TIDMSTHP
RNS Number : 6461N
Stranger Holdings PLC
01 October 2021
Stranger Holdings PLC / Index: LSE / Epic: STHP / Sector:
Investment
1 October 2021
Stranger Holdings PLC ('Stranger' or 'the Company')
Final Results
Stranger Holdings plc, the London listed investment company is
pleased to announce its results for the period ended 31 March
2021.
STRATEGIC REPORT
Principal activity
Stranger Holdings PLC is an investment company with the original
primary objective of undertaking a single acquisition of a target
company, business or asset in the industrial or service sector to
which end it has recently announced an acquisition of certain
mineral interests which will result in a reverse takeover
transaction as described below.
Results for the period
For the year from 1 April 2020 to 31 March 2021, the Company's
reported a loss of GBP355,000 (2020 - GBP432,000) which arose
predominantly from reverse takeover costs and listing fees on the
London Stock Exchange standard segment together with costs in
connection with the aborted acquisition of Recyclus.
At 31 March 2021 the cash balance is GBP18 (2020 - GBP60k).
The Recyclus Group Reverse Take-Over transaction has been
terminated due to the non-performance of Recyclus and their
directors and principals. We have lent Recyclus substantial monies
to assist in the development of their business prior to the
re-listing of the combined group. Recyclus have abandoned the
transaction leaving us with loans and investments made to the
company to repay, from investors introduced by them and their
directors and principals. The company has received substantial
further advances from the bond, which have been onward advanced to
Recyclus, for which they had assumed responsibility for the
servicing and ultimate repayment of the bond. We have engaged
lawyers and sent a letter before action demanding the return of
these monies together with costs and interest, and the costs of the
aborted transaction. There is no guarantee that we will be
successful in the claim but we are advised our claims are
strong.
On 26 September 2021 we entered into a Memorandum of
Understanding with Mayflower Capital Investments Pty Limited
("Mayflower") for the acquisition of certain mineral rights in
Africa, to include commodities such as Tin and Uranium. It is a
very exciting opportunity for the Company; however, we are unable
to disclose any further details at this stage due to
confidentiality reasons, but we will update the market as soon as
we are able. The directors have already completed a Reverse
Take-Over transaction with Mayflower via Caracal Gold PLC (formerly
Papillon Holdings PLC), which they still act as directors for, and
we have enjoyed an excellent working relationship with the
Mayflower team and look forward to progressing this transaction
with them.
Acquisitions are subject, inter alia, to the completion of due
diligence, documentation and compliance with all regulatory
requirements, including the Listing and Prospectus Rules and, as
required, the Takeover Code. The Company will, in due course, be
making an application for the enlarged Company to have its Ordinary
Shares admitted to the Official List and to trading on the main
market for listed securities of the London Stock Exchange.
We have to date received in excess of GBP1,834,000 under the
Audley Funding Facility. The loan facility with Dover Harcourt Plc
("Dover") was entered into on 31 October 2017, which provides the
Company access to a 5-year loan of up to GBP20 million. The
facility is conditional on Dover issuing bonds on the Frankfurt
stock exchange. Interest is charged at 7.75% per annum on the
nominal value of the bonds issued. The company also received a
government guaranteed Bounce Back Loan of GBP50,000 on 13 May 2020
on which it is due to start repayments soon.
The future
The directors look forward with confidence to a bright future
and we very much look forward to working with the Mayflower team.
We would like to thank our shareholders very much for their
continued patience during the process of this reverse takeover
until completion of this acquisition.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2021
Year ended Year ended
31 March 2021 31 March 2020
GBP GBP
'000 '000
Notes
Continuing operations
Government grant income 1 -
Listing costs 5 (12) (20)
Administrative expenses 5 (344) (412)
Operating loss (355) (432)
Investment income 5 106 56
Finance costs 5 (183) (129)
Loss before taxation (432) (505)
Taxation 7 - -
--------------- ---------------
Loss for the year attributable
to the equity owners (432) (505)
--------------- ---------------
Total comprehensive income
attributable to the equity
owners (432) (505)
Basic and diluted earnings (0.30
per share 9 p) (0.35p)
The loss for the period is the same as the total comprehensive
income for the year attributable to the owners of the Company.
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
As at 31 March
2021 2020
GBP GBP
Notes '000 '000
Assets
Current assets
Trade and other receivables 11 750 215
Cash and cash equivalents 13 - 60
---------- ---------
750 275
Non current assets
Other debtors 12 133 94
Total Assets 883 369
Equity and liabilities
Current liabilities
Trade and other payables 14 771 686
Borrowings 15 199 190
Non current liabilities
Borrowings 15 1,847 995
Total Liabilities 2,817 1,871
Equity attributable to equity holders
of the company
Share Capital - Ordinary shares 16 145 145
Share Premium account 737 737
Profit and Loss Account 17 (2,816) (2,384)
Total Equity (1,934) (1,502)
Total Equity and liabilities 883 369
---------- ---------
STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2021
Year ended Year ended
31 March 31 March
2021 2020
Notes GBP'000 GBP'000
Cash flows from operating activities
Operating loss (432) (505)
Add interest payable 183 161
Less interest receivable (106) (56)
(Increase) in receivables (464) (77)
Decrease) in payables (108) (205)
Cash flow from operating activities (927) (682)
--------- -----------
Cashflows from investing activities
Amounts (advanced to) / received
from related parties 35 (79)
Interest received 106 56
Interest paid (53) (85)
---------
Net cash from/(used in) investing
activities 88 (108)
--------- -----------
Cash flows from financing activities
Bond cash receipts 729 660
Convertible loan note receipts - 190
Bank loan 50 -
Net cash from/(used in) financing
activities 779 850
--------- -----------
Net increase/(decrease) in cash
and cash equivalents (60) 60
Cash and cash equivalents at the 60 -
beginning of the period
Cash and cash equivalents at end
of period - 60
--------- -----------
Represented by: Bank balances and
cash - 60
--------- -----------
At the year end the Company had undrawn borrowings of GBPnil
(2020: GBPnil) as part of a loan facility. The facility is
discussed in greater detail in note 14.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2021
Notes Share Share Accumulated Total
capital premium deficit equity
GBP'000 GBP'000 GBP'000 GBP'000
As at 31 March
2019 145 737 (1,879) (997)
--------- ----------- ------------ ----------
Loss for the period - - (505) (505)
As at 31 March
2020 145 737 (2,384) (1,502)
Loss for the period - - (432) (432)
As at 31 March
2021 145 737 (2,816) (1,934)
========= =========== ============ ==========
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 MARCH 2021
1 General information
Stranger Holdings PLC ('the Company') is an investment company
incorporated 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 is limited by shares and was
incorporated and registered in England on 22 October 2015 as a
private limited company and re-registered as a public limited
company on 14 November 2016.
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.
The company is dependent on funding from the bond facility and
the directors acknowledge that they will have to raise further
funds to assist in the funding of the RTO in order that they may be
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. The Company is working on a
potential transaction with Mayflower Capital Investments Pty
Limited ("Mayflower") which may result in a transaction being
completed and access to new funds. Accordingly, they continue to
adopt the going concern basis in preparing the financial
statements.
After making enquiries, the Directors firmly believe that the
Company has adequate resources to continue in operational existence
for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the financial statements.
b) New and amended standards adopted by the company
The Company has applied the following standard and amendments
for the first time for its annual reporting period commencing 1
April 2020
-- Definition of Material - Amendments to IAS 1 and IAS 8;
-- Definition of a Business - Amendments to IFRS 3;
-- Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39 and IFRS 7;
-- Revised Conceptual Framework for Financial Reporting;
-- Annual improvements to IFRS Standards 2018-2020 Cycle; and
-- COVID-19 related rent concessions - Amendments to IFRS.
The adoption of these standards and amendments have not had a
material impact on the company.
c) Standards, interpretations and amendments to published standards that are not yet effective
A number of new standards and amendments to standards and
interpretations are effective for annual periods beginning after 1
April 2021 and have not been applied in preparing these financial
statements. None of these are expected to have a significant effect
on the financial statements of the company, except the following
set out below:
There are no other IFRSs or IFRIC interpretations that are not
yet effective that would be expected to have a material impact on
the Company
2.2 Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as directors make strategic
decisions. In the opinion of the director, the Company has one
class of business, being that of an investment company. The
Company's primary reporting format is determined by the
geographical segment according to the location of its
establishments. There is currently only one geographic reporting
segment, which is the UK. All costs are derived from the single
segment.
2.3 Financial assets and liabilities
The Company classifies its financial assets at fair value
through profit or loss or as loans and receivables and classifies
its financial liabilities and other financial liabilities.
Management determines the classification of it's investments at
initial recognition, A financial asset or liability is measured
initially at fair value. At inception transaction costs that are
directly attributable to the acquisition or issue, for an item not
at fair value through profit or loss, is added to the fair value of
the financial asset and deducted from the fair value of the
financial liabilities.
Loans and receivables
Loans and receivables are non-derivative financial assets with
fixed or determined payments that are not quoted on an active
market. They arise when the Company provides money, goods or
services directly to a debtor with no intention of trading the
receivable. Loans are recognised when funds are advanced to the
recipient. Loan sand receivables are carried at amortised cost
using the effective interest method (see below).
Other financial liabilities
Other financial liabilities are non-derivative financial
liabilities with fixed or determined payments. Other financial
liabilities are recognised when cash is received from a depositor.
Other financial liabilities are carried at amortised cost using the
effective interest method. The fair value of the other liabilities
repayable on demand is assumed to be the amount payable on demand
at the statement of financial position date.
Derecognition
Financial assets are derecognised when the rights to receive
cash flows from the financial assets have expired or where the
Company has transferred substantially all the risks and rewards of
ownership. In transactions in which the Company neither retains nor
transfers substantially all the risks and rewards of ownership of a
financial asset and retains control over the asset, the Company
continues to recognise the asset to the extent of it's continuing
involvement, determined by the extent to which it is exposed to
changes in the value of the transferred asset. There have not been
any instances where assets have only been partly derecognised. The
Company derecognises a financial liability when it's contractual
obligations are discharged, cancelled or expired.
Amortised cost measurement
The amortised cost of a financial asset or financial liability
is the amount at which the financial asset or liability is measured
at initial recognition, minus principal payments, plus or minus the
cumulative amortisation using the effective interest method of any
differences between the initial amount recognised and maturity
amount, minus any reduction to impairment.
Fair value measurement
Fair value is the amount for which an asset could be exchanged,
or a liability settled, between knowledgeable, willing parties in
an arm's length transaction on the measurement date. The fair value
of assets and liabilities in active markets are based on current
bid and offer prices respectively. If the market is not active the
Company establishes fair value by using other financial liabilities
appropriate valuation techniques. These include the use of recent
arm's length transactions, reference to other instruments that are
substantially the same for which market observable prices exist,
net of present value and discounted cash flow analysis.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and
other short-term highly liquid investments with original maturities
of three months or less.
2.4 Borrowings
Borrowings are recognised initially as fair value, net of
transactions costs incurred.
Borrowings are subsequently carried at amortised cost: any
difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the income statement over the
period of the borrowings using the effective interest method.
Fees paid on the establishment of the loan facilities are
recognised as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn down. In
this case, the fee is deferred until the draw down occurs. To the
extent there is no evidence that it is probable that some or all of
the facility will be drawn down, the fee is capitalised as a
pre-payment for liquidity services and amortised over the period of
the facility to which it relates.
Borrowing costs
All other borrowing costs are recognised in the profit or loss
in the period in which they are incurred.
2.5 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.
2.6 Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from net profit 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. 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 the 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. Where current tax or
deferred tax arises from the initial accounting for a business
combination, the tax effect is included in the accounting for the
business combination.
2.7 Other income
Government grants are recognised in other income when there is
reasonable assurance that the entity will comply with the
conditions attached to the grant and that the grant will be
received.
2.8 Interest income
Interest on debt securities held at fair value through profit
and loss is accrued on a time-proportionate basis, by reference to
the principal outstanding and the effective interest rate
applicable, which is the rate that discounts estimated future cash
receipts over the expected life of the debt security to its net
carrying amount on initial recognition. Interest income is
recognised gross of withholding tax, if any.
Interest income on unquoted debt securities is recognised as a
separate line item in the statement of comprehensive income and
classified within investing activities in the cash flows
statement.
2.9 Interest payable
Interest payable on both quoted and unquoted debt instruments
held at fair value through profit and loss is accrued on a
time-proportionate basis, by reference to the principal outstanding
and the effective interest rate applicable.
In the case of interest payable on long-term bonds, where a
proportion of those bonds is issued to third parties and the
balance issued to the Company, interest on the total number of
bonds issued must be paid in the first instance to the Paying Agent
prior to the due date. The amount of interest relating to the bonds
issued to the Company is then remitted back to the Company on the
due date. Only the net interest burden (the total interest less the
amount remitted back to the Company) is recognised in the income
statement.
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 believe that that the only
assumption would have a material effect on the amounts recognised
in the financial information is the recoverability of the amounts
due from Recyclus. The directors have engaged lawyers and sent a
letter before action demanding the return of these monies together
with costs and interest, and the costs of the aborted transaction.
There is no guarantee that the company will be successful in the
claim but the directors are advised our claims are strong and
accordingly conclude that no impairment is due at this stage whilst
the litigation process is ongoing
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 and cash flow 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. The company manages liquidity risks by maintaining
good relationships with their lenders and by continuously
monitoring forecast and actual cash flows.
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 Period ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Operating loss is stated after charging:
Directors fees (note 6) 109 115
Premises - 16
Legal and professional fees 18 7
Listing costs 12 20
Accountancy fees 4 5
Audit fees 16 12
Consultancy & advisory fees 59 161
Provision for impairment of bond 44 -
reserves
Other administrative expenses 94 96
----------- -------------
Total administrative expenses 356 432
----------- -------------
In addition to the above operating cost analysis, the company
incurred finance costs of GBP183,000 which were made up of bank and
non-bank interest payable as well as bond interest payable.
Investment income stated of GBP106,000 includes interest
receivable by the company.
6 Personnel
The average monthly number of employees during the period was
two directors.
There were no benefits, emoluments or remuneration payable
during the period for key management personnel, except GBP109,410
(inclusive of VAT) in fees disclosed in Note 5 (2020: GBP115,000
inclusive of VAT in fees). The fees paid are also detailed in Note
18 as a related party transaction.
The highest paid directors are Charles Tatnall and James Longley
with fees of GBP54,705 each.
7 Taxation
Year ended Year ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Total current tax - -
Factors affecting the tax charge for
the period
Loss on ordinary activities before taxation (432) (505)
----------- -----------
Loss on ordinary activities before taxation
multiplied by standard rate of UK corporation
tax of 19% (2020: 19%) (82) (96)
Effects of:
Non-deductible expenses - 3
Tax losses carried forward 82 93
----------- -----------
Current tax charge for the period - -
----------- -----------
No liability to UK corporation tax arose on ordinary activities
for the current period (2020: GBPnil).
The Company has estimated excess management expenses of
GBP1,779,000 (2020: GBP1,697,000) available for carry forward
against future trading profits.
The tax losses for the year have resulted in a deferred tax
asset of approximately GBP338,000 (2020: GBP322,000) which has not
been recognised in the financial statements due to the uncertainty
of the recoverability of the amount.
9 Earnings per share
Year ended Year ended
31 March 31 March
2021 2020
Basic loss per share is calculated by
dividing the loss from continuing operations
attributable to equity shareholders by
the weighted average number of ordinary
shares in issue during the period:
Loss after tax attributable to equity
holders of the company (GBP'000) (432) (816)
Weighted average number of ordinary shares 145,770,000 145,770,000
Basic and diluted loss per share (0.30p) (0.56p)
In 2019, the company issued convertible loan notes with a
nominal value of GBP190,000 which can be converted into shares at a
rate between 0.55p/share and 1.25p/share resulting in potentially
dilutive shares of 24,363,636. As the company is loss making these
would be considered antidilutive.
10 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.
11 Trade and other receivables
2021 2020
GBP'000 GBP'000
Other receivables 745 212
Prepayments 5 3
-------- --------
750 215
-------- --------
Other receivables include amounts due from Caracal Gold of
GBP354,000 (formally Papillon Holdings Plc) which were settled
subsequent to the year end. The remainder relates to the amount due
from Recyclus.
There are no material differences between the fair value of
trade and other receivables and their carrying value at the year
end.
No receivables were past due or impaired at the year end. In
respect of the Recyclus debt, legal proceedings have begun to
recover the monies owed.
12 Receivables due after one year
2021 2020
GBP'000 GBP'000
Other receivables 133 94
133 94
-------- --------
Non-current Other receivables relate to the reserve balances of
the loan facility, which cannot be
drawn upon until the loan becomes repayable. The loan is further
discussed in note 14.
13 Cash and cash equivalents
2021 2020
GBP'000 GBP'000
Cash at bank - 60
- 60
---------- --------
14 Trade and other payables
2021 2020
GBP'000 GBP'000
Trade Payables 557 508
Accruals 214 178
-------- --------
771 686
-------- --------
15 Borrowings
2021 2020
GBP'000 GBP'000
Current borrowings
Convertible loan notes 190 190
Bank loan 9 -
------------- ------------
Total current borrowings 199 190
------------- ------------
Non-current borrowings
Loan facility 1,834 1,105
Unamortised finance costs (28) (110)
Bank loan 41 -
------------- ------------
Total non-current borrowings 1,847 995
------------- ------------
Total borrowings 2,046 1,185
------------- ------------
A bank loan was received during the year for GBP50,000. The loan
is repayable over 6 years, is unsecured and attracts interest at
2.5% per annum.
A number of convertible loan notes were issued in 2019 and 2020,
with a total nominal value of GBP190,000
Convertible loan notes of GBP90,000, bear interest at 10% per
annum, are convertible at 0.55p per share and can convert at any
time but are fully repayable upon the completion or fall through of
the planned reverse take-over.
Convertible loan notes of GBP100,000, are non-interest bearing,
are convertible at 0.125p per share and can convert at any time but
are fully repayable upon the completion or fall through of the
planned reverse take-over.
All non-current borrowings relate to a loan facility provided by
Dover Harcourt Plc. The loan is wholly repayable within 5 years and
is secured by a fixed and floating charge over all assets held by
the Company. The loan bears interest of 7.75% per annum and is paid
half yearly in arrears based on the total facility available to the
Company.
The finance costs incurred in order to obtain the facility are
being amortised on a straight-line basis over the life of the loan.
The balance above represents the remaining unamortised amount.
16 Share capital
2021 2020
GBP'000 GBP'000
Allotted, called up and fully paid
145,770,000 Ordinary shares of GBP0.001
each 145 145
-------- --------
145 145
-------- --------
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.
17 Accumulated deficit
2021 2020
GBP'000 GBP'000
At start of period (2,384) (1,879)
Loss for the period (432) (505)
-------- --------
At 31 March (2,816) (2,384)
-------- --------
18 Contingent liabilities
The company has no contingent liabilities in respect of legal
claims arising from the ordinary course of business.
19 Directors salaries, fees and Related parties
1) Salaries paid to Directors
Charles Tatnall Nil (2020: GBPNil)
James Longley Nil (2020: GBPNil)
2) Consultancy fees charged by Chapman Longley Limited (a
company controlled by James Longley) of GBP54,705 (2020: GBP57,600)
of which GBPnil (2020: GBPnil) was outstanding as at the year end.
All balances are inclusive of VAT where applicable.
3) Consultancy fees charged by Brookborne Limited (a company
controlled by Charles Tatnall) of GBP54,705 (2020: GBP57,600) of
which GBPnil (2020: GBP45,000) was outstanding as at the year end.
All balances are inclusive of VAT.
4) Caracal Gold PLC (formally Papillon Holdings Plc, a company
under common control) owes the company GBP230,434 (2020:
GBP159,613) as at the year end and accrued interest of GBP123,727
(2020: GBP30,733). Interest is payable at 5% per month on
completion of the reverse takeover or 3 months from agreement,
however all further interest charges ceased after 31 August 2020.
The loan is not secured. No net payment was made post year end.
5) Fandango Holdings Plc (a company under common control) is
owed GBP197,850 (2020: GBP161,450) by the company as at the year
end long with accrued interest of GBP246,551 (2020: GBP206,192) as
at the year end. Interest of 5% per month increasing to 10% on
completion of the reverse take over or 3 months from agreement. The
loan is not secured. This liability was settled subsequent to the
year end.. All further interest ceased being charged on the loan
after 31 August 2020.
6) Included within Other Creditors is a balance of GBP5,080
payable (2020: receivable of GBP1,500) relating to Plutus Powergen
PLC (a company under common control). The loan does not attract
interest and is repayable on demand.
20 Capital commitments
There was no capital expenditure contracted for at the end of
the reporting period but not yet incurred.
21. Subsequent events
The debts owed to Fandango and by Papillon have been netted off
and there is now no debt due to Fandango Holdings PLC
On 27(th) September 2021, the Company signed a Memorandum of
Understanding with Mayflower Capital Investments Pty Limited
("Mayflower") for the acquisition of certain mineral rights in
Africa, to include commodities such as Tin and Uranium as described
in the Strategic report.
22. Ultimate controlling party
The Company has no single controlling party.
ENDS
For further information visit www.strangerholdingsplc.com or contact the following:
James Longley Stranger Holdings plc info@strangerholdingsplc.com
Financial PR St Brides Partners Ltd info@stbridespartners.co.uk
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END
FR LMMLTMTBJBJB
(END) Dow Jones Newswires
October 01, 2021 02:00 ET (06:00 GMT)
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