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RNS Number : 8085W

Dozens Savings PLC

24 December 2021

Dozens Savings Plc

("DS" or "the Company")

FINAL RESULTS FOR THE YEARED 30 SEPTEMBER 2021

Business Review

The Company was formed to issue debt securities (namely listed bonds paying 5% fixed interest over a 12 month period) to UK retail investors. The ultimate aim of the Company and its Parent, Project Imagine Limited, is to encourage savers to become investors by providing an investment product where capital is not at risk.

The issued bonds of the company have been admitted to Aquis Stock Exchange and the company has a total facility for issuing GBP7 million of bonds, each bond being worth GBP100, in total over a rolling twelve-month period.

The Company successfully issued 19,316 bonds worth GBP1,931,600 in total during the 12 months ending September 2021. The bonds are marketed by its parent company, Project Imagine Limited and a secondary market is being made by Thomas Grant and Company Limited.

The Company relies on the funding of its Parent, Project Imagine Limited for the continuation of frequent bond issuances in order to encourage savers to become investors.

Principal risks and uncertainties

Business model - the risk that the Company's business model is not sustainable due to poor execution of the Company's strategic plan or inability to adapt to changing market conditions.

Financial - any risks that could impact the Company's financial profile, in particular cash flow risk rising from failure to maintain an adequate working capital position.

Compliance - the risk of not meeting relevant legislations, rules and regulations which could cause customers harm, financial losses or reputational damage to the Company.

Operational - the risk that failures of people, processes or internal and third-party systems could lead to a service disruption or financial losses.

COVID-19 - the risk that critical partners' businesses will cease to be viable impacting continuity of third party services on which the application depends. Also the risk that prospective B2B customers will delay implementation of new core-banking platforms delaying revenue.

Financial Review

Sustainable financial growth is key to delivering Project Imagine's mission in a responsible way which prioritises its customers interests. In FY21 the Group raised GBP5.4m (and a further GBP1.6m post year-end) to support growth while maintaining its regulatory obligations.

In FY21 the Company's operating loss Increased to GBP202,051 (2020 - GBP182,894) as the Company had 12 issuances compared to 8 issuances in FY20 disrupted by Covid-19 pandemic.

At the end of the period, the Company had gross assets of GBP2,063,376 (2020 - GBP1,692,078), shareholder's funds of GBP19,665 (2020 - GBP28,016) and total cash balances of GBP1,904,685 (2020 - GBP1,466,688).

Key performance indicators

Average bond balance held by subscribers

Since September 2020, average bond balance held by customers has increased from GBP2,128 to GBP3,493.

Rate of subscription to monthly bond issuances

Since September 2020, monthly issuances have been oversubscribed by 2x on average.

Other performance indicators

The Company's business model is not reliant on any natural resources, nor does management anticipate climate change having a direct impact on the Company's operations.

The Company performs an important role in society by incentivising users to save. As long as the Company continues to operate in an ethical and responsible fashion, it expects to continue fulfilling this important role while helping other businesses to improve consumers' lives through innovative financial technology.

Future Outlook

Since the reporting date the company has redeemed 1,676 bonds of GBP100 each for an aggregate total of GBP167,600.

While the company has discontinued issuing bonds it will continue to service the bonds of over GBP1.5m currently in issue with the last issuance maturing on 30 September 2022, or until earlier redemption if facilitated in the best interests of the bond holders.

On behalf of the board

Mr S Dunford-Baker

Director

23 December 2021

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEARED 30 SEPTEMBER 2021

 
                                                         2021                   2020 
                                   Notes                  GBP                    GBP 
 
Administrative expenses                             (133,676)                (124,722) 
 
Interest receivable and similar 
 income                                                     -                  1,077 
Interest payable and similar 
 expenses                                            (68,375)                 (59,249) 
 
 
 
Loss before taxation                                (202,051)                (182,894) 
 
Tax on loss                                                 -                      - 
 
 
 
Loss for the financial year                         (202,051)                (182,894) 
 
Other comprehensive income                                  -                      - 
 
 
 
Total comprehensive income for the 
 year                                               (202,051)                (182,894) 
 
 
 
Earnings per share (expressed 
 in pence per share) 
 
From continuing operations: 
 
Basic and diluted loss per share                      (0.43p)                (0.60p) 
 
 
 
 

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2021

 
                                                    2021                        2020 
                             Notes             GBP          GBP            GBP          GBP 
 
Current assets 
Debtors                                    158,691                     225,390 
Cash at bank and in hand                 1,904,685                   1,466,688 
 
 
 
                                         2,063,376                   1,692,078 
Creditors: amounts falling 
 due within one year                   (2,043,711)                 (1,664,062) 
 
 
 
Net current assets                                       19,665                      28,016 
 
 
 
Capital and reserves 
Called up share capital                                 593,700                     400,000 
Profit and loss reserves                              (574,035)                     (371,984) 
 
 
 
Total equity                                             19,665                      28,016 
 
 
 
 
 

STATEMENT OF CASH FLOWS

FOR THE YEARED 30 SEPTEMBER 2021

 
                                                           2021                      2020 
                                    Notes             GBP          GBP          GBP          GBP 
 
Cash flows from operating activities 
 
Cash generated from/(absorbed 
 by) operations                                                 22,272                   (319,508) 
Interest paid                                                 (68,375)                    (59,249) 
 
 
 
Net cash outflow from operating 
 activities                                                   (46,103)                   (378,757) 
 
Investing activities 
Interest received                                       -                     1,077 
 
 
 
Net cash (used in)/generated from 
 investing activities                                                -                     1,077 
 
Financing activities 
Proceeds from issue of shares                     193,700                   100,000 
Issue of bonds                                  1,931,600                 1,641,200 
Repayment of bonds                            (1,641,200)                  (91,000) 
 
 
 
Net cash generated from financing 
 activities                                                    484,100                 1,650,200 
 
 
 
Net increase in cash and cash 
 equivalents                                                   437,997                 1,272,520 
 
Cash and cash equivalents at beginning 
 of year                                                     1,466,688                   194,168 
 
 
 
Cash and cash equivalents at end 
 of year                                                     1,904,685                 1,466,688 
 
 
 
 

NOTES TO PRELIMINARY RESULTS FOR THE PERIODED 30 SEPTEMBER 2021

1. The financial information set out above does not constitute statutory accounts for the purpose of Section 434 of the Companies Act 2006. The financial information has been extracted from the statutory accounts of D ozens Savings Plc and is presented using the same accounting policies, which have not yet been filed with the Registrar of companies, but on which the auditors gave an unqualified report on 23 December 2021.

The preliminary announcement of the results for the period ended 30 September 2021 was approved by the board of directors on 23 December 2021.

   2.        Loss per share 
 
 
                                                 12 months to       12 months 
                                                                     to 
                                                 September 2021     September 
                                                                     2020 
      Loss per ordinary share: 
 Basic                                           (0.43p)            (0.60p) 
 Diluted                                         (0.43p)            (0.60p) 
 
 Earnings per share has been calculated on the net basis on the 
  loss after tax of GBP202,051 (2020 - GBP182,894) using the weighted 
  average number of ordinary shares in issue of 465,004 (2020 - 
  302,732). 
 
 There were no potentially dilutive shares at the period end. 
 
 

- ends -

The directors of Dozens Savings plc accept responsibility for this announcement.

For further information, please contact:

Sam Dunford-Baker

Director

Dozens Savings plc

Email: hello@dozens.com

Tel: 0808 164 1020

Alfred Henry Corporate Finance Limited

AQSE Corporate Advisor to Dozens Savings plc

Attn: Jon Isaacs

www.alfredhenry.com

Tel: +44 (0) 203 772 0021

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December 29, 2021 01:59 ET (06:59 GMT)

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