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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)