TIDMFHP
RNS Number : 9027X
Fandango Holdings PLC
24 December 2019
Fandango Holdings plc / Index: LSE / Epic: FHP / Sector:
Investment
24 December 2019
Fandango Holdings plc ('Fandango' or 'the Company')
Year End Financial Accounts
Fandango Holdings plc, the investment company focused on the
industrial and services sectors, is pleased to provide its
financial accounts for the year end 31 August 2019.
STRATEGIC REPORT
Principal activity and fair review of the business
For the year to 31 August 2019, the Company's results include
the running costs of the Company and listing fees on the London
Stock Exchange standard segment. The Company's shares remain
suspended.
Since February 2018 Fandango has made loans to Stranger Holdings
PLC which were advanced during the previous accounting period and
which attract interest at 10% per month (to 25 May 2018: 5% per
month) and are repayable upon the relisting of Stranger Holdings
PLC. The amount of the loan outstanding at the year-end was
GBP106,550 and the maximum amount outstanding was GBP141,000. At
the year-end accrued interest amounted to GBP197,227. The current
balance outstanding, at the date of this report, excluding interest
is GBP106,550.
The future
The directors continue to investigate a number of opportunities
for a suitable investment for the Company and looks forward to
updating the market in due course.
Key performance indicators
There are no key performance indicators for this period as the
Company has not completed its investment activity.
Principal risks and uncertainties
i. Business strategy
The Company is a relatively new entity with no operating history
and has not yet completed the acquisition of a suitable
investment.
The Company may be unable to complete a suitable acquisition in
a timely manner
ii. Liquidity Risk
The Directors have reviewed the working capital requirements and
believe that there is sufficient working capital to fund the
business.
Going Concern
As stated in note 2 to the financial statements, the Directors
and James Longley, a shareholder, have offered letters of support
confirming that they will provide such additional working capital
as necessary to enable the Company to meet all of its debts as and
when they fall due for a period of at least twelve months from the
date of approval of the financial statements. On this basis the
Directors are satisfied that the Company has sufficient resources
to continue in operation for the foreseeable future, a period of
not less than 12 months from the date of this report. Accordingly,
they continue to adopt the going concern basis in preparing the
financial statements.
DIRECTORS' REPORT
The directors present their report and the audited financial
statements for the year to 31 August 2019.
Results and dividends
The trading results for the period and the Company's financial
position at the end of the period are shown in the attached
financial statements.
The directors have not recommended a dividend.
Strategic Report
In accordance with section 414C (11) of the Companies Act 2006
the Company chooses to report the review of the business, the
future outlook and the risks and uncertainties faced by the Company
in the Strategic Report.
Directors
The following directors have held office during the period:
-- Charles Tatnall
-- Tim Cottier
Share capital
Fandango Holdings Plc is incorporated as a public limited
company and is registered in England and Wales with the registered
number 10346576. Details of the Company's issued share capital,
together with details of movements during the year, are shown in
Note 13. The Company has one class of Ordinary shares and all
shares have equal voting rights and rank pari passu for the
distribution of dividends and repayment of capital.
Directors' interests
At the date of this report the directors held the following
beneficial interest in the ordinary share capital of the
Company:
Director Shareholding Percentage of the
Company's Ordinary
Share Capital
----------------- ------------- --------------------
Charles Tatnall 30,001,000 22.39%
Tim Cottier 27,501,000 20.52%
22,500,000 of Tim Cottier's holding is held by Bolly Investments
Limited, a company incorporated in England and Wales (Company
Number 10473027), in which he owns 100% of the issued share
capital. The balance is held through Hargreaves Lansdown (Nominees)
Limited.
Both Charles Tatnall and Tim Cottier held 12,500,000 warrants
each in the Company.
There have been no changes in the directors' interests in the
Company during the year, or to the date of this report.
Substantial Interests
The Company has been informed of the following shareholdings
that represent 3% or more of the issued Ordinary Shares of the
Company as at 19 December 2019:
Shareholder Shareholding Percentage of
total
JIM Nominees Limited 38,000,000 28.36%
Charles Tatnall 30,001,000 22.39%
Tim Cottier (held through
Bolly Investments Limited
and Hargreaves (Nominees Lansdown)
Limited 27,501,000 20.52%
Peel Hunt Holdings Limited 7,487,605 5.59%
Hargreaves Lansdown (Nominees)
Limited 5,786,148 4.32%
Tracey Edwards 5,000,000 3.73%
Redmayne (Nominees) Limited 5,000,000 3.73%
Supplier Payment Policy
It is the Company's payment policy to pay its suppliers in
conformance with industry norms. Trade payables are paid in a
timely manner within contractual terms, which is generally 30 to 45
days from the date an invoice is received.
Carbon emissions
The Company is currently non-trading with no operating premises
or employees other than its Directors, and therefore has minimal
carbon emissions. Accordingly, it is not practicable to obtain
emissions data.
Financial risk and management of capital
The major balances and financial risks to which the Company is
exposed to and the controls in place to minimise those risks are
disclosed in Note 4.
The Board considers and reviews these risks on a strategic and
day-to-day basis in order to minimise any potential exposure.
Financial instruments
The Company has not entered into any financial instruments to
hedge against interest rate or exchange rate risk.
Requirements of the Listing Rules
Listing Rule 9.8.4 requires the Company to include certain
information in a single identifiable section of the Annual Report
or a cross reference table indicating where the information is set
out. The Directors confirm that there are no disclosures required
in relation to Listing Rule 9.8.4
Auditors
Jeffreys Henry LLP were appointed auditors to the Company and in
accordance with section 485 of the Companies Act 2006, a resolution
proposing that they be re-appointed will be put at a General
Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with
International Financial Reporting Standards (IFRS) as adopted for
use in the European Union. Under company law the directors must not
approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the
Company and of the profit or loss for that period. In preparing
these financial statements, the directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether they have been prepared in accordance with IFRS
as adopted by the European Union
-- 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 responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company. They are also responsible for
safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website.
Statement of disclosure to auditors
Each person who is a Director at the date of approval of this
Annual Report confirms that:
-- So far as the Directors are aware, there is no relevant audit
information of which the Company's auditors are unaware; and
-- Each Director has taken all the steps that he ought to have
taken as Director in order to make himself aware of any relevant
audit information and to establish that the Company's auditors are
aware of that information.
-- Each Director is aware of and concurs with the information included in the Strategic Report.
Annual General Meeting
Notice of the forthcoming Annual General Meeting of the Company
together with resolutions relating to the Company's ordinary
business will be given the members separately.
Events after the reporting period
None.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 AUGUST 2019
Year ended Year ended
31 August 2019 31 August
2018
GBP'000 GBP'000
Notes
Continuing operations
Investment income 16 159 39
Listing costs (37) (51)
Administrative expenses 5 (189) (278)
Finance cost (7) -
Loss before taxation (74) (290)
Taxation 7 - -
---------------- -----------
Loss and comprehensive loss
for the period (74) (290)
---------------- -----------
Basic loss per share 8 (0.06p) (0.22p)
Since there is no other comprehensive income, the loss for the
period is the same as the total comprehensive income for the period
attributable to the owners of the Company.
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2019
As at 31 August
2019 2018
Notes GBP'000 GBP'000
Assets
Current assets
Trade and other receivables 10 321 204
Cash and cash equivalents 11 - 53
---------- ----------
Total Assets 321 257
Equity and liabilities
Current liabilities
Trade and other payables 12 59 26
Accruals 12 113 8
Total Liabilities 172 34
Equity attributable to equity holders
of the Company
Share Capital - Ordinary shares 13 134 134
Share Premium 579 579
Accumulated deficit 14 (564) (490)
Total Equity 149 223
Total Equity and liabilities 321 257
---------- ----------
STATEMENT OF CASH FLOWS
FOR THE YEARED 31 AUGUST 2019
Year ended Year ended
31 August 31 August
2019 2018
Notes GBP'000 GBP'000
Cash flows from operating activities
Operating loss (74) (290)
Interest receivable (159) (39)
Finance Cost 7 -
(Increase)/decrease in receivables 8 29
Increase/(decrease) in payables 133 26
Cash flow from operating activities (85) (274)
Cashflows from investing activities
Amounts advanced to/repaid by related
parties 34 (141)
34 (141)
Cash flows from financing activities
Proceeds from borrowing 20 -
Borrowings repaid (20) -
Finance cost paid (2) -
Net cash from/ (used in) financing (2) -
activities
---------- -----------
Net increase/(decrease) in cash
and cash equivalents (53) (415)
Cash and cash equivalents at the
beginning of the period 53 468
Cash and cash equivalents at end
of period - 53
---------- -----------
Represented by: Bank balances and
cash - 53
---------- -----------
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 AUGUST 2019
Notes Share capital Share Accumulated Total
premium deficit equity
GBP'000 GBP'000 GBP'000 GBP'000
As at 31 August
2017 134 579 (200) 513
Loss for the year - - (290) (290)
As at 31 August
2018 134 579 (490) 223
-------------- --------- ------------ --------
Loss for the year - - (74) (74)
As at 31 August
2019 134 579 (564) 149
============== ========= ============ ========
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents amounts subscribed for share capital in
excess of nominal value.
Accumulated deficit represent the cumulative loss of the Company
attributable to equity shareholders.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 31 AUGUST 2019
1 General information
Fandango Holdings PLC ('the Company') is an investment company
incorporated and domiciled in the United Kingdom. The address of
the registered office is disclosed on the company information page
at the front of the annual report. The Company was incorporated and
registered in England on 25 August 2016 as a private limited
company and re-registered as a public limited company on 8 May
2017.
2 Accounting policies
2.1. Basis of Accounting
This financial information has been prepared in accordance with
International Financial Reporting Standards (IFRS), including IFRIC
interpretations issued by the International Accounting Standards
Board (IASB) as adopted by the European Union and with those parts
of the Companies Act 2006 applicable to companies reporting under
IFRS. The financial statements have been prepared under the
historical cost convention. The principal accounting policies
adopted are set out below.
These policies have been consistently applied.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions
and estimates are significant to the consolidated financial
statements are disclosed in Note 3. The preparation of financial
statements in conformity with IFRSs requires management to make
judgments, estimates and assumptions that affect the application of
accounting policies and reported amounts of assets, liabilities,
income and expenses. Although these estimates are based on
management's experience and knowledge of current events and
actions, actual results may ultimately differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
on-going basis. Revisions to accounting estimates are recognised in
the period in which the estimates are revised if the revision
affects only that period or in the period of the revision and
future periods if the revision affects both current and future
periods.
a) Going concern
These financial statements have been prepared on the assumption
that the Company is a going concern. When assessing the foreseeable
future, the Directors have looked at a period of at least twelve
months from the date of approval of this report and have looked at
the adequacy of funds required as well as working capital
requirements of the Company.
The Directors and James Longley, a shareholder, have offered
letters of support confirming that they will provide such
additional working capital as necessary to enable the Company to
meet all of its debts as and when they fall due for a period of at
least twelve months from the date of approval of the financial
statements. On this basis the Directors are satisfied that the
Company has sufficient resources to continue in operation for the
foreseeable future, a period of not less than 12 months from the
date of this report. Accordingly, they continue to adopt the going
concern basis in preparing the financial statements.
b) New and amended standards adopted by the Company
There are no IFRSs or IFRIC interpretations that are effective
for the first time for the financial year beginning that would be
expected to have a material impact on the Company.
c) Standards, interpretations and amendments to published standards that are not yet effective
The following new standards, amendments to standards and
interpretations have been issued, but are not effective for the
financial period beginning 1 September 2018 and have not been early
adopted. The Directors anticipate that the adoption of these
standard and the interpretations in future period will have no
material impact on the financial statements of the Company.
Reference Title Summary Application date of standard
------------ --------------------------------- --------------------------------- ----------------------------------
IFRS 16 Leases Original issue Annual periods beginning on or
after 1 January 2019
------------ --------------------------------- --------------------------------- ----------------------------------
IFRS 9 Financial Instruments Amendments regarding prepayment Annual periods beginning on or
features with negative after 1 January 2019
compensation and modifications
of financial
liabilities
IFRIC 23 Uncertainty over income tax Address how to reflect Annual periods beginning on or
treatment uncertainty in accounting for after 1 January 2019
income tax
IAS 28 Investments in associates Long term interest in associates Annual periods beginning on or
and joint ventures after 1 January 2019
------------ --------------------------------- --------------------------------- ----------------------------------
IAS 19 Employee benefits Plan amendment, curtailment or Annual periods beginning on or
settlement after 1 January 2019
------------ --------------------------------- --------------------------------- ----------------------------------
IFRS 3 Business Combinations Definition of a Business Annual periods beginning on or
(Amendments) after 1 January 2020
------------ --------------------------------- --------------------------------- ----------------------------------
IAS 1, IAS8 Presentation of financial Definition of Material Annual periods beginning on or
statements, and Accounting (Amendments) after 1 January 2020
policies, changes in accounting
estimates
& errors
------------ --------------------------------- --------------------------------- ----------------------------------
IFRS 17 Insurance Contracts Insurance Contracts Annual periods beginning on or
after 1 January 2021
------------ --------------------------------- --------------------------------- ----------------------------------
Annual Improvements to IFRS Standards 2015 - 2017 Cycle - Various standards:
----------------------------------------------------------------------------------------------------------------------
IFRS 3 Business Combinations Annual periods beginning on or
after 1 January 2019
------------ --------------------------------- --------------------------------- ----------------------------------
IFRS 11 Joint Arrangements Annual periods beginning on or
after 1 January 2019
------------ --------------------------------- --------------------------------- ----------------------------------
c) Standards, interpretations and amendments to published
standards that are not yet effective (continued)
IAS 12 Income taxes Annual periods beginning on or after 1 January 2019
------- ---------------- ----------------------------------------------------
IAS 23 Borrowing costs Annual periods beginning on or after 1 January 2019
------- ---------------- ----------------------------------------------------
The Directors anticipate that the adoption of these Standards
and the Interpretations in future periods will have no material
impact on the financial statements of the Company. The Company does
not intend to apply any of these pronouncements early.
2.2 Financial instruments
Financial assets and financial liabilities are recognised when
the Company becomes a party to the contractual provisions of the
instrument.
Other receivables
Other receivables are non-derivative financial assets with fixed
or determinable payments that are not quoted in an active market.
Subsequent to the initial recognition, other receivables are
measured at amortised cost less impairment losses for bad and
doubtful debts.
Expected credit losses are calculated as the difference between
the carrying amount of financial asset and the estimated future
cash flows, discounted where the effect of discounting is
material.
Cash and cash equivalents
Cash and cash equivalents comprised of cash at bank and in
hand.
Fair values
The carrying amounts of the financial assets and liabilities
such as cash and cash equivalents, receivables and payables of the
Company at the statement of financial position date approximated
their fair values, due to relatively short-term nature of these
financial instruments.
Other payables
Other payables are initially recognised at fair value and
thereafter stated in amortised cost.
2.3 Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
2.4 Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
There is no tax payable as the Company has made a taxable loss
for the year. Taxable loss differs from net loss as reported in the
statement of comprehensive income because it excludes items of
income and expense that are taxable or deductible in other years,
and it further excludes items that are never taxable or deductible.
The Company's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the end of
the reporting period.
Deferred tax is recognised on temporary differences between the
carrying amount of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the
computation of taxable profit or loss. Deferred tax liabilities are
generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary differences arise
from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences associated with investments in subsidiaries, except
where the Company is able to control the reversal of the temporary
difference and it is probable that the temporary difference will
not reverse in the foreseeable future. Deferred tax assets arising
from deductible temporary differences associated with such
investments are only recognised to the extent that it is probable
that there will be sufficient taxable profits against which to
utilise the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the
end of each reporting period and reduced to the extent that it is
no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset realised. The measurement of
deferred tax assets and liabilities reflects the tax consequences
that would follow from the manner in which the Company expects, at
the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or
loss, except when it relates to items that are recognised in other
comprehensive income or directly in equity, in which case the
current and deferred tax is also recognised in other comprehensive
income or directly in equity respectively.
3 Critical accounting estimates and judgments
The Company makes certain judgements and estimates which affect
the reported amount of assets and liabilities. Critical judgements
and the assumptions used in calculating estimates 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.
In the process of applying the Company's accounting policies,
which are described above, the Directors do not believe that they
have had to make any assumptions or judgements that would have a
material effect on the amounts recognised in the financial
information.
4 Financial risk management
The Company's activities may expose it to some financial risks.
The Company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company's financial
performance.
a) Liquidity risk
Liquidity risk is the risk that Company will encounter
difficulty in meeting obligations associated with financial
liabilities. The responsibility for liquidity risks management rest
with the Board of Directors, which has established appropriate
liquidity risk management framework for the management of the
Company's short term and long-term funding risks management
requirements. During the period under review, the Company has not
utilised any borrowing facilities. The Company manages liquidity
risks by maintaining adequate reserves by continuously monitoring
forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities.
b) Capital risk
The Company takes great care to protect its capital investments.
Significant due diligence is undertaken prior to making any
investment. The investment is closely monitored.
5 Operating loss, expenses by nature and personnel
Year ended Year ended
31 August 31 August
2019 2018
GBP'000 GBP'000
Operating loss is stated after charging:
Directors Remuneration 4 24
Directors fees 63 66
Rent 13 39
Consultancy and advisory fees 48 61
Audit fees 10 10
Irrecoverable VAT 24 21
Reporting Accountants' fees 3 3
Other administrative expenses 24 54
----------- -----------
Total administrative expenses 189 278
----------- -----------
6 Personnel
The average monthly number of employees during both the current
and prior period was two directors.
There were no benefits, emoluments or remuneration payable
during the period for key management personnel other than the
GBP4,000 in salaries and GBP63,000 in fees disclosed in Note 5. The
fees paid are also detailed in Note 16 as related party
transactions.
7 Taxation
Year ended Year ended
31 August 31 August
2019 2018
GBP'000 GBP'000
Total current tax - -
Factors affecting the tax charge for
the period
Loss on ordinary activities before taxation (74) (290)
----------- -----------
Loss on ordinary activities before taxation
multiplied by standard rate of UK corporation
tax of 19% (14) (55)
Effects of:
Non-deductible expenses - 5
Tax losses carried forward 14 50
-----------
Current tax charge for the period - -
----------- ===========
No liability to UK corporation tax arose on ordinary activities
for the current period.
The Company has estimated excess management expenses of
GBP421,040 (2018: GBP347,086) available for carry forward against
future trading profits.
The tax losses have resulted in a deferred tax asset at a rate
of 17% (2018 - 19%) of approximately GBP71,577 (2018: GBP65,000)
which has not been recognised in the financial statements due to
the uncertainty of the recoverability of the amount.
8 Earnings per share
Year ended Period ended
31 August 31 August
2019 2018
Basic loss per share is calculated by
dividing the loss attributable to equity
shareholders by the weighted average
number of ordinary shares in issue during
the period:
Loss after tax attributable to equity (GBP74,328) (GBP290,190)
holders of the Company
Weighted average number of ordinary shares 134,002,000 134,002,000
Weighted average number of ordinary shares
on a diluted basis 159,002,000 159,002,000
Basic loss per share (0.06p) (0.22p)
Due to the loss in the periods, the effect of the warrants was
considered anti-dilutive and hence no diluted loss per share
information has been provided
The number of shares on a diluted basis relates to the issue of
25,000,000 warrants to the Directors which confers the right but
not the obligation to subscribe in cash for up to 25,000,000
GBP0.01p Ordinary Shares at the subscription price.
9 Capital risk management
The Directors' objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. At the date of this financial information, the
Company had been financed by the introduction of capital. In the
future the capital structure of the Company is expected to consist
of borrowings and equity attributable to equity holders of the
Company, comprising issued share capital and reserves
10 Trade and other receivables
2019 2018
GBP'000 GBP'000
Other receivables 304 179
Prepayments 17 25
321 204
-------- --------
Other receivables consist of an unsecured loan to a related
party. Further details are provided in note 16 to the financial
statements.
11 Cash and cash equivalents
2019 2018
GBP'000 GBP'000
Cash at bank - 53
- 53
---------- --------
12 Trade and other payables
2019 2018
GBP'000 GBP'000
Trade Payables 59 26
Accruals 113 8
172 34
-------- --------
13 Share capital
For the year end 31 August 2019 31 August 2018
Allotted, called up and fully GBP'000 GBP'000
paid
134,002,000 Ordinary shares
of GBP0.001 each 134 134
--------------- ---------------
134 134
--------------- ---------------
During the period the Company had no share transactions.
The ordinary shares have attached to them full voting, dividend
and capital distribution (including on winding up) right; they do
not confer any rights of redemption.
14 Accumulated deficit
2019 2018
GBP'000 GBP'000
At start of year (490) (200)
Loss for the year (74) (290)
At 31 August (564) (490)
======== ========
15 Contingent liabilities
The Company has no contingent liabilities in respect of legal
claims arising from the ordinary course of business.
16 Directors salaries, fees and Related parties
1) Salaries paid to Directors of GBP1,000 per month paid to each
of the Directors for the first two months of the year to 31 October
2018 only
2019 2018
Charles Tatnall GBP2,000 GBP12,000
Timothy Cottier GBP2,000 GBP12,000
2) Consultancy fees paid to Tatbels Limited and Kinloch Corporate Finance Limited
2019 2018
Tatbels Limited GBP48,000 GBP51,700
Kinloch Corporate Finance Limited GBP15,000 GBP15,000
These amounts are shown net of irrecoverable VAT.
3) As at 31 August 2019, Tatbels Limited was owed accrued fees
of GBP46,400 (2018 - GBPNil) and Kinloch Corporation Finance
Limited was owed accrued fees of GBP11,400 (2018 - GBPNil).
Tatbels Limited is controlled by Charles Tatnall.
Kinloch Corporate Finance Limited is controlled by Timothy
Cottier.
4) The loan to Stranger Holdings PLC was advanced during the
previous accounting period and attracts interest at 10% per month
(to 25 May 2018: 5% per month) and is repayable upon the relisting
of Stranger Holdings PLC. The amount of the loan outstanding at the
year-end was GBP106,550 (2018 - GBP141,000) and the maximum amount
outstanding was GBP141,000. At the year-end accrued interest
amounted to GBP197,227 (2018 - GBP38,721) with a total interest of
GBP158,506 (2018 - GBP38,721) charged during the year. The current
balance outstanding, at the date of this report, excluding interest
is GBP106,550. Charles Tatnall is a director and 20.58% shareholder
of Stranger Holdings PLC
5) Papillon Holdings PLC, a company where Charles Tatnall is
also a director and a 26.44% shareholder, provided loans to the
Company during the year and incurred interest at 5% per month. The
maximum amount of the loan outstanding during the year to Papillon
was GBP20,100 which was fully repaid at the year end. The amount of
accrued interest due to the Company at the year-end was GBP6,930.
Also, during the year Papillon Holdings PLC advanced loans to the
Company and attracts interest at 5% per month. The amount of the
loan outstanding at the year-end was GBP1,715 and the maximum
amount outstanding was GBP1,815. The amount of accrued interest due
to the Company at the year-end was GBP8.
17 Capital commitments
There was no capital expenditure contracted for at the end of
the reporting period but not yet incurred.
18 Ultimate controlling party
As at 31 August 2019 there is no ultimate controlling party.
19. Events after the reporting period
There were no post balance sheet events requiring
disclosure.
ENDS
For further information visit www.fandangoholdingsplc.com or
contact the following:
Fandango Holdings plc
Charles Tatnall Fandango Holdings plc E: ctatnall@btinternet.com
T: +44 7930 445691
Financial PR
Cosima Akerman St Brides Partners Ltd E: info@stbridespartners.co.uk
T: +44 (0) 20 7236 1177
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END
FR UORWRKOAUUAA
(END) Dow Jones Newswires
December 24, 2019 02:00 ET (07:00 GMT)
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