For
release: 07.00, 30 September 2024
SEALAND CAPITAL GALAXY
LIMITED
("Sealand", or the "Company", or "the Group")
UNAUDITED INTERIM RESULTS FOR
THE SIX MONTHS ENDED 30 JUNE 2024
Sealand Capital Galaxy Limited (LSE:
SCGL) announces that it has published its unaudited interim results
for the six months ended 30 June 2024 with respect to the Company
and its subsidiaries (the "Group").
Nelson Law, Executive Chairman of
the Company commented:
"Moving forward, we will leverage our strengths to enhance
sales across the full spectrum of channels, both online and
offline, within our authorized sales capacity.
"Collaboration with local retail partners has proven
beneficial. The brand owner continues to support our efforts,
having renewed our sole distributorship for another three years
with a modest increase in distributor pricing. They are also
providing assistance in designing product sales bundles.
Additionally, we plan to launch workshops this year to educate
customers on our products, which we believe will enhance sales and
improve profit margins, benefiting from the renewed distributor
agreement.
"We are actively pursuing more retail agreements to broaden our
sales reach. Furthermore, we will explore opportunities to
negotiate new brand partnerships to expand our product
categories."
He concluded:
"The impact of the pandemic
continues to be felt, exacerbated by rising interest rates and
escalating raw material costs. This challenging environment affects
not only our group but the broader economy in which we operate.
Many retailers in our region have struggled, with increased
operating expenses leading to closures. In response, our group has
implemented various support measures for our business partners,
including a new partnership program with revised suggested retail
pricing. Additionally, based on our renewed agreement with the
brand owner, we are extending accounts receivable aging periods to
help our retail partners improve their sales margins and navigate
these tough conditions."
Ends
|
Enquiries:
|
|
|
|
Sealand Capital Galaxy
Limited
|
|
+ 44 (0) 753 795
9788
|
|
Law Chung Lam Nelson, Executive
Chairman
|
|
|
|
|
|
|
Notes to Editors:
The Company's Shares are traded on
the Official List of the London Stock Exchange's main market for
listed securities under the ticker SCGL.
Further information on Sealand
please visit: http://www.scg-ltd.com/
SEALAND CAPITAL GALAXY LIMITED
MANAGEMENT DISCUSSION AND ANALYSIS
Sealand Capital Galaxy Limited is a
company acting as a special purpose acquisition company. The Group
is engaged in e-commerce, mobile payment and other IT related
business. Today it announces its results for the six months ended
30 June 2024.
Business Review
Our recent focus on e-business in
China has not yielded satisfactory profit results. Moving forward,
we will leverage our strengths to enhance sales across the full
spectrum of channels, both online and offline, within our
authorized sales capacity.
Collaboration with local retail
partners has proven beneficial. The brand owner continues to
support our efforts, having renewed our sole distributorship for
another three years with a modest increase in distributor pricing.
They are also providing assistance in designing product sales
bundles. Additionally, we plan to launch workshops this year to
educate customers on our products, which we believe will enhance
sales and improve profit margins, benefiting from the renewed
distributor agreement.
We are actively pursuing more retail
agreements to broaden our sales reach. Furthermore, we will explore
opportunities to negotiate new brand partnerships to expand our
product categories.
Financial Review
During the six months ended 30 June
2024, the loss attributable to ordinary shareholders was £163,890
(2023: £203,951), and the revenue for the period was £71,631 (2023:
£61,198).
Prospects
The impact of the pandemic continues
to be felt, exacerbated by rising interest rates and escalating raw
material costs. This challenging environment affects not only our
group but the broader economy in which we operate. Many retailers
in our region have struggled, with increased operating expenses
leading to closures. In response, our group has implemented various
support measures for our business partners, including a new
partnership program with revised suggested retail pricing.
Additionally, based on our renewed agreement with the brand owner,
we are extending accounts receivable aging periods to help our
retail partners improve their sales margins and navigate these
tough conditions.
As a publicly listed company, we are
committed to delivering optimal returns for our shareholders. We
continuously seek new business opportunities within China and
across Asia. We aim to leverage the potential of the China "Belt
and Road" initiative and explore new ventures in the ASEAN region,
capitalizing on our headquarters in Hong Kong.
Looking ahead, we anticipate that
2025 may pose significant challenges for businesses overall. While
there are indications of a potential reduction in interest rates,
which could improve the business environment, it is prudent not to
rely solely on uncertain large-scale policies. Our group will
continue to capitalize on its strategic location within ASEAN to
drive growth and resilience.
SEALAND CAPITAL GALAXY LIMITED
MANAGEMENT DISCUSSION AND ANALYSIS
Going Concern
As at 30 June 2024, the Group has
cash and cash equivalent balances of £8,108 and net current
liabilities and net liabilities of £1,427,781.
The directors' cash-flow projections
for the forthcoming 12 months conclude there will be a need for
additional cash resources. The directors are in discussions with
some parties that may raise further equity and/or loans. There is
no certainty that any such funds will be forthcoming or the price
and other terms will be acceptable.
Directors
The following directors served
during the six months ended 30 June 2024:
|
Mr Chung Lam Nelson Law
|
(Chairman and Chief Financial
Officer)
|
|
Mr Geoffrey John Griggs
|
(Non-executive Director)
|
I would like to thank my colleagues
for their continued perseverance and commitment towards reaching
the Groups' objectives.
Chung Lam Nelson Law
Chairman
30 September 2024
SEALAND CAPITAL GALAXY LIMITED
PRINCIPAL RISKS AND UNCERTAINTIES
The Board regularly monitors
exposure to risks and uncertainties that it considers key as set
out below.
The group faces risks associated
with integrating and assimilating acquired businesses. Difficulties
may arise due to cultural differences, operational complexities,
and organizational alignment, which could impact the performance
and profitability of acquired entities.
International Interest Rates and Inflation
The international landscape has
indicated a potential reduction in interest rates, influenced by
the upcoming U.S. election results in November. Given the
unpredictability associated with human factors in this election,
forecasting remains challenging. The Hong Kong Dollar's peg to the
U.S. Dollar, as dictated by the currency policy in our special
economic zone, will significantly impact our operations.
Currency Fluctuations
The U.S. Dollar is the predominant
global currency, and its fluctuations will have substantial
repercussions on our procurement of goods from Europe and the
products we sell in Asia.
As a publicly listed company, we
recognize the importance of continuously monitoring the operating
environment. Our group is committed to striving for improved
results in the upcoming fiscal year.
Financial Risks
The Group financial risks including
foreign exchange risk, interest rate risk, credit risk, liquidity
risk and cash flow risk are carefully monitored by the
Board.
Chung Lam Nelson Law
Chairman
30 September 2024
SEALAND CAPITAL GALAXY LIMITED
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that to the
best of their knowledge:
|
(a)
|
the condensed set of financial
statements, which has been prepared in accordance with IAS 34
"Interim Financial Reporting", gives a true and fair view of the
assets, liabilities, financial position and loss of the Group as a
whole as required by DTR 4.2.4R subject to the comment on the going
concern position of the Group.
|
|
(b)
|
the interim management report
includes a fair review of the information required by DTR 4.2.7R
(indication of important events during the first six months of the
year and a description of principal risks and uncertainties for the
remaining six months of the year); and
|
|
(c)
|
the interim management report
includes a fair review of the information required by DTR 4.2.8R
(disclosure of related parties' transactions and changes
therein).
|
By order of the Board
Chung Lam Nelson Law
Chairman
30 September 2024
SEALAND CAPITAL GALAXY
LIMITED
UNAUDITED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHS ENDED 30
JUNE 2024
|
|
|
Six months
ended
30 June
2024
|
|
Six months
ended
30 June
2023
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Notes
|
£
|
|
£
|
|
|
|
|
|
|
|
Revenue
|
5
|
71,631
|
|
61,198
|
|
Cost of services
|
|
(35,813)
|
|
(38,899)
|
|
|
|
|
|
|
|
Gross profit
|
|
35,818
|
|
22,299
|
|
|
|
|
|
|
|
Other income
|
5
|
1,837
|
|
8,151
|
|
Administrative expenses
|
|
(199,758)
|
|
(275,488)
|
|
Finance costs
|
|
(71)
|
|
(425)
|
|
Gain on deregistration of
subsidiaries
|
|
-
|
|
41,207
|
|
|
|
|
|
|
|
Loss
before tax
|
6
|
(162,174)
|
|
(204,256)
|
|
Income tax expenses
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Loss
for the period
|
|
(162,174)
|
|
(204,256)
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Equity holders of the
Company
|
|
(163,890)
|
|
(203,951)
|
|
Non-controlling interests
|
|
1,716
|
|
(305)
|
|
|
|
|
|
|
|
|
|
(162,174)
|
|
(204,256)
|
|
|
|
|
|
|
|
Loss
per share attributable to equity holders of the
Company
|
|
|
|
|
|
|
|
Pence
|
|
Pence
|
|
Basic and diluted
|
8
|
(*)
|
|
(*)
|
|
|
|
|
|
|
|
* Less than 0.001 pence
|
|
|
|
|
|
|
|
|
|
|
|
The notes to the financial
statements form an integral part of these financial
statements.
|
|
|
|
|
|
|
|
SEALAND CAPITAL GALAXY
LIMITED
UNAUDITED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30
JUNE 2024
|
|
|
Six months
ended
30 June
2024
|
|
Six months
ended
30 June
2023
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Notes
|
£
|
|
£
|
|
|
|
|
|
|
|
Loss
for the period
|
|
(162,174)
|
|
(204,256)
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income
|
|
|
|
|
|
Items to be reclassified subsequently
to profit or loss:
|
|
|
|
|
|
- Exchange differences on translation
of foreign operations
|
|
(2,534)
|
|
39,653
|
|
|
|
|
|
|
|
Other comprehensive loss for the
period, net of tax
|
|
(2,534)
|
|
39,653
|
|
|
|
|
|
|
|
Total comprehensive loss for the period
|
|
(164,708)
|
|
(164,603)
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Equity holders of the
Company
|
|
(165,765)
|
|
(173,999)
|
|
Non-controlling interests
|
|
1,057
|
|
9,396
|
|
|
|
|
|
|
|
|
|
(164,708)
|
|
(164,603)
|
|
|
|
|
|
|
|
The notes to the financial
statements form an integral part of these financial
statements.
|
|
|
|
|
|
|
|
SEALAND CAPITAL GALAXY
LIMITED
UNAUDITED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 30
JUNE 2024
|
|
|
At
30 June
2024
|
|
At
31 December
2023
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Notes
|
£
|
|
£
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and
equipment
|
9
|
-
|
|
14,178
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
10
|
43,998
|
|
49,224
|
|
Deposit, prepayment and other
receivables
|
|
51,249
|
|
45,531
|
|
Trade receivables
|
|
35,070
|
|
35,435
|
|
Cash and cash equivalents
|
|
8,108
|
|
9,111
|
|
|
|
|
|
|
|
|
|
138,425
|
|
139,301
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade payables
|
|
38,305
|
|
36,110
|
|
Other payables and accrued
expenses
|
|
690,481
|
|
630,524
|
|
Amount due to a director
|
|
837,420
|
|
740,486
|
|
Finance lease liabilities
|
11
|
-
|
|
14,432
|
|
|
|
|
|
|
|
|
|
1,566,206
|
|
1,421,552
|
|
|
|
|
|
|
|
Net
current liabilities
|
|
(1,427,781)
|
|
(1,282,251)
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
(1,427,781)
|
|
(1,268,073)
|
|
|
|
|
|
|
|
Net
liabilities
|
|
(1,427,781)
|
|
(1,268,073)
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
Share capital
|
12
|
72,490
|
|
71,581
|
|
Reserves
|
|
(1,180,042)
|
|
(1,018,368)
|
|
|
|
|
|
|
|
Total equity attributable to equity shareholders of the
Company
|
|
(1,107,552)
|
|
(946,787)
|
|
Non-controlling interests
|
|
(320,229)
|
|
(321,286)
|
|
|
|
|
|
|
|
Total equity
|
|
(1,427,781)
|
|
(1,268,073)
|
|
|
|
|
|
|
|
The notes to the financial statements
form an integral part of these financial statements
|
SEALAND CAPITAL GALAXY
LIMITED
UNAUDITED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 30
JUNE 2024
|
|
Attributable to the equity
holders of the Company
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
|
|
payment
|
|
Accumulated
|
|
Exchange
|
|
|
|
Non-controlling
|
|
|
|
|
Share
capital
|
|
premium
|
|
reserve
|
|
losses
|
|
reserve
|
|
Total
|
|
interests
|
|
Total
equity
|
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
Six months ended 30 June
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1
January 2024 (Audited)
|
71,581
|
|
6,917,830
|
|
357,417
|
|
(8,328,881)
|
|
35,266
|
|
(946,787)
|
|
(321,286)
|
|
(1,268,073)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
(163,890)
|
|
-
|
|
(163,890)
|
|
1,716
|
|
(162,174)
|
|
Exchange differences arising on
translation
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,875)
|
|
(1,875)
|
|
(659)
|
|
(2,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income
|
-
|
|
-
|
|
-
|
|
(163,890)
|
|
(1,875)
|
|
(165,765)
|
|
1,057
|
|
(164,708)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of share
|
909
|
|
4,091
|
|
-
|
|
-
|
|
-
|
|
5,000
|
|
-
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
30 June 2024 (Unaudited)
|
72,490
|
|
6,921,921
|
|
357,417
|
|
(8,492,771)
|
|
33,391
|
|
(1,107,552)
|
|
(320,229)
|
|
(1,427,781)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended 30 June
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1
January 2023 (Audited)
|
71,581
|
|
6,917,830
|
|
357,417
|
|
(7,914,649)
|
|
(3,720)
|
|
(571,541)
|
|
(321,302)
|
|
(892,843)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
(203,951)
|
|
-
|
|
(203,951)
|
|
(305)
|
|
(204,256)
|
|
Exchange differences arising on
translation
|
-
|
|
-
|
|
-
|
|
-
|
|
29,952
|
|
29,952
|
|
9,701
|
|
39,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income
|
-
|
|
-
|
|
-
|
|
(203,951)
|
|
29,952
|
|
(173,999)
|
|
9,396
|
|
(164,603)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
30 June 2023 (Unaudited)
|
71,581
|
|
6,917,830
|
|
357,417
|
|
(8,118,600)
|
|
26,232
|
|
(745,540)
|
|
(311,906)
|
|
(1,057,446)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes to the financial statements
form an integral part of these financial statements.
|
SEALAND CAPITAL GALAXY
LIMITED
UNAUDITED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30
JUNE 2024
|
|
|
Six months
ended
30 June
2024
|
|
Six months
ended
30 June
2023
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Loss before tax
|
|
(162,174)
|
|
(204,256)
|
|
|
|
|
|
|
|
Adjustments for:
|
|
|
|
|
|
Depreciation
|
|
14,252
|
|
14,693
|
|
Gain on deregistration of
subsidiaries
|
|
-
|
|
(41,207)
|
|
Share based payments
expense
|
|
5,000
|
|
-
|
|
Interest expenses
|
|
71
|
|
425
|
|
Bank interest
income
|
|
(15)
|
|
(10)
|
|
|
|
|
|
|
|
Operating cash flows before movements
in working capital
|
|
(142,866)
|
|
(230,355)
|
|
|
|
|
|
|
|
Decrease in
inventories
|
|
5,226
|
|
14,827
|
|
(Increase)/decrease in
prepayments and other receivables
|
|
(5,718)
|
|
1,968
|
|
Decrease/(increase) in trade
receivables
|
|
365
|
|
(417)
|
|
Increase in amount due to a
director
|
|
96,934
|
|
64,508
|
|
Increase/(decrease) in trade
payables
|
|
2,195
|
|
(1,419)
|
|
Increase in other payables and
accrued expenses
|
|
59,957
|
|
98,009
|
|
|
|
|
|
|
|
Net cash generated from/(used in)
operations
|
|
16,093
|
|
(52,879)
|
|
|
|
|
|
|
|
Payment of interest portion of
lease liabilities
|
|
(71)
|
|
(425)
|
|
|
|
|
|
|
|
Net
cash generated from/(used in) operating
activities
|
|
16,022
|
|
(53,304)
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
Net cash outflow on deregistration of
subsidiaries
|
|
-
|
|
(989)
|
|
Interest income received
|
|
15
|
|
10
|
|
|
|
|
|
|
|
Net
cash generated from/(used in) investing
activities
|
|
15
|
|
(979)
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
Payment of principal portion of lease
liabilities
|
|
(14,503)
|
|
(12,099)
|
|
|
|
|
|
|
|
Net
cash used in financing activities
|
|
(14,503)
|
|
(12,099)
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
|
|
1,534
|
|
(66,382)
|
|
|
|
|
|
|
|
Foreign exchange
realignment
|
|
(2,537)
|
|
38,445
|
|
Cash
and cash equivalents at 1 January
|
|
9,111
|
|
35,567
|
|
|
|
|
|
|
|
Cash
and cash equivalents at 30 June
|
|
8,108
|
|
7,630
|
|
|
|
|
|
|
|
The notes to the financial statements
form an integral part of these financial statements.
|
|
|
|
|
|
|
SEALAND CAPITAL GALAXY
LIMITED
NOTES TO UNAUDITED INTERIM
RESULTS
FOR THE SIX MONTHS ENDED 30
JUNE 2024
1. GENERAL
INFORMATION
Sealand Capital Galaxy Limited (the
"Company") was incorporated in the Cayman Islands on 22 May 2015 as
an exempted Company with limited liability under the Companies Law
of the Cayman Islands. The registered office of the Company is
Willow House, PO Box 709, Cricket Square, Grand Cayman, KY1-1107,
Cayman Islands. These unaudited consolidated interim financial
statements comprise the Company and its subsidiaries (together
referred to as the "Group").
The Company's nature of operations
is to act as a special purpose acquisition company.
The Group engaged in digital
marketing and other IT and e-commerce related
businesses.
2. BASIS OF
PREPARATION
The unaudited consolidated interim
financial statements for the six months ended 30 June 2024 have
been prepared in accordance with the International Accounting
Standard ("IAS") No. 34 "Interim Financial Reporting" issued by the
International Accounting Standards Board ("IASB"). These unaudited
consolidated interim financial statements were not reviewed or
audited by our auditor.
The consolidated interim financial
information has been prepared in accordance with the same
accounting policies adopted in the 2023 annual financial statements
extracted, except for the accounting policy changes that are
expected to be reflected in the 2024 annual financial
statements.
The preparation of the interim
financial information in conformity with IAS 34 requires management
to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and
liabilities, income and expenses on a year to date basis. Actual
results may differ from these estimates.
This consolidated interim financial
information contains consolidated financial statements and selected
explanatory notes. The notes include an explanation of events and
transactions that are significant to an understanding of the
changes in financial position and performance of the Group since
the 2022 annual financial statements. The consolidated interim
financial statements and notes thereon do not include all of the
information required for a full set of financial statements
prepared in accordance with International Financial Reporting
Standards ("IFRSs").
3. GOING CONCERN
The directors' cash projections for
the forthcoming 12 months conclude that there will be a need for
additional cash resources to fully implement the business plans.
The directors are in discussion with a number of individuals that
may lead to further equity and/or loans being raised. There is no
certainty that any such funds will be forthcoming or the price and
other terms will be acceptable.
4. SEGMENT
INFORMATION
The Chief Operating Decision Maker
("CODM") has been identified as the executive director of the
Company who reviews the Group's internal reporting in order to
assess performance and allocate resources. The CODM has determined
the operating segments based on these reports.
SEALAND CAPITAL GALAXY
LIMITED
NOTES TO UNAUDITED INTERIM
RESULTS
FOR THE SIX MONTHS ENDED 30
JUNE 2024
For management purposes, the Group
is organised into business units based on their products and
services and has reportable operating segments as
follows:
|
(a)
|
The digital marketing and payment
segment includes services on enlisting merchants to mobile payment
gateways and providing digital advertising services; and
|
|
|
|
|
(b)
|
The e-commerce segment includes
sales of goods through internet and provision for consultancy
services related to e-commerce.
|
|
|
Digital
marketing
and
payment
|
|
E-
commerce
|
|
Unallocated
|
|
Total
|
|
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Six
months ended 30 June 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
-
|
|
71,631
|
|
-
|
|
71,631
|
|
|
|
|
|
|
|
|
|
|
Segment loss
|
(206)
|
|
(7,662)
|
|
(154,306)
|
|
(162,174)
|
|
|
|
|
|
|
|
|
|
|
Assets
|
51
|
|
94,612
|
|
43,762
|
|
138,425
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
6,474
|
|
72,022
|
|
1,487,710
|
|
1,566,206
|
|
|
|
|
|
|
|
|
|
|
Six
months ended 30 June 2023 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
-
|
|
61,198
|
|
-
|
|
61,198
|
|
|
|
|
|
|
|
|
|
|
Segment loss
|
(6,366)
|
|
(7,081)
|
|
(190,809)
|
|
(204,256)
|
|
|
|
|
|
|
|
|
|
|
Assets
|
26
|
|
149,841
|
|
60,540
|
|
210,407
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
6,488
|
|
99,863
|
|
1,161,502
|
|
1,267,853
|
5. REVENUE AND OTHER
INCOME
|
|
Six months
ended
30 June
2024
|
|
Six months
ended
30 June
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
£
|
|
£
|
|
|
|
|
|
|
REVENUE
|
|
|
|
|
Commission income
|
437
|
|
642
|
|
Sales of goods
|
71,194
|
|
60,556
|
|
|
|
|
|
|
|
71,631
|
|
61,198
|
|
|
|
|
|
|
OTHER INCOME
|
|
|
|
|
Bank interest income
|
15
|
|
10
|
|
Others
|
1,822
|
|
8,141
|
|
|
|
|
|
|
|
1,837
|
|
8,151
|
SEALAND CAPITAL GALAXY
LIMITED
NOTES TO UNAUDITED INTERIM
RESULTS
FOR THE SIX MONTHS ENDED 30
JUNE 2024
6. LOSS BEFORE TAX
|
|
Six months
ended
30 June
2024
|
|
Six months
ended
30 June
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
£
|
|
£
|
|
|
|
|
|
|
Loss before tax has been arrived at
after charging:
|
|
|
|
|
Depreciation - Owned assets and
right of use assets
|
14,252
|
|
14,693
|
7. EMPLOYEES
The average number of employees
during the period was made up as follows:
|
|
Six months
ended
30 June
2024
|
|
Six months
ended
30 June
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
Directors
|
2
|
|
2
|
|
|
|
|
|
|
Staff
|
3
|
|
3
|
|
|
|
|
|
|
Directors' remuneration
(£)
|
99,000
|
|
99,000
|
|
|
|
|
|
8. BASIC AND DILUTED LOSS PER
SHARE
Basic loss per share is calculated
by dividing the loss attributable to the Company's owners of
£163,890 (2023: £203,951) by the weighted average number of
715,815,080 ordinary shares (2023: 715,815,080) in issue during the
six months ended 30 June 2024.
Diluted loss per share was the same
as basic loss per share as no potential dilutive ordinary shares
were outstanding for both the six months ended 30 June 2024 and
2023.
9. PROPERTY, PLANT AND
EQUIPMENT
|
|
|
|
Right of
use
assets
|
|
|
|
|
£
|
|
|
|
|
|
|
At 1 January 2024
(Audited)
|
|
|
14,178
|
|
Depreciation for the
period
|
|
|
(14.252)
|
|
Exchange differences
|
|
|
74
|
|
|
|
|
|
|
At 30 June 2024
(Unaudited)
|
|
|
-
|
SEALAND CAPITAL GALAXY
LIMITED
NOTES TO UNAUDITED INTERIM
RESULTS
FOR THE SIX MONTHS ENDED 30
JUNE 2024
10. INVENTORIES
|
|
At
30 June
2024
|
|
At 31
December
2023
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
£
|
|
£
|
|
|
|
|
|
|
Finished goods
|
43,998
|
|
49,224
|
11. LEASE LIABILITIES
The total minimum lease liabilities
under finance leases and their present values at the reporting date
are as follows:
|
|
At
30 June
2024
|
|
At 31
December
2023
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
£
|
|
£
|
|
|
|
|
|
|
Current portion:
|
|
|
|
|
Gross finance lease
liabilities
|
-
|
|
14,503
|
|
Finance expense not
recognised
|
-
|
|
(71)
|
|
|
|
|
|
|
|
-
|
|
14,432
|
|
|
|
|
|
|
The
net finance lease liabilities are analysed as
follows:
|
|
|
|
|
- Not later than 1 year
|
-
|
|
14,432
|
12. SHARE CAPITAL
|
|
Number
|
|
£
|
|
|
|
|
|
|
Ordinary shares issued and fully paid
|
|
|
|
|
At 1 January 2024
(Audited)
|
715,815,080
|
|
71,581
|
|
Issue of share (note (a))
|
9,090,909
|
|
909
|
|
|
|
|
|
|
At 30 June 2023
(Unaudited)
|
724,905,989
|
|
72,490
|
Note:
|
(a)
|
On 26 January 2024, the Company
issued 9,090,909 ordinary new shares of £0.0001 per share for the
settlement of professional fees of £5,000.
|
13. NON-CASH TRANSACTION
On 26 January 2024, the Company
issued 9,090,909 ordinary new shares of £0.0001 per share for the
settlement of professional fees of £5,000.
14. RELATED PARTY TRANSACTIONS
|
(a)
|
Details of the compensation of key
management personnel are disclosed in Note 7 to the unaudited
interim results.
|
|
|
|
|
(b)
|
Apart from the balances with related
parties at the end of the reporting period disclosed elsewhere in
the financial statements, the Company had not entered into any
significant related party transactions for the six months ended 30
June 2024.
|