TIDMOBOR
RNS Number : 2377W
Starcrest Education The Belt & Road
22 April 2021
22 April 2021
Starcrest Education The Belt & Road Limited
("Starcrest" or the "Company" or the "Group")
Final Results
Starcrest Education The Belt & Road Limited (LSE: OBOR), the
international developer and operator of education services in
Europe, is pleased to announce its audited final results for the
year ended 31 December 2020.
Highlights
-- Cash balance of GBP1,454,672 as at 31 December 2020
-- Loss before tax of GBP1,327,754 for the year ended 31 December 2020
-- In September 2019, the Company signed a non-legally binding
heads of terms to acquire sixty per cent. of the issued share
capital of The London School of Science and Technology Limited (the
"Proposed Transaction")
o Due to the uncertainties of the COVID-19 pandemic, it is now
likely that there will be no further progression of the Proposed
Transaction until after 30 June 2021.
John McLean OBE, Non-Executive Chairman, commented:
"We are pleased to announce Starcrest's final results for the
year ended 31 December 2020.
"Since the Company's admission on the London Stock Exchange Main
Market, our ambition has been to seek relevant acquisition
opportunities to enable the Company to provide forward-thinking,
value-added solutions for students, employees and societies in the
'One Belt, One Road' countries.
"The Board believes that there remains significant potential for
long-term growth within the international education sector and that
Starcrest is well-positioned and sufficiently funded to deliver
upon its strategy and to capitalise on this growth.
"Due to the uncertainties of the COVID-19 pandemic, it is now
likely that there will be no further progression of the Proposed
Transaction until after 30 June 2021. As such, we continue to work
to identify other suitable acquisition targets that fit with the
Company's search criteria and provide valuable opportunities for
Starcrest and its shareholders.
"Throughout the year, we have remained proud to support UK-China
relations and we have continued to sponsor the UK-China Charity
Initiative in order to raise funds for The Lord Mayor's Appeal
charities in the UK and China Chamber of Commerce in the UK's
poverty alleviation projects in China.
"We would like to take this opportunity to thank the Company's
shareholders for their support during what are still very uncertain
times and all employees for their hard work.
"We look forward to providing further updates to the market in
due course."
- Ends -
Enquiries:
Starcrest Education
John McLean OBE, Non-Executive Chairman +44 (0) 7768 031454
Allenby Capital Limited (Financial
Adviser and Broker)
John Depasquale / James Hornigold +44 (0) 20 3328 5657
Yellow Jersey PR (Financial PR)
Sarah Hollins
Henry Wilkinson +44 (0) 20 3004 9512
Notes to editors:
Starcrest is an international developer and operator of
education services in Europe. The newly formed entity has been
established to seek acquisition opportunities in the international
education sector.
The Company intends to capture opportunities arising from the
'One Belt, One Road' ("OBOR") initiative, a foreign policy and
economic strategy of the Chinese Government. The term derives from
the Silk Road, the ancient trade route, and encompasses the
overland 'Silk Road Economic Belt' and the '21st-Century Maritime
Silk Road,' concepts introduced by Chinese President Mr Xi Jinping
in 2013. These are the two major axes along which China proposes to
economically link Europe to China through countries across Eurasia
and the Indian Ocean. The OBOR initiative also links to Africa and
Oceania.
Starcrest listed on the Main Market of the London Stock Exchange
on 31 January 2019 under the ticker symbol (LSE: OBOR). Further
information can be found on the Company's website at
https://www.starcresteducation.com
Chairman's Statement
Introduction
I am pleased to report the final results for the year ended 31
December 2020.
As announced upon the Company's admission to trading,
Starcrest's strategic objective has been to provide innovative
solutions that add value to students, employees and the wider
society in 'One Belt, One Road' ("OBOR") countries.
In line the Group's strategy, we have been proactively seeking
relevant acquisition opportunities that fit with the Group's search
criteria and that offer attractive growth potential. As a result,
on 18 September 2019, Starcrest announced its intention to acquire
sixty per cent. of the issued share capital of The London School of
Science and Technology Limited ("LSST") (the "Proposed
Transaction"). Given it is now likely that there will be no further
progression of the Proposed Transaction until after 30 June 2021,
due to the uncertainties of the COVID-19 pandemic, we are now
pushing on at pace to seek other suitable acquisition targets. We
hope to update the market in this regard in due course.
Throughout the year, Starcrest remained highly supportive of
UK-China relations and continued to sponsor the UK-China Charity
Initiative, launched by The Lord Mayor's Appeal ("LMA") and China
Chamber of Commerce in the UK ("CCCUK") to raise funds for the
LMA's charities in the UK and CCCUK's poverty alleviation projects
in China.
Results and Trading
As of 31 December 2020, the Group had cash balances of
GBP1,454,672. Loss before tax for the year ended 31 December 2020
was GBP1,327,754.
The majority of the losses reported in the year, representing
approximately GBP1.03m is attributed to professional fees and
associated costs relating to the reverse takeover project in 2020
and funds incurred in legal, commercial and financial due diligence
relating to the Proposed Transaction.
Since the year-end, the Group can confirm that its trading
activity has remained in line with the Board's expectations.
Working Capital
As at 31 March 2021, funds held at our banks equated to
GBP1,127,398.
The Board has reviewed its cash flows for the next 12 months on
a stand-alone basis, having taken into account current overheads
and projected costs associated with the due diligence on the
Proposed Transaction. The Board is satisfied that the Group has
sufficient funds for the next 12 months.
Strategy and COVID-19
The Group continues to seek acquisition targets across Europe,
which will add value and support this strategy. The Directors look
forward to updating the market with our progress as and when
possible.
While the global situation regarding COVID-19 persists, the
wellbeing of our staff remains our ultimate priority. Following
Government advice, in order to ensure the health and safety of all
employees, all of the Company's personnel are now working from home
as the Company's range of corporate activities continues.
Additionally, for the foreseeable future, the Company does not plan
to have an office within the UK as everything will be managed
virtually.
As a direct result of the virus, we have noted a monumental
shift in the education sector towards online, remote learning. The
Board believes this trend will continue even once the negative
effects of the virus have passed, and believes that it is right in
aligning its strategy and search criteria for acquisition targets
with this growing trend.
Summary and Outlook
The Board remains of the belief that Starcrest is well placed
and has adopted the right strategy to capitalise on the enormous
potential of the Chinese education sector and the opportunities
arising from China's OBOR initiative.
We anticipate our Annual General Meeting for 2021 will be held
remotely. We will notify shareholders of our proposed date when the
Annual Accounts are circulated.
The Board will continue to prioritise the safeguarding of all
employees and we look forward to updating existing and prospective
investors with our progress regarding our search for acquisition
targets and other corporate news in due course.
John McLean OBE
Non-Executive Chairman
22 April 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 31 December 2020
Note Year Ended Year Ended
31 December 31 December
2020 2019
GBP GBP
Administrative expenses (1,537,335) (1,214,374)
--------------- ---------------
Operating loss 10 (1,537,335) (1,214,374)
Finance expense - (2,372)
Loss before taxation (1,537,335) (1,216,746)
Taxation 13 - -
--------------- ---------------
Loss for the year (1,537,335) (1,216,746)
Other comprehensive loss
Exchange gain/(loss) arising
on translation to presentation
currency 209,581 (113,428)
--------------- ---------------
Total comprehensive loss
for the year (1,327,754) (1,330,174)
--------------- ---------------
Loss per share - basic
and diluted (pence per
share) 14 (7.13) (6.15)
--------------- ---------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the year ended 31 December 2020
As at As at
31 December 31 December
2020 2019
Note GBP GBP
------------------------------------- ------ --------------- --- --------------
Assets
Non-current assets
Right-of-use assets - 70,197
Total non-current assets 70,197
Current assets
Cash and cash equivalents 16 1,454,672 2,787,046
Trade and other receivables 16,681 14,600
--------------- --------------
Total current assets 1,471,353 2,801,646
--------------- --------------
Total assets 1,471,353 2,871,843
=============== ==============
Equity and liabilities
Capital and reserves attributable
to owners of the company
Share capital 18 215,600 215,600
Share premium 19 3,454,364 3,454,364
Other reserve - -
Retained earnings (2,943,779) (1,406,444)
Foreign exchange reserves 96,153 (113,428)
--------------- --------------
Total equity 822,338 2,150,092
Liabilities
Current liabilities
Trade and other payables 17 649,015 658,822
Lease liability - 62,929
--------------- --------------
Total liabilities 649,015 721,751
Total equity and liabilities 1,471,353 2,871,843
=============== ==============
These financial statements were approved by the Board of
Directors for issue on 22 April 2021 and signed on behalf by:
John McLean OBE
Non-Executive Chairman
22 April 2021
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2020
Foreign exchange
Share Share Other Reserve Retained reserves Total
capital premium earnings equity
GBP GBP GBP GBP GBP GBP
------------------ ----------- ----------- ----------------- --------------- ------------------ ----------
Balance at 01
January
2020 215,600 3,454,364 - (1,406,444) (113,428) 2,150,092
Loss for the - - - (1,537,335) * (1,537,335)
year
-
------------------ ----------- ----------- ----------------- --------------- ------------------------------
Total
comprehensive
income 215,600 3,454,364 (2,943,779) (113,428) 612,757
------------------ ----------- ----------- ----------------- --------------- ------------------------------
Other
comprehensive
loss for the
year - - - - 209,581 209,581
----------- ----------- ----------------- --------------- ------------------ ----------
Balance at 31
December
2020 215,600 3,454,364 - (2,943,779) 96,153 822,338
----------- ----------- ----------------- --------------- ------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2019
Foreign
Share Share Other Reserve Retained exchange Total
capital premium earnings reserves equity
GBP GBP GBP GBP GBP GBP
----------------- ----------- ------------ ----------------- ------------- ----------------- -------------
Balance at 01
January
2019 8,000 - 3,773,141 (189,698) - 3,591,443
Shares issued 207,600 - (207,600) - - -
Transferred
from
other reserves
to
share premium - 3,565,541 (3,565,541) - - -
Transactions
costs
deducted from
equity - (111,177) - - - (111,177)
Loss for the - - - (1,216,746) * (1,216,746)
year
-
----------------- ----------- ------------ ----------------- ------------- --------------------------------
Total
comprehensive * 2,263,520
income 215,600 3,454,364 - (1,406,444)
----------------- ----------- ------------ ----------------- ------------- --------------------------------
Other
comprehensive
loss for the
year - - - - ( 113,428) ( 113,428)
----------- ------------ ----------------- ------------- ----------------- -------------
Balance at 31
December
2019 215,600 3,454,364 - (1,406,444) (113,428) 2,150,092
----------- ------------ ----------------- ------------- --------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2020
Year Ended Year Ended
31 December 31 December
2020 2019
GBP GBP
------------------------------------------ -------------- ---- ---- --------------
Cash flows from operating activities
Loss for the year (1,537,335) (1,216,746)
Depreciation - 88,531
Finance cost - 2,372
(Increase) in receivables (2,081) -
(Decrease) /increase in payables (2,539) 281,377
-------------- --------------
Net cash used in operating activities
Cash flows from financing activities (1,541,955) (844,466)
-------------- --------------
Expenses paid on share issue - (174,837)
Principal paid on lease liabilities - (98,171)
Interest paid on lease liabilities - (2,372)
-------------- --------------
Net cash (used)/generated from
financing activities - (275,380)
-------------- --------------
Net (decrease)/increase in cash (1,541,955) (1,119,846)
and cash equivalents
Cash and cash equivalents at beginning
of the financial period 2,787,046 4,020,320
Exchange losses on cash and cash
equivalents 209,581 (113,428)
-------------- --------------
Cash and cash equivalents at end
of financial period 1,454,672 2,787,046
============== ==============
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
1. GENERAL INFORMATION
Starcrest Education The Belt & Road Limited ("the Company")
was incorporated and registered in the Cayman Islands as a private
company limited by shares on 23 May 2018 under the Companies Law
(as revised) of The Cayman Islands, with the name Starcrest
Education The Belt & Road Limited, and registered number
337619.
The Company's registered office is located at Cricket Square,
Hutchins Drive PO Box 2681, Grand Cayman KY1-1111, Cayman
Islands.
2. PRINCIPAL ACTIVITIES
The principal activity of the Group is to seek education related
acquisition opportunities in Europe.
3. RECENT ACCOUNTING PRONOUNCEMENTS
(a) New interpretations and revised standards effective for the year ended 31 December 2020
The International Accounting Standards Board (Board) has issued
an amendment to IFRS 16 Leases to make it easier for lessees to
account for COVID-19-related rent concessions such as rent holidays
and temporary rent reductions.
The Group's lease had a term of 6 months and therefore the Group
have elected not to recognise an asset or liability as per the
short-term lease exemption of IFRS 16. The lease payments have been
recognised in profit or loss on a straight-line basis over the
lease term.
(b) Standards and interpretations in issue but not yet effective
There are a number of standards and interpretations which have
been issued by the International Accounting Standards Board that
are effective for periods beginning subsequent to 1 January 2020.
The Directors do not believe these standards and interpretations
will have a material impact on the financial statements once
adopted.
4. BASIS OF PREPARATION
The consolidated financial information has been prepared in
accordance with International Financial Reporting Standards adopted
pursuant to Regulation (EC) No. 1606/2002 as it applies to the
European Union ("IFRS") and prepared under the historic cost
convention.
The consolidated financial statements include the audited
financial statements for the Company for the year ended 31 December
2020 and its subsidiary companies (See Note 15 ).
The Group's functional currency is USD. The Company listed its
shares on the Main market of the London Stock Exchange on 31
January 2019. The directors have decided to present the financial
information in Pounds Sterling (GBP), which is the Company's
presentation currency, as the Company is listed in the UK.
These financial statements have been prepared on a going concern
basis. The Directors consider that, having reviewed current cash
flow forecasts, including specific consideration of the potential
risks associated with COVID-19, they have a reasonable expectation
the Group has reasonable resources to continue its operations for
the foreseeable future.
5. SIGNIFICANT ACCOUNTING POLICIES
5.1 Foreign currency translation
Transactions in currencies other than the entity's functional
currency (foreign currencies) are recognised at the rates of
exchange prevailing on the dates of the transactions. At each
reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates
prevailing at that date. Non-monetary items that are measured in
terms of historical cost in a foreign currency are not
retranslated.
Exchange differences are recognised in profit or loss in the
period in which they arise.
Results at 31 December 2020 are translated into the presentation
currency. Assets and liabilities are translated at the closing rate
while income and expenses are translated at exchange rates at the
dates of the transactions. Differences arising are recognised in
Other Comprehensive Income in the period in which they arise.
5.2 Financial instruments
A financial asset or a financial liability is recognised only
when the Group becomes a party to the contractual provisions of the
instrument.
Financial instruments are initially recognised at the
transaction price as this represents fair value, unless the
arrangement constitutes a financing transaction, where it is
recognised at the present value of the future payments discounted
at a market rate of interest.
Financial assets
Financial assets are initially recognised at fair value, less
transaction costs. Subsequent to initial recognition, they are
recorded at amortised cost.
Financial liabilities
Financial liabilities are initially recognised at fair value
less transaction costs. Subsequent to initial recognition, they are
recorded at amortised cost.
5.3 Share Capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of ordinary shares or options in
relation to ordinary shares are shown in equity as a deduction, net
of taxation, from the proceeds.
5.4 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on
call with banks and other short term highly liquid investments that
are readily convertible into known amounts of cash and which are
subject to an insignificant risk of changes in value.
5.5 Earnings per share
Basic earnings per share is computed using the weighted average
number of shares outstanding during the period. Diluted earnings
per share is computed using the weighted average number of shares
during the period plus the dilutive effect of dilutive potential
ordinary shares outstanding during the year.
5.6 Leases
Where the Group enters into leases that are longer than 12
months, the Group recognises right-of-use assets measured at an
amount equal to the lease liability. The lease liability is
measured at the present value of the remaining lease payments,
discounted using the Group's incremental borrowing rate at date of
lease commencement. Lease modifications are accounted for at the
effective date of the lease modification.
6. ACCOUNTING ESTIMATES AND JUDGEMENTS
Preparation of financial information in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources.
There are no significant accounting estimates or judgements that
affect reported amounts of assets, liabilities, income and expenses
in this period.
7. FINANCIAL RISK MANAGEMENT
The Group has exposure to liquidity risk, foreign currency risk
and capital risks from its use of financial instruments. Credit,
interest rate and market risks are not considered to be material to
the Group. The Group is not subject to any external imposed capital
requirements.
The Group's financial instruments consist mainly of cash and
accounts payable.
a) Liquidity risk
Liquidity risk is the risk that the Group will encounter
difficulty in meeting the obligations associated with its financial
liabilities. The Group's approach to managing liquidity is to
ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable losses or
risking damage to the Group's reputation.
The Group's financial liabilities comprise amounts due to the
parent company and accruals. The Group's financial assets comprise
cash and cash equivalents.
The Group has sufficient cash to meet their liabilities as they
fall due.
b) Foreign currency risk
During the period, the board decided to convert 80% of the U.S.
Dollars in Singapore's OCBC Bank to British pounds and transfer
them to HSBC bank account in the UK. Financial risks of variations
in foreign currency exchange rates have been significantly reduced
as a result.
The impact of exchange rate fluctuations that are recognised
through other comprehensive income are those that arise on
translation from functional to presentation currency. The carrying
amounts of the balances and transactions denominated in a currency
other than the Group's presentation currency are as follows:
2020 United States Dollar RMB
Cash at bank 256,446 -
Amounts due to the parent company - (167,781)
-------------------------------- ---------------
Total 256,446 (167,781)
================================ ===============
2019 United States Dollar RMB
Cash at bank 2,787,046 -
Amounts due to the parent company - (162,115)
-------------------------------- ---------------
Total 2,787,046 (162,115)
================================ ===============
A ten percent strengthening of GBP (GBP) against the following
currencies at 31 December would have (decreased)/increased reported
equity and other comprehensive income by the following amounts:
2020
Other comprehensive income Equity
United States Dollar (17,081) (17,081)
RMB 15,253 15,253
2019
Other comprehensive income Equity
United States Dollar (253,368) (253,368)
RMB 14,738 14,738
A ten percent weakening of GBP (GBP) against the following
currencies at 31 December would have (decreased)/increased reported
equity and other comprehensive income by the following amounts:
2020
Other comprehensive income Equity
United States Dollar 20,876 20,876
RMB (18,642) (18,642)
2019
Other comprehensive income Equity
United States Dollar 309,672 309,672
RMB (18,013) (18,013)
The impact of the exchange rate fluctuations that are recognised
through profit or loss are those that arise on translation to
functional currency. The carrying amounts of the balances and
transactions denominated in a currency other than the entity's
functional currency (United States Dollar) are as follows:
2020 GBP RMB
(56,881) (229,005)
Amounts due to the parent company
Creditors (63,143) -
Accruals (528,873) -
Other creditors (7,940) -
Trade and other receivables 21,515 -
Total (635,321) (229,005)
=============== ===============
2019 GBP RMB
Amounts due to the parent company (55,208) (214,380)
Lease liabilities (83,365) -
Accruals (602,805) -
Trade and other receivables 19,341 -
Total (722,036) (214,380)
=============== ===============
A ten percent strengthening of USD ($) against the following
currencies at 31 December would have (decreased)/increased reported
equity and profit or loss by the following amounts:
2020
Profit or loss Equity
GBP 51,749 51,749
RMB 20,819 20,819
2019
Profit or loss Equity
GBP 65,640 65,640
RMB 19,489 19,489
A ten percent weakening of USD ($) against the following
currencies at 31 December would have (decreased)/increased reported
equity and profit or loss by the following amounts:
2020
Profit or loss Equity
GBP (42,316) (42,316)
RMB (25,445) (25,445)
2019
Profit or loss Equity
GBP (80,226) (80,226)
RMB (23,820) (23,820)
c) Credit risk
Credit risk refers to the risk that a counterparty will default
on its contractual obligations resulting in financial loss to the
Group. Credit allowances are made for estimated losses that have
been incurred by the reporting date.
8. CAPITAL MANAGEMENT
The Group actively manages the capital available to fund the
Group, comprising equity and reserves. The Group's objectives when
maintaining capital is to safeguard the entity's ability to
continue as a going concern, so that it can continue to provide
returns for shareholders.
9. SEGMENT REPORTING
IFRS 8 defines operating segments as those activities of an
entity about which separate financial information is available and
which are evaluated by the Board of Directors to assess perfo rm
ance and determine the allocation of resources. The Board of
Directors are of the opinion that under IFRS 8 the Group has only
one operating segment. The Board of Directors assess the perfo rm
ance of the operating segment using financial information which is
measured and presented in a m ann er consistent with that in the
Financial Statements. Segmental reporting will be reviewed and
considered in light of the development of the Group's business over
the next reporting period.
10. OPERATING LOSS
The operating loss is stated after charging/(crediting):
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Foreign exchange (gains) - -
---------- --------------
Administrative expenses incurred in the year principally include
amounts incurred in connection with the Proposed Transaction, being
legal and professional fees, together with directors and staff
costs as shown in note 11.
11. STAFF COSTS AND KEY MANAGEMENT EMOLUMENTS
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Key management emoluments
Remuneration 178,333 142,083
---------- ----------------
GBP GBP
Executive Directors
Xingchen Zhu 10,000 27,500
Xiaojun Zhang 65,833 27,500
Peng Luo 7,500 -
Non-executive Directors
John McLean OBE 35,000 32,083
Norman Cumming 30,000 27,500
Nicholas Petford DSc 30,000 27,500
178,333 142,083
Employees
Staff cost 131,917 -
National Insurance
Employers N.I. (Directors) 5,921 -
Employers N.I. (Employees) 9,026 -
14,947 -
Pension
Staff pensions (Directors) 1,375 -
Staff pensions (Employees) 4,121 -
5,496 -
12. AUDITORS' REMUNERATION
The following remuneration was received by the Company's
auditors:
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Remuneration for the
audit of the Company's
financial statements 29,625 25,000
Corporate finance services 90,000 175,000
13. TAXATION
The Company is incorporated in the Cayman Islands, and its
activities are subject to taxation at a rate of 0%.
14. EARNINGS PER SHARE
The Company presents basic and diluted earnings per share
information for its ordinary shares. Basic earnings per share is
calculated by dividing the loss attributable to ordinary
shareholders of the Company by the weighted average number of
ordinary shares in issue during the reporting period.
There is no difference between the basic and diluted loss per
share.
Year ended Year ended
31 December 31 December
2020 2019
Loss attributable to ordinary
shareholders (GBP) (1,537,335) (1,216,746)
Weighted average number of shares 21,560,000 19,796,822
Loss per share (expressed as
pence per share) (7.13) (6.15)
The loss per share for the period has been calculated using the
weighted average number of shares in issue during the year.
15. SUBSIDIARIES
All subsidiaries which have been included in these consolidated
financial statements, are as follows:
Country of incorporation Proportion of Proportion of
and principal ownership interest ownership interest
place of business at 31 December at 31 December
Name 2020 2020
Starcrest Education
Plc United Kingdom 100% 100%
Starcrest Education
Management (UK) Limited United Kingdom 100% 100%
16. CASH AND CASH EQUIVALENTS
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Cash at bank 1,454,672 2,787,046
------------------------- ------------------
Cash at bank earns interest at floating rates based on daily
bank deposit rates.
17. TRADE AND OTHER PAYABLES
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Amounts due to the parent
company 209,455 203,788
Accruals 387,481 455,034
Trade payables 46,262 -
Other creditors 5,817 -
-------------------------- ------------------
649,015 658,822
-------------------------- ------------------
All payables are financial liabilities measured at amortised
cost.
Amounts due to the parent company are unsecured, interest free
and repayable on demand.
18. SHARE CAPITAL
Number of shares Nominal
value
GBP
Authorised
Ordinary shares of GBP0.01 each 1,000,000,000 10,000,000
Issued and fully paid
Issue of ordinary shares of
GBP0.01 each 21,560,000 215,600
------------------ ------------
19. SHARE PREMIUM
The transaction costs of GBP111,177 incurred in the year ended
31 December 2019 and GBP291,222 incurred in the year ended 31
December 2018 have been deducted from equity.
The opening and closing balance of Share premium of GBP3,454,364
has been recognised.
20. RESERVES
The following describes the nature and purpose of each reserve
within equity:
Reserve Description and purpose
Share premium Amount subscribed for share capital
in excess of nominal value.
Other reserve Consideration received for shares
which are not yet issued.
Retained earnings All other net gains and losses
and transactions not recognised
elsewhere.
Foreign exchange reserve Gains/losses arising on retranslation
of net assets from functional
to presentation currency.
21. RELATED PARTY TRANSACTIONS
As at 31 December 2020, an amount of GBP209,455 (31 December
2019: GBP203,788) was owed to Starcrest Education Management
Company Ltd. This amount mainly arose from business expenses paid
on behalf of the Company by the parent company.
The remuneration of the Directors, the key management personnel
of the Company, is set out in note 11.
22. ULTIMATE CONTROLLING PARTY
The immediate parent company is Starcrest Education Management
Company Ltd. The ultimate parent company is Shenzhen Xing Chen
Investment Holdings Limited. The ultimate controlling party is Mr
Peng Luo, who is also a director of the Company.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR SEEEDFEFSEEL
(END) Dow Jones Newswires
April 22, 2021 02:00 ET (06:00 GMT)
Starcrest Education (LSE:OBOR)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Starcrest Education (LSE:OBOR)
Gráfica de Acción Histórica
De May 2023 a May 2024