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MORE ACQUISITIONS PLC Audit Report / Information 2024
5097_pos_2025-02-24_497395e7-7783-400e-a401-86f0edfaf0f8.html
Audit Report / Information
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RNS Number : 1749Y
Pristine Capital PLC
24 February 2025
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Pristine Capital Plc / EPIC: PRIS / Market: LSE
24 February 2025
PRISTINE CAPITAL PLC
("Pristine Capital " or the "Company")
Audited final results for the year ended 31 October 2024
Pristine Capital Plc, the Main Market cash shell focusing on the real estate sector, is pleased to announce its audited financial results for the year ended 31 October 2024.
Highlights:
· Appointment of two new directors, namely Neil Sinclair (as Executive Chairman) and Stanley Davis (as a Non-Executive director).
· The Company changed its name from More Acquisitions Plc to Pristine Capital Plc
· Cash reserves received a boost when £52,000 of VAT was successfully reclaimed from HMRC, on the fees paid in respect of the abortive reverse takeover in 2023. Following this, the cash position at 31 October 2024 amounted to £764,364 (at 31 October 2023: £649,265), with a current cash position of £712,303 as at 21 February 2025.
· The Company reported a loss for the year of £284,784 (year ended 31 October 2023: loss of £463,897).
· Net assets amounted to £788,978 as at 31 October 2024 (at 31 October 2023: £672,466).
· Cash reserves deposited to an interest-bearing account at NatWest.
The full audited annual report and accounts for the year ended 31 October 2024 will be published on the Company's website ( www.pristinecapitalplc.com ) shortly.
Neil Sinclair, Executive Chairman of Pristine Capital : " We are continuing to use our extensive experience both with listed companies and in the real estate sector, to find a suitable RTO target for the Company. There have been encouraging signs over the course of the past couple of months, where we continue to see that opportunities are becoming available, that could provide the desired returns favoured by investors."
For further information please visit www.pristinecapitalplc.com or contact:
Key Information Extracted from Annual Report and Accounts
Statement of Profit or Loss and Other Comprehensive Income
| 2024 £ |
2023 £ |
||
| Administrative expenses | (196,987) | (463,897) | |
| Share based payment | (45,000) | - | |
| Warrant expenses | (44,056) | - | |
| Operating loss before taxation | (286,043) | (463,897) | |
| Finance income | 1,259 | - | |
| Loss before income tax | (284,784) | (463,897) | |
| Income tax | - | - | |
| Loss for the year from continuing operations | (284,784) | (463,897) | |
| Loss for the year attributable to the owners of the Company and total comprehensive loss for the year | (284,784) | (463,897) | |
| Earnings per share attributable to the owners of the Company | |||
| From loss from continuing operations/loss for the period: | |||
| Basic (pence per share) | (0.19) p | (0.37) p | |
| Diluted (pence per share) | (0.06) p | (0.10) p | |
Statement of Financial Position
| 2024 £ |
2023 £ |
||
| Current assets | |||
| Trade and other receivables | 50,678 | 63,570 | |
| Cash and cash equivalents | 764,364 | 649,265 | |
| Total current assets | 815,042 | 712,835 | |
| Total assets | 815,042 | 712,835 | |
| Current liabilities | |||
| Trade and other payables | (26,064) | (40,369) | |
| Total current liabilities | (26,064) | (40,369) | |
| Total liabilities | (26,064) | (40,369) | |
| Net assets | 788,978 | 672,466 | |
| Shareholders' equity | |||
| Share capital | 1,607,241 | 1,250,001 | |
| Warrant reserve | 862,448 | 818,392 | |
| Retained earnings | (1,680,711) | (1,395,927) | |
| Total shareholders' equity | 788,978 | 672,466 | |
Statement of Changes in Equity
| Share capital |
Warrant Reserve |
Retained Earnings |
Total | |
| £ | £ | £ | £ | |
| Balance at 31 October 2022 (restated) | 1,250,001 | 818,392 | (932,030) | 1,136,363 |
| Total comprehensive loss for the period ended | - | - | (463,897) | (463,897) |
| Balance at 31 October 2023 | 1,250,001 | 818,392 | (1,395,927) | 672,466 |
| Total comprehensive loss for the year ended | - | - | (284,784) | (284,784) |
| Shares issued in year | 357,240 | - | - | 357,240 |
| Warrants issued in year | - | 44,056 | - | 44,056 |
| Balance at 31 October 2024 | 1,607,241 | 862,448 | (1,680,711) | 788,978 |
Share capital
Share capital represents the nominal value on the issue of the Company's equity share capital, comprising £0.01 ordinary shares.
Warrant reserve
Warrant reserve represents the fair value of warrants issued to investors and the Company's advisor at the time of listing on the Standard Segment of the Main Market of the London Stock Exchange and to investors in January 2024.
Retained earnings
Retained earnings represent the cumulative net losses of the Company recognised through the Statement of Profit or Loss and Other Comprehensive Income.
Statement of Cash Flows
| 2024 | 20 23 | ||
| £ | £ | ||
| Operating activities | |||
| Loss for the year | (284,784) | (463,897) | |
| Share based payments | 45,000 | ||
| Warrant expense | 44,056 | - | |
| Finance income | (1,259) | - | |
| Working capital adjustments | |||
| Decrease/(increase) in trade and other receivables | 12,892 | (50,070) | |
| (Decrease)/increase in trade and other payables | (14,305) | 11,561 | |
| Net cash used in operating activities | (198,400) | (502,406) | |
| Financing activities | |||
| Proceeds from issue of equity | 312,240 | - | |
| Interest received | 1,259 | - | |
| Net cash generated from financing activities | 313,499 | - | |
| Net increase in cash and cash equivalents | 115,099 | (502,406) | |
| Cash and cash equivalents at start of the year | 649,265 | 1,151,671 | |
| Cash and cash equivalents at end of the year | 764,364 | 649,265 |
**ENDS**
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