Half-year Results
Adalan Ventures Plc has released its unaudited interim results for the six months ended June 30, 2024, reporting a net loss of £208,175, a significant increase from the £10,000 loss in the same period of 2023, driven by staff costs of £114,464 and operating expenses of £93,711. The company's cash and cash equivalents have decreased to £6,664 from £58,116 at the end of 2023, and total liabilities have risen to £789,670, resulting in net assets of £783,006. The company acknowledges a significant risk to its going concern status if additional funding is not secured for its reverse takeover plans.
| Half year to 30 Jun 2024 | Now | Year before | Change |
|---|---|---|---|
| Profit before tax | (£0.2m) | (£0.0m) | |
| Net income | (£0.2m) | (£0.0m) | |
| Cash from operations | (£0.1m) | (£0.0m) | |
| Cash | £0.0m | – |
Figures as reported, converted to £ where needed – see all financials.
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Adalan Ventures plc (the 'Company' or 'Adalan'), announces its unaudited interim results for the 6 month period ended 30 June 2024.
The results follow at the bottom of this announcement.
Adalan Ventures plc
Interim Condensed Consolidated Statement of profit or loss and Other Comprehensive Income for the six months ended 30 June
| Notes | Six months ended 30 June 2024 Unaudited £ | Six months ended 30 June 2023 Unaudited £ |
|---|---|---|
| Staff Costs | (114,464) | - |
| Operating expenses | (93,711) | (10,000) |
| Loss before income tax | (208,175) | (10,000) |
| Income tax expense | - | |
| Net loss | (208,175) | (1 0,000 ) |
Net other comprehensive income that may be reclassified to profit or loss
| Notes | Six months ended 30 June 2024 Unaudited £ | Six months ended 30 June 2023 Unaudited £ | |
|---|---|---|---|
| Foreign exchange differences arising on translation into presentation currency | - | - | |
| Total comprehensive loss | (208,175) | (1 0,000 ) | |
| Adalan Ventures plc | |||
| Interim Condensed Consolidated Statement of financial position as at | |||
| Notes | 30 June 2024 Unaudited £ | 31 December 202 3 Audited £ | |
| Assets: | |||
| Cash and cash equivalents | 6,664 | 58,116 | |
| Total Assets | 6,664 | 58,116 | |
| Liabilities | |||
| Other liabilities | (789,670) | (633,947) | |
| Total liabilities | (789,670) | (633,947) | |
| Net Assets | (783,006) | (574,831) | |
| Equity | |||
| Capital and reserves: | |||
| Share capital | 8 | 513,475 | 513,475 |
| Deferred Share Capital | 4,157,775 | 4,157,775 | |
| Share Premium | 8 | 6,910,128 | 6,910,128 |
| Share options Reserve | 119,640 | 119,640 | |
| Accumulated deficit | (12,484,024) | (12,275,849) | |
| Total equity | (783,006) | (574,831) | |
| Total liabilities and equity | 6,664 | 58,116 | |
Interim Condensed Statement of changes in shareholders' equity (Unaudited) for the six months ended 30 June 2024 (unaudited)
| Share capital £ | Deferred Share Capital £ | Share Premium £ | Share options Reserve £ | Accumulated Deficit £ | Total Equity £ | |
|---|---|---|---|---|---|---|
| Balance as at 1 January 2024 | 513,475 | 4,157,775 | 6,910,128 | 119,640 | (12,275,849) | (574,831) |
| Issue of ordinary shares | - | - | - | - | - | - |
| Comprehensive loss for the period | - | - | - | - | (208,175) | (208,175) |
| Share-based payments | - | - | - | - | - | - |
| Balance as at 30 June 2024 | 513,475 | 4,157,775 | 6,910,128 | 119,640 | (12,484,024) | (783,006) |
| Interim Condensed Consolidated Statement of Cash Flows | ||||||
| For the six months ended 30 June | ||||||
| Six months ended 30 June 2024 Unaudited £ | Six months ended 30 June 2023 Unaudited £ | |||||
| Cash flows from operating activities | ||||||
| Loss for the period | (208,175) | (10,000) | ||||
| Cash from operations | (208,175) | (10,000) | ||||
| Net (increase)/decrease in operating assets | ||||||
| Change in receivables | - | |||||
| Change in payables | 155,723 | 4,000 | ||||
| Net change in working capital | 155,723 | 4,000 | ||||
| Net cash flows from operating activities | (52,452)) | (6,000) | ||||
| Net change in cash and cash equivalents | (52,452) | (6,000) | ||||
| Cash and cash equivalents at the beginning of the year | 58,116 | 35,468 | ||||
| Effects of Foreign exchange | 1,000 | - | ||||
| Cash and cash equivalents at the end of the period | 6,664 | 29,468 | ||||
Basis of preparation
The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2022, which have been prepared in accordance with International Financial Reporting Standards (IFRS).
The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS). Statutory financial statements for the year ended 31 December 2023 were approved by the Board of Directors on 11 February 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The condensed consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, RPG Crouch Chapman LLP.
Going concern
The Financial Statements have been prepared on a going concern basis. The Directors consider that the Company requires additional funding in order to deliver on its plan to find and acquire an operating business and undertake a reverse take over. The Directors are of the view that its current cash reserves along with any funding that it will seek to raise would provide sufficient funds to undertake its operating activities for the foreseeable future. Should the company be unsuccessful in raising additional capital then there is a significant risk that it has the ability to continue as a going concern. The company has currently reduced its cash expenditure to a minimum.
Please refer to the going concern note in the annual report for the year ended 31 December 2023 for further information.
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