ZAIM CREDIT SYSTEMS PLC

Interim Report • Sep 29, 2023

National Storage Mechanism | Additional information

RNS Number : 1941O

Adalan Ventures PLC

29 September 2023

Not for release or distribution, directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction.

For Immediate Release

29 September 2023

Adalan Ventures Plc

("Adalan" or the "Company")

Unaudited interim results

Adalan Ventures plc (the 'Company' or 'Adalan'), announces its unaudited annual results for the 6 months ended 30 June 2023

Adalan Ventures plc

Interim Condensed Consolidated Statement of profit or loss and Other Comprehensive Income for the six months ended 30 June

	Notes	Six months ended 30 June 2023 Unaudited GBP'000	Six months ended 30 June 2022 Unaudited GBP'000
Other income		-	55
Charge for share options granted		-	(3)
Administrative expenses		(10)	(180)
exchange gains			3
Loss before income tax		(10)	(125)
Income tax expense		-	-
Net loss		(10)	(125)
Net other comprehensive income that may be reclassified to profit or loss
Foreign exchange differences arising on translation into presentation currency		-	-
Total comprehensive loss		(10)	(125)

Adalan Ventures plc

Interim Condensed Consolidated Statement of financial position as at

	Notes	30 June 2023 Unaudited GBP'000	31 December 2022 Audited GBP'000
Assets:
Cash and cash equivalents		29	35
Total Assets		29	35
Liabilities
Other liabilities		(377)	(374)
Total liabilities		(377)	(374)
Net Assets		(348)	(339)

Equity
Capital and reserves:
Charter capital	8	4,620	4,620
Shares to be issued Reserve		800	800
Additional capital	8	6,756	6,756
Share options Reserve		248	248
Accumulated deficit		(12,772)	(12,761)
Total equity		(348)	(339)
Total liabilities and equity		29	35

Interim Condensed Statement of changes in shareholders' equity (Unaudited)  for the six months ended 30 June 2023  (unaudited)

	Charter capital GBP'000	Shares to be issued Reserve	Additional capital GBP'000	Share    options Reserve	Accumulated  Deficit GBP'000	Total Equity GBP'000
Balance as at 1 January 2023	4,620	800	6,756	248	(12,761)	(339)
Issue of ordinary shares	-	-	-	-	-	-
Comprehensive loss for the period	-	-	-	-	(10)	(10)
Share-based payments	-	-	-	-	-	-
Balance as at 30 June 2023	4,620	800	6,756	248	(12,772)	(348)

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June

	Six months ended 30 June 2023 Unaudited GBP'000	Six months ended 30 June 2022 Unaudited GBP'000
Cash flows from operating activities
Loss for the period	(10)	(125)
Non cash items - Share based payments	-	3
Cash from operations	(10)	(122)
Net (increase)/decrease in operating assets
Change in receivables		(30)
Change in payables	4	92
Net change in working capital	4	63
Net cash flows from operating activities	(6)	(59)
Net change in cash and cash equivalents	(6)	(59)
Cash and cash equivalents at the beginning of the year	35	212
Cash and cash equivalents at the end of the period	29	152

2.  Basis of preparation

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and 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 year ended 31 December 2022, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS). Statutory financial statements for the year ended 31 December 2022 were approved by the Board of Directors on 31 August 2023 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.

The condensed  consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, Shipley's LLP.

Going concern

The Financial Statements have been prepared on a going concern basis. The Directors consider that the Company requires additional funding in order to deliver on its plan to find and acquire an operating business and undertake a reverse take over. The Directors are of the view that its current cash reserves along with any funding that it will seek to raise would provide sufficient funds to undertake its operating activities for the foreseeable future. Should the company be unsuccessful in raising additional capital then there is a significant risk that it has the ability to continue as a going concern. The company has currently reduced its cash expenditure to a minimum.  

Please refer to the going concern note in the annual report for the year ended 31 December 2022 for further information.

Further information can be found at the corporate website:  https://adalanventures.com/

Enquiries:

Adalan Ventures Plc
Siro Cicconi	Tel: +44 (0) 73 9377 9849
Optiva Securities Limited
Vishal Balasingham	Tel: +44 (0) 20 3137 1902

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

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