Consolidated Financial Statements for the Year Ended 31st December 2023

27 June 2024

Mollyroe Plc

(“Mollyroe” or the “Company”)

Consolidated Financial Statements for the Year Ended 31st December 2023

Chairman’s Statement Year End 31st December 2023

In 2023 as in 2022, saw the Company focus on reducing overheads pending the adoption of a new corporate strategy.

In December the Company announced the appointments of Paul Benedict Ryan as Executive Director and Noel Lyons as Non-Executive Director to the board and the resignation of the existing Directors, Roger Shane and Richard France. The Company thanked Mr Shane and Mr France for their long and dedicated service to the Company and I reiterate that. At the same time, investors, including Paul Ryan and Noel Lyons, agreed, via Peterhouse Capital Limited, to acquire 574,621 Ordinary Shares in the Company at a price of 26.11 pence per share, equating to £150,000 in total, from the then existing Directors of the Company.

In April 2024 the Company’s shareholders agreed on a name change to Mollyroe plc and a new strategy to focus on opportunities in the technology sector. The Company will focus on opportunities which would provide the Company with an economic interest (by equity, royalty or debt participation) and a controlling interest (through board or management positions) and whose potential value, over the long term, is greater than the price and costs expended by the Company to acquire them. The Company also reserved the ability to make investments outside of the technology sector, if the Directors believe that they will bring long-term value to shareholders. The Company does not propose to limit its search to any specific geographic location, however the Directors will ensure that the geographic location of any investment opportunity is suitable for institutional investment in the London market. Initially within the technology segment opportunities are likely to arise in Spatial computing and intelligent natural interfaces are the next computing paradigm which will fundamentally change human and machine interaction. We are already seeing the impact of this rapidly evolving technology across all sectors (driverless cars being the most commonly quoted example), further, the interplay between these technologies and technologies traditionally created for the games industry (including but not limited to Virtual Reality, Unreal Engine and Unity) are disrupting numerous sectors from, training, AI driven simulation, architectural visualisation and data visualisation solutions that assimilate rich and complex data into intuitive, interactive spatial simulations for more rapid and efficient analysis, insight and learning. Our focus will be on investing in technology companies or technology-enabled services companies within this rapidly developing market.

The Board has continued to reduce overheads and as a result the Company is in a good financial position as it adopts its new strategy.

The directors do not recommend the payment of a dividend.

Extract from the auditor’s report:

Conclusions relating to going concern

“In auditing the consolidated financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the consolidated financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and parent company’s ability to continue as a going concern for a period of at

least twelve months from when the consolidated financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.”

N Lyons Chairman

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries

Company

Paul Ryan - Executive Director   

[e-mail]

Peterhouse Capital Limited - Financial Adviser and Corporate Broker

+ 44 (0) 20 7469 0930

Consolidated Statement of Comprehensive Income for the Year Ended 31st December 2023

		2023 £	2022 £
TURNOVER		-	-
Administrative expenses		(72,882)	(17,514)
OPERATING LOSS		(72,882)	(17,514)
Interest receivable and similar income		4,099	754
LOSS BEFORE TAXATION		(68,783)	(16,760)
Tax on loss		-	-
LOSS FOR THE FINANCIAL YEAR		(68,783)	(16,760)
Loss attributable to: Owners of the parent		(68,783)	(16,760)
Earnings per share expressed in pence per share:
Basic		(3.49)	(0.85)
Diluted		(3.49)	(0.85)

The Group has no recognised gains or losses other than those disclosed in the Income Statement above. Consequently, no Statement of Other Comprehensive Income is presented.

Consolidated Statement of Financial Position for the Year Ended 31st December 2023

		2023 £	2022 £
CURRENT ASSETS Debtors		7,578	7,864
Cash at bank		335,550	383,465
CREDITORS		343,128	391,329
Amounts falling due within one year		(42,948)	(22,366)
NET CURRENT ASSETS		300,180	368,963
TOTAL ASSETS LESS CURRENT LIABILITIES		300,180	368,963
CAPITAL AND RESERVES Called up share capital		418,861	418,861
Share premium		3,473	3,473
Retained earnings		(122,154)	(53,371)
SHAREHOLDERS' FUNDS		300,180	368,963

The financial statements were approved by the Board of Directors and authorised for issue on             and were signed on its behalf by:

......................................................................

P Ryan - Director

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N Lyon – Director

Company Statement of Financial Position for the Year Ended 31st December 2023

		2023 £	2022 £
FIXED ASSETS Investments		4	4
CURRENT ASSETS Debtors		7,520	7,806
Cash at bank		335,550	369,518
CREDITORS		343,070	377,324
Amounts falling due within one year		(54,016)	(19,487)
NET CURRENT ASSETS		289,054	357,837
NET ASSETS		289,058	357,841
CAPITAL AND RESERVES Called up share capital		418,861	418,861
Share premium		3,473	3,473
Retained earnings		(133,276)	(64,493)

P Ryan - Director

 ......................................................................

N Lyon - Director

   Consolidated Statement of Changes in Equity for the Year Ended 31st December 2023

	Share capital £	Retained earnings £	Share premium £	Total equity £
Balance at 1st January 2022	418,861	(36,611)	3,473	385,723
Changes in equity Total comprehensive income	-	(16,760)	-	(16,760)
Balance at 31st December 2022	418,861	(53,371)	3,473	368,963
Changes in equity Total comprehensive income	-	(68,783)	-	(68,783)
Balance at 31st December 2023	418,861	(122,154)	3,473	300,180

    Company Statement of Changes in Equity for the Year Ended 31st December 2023

	Share capital £	Retained earnings £	Share premium £	Total equity £
Balance at 1st January 2022	418,861	(288,940)	3,473	133,394
Changes in equity Total comprehensive income	-	224,447	-	224,447
Balance at 31st December 2022	418,861	(64,493)	3,473	357,841
Changes in equity Total comprehensive income	-	(68,783)	-	(68,783)
Balance at 31st December 2023	418,861	(133,276)	3,473	289,058

Consolidated Cash Flow Statement

for the Year Ended 31st December 2023

Cash flows from operating activities	2023 £	2022 £
Loss for the financial year	(68,783)	(16,760)
Interest received	(4,099)	(754)
Decrease/(increase) in debtors	286	(2,051)
Increase/(decrease) in creditors	20,582	(27,844)
Net cash used in operating activities	(52,014)	(47,409)
Cash flows from investing activities Interest received	4,099	754
Net cash from investing activities	4,099	754
Decrease in cash and cash equivalents	(47,915)	(46,655)
Cash and cash equivalents at beginning of year	383,465	430,120
Cash and cash equivalents at end of year	335,550	383,465

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