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MAC3 Marwyn Acquisition Company Iii Limited

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Marwyn Acquisition Company Iii Limited LSE:MAC3 London Ordinary Share VGG5878H1038 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 0 -1.45M - N/A 0

Marwyn Acquisition Company III Ltd Annual Financial Report (0816O)

29/09/2023 7:00am

UK Regulatory


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RNS Number : 0816O

Marwyn Acquisition Company III Ltd

29 September 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

LEI: 254900YT8SO8JT2LGD15

Marwyn Acquisition Company III Limited

(the "Company")

Publication of the Annual Report and Financial Statements for the year ended 30 June 2023

The Company announces the publication of its Annual Report and Financial Statements for the year ended 30 June 2023.

The Annual Report and Financial Statements are also available on the 'Shareholder Documents' page of the

Company's website at   www.marwynac3.com . 

Enquiries:

Company Secretary

Antoinette Vanderpuije - 020 7004 2700

FGS Global - PR Adviser

Rollo Head 07768 994 987

Chris Sibbald 07855 955 531

WH Ireland Limited - Corporate Broker - + 44 (0) 207 220 1666

Harry Ansell

Katy Mitchell

MARWYN ACQUISITION COMPANY III LIMITED

Annual Report and Audited Consolidated Financial Statements

For the year ended 30 June 2023

MANAGEMENT REPORT

We present to shareholders the audited consolidated financial statements of Marwyn Acquisition Company III Limited (the "Company") for the year ended 30 June 2023 (the "Financial Statements"), consolidating the results of Marwyn Acquisition Company III Limited and its subsidiary, MAC III (BVI) Limited (collectively, the "Group") .

Strategy

The Company was incorporated on 31 July 2020 and subsequently listed on the Main Market of the London Stock Exchange on 4 December 2020. The Company has been formed for the purpose of effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses. The Company's objective is to generate attractive long term returns for shareholders and to enhance value by supporting sustainable growth, acquisitions and performance improvements within the acquired companies.

The Directors believe there is significant opportunity to invest in companies that are positioned to take advantage of the structural change arising from an unprecedented acceleration of digitalisation brought about by the current macroeconomic environment, affecting the way people live, work and consume, and the way businesses operate, engage and sell to customers.

While a broad range of sectors will be considered by the Directors, those which they believe will provide the greatest opportunity and which the Company will initially focus on include:

   --      Automotive & Transport; 
   --      Clean Technology; 
   --      Consumer & Luxury Goods; 
   --      Banking & FinTech; 
   --      Insurance, Reinsurance & InsurTech & Other Vertical Marketplaces; 
   --      Media & Entertainment; 
   --      Healthcare & Diagnostics; and 
   --      Business-to-Business Services. 

The Directors may consider other sectors if they believe such sectors present a suitable opportunity for the Company.

The Company will seek to identify situations where a combination of management expertise, improving operating performance, freeing up cashflow for investment, and implementation of a focussed buy and build strategy can unlock growth in their core markets and often into new territories and adjacent sectors.

Activity

The Company has continued throughout the year to both identify and progress the development of opportunities to partner with highly experienced management teams, in a range of sectors. The Directors have considered and continue to develop these discussions where the flexible structure of the Company is seen as attractive in unlocking proprietary deal flow or supporting the execution of a buy and build strategy utilising the benefits of the Company's listed status and the potential for significant shareholder value creation.

On 29 April 2022, the Company launched a 12-month placing programme (the "Placing Programme") pursuant to which the Company had the ability to issue up to 500 million redeemable C shares ("C Shares") at an issue price of GBP1 per C share in order to raise up to an aggregate of GBP500 million. On 31 March 2023, the Directors approved the termination of the Placing Programme, saving the significant legal and professional fees, and management time, that would be incurred in its renewal whilst the focus remains firmly on partnering with a highly experienced management team, but also does not preclude the Company from issuing a further placing programme prospectus in the future should the use of C shares be considered particularly advantageous at that time for the ongoing strategic direction of the Company. Accordingly, effective 31 March 2023, GBP715,092 of costs incurred which had been included in current asset deferred costs (refer to Note 6) were be taken to the profit and loss account and recorded under non-recurring project, professional and diligence costs.

Results

The Group's total comprehensive loss for the year to 30 June 2023 was GBP1,452,122 (2022: GBP1,136,962). Of the costs incurred in the year, GBP802,890 (2022: GBP 479,735) relates to non-recurring project costs. The Group held a cash balance at the year end of GBP10,079,604 (2022: GBP10,483,374). The Group has not yet acquired an operating business and as such is not yet income generating.

Directors

On 6 November 2022, Mark Brangstrup Watts resigned as a director of the Company and both Antoinette Vanderpuije and Tom Basset were appointed. The Directors of the Company at the date of this report are:

James Corsellis , Chairman

James brings extensive public company experience as well as management and corporate finance expertise across a range of sectors and an extensive network of relationships with co-investors, advisers, and other business leaders.

Previously James has served as a director of the following companies: a non-executive director of BCA Marketplace Limited (formerly BCA Marketplace Plc) from July 2014 to December 2017, Advanced Computer Software from October 2006 to August 2008, non-executive chairman of Entertainment One Limited from January 2007 to March 2014 and remaining on the board as a non-executive director until July 2015, non-executive director of Breedon Aggregates Limited from March 2009 to July 2011 and as CEO of icollector Plc from 1994-2001 amongst others. James was educated at Oxford Brookes University, the Sorbonne and London University.

James is currently managing partner of Marwyn Capital LLP and Marwyn Investment Management LLP, an executive director of Silvercloud Holdings Limited, the chairman of MAC Alpha Limited and a director of 450 Plc and Marwyn Acquisition Company II Limited.

Antoinette Vanderpuije , Non-Executive Director (appointed 6 November 2022)

Antoinette has been a Partner of the Marwyn group for over ten years and leads the Finance, Markets and Regulation Team. She has extensive Merger and Acquisition ("M&A") and board experience with a particular focus on corporate governance, regulation and listing requirements, transaction tax structuring and incentive planning. Antoinette has supported numerous private and public companies with their day-to-day finance, company secretarial and operational requirements and worked on numerous U.K. and cross border M&A transactions in sectors as varied as online sales, transport, media, chemicals and manufacturing and distribution.

Antoinette is also a member of Marwyn's Investment Committee and previously ran Marwyn's award-winning in-house administration business.

Antoinette previously worked in the finance team at Arcadia Group and prior to that with Bourner Bullock Chartered Accountants. She is a Chartered Accountant, a Chartered Tax Advisor and holds a BA from University College London.

Antoinette is a non-executive director of MAC Alpha Limited and a director of Silvercloud Holdings Limited.

Tom Basset , Non-Executive Director (appointed 6 November 2022)

Tom has extensive experience working across a range of sectors in the origination and assessment of new investment opportunities, transaction execution, coordinating capital market and M&A processes and providing strategic corporate advice to management teams. Tom joined Marwyn in 2010, where he now leads the Investment Team and is also a member of the Investment Committee. Prior to Marwyn, Tom spent six years at Deloitte across the Assurance & Advisory and Private Equity Transaction Services groups. Tom is a qualified Chartered Accountant and graduated from Durham University with a BA (Hons) in Economics.

Tom is a non-executive director of 450 plc and MAC Alpha Limited and a director of Silvercloud Holdings Limited.

Dividend Policy

The Company has not yet acquired a trading business and it is therefore inappropriate to make a forecast of the likelihood of any future dividends. The Directors intend to determine the Company's dividend policy following completion of an acquisition and, in any event, will only commence the payment of dividends when it becomes commercially prudent to do so.

Key Performance Indicators

The Company has not yet acquired a trading business and therefore no key performance indicators have been set as it is inappropriate to do so.

Stated Capital

Details of the stated capital of the Company during the year are set out in Note 15 to the Financial Statements.

On 4 December 2020 the Company issued 700,000 ordinary shares and matching warrants for a total price of GBP700,000. 75% of the ordinary shares and matching warrants were issued to an entity managed by Marwyn Investment Management LLP ("MIM LLP"), the remaining 25% were issued to senior executive managers of previous successful acquisition companies launched by Marwyn.

On 20 April 2021, the Company issued 12 million A shares to an entity managed by MIM LLP (with class A warrants being issued on the basis of one class A warrant per A share), for a total price of GBP12,000,000.

Corporate Governance

As a company with a Standard Listing, the Company is not required to comply with the provisions of the UK Corporate Governance Code and given the size and nature of the Group the Directors have decided not to adopt the UK Corporate Governance Code. Nevertheless, the Board is committed to maintaining high standards of corporate governance and will consider whether to voluntarily adopt and comply with the UK Corporate Governance Code as part of any acquisition, taking into account the Company's size and status at that time.

The Company currently complies with the following principles of the UK Corporate Governance Code:

-- The Company is led by an effective and entrepreneurial Board, whose role is to promote the long term sustainable success of the Company, generating value for shareholders and contributing to wider society;

-- The Board ensures that it has the policies, processes, information, time and resources it needs in order to function effectively and efficiently; and

-- The Board ensures that the necessary resources are in place for the company to meet its objectives and measure performance against them.

Given the size and nature of the Company, the Board has not established any committees and intends to make decisions as a whole. If the need should arise in the future, for example following any acquisition, the Board may set up committees and may decide to comply with the UK Corporate Governance Code.

Risk management and internal control systems

A robust risk assessment was carried out by the Directors of the Company, along with its advisers, in preparation for the Company's IPO on 4 December 2020 and the Directors have identified a wide range of risks, which are set out in the Company's prospectus dated 4 December 2020. As part of the launch of the Placing Programme an updated robust risk assessment was carried out by the Directors of the Company, along with its advisers and the wide range of risks identified are set out in the Company's prospectus dated 29 April 2022.

The Company's prospectuses are available on the Company's website: https://marwynac3.com/ .

The Company's risk management framework incorporates a risk assessment that identifies and assesses the strategic, operational and financial risks facing the business and mitigating controls. The risk assessment is documented through a risk register which categorises the key risks faced by the business into:

   --      Business risks; 
   --      Shareholder risks; 
   --      Financial and procedural risks; and 
   --      Risks associated with the acquisition process. 

The risk assessment identifies the potential impact and likelihood of each of the risks detailed on the risk register and mitigating factors/actions have also been identified.

The Company's risk management process includes both formal and informal elements. The size of the Board and the frequency in which they interact ensures that new risks, or changes to the nature of the Company's existing risks, are identified, discussed and analysed quickly. The Company's governance framework, including formal periodic board meetings with standing agendas, ensures that the Company has a formal framework in place to manage the review, consideration and formal approval of the risk register, including risk assessment.

The Group's only significant asset is cash. As at the statement of financial position date the Group's cash balance was GBP10,079,604 (2022: GBP10,483,374). Price, credit, liquidity and cashflow risk are not considered to be significant due to the simple nature of the Company's assets and liabilities and the current activities undertaken by the Group. The Directors have reviewed the risk of holding a singular concentration of assets and do not deem this a material risk, as set out in note 17 of these financial statements. The Directors have set out below the principal risks faced by the business. These are the risks the Directors consider to be most relevant to the Company based on its current status. The risks referred to below do not purport to be exhaustive and are not set out in any particular order of priority.

 
 Key risk                           Explanation 
            The Company                        There is a risk that the Company may incur substantial 
             could incur                        legal, financial and advisory expenses arising 
             costs for                          from unsuccessful transactions which may include 
             transactions                       public offer and transaction documentation, legal, 
             that may ultimately                accounting and other due diligence which could 
             be unsuccessful.                   have a material adverse effect on the business, 
                                                financial condition, results of operations and 
                                                prospects of the Company. 
                                   ------------------------------------------------------------------------ 
            The Company                        The Company's future success is dependent upon 
             may not be                         its ability to not only identify opportunities 
             able to complete                   but also to execute a successful acquisition. 
             an acquisition.                    There can be no assurance that the Company will 
                                                be able to conclude agreements with any target 
                                                business and/or shareholders in the future and 
                                                failure to do so could result in the loss of an 
                                                investor's investment. In addition, the Company 
                                                may not be able to raise the additional funds 
                                                required to acquire any target business, fund 
                                                future operating expenses after the initial twelve 
                                                months, or incur the expense of due diligence 
                                                for the pursuit of acquisition opportunities in 
                                                accordance with its investment objective. 
                                   ------------------------------------------------------------------------ 
            The Company                        There may be significant competition for some 
             may face significant               or all of the acquisition opportunities that the 
             competition                        Company may explore. Such competition may for 
             for acquisition                    example come from strategic buyers, sovereign 
             opportunities.                     wealth funds, special purpose acquisition companies 
                                                and public and private investment funds, many 
                                                of which are well established and have extensive 
                                                experience in identifying and completing acquisitions. 
                                                A number of these competitors may possess greater 
                                                technical, financial, human and other resources 
                                                than the Company. Therefore, the Company may identify 
                                                an investment opportunity in respect of which 
                                                it incurs costs, for example through due diligence 
                                                and/or financing, but the Company cannot assure 
                                                investors that it will be successful against such 
                                                competition. Such competition may cause the Company 
                                                to incur significant costs but be unsuccessful 
                                                in executing an acquisition or may result in a 
                                                successful acquisition being made at a significantly 
                                                higher price than would otherwise have been the 
                                                case which could materially adversely impact the 
                                                business, financial condition, result of operations 
                                                and prospects of the Company. 
                                   ------------------------------------------------------------------------ 
            Even if the                        The success of any of the Group's acquisitions 
             Group completes                    may depend in part on the Group's ability to implement 
             an acquisition,                    the necessary technological, strategic, operational 
             any technological,                 and financial change programmes in order to transform 
             strategic,                         the acquired business and improve its financial 
             operating                          performance. Implementing change programmes within 
             and financial                      an acquired business may require significant modifications, 
             improvements                       including changes to hardware and other business 
             proposed and                       assets, operating and financial processes and 
             implemented                        technology, software, business systems, management 
             may not be                         techniques and personnel, including senior management. 
             successful. 
                                                There is no certainty that the Group will be able 
                                                to successfully implement such change programmes 
                                                within a reasonable timescale and cost, and any 
                                                inability to do so could have a material adverse 
                                                impact on the Company's performance and prospects. 
 
                                                Specifically, in the context of operational improvements 
                                                and financial performance, the Company may not 
                                                be able to propose and implement effective operational 
                                                improvements for the target business with which 
                                                the Group completes an acquisition. Such target 
                                                businesses may not be able to generate the expected 
                                                margins or cash flows. Although the Group assesses 
                                                each target business, these assessments are subject 
                                                to a number of assumptions and estimates concerning 
                                                markets, profitability, growth, interest rates 
                                                and company and asset valuations. The Group's 
                                                assessments of, and assumptions regarding, target 
                                                businesses may prove to be incorrect and actual 
                                                developments may differ significantly from the 
                                                Group's expectations. In addition, even if the 
                                                Group completes an acquisition, general economic 
                                                and market conditions or other factors outside 
                                                the Company's control make the Company's operating 
                                                strategies difficult or impossible to implement. 
                                   ------------------------------------------------------------------------ 
 

Directors interests

The Directors have no direct interests in the ordinary shares of the Company. The Directors have interests in the Company's long term incentive plan, as detailed in Note 18 to the Financial Statements. James Corsellis is the managing partner of MIM LLP, and Tom Basset and Antoinette Vanderpuije are partners of MIM LLP, which manages 75% per cent of the ordinary shares and matching warrants, and 100% of the A shares and matching A warrants issued by the Company and the Sponsor share.

James Corsellis is also the managing partner of Marwyn Capital LLP ("MC LLP"), and Tom Basset and Antoinette Vanderpuije are partners in MC LLP, a firm which provides corporate finance, company secretarial and ad-hoc managed services support to the Company.

Details of the related party transactions which occurred during the year are disclosed in Note 19 to the Financial Statements, save for the participation in the Company's long term incentive plan as disclosed in Note 18 to the Financial Statements.

There were no loans or guarantees granted or provided by the Company and/or any of its subsidiaries to or for the benefit of any of the Directors.

Statement of Going Concern

The Financial Statements have been prepared on a going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Directors have considered the financial position of the Group and have reviewed forecasts and budgets for a period of at least 12 months following the approval of the Financial Statements.

At 30 June 2022, the Group has net assets of GBP7,591,436 (2022: GBP9,043,558), net assets excluding warrant liabilities of GBP10,004,436 (2022: GBP11,075,558) and a cash balance of GBP10,079,604 (2022: GBP10,483,374). The Company has sufficient resources to continue to pursue its investment strategy which may include effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses.

Subject to the structure of any acquisition, the Company may need to raise additional funds to finance the acquisition in the form of equity and/or debt. The capital structure of the Company enables it to issue different types of shares in order to raise equity to fund an acquisition. The ability of the Company to raise additional funds in relation to an acquisition may affect its ability to complete that acquisition. Other factors outside of the Company's control may also impact on the Company's ability to complete that acquisition. The key risks relating to the Company's ability to execute its stated strategy are set out on pages 5 and 6.

The Company entered into a forward purchase agreement ("FPA") on 27 November 2020 with Marwyn Value Investors II LP ("MVI II LP") of up to GBP20 million, which may be drawn for general working capital purposes and to fund due diligence costs. Any drawdown is subject to the prior approval of MVI II LP and the satisfaction of conditions precedent. At 30 June 2023 GBP12 million had been drawn down under the FPA. Whilst the FPA provides a mechanism for the Company to raise additional funds, as any drawdown is not under the exclusive control on the Company, all cashflow and working capital forecasts have been prepared without any further draw down on the FPA being assumed.

The Directors have considered macro environmental factors that have impacted both the global and domestic economy, including the ongoing war in Ukraine, the high rates of inflation being experiences by the UK economy and the related increase in interest rates.

The Directors have also considered the ongoing operating costs expected to be incurred by the business over at least the next 12 months. Based on their review the Directors have concluded that there are no material uncertainties relating to going concern of the Group and as such the Financial Statements have been prepared on a going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due within the next 12 months from the date of approval of the Financial Statements.

Outlook

The Directors believe there is significant opportunity to invest in businesses that have the potential to be long term beneficiaries of the changes to their respective sectors and the underlying acceleration of digitalisation that the current macro environment has brought about. Discussions with a number of potential management partners are ongoing, across a variety of sectors. The Directors remain confident in delivering the Company's strategy and creating significant value for our shareholders.

RESPONSIBILTY STATEMENT

The Directors are responsible for preparing the consolidated financial statements in accordance with applicable laws and regulations, including the BVI Business Companies Act, 2004. The Directors have prepared the financial statements for the year to 30 June 2023, which give a true and fair view of the state of affairs of the Group and the loss of the Group for that year.

The Directors have acted honestly and in good faith and in what the Directors believe to be in the best interests of the Company.

The Directors have chosen to use International Financial Reporting Standards as adopted by the European Union ("EU adopted IFRS" or "IFRS") in preparing the Group's financial statements. International Accounting Standard 1 requires that financial statements present fairly for each financial year the group's financial position, financial performance and cash flows. This requires the faithful presentation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board's "Framework for the preparation and presentation of financial statements". In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable EU adopted IFRS.

A fair presentation also requires the Directors to:

   --      select consistently and apply appropriate accounting policies; 

-- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

   --      make judgements and accounting estimates that are reasonable and prudent; 

-- provide additional disclosures when compliance with the specific requirements in EU adopted IFRS is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance;

-- state that the Group has complied with EU adopted IFRS, subject to any material departures disclosed and explained in the financial statements; and

-- 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 also required to prepare financial statements in accordance with the rules of the London Stock Exchange for companies trading securities on the Stock Exchange.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group, for safeguarding the assets, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation of financial statements.

Financial information is published on the Group's website. The maintenance and integrity of this website is the responsibility of the Directors; the work carried out by the auditor does not involve consideration of these matters and, accordingly, the auditor's accept no responsibility for any changes that may occur to the financial statements after they are presented initially on the website. Legislation in the British Virgin Islands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' Responsibilities Pursuant to DTR4

In compliance with the Listing Rules of the London Stock Exchange, the Directors confirm to the best of their knowledge:

-- The Financial Statements have been prepared in accordance with EU adopted IFRS and give a true and fair view of the assets, liabilities, financial position and loss of the Group; and

-- The management report includes a fair review of the development and performance of the business and the financial position of the Group, together with a description of the principal risks and uncertainties that it faces .

Independent Auditor

Baker Tilly Channel Islands Limited ("BTCI") was appointed as the Company's independent auditor during the year. BTCI has expressed its willingness to continue to act as auditor to the Group.

Disclosure of Information to Auditor

Each of the Directors in office at the date the Report of the Directors is approved, whose names and functions are listed in the Report of the Directors confirm that, to the best of their knowledge:

-- the Financial Statements, which have been prepared in accordance with EU adopted IFRS, present fairly the assets, liabilities, financial position and loss of the Group;

-- the Report of the Directors includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces;

-- so far as they are aware, there is no relevant audit information of which the Group's auditor is unaware; and

-- they have taken all the steps that they ought to have taken as a Director in order to make themself aware of any relevant audit information and to establish that the Group's auditor is aware of that information.

This Directors' Report was approved by the Board of Directors on 28 September 2023 and is signed on its behalf.

By Order of the Board

James Corsellis

Chairman

28 September 202 3

INDEPENT AUDITOR'S REPORT

Independent auditor's report to the members of Marwyn Acquisition Company III Limited

Opinion

We have audited the consolidated financial statements of Marwyn Acquisition Company III Limited (the "Company" and, together with its subsidiary, MAC III (BVI) Limited, the "Group"), which comprise the consolidated statement of financial position as at 30 June 2023, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements:

-- give a true and fair view of the consolidated financial position of the Group as at 30 June 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs); and

-- have been prepared in accordance with the requirements of the BVI Business Company Act 2004, as amended.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Jersey, 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

 
 Key audit matter              How our audit addressed          Key observations 
                                the matter                       communicated to those 
                                                                 charged with governance 
 Equity and Warrants           Classification                   Based on the procedures 
  Issuance                      We obtained an understanding     performed, we are 
  The warrants issued           of management's assessment       satisfied that management's 
  to investors are subject      for the classification           judgements and estimates 
  to judgement in both          of these instruments             in respect of the 
  classification and            and the rationale                valuation and classification 
  valuation.                    for their classification.        of warrants for the 
  The classification            We reviewed, in conjunction      year ended 30 June 
  of the warrants is            with our Technical               2023, along with the 
  complex and must consider     Director the classification      related disclosures 
  the nature and details        of these instruments             in the consolidation 
  of the instrument             and management's assessment      financial statements, 
  contracts to determine        in accordance with               are appropriate. 
  the correct classification    IAS 32 and IFRS 9                We have nothing to 
  between equity and            and we challenged                report to those charged 
  liabilities.                  management on their              with governance from 
  Further the fair value        assessment.                      our testing. 
  of these warrants             Valuation 
  was determined using          We obtained the valuation 
  the Black Scholes             report prepared by 
  option pricing methodology    management's expert 
  which considered the          and reviewed the credentials 
  exercise price, expected      and inputs used. 
  volatility, risk free         We performed the review 
  rate, expected dividends      of and validation 
  and expected term             of the valuation assumptions, 
  of the warrants which         methodology and calculations 
  is complex and involves       in respect of the 
  estimates and judgements.     valuation of the instruments 
  Financial statement           and determined whether 
  impact: GBP2,413,000          it was in accordance 
  (PY: 2,032,000).              with the requirements 
  The accounting policies       of IFRS 9 and IFRS 
  on pages 20 and 21            13. 
  sets out the treatment        Disclosure 
  applied by management,        We reviewed the relevant 
  and related disclosures       disclosures in the 
  are presented in note         consolidated financial 
  14.                           statements in accordance 
                                with the requirements 
                                of the IFRS as adopted 
                                by the European Union 
                                and performed a financial 
                                statement disclosure 
                                checklist utilising 
                                specialist software. 
                              ===============================  ============================== 
 

Our Application of Materiality

Materiality for the consolidated financial statements as a whole was set at GBP341,000 (PY: GBP226,000), determined with reference to a benchmark of net assets, of which it represents 4.5% (PY: 2.5%).

In line with our audit methodology, our procedures on individual account balances and disclosures were performed to a lower threshold, performance materiality, so as to reduce to an acceptable level the risk that individually immaterial misstatements in individual account balances add up to a material amount across the consolidated financial statements as a whole.

Performance materiality was set at 70% (PY: 70%) of materiality for the consolidated financial statements as a whole, which equates to GBP238,000 (PY: GBP158,200). We applied this percentage in our determination of performance materiality because we did not identify any factors indicating an elevated level of risk.

We reported to the Board of Directors any uncorrected omissions or misstatements exceeding GBP17,000 (PY: GBP11,300), in addition to those that warranted reporting on qualitative grounds.

The work on all the components was performed by the Group audit team.

Conclusions relating to Going Concern

In auditing the consolidated financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the consolidated 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 Group and Company's ability to continue as a going concern for a period of at least twelve months from when the consolidated 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 other information comprises the information included in the annual report other than the consolidated financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the consolidated 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the course of 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 consolidated financial statements themselves. If, based on the work 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.

Responsibilities of the Directors

As explained more fully in the Directors' responsibilities statement set out on page 8 and 9, the Directors are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRSs, and for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible for assessing the Group'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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Directors are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report 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 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 consolidated financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

-- Enquiry of management to identify any instances of non-compliance with laws and regulations, including actual, suspected or alleged fraud;

   --      Reading minutes of meetings of the Board of Directors; 
   --      Review of legal invoices; 
   --      Review of management's significant estimates and judgements for evidence of bias; 
   --      Review for undisclosed related party transactions; 

-- Obtained and reviewed bank statements as well as reviewed ledgers and minutes to ensure finance income is complete and as per our expectations;

   --      Using analytical procedures to identify any unusual or unexpected relationships; and 

-- Undertaking journal testing, including an analysis of manual journal entries to assess whether there were large and/or unusual entries pointing to irregularities, including fraud.

The Company is required to include these financial statements in an annual financial report prepared using the single electronic reporting format specified in the TD ESEF Regulation. The auditor's report provides no assurance over whether the annual financial report has been prepared in accordance with that format.

A further description of the auditor's responsibilities for the audit of the financial statements is located at the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor's report.

Other Matters which we are Required to Address

We were appointed by Marwyn Acquisition Company III Limited to audit the consolidated financial statements. Our total uninterrupted period of engagement is 2 years.

The non-audit services prohibited by the FRC's Ethical Standard were not provided to the Group and we remain independent of the Group in conducting our audit. Our audit opinion is consistent with the additional report to the audit committee in accordance with ISAs.

Use of this Report

This report is made solely to the Members of the Company, as a body, in accordance with our letter of engagement dated 5 September 2023. Our audit work has been undertaken so that we might state to the Members those matters we are required to state to them in an auditor's report 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 its Members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sandy Cameron

For and on behalf of Baker Tilly Channel Islands Limited

Chartered Accountants

St Helier, Jersey

Date: 28 September 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
 
                                                Year ended    Year ended 
                                                   30 June       30 June 
                                                      2023          2022 
                                        Note         GBP's         GBP's 
 
Administrative expenses                  6     (1,357,283)     (892,233) 
Total operating loss                           (1,357,283)     (892,233) 
 
Finance income                           7         286,161         9,271 
Fair value loss on warrant provision     14      (381,000)     (254,000) 
Loss for the year before tax                   (1,452,122)   (1,136,962) 
 
Income tax                               8               -             - 
                                              ============  ============ 
Loss for the year                              (1,452,122)   (1,136,962) 
Total other comprehensive income                         -             - 
                                              ============  ============ 
Total comprehensive loss for the year          (1,452,122)   (1,136,962) 
                                              ============  ============ 
 
Loss per ordinary share                              GBP's         GBP's 
Basic and diluted                        9        (0.1143)      (0.0895) 
 

The Group's activities derive from continuing operations.

The notes on pages 18 to 32 form an integral part of these Financial Statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
 
 
                                           As at        As at 
                                         30 June      30 June 
                                            2023         2022 
Assets                         Note       GBP 's        GBP's 
 
Current assets 
Other receivables               11        20,780      750,873 
Cash and cash equivalents       12    10,079,604   10,483,374 
                                     -----------  ----------- 
Total current assets                  10,100,384   11,234,247 
 
Total assets                          10,100,384   11,234,247 
                                     ===========  =========== 
 
 
Equity and liabilities 
Equity 
Ordinary Shares                 15       326,700      326,700 
A Shares                        15    10,320,000   10,320,000 
Sponsor share                   15             1            1 
Share-based payment reserve     18       169,960      169,960 
Accumulated losses                   (3,225,225)  (1,773,103) 
                                     -----------  ----------- 
Total equity                           7,591,436    9,043,558 
 
Current liabilities 
Trade and other payables        13        95,948      158,689 
Warrants                        14     2,413,000    2,032,000 
                                     -----------  ----------- 
Total liabilities                      2,508,948    2,190,689 
 
Total equity and liabilities          10,100,384   11,234,247 
                                     ===========  =========== 
 

The notes on pages 18 to 32 form an integral part of these Financial Statements.

The Financial Statements were issued and approved by the Board of Directors on 28 September 2023 and were signed on its behalf by:

 
 James Corsellis   Antoinette Vanderpuije 
  Chairman          Director 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                                             Share 
                                                             based 
                        Ordinary                Sponsor    payment   Accumulated         Total 
                          Shares     A Shares     Share    reserve        losses        equity 
                       ---------  -----------  --------  ---------  ------------  ------------ 
                           GBP's        GBP's     GBP's      GBP's         GBP's         GBP's 
 Balance 
  at 1 July 
  2021                   326,700   10,320,000         1    169,960     (636,141)    10,180,520 
 Total comprehensive 
  loss for 
  the year                     -            -         -          -   (1,136,962)   (1,136,962) 
 Balance 
  at 30 June 
  2022                   326,700   10,320,000         1    169,960   (1,773,103)     9,043,558 
                       =========  ===========  ========  =========  ============  ============ 
 
 
                                                             Share 
                                                             based 
                        Ordinary                Sponsor    payment   Accumulated 
                          Shares     A Shares     Share    reserve        losses   Total equity 
                       ---------  -----------  --------  ---------  ------------  ------------- 
                           GBP's        GBP's     GBP's      GBP's         GBP's          GBP's 
 Balance 
  at 1 July 
  2022                   326,700   10,320,000         1    169,960   (1,773,103)      9,043,558 
 Total comprehensive 
  loss for 
  the year                     -            -         -          -   (1,452,122)    (1,452,122) 
 Balance 
  at 30 June 
  2023                   326,700   10,320,000         1    169,960   (3,225,225)      7,591,436 
                       =========  ===========  ========  =========  ============  ============= 
 

The notes on pages 18 to 32 form an integral part of these Financial Statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                                               For the      For the 
                                                            year ended   year ended 
                                                               30 June      30 June 
                                                                  2023         2022 
                                              Note               GBP's        GBP's 
Operating activities 
Loss for the year                                          (1,452,122)  (1,136,962) 
 
Adjustments to reconcile total operating 
 loss to net cash flows: 
Finance income                                 7             (286,161)      (9,271) 
Fair Value loss on warrant provision           14              381,000      254,000 
Working capital adjustments: 
Decrease/(increase) in other receivables       11              730,093    (115,183) 
Decrease in trade and other payables           13             (62,741)    (773,866) 
Net cash flows used in operating activities                  (689,931)  (1,781,282) 
                                                    ------------------  ----------- 
 
Investing activities 
Interest received                              7               286,161        9,271 
                                                                        ----------- 
Net cash flows received from investing 
 activities                                                    286,161        9,271 
                                                    ------------------  ----------- 
 
Net decrease in cash and cash equivalents                    (403,770)  (1,772,011) 
Cash and cash equivalents at the beginning 
 of the year                                                10,483,374   12,255,385 
                                                    ------------------  ----------- 
Cash and cash equivalents at the end 
 of the year                                   12           10,079,604   10,483,374 
                                                    ==================  =========== 
 

The notes on pages 18 to 32 form an integral part of these Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

   1.   GENERAL INFORMATION 

Marwyn Acquisition Company III Limited was incorporated on 31 July 2020 in the British Virgin Islands ("BVI") as a BVI business company (registered number 2040967) under the BVI Business Company Act, 2004. The Company was listed on the Main Market of the London Stock Exchange on 4 December 2020 and has its registered address at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, VG1110, British Virgin Islands and UK establishment (BR022832) at 11 Buckingham Street, London WC2N 6DF.

The Company has been formed for the purpose of effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses. The Company has one subsidiary, MAC III (BVI) Limited (together with the Company the "Group").

   2.   ACCOUNTING POLICIES 
   (a)    Basis of preparation 

The Financial Statements for the year ended 30 June 2023 have been prepared in accordance with International Financial Reporting Standards and IFRS Interpretations Committee interpretations as adopted by the European Union (collectively, "EU adopted IFRS" or "IFRS") and are presented in British pounds sterling, which is the presentational currency of the Group. The Financial Statements have been prepared under the historical cost basis, except for the revaluation of certain financial instruments that will be measured at fair value at the end of each reporting year, as explained in the accounting policies below.

The principal accounting policies adopted in the preparation of the Financial Statements are set out below. The policies have been consistently applied throughout the year presented and the comparative year.

   (b)   Going concern 

The Financial Statements have been prepared on a going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Directors have considered the financial position of the Group and have reviewed forecasts and budgets for a period of at least 12 months following the approval of the Financial Statements.

At 30 June 2022, the Group has net assets of GBP7,591,436 (2022: GBP9,043,558), net assets excluding warrant liabilities of GBP10,004,436 (2022: GBP11,075,558) and a cash balance of GBP10,079,604 (2022: GBP10,483,374). The Company has sufficient resources to continue to pursue its investment strategy which may include effecting a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or more businesses.

Subject to the structure of any acquisition, the Company may need to raise additional funds to finance the acquisition in the form of equity and/or debt. The capital structure of the Company enables it to issue different types of shares in order to raise equity to fund an acquisition. The ability of the Company to raise additional funds in relation to an acquisition may affect its ability to complete that acquisition. Other factors outside of the Company's control may also impact on the Company's ability to complete that acquisition. The key risks relating to the Company's ability to execute its stated strategy are set out on pages 5 and 6.

The Company entered into a forward purchase agreement ("FPA") on 27 November 2020 with Marwyn Value Investors II LP ("MVI II LP") of up to GBP20 million, which may be drawn for general working capital purposes and to fund due diligence costs. Any drawdown is subject to the prior approval of MVI II LP and the satisfaction of conditions precedent. At 30 June 2023 GBP12 million had been drawn down under the FPA. Whilst the FPA provides a mechanism for the Company to raise additional funds, as any drawdown is not under the exclusive control on the Company, all cashflow and working capital forecasts have been prepared without any further draw down on the FPA being assumed.

The Directors have considered macro environmental factors that have impacted both the global and domestic economy, including the ongoing war in Ukraine, the high rates of inflation being experiences by the UK economy and the related increase in interest rates.

The Directors have also considered the ongoing operating costs expected to be incurred by the business over at least the next 12 months. Based on their review the Directors have concluded that there are no material uncertainties relating to going concern of the Group and as such the Financial Statements have been prepared on a going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due within the next 12 months from the date of approval of the Financial Statements.

   (c)    New standards and amendments to International Financial Reporting Standards 

Standards, amendments and interpretations issued but not yet effective:

The following standards are issued but not yet effective. The Group intends to adopt these standards, if applicable, when they become effective. It is not currently expected that these standards will have a material impact on the Group .

 
 Standard                                                       Effective 
                                                                     date 
 Extension of temporary exemption of applying IFRS              1 January 
  9 (Amendments to IFRS 4);                                          2023 
 Amendments to IFRS 17 Insurance contracts;                     1 January 
                                                                     2023 
 Disclosure of accounting policies (Amendments to               1 January 
  IAS 1);                                                            2023 
 Definition of accounting estimates (Amendments                 1 January 
  to IAS 8);                                                         2023 
 Deferred Tax relating to Assets and Liabilities                1 January 
  arising from a Single Transaction (Amendments to                   2023 
  IAS 12); 
 International Tax Reform - Pillar Two Model Rules              1 January 
  (Amendments to IAS 12);                                            2023 
 Initial Application of IFRS 17 and IFRS 9 - Comparative        1 January 
  Information Amendment to IFRS 17);                                 2023 
 Supplier Finance Arrangements (Amendments to IAS               1 January 
  7 and IFRS 7);                                                     2024 
 Non-current Liabilities with Covenants (Amendments             1 January 
  to IAS 1);                                                         2024 
 Amendment to IFRS 16 Leases: Lease Liability in                1 January 
  a sale & leaseback;                                                2024 
 Amendments to IAS 1 Presentation of Financial Statements:      1 January 
  Classification of Liabilities as Current or Non-current*;          2024 
  and 
  Amendments to IAS21 Lack of exchangeability.                  1 January 
                                                                     2025 
 * Subject to EU endorsement 
 
 
   (d)   Basis of consolidation 

Subsidiaries are entities controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial information of subsidiaries is fully consolidated from the date that control commences until the date that control ceases.

Intragroup balances, and any gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial information.

   (e)   Financial instruments 

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

The Group initially recognises financial assets and financial liabilities at fair value. With the exception of warrants, financial assets and liabilities are subsequently remeasured at amortised cost using the effective interest rate.

   (e)   Financial instruments (continued) 

Warrants

Warrants are accounted for as derivative liability instruments under IAS 32 and are measured at fair value at the date of issue and remeasured at each subsequent reporting date with changes in fair value being recognised in the Statement of Comprehensive Income. Fair value of the warrants has been calculated using a Black-Scholes option pricing methodology and details of the estimates and judgements used in determining the fair value of the warrants are set out in Note 3. The warrant liability will be derecognised when the liability is extinguished either through exercise or expiry.

   (f)    Cash and cash equivalents 

Cash and cash equivalents comprise cash balances at banks.

   (g)    Equity 

Ordinary shares, A shares and sponsor shares are classified as equity . Incremental costs directly attributable to the issue of new shares are recognised in equity as a deduction from the proceeds.

   (h)   Corporation tax 

Corporation tax for the year presented comprises current and deferred tax.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. 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.

   (i)     Loss per ordinary share 

The Group presents basic earnings per ordinary share ("EPS") data for its ordinary shares and A shares as disclosed in more detail in Note 9. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares.

   (j)     Share based payments 

The A ordinary shares in MAC III (BVI) Limited (the "Incentive Shares"), represent equity-settled share-based payment arrangements under which the Group receives services as a consideration for the additional rights attached to these equity shares.

Equity-settled share-based payments to Directors and others providing similar services are measured at the fair value of the equity instruments at the grant date. Fair value is determined using an appropriate valuation technique, further details of which are given in Note 18. The fair value is expensed, with a corresponding increase in equity, on a straight-line basis from the grant date to the expected exercise date. Where the equity instruments granted are considered to vest immediately as the services are deemed to have been received in full, the fair value is recognised as an expense with a corresponding increase in equity recognised at grant date.

   (k)    Warrants 

On 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants. Under the terms of the warrant instrument, warrant holders are able to acquire one ordinary share per warrant at a price of GBP1 per ordinary share, subject to a downward price adjustment depending on the price of future shares issued prior to or in conjunction with and initial acquisition.

On 20 April 2021, the Company issued 12,000,000 A shares and matching A warrants at a price of GBP1 for one ordinary A share and matching A warrant. Under the terms of the warrant instrument, warrant holders are able to acquire one ordinary share per warrant at a price of GBP1 per ordinary share, subject to a downward price adjustment depending on the price of future share issues issued prior to or in conjunction with an initial acquisition.

Warrants are accounted for as derivative liability instruments under IAS 32 and are measured at fair value at the date of issue and each subsequent balance sheet date. Fair value of the warrants has been calculated using a Black-Scholes option pricing methodology and details of the estimates and judgements used in determining the fair value of the warrants are set out in Note 3.

   3.    CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY 

The preparation of the Group's Financial Statements under IFRS requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Valuation of warrants

The Company's subsidiary, MAC III (BVI) Limited has issued matching warrants for both its issues of ordinary shares and A shares. For every share subscribed for, each investor was also granted a warrant ("Warrant") to acquire a further share at an exercise price of GBP1.00 per share (subject to a downward adjustment under certain conditions). In the prior year, the Warrants were exercisable at any time until five years after the issue date; effective 29 April 2022, the exercise date for the Warrants was extended to the 5(th) anniversary of a Business Acquisition, as defined in Note 14. The Warrants are valued using the Black-Scholes option pricing methodology which considers the exercise price, expected volatility, risk free rate, expected dividends, and expected term of the Warrants.

Valuation of Incentive Scheme

The Company has issued Incentive Shares as part of the creation of a long-term incentive scheme which is valued using a Monte Carlo model. This model requires estimation and judgement surrounding the inputs of exercise price, expected volatility, risk free rate, expected dividends, and expected term of the Incentive Shares. The Ordinary A share liability held represents at the subscription price as there is an option to redeem the shares for cash in the instance of a bad leaver, at the lower of market value and the subscription price, which the Directors estimate to be materially equivalent to their underlying market value.

Other disclosures relating to the Group's exposure to risk and uncertainties in relation to financial instruments are included in Note 17.

Critical accounting judgements

Classification of warrants

The Directors consider the warrants to represent a derivative liability due to the potential modification of the exercise price under certain conditions that the Directors believe are possible to occur. This modification results in the warrants failing the 'fixed for fixed' test, as outlined in IAS 32 para 16, which is required to recognise the warrants as equity instruments. This test requires the Company to provide a fixed number of shares for a fixed amount of cash on exercise of the warrants which would not be the case should the exercise price be modified. Accordingly, the warrants are recognised as derivative liabilities, to be assessed at each balance sheet date with a review of the underlying inputs undertaken.

The initial fair value recognised for the warrants affects the corresponding entry in equity recognised for the issue of shares as the proceeds are required to be allocated between equity and liability as one share and matching warrant was issued for GBP1 in aggregate and therefore the proceeds received from the issue of equity is deemed to have been received for both the issue of the shares and the corresponding warrants.

   4.    SEGMENT INFORMATION 

The Board of Directors is the Group's chief operating decision-maker. As the Group has not yet acquired an operating business, the Board of Directors considers the Group as a whole for the purposes of assessing performance and allocating resources, and therefore the Group has one reportable operating segment.

   5.    EMPLOYEES AND DIRECTORS 

During year ended 30 June 2023, the Company had the following directors: James Corsellis, Mark Brangstrup Watts (resigned 6 November 2022), Antoinette Vanderpuije (appointed 6 November 2022), and Tom Basset (appointed 6 November 2022). The Company has not had any employees since incorporation. No director received remuneration or fees under the terms of their director service agreements. James Corsellis, Antoinette Vanderpuije, and Tom Basset have a beneficial interest in the incentive shares issued by the Company's subsidiary which were issued on 25 November 2020. Mark Brangstrup Watts had a beneficial interest in the incentive shares whilst he served as a director of the Company. Further details are disclosed in note 18.

   6.    ADMINISTRATIVE EXPENSES 
 
                                                               For the 
                                                   For the        year 
                                                year ended    ended 30 
                                                   30 June        June 
                                                      2023        2022 
                                                     GBP's       GBP's 
Group expenses by nature 
Non-recurring project, professional and 
 diligence costs                                   802,890     479,735 
Professional support                               522,448     386,218 
Audit fees payable (Note 21)                        23,000      20,000 
Other expenses                                       8,945       6,280 
                                                            ---------- 
                                                 1,357,283     892,233 
                                          ================  ========== 
 

Included within non-recurring project, professional and diligence costs is GBP715,092 that had been included in the balance sheet as current asset deferred costs in the year ended 30 June 2022, as these costs were directly attributable to a future issuance of shares under the Placing Programme and therefore expected to be capitalised to equity. As detailed in the Management Report, effective 31 March 2023, the Directors have approved the termination of the Placing Programme and as such effective this date, the GBP715,092 of costs were taken to the profit and loss account.

   7.    FINANCE INCOME 
 
                                     For the           For the 
                                  year ended        year ended 
                                     30 June           30 June 
                                        2023              2022 
                                       GBP's             GBP's 
 
Interest on bank deposits            286,161             9,271 
                                              ---------------- 
                                     286,161             9,271 
                            ================  ================ 
 
   8.    INCOME TAX 
 
                                      For the       For the 
                                   year ended          year 
                                      30 June      ended 30 
                                         2023          June 
                                                       2022 
                                        GBP's         GBP's 
Analysis of tax in year 
Current tax on loss for the year            -             - 
Total current tax                           -             - 
                                  ===========    ========== 
 
 
Reconciliation of effective rate and tax         For the         For the 
 charge:                                      year ended      year ended 
                                                 30 June    30 June 2022 
                                                    2023 
                                                   GBP's           GBP's 
 
Loss on ordinary activities before tax       (1,452,122)     (1,136,962) 
                                             -----------  -------------- 
Loss multiplied by the rate of corporation 
 tax in the UK of 25% (2022: 19%)              (363,031)       (216,023) 
Effects of: 
Other disallowable expenditure                    96,670          50,443 
Tax losses not utilised                          266,361         165,580 
                                             -----------  -------------- 
Total taxation charge                                  -               - 
                                             ===========  ============== 
 

The Group is tax resident in the UK. As at 30 June 2023, cumulative tax losses available to carry forward against future trading profits were GBP2,415,304 (2022: GBP1,349,860 ) subject to agreement with HM Revenue & Customs. There is currently no certainty as to future profits and no deferred tax asset is recognised in relation to these carried forward losses. Under UK Law, there is no expiry for the use of tax losses.

   9.    LOSS PER ORDINARY SHARE 

Basic EPS is calculated by dividing the loss attributable to equity holders of the company by the weighted average number of ordinary shares and A shares in issue during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares and A shares outstanding to assume conversion of all dilutive potential ordinary shares and A shares. The Company being loss making in both this year and comparative year would mean that any exercise would be anti-dilutive.

The Company maintains different share classes, of which ordinary shares, A shares and sponsor shares were in issue in the current year and prior year. The key difference between ordinary shares and A shares is that the ordinary shares are traded with voting rights attached. The ordinary share and A share classes both have equal rights to the residual net assets of the Company, which enables them to be considered collectively as one class per the provisions of IAS 33. The sponsor share has no rights to distribution rights so has been ignored for the purposes of IAS 33.

Refer to Note 14 (warrant liability) and Note 18 (share-based payments) for instruments that could potentially dilute basic EPS in the future.

 
                                                For the      For the 
                                                   year         year 
                                               ended 30     ended 30 
                                                   June         June 
                                                   2023         2022 
Loss attributable to owners of the parent 
 (GBP's)                                    (1,452,122)  (1,136,962) 
 
Weighted average in issue                    12,700,000   12,700,000 
Basic and diluted loss per ordinary share 
 (GBP's)                                       (0.1143)     (0.0895) 
 

10. SUBSIDIARY

Marwyn Acquisition Company III Limited is the parent company of the Group, the Group comprises of Marwyn Acquisition Company III Limited and the following subsidiary as at 30 June 2023:

 
                                                          Proportion 
                                                           of ordinary 
                                                           shares held 
                                        Country of         directly by 
 Company name     Nature of business     incorporation     parent 
---------------  --------------------  ----------------  ------------------ 
 MAC III (BVI)                          British Virgin 
  Limited         Incentive vehicle      Islands                       100% 
 

The share capital of MAC III (BVI) Limited consists of both ordinary shares and Incentive Shares. The Incentive Shares are non-voting and disclosed in more detail in Note 18.

There are no restrictions on the parent company's ability to access or use the assets and settle the liabilities of the parent company's subsidiary. The registered office of MAC III (BVI) Limited is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, VG1110, British Virgin Islands and its UK Establishment address is 11 Buckingham Street, London, WC2N 6DF.

11. OTHER RECEIVABLES

 
                                         As at     As at 
                                       30 June   30 June 
                                          2023      2022 
                                         GBP's     GBP's 
Amounts receivable within one year: 
Prepayments                             14,372    18,550 
Deferred costs (Note 6)                      -   715,092 
Due from related party (Note 19)             1         1 
VAT receivable                           6,407    17,230 
                                      --------  -------- 
                                        20,780   750,873 
                                      ========  ======== 
 

There is no material difference between the book value and the fair value of the receivables. Receivables are considered to be past due once they have passed their contracted due date. Other receivables are all current.

12. CASH AND CASH EQUIVALENTS

 
                                 As at       As at 
                               30 June     30 June 
                                  2023        2022 
                                 GBP's       GBP's 
Cash and cash equivalents 
Cash at bank                10,079,604  10,483,374 
                            ----------  ---------- 
                            10,079,604  10,483,374 
                            ==========  ========== 
 

Credit risk is managed on a group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with a minimum short-term credit rating of P-1, as issued by Moody's, are accepted.

13. TRADE AND OTHER PAYABLES

 
                                          As at     As at 
                                        30 June   30 June 
                                           2023      2022 
                                          GBP's     GBP's 
Amounts falling due within one year: 
Trade payables                            6,054     2,344 
Due to a related party (Note 19)         28,656   103,996 
Accruals                                 61,238    52,349 
                                         95,948   158,689 
                                       ========  ======== 
 

There is no material difference between the book value and the fair value of the trade and other payables.

All trade payables are non-interest bearing and are usually paid within 30 days.

14. WARRANT LIABLITY

 
                                              Amounts 
                                          falling due 
                                           within one 
                                                 year 
                                                GBP's 
Fair value of warrants: 
Fair value of warrants at 30 June 2021      1,778,000 
Fair value movement of warrants : 
 Warrant liability - ordinary warrants         14,000 
Warrant liability - A warrants                240,000 
                                         ------------ 
Fair value of warrants at 30 June 2022      2,032,000 
                                         ============ 
Fair value movement of warrants : 
 Warrant liability - ordinary warrants         21,000 
Warrant liability - A warrants                360,000 
                                         ------------ 
Fair value of warrants at 30 June 2023      2,413,000 
                                         ============ 
 

On 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants at a price of GBP1 for one ordinary share and matching warrant. Under the terms of the warrant instrument ("Warrant Instrument"), warrant holders are able to acquire one ordinary share per warrant at a price of GBP1 per ordinary share, subject to a downward price adjustment depending on the price of future shares issued prior to or in conjunction with an initial acquisition . Warrants are fully vested at the year end.

On 20 April 2021, the Company issued 12,000,000 A shares and matching warrants at a price of GBP1 for one A share and matching A warrant. Under the terms of the A warrant instrument ("A Warrant Instrument"), warrant holders are able to acquire one ordinary share per warrant at a price of GBP1 per ordinary share, subject to a downward price adjustment depending on the price of future shares issued prior to or in conjunction with an initial acquisition. Warrants are fully vested at the year end.

Effective 29 April 2022, both the Warrant Instrument and A Warrant Instrument were amended such that the long stop date was extended to the fifth anniversary of an initial acquisition by a member of the Group (which may be in the form of a merger, share exchange, asset acquisition, share or debt purchase, reorganisation or similar transaction) of a business ("Business Acquisition"). Previously the warrants were exercisable for 5 years from the date of issue.

Warrants are accounted for as a level 3 derivative liability instruments and are measured at fair value at grant date and revalued at each subsequent balance sheet date. The warrants and A warrants were separately valued at the date of grant. For both the warrants and A warrants, the combined market value of one share and one Warrant was considered to be GBP1, in line with the price paid by investors. A Black-Scholes option pricing methodology was used to determine the fair value, which considered the exercise prices, expected volatility, risk free rate, expected dividends and expected term. On 30 June 2023, the fair value was assessed as 19p per Warrant, the result of which was a fair value loss of GBP381,000 (2022: GBP254,000 fair value loss). The Directors are responsible for determining the fair value of the warrants at each reporting date, the underlying calculations are prepared by Deloitte LLP.

The key assumptions used in determining the fair value of the Warrants are as follows:

 
                                                     As at               As at 
                                                   30 June             30 June 
                                                      2023                2022 
 
Combined price of a share and warrant                 GBP1                GBP1 
Exercise price                                        GBP1                GBP1 
Expected volatility                                  25.0%               25.0% 
Risk free rate                                       4.70%               2.17% 
Expected dividends                                    0.0%                0.0% 
Expected term                              5th anniversary     5th anniversary 
                                         of the completion   of the completion 
                                             of a Business       of a Business 
                                               Acquisition         Acquisition 
 

15. STATED CAPITAL

 
                                               As at       As at 
                                             30 June     30 June 
                                                2023        2022 
Issued and fully paid                          GBP's       GBP's 
700,000 ordinary shares of no par value      326,700     326,700 
12,000,000 A shares of no par value       10,320,000  10,320,000 
1 sponsor share of no par value                    1           1 
                                          ----------  ---------- 
Total                                     10,646,701  10,646,701 
                                          ==========  ========== 
 

On incorporation, the Company issued 1 ordinary share of no par value to MVI II Holdings I LP. On 30 September 2020, it was resolved that updated memorandum and articles ("Updated M&A") be adopted by the Company and with effect from the time the Updated M&A be registered with the Registrar of Corporate Affairs in the British Virgin Islands, the 1 ordinary share which was in issue by the Company be redesignated as 1 sponsor share of no par value (the "Sponsor Share").

On 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants at a price of GBP1 for one ordinary share and matching warrant. As a result of the fair value exercise of the warrants, 14p was attributed to the warrants and therefore each ordinary share was initially valued at 86p per share. Costs of GBP275,300 directly attributable to this equity raise were taken against stated capital during the period ended 30 June 2021.

On 20 April 2021, the Company issued 12,000,000 A shares and matching A warrants at a price of GBP1 for one A share and matching A warrant. As a result of the fair value exercise of the A warrants, 14p was attributed to the A warrants and therefore each ordinary share was initially valued at 86p per share. There were no costs directly attributable to the issue of these shares.

There has been no issue of any share capital in the year ended 30 June 2023.

The ordinary shares and A shares are entitled to receive a share in any distribution paid by the Company and a right to a share in the distribution of the surplus assets of the Company on a winding-up. Only ordinary shares have voting rights attached. The Sponsor Share confers upon the holder no right to receive notice and attend and vote at any meeting of members, no right to any distribution paid by the Company and no right to a share in the distribution of the surplus assets of the Company on a summary winding-up. Provided the holder of the Sponsor Share holds directly or indirectly 5 per cent. or more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor Shares), they have the right to appoint one director to the Board.

The Company must receive the prior consent of the holder of the Sponsor Share, where the holder of the Sponsor Share holds directly or indirectly 5 per cent. or more of the issued and outstanding shares of the Company, in order to:

   --              Issue any further Sponsor Shares; 

-- issue any class of shares on a non pre-emptive basis where the Company would be required to issue such share pre-emptively if it were incorporated under the UK Companies Act 2006 and acting in accordance with the Pre-Emption Group's Statement of Principles; or

-- amend, alter or repeal any existing, or introduce any new share-based compensation or incentive scheme in respect of the Group; and

-- take any action that would not be permitted (or would only be permitted after an affirmative shareholder vote) if the Company were admitted to the Premium Segment of the Official List.

The Sponsor Share also confers upon the holder the right to require that: (i) any purchase of ordinary shares; or (ii) the Company's ability to amend the Memorandum and Articles, be subject to a special resolution of members whilst the Sponsor (or an individual holder of a Sponsor Share) holds directly or indirectly 5 per cent. or more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor Shares) or are a holder of incentive shares.

16. RESERVES

The following describes the nature and purpose of each reserve within shareholders' equity:

Accumulated losses

Cumulative losses recognised in the Consolidated Statement of Comprehensive Income.

Share based payment reserve

The share based payment reserve is the cumulative amount recognised in relation to the equity-settled share based payment scheme as further described in Note 18.

17. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS

The fair value measurement of the Group's financial and non-financial assets and liabilities utilities market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorised into different levels based on how observable the inputs used in the valuation technique utilised are (the "fair value hierarchy"):

Level 1: Quoted prices in active markets for identical items;

Level 2: Observable direct or indirect inputs other than Level 1 inputs; and

Level 3: Unobservable inputs, thus not derived from market data.

The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognised in the year they occur.

The Group has the following categories of financial instruments as at 30 June 2023:

 
                                                    As at       As at 
                                                  30 June     30 June 
                                                     2023        2022 
                                                    GBP's       GBP's 
Financial assets measured at amortised 
 cost 
Cash and cash equivalents (Note 12)            10,079,604  10,483,374 
Due from related party (Note 19)                        1           1 
                                               10,079,605  10,483,375 
                                               ==========  ========== 
 
Financial liabilities measured at amortised 
 cost 
Trade payables (Note 13)                            6,054       2,344 
Accruals (Note 13)                                 61,238      52,349 
Due to related party (Note 19)                     28,656     103,996 
                                               ----------  ---------- 
                                                   95,948     158,689 
                                               ==========  ========== 
 
  Financial liabilities measured at measure 
  at fair value to profit and loss 
Financial liabilities measured at FVPL 
Warrant Liability (Note 14)                     2,413,000   2,032,000 
                                               ----------  ---------- 
                                                2,413,000   2,032,000 
                                               ==========  ========== 
 

All financial instruments are classified as current assets and current liabilities. There are no non-current financial instruments as at 30 June 2023.

For details of valuation techniques and significant unobservable inputs related to determining the fair value of the warrant liability, which is classified in level 3 of the fair value hierarchy, refer to Note 14.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. Treasury activities are managed on a Group basis under policies and procedures approved and monitored by the Board.

As the Group's assets are predominantly cash and cash equivalents, market risk, and liquidity risk are not currently considered to be material risks to the Group. The Directors have reviewed the risk of holding a singular concentration of assets as predominantly all credit assets held are cash and cash equivalents, however, do not deem this a material risk. The risk is mitigated by all cash and cash equivalents being held with Barclays Bank plc, which holds a short-term credit rating of P-1, as issued by Moody's.

18. SHARE-BASED PAYMENTS

Management Long Term Incentive Arrangements

The Group has put in place a Long-Term Incentive Plan (" LTIP "), to ensure alignment between Shareholders, and those responsible for delivering the Company's strategy and attract and retain the best executive management talent.

The LTIP will only reward the participants if shareholder value is created. This ensures alignment of the interests of management directly with those of Shareholders. As at the balance sheet date, an executive management team is not yet in place and as such Marwyn Long Term Incentive LP (" MLTI ") (in which James Corsellis, Antoinette Vanderpuije and Tom Basset are indirectly beneficially interested in) is the only participant in the LTIP. Once an executive management team is appointed, they will participate in the LTIP and this will be dilutive to MLTI. Under the LTIP, A ordinary shares (" Incentive Shares ") are issued by the Subsidiary.

As at the statement of financial position date, MLTI had subscribed for redeemable A ordinary shares of GBP0.01 each in MAC III (BVI) Limited (the "Subsidiary") entitling it to 100 percent of the incentive value.

Preferred Return

The incentive arrangements are subject to the Company's shareholders achieving a preferred return of at least 7.5 percent per annum on a compounded basis on the capital they have invested from time to time (with dividends and returns of capital being treated as a reduction in the amount invested at the relevant time) (the " Preferred Return ").

Incentive Value

Subject to a number of provisions detailed below, if the Preferred Return and at least one of the vesting conditions have been met, the holders of the Incentive Shares can give notice to redeem their Incentive Shares for ordinary shares in the Company (" Ordinary Shares ") for an aggregate value equivalent to 20 percent of the "Growth", where Growth means the excess of the total equity value of the Company and other shareholder returns over and above its aggregate paid up share capital (20 percent of the Growth being the " Incentive Value ").

Grant date

The grant date of the Incentive Shares will be the date that such shares are issued.

Redemption / Exercise

Unless otherwise determined and subject to the redemption conditions having been met, the Company and the holders of the Incentive Shares have the right to exchange each Incentive Share for Ordinary Shares in the Company, which will be dilutive to the interests of the holders of Ordinary Shares. However, if the Company has sufficient cash resources and the Company so determines, the Incentive Shares may instead be redeemed for cash. It is currently expected that in the ordinary course Incentive Shares will be exchanged for Ordinary Shares. However, the Company retains the right but not the obligation to redeem the Incentive Shares for cash instead. Circumstances where the Company may exercise this right include, but are not limited to, where the Company is not authorised to issue additional Ordinary Shares or on the winding-up or takeover of the Company.

Any holder of Incentive Shares who exercises their Incentive Shares prior to other holders is entitled to their proportion of the Incentive Value to the date that they exercise but no more. Their proportion is determined by the number of Incentive Shares they hold relative to the total number of issued shares of the same class.

Vesting Conditions and Vesting Period

The Incentive Shares are subject to certain vesting conditions, at least one of which must be (and continue to be) satisfied in order for a holder of Incentive Shares to exercise its redemption right.

The vesting conditions are as follows:

i. it is later than the third anniversary of the initial Business Acquisition and earlier than the seventh anniversary of the Business Acquisition;

ii. a sale of all or substantially all of the revenue or net assets of the business of the Subsidiary in combination with the distribution of the net proceeds of that sale to the Company and then to its shareholders;

iii. a sale of all of the issued ordinary shares of the Subsidiary or a merger of the Subsidiary in combination with the distribution of the net proceeds of that sale or merger to the Company's shareholders;

iv. where by corporate action or otherwise, the Company effects an in-specie distribution of all or substantially all of the assets of the Group to the Company's shareholders;

v. aggregate cash dividends and cash capital returns to the Company's Shareholders are greater than or equal to aggregate subscription proceeds received by the Company;

   vi.            a winding-up of the Company; 
   vii.           a winding-up of the Subsidiary; or 
   viii.          a sale, merger or change of control of the Company. 

If any of the vesting conditions described in paragraphs (ii) to (viii) above are satisfied before the third anniversary of the initial Business Acquisition, the Incentive Shares will be treated as having vested in full.

Holding of Incentive Shares

MLTI holds Incentive Shares entitling them to aggregate to 100 per cent. of the Incentive Value. Any future management partners or senior executive management team members receiving Incentive Shares will be dilutive to the interests of existing holders of Incentive Shares, however the share of the Growth of the Incentive Shares in aggregate will not increase.

The following shares were in issue at 30 June 2023 and 30 June 2022:

 
                    Nominal Price      Issue price     Number           Unrestricted     IFRS 
                                      per A ordinary    of A ordinary    market value    2 Fair 
                                       share GBP's      shares             at grant      value 
                                                                          date GBP's     GBP's 
 Marwyn Long 
  Term Incentive 
  LP                   GBP0.01            7.50             2,000           15,000       169,960 
                   ---------------  ----------------  ---------------  --------------  -------- 
 

Valuation of Incentive Shares

Valuations were performed by Deloitte LLP using a Monte Carlo model to ascertain the unrestricted market value and the fair value at grant date. Details of the valuation methodology and estimates and judgements used in determining the fair value are noted herewith and were in accordance with IFRS 2 at grant date.

There are significant estimates and assumptions used in the valuation of the Incentive Shares. Management has considered at the grant date, the probability of a successful first Business Acquisition by the Company and the potential range of value for the Incentive Shares, based on the circumstances on the grant date.

The fair value of the Incentive Shares granted under the scheme was calculated using a Monte Carlo model with the following inputs:

 
                     Share designation 
                         at balance                    Risk-free   Expected term* 
    Issue date           sheet date       Volatility      rate         (years) 
 25 November 2020         A Shares           25%         0.0%           7.0 
                    -------------------  -----------  ----------  --------------- 
 

*The expected term assumes that the Incentive Shares are exercised 7 years post acquisition.

The Incentive Shares are subject to the Preferred Return being achieved, which is a market performance condition, and as such has been taken into consideration in determining their fair value. The model incorporates a range of probabilities for the likelihood of a Business Acquisition being made of a given size.

Expense related to Incentive Shares

There are no service conditions attached to the MLTI shares and as result the fair value at grant date of GBP169,960, less the subscription price of GBP15,000 (a net amount of GBP154,960) was expensed to the profit and loss account on issue, with the total fair value being recorded in the share-based payment reserve.

19. RELATED PARTY TRANSACTIONS

James Corsellis, Antoinette Vanderpuije, Tom Basset, and Mark Brangstrup Watts have served as directors of the Company during the year. Funds managed by Marwyn Investment Management LLP ("MIM LLP"), of which James Corsellis is a managing partner and Antoinette Vanderpuije and Tom Basset are both partners, hold 75 per cent. of the Company's issued ordinary shares and warrants and 100% of the A shares and A warrants at the year end date as well as the Sponsor Share. The GBP1 due for the Sponsor Share remains unpaid at the year end (2022: GBP1 due). During the year MIM LLP recharged expenses of GBPNil (2022: GBP46,583) of which GBPNil (2022: GBPNil) was outstanding at the year end. Mark Brangstrup Watts was a director of the Company until 6 November 2022, up until this date Mark Brangstrup Watts was also a managing partner of MIM LLP.

James Corsellis, Tom Basset, and Antoinette Vanderpuije have a beneficial interest in the Incentive Shares through their indirect interest in Marwyn Long Term Incentive LP which owns 2,000 A ordinary shares in the capital of MAC III (BVI) Limited which are disclosed in note 18. Mark Brangstrup Watts also had an indirect beneficial interest in the A ordinary shares until he stepped down as director on 6 November 2022.

James Corsellis is the managing partner of Marwyn Capital LLP, and Antoinette Vanderpuije and Tom Basset are also both partners. Marwyn Capital LLP provides corporate finance support, company secretarial, administration and accounting services to the Company. On an ongoing basis a monthly fee of GBP25,000 per calendar month charged for the provision of the corporate finance services and managed services support is charged on a time spent basis. The total amount charged in the year ended 30 June 2023 by Marwyn Capital LLP for services was GBP 363,970 ( 2022: GBP525,959) and they had incurred expenses on behalf of the Company of GBP30,821 ( 2022: GBP78,373) and of this GBP 28,656 (2022: GBP56,807) was outstanding as at the year end. Mark Brangstrup Watts was also a managing partner of Marwyn Capital LLP until 6 November 2022.

The Company recharged costs during the year associated with provision of project services of GBP 10,750 to Marwyn Acquisition Company II Limited ("MAC II"), in the comparative year, MAC II recharged costs to the Company of GBP58,063, of which GBPNil (2022: GBPNil) was due to or due from MAC II at year end. MAC II is related to the Group through James Corsellis being a director of MAC II and Mark Brangstrup Watts being a director of MAC II during the year.

MVI II LP, which holds an indirect ownership of 75 per cent. of the Company's issued shares, owed the Company GBP1 (2022: GBP1) at the year ended 30 June 2023, in respect of its subscribed Sponsor Share holding in the Company.

20. COMMITMENTS AND CONTINGENT LIABILITIES

There were no commitments or contingent liabilities outstanding at 30 June 2023 which would require disclosure or adjustment in these Financial Statements (2022: GBPNil).

21. INDEPENDENT AUDITOR'S REMUNERATION

On 24 August 2022, the Group appointed Baker Tilly Channel Islands Limited as the Group's independent auditor, replacing Mazars LLP. Audit fees payable for the year ended 30 June 2023 are GBP23,000 (2022: GBP20,000). Fees payable for the year ended 30 June 2023 in respect of any non-audit related procedures are GBP Nil (2022: GBPNil).

22. POST BALANCE SHEET EVENTS

There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements

ADVISERS

 
 Company Broker                      BVI legal advisers to the Company 
 WH Ireland Limited                  Conyers Dill & Pearman 
 24 Martin Lane                      Commerce House 
 London                              Wickhams Cay 1 
 EC4R 0DR                            Road Town 
 +44 (0)20 7220 1666                 VG1110 
                                     Tortola 
                                     British Virgin Islands 
 
 Company Secretary                   Depository 
 Antoinette Vanderpuije              Link Market Services Trustees 
                                      Limited 
 11 Buckingham Street                The Registry 
 London                              34 Beckenham Road 
 WC2N 6DF                            Beckenham 
 Email: MAC3@marwyn.com              Kent 
                                     BR3 4TU 
 
 Registered Agent and Assistant      Registrar 
  Company Secretary 
 Conyers Corporate Services (BVI)    Link Market Services (Guernsey) 
  Limited                             Limited 
 Commerce House                      Mont Crevelt House 
 Wickhams Cay 1                      Bulwer Avenue 
 Road Town                           St Sampson 
 VG1110                              Guernsey 
 Tortola                             GY2 4LH 
 British Virgin Islands 
 
 English legal advisers to the       Independent auditor 
  Company 
 Travers Smith LLP                   Baker Tilly Channel Islands 
                                      Limited 
 10 Snow Hill                        First Floor, Kensington Chambers 
 London                              46-50 Kensington Place 
 EC1A 2AL                            St Helier 
                                     Jersey 
                                     JE4 0ZE 
                                     +44 (0) 1534 755150 
 Registered office 
 Commerce House 
 Wickhams Cay 1 
 Road Town 
 VG1110 
 Tortola 
 British Virgin Islands 
 

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END

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September 29, 2023 02:00 ET (06:00 GMT)

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