Quarterly Trading Statement to 30 April 2024

Ananda Developments PLC
30 May 2024
 

30 May 2024

 

ANANDA DEVELOPMENTS PLC

("Ananda" or the "Company")

 

Management accounts for the quarter ended 30 April 2024

 

Ananda Developments Plc (AQUIS: ANA), the company whose ambition is to be a leading provider of cannabinoid-based medicines for the treatment of chronic, complex inflammatory pain conditions, announces its unaudited Company management statements for the quarter ended 30 April 2024.

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

 

To stay abreast of the latest developments at Ananda, we encourage you to follow our social media channels which are:  

  

·      Investor Hub: investors.anandadevelopments.com

·      Instagram: https://instagram.com/anandadevelopments?igshid=YmMyMTA2M2Y=   

·      LinkedIn: https://www.linkedin.com/company/anadevelopments/   

·      Twitter: https://twitter.com/AnandaPlc

·      Investor Meet Company: https://www.investormeetcompany.com/ananda-developments-plc/register-investor

 

For further information, please contact:

 

Investor Hub

Engage with us directly at Ananda Developments Investor Hub

 

Sign up at investors.anandadevelopments.com

ANANDA DEVELOPMENTS PLC

Chief Executive Officer

Melissa Sturgess


Executive Director

Jeremy Sturgess-Smith

 

+44 (0)7463 686 497 ir@anandadevelopments.com

SP ANGEL CORPORATE FINANCE LLP

Corporate Finance

Richard Morrison

Caroline Rowe

+44 (0)20 3470 0470

Corporate Broking

Abigail Wayne

Rob Rees

 


Yellow Jersey PR

Charles Goodwin

Soraya Jackson

+44 (0)20 3004 9512

 

 

Directors Statement

 

Introduction

 

Ananda Developments Plc ("the Company" or "Ananda") is a company quoted on the Aquis Stock Exchange ("AQSE") Growth Market.  The Company was incorporated on 19 January 2018 and its shares were admitted to trading on 4 July 2019.

 

Below is a summary of activities during the period in question and certain post-period events.

 

Activities during the period

 

The team has been focused on advancing the two Phase II clinical trials during the period under review.  This has involved work on ensuring the supply chain for the manufacture of the investigative medicines are robust, writing the Investigator Brochure for the patent pending MRX1 CBD formulation, obtaining quotes for pharmacokinetic studies, liaising with the clinical trial teams at the University of Edinburgh and discussing strategy with regulatory and market access advisors.  We want to ensure the clinical trials progress in a way that is most likely to lead to marketing authorisation and NHS uptake.  Post period end we posted on our Hub here a blog describing the work that is required up to dosing first patients in a clinical trial.

 

During the period under review we also announced the formation of Ananda's Scientific Advisory Board.  Chaired by Ananda's non-executive director Professor Clive Page, we are fortunate to have the added guidance of Professor Trevor Jones and Professor Cherry Wainright as we work towards our objective of delivering licenced CBD drugs to the NHS to treat complex chronic inflammatory pain conditions.  Post the reporting period, Ananda held its first Scientific Advisory Board meeting at the Royal College of Surgeons in Edinburgh.  It was an opportunity to discuss each trial in detail and the Company's plans for further trials and receive feedback and input from specialist scientists. It was a very constructive day.  

 

During the period Ananda Developments Plc opened a bank account with Barclays plc.  It also continues to use subsidiary bank accounts for operational reasons.

 

By collaborating with leading, respected researchers, we believe we are best positioned to secure NHS availability for our patent-pending CBD based medicines. Throughout this period, we maintained active communication with our shareholders, providing updates and engaging through our Investor Hub. This hub facilitates access to company news, market data, and allows us to respond directly to shareholder questions.  Please sign up for the Investor Hub here.  In a similar vein, on 26 February Ananda's FD, Jeremy Sturgess-Smith, and I attended the Master Investor Show in London to meet and network with investors. The day was excellent and to read more about the day (and watch Jeremy's presentation, click here). Similarly, we were also present at the LSX World Congress two-day event in London in early May at which Jeremy also presented and this presentation (slides only) is available here.

 

Melissa Sturgess

Chief Executive Officer

 

 

 

 

 

Unaudited Statement of Comprehensive Income for the quarter ended 30 April 2024

 



Note

30 April 2024

 



 

£





Administrative expenses



(148,213)





Interest payable



(50,210)





Loss from operations



(198,423)





Taxation



-





Total loss for the period


 

(198,423)

 

 

Earnings per share


 

 

Basic and diluted earnings per share (pence)


2

(0.008p)

 

 

There was no other comprehensive income in the period.

 

The notes which follow form part of these management accounts.

 

 


Statement of Financial Position As at quarter ended 30 April 2024

 



Note

30 April 2024

 



 

£

Non-Current assets




Investments in subsidiaries



5,699,007



 

5,699,007

Current assets




Trade and other receivables



4,411,641



 

4,411,641

 




Current liabilities




Trade and other payables



2,495,394



 

2,495,394

Non-Current liabilities




Convertible loan notes



660,049





Total assets less liabilities


 

6,955,205





Capital and reserves




Share capital



5,756,057

Share premium



5,328,996

Share option reserve



43,398

Retained earnings



(4,178,246)





Total equity and liabilities


 

6,955,205

 


 

 

 

The management accounts were approved and authorised for issue by the Board and were signed on its behalf by:

 

 

Melissa Sturgess

Chief Executive Officer

 


 

Statement of Changes in Equity for the quarter ended 30 April 2024

 

 

 

Share Capital

Share Premium

Share Option Reserve

Retained Earnings

Tot

al

 

£

£

£

£

£

As at 1 February 2024

5,756,057

5,328,996

48,398

(3,979,823)

7,153,628







Loss for quarter ended 30 April 2024

-

-

-

(198,423)

(198,423)







Share Option Expense

-

-

-

-

-







Balance at 30 April 2024

5,756,057

5,328,996

48,398

(4,178,246)

6,955,205

 

The following describes the nature and purpose of each reserve within owners' equity:

 

Reserve

Description and purpose

Share capital

This represents the nominal value of shares issued.

Share premium

Amount subscribed for share capital in excess of nominal value.

Retained earnings

Cumulative net gains and losses recognised in the statement of comprehensive income.

 

The notes which follow form part of these management accounts.

 


Ananda Developments Plc is a public limited company limited by shares and was incorporated on 19 January 2018 with company number 13440398.  Its registered office is at 60 Gracechurch Street, London, EC3V 0HR.

 

The Company's shares are traded on the Aquis Stock Exchange Growth Market under symbol ANA and ISIN number GB00BDQPXQ60.

 

The information for period ended 30 April 2024 are unaudited.

 

Basis of preparation

 

These quarterly management accounts of Ananda have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006.

 

These management accounts are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of listed invests at fair value.

 

The management accounts are presented in Pounds Sterling, which is the Company's presentation and functional currency.

 

The preparation of the management accounts requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the management accounts are disclosed below.

 

Going Concern

 

Ananda Developments Plc has a bank account with Barclays Bank. For operational efficiency, it also banks through its subsidiary companies' bank accounts DJT Plants Ltd and MRX Global Limited.  As at 30 April 2024, the Group jointly held cash of £85,041.92. The Company continues to be funded via an unsecured loan facility from the Chairman, Charles Morgan.

 

For this reason, it continues to adopt the going concern basis in preparing the management accounts.

 

https://investors.anandadevelopments.com/link/mepm9r

 

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