REDCASTLE RESOURCES LIMITED — Interim / Quarterly Report 2021

Feb 15, 2021

ASX APPENDIX 4D

TRANSCENDENCE TECHNOLOGIES LIMITED

ABN 57 096 781 716

RESULTS FOR ANNOUNCEMENT TO THE MARKET FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

(Previous corresponding period is the period ended 31 December 2019)

	31-Dec-20	31-Dec-19
KEY INFORMATION	$	$	**% Change **
Revenue from ordinary activities	498	4,294	(88%)
Loss from ordinary activities after tax attributable to
members	(141,895)	(255,982)	(45%)
Net loss attributable to members	(141,895)	(255,982)	(45%)
DIVIDEND INFORMATION
No dividend has been proposed or declared.
NET TANGIBLE ASSETS PER SECURITY		31-Dec-20	31-Dec-19
Net tangible assets per security		0.003	0.005
		31-Dec-20	31-Dec-19
EARNINGS PER SHARE		Cents	Cents
Basic earnings per share		(0.08)	(0.15)
Diluted earnings per share		(0.08)	(0.15)

CONTROL GAINED OR LOST OVER ENTITIES IN THE PERIOD

There have been no gains or losses of control over entities in the period ended 31 December 2020.

Refer to the Directors Report for an explanation of the operational and financial results of the Company.

This report is based on, and should be read in conjunction with, the attached financial report for the half-year ended 31 December 2020 for Transcendence Technologies Limited, which has been audited by BDO (WA) Pty Ltd.

The half-year report is to be read in conjunction with the 30 June 2020 Annual Report.

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TRANSCENDENCE TECHNOLOGIES LIMITED ABN 57 096 781 716

FINANCIAL REPORT

FOR THE HALF-YEAR ENDED

31 DECEMBER 2020

Transcendence Technologies Limited Half-Year Report 31 December 2020

CONTENTS

Corporate Directory	3
Directors' Report	4
Auditor’s Independence Declaration	6
Consolidated Statement of Profit or Loss and Other Comprehensive Income	7
Consolidated Statement of Financial Position	8
Consolidated Statement of Changes in Equity	9
Consolidated Statement of Cash Flows	10
Notes to the Consolidated Financial Statements	11
Directors' Declaration	13
Independent Auditor’s Review Report to the members of Transcendence Technologies Limited	14

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Transcendence Technologies Limited Half-Year Report 31 December 2020

CORPORATE DIRECTORY

Board of Directors

Mr Peter Wall Non-Executive Chairman Mr Jeremy King Non-Executive Director Mr Patrick Holywell Non-Executive Director

Secretary

Ms Sarah Smith

Registered Office

Suite 2, Level 1 1 Altona Street West Perth WA 6005

Telephone: 08 6559 1792 Website: www.tt-limited.com

Stock Exchange Listing

Listed on the Australian Securities Exchange (ASX Code: TTL)

Auditors

BDO (WA) Pty Ltd 38 Station Street Subiaco WA 6008

Solicitors

Steinepreis Paganin Level 4, Next Building 16 Milligan Street Perth WA 6000

Bankers

Westpac Banking Corporation Level 4, Brookfield Place, Tower Two 123 St Georges Terrace Perth WA 6000

Share Registry

Automic Share Registry Level 2, 267 St Georges Terrace Perth WA 6000

Telephone: 1300 288 664

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Transcendence Technologies Limited Half-Year Report 31 December 2020

DIRECTORS’ REPORT

The Directors of Transcendence Technologies Limited (“TTL” or “the Company”) present their report, together with the financial statements on the consolidated entity consisting of Transcendence Technologies Limited and its controlled entity for the half-year ended 31 December 2020 (“the Period”).

It is recommended that the Directors’ Report be read in conjunction with the annual financial statements for the year ended 30 June 2020 and considered together with any public announcement made by the Company during the Period and up to the date of this report.

DIRECTORS

The names of the Company’s Directors who held office during the Period and until the date of this report are set out below. Directors were in office for this entire Period unless otherwise stated.

Director	Position	Duration of Appointment
Peter Wall	Non-Executive Chairman	Appointed 6 October 2015
Jeremy King	Non-Executive Director	Appointed 8 June 2016
Patrick Holywell	Non-Executive Director	Appointed 20 November 2019

REVIEW OF OPERATIONS AND ACTIVITIES

E-Collate

The Company has continued its review of the commercial viability of the E-Collate business model and platform. As such, limited work was performed on the platform during the period.

Until such time that the Board is satisfied that an appropriate financial return can be generated for the Company through commercialising the E-Collate platform, the Board remains focused on preserving shareholder funds.

Corporate

On 23 September 2019, the Company was suspended from official quotation in accordance with Listing Rule 17.3, as ASX determined that the Company’s operations are not adequate to warrant the continued quotation of its securities pursuant to ASX Listing Rule 12.1. The suspension will continue until the Company is able to demonstrate compliance with Listing Rule 12. 1.

The Board continues to proactively identify and review acquisition and investment opportunities, while conserving cash.

FINANCIAL RESULTS

The financial results of the Group for the half-year ended 31 December 2020 are:

	31-Dec-20	30-Jun-20
Cash and cash equivalents ($)	592,722	746,966
Net assets($)	600,398	742,293
	31-Dec-20	31-Dec-19
Revenue ($) Net loss after tax ($)	498	4,294 (255,982) (0.15)
	(141,895)
Lossper share(cents)	(0.08)

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Transcendence Technologies Limited Half-Year Report 31 December 2020

DIVIDENDS

No dividends have been paid or declared by the Group since the end of the previous financial year.

The Directors do not propose to declare or pay any dividend for the half-year ended 31 December 2020.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

EVENTS OCCURRING AFTER REPORTING DATE

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the entity up to 31 December 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matter or circumstance has arisen since the end of the half-year which has significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial periods.

AUDITOR’S INDEPENDENCE DECLARATION

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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Peter Wall Non-Executive Chairman

16 February 2021

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38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au

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DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF TRANSCENDENCE TECHNOLOGIES LIMITED

As lead auditor for the review of Transcendence Technologies Limited for the half-year ended 31 December 2020, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Transcendence Technologies Limited and the entity it controlled during the period.

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Jarrad Prue Director

BDO Audit (WA) Pty Ltd

Perth, 16 February 2021

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

Transcendence Technologies Limited Half-Year Report 31 December 2020

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

Note Interest income 3 Compliance and regulatory expenses Consulting and corporate expenses Employee and director benefits expense Other expenses Loss before income tax for the period Income tax expense Loss after income tax for the period Total comprehensive loss for the period attributable to members of Transcendence Technologies Limited Loss per share for the period attributable to the members of Transcendence Technologies Limited: Basic and diluted loss per share (cents)	31-Dec-20 31-Dec-19 $ $
	498 4,294
	(21,358) (23,887)
	(81,341) (157,525)
	(27,855) (58,012)
	(11,839) (20,852)
	(141,895) (255,982)
	- -
	(141,895) (255,982)
	(141,895) (255,982)
	(0.08) (0.15)

The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the notes to the financial statements.

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Transcendence Technologies Limited Half-Year Report 31 December 2020

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

Note ASSETS Current Assets Cash and cash equivalents 4 Trade and other receivables Total Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Total Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Reserves Accumulated losses TOTAL EQUITY	31-Dec-20 30-Jun-20 $ $
	592,722 746,966 23,707 28,025
	616,429 774,991
	616,429 774,991
	16,031 32,698
	16,031 32,698
	16,031 32,698
	600,398 742,293
	14,471,769 14,471,769 365,382 365,382 (14,236,753) (14,094,858)
	600,398 742,293

The Consolidated Statement of Financial Position should be read in conjunction with the notes to the financial statements.

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Transcendence Technologies Limited Half-Year Report 31 December 2020

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

At 1 July 2020 Loss for the period Other comprehensive income Total comprehensive loss for the period after tax Balance at 31 December 2020 At 1 July 2019 Loss for the period Other comprehensive income Total comprehensive loss for the period after tax Balance at 31 December 2019	Issued Capital Issued Options Accumulated Losses Total Equity $ $ $ $
	14,471,769 365,382 (14,094,858) 742,293
	- - (141,895) (141,895) - - -
	- - (141,895) (141,895)
	14,471,769 365,382 (14,236,753) 600,398
	14,471,769 365,382 (13,682,243) 1,154,908
	- - (255,982) (255,982) - - -
	- - (255,982) (255,982)
	14,471,769 365,382 (13,938,225) 898,926

The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.

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Transcendence Technologies Limited Half-Year Report 31 December 2020

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

		31-Dec-20	31-Dec-19
		$	$
Cash flows used in operating activities
Payment to suppliers and employees		(154,742)	(313,276)
Interest received		498	4,294
Net cash flows used in operating activities		(154,244)	(308,982)
Net decrease in cash and cash equivalents		(154,244)	(308,982)
Cash and cash equivalents at the beginningof theperiod		746,966	1,198,254
Cash and cash equivalents at the end of theperiod	4	592,722	889,272

The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the financial statements.

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Transcendence Technologies Limited Half-Year Report 31 December 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

These general purpose interim financial statements for half-year reporting period ended 31 December 2020 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2020 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The financial statements are presented in Australian dollars, which is Transcendence Technologies Limited’s functional and presentation currency.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

Significant accounting judgements and key estimates

The preparation of the interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

New, revised or amended standards and interpretations adopted by the Group

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

NOTE 2 SEGMENT INFORMATION

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The information presented in the financial report in the same information that is viewed by the Directors.

The Group is currently operating in one business segment being an administrative entity in the technology sector and one geographic segment being Australia.

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Transcendence Technologies Limited Half-Year Report 31 December 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 REVENUE

The following revenue items are relevant in explaining the financial performance for the interim period:

		31-Dec-20 31-Dec-19
		$ $
Other Revenue
Interest received		498 4,294
		498 4,294
NOTE 4 CASH AND CASH EQUIVALENTS		31-Dec-20 30-Jun-20
		$ $
Cash at bank		592,722 246,966
Short-term deposits		- 500,000
		592,722 746,966

NOTE 5 CONTINGENCIES

There are no known contingent liabilities or contingent assets at reporting date (30 June 2020: Nil).

NOTE 6 COMMITMENTS

There are no commitments at 31 December 2020 (30 June 2020: Nil).

NOTE 7 RELATED PARTY TRANSACTIONS

During the period, the Group incurred legal fees, payable to Steinepreis Paganin (a company of which Peter Wall is a Partner). The Group also incurred consulting fees, payable to Mirador Corporate Pty Ltd (“Mirador”). Mirador is a company of which Jeremy King is a Director.

Steinepreis Paganin Mirador Corporate Pty Ltd	31-Dec-20 31-Dec-19 $ $
	3,341 56,435 43,500 46,875

NOTE 8 EVENTS AFTER THE END OF THE INTERIM PERIOD

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the entity up to 31 December 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matter or circumstance has arisen since the end of the half-year which has significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial periods.

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Transcendence Technologies Limited Half-Year Report 31 December 2020

DIRECTORS’ DECLARATION

In the Directors’ opinion

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2020 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

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Peter Wall Non-Executive Chairman 16 February 2021

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38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Transcendence Technologies Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Transcendence Technologies Limited (the Company) and its subsidiary (the Group), which comprises the consolidated statement of financial position as at 31 December 2020, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the halfyear ended on that date, a summary of statement of accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including:

• (i) Giving a true and fair view of the Group’s financial position as at 31 December 2020 and of its financial performance for the half-year ended on that date; and

• (ii) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor’s review report.

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

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Responsibility of the directors for the financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2020 and its financial performance for the half-year ended on that date and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

BDO Audit (WA) Pty Ltd

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Jarrad Prue

Director

Perth, 16 February 2021