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17 Nov 2023 15:00
SUPERSEED CAPITAL LIMITED
("SuperSeed Capital" or the "Company")
CORRECTION TO INTERIM RESULTS FOR Q2 AND THE HALF YEAR ENDING 30 JUNE 2023
SuperSeed Capital, a company established as a venture capital fund of funds for early-stage AI/SaaS companies, presents amended and restated results for the Q2 and the six months ending 30 June 2023.
It has come to the Company's attention that the results for Q2 and for the half year ending 30 June 2023 were misstated. SuperSeed II LP ("the Fund") issued a drawdown notice close to the end of Q2 and, owing to an error, the corresponding higher valuation of the fund was accounted for in Q2 but the associated drawdown liability was not accounted for until completion of the drawdown in the following quarter. Accordingly, in the Q2 and half year figures published on 16 August 2023, the net asset value of the Fund was overstated.
The stated net asset value per share of the Company at 30 June 2023 of 1.184 p per share was overstated by 0.063p per share. The correct figure for the net asset value of the Company as at 30 June 2023 should have been 1.121p per share representing growth in net asset value per share of 15.2% over the first half of the year and 6.6% during Q2 compared with figures of 21.7% and 12.6% respectively as stated in August.
Detailed amended and restated financial statements for Q2 and for the half year ended 30 June 2023 are set out below.
Updated Q2 Financial highlights
· NAV per share has grown by 15.2% in H1 2023 and, within this, Q2 was up by 6.6% on Q1 to £1.12.
· IRR on portfolio investments since IPO has increased to 35%.
For more information, please contact:
SuperSeed Capital Limited | +44(0) 203 405 3060 |
Mads Jensen, Investment Manager | |
| |
VSA Capital - AQSE Corporate Adviser and Broker | +44(0) 203 005 5000 |
Corporate Finance: Simon Barton / Alex Cabral |
About SuperSeed Capital
SuperSeed Capital invests in technology-led innovation, primarily through funds managed by SuperSeed Ventures LLP (the "Investment Manager"). The Company's principal investment to date is in SuperSeed II LP (the "Fund").
SuperSeed Capital Limited | ||||||||
Condensed Statement of Comprehensive Income | ||||||||
for the period 1 January 2023 to 30 June 2023 | ||||||||
1 April 2023 |
| 1 January 2023 |
| 1 January 2023 |
| 1 January 2022 | ||
| to |
| to |
| to |
| to | |
| 30 June 2023 |
| 31 March 2023 |
| 30 June 2023 |
| 30 June 2022 | |
| £ |
| £ |
| £ |
| £ | |
Income |
|
|
|
| ||||
Investment income | 696 | 328 | 1,024 | 7 | ||||
Realised gain on investments held at fair value through profit or loss | - | 33,052 | 33,052 | - | ||||
Unrealised gain on investments held at fair value through profit or loss | 201,489 | 180,555 | 382,044 | 129,162 | ||||
Other income | 1 | 1 | 2 | 951 | ||||
Total income |
| 202,186 |
| 213,936 |
| 416,122 |
| 130,120 |
| ||||||||
Expenses |
|
|
|
| ||||
Establishment costs | - | - | - | 153,028 | ||||
Administration fees | 7,613 | 7,611 | 15,224 | 12,432 | ||||
Audit fees | 5,734 | 5,671 | 11,405 | 10,414 | ||||
Directors' fees | 4,500 | 4,500 | 9,000 | 9,000 | ||||
Legal & professional fees | 16,142 | 12,183 | 28,325 | 14,036 | ||||
Loan interest | - | 134 | 134 | - | ||||
Regulatory fees | 3,836 | 5,351 | 9,187 | 7,315 | ||||
Sundry expenses | 295 | 703 | 998 | 830 | ||||
Total expenses |
| 38,120 |
| 36,153 |
| 74,273 |
| 207,055 |
| ||||||||
Total gain/(loss) and comprehensive income for the period |
| 164,066 |
| 177,783 |
| 341,849 |
| (76,935) |
|
|
|
|
| ||||
Basic earnings per share |
| 0.0692 |
| 0.0868 |
| 0.1463 |
| (0.0452) |
| ||||||||
Diluted earnings per share |
| 0.0628 |
| 0.0698 |
| 0.1403 |
| (0.0452) |
| ||||||||
Operating profit/(loss) excluding establishment costs for the period |
| 164,066 |
| 177,783 |
| 341,849 |
| 76,093 |
|
|
|
|
| ||||
Basic operating profit excl. establishment costs per share |
| 0.0692 |
| 0.0868 |
| 0.1463 |
| 0.0447 |
|
|
|
|
| ||||
Diluted operating profit excl. establishment costs per share |
| 0.0628 |
| 0.0698 |
| 0.1403 |
| 0.0447 |
| ||||||||
All the above items are derived from continuing operations. | ||||||||
SuperSeed Capital Limited | |||||
Condensed Statement of Financial Position | |||||
as at 30 June 2023 | |||||
30 June 2023 |
| 31 March 2023 |
| 31 December 2022 | |
| £ | £ |
| £ | |
| |||||
Non-current assets |
| ||||
Investments | 2,542,337 | 2,189,288 | 1,799,616 | ||
Total non-current assets | 2,542,337 |
| 2,189,288 |
| 1,799,616 |
| |||||
Current assets |
| ||||
Trade and other receivables | 104,685 | 254,895 | 11,025 | ||
Cash and cash equivalents | 20,546 | 64,006 | 235,089 | ||
Total current assets | 125,231 |
| 318,901 |
| 246,114 |
| |||||
Total assets | 2,667,568 | 2,508,189 | 2,045,730 | ||
Current liabilities |
| ||||
Trade and other payables | 11,991 | 16,678 | 21,745 | ||
Total current liabilities | 11,991 |
| 16,678 |
| 21,745 |
| |||||
Total liabilities | 11,991 | 16,678 | 21,745 | ||
Net assets | 2,655,577 |
| 2,491,511 |
| 2,023,985 |
| |||||
Equity |
| ||||
Share capital | 2,369,743 | 2,369,743 | 2,080,000 | ||
Retained earnings | 285,834 | 121,768 | (56,015) | ||
Total equity | 2,655,577 |
| 2,491,511 |
| 2,023,985 |
| |||||
Net asset value per ordinary share | 1.1206 |
| 1.0514 |
| 0.9731 |
| |||||
SuperSeed Capital Limited | ||||||
Condensed Statement of Changes in Equity | ||||||
for the period 1 January 2023 to 30 June 2023 | ||||||
Share Capital |
| Retained Earnings |
| Total | ||
| £ |
| £ |
| £ | |
Ordinary Shares issued on incorporation | 1 | - | 1 | |||
Issue of Ordinary Shares | 1,999,999 | - | 1,999,999 | |||
Total comprehensive loss for the period | - | (119,977) | (119,977) | |||
Balance as at 30 June 2022 |
| 2,000,000 |
| (119,977) |
| 1,880,023 |
| ||||||
Share Capital |
| Retained Earnings |
| Total | ||
| £ |
| £ |
| £ | |
| ||||||
Balance as at 1 January 2023 | 2,080,000 | (56,015) | 2,023,985 | |||
Issue of Ordinary Shares | 289,743 | - | 289,743 | |||
Total comprehensive profit for the period | - | 341,849 | 341,849 | |||
Balance as at 30 June 2023 |
| 2,369,743 |
| 285,834 |
| 2,655,577 |
SuperSeed Capital Limited | ||||
Condensed Statement of Cash Flows | ||||
for the period 1 January 2023 to 30 June 2023 | ||||
1 January 2023 | 1 January 2023 | 6 October 2021 | ||
| to | to | to | |
| 30 June 2023 | 31 March 2023 | 30 June 2022 | |
| £ |
| £ | |
Cash flows used in operating activities |
|
| ||
Net cash flow used in operating activities |
| (86,750) | (43,290) | (246,423) |
|
| |||
Cash flows used in investing activities |
| |||
Net cash flow used in investing activities | (127,659) | (127,659) | (777,870) | |
Cash flows from financing activities |
| |||
Net cash flow from financing activities | (134) | (134) | 2,000,000 | |
|
| |||
Net movement in cash and cash equivalents during the period | (214,543) | (171,083) | 975,707 | |
|
| |||
Cash and cash equivalents at the beginning of the period | 235,089 | 235,089 | - | |
|
| |||
Cash and cash equivalents at the end of the period | 20,546 | 64,006 | 975,707 | |
|
|
| ||
SuperSeed Capital Limited | ||||||
Investment Analysis | ||||||
for the period 1 January 2023 to 30 June 2023 | ||||||
30 June 2023 |
| 31 December 2022 | ||||
| £ |
| £ | |||
| ||||||
Cost | 1,899,714 | 1,539,035 | ||||
Cumulative movement in value | 642,624 | 260,581 | ||||
Fair value | 2,542,337 |
| 1,799,616 | |||
|
| |||||
Investment fair value can be further analysed as follows: |
| |||||
1 January 2023 | 1 January 2023 |
| 6 October 2021 | |||
| to | to |
| to | ||
| 30 June 2023 | 31 March 2023 |
| 31 December 2022 | ||
| £ | £ |
| £ | ||
Cost | ||||||
Cost at beginning of the period | 1,539,035 | 1,539,035 | - | |||
Cost of investment - settled | 666,579 | 515,017 | 1,539,035 | |||
Cost of investment - sold | (305,901) | (305,901) | - | |||
Total cost of investment | 1,899,714 | 1,748,152 | 1,539,035 | |||
Fair value movement | ||||||
Fair value adjustment at beginning of the period | 260,581 | 260,581 | - | |||
Revaluation of underlying investments | 382,043 | 156,750 | 260,581 | |||
SuperSeed II LP management fee and other net movements in NAV | - | 23,805 | - | |||
642,624 | 441,136 | 260,581 | ||||
Fair value of investments | 2,542,337 | 2,189,288 |
| 1,799,616 | ||
Superseed Capital Limited (WWW.PL)
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