ChallengerX Plc - Management accounts for the quarters ended 30 June 2024 and 31 March 2024
PR Newswire
LONDON, United Kingdom, July 22
22 July 2024
ChallengerX plc
("ChallengerX", "CX"orthe"Company")
Management accounts for the quarters ended30 June 2024 and 31 March 2024
ChallengerX (AQUIS: CXS), the trading company with principal activity of employing both traditional and non-traditional marketing strategies to rapidly "professionalise" amateur and semi-professional sports clubs around the world announces its unaudited management accounts reports for the quarters ended 30 June 2024 and 31 March 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.
For further information, please contact:
ChallengerXplc |
|
|
John May, Chairman
|
| jmay@city-westminster.com |
Stuart Adam, CFO |
| sjadam@city-westminster.com |
|
|
|
DirectorsStatement
Introduction
ChallengerX plc (the "Company" or "ChallengerX") is quoted on the Aquis Stock Exchange ("AQSE") Growth Market. The Company was incorporated on 7 June 2021 and its shares were admitted to trading on 23 December 2021.
Activitiesduringtheperiods
The Company continued to advance its development of a platform for the promotion and marketing of sports clubs in both a traditional and non-traditional way to rapidly "professionalise" amateur and semi-professional sports clubs around the world. The Company has also been reviewing other products to add to its core business.
On 5 June the Company was informed by First Sentinel Corporate Finance Ltd that it had resigned from the role of AQSE Corporate Adviser. As a result, trading in the Company's ordinary shares on AQSE were suspended on 6 June 2024. The Company is aware of its continuing obligations under the AQSE rules.
Outlook
The Company is in advance negotiations with another company in its industry sector which would represent a significant acquisition for the Company and is continuing to look at new opportunities. The Company's aim is to enhance its position and seek to restore its shares to trading as soon as possible.
John May
Chairman
Statement of Comprehensive Income forthe quarters ended 30 June 2024 and 31 March 2024
| 30 June 2024 | 31 March 2024
|
| £'000 | £'000 |
Revenue | - | - |
Administrative expenses | (65) | (59) |
Operatingloss | (65) | (59) |
Lossbefore tax | (65) | (59) |
Taxation | - | - |
Lossfortheperiod | (65) | (59) |
Totalcomprehensiveloss | (65) | (59) |
(Loss)pershare(pence)fromcontinuingoperationsattributableto ownersoftheCompany-Basic and diluted earnings per share | (0.015) | (0.014) |
StatementofFinancialPosition as at quarters ended 30 June 2024 and 31 March 2024
| 30 June 2024
£'000 | 31 March 2024
£'000 |
Intangible assets |
|
|
Software Licence | 440 | 440 |
Currentassets |
|
|
Trade and other receivables | 10 | 19 |
Cash and cash equivalents | 2 | 5 |
Totalcurrentassets | 12 | 24 |
Totalassets | 452 | 464 |
Currentliabilities |
|
|
Trade and other payables | 196 | 186 |
Totalcurrentliabilities | 196 | 186 |
Netassets | 256 | 278 |
Capitalandreserves |
|
|
Share capital: - Issued - Treasury |
432 1 |
422 1 |
Total share capital | 433 | 423 |
Share premium | 1,786 | 1,753 |
Retained earnings | (1,963) | (1,898) |
Totalequity | 256 | 278 |
StatementofChangesinEquity
Forthequarters ended
30 June 2024 and 31 March 2024
| Share capital | Share premium | Retained earnings |
Total |
| £'000 | £'000 | £'000 | £'000 |
As at 31 December 2023 Restated | 423 | 1,700 | (1,839) | 284 |
Adjustment to Share Premium | - | 53 | - | 53 |
Loss for quarter ended 31 March 2024 |
- |
- | (59) | (59) |
Total Comprehensive Income | - | - | (59) | (59) |
As at 31 March 2024 | 423 | 1,753 | (1,898) | 278 |
|
|
|
|
|
Issue of share capital | 10 | 33 | - | 43 |
Loss for the quarter ended 30 June 2024 |
- |
- | (65) | (65) |
TotalComprehensiveIncome | - | - | (65) | (65) |
Asat30 June 2024 | 433 | 1,786 | (1,963) | 256 |
StatementofCashFlows
Forthe quarters ended 30 June 2024
and 31 March 2024
| 30 June 2024 | 31 March 2024
|
| £'000 | £'000 |
Cashfromoperatingactivities |
|
|
Loss before tax | (65) | (59) |
Adjustments for: |
|
|
Decrease in trade and other receivables | 9 | 7 |
Increase /(decrease) in trade and other payables | 10 | (9) |
Netcash (used)inoperatingactivities | (46) | (61) |
Cash flows from financing activities |
|
|
Issue of share capital | 43 | - |
Adjustment to share premium | - | 53 |
Loans received | - | 10 |
Netcashfromfinancingactivities | 43 | 63 |
Netcashflowforthe period | (3) | 2 |
Cash and cash equivalents at beginning of period | 5 | 3 |
Cashandcashequivalentsatendofperiod | 2 | 5 |
Netchangeincashandcashequivalents | (3) | 2 |
Cashandcashequivalentscomprise: |
|
|
Cash at bank and in hand | 2 | 5 |
| 2 | 5 |
Notestothefinancialstatements
- General information
ChallengerX plc is a public limited company limited by shares and was incorporated in England on 7 June 2021 with company number 13440398. Its registered office is 16 Great Queen Street, London, WC2B 5DG.
The Company's shares are currently suspended from trading on the Aquis Stock Exchange Growth Market under symbol CXS and ISIN number GB00BMD0WG01.
The Company was first incorporated on 7 June 2021.
The information for periods ended 30 June 2024 and 31 March 2024 are unaudited.
- Basis of Preparation
The quarterly management accounts of ChallengerX plc 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 investments at fair value.
The financial statements are presented in Pounds Sterling, which is the Company's presentation and functional
currency.
The preparation of the financial statements 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 financial statements are disclosed in Note 3 to the financial statements.
The financial statements have been prepared on the historical cost basis and are presented in £'000 unless
otherwise stated.
- Going Concern
As at 30 June 2024, the Company had cash of £1,887. The Company has limited operating cash flow and is dependent on the performance of its trading and its cash balances for its working capital requirements. As at the date of this report, the Company had approximately £4,300 cash at bank.
In making their assessment of going concern, the Directors, having made due and careful enquiry, are of the opinion that the Company will have access to adequate working capital to meet its obligations for the period of at least 12 months from the date these management accounts are authorized for issue. The Directors, have discussed the Company's position with its investors and potential investors and believes it will secure the funding required to pursue its objectives.
The Directors believe in the Company's potential. However, the success of securing funding has been identified as a material uncertainty which may cast significant doubt over the going concern assessment. Whilst acknowledging this uncertainty, based upon the expectation of completing a successful fundraising in the near future, and the continued support of its investors, the Directors consider it appropriate to continue to prepare the financial statements on a going concern basis.
- Earnings per share
| 30 June 2024 | 31 March 2024 |
Earnings | £'000 | £'000 |
Loss for the quarters ended | (65) | (59) |
Numberofshares
|
|
|
Number of shares for the purposes of basic and diluted earnings per share | 432,580,556 | 423,140,556 |
Earnings per share (pence) | (0.015) | (0.014) |
