2024 Interim Results
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27-Sep-2024 / 07:00 GMT/BST
Thalassa Holdings Ltd
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Interim Results for the period ended 30 June 2024
The Company is pleased to announce its results for the six months ended 30 June 2024. The unaudited interim results have been submitted to the FCA and will shortly be available on the Company’s website: www.thalassaholdingsltd.com
Highlights for the 6 months ended 30 June 2024
GROUP RESULTS 1H 2024 versus 1H 2023, unless otherwise stated (Unaudited)
| • | Profit /(loss) after tax for the year | £0.24m vs (£0.53)m |
| • | Group Earnings Per Share (basic and diluted)* 1 | £0.03 vs (£0.07) |
| • | Book value per share* 2 | £1.19 vs £1.20 |
| • | Investment Holdings * 3 | £8.8m vs £7.7m |
| • | Cash | £1.4m vs £0.6m |
* 1 based on weighted average number of shares in issue of 7,945,838 (2023: 7,945,838)
* 2 based on actual number of shares in issue as at 30 June 2024 of 7,945,838 (2023: 7,945,838)
* 3 including all holdings excl. cash
Chairman’s Statement
2024 Observations
The US Federal Reserve cut the Fed Funds Rate by 0.5% to 5.0% from 5.5%
First US Rate cut for 4 years
Dow Jones and S&P hit new highs
NASDAQ leads 2024 performance +20% YTD.
Through 7 September 2023, the tech-heavy NASDAQ Composite (CCMP) has risen ~20%; Notable Mega Caps AAPL +18.87%, NVDA +138.02%, TSLA -1.84% GOOGL +16.07%, META +57.96% EBAY +44.93%, MSFT +16.66%.
NVDA’s performance alone accounts for 20% of S&P 500 ‘s YTD performance of +19.8%.
Buffett Index at an all-time high; Total US Market Value recently @ 200% of US GDP. Next stop infinity!
On Aug 30, 2021, the Buffett Index stood at 199.5%, shortly before falling over 30%.
A reversion to the Mean from current levels would indicate a possible (porbable) decline of between 30 to 50% - assuming no overshoot!
US Household Debt at the end of Q2 2024 stood at a record $17.8 trillion. (Source, New York Fed Aug 6, 2024); +505bn from Q2 2023.
Over the last year, approximately 9.1% of US credit card balances and 8.0% of US auto loan balances transitioned into delinquency. (Source, as above).
US Federal Debt $35.4 trillion, 123.44% of GDP.
Holdings -
Restitution -
As at the time of writing I have so far covered £2,086,00 for the losses incurred by the Company due to the collapse of Tappit, due wholly, in my opinion, to the incompetence of the Company’s Board. I will continue to contribute funds up to a total of £3m.
NWT - https://newmarksecurity.com/
Newmark Security recently published Full Year 2024 (Yr end 30 April) results, which confirmed our view on recovery with Revenues up +10% and EBITDA up +50%. NWT shares have also performed well since the beginning of the year and have increased 26.67% YTD.
ALNA - https://www.alina-holdings.com/
ALNA posted improved results for H1 2024 which can be found on the Company’s website, as above.
AMOI - https://anemoi-international.com/
Please refer to Anemoi website
SUN - https://www.sigroupplc.com/
Surgical Innovations Group PLC (SUN LN)
is a leading UK-based designer, manufacturer, and exporter of innovative high quality medical products primarily for use in laparoscopic and robotic minimally invasive surgery.
THAL has recently taken a 15.8% stake in SUN. In the early 90’s I was the first Wall Street banker to visit Conmed (CNMD US), at the time it had a market cap. of ~$30m, today its mkt cap. is $2.3bn. The Medical Device Market (including Laparoscopy) is dominated by Medtronic plc $31.6bn revenues, Abbott Labs $31.3bn revenues, Dasher Corp $29.6bn, John & Johnson $27.4bn, as well as Siemens, Fresenius Medline, Becton Dickinson, GE Healthcare, Stryker, Philips NV, Cardinal Health, Baxter Intl., Boston Scientific all with annual revenues in excess of $10bn.
SUN’s H1 2024 results are due 30 September, and whilst our expectations are muted, we believe that the Company has exceptional leadership in place for such a small company and can and should, in due course, return to profitability.
ALSAF - https://safegrp.com/
Safe Group is a leader of ready-to-use solutions for the treatment of Spinal Diseases.
THAL has recently acquired a 10% stake in SAFE.
Conclusion
Warren Buffett is quoted as saying, “Be fearful when others are greedy, and greedy when others are fearful. Now is not the time to be greedy but fearful. Berkshire Hathaway has a record amount of cash ~$300bn and continues to sell holdings. The US market is experiencing peak earnings and multiples whilst Federal and Consumer debt are both at all-time highs.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
Duncan Soukup
Chairman
Thalassa Holdings Ltd
Financial Review
Total income from operations for the period to 30 June 2024 was £0.3m (1H23: £0.2m). Income benefited from a £0.2m unrealised gain on Thalassa’s holding in NWT.
Cost of Sales was £5k (1H23: £15k) comprising development costs (net of capitalised costs) at ARL and direct financial holdings expenses, resulting in a Gross Profit of £0.3m (1H23: gross profit £0.2m).
Administration expenses were negative £0.1m, i.e. a slight income (1H23: £0.4m expense). This was positively impacted by the decision of the Chairman to waive all of his consultancy fees carried forward from 2022 and 2023. We should like to point out that, as in past periods, Mr Soukup’s 2024 fees have been accrued, but not yet paid. Depreciation costs were £0.01m (1H23: £0.16m). This reduction was due to the surrender of the Swiss office lease by the Company’s subsidiary Alfalfa.
Operating Profit improved to £0.3m (1H23 Loss: £0.4m).
Other income benefited from a £17k net gain on book value on the surrender of the afore mentioned lease. Until surrender, some of this property had been sublet, which covered total lease expenditure.
Profit before tax was £0.2m (1H23 loss: £0.5m).
Net assets at 30 June 2024 amounted to £9.5m (1H23: £9.6m).
Net cash (being cash balances less any financial borrowings) was £1.4m as at 30 June 2024 (1H23: £0.6m).
Current and Non-current lease liabilities became nil on the surrender of the Villa Kramerstein lease.
The reduction in other receivables and other payables was driven by the formal offsetting of most of a receivables balance from an entire payables balance to a single counterparty, ID4 AG / Apeiron AG. The payable was from Alfalfa in relation to an assets purchase from id4 AG prior to the acquisition by the Company; and the receivable is in relation to a balance owed to the Company from the former Apeiron AG.
Net cash outflow from operating activities amounted to £0.15m compared to £0.10m in 1H23.
Net cash outflow from investing activities amounted to £0.02m, compared to 1H23 inflow of £0.39m.
Net cash inflow from financing activities amounted to £1.45m (1H23: outflow £0.14m). This was driven by the Tappit restitution agreement. The Chairman contributed £1.5m in the 6 month period to 30 June 2024. A further £0.6m was contributed by the Chairman in August 2024.
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2024
| Six months | Six months | Year | ||
|---|---|---|---|---|
| ended | ended | ended | ||
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | ||
| Unaudited | Unaudited | Audited | ||
| Note | GBP | GBP | GBP | |
| Income | 102,599 | 118,673 | 252,129 | |
| Net gains/(losses) on investments at fair value | 198,600 | 118,426 | 282,809 | |
| Investment dividend income | 4,153 | 770 | 770 | |
| Currency gains/(losses) | 440 | - | 48 | |
| Total Income | 305,792 | 237,869 | 535,756 | |
| Financial holdings expenses | (4,987) | (7,958) | (15,199) | |
| Other cost of sales | (312) | (7,096) | (12,926) | |
| Total Cost of sales | (5,299) | (15,054) | (28,125) | |
| Gross Profit | 300,493 | 222,815 | 507,631 | |
| Administrative expenses excluding exceptional costs | 102,674 | (429,067) | (900,853) | |
| Operating profit/(loss) before depreciation | 403,167 | (206,252) | (393,222) | |
| Depreciation and Amortisation | 4&5 | (92,676) | (164,488) | (256,425) |
| Operating profit/(loss) | 310,491 | (370,740) | (649,647) | |
| Net financial income/(expense) | (3,414) | (11,454) | (23,888) | |
| Other gains/(losses) | 16,675 | - | 17,734 | |
| Share of losses of associated entities | (82,642) | (143,962) | (307,940) | |
| Profit/(loss) before taxation | 241,110 | (526,156) | (963,741) | |
| Taxation | (435) | (528) | 72,036 | |
| Profit/(loss) for the year | 240,675 | (526,684) | (891,705) | |
| Attributable to: | ||||
| Equity shareholders of the parent | 240,675 | (526,684) | (891,705) | |
| Non-controlling interest | - | - | - | |
| 240,675 | (526,684) | (891,705) | ||
Earnings per share - GBP (using weighted average number of shares)
| Six months | Six months | Year | ||
|---|---|---|---|---|
| ended | ended | ended | ||
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | ||
| Basic and Diluted | 3 | 0.03 | (0.07) | (0.11) |
| Interim Condensed Consolidated Statement of Comprehensive Income | ||||
| For the six months ended 30 June 2024 | ||||
| Six months | Six months | Year | ||
| ended | ended | ended | ||
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | ||
| Unaudited | Unaudited | Audited | ||
| GBP | GBP | GBP | ||
| Profit/(loss) for the financial year | 240,675 | (526,684) | (891,705) | |
| Other comprehensive income: | ||||
| Exchange differences on re-translating foreign operations | 15,851 | (83,113) | (200,015) | |
| Total comprehensive income | 256,526 | (609,797) | (1,091,720) | |
| Attributable to: | ||||
| Equity shareholders of the parent | 256,526 | (609,797) | (1,091,720) | |
| Non-Controlling interest | - | - | - | |
| Total Comprehensive income | 256,526 | (609,797) | (1,091,720) | |
| Interim Condensed Consolidated Statement of Financial Position | ||||
| As at 30 June 2024 | ||||
| As at | As at | As at | ||
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | ||
| Note | Unaudited | Unaudited | Audited | |
| Assets | GBP | GBP | GBP | |
| Non-current assets | ||||
| Intangible assets | 4 | 1,810,615 | 1,514,815 | 1,697,313 |
| Property, plant and equipment | 5 | 30,369 | 1,838,423 | 1,729,924 |
| Loans | 7 | 3,305,798 | 4,776,479 | 4,785,629 |
| Investments in associated entities | 8 | 1,946,174 | 2,199,253 | 2,019,367 |
| Total non-current assets | 7,092,956 | 10,328,970 | 10,232,233 | |
| Current assets | ||||
| Trade and other receivables | 311,219 | 714,821 | 788,782 | |
| Investments at fair value through profit or loss | 6 | 1,352,143 | 726,371 | 1,159,250 |
| Cash and cash equivalents | 1,445,949 | 614,365 | 143,295 | |
| Total current assets | 3,109,311 | 2,055,557 | 2,091,327 | |
| Liabilities | ||||
| Current liabilities | ||||
| Trade and other payables | 739,362 | 1,221,922 | 1,539,749 | |
| Lease liabilities | 9 | - | 159,783 | 173,325 |
| Total current liabilities | 739,362 | 1,381,705 | 1,713,074 | |
| Net current assets | 2,369,949 | 673,852 | 378,253 | |
| Non-current liabilities | ||||
| Lease liabilities . | 9 | - | 1,404,237 | 1,404,107 |
| Total non-current liabilities | - | 1,404,237 | 1,404,107 | |
| Net assets | 9,462,905 | 9,598,585 | 9,206,379 | |
| Shareholders’ Equity | ||||
| Share capital | 11 | 128,977 | 128,977 | 128,977 |
| Share premium | 21,717,786 | 21,717,786 | 21,717,786 | |
| Treasury shares | (8,558,935) | (8,558,935) | (8,558,935) | |
| Other reserves | (1,696,321) | (1,696,320) | (1,696,321) | |
| Foreign exchange reserve | 4,246,691 | 4,258,024 | 4,230,840 | |
| Retained earnings | (6,375,293) | (6,250,947) | (6,615,968) | |
| Total shareholders' equity | 9,462,905 | 9,598,585 | 9,206,379 | |
| Total equity | 9,462,905 | 9,598,585 | 9,206,379 | |
These financial statements were approved by the board on 26 September 2024.
Signed on behalf of the board by:
Duncan Soukup
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
| As at | As at | As at | |||||
|---|---|---|---|---|---|---|---|
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | |||||
| Unaudited | Unaudited | Audited | |||||
| Notes | GBP | GBP | GBP | ||||
| Profit/(Loss) before financing from: | 310,491 | (370,740) | (649,647) | ||||
| Adjustments for: | |||||||
| Net finance costs | (24,879) | (94,190) | (279,715) | ||||
| Other income | - | - | 17,734 | ||||
| (Increase)/decrease in trade and other receivables | 477,563 | 50,481 | (23,480) | ||||
| (Decrease)/increase in trade and other payables | (800,387) | 11,112 | 328,938 | ||||
| (Gain)/loss on disposal of portfolio investments | 18 | 60,404 | - | ||||
| Net exchange differences | (3,108) | 141,680 | (65,125) | ||||
| Depreciation/Amortisation | 4&5 | 92,676 | 164,488 | 256,425 | |||
| Fair value movement on portfolio investments | (198,843) | (62,226) | - | ||||
| Cash generated by operations | (146,469) | (98,991) | (414,870) | ||||
| Taxation | (435) | (528) | 72,036 | ||||
| Net cash flow from operating activities | (146,904) | (99,519) | (342,834) | ||||
| Sale/(purchase) of property, plant and equipment | 100,724 | (2,320) | (2,320) | ||||
| Sale/(purchase) of intangible assets | 4 | (117,484) | (184,244) | (385,983) | |||
| Net (purchase)/sale of portfolio investments | 6 | (4,495) | 648,613 | (177,912) | |||
| Investments in associated entities | - | (68,642) | - | ||||
| Investment in subsidiaries | - | - | 29,217 | ||||
| Net cash flow in investing activities | (21,255) | 393,407 | (536,998) | ||||
| Cash flows from financing activities | |||||||
| Interest Income | 619 | 7,731 | 13,437 | ||||
| Interest Expense | (1,948) | (1,522) | - | ||||
| Loans collected | 1,511,575 | - | - | ||||
| Repayment of borrowings | 9 | (55,284) | (145,128) | (173,982) | |||
| Net cash flow from financing activities | 1,454,962 | (138,919) | (160,545) | ||||
| Net increase in cash and cash equivalents | 1,286,803 | 154,969 | (1,040,377) | ||||
| Cash and cash equivalents at the start of the year | 143,295 | 629,215 | 1,383,687 | ||||
| Effects of exchange rate changes on cash and cash equivalents | 15,851 | (169,819) | (200,015) | ||||
| Cash and cash equivalents at the end of the year | 1,445,949 | 614,365 | 143,295 | ||||
| Interim Condensed Consolidated Statement of Changes in Equity | |||||||
| For the six months ended 30 June 2024 | |||||||
| Share | Share | Treasury | Other | Foreign Exchange | Retained | ||
| Capital | Premium | Shares | Reserves | Reserve | Earnings | Total | |
| GBP | GBP | GBP | GBP | GBP | GBP | GBP | |
| Balance as at 31 December 2022 | 128,977 | 21,717,786 | (8,558,935) | (1,696,320) | 4,430,855 | (5,724,263) | 10,298,100 |
| Foreign exchange on translation | - | - | - | - | (89,718) | - | (89,718) |
| Total comprehensive income | - | - | - | - | (83,113) | (526,684) | (609,797) |
| Balance as at 30 June 2023 | 128,977 | 21,717,786 | (8,558,935) | (1,696,320) | 4,258,024 | (6,250,947) | 9,598,585 |
| Exchange on conversion to GBP | - | - | - | (1) | - | - | (1) |
| Total comprehensive income | - | - | - | - | (27,184) | (365,021) | (392,205) |
| Balance as at 31 December 2023 | 128,977 | 21,717,786 | (8,558,935) | (1,696,321) | 4,230,840 | (6,615,968) | 9,206,379 |
| Total comprehensive income | - | - | - | - | 15,851 | 240,675 | 256,526 |
| Balance as at 30 June 2024 | 128,977 | 21,717,786 | (8,558,935) | (1,696,321) | 4,246,691 | (6,375,293) | 9,462,905 |
Notes to the Interim Condensed Consolidated Financial Information
General information
Thalassa Holdings Ltd (the “Company”) is a British Virgin Island (“BVI”) International business company (“IBC”), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries.
Apeiron Holdings (BVI) Ltd is a BVI registered company and is wholly owned by Thalassa. It owns 100% of Alfalfa Holdings AG which is a company registered in Switzerland.
WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa currently non-operational.
Significant Accounting policies
The Company prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.
The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2023 except as detailed below.
2.1. Basis of preparation
These condensed interim financial statements for the six months ended 30 June 2024 and 30 June 2023 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2023 are extracted from the 2023 audited financial statements. The independent auditor’s report on the 2023 financial statements was not qualified.
All intra-company transactions, balances, income and expenses are eliminated in full on consolidation.
2.2. Going concern
The financial information has been prepared on the going concern basis as management consider that the Company has sufficient cash to fund its current commitments for the foreseeable future.
Notes to the Interim Condensed Consolidated Financial Information Continued
Earnings per share
| Six months | Six months | Year |
| ended | ended | ended |
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 |
| Unaudited | Unaudited | Audited |
The calculation of earnings per share is based on the following loss and number of shares:
| Profit/(loss) for the period | 240,675 | (526,684) | (891,705) | |
| Weighted average number of shares of the Company | 7,945,838 | 7,945,838 | 7,945,838 | |
| Earnings per share: | ||||
| Basic and Diluted (GBP) | 0.03 | (0.07) | (0.11) | |
| Number of shares outstanding at the period end: | 7,945,838 | 7,945,838 | 7,945,838 | |
| 4. Intangible assets | ||||
| Development | ||||
| costs | Patents | Software | Total | |
| GBP | GBP | GBP | GBP | |
| At 31 December 2023 | ||||
| Cost | 1,512,237 | 180,894 | 25,096 | 1,718,227 |
| Accumulated amortisation | - | - | (20,914) | (20,914) |
| Net book amount | 1,512,237 | 180,894 | 4,182 | 1,697,313 |
| Half-year ended 30 June 2024 | ||||
| Opening net book amount | 1,512,237 | 180,894 | 4,182 | 1,697,313 |
| 1,512,237 | 180,894 | 4,182 | 1,697,313 | |
| Additions | 108,636 | 8,848 | - | 117,484 |
| Disposals | - | - | (696) | (696) |
| Amortisation charge | - | - | (3,486) | (3,486) |
| Closing net book amount | 1,620,873 | 189,742 | - | 1,810,615 |
| At 30 June 2024 | ||||
| Cost | 1,620,873 | 189,742 | - | 1,810,615 |
| Accumulated amortisation | - | - | - | - |
| Net book amount | 1,620,873 | 189,742 | - | 1,810,615 |
The intangible assets held by the Company increased as a result of capitalising the development costs of Autonomous Robotics Ltd (“ARL”).
Notes to the Interim Condensed Consolidated Financial Information Continued
Property, plant and equipment
Plant
| Land and | and | Motor | ||
|---|---|---|---|---|
| Total | buildings | Equipment | Vehicles | |
| Cost | GBP | GBP | GBP | GBP |
| Cost at 1 January 2024 | 2,516,307 | 2,146,991 | 132,803 | 236,513 |
| FX movement | (30,630) | (30,630) | - | - |
| 2,485,677 | 2,116,361 | 132,803 | 236,513 | |
| Additions | - | - | - | - |
| Disposals | (2,118,090) | (2,116,361) | (1,729) | - |
| Cost at 30 June 2024 | 367,587 | - | 131,074 | 236,513 |
| Depreciation | ||||
| Depreciation at 1 January 2024 | 786,383 | 462,300 | 130,237 | 193,846 |
| FX movement | 69,318 | 69,318 | - | - |
| 855,701 | 531,618 | 130,237 | 193,846 | |
| Charge for the year on continuing operations | 89,190 | 74,326 | 642 | 14,222 |
| Disposal | (606,188) | (604,459) | (1,729) | - |
| Foreign exchange effect on year end translation | (1,485) | (1,485) | - | - |
| Depreciation at 30 June 2024 | 337,218 | - | 129,150 | 208,068 |
| Closing net book value at 30 June 2024 | 30,369 | - | 1,924 | 28,445 |
Securities
The Company classifies the following financial assets at fair value through profit or loss (FVPL):-
Equity investments that are held for trading.
| As at | As at | As at | |
|---|---|---|---|
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | |
| Unaudited | Unaudited | Audited | |
| GBP | GBP | GBP | |
| Securities | |||
| At the beginning of the period | 1,159,250 | 504,877 | 504,877 |
| Additions | 8,700 | 521,167 | 880,004 |
| Unrealised gain/(losses) | 198,824 | 179,051 | 283,031 |
| Disposals | (4,205) | (475,713) | (636,895) |
| Reclassification of Motor Vehicles to Afs investments | - | - | 120,244 |
| Forex on opening balance | (10,426) | (3,011) | 7,989 |
| At period close | 1,352,143 | 726,371 | 1,159,250 |
Investments have been valued incorporating Level 1 inputs in accordance with IFRS7.
Notes to the Interim Condensed Consolidated Financial Information Continued
Loans and holdings
| As at | As at | As at | |
|---|---|---|---|
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | |
| Unaudited | Unaudited | Audited | |
| GBP | GBP | GBP | |
| Loans at period open | 1,501,158 | 1,532,469 | 1,532,469 |
| Accrued interest - to be waived | 22,794 | 22,186 | 45,239 |
| Forex on opening balance | 8,950 | (62,647) | (76,550) |
| Loans at period close | 1,532,902 | 1,492,008 | 1,501,158 |
| Portfolio Holdings at 1 January | 3,284,471 | 4,038,944 | 3,284,471 |
| Repaid | (1,511,575) | - | - |
| Reclassification under portfolio holdings | - | (754,473) | - |
| Portfolio holdings at period close | 1,772,896 | 3,284,471 | 3,284,471 |
| Total of loans and holdings | 3,305,798 | 4,776,479 | 4,785,629 |
The Loan is to the THAL Discretionary Trust, the terms of the loan are set with a 0% interest rate however interest has been accrued at 3% as per IFRS requirements, it is the intention of the Company to waive this interest upon repayment of the capital.
Investments in associated entities
On 17 December 2021, the acquisition of id4 was complete by Anemoi International Ltd with consideration in the form of shares issued to Thalassa and its subsidiary Aperion BVI totalling 36.92% of the voting rights. The investment is recognised using the equity method as described in the financial statements for December 2022. During 2023 further shares were purchased to equal a total of 40.77% of the voting rights. The investment is recognised using the equity method.
Athenium Consultancy Ltd in which the Company owns 35% shares was incorporated on 12 October 2021.
Movement on interests in associates can be summarised as follows:
| As at | As at | As at | |
|---|---|---|---|
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | |
| GBP | GBP | GBP | |
| Fair value of investment at beginning of period | 2,019,367 | 2,356,526 | 2,356,526 |
| Share of losses for the period | (82,854) | (143,803) | (307,862) |
| Additions | - | 68,642 | 68,642 |
| Exchange Variance | 9,661 | (82,112) | (97,939) |
| 1,946,174 | 2,199,253 | 2,019,367 |
There are no other entities in which the Company holds 20% or more of the equity, or otherwise exercises significant influence over the affairs of the entity.
Notes to the Interim Condensed Consolidated Financial Information Continued
Lease liabilities
| As at | As at | As at | |
|---|---|---|---|
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | |
| Unaudited | Unaudited | Audited | |
| Non-current liabilities | GBP | GBP | GBP |
| Lease liabilities | - | 1,404,237 | 1,404,107 |
| - | 1,404,237 | 1,404,107 | |
| Current liabilities | |||
| Lease liabilities | - | 159,783 | 173,325 |
| - | 159,783 | 173,325 | |
The lease liabilities comprise of amounts owed in relation to office leases held by ARL and Alfalfa Holdings AG. The lease held by ARL was surrendered June 2024. The lease held by Alfalfa Holdings AG was entered in to in Feb 2021 and surrendered Apr 2024.
Related party balances and transactions
Under the consultancy and administrative services agreement initially entered into on 3 January 2011 and most recently updated 1 February 2018 with a company in which the Chairman has a beneficial interest, the Company waived £535,295 related to 2022 & 2023 and accrued £133,100 (1H23 accrued: £130,362) for consultancy and administrative services provided to the Company. As at 30 June 2024 the amount owed to this company was £251,690 (1H23: £524,868).
Athenium Consultancy Ltd, a company in which the Company owns shares invoiced the Company for financial and corporate administration services totalling £90,750 for the period (June 2023: £90,750).
The Company was due £13,149 (June 2023: £9,372) from Anemoi International Ltd, a company in which through its subsidiary Apeiron Holdings BVI holds shares and is related by common control through the Chairman, Duncan Soukup.
As at the period end the Company was due £44,380 (June 2023: £49,887) from Alina Holdings Limited, a company under common directorship.
Notes to the Interim Condensed Consolidated Financial Information Continued
Share capital
| As at | As at | As at | |
|---|---|---|---|
| 30 Jun 24 | 30 Jun 23 | 31 Dec 23 | |
| Unaudited | Unaudited | Audited | |
| GBP | GBP | GBP | |
| Authorised share capital: | |||
| 100,000,000 ordinary shares of $0.01 each | 1,000,000 | 1,000,000 | 1,000,000 |
| Exchange Rate for Conversion | 1.61674 | 1.61674 | 1.61674 |
| 100,000,000 ordinary shares of $0.01 each in GBP | 618,529 | 618,529 | 618,529 |
| Allotted, issued and fully paid: | |||
| 20,852,359 ordinary shares of $0.01 each | 208,522 | 208,522 | 208,522 |
| Average Exchange Rate for Conversion | 1.61674 | 1.61674 | 1.61674 |
| 20,852,359 ordinary shares of $0.01 each in GBP | 128,977 | 128,977 | 128,977 |
The exchange rate used for conversion is the aggregate rate for the transactions as they occurred.
Subsequent events
There were no reportable subsequent events.
Copies of the Interim Report
The interim report is available on the Company’s website:
The issuer is solely responsible for the content of this announcement.
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