements are prepared is
consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance
with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company
and its environment obtained in the course of the audit, we have
not identified material misstatements in the Report of the
Directors.
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if, in
our opinion:
- adequate accounting records have not been kept, or returns
adequate for our audit have not been received from branches not
visited by us; or
- the financial statements are not in agreement with the
accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small
companies' exemption from the requirement to prepare a Strategic
Report or in preparing the Report of the Directors.
Independent Auditor's Report to the Members of GS Chain Plc
Responsibilities of directors
As explained more fully in the Statement of Directors'
Responsibilities set out on page three, the directors are
responsible for the preparation of the financial statements and for
being satisfied that they give a true and fair view, and for such
internal control as the directors determine necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue a Report
of the Auditors that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
- the nature of the industry and sector, control environment and
business performance including the design of the company's
remuneration policies, key drivers for directors' remuneration,
bonus levels and performance targets;
- results of our enquiries of management about their own
identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and
regulations and whether they were aware of any instances of
noncompliance;
- detecting and responding to the risks of fraud and whether
they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud
or non-compliance with laws and regulations;
These matters were discussed among the audit engagement team
regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities
and incentives that may exist within the organisation for fraud. In
common with all audits under ISAs (UK), we are also required to
perform specific procedures to respond to the risk of management
override.
We also obtained an understanding of the legal and regulatory
frameworks that the company operates in, focusing on provisions of
those laws and regulations that had a direct effect on the
determination of material amounts and disclosures in the financial
statements. The key laws and regulations we considered in this
context included the UK Companies Act and local tax
legislation.
A further description of our responsibilities for the audit of
the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uk/auditorsresponsibilities. This
description forms part of our Report of the Auditors.
Independent Auditor's Report to the Members of GS Chain Plc
Use of our report
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
company's members those matters we are required to state to them in
a Report of the Auditors and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company's members as a
body, for our audit work, for this report, or for the opinions we
have formed.
Pankaj Rajani (Senior Statutory Auditor)
for and on behalf of Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY
Date: 31 October 2022
GS CHAIN PLC
STATEMENT OF PROFIT OR LOSS
FOR THE PERIOD 3 APRIL 2021 TO 30 JUNE 2022
Notes GBP
CONTINUING OPERATIONS
Revenue -
Administrative expenses (303,404)
OPERATING LOSS (303,404)
LOSS BEFORE INCOME TAX 4 (303,404)
Income tax 5 -
LOSS FOR THE PERIOD (303,404)
Earnings per share expressed
in pence per share: 6
Basic -0.08
Diluted -0.08
GS CHAIN PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 3 APRIL 2021 TO 30 JUNE 2022
GBP
LOSS FOR THE PERIOD (303,404)
OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (303,404)
GS CHAIN PLC (REGISTERED NUMBER: 13310485)
STATEMENT OF FINANCIAL POSITION
30 JUNE 2022
Notes GBP
ASSETS
CURRENT ASSETS
Cash and cash equivalents 9 953,838
TOTAL ASSETS 953,838
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 10 66,798
Share premium Account 11 927,802
Retained earnings 11 (303,404)
TOTAL EQUITY 691,196
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 12 262,642
TOTAL LIABILITIES 262,642
TOTAL EQUITY AND LIABILITIES 953,838
The financial statements were approved by the Board of Directors
and authorised for issue on 31 October 2022 and were signed on its
behalf by:
Leon Filipovic
Director
GS CHAIN PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 3 APRIL 2021 TO 30 JUNE 2022
Share Capital Share Premium Retained Earnings Total
Issue of share capital 66,798 927,802 - 994,600
Result for the year - - (303,404) (303,204)
At 30 June 2022 66,798 927,802 (303,404) 691,196
GS CHAIN PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD 3 APRIL 2021 TO 30 JUNE 2022
GBP
Cash flows from operating activities
Cash generated from operations 1 (40,762)
Net cash from operating activities (40,762)
Cash flows from financing activities
Share issue 994,600
Net cash from financing activities 994,600
Increase in cash and cash equivalents 953,838
Cash and cash equivalents
at beginning of period -
2
Cash and cash equivalents
at end of period 2 953,838
GS CHAIN PLC
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE PERIOD 3 APRIL 2021 TO 30 JUNE 2022
1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED
FROM OPERATIONS
Loss before income tax (303,404)
Unpaid directors fees 195,175
(108,229)
Increase in trade and other payables 67,467
Cash generated from operations (40,762)
2. 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:
As at 30 June 2022 GBP953,838
As at 3 April 2021 GBPnil
GS CHAIN PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 3 APRIL 2021 TO 30 JUNE 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
These financial statements have been prepared in accordance with
UK-adopted international accounting standards and with those parts
of the Companies Act 2006 applicable to companies reporting under
IFRS. The financial statements have been prepared under the
historical cost convention.
These financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") issued by the
International Accounting Standards Board ("IASB") and
interpretations of the International Financial Reporting
Interpretations Committee ("IFRIC").
The financial statements are also prepared in accordance with
the provisions of the Companies Act 2006.
The financial statements have been prepared on a historical cost
basis except for certain financial instruments classified as
financial instruments measured at fair value.
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 authorisation 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.
Taxation
Tax on profit or loss for the period comprises current and
deferred tax. Tax is recognised in the statement of loss and
comprehensive loss except to the extent that it relates to items
recognised directly in equity, in which case it is recognised 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 years.
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 recognised only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilised.
New standards and interpretations not yet adopted
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Financial Information
are listed below. BHC intends to adopt these standards, if
applicable, when they become effective.
IAS 1 (amendments) Classification of Liabilities as Current or
Non-Current Effective 1 January 2022
Annual Improvements to IFRS Standards 2018-2020 Cycle
-Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 Effective 1
January 2022
The Company is evaluating the impact of the new and amended
standards above.
The Directors believe that these new and amended standards are
not expected to have a material impact on the Company's results or
shareholders' funds.
Foreign Exchange
The Company's presentation currency is the Pound Sterling (GBP).
The functional currency of the Company and its subsidiaries is the
British Pound ("GBP"). These financial statements have been
translated to the presentation currency in accordance with IAS 21
The Effects of Changes in Foreign Exchange Rates. This standard
requires that assets and liabilities be translated using the
exchange rate at period end, and income, expenses and cash flow
items be translated using the rate that approximates the exchange
rates at the dates of the transactions (i.e. the average rate for
the period). All translation exchange differences are reported as a
separate component of other comprehensive income (loss).
In preparing the financial statements of the individual
entities, transactions in currencies other than the entity's
functional currency are recorded at the rates of exchange
prevailing on the dates of the transactions. At the period end,
monetary assets and liabilities are translated using the period end
foreign exchange rate. Non-monetary assets and liabilities are
translated using the rate in effect on the date of the statement of
financial position. Non-monetary assets and liabilities that are
stated at fair value are translated using the historical rate on
the date that the fair value was determined. Exchange gains and
losses arising on translation are included in comprehensive
loss.
Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
" the profit attributable to owners of the company, excluding
any costs of servicing equity other than ordinary shares
" by the weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in ordinary
shares issued during the year and excluding treasury shares.
The Company is loss making throughout the period considered in
this Financial Information, therefore diluted earnings per share
has not been considered.
Trade Payables
Trade payables are obligations to pay for goods or services that
have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less (or in the normal
operating cycle of the business if longer. If not, they are
presented as non-current liabilities.
Trade payables are recognised initially at fair value, and
subsequently measured at amortised cost using the effective
interest method.
Borrowings
Interest-bearing bank loans and overdrafts and other loans are
recognised initially at fair value less attributable transaction
costs. All borrowings are subsequently stated at amortised cost
with the difference between initial net proceeds and redemption
value recognised in the Income Statement over the period to
redemption on an effective interest basis.
Borrowings are classified as current liabilities, unless the
Company has an unconditional right to defer settlement of the
liability for at least 12 months after the end of the reporting
period.
Provisions
Provisions are recognised when the Company has a present
obligation (legal or constructive) as a result of a past event
where it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation.
Share capital
When new shares are issued, they are recognised within share
capital at their issue price. Costs incurred directly to the issue
of shares are accounted for as a deduction from share capital (net
of tax).
Financial instruments
The Company adopted all of the requirements of IFRS 9 -
Financial Instruments ("IFRS 9") as of March 1, 2018. IFRS 9
replaces IAS 39 - Financial Instruments: Recognition and
Measurement ("IAS 39"). IFRS 9 utilizes a revised model for
recognition and measurement of financial instruments and a single,
forward-looking "expected credit loss" impairment model. Most of
the requirements in IAS 39 for classification and measurement of
financial liabilities were carried forward in IFRS 9, so the
Company's accounting policy with respect to financial liabilities
is unchanged. As a result of the adoption of IFRS 9, management has
changed its accounting policy for financial assets retrospectively,
for assets that continued to be recognised at the date of initial
application. The change did not impact the carrying value of any
financial assets or financial liabilities on the transition
date.
The following is the Company's new accounting policy for
financial instruments under IFRS 9:
Classification
The Company classifies its financial instruments in the
following categories: at fair value through profit and loss
("FVTPL"), at fair value through other comprehensive income (loss)
("FVTOCI"), or at amortised cost. The Company determines the
classification of financial assets at initial recognition. The
classification of debt instruments is driven by the Company's
business model for managing the financial assets and their
contractual cash flow characteristics. Equity instruments that are
held for trading are classified as FVTPL. For other equity
instruments, on the day of acquisition the Company can make an
irrevocable election (on an instrument-by-instrument basis) to
designate them as at FVTOCI. Financial liabilities are measured at
amortised cost, unless they are required to be measured at FVTPL
(such as instruments held for trading or derivatives) or the
Company has opted to measure them at FVTPL.
Measurement
Financial assets and liabilities at amortised cost
Financial assets and liabilities at amortised cost are initially
recognised at fair value plus or minus transaction costs,
respectively, and subsequently carried at amortised cost less any
impairment. Financial instruments under this classification
includes cash, receivables, due from related parties, accounts
payable, accrued liabilities and loans payable.
Financial assets and liabilities at FVTPL
Financial assets and liabilities carried at FVTPL are initially
recorded at fair value and transaction costs are expensed in profit
or loss. Realized and unrealized gains and losses arising from
changes in the fair value of the financial assets and liabilities
held at FVTPL are included in profit or loss in the period in which
they arise.
Financial assets and liabilities at FVOCI
Fair value through other comprehensive income ("FVOCI"):
Financial instruments designated at FVOCI are initially recognised
at fair value, net of directly attributable transaction costs, and
are subsequently measured at fair value with changes in fair value
recognised in other comprehensive income, net of tax. The Company
does not currently have any FVOCI financial instruments.
2. ACCOUNTING POLICIES - CONTINUED
Impairment of financial assets at amortised cost
An 'expected credit loss' impairment model applies which
requires a loss allowance to be recognised based on expected credit
losses. The estimated present value of future cash flows associated
with the financial assets is determined and an impairment loss is
recognised for the difference between this amount and the carrying
amount. The carrying amount of the asset is reduced to estimated
present value of the future cash flows associated with the asset,
discounted at the financial asset's original effective interest
rate, either directly or through the use of an allowance account.
The impairment loss is recognised in profit or loss for the
period.
In subsequent periods, if the amount of the impairment loss
related to financial assets measured at amortised cost decreases,
the previously recognised impairment loss is reversed through
profit or loss to the extent that the carrying amount of the
investment in financial assets at the date the impairment is
reversed does not exceed what the amortised cost would have been
had the impairment not been recognised.
Derecognition
Financial assets
The Company derecognizes financial assets only when the
contractual rights to cash flows from the financial assets expire,
or when it transfers the financial assets and substantially all of
the associated risks and rewards of ownership to another entity.
Gains and losses on derecognition are generally recognised in
profit or loss. However, gains and losses on derecognition of
financial assets classified as FVTOCI remain within accumulated
other comprehensive income (loss)
Financial liabilities
The Company derecognizes financial liabilities only when its
obligations under the financial liabilities are discharged,
cancelled or expired. Generally, the difference between the
carrying amount of the financial liability derecognised and the
consideration paid and payable, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss
can be utilised.
Leases
On January 13, 2016, the IASB issued IFRS 16 - Leases, the new
leases standard. The standard is effective or periods beginning on
or after January 1, 2019, with earlier adoption permitted if IFRS
15 had also been applied. The Company does not have any material
leases.
3. EMPLOYEES AND DIRECTORS
GBP
Wages and salaries 195,175
The average number of employees during the period was as
follows:
Directors 5
Since the company was registered as a public company on 28 July
2021 each director under the terms of their service agreement
receives a monthly fee of GBP4,000 for their services to the
company.
GBP
Directors' remuneration 195,175
4. LOSS BEFORE INCOME TAX
The loss before income tax is stated after charging:
Auditors' Remuneration GBP8,500
5. INCOME TAX
Analysis of tax expense
No liability to UK corporation tax arose for the period ended 30
June 2022.
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:
GBP
Loss before income tax (303,404)
Loss multiplied by the standard rate of corporation tax in the UK of 19% (57,646)
Effects of:
Unrecognised deferred tax assets 57,646
Tax expense -
At the period end, there were unrecognised deferred tax assets
of GBP57,646 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
6. 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.
Loss from continued operations attributable
to equity holders (GBP) (303,404)
------------
Weighted average number of shares 399,985,888
------------
Loss per share basic (GBP) (0.08)
------------
Weighted average number of shares for dilutive
calculation 399,985,888
Loss per share diluted (GBP) (0.08)
------------
7. OPERATING SEGMENTS
The Board considers that during the period ended 30 June 2022
the company does not have specific segment of operating given the
recent listing.
Going forward the company intend 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.
8. FINANCIAL INSTRUMENTS
The following information is provided in accordance with the
requirements of IFRS 7 "Financial Instrument Disclosures"
Categories of financial assets and liabilities
The following table categorises 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.
Financial assets 30.06.022
Cash at bank GBP953.838
Total GBP953.838
The contractual maturities of financial assets are all within 1
year of the balance sheet date.
Financial liabilities 30.06.2022
Trade payables excluding accrued expenses GBP56,859
Directors fees payable GBP195,175
Total GBP252,034
The contractual maturities of financial liabilities, including
estimated interest payments are all within 1 year 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
year.
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.
8. FINANCIAL INSTRUMENTS - CONTINUED
Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they fall due. As at 30 June
2022, the Company had a cash balance of GBP953,838 to settle
current liabilities of GBP255,642. 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.
9. CASH AND CASH EQUIVALENTS
GBP
Bank accounts 953,838
Cash and cash equivalents consist of cash on hand and short-term
deposits held with banks with a A-1+ rating. The carrying value of
these approximates to their fair value. Cash and cash equivalents
included in the cash flow statement comprise the following balance
sheet amounts.
10. CALLED UP SHARE CAPITAL
Number allotted, issued and fully paid
Number: Class: Nominal Value: GBP
399,985,888 Ordinary 0.000167 66,798
11. RESERVES
Retained Earnings Share Premium Total
GBP GBP GBP
Loss for the period (296,404) - (294,404)
Premium on shares issued - 927,802 927,802
As at 30 June 2022 (296,404) 927,802 631,398
12. TRADE AND OTHER PAYABLES
Current GBP
Trade creditors 56,859
Accrued expenses 10,608
Accrued directors fees 195,175
Total 262,642
13. 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.
14. CONTINGENT LIABILITIES
As at 30 June 2022 the Company had no material contingent
liabilities.
15. RELATED PARTY DISCLOSURES
There were no related party transactions except for the payments
of directors' fees disclosed in the financial statements.
16. EVENTS AFTER THE REPORTING PERIOD
There have been no subsequent events since the reporting period
end date.
17. SHARE-BASED PAYMENT TRANSACTIONS
There have been no share based payment schemes or share option
compensation since the company was incorporated.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR FZMFGZMFGZZM
(END) Dow Jones Newswires
October 31, 2022 09:02 ET (13:02 GMT)
Gs Chain (LSE:GSC)
Historical Stock Chart
From Nov 2024 to Dec 2024
Gs Chain (LSE:GSC)
Historical Stock Chart
From Dec 2023 to Dec 2024
