31 Jul 2023 17:44
31 July 2023
ANANDA DEVELOPMENTS PLC
("Ananda" or the "Company")
Completion of Audit, Publication of Annual Report and Accounts and Notice of Annual General Meeting
Further to the announcement of its 2022/23 unaudited preliminary results on 13 July 2023, Ananda announces that the audit for the year ended 31 January 2023 has now been completed. Adjustments have been made to the previously notified Consolidated Statement of Cashflows and Balance Sheet, which are reflective of adjustments made a part of a review of the acquisition of DJT Group Limited, revised tables are set out below.
The Company's Annual Report and Accounts for the year ended 31 January 2023, together with a Notice of Annual General Meeting, has been published on the Company's website. The notice of Annual General Meeting have also today been posted to, or emailed to, shareholders as appropriate in accordance with the provision in the Company's articles of association on electronic communications.
The Annual General Meeting is due to be held at the offices of Shakespeare Martineau Llp, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR at 2.00pm on 24th August 2023.
Statement of Financial Position
GROUP | |||
31 Jan 2023 |
31 Jan 2022 | ||
Note | £ | £ | |
Non-Current assets |
| ||
Tangible Assets | 10 | 1,762,468 | - |
Intangible Assets | 12 | 4,470,376 | - |
Investments in subsidiaries | - | 2,252,192 | |
Total non-current assets | 6,232,844 | 2,252,192 | |
|
| ||
Current assets | |||
Cash and cash equivalents | 18,837 | - | |
Assets under construction | 47,080 | - | |
Trade and other receivables | 14 | 210,144 | 110,938 |
Total current assets | 276,061 | 110,938 | |
| |||
Current liabilities | |||
Trade and other payables | 15 | 1,586,484 | 1,487,254 |
Convertible loan notes | 16 | 2,924,812 | - |
Total current liabilities | 4,511,296 | 2,075,114 | |
| |||
Non-current liabilities | |||
Convertible loan notes | 16 | - | 587,860 |
| |||
Deferred Tax Liability | 793,000 | - | |
Total assets less liabilities | 1,204,609 | 288,016 | |
Capital and reserves | |||
Share capital | 18 | 2,341,110 | 1,597,031 |
Share premium | 3,468,944 | 876,347 | |
Share options reserve | 32,499 | 18,788 | |
Retained earnings | (4,637,944) | (2,204,150) | |
Total equity and liabilities | 1,204,609 | 288,016 | |
Statement of Cash Flows
GROUP |
|
31 Jan 2023 | |
Note |
| £ | |
Cash flows from operating activities | |||
Loss for the year | (1,139,640) | ||
Adjustments for: | |||
Depreciation | 172,284 | ||
Share based payment expense | 13,711 | ||
Net finance expense | 247,983 | ||
Write-off of assets under construction | 39,878 | ||
Write-off of stocks | 7,393 | ||
Increase in trade and other receivables | (143,568) | ||
Increase in trade and other payables | 344,604 | ||
Net cash outflow from operating activities | 19 |
| (457,354) |
| |||
Investing activities | |||
Cash from acquisition | 29,563 | ||
Additional investments prior to DJT acquisition | (1,476,598) | ||
|
|
| |
Net cash outflow from investing activities | (1,446,944) | ||
Financing activities | |||
Proceeds from loans and borrowings | 1,888,845 | ||
Repayment of loans and borrowings | (40,000) | ||
Proceeds from issue of ordinary shares | 74,290 | ||
Net cash inflow from financing activities |
| 1,923,135 | |
Net decrease in cash and cash equivalents | 18,837 | ||
Cash and cash equivalents at beginning of period | - | ||
Cash and cash equivalents at end of year |
| 18,837 |
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
ANANDA DEVELOPMENTS PLC | +44 (0)7463 686 497 |
ir@anandadevelopments.com | |
Chief Executive Officer | |
Melissa Sturgess | |
Finance Director | |
Jeremy Sturgess-Smith | |
SP ANGEL CORPORATE FINANCE LLP | +44 (0)20 3470 0470 |
Corporate Finance | |
Richard Morrison | |
Harry Davies-Ball | |
| |
Corporate Broking | |
Abigail Wayne | |
Rob Rees |
About Ananda Developments
Ananda is an AQSE-listed company whose ambition is to be a leading provider of cannabinoid-based medicines for the treatment of complex, chronic inflammatory pain conditions.
For more information, please visit: https://anandadevelopments.com/
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Ananda Developments Plc (ANA.PL)