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Share Name Share Symbol Market Type Share ISIN Share Description
Sport Capital Group Plc NEX:SCG NEX Ordinary Share GB00B2PKKY27
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.45 0.40 0.50 0.45 0.45 0.45 0.00 07:48:49
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Sport Capital Group Plc Final Results

31/05/2019 12:43pm

UK Regulatory (RNS & others)


 
TIDMSCG 
 
SPORT CAPITAL GROUP PLC (formerly PELICAN HOUSE MINING PLC) 
 
                                (the "Company") 
 
                   RESULTS FOR YEARED 31ST DECEMBER 2018 
 
                             Chairman's Statement 
 
I present below the strategic report on the Company for the year ended 31st 
December 2018 together with the audited, consolidated financial statements for 
the same period signed on 30th May 2019. 
 
Financial results 
 
The loss of the year before and after taxation was GBP7,973 (2017: GBP8,926 
resulting in a basic loss per share of (0.008) pence (2017: (0.014 pence). Cash 
in the bank at the end of December 2017 was GBP9,776 (2017: GBP272); shareholders' 
funds were GBP205,654 (2017: GBP58,217). The Directors consider the results for the 
year under review to be in line with expectations at the beginning of the 
second half of 2018. 
 
Review of business 
 
The Company has been seeking potential acquisitions and investment 
opportunities since its flotation on the NEX Exchange Growth Market. During the 
year under review, the Company sought to invest in assets in the UK property 
market and/or the African resources sector. Two investments in the latter 
sector were made during the year. These are valued in the financial statements 
at cost. The Company retains its investment property in Leeds, which was let 
during 2018 on the three-year lease to a commercial tenant. 
 
Board changes 
 
On 5th December 2018, Mr. Mark Jackson resigned from the Board although remains 
associated with the Company in a consultative capacity. At the same time, Mr. 
John Treacy joined the Board. 
 
Post- balance sheet events 
 
Shortly after the end of financial 2018, further investment was entered into on 
a speculative basis following a General Meeting needed to approve it, which was 
held on 2nd January 2019. This investment was subsequently disposed of, 
incurring no charge to the Company's capital account. 
 
In December 2018, the Company agreed to place 13,333,333 new shares; the 
placing was conditional on the outcome of a shareholders' meeting and these 
shares were allotted on 2nd January 2019. The gross proceeds from the issuance 
of new shares were GBP60,000, which will be reflected in the financial statements 
for the first half of 2019. 
 
Future developments 
 
The Company continues to evaluate potential investments and further 
announcements will be made if, as and when necessary. 
 
Principal risks and uncertainties 
 
Given the nature of the business and activity of the Company, the Directors 
believe that the Company is not exposed to significant risks other than 
liquidity risk. The Company's continued future operations depend on the ability 
to hold sufficient working capital to be able to meet its financial 
obligations. The Directors are confident that there is adequate funding to 
finance immediate working capital requirements. 
 
Simon Grant-Rennick, 
 
Chairman, 
30 th May 2018 
 
Sport Capital Group PLC 
Statement of Comprehensive Income 
Year ended 31 December 2018 
 
                                                             2018       2017 
 
                                                  Note          GBP          GBP 
 
Turnover                                             4     10,243     22,500 
 
Cost of sales                                              22,971        756 
 
                                                           ------     ------ 
 
Gross (loss)/profit                                      (12,728)     21,744 
 
Administrative expenses                                    36,201     22,241 
 
                                                           ------     ------ 
 
Operating loss                                       5   (48,929)      (497) 
 
Interest payable and similar expenses                7      5,548      8,429 
 
                                                           ------     ------ 
 
Loss before taxation                                     (54,477)    (8,926) 
 
Tax on loss                                          8   (46,504)          - 
 
                                                           ------     ------ 
 
Loss for the financial year and total comprehensive       (7,973)    (8,926) 
income 
 
                                                           ======     ====== 
 
Earnings per share 
 
Basic loss per share (pence per share)               9    (0.008)    (0.014) 
 
Diluted loss per share (pence per share)             9    (0.007)    (0.013) 
 
                                                           ======     ====== 
 
All the activities of the company are from continuing operations. 
 
Sport Capital Group PLC 
Statement of Financial Position 
31 December 2018 
 
                                                             2018       2017 
 
 
 
                                                  Note          GBP          GBP 
 
 
 
Fixed assets 
 
Tangible assets                                     10    204,436    204,436 
 
Investments                                         11     57,410          - 
 
                                                       ---------- ---------- 
 
                                                          261,846    204,436 
 
Current assets 
 
Debtors                                             12     50,203     20,084 
 
Cash at bank and in hand                                    9,776        272 
 
                                                           ------     ------ 
 
                                                           59,979     20,356 
 
Creditors: amounts falling due within one year      13    116,171    166,575 
 
                                                       ---------- ---------- 
 
Net current liabilities                                    56,192    146,219 
 
                                                       ---------- ---------- 
 
Total assets less current liabilities                     205,654     58,217 
 
                                                       ----------     ------ 
 
Net assets                                                205,654     58,217 
 
                                                       ==========     ====== 
 
 
 
Capital and reserves 
 
Called up share capital                             15     97,990     62,190 
 
Share premium account                               16    293,726    174,116 
 
Profit and loss account                             16  (186,062)  (178,089) 
 
                                                       ---------- ---------- 
 
Shareholders' funds                                       205,654     58,217 
 
                                                       ========== ========== 
 
These financial statements were approved by the board of directors and 
authorised for issue on 30 May 2019, and are signed on behalf of the board by: 
 
Mr Grant-Rennick 
 
Director 
 
Company registration number: 06474216 
 
Sport Capital Group PLC 
Statement of Changes in Equity 
Year ended 31 December 2018 
 
                                      Called up     Share    Profit     Total 
                                          share   premium  and loss 
                                        capital   account   account 
 
                                              GBP         GBP         GBP         GBP 
 
At 1 January 2017                        61,890   173,544 (169,163)    66,271 
 
Loss for the year                                           (8,926)   (8,926) 
 
                                         ------    ------    ------    ------ 
 
Total comprehensive income for the            -         -   (8,926)   (8,926) 
year 
 
Issue of shares                             300       572         -       872 
 
                                         ------    ------    ------    ------ 
 
Total investments by and                    300       572         -       872 
distributions to owners 
 
At 31 December 2017                      62,190   174,116 (178,089)    58,217 
 
Loss for the year                                           (7,973)   (7,973) 
 
                                         ------    ------   -------    ------ 
 
Total comprehensive income for the            -         -   (7,973)   (7,973) 
year 
 
Issue of shares                          35,800   119,610         -   155,410 
 
                                         ------    ------    ------    ------ 
 
Total investments by and                 35,800   119,610         -   155,410 
distributions to owners 
 
                                         ------    ------    ------    ------ 
 
At 31 December 2018                      97,990   293,726 (186,062)   205,654 
 
                                         ======    ======    ======    ====== 
 
Sport Capital Group PLC 
Statement of Cash Flows 
Year ended 31 December 2018 
 
                                                             2018       2017 
 
                                                                GBP          GBP 
 
Cash flows from operating activities 
 
Loss for the financial year                               (7,973)    (8,926) 
 
Adjustments for: 
 
Depreciation of tangible assets                                 -        927 
 
Interest payable and similar expenses                       5,548      8,429 
 
Tax on loss                                              (46,504)          - 
 
Accrued expenses                                            1,296      1,275 
 
Changes in: 
 
Trade and other debtors                                    16,385   (17,055) 
 
Trade and other creditors                                (39,200)    143,437 
 
                                                           ------ ---------- 
 
Cash generated from operations                           (70,448)    128,087 
 
Interest paid                                             (5,548)    (8,429) 
 
                                                           ------ ---------- 
 
Net cash (used in)/from operating activities             (75,996)    119,658 
 
                                                           ======     ====== 
 
Cash flows from investing activities 
 
Purchase of tangible assets                                     -  (205,363) 
 
Purchases of other investments                           (57,410)          - 
 
                                                           ------ ---------- 
 
Net cash used in investing activities                    (57,410)  (205,363) 
 
                                                           ======     ====== 
 
Cash flows from financing activities 
 
Proceeds from issue of ordinary shares                    155,410        872 
 
Proceeds from borrowings                                 (12,500)    190,500 
 
Repayments of borrowings                                        -  (178,000) 
 
                                                       ---------- ---------- 
 
Net cash from financing activities                        142,910     13,372 
 
                                                           ======     ====== 
 
Net increase/(decrease) in cash and cash equivalents        9,504   (72,333) 
 
Cash and cash equivalents at beginning of year                272     72,605 
 
                                                           ------     ------ 
 
Cash and cash equivalents at end of year                    9,776        272 
 
                                                           ======     ====== 
 
This announcement has been made after due and careful consideration; the 
Directors of the Company accept responsibility for the information contained in 
it. 
 
REGULATORY ANNOUNCEMENT ENDS 
 
Enquiries: 
 
Sport Capital Group plc: 
Simon Grant-Rennick 
E-mail: sgrelk@aol.com 
Mob: +44 797 325 3124 
 
Keith, Bayley, Rogers & Co. Limited (NEX Exchange Corporate Adviser and 
Broker): 
Graham Atthill-Beck 
E-mail: Graham.Atthill-Beck@kbrl.co.uk 
Tel:      +44 20 7464 4091 
Mob:    +44 750 643 4107; +971 50 856 9408 
 
Brinsley Holman 
E-mail:     Brinsley.Holman@kbrl.co.uk 
Tel:          +44 20 7464 4098 
Mob:         +44 777 630 2228 
 
 
 
 
END 
 

(END) Dow Jones Newswires

May 31, 2019 07:43 ET (11:43 GMT)

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