Half-year Report

Dukemount Capital PLC
27 June 2024
 

Dukemount Capital Plc

("Dukemount" or "the Company")

 

Interim Results for the six months ended 31 March 2024

 

Dukemount Capital Plc (LSE: DKE) is pleased to announce its unaudited interim results for the six months ended 31 March 2024 ("the Interim Report").

 

For further information, please visit www.dukemountcapitalplc.com or contact:

 

Dukemount Capital Plc:                 Email info@dukemountplc.com

Paul Gazzard,                                   CEO

Geoffery Dart,                                 Non-Executive Director

 

Broker Enquiries:  

Peterhouse Capital Limited         Tel: +44 (0) 207 469 0930

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

Summary

 

·    Initiated a complex and substantial capital reorganisation during the period under review (completed in April 2024), involving, inter-alia;

Conversion of £500,000 of outstanding convertible loan notes into new ordinary shares

Capitalisation of a £900,000 outstanding loan, by way of an equity subscription

£300,000 placing with new investors at £0.0004 per share

Dukemount now substantially debt-free, significantly enhancing attractions of Company as a Reverse Take-Over vehicle.

 

Details

 

During the period reported on, the board has focused on eliminating as far as possible the Company's substantial debt position.

 

12 January 2024, Chesterfield Capital Limited converted £500,000 of existing debt into equity at a conversion price of £0.065. On 4 March 2024, the Company announced the capitalisation of £900,000 due under the Facility Agreement. Consequently, there are no outstanding debts due under the Facility Agreement and all outstanding convertible loans have been settled.

 

Additionally, the Company raised gross proceeds of £300,000 through a subscription, which was completed on 18 April 2024.

 

The board has undertaken significant restructuring to ensure that the financial position and prospects of the Company are now such that Dukemount is in a position to facilitate a future reverse take-over transaction. The Company is now in a stronger position to pursue potential strategic opportunities, focusing on identifying sectors with significant capital growth potential.

 

Interim Management Report

 

I hereby present the Interim Report for the six months ended 31 March 2024. During the period, the Group made a profit of £198,326 as a result of debt forgiveness on conversion to equity (compared to a loss of £221,666 for the six months ended 31 March 2023). The Board has minimized all operating costs while taking steps to ensure the financial position and prospects of the Company are maintained to facilitate a future reverse takeover transaction.

 

Outlook

 

With the support of its funders and professional advisers, Dukemount is now optimistic that a transaction can be secured to further its prospects and deliver value to shareholders in the near future.

 

I would like to take this opportunity to thank our shareholders for their patience and support, and the Dukemount team for their continuing efforts in driving this business forward.

 

Paul Gazzard

On behalf of the Board

 

 

26th June 2024

 

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

 

·    the Interim Report has been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the EU;

 

·    gives a true and fair view of the assets, liabilities, financial position and loss of the Group;

 

·    the Interim Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

 

·    the Interim Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

 

The Interim Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:

 


Paul Gazzard

Director

 

26th June 2024



Consolidated Statement of Comprehensive Income

For the six months ended 31 March 2024

 

 

Note

Group

Unaudited

31 March

 2024

£

Group

Unaudited

31 March

2023

£

Group

Audited

18 month period to 30 September 2023

£

Continuing operations

 

 

 



Other operating income


-

-

3,731

Cost of sales


-

-

-

 


 



Gross Profit/(Loss)


-

-

3,731



 



Administrative expenses


(39,183)

(102,472)

(124,227)

Write back of investment cost


237,509

-

-








 



Operating profit/(loss)


198,326

(102,472)

(120,496)



 



Interest received


-

-

-

Finance charges


-

(119,194)

(190,094)

Profit/(loss) before taxation


198,326

(221,666)

(310,590)



 



Income tax


-

-

-



 



Profit/(loss) for the period from continuing operations


198,326

(221,666)

(310,590)






Discontinued operations










Loss for the period/year from discontinued  operations


-

-

(97,387)

Total comprehensive income for the period/year

 

198,326

(221,666)

(407,977)






Total comprehensive income for the year attributable to:


 



Owners of Dukemount Capital Plc


198,326

(221,666)

(359,284)

Non-controlling interests


-

-

(48,693)

 


198,326

(221,666)

(407,977)

 


 



Earnings per share attributable to equity owners


 



 


 



Basic and diluted (pence)

4

0.0004

(0.0004)

(0.0006)






 



Consolidated Statement of Financial Position

At 31 March 2024


 

Note

Group

Unaudited

31 March

 2024

£

Group

Unaudited

31 March

2023

£

Group

Audited

30 September 2023

£

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:


 

 


Trade and other receivables

5

18,099

19,371

534

Cash and cash equivalents


13,043

10,117

16,650

Total Current assets

 

31,142

29,488

17,184

 


 

 

 

Total assets


31,142

29,488

17,184

 


 

 


LIABILITIES

 


 

 


Current liabilities:


 

 


Trade and other payables

6

(316,792)

(1,704,344)

(1,901,161)



 

 


Total Current liabilities

 

(316,792)

(1,704,344)

(1,901,161)

 


 

 


Total liabilities


(316,792)

(1,704,344)

(1,901,161)

 


 

 

 

NET LIABILITIES


(285,650)

(1,674,856)

(1,883,977)

 


 

 


Capital and reserve attributable to the equity holders of the Parent

 


 

 


Share capital

7

1,523,936

616,243

616,243

Share premium


1,741,613

1,249,305

1,249,305

Share based payments reserve

 

2,960

2,960

2,960

Retained earnings

 


(3,554,159)

(3,543,364)

(3,752,485)

TOTAL EQUITY

 

(285,650)

(1,674,856)

(1,883,977)






 



Consolidated Statement of Changes in Equity

For the six months ended 31 March 2024

 

 

Share capital

Share premium

Share based payment reserve

Retained losses

Total

 

£

£

£

£

£

 






Balance as at 1 October 2022

513,535

1,249,305

2,960

(3,321,698)

(1,555,897)

Loss for the period

-

-

-

(221,666)

(221,666)

Total comprehensive income for the period

-

-

-

(221,666)

(221,666)

Issue of ordinary shares

102,708

-

-

-

102,708

Total transactions with owners

102,708

-

-

-

102,708

Balance at 31 March 2023

616,243

1,249,305

2,960

(3,543,364)

(1,674,856)

Loss for the period

-

-

-

(209,121)

(209,121)

Total comprehensive income for the period

-

-

-

(209,121)

(209,121)

Issue of ordinary shares

-

-

-

-

-

Total transactions with owners

-

-

-

-

-

Balance as at 30 September 2023

616,243

1,249,305

2,960

(3,752,485)

(1,883,977)

Profit for the period

-

-

-

198,326

198,326

Total comprehensive income for the period

-

-

-

198,326

198,326

Issue of ordinary shares

353,074

492,308

-

-

845,382

Issue of deferred shares

554,619

-

-

-

554,619

Total transactions with owners

907,693

492,308

-

-

1,400,001

Balance at 31 March 2024

1,523,936

1,741,613

2,960

(3,554,159)

(285,650)

 



Consolidated Statement of Cashflows

For the six months ended 31 March 2024

 


Group

Unaudited

31 March

 2024

 

Group

Unaudited

31 March

2023

 

Group

Audited

30 September 2023

 


£

£

£





Operating activities

 




Profit/(Loss) before taxation

198,326

(221,666)

(407,977)

Shares issued in lieu of expenses

-

74,575

74,575

(Increase)/decrease in trade and other receivables

(17,565)

(14,505)

37,630

(Decrease) / increase in trade and other payables

 

(1,584,369)

82,876

34,214

Net cash used in operating activities

(1,403,608)

(78,720)

(261,558)


 

 


Cash Flows from Investing Activities

 

 



 

 


Disposal of investment in subsidiary

-

-

350,000


 

 


Net Cash generated from Investing Activities

-

-

350,000


 

 


Cash Flows from Financing Activities

 

 

 


Loans received

-

85,790

123,994

Loans repaid

-

-

(215,000)

Loans converted to equity

1,400,000

-

-

Net Cash generated from Financing Activities

1,400,000

85,790

(91,006)

 

 

 

 


Increase/(Decrease) in cash and cash equivalents in period/ year

 

(3,607)

7,070

(2,564)

Cash and cash equivalents at beginning of period / year

16,650

3,047

19,214

 

 

 


Cash and cash equivalents at end of period / year

13,043

10,117

16,650





 

 

Notes to the Interim Report

For the six months ended  31 March 2024

 

1.            GENERAL INFORMATION

 

Dukemount Capital Plc (the "Company") is a company domiciled in England.  The interim report for the six months ended 31 March 2024 comprises the results of the Company and its subsidiaries (together referred to as the "Group").

 

2.            BASIS OF PREPARATION

 

The condensed consolidated interim financial statements have been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards, International Accounting Standards and IFRIC interpretations endorsed for use in the United Kingdom ("IFRS"). The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts. In the opinion of the directors, the condensed consolidated interim financial statements for this period fairly presents the financial position, result of operations and cash flows for this period. The Board of Directors approved this Interim Financial Report on 26 June 2024.

 

The directors resolved in September 2023 to extend the accounting reference date from 30 April to 30 September; accordingly the current period is for 1 October 2023 to 31 March 2024.

 

Statement of compliance

 

The Interim Report includes the consolidated interim financial statements which have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'. The condensed interim financial statements should be read in conjunction with the annual financial statements for the period ended 30 September 2023, which have been prepared in accordance with IFRS endorsed for use in the United Kingdom.

 

Accounting policies

 

The condensed consolidated interim financial statements for the period ended 31 March 2023 have not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory annual financial statements for the year ended 30 September 2023. There have been no new accounting policies adopted since 30 September 2023.

 

Going concern

 

The Group has assessed its ability to continue as a going concern. The Directors, having made due and careful enquiry, are of the opinion that the Group will have access to adequate working capital to meet its obligations for the period of at least twelve months from the date when the condensed interim financial statements are authorised for issue. The Directors therefore have made an informed judgement, at the time of approving these condensed interim financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Going forward, the Group will require further funds. The success of securing these has been identified as a material uncertainty which may cast significant doubt over the going concern assessment. Whilst acknowledging this material uncertainty, based upon the expectation of completing a successful fundraising in the near future the Directors consider it appropriate to continue to prepare these condensed interim financial statements for the period ended 31 March 2024 on a going concern basis. 

 

3.            RISKS AND UNCERTAINTIES

 

The Board continually assesses and monitors the key risks of the business. The key risks that could affect the Group's short and medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2023 audited financial statements, a copy of which is available on the Company's website: http://www.dukemountcapitalplc.com.

 

4.            EARNINGS PER SHARE

 

The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.

 


Group

Unaudited

31 March

 2024

 

Group

Unaudited

31 March

2023

 

Group

Audited

30 September 2023

 


£

£

£

Profit/(loss) for the period

198,326

(221,666)

(359,284)

Weighted average number of shares - expressed in thousands

498,171

607,514

582,659

Basic earnings per share - expressed in pence

0.0004

(0.0004)

(0.0006)

  

5              TRADE AND OTHER RECEIVABLES

 


Group

Unaudited

31 March

 2024

 

Group

Unaudited

31 March

2023

 

Group

Audited

30 September 2023

 


£

£

£

Other receivables

18,099

19,371

534






18,099

19,371

534

 

6.            TRADE AND OTHER PAYABLES


Group

Unaudited

31 March

 2024

 

Group

Unaudited

31 March

2023

 

Group

Audited

30 September 2023

 


£

£

£

Trade and other payables

115,703

107,418

102,560

Other creditors

81,089

1,520,156

1,678,601

Accruals

120,000

76,770

120,000






316,792

1,704,344

1,901,161

 

7.            SHARE CAPITAL

Allotted, issued and fully paid

Group

Unaudited

31 March

 2024

 

Group

Unaudited

31 March

2023

 

Group

Audited

30 September 2023

 


Number

Number

Number

At beginning of period

616,243,164

588,110,974

513,535,974

New shares issued at £0.001 each

353,073,459

28,132,190

102,707,190

At end of period (number)

969,316,623

616,243,164

616,243,164

At end of period (£)

969,317

616,243

616,243

 

Deferred

Group

Unaudited

31 March

 2024

 

Group

Unaudited

31 March

2023

 

Group

Audited

30 September 2023

 


Number

Number

Number

At beginning of period

-

-

-

New shares issued at £0.009 each

61,624,316

-

-

At end of period (number)

61,624,316

-

-

At end of period (£)

554,619

-

-

 

At its AGM in January 2024, it was approved that 616,243,164 Existing Ordinary Shares, having a nominal value of £0.001 each in the capital of the Company, be consolidated into 61,624,316 Consolidation Shares having a nominal value of £0.01 (such that every, 10 Existing Ordinary Shares having a nominal value of £0.001 each, were consolidated into one Consolidation Share having a nominal value of £0.01 each). It was further approved that each Consolidation Share of £0.01 each in the capital of the Company be sub-divided and reclassified into one (1) New Ordinary Share of £0.001 each and one (1) Deferred Share of £0.009 each in the capital of the Company.

 

At a further AGM held post the current period under review, in April 2024, it was approved that each Existing Ordinary Share of £0.001 be sub-divided into one ordinary share of £0.00001 and one Deferred Share of £0.00099.

 

8.            APPROVAL OF INTERIM FINANCIAL STATEMENTS


The Condensed interim financial statements were approved by the Board of Directors on 26 June 2024. A copy can be obtained on the Company's website at www.dukemountcapitalplc.com

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