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VVV Resources Limited Annual Report 2023
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Annual Report
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VVV Resources Limited (VVV)
VVV Resources Limited: Annual Report and Financial Statements for the year ended 31 December 2023
28-Jun-2024 / 11:59 GMT/BST
VVV Resources Limited
("VVV" or the "Company" or the “Group”)
Annual Report and Financial Statements
for the year ended 31 December 2023
Chairman’s Report (Incorporating the strategic review)
VVV Resources Limited is pleased to take this opportunity to reflect on the period from January 1st to December 31st, 2023, being the first period end to prepare consolidated financial statements having acquired 100% ownership of VVV Resources Australia Pty Ltd, when the company was incorporated in Australia on 18th January 2023.
OPERATIONS REVIEW
This past year has continued to be a period of global uncertainty, volatility, and subsequent conflict. While the direct problems associated with the previously mentioned devastating COVID-19 pandemic have arguably dissipated, they have been replaced by further new challenges created by the escalating conflicts globally, and the uncertainty of China’s allegiance have all significantly contributed to the impacts on global security, rampant inflation, energy scarcity and fears of global food shortages.
The COVID-19 pandemic had resulted in negativity with metal prices and corporate market sentiment; however, a reversal of these trends is becoming apparent, certainly with metal prices but perhaps less rapid with the latter. Fund raising continues to be problematic especially with illiquid companies though many metal prices directly relevant to the Company’s portfolio are reaching all-time highs.
The Company’s current investments comprise 100% of the Mitterberg Copper Project in Austria and a 51% holding of the Shangri La polymetallic project in Western Australia. The Mitterberg concessions comprise 198 contiguous licences over some 90 square kilometres located approximately 60 kilometres south of Salzburg. The Shangri La project comprises 10 contiguous hectares of what appears to be a polymetallic mineral assemblage comprising gold, silver, and copper.
Due to personal circumstances, one director, Malcolm Macleod, left the Board on the 18th August 2023 and Mahesh Pulandaran, previously an Executive Director of the Company became a Non-Executive Director. Benjamin Hill joined the Board as a Non-Executive Director on the 17thApril, 2024. To satisfy corporate governance, the Board of the Company currently comprises two non-executives and one executive director.
FINANCE REVIEW
The loss for the period to 31 December 2023 amounted to £117,000 (2022: loss of £156,000) which mainly related to regulatory costs and other corporate overheads. The total revenue for the period was £Nil (2022: £Nil). As at 31 December 2023, the Company had cash balances of £36,000 (2022: £208,000).
The Company does not recommend the payment of a dividend in the current financial year.
OUTLOOK
Going forward, the Company continues to review various mineral projects in several favourable jurisdictions with a view to increasing investor attraction, and to increase both the market capitalisation and liquidity.
We would like to thank all our shareholders for their continued support and look forward to updating you on further news in due course.
Eur. Ing. Jim Williams, MSc, D.I.C., CEng, CGeol, FIMMM
Executive Chairman
27 June 2024
Extract from auditor report:
“Material uncertainty related to going concern
We draw attention to the Going Concern section of Note 1 “General Information” in the financial statements which indicates that the Directors have prepared cashflow forecasts which show that, in order for the Company to continue to discharge its liabilities as they fall due and to continue with its planned exploration expenditure on its two projects, additional cash will be required. As stated in Note 1, these events or conditions, along with the other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”
The Directors of the Company accept responsibility for the contents of this announcement.
| Enquiries: | |
| VVV Resources Limited Mahesh S/o Pulandaran (Non-Executive Director) Jim Williams (Chairman) |
Tel: +44 (0)20 3813 0175 Tel: +44 (0)77 7427 4836 |
| Peterhouse Capital Aquis Growth Market Corporate Adviser |
Tel: +44 (0)20 7469 0936 |
Statement of profit or loss and other comprehensive income for the year ended to 31 December 2023
| Year ended 31 December 2023 |
Year ended 31 December 2022 |
||
| £’000 | £’000 | ||
| Revenue | |||
| Investment income | - | - | |
| Total revenue | - | ||
| Administration expenses | (146) | (139) | |
| Reversal of loss allowance for loan | 17 | (17) | |
| Expenses settled by issuance of shares | (13) | - | |
| Share based payment release | 25 | - | |
| Operating loss | (117) | (156) | |
| Finance costs | - | - | |
| Loss before taxation | (117) | (156) | |
| Taxation | - | - | |
| Loss for the period attributable to equity holders of the company | (117) | (156) | |
| Other comprehensive income | |||
| Translation exchange (loss)/gain | - | - | |
| Other comprehensive income for the period net of taxation | - | - | |
| Total comprehensive income for the period attributable to equity holders of the company | (117) | (156) | |
| Loss per share | |||
| Basic and diluted (pence) | (4.24) | (7.46) | |
Statement of financial position as at 31 December 2023
| 31 December | 31 December | ||
| 2023 | 2022 | ||
| £’000 | £’000 | ||
| Restated* | |||
| Non-current assets | |||
| Intangible assets | 350 | - | |
| Investments accounted for using the equity method | 136 | 136 | |
| 486 | 136 | ||
| Current assets | |||
| Trade and other receivables | 25 | 23 | |
| Cash and cash equivalents | 36 | 208 | |
| 61 | 231 | ||
| Total assets | 547 | 367 | |
| Current liabilities | |||
| Trade and other payables | (91) | (83) | |
| Amounts owed to directors | (1) | - | |
| (92) | (83) | ||
| Net current assets | (31) | 148 | |
| Net assets | 453 | 284 | |
| Equity | |||
| Share capital | - | - | |
| Share premium | 1,465 | 1,154 | |
| Share based payment reserve | 65 | 90 | |
| Retained earnings | (1,077) | (960) | |
| Total equity | 453 | 284 |
The financial statements of VVV Resources Limited (registered number 196048) were approved by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its behalf by:
Mahesh Pulandaran
Director
Statement of changes in equity for the year ended 31 December 2023
__________________________________________________________________________________________
| Share capital |
Share premium |
Share based payment reserve | Retained earnings |
Total | ||
| £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Restated* | Restated* | |||||
| At 31 December 2021 prior to restatement | - | 863 | 26 | (740) | 149 | |
| Prior year adjustment | - | - | 64 | (64) | - | |
| At 31 December 2021 after restatement | - | 863 | 90 | (804) | 149 | |
| Loss for the period | - | - | - | (156) | (156) | |
| Total Comprehensive Income | - | - | - | (156) | (156) | |
| Issue of share capital | - | 291 | - | - | 291 | |
| Share based payments | - | - | - | - | - | |
| Total contributions by and distributions to owners of the Company | - | 291 | - | - | 291 | |
| At 31 December 2022 | - | 1,154 | 90 | (960) | 284 | |
| Loss for the period | - | - | - | (117) | (117) |
| Total Comprehensive Income | (117) | (117) | |||
| Issue of share capital | - | 311 | - | - | 311 |
| Share options lapsed | - | - | (25) | - | (25) |
| Total contributions by and distributions to owners of the Company | - | 311 | (25) | - | 286 |
| At 31 December 2023 | - | 1,465 | 65 | (1,077) | 453 |
*See Note 2 Prior Year Adjustment paragraph adjustment relating to year ended 31 December 2020
The accompanying accounting policies and notes form part of these financial statements.
Statement of cash flows for the year ended to 31 December 2023
__________________________________________________________________________________________
| Year ended | Year ended | ||
| 31 Dec 2023 | 31 Dec 2022 | ||
| £’000 | £’000 | ||
| Cash flows from operating activities | |||
| Operating loss | (117) | (156) | |
| Share based payment release | (25) | - | |
| Issue of shares to settle liabilities | - | - | |
| (Increase) in trade and other receivables | (5) | (1) | |
| Increase/(decrease) in trade and other payables | 8 | (13) | |
| Net cash outflow in operating activities | (139) | (170) | |
| Cash flows from investing activities | |||
| Payments to acquire intangible fixed assets | (33) | - | |
| Net cash (outflow)/inflow from investing activities | (33) | - | |
| Financing activities | |||
| Issue of share capital | - | 291 | |
| Issue costs | - | - | |
| Net cash inflow/(outflow) from financing activities | - | 291 | |
| Net decrease in cash and cash equivalents | (172) | 121 | |
| Cash and cash equivalents at beginning of period | 208 | 87 | |
| Cash and cash equivalents at end of period | 36 | 208 | |
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
| ISIN: | VGG9470B1004 |
| Category Code: | MSCM |
| TIDM: | VVV |
| LEI Code: | 213800OEUSH43X859D83 |
| Sequence No.: | 331018 |
| EQS News ID: | 1935847 |
| End of Announcement | EQS News Service |