SuperSeed Capital Limited

Interim / Quarterly Report • Nov 17, 2023

National Storage Mechanism | Additional information

RNS Number : 7517T

SuperSeed Capital Limited

17 November 2023

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

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