27 June 2024
Mollyroe Plc
("Mollyroe" or the "Company")
Consolidated Financial Statements for the Year Ended 31st December 2023
Chairman's Statement Year End 31st December 2023
In 2023 as in 2022, saw the Company focus on reducing overheads pending the
adoption of a new corporate strategy.
In December the Company announced the appointments of Paul Benedict Ryan as
Executive Director and Noel Lyons as Non-Executive Director to the board and the
resignation of the existing Directors, Roger Shane and Richard France. The
Company thanked Mr Shane and Mr France for their long and dedicated service to
the Company and I reiterate that. At the same time, investors, including Paul
Ryan and Noel Lyons, agreed, via Peterhouse Capital Limited, to acquire 574,621
Ordinary Shares in the Company at a price of 26.11 pence per share, equating to
£150,000 in total, from the then existing Directors of the Company.
In April 2024 the Company's shareholders agreed on a name change to Mollyroe plc
and a new strategy to focus on opportunities in the technology sector. The
Company will focus on opportunities which would provide the Company with an
economic interest (by equity, royalty or debt participation) and a controlling
interest (through board or management positions) and whose potential value, over
the long term, is greater than the price and costs expended by the Company to
acquire them. The Company also reserved the ability to make investments outside
of the technology sector, if the Directors believe that they will bring long
-term value to shareholders. The Company does not propose to limit its search to
any specific geographic location, however the Directors will ensure that the
geographic location of any investment opportunity is suitable for institutional
investment in the London market. Initially within the technology segment
opportunities are likely to arise in Spatial computing and intelligent natural
interfaces are the next computing paradigm which will fundamentally change human
and machine interaction. We are already seeing the impact of this rapidly
evolving technology across all sectors (driverless cars being the most commonly
quoted example), further, the interplay between these technologies and
technologies traditionally created for the games industry (including but not
limited to Virtual Reality, Unreal Engine and Unity) are disrupting numerous
sectors from, training, AI driven simulation, architectural visualisation and
data visualisation solutions that assimilate rich and complex data into
intuitive, interactive spatial simulations for more rapid and efficient
analysis, insight and learning. Our focus will be on investing in technology
companies or technology-enabled services companies within this rapidly
developing market.
The Board has continued to reduce overheads and as a result the Company is in a
good financial position as it adopts its new strategy.
The directors do not recommend the payment of a dividend.
Extract from the auditor's report:
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 parent 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."
N Lyons Chairman
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries
Company
Paul Ryan - Executive Director
mollyroeplc@gmail.com
Peterhouse Capital Limited - Financial Adviser and Corporate Broker
+ 44 (0) 20 7469 0930
Consolidated Statement of Comprehensive Income for the Year Ended 31st December
2023
2023 2022
£ £
TURNOVER - -
Administrative expenses (72,882) (17,514)
OPERATING LOSS (72,882) (17,514)
Interest receivable and similar income 4,099 754
LOSS BEFORE TAXATION (68,783) (16,760)
Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (68,783) (16,760)
Loss attributable to: Owners of the parent (68,783) (16,760)
Earnings per share expressed in pence per share:
Basic (3.49) (0.85)
Diluted (3.49) (0.85)
The Group has no recognised gains or losses other than those disclosed in the
Income Statement above. Consequently, no Statement of Other Comprehensive Income
is presented.
Consolidated Statement of Financial Position for the Year Ended 31st December
2023
2023 2022
£ £
CURRENT ASSETS 7,578 7,864
Debtors
Cash at bank 335,550 383,465
CREDITORS 343,128 391,329
Amounts falling due within one year (42,948) (22,366)
NET CURRENT ASSETS 300,180 368,963
TOTAL ASSETS LESS CURRENT LIABILITIES 300,180 368,963
CAPITAL AND RESERVES 418,861 418,861
Called up share capital
Share premium 3,473 3,473
Retained earnings (122,154) (53,371)
SHAREHOLDERS' FUNDS 300,180 368,963
The financial statements were approved by the Board of Directors and authorised
for issue on and were signed on its behalf by:
......................................................................
P Ryan - Director
......................................................................
N Lyon - Director
Company Statement of Financial Position for the Year Ended 31st December 2023
2023 2022
£ £
FIXED ASSETS 4 4
Investments
CURRENT ASSETS 7,520 7,806
Debtors
Cash at bank 335,550 369,518
CREDITORS 343,070 377,324
Amounts falling due within one year (54,016) (19,487)
NET CURRENT ASSETS 289,054 357,837
NET ASSETS 289,058 357,841
CAPITAL AND RESERVES 418,861 418,861
Called up share capital
Share premium 3,473 3,473
Retained earnings (133,276) (64,493)
P Ryan - Director
......................................................................
N Lyon - Director
Consolidated Statement of Changes in Equity for the Year Ended 31st December
2023
Share Retained earnings Share Total equity
capital premium
£ £ £ £
Balance at 1st January 2022 418,861 (36,611) 3,473 385,723
Changes in equity - (16,760) - (16,760)
Total comprehensive income
Balance at 31st December 2022 418,861 (53,371) 3,473 368,963
Changes in equity - (68,783) - (68,783)
Total comprehensive income
Balance at 31st December 2023 418,861 (122,154) 3,473 300,180
Company Statement of Changes in Equity for the Year Ended 31st December 2023
Share Retained earnings Share Total equity
capital premium
£ £ £ £
Balance at 1st January 2022 418,861 (288,940) 3,473 133,394
Changes in equity - 224,447 - 224,447
Total comprehensive income
Balance at 31st December 2022 418,861 (64,493) 3,473 357,841
Changes in equity - (68,783) - (68,783)
Total comprehensive income
Balance at 31st December 2023 418,861 (133,276) 3,473 289,058
Consolidated Cash Flow Statement
for the Year Ended 31st December 2023
Cash flows from operating activities 2023 2022
£ £
Loss for the financial year (68,783) (16,760)
Interest received (4,099) (754)
Decrease/(increase) in debtors 286 (2,051)
Increase/(decrease) in creditors 20,582 (27,844)
Net cash used in operating activities (52,014) (47,409)
Cash flows from investing activities 4,099 754
Interest received
Net cash from investing activities 4,099 754
Decrease in cash and cash equivalents (47,915) (46,655)
Cash and cash equivalents at beginning of year 383,465 430,120
Cash and cash equivalents at end of year [image] [image]
335,550 383,465
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