TIDMSCGL

RNS Number : 0583O

Sealand Capital Galaxy Limited

29 September 2023

For release: 07.00, 29 September 2023

Sealand Capital Galaxy Limited

("Sealand" or the "Company")

Unaudited Interim Results

Sealand Capital Galaxy Limited (LSE: SCGL) announces that it has today published its unaudited Interim Results for the six months ended 30 June 2023 with respect to the Company and its subsidiaries (the "Group").

Nelson Law, Executive Chairman of the Company commented:

"The group's focus on expanding its presence in the e-commerce sector in China has been a key priority. Significant resources have been allocated to this endeavor, recognizing the vast potential of this market. In addition to the existing presence on Tmall, the group is actively working to collaborate with other platforms, aiming to reach a wider customer base and increase market share in online retail."

He added:

" The group is actively exploring opportunities for joint ventures in China. Building upon previous success in the advertising sector, the group seeks potential partnerships in this area. Additionally, venturing into new but related areas such as app design and interlink programs is a strategic move to diversify revenue streams and enhance competitiveness in the market.

"Despite the challenges posed by the pandemic, the group remains optimistic about the future and committed to identifying new growth opportunities within current product lines and through strategic partnerships. By continuously adapting to evolving market conditions and leveraging strengths, the group is confident in its ability to drive long-term success and deliver value to stakeholders."

-Ends-

 
 Enquiries: 
 Sealand Capital Galaxy Limited 
 Law Chung Lam Nelson, Executive    + 44 (0) 753 795 
  Chairman                           9788 
 
 
 

Notes to Editors:

The Company's Shares are traded on the Official List of the London Stock Exchange's main market for listed securities under the ticker SCGL.

   Further information on Sealand is available on its website   http://www.scg-ltd.com/ 

MANAGEMENT DISCUSSION AND ANALYSIS

Sealand Capital Galaxy Limited is a company acting as a special purpose acquisition company. The Group is engaged in digital marketing, mobile payment and other IT related business. Today it announces its results for the six months ended 30 June 2023.

Business Review

The group's focus on expanding its presence in the e-commerce sector in China has been a key priority. Significant resources have been allocated to this endeavor, recognizing the vast potential of this market. In addition to the existing presence on Tmall, the group is actively working to collaborate with other platforms, aiming to reach a wider customer base and increase market share in online retail.

Collaboration with local retail partners has also yielded positive results. One of the group's sales partners has successfully expanded to four physical stores, with plans for a fifth store in the near future. The group's brand accounts for approximately one-third of their total unit sales, demonstrating the mutually beneficial nature of the partnership.

Further nurturing and strengthening such collaborations will enhance the group's footprint in the retail sector.

Overall, the strategic focus on e-commerce expansion and collaboration with local retail partners has proven successful. The group remains committed to capitalizing on emerging opportunities, both online and offline, to drive growth and maximize shareholder value.

Financial Review

During the six months ended 30 June 2023, the loss attributable to ordinary shareholders was GBP203,951 (2022:

GBP226,910), and the revenue for the period was GBP61,198 (2021: GBP76,071).

Prospects

After the impact of the COVID-19 pandemic, the group has observed a gradual recovery in sales, albeit slower than anticipated. To fuel future growth and expansion, the group is focusing on soliciting new agency partnerships for additional brands, particularly in the female skincare category. Leveraging existing distribution channels and industry expertise, the group aims to capture a larger share of the market and drive sales.

Moreover, the group is actively exploring opportunities for joint ventures in China. Building upon previous success in the advertising sector, the group seeks potential partnerships in this area. Additionally, venturing into new domains such as app design and interlink programs is a strategic move to diversify revenue streams and enhance competitiveness in the market.

Despite the challenges posed by the pandemic, the group remains optimistic about the future and committed to identifying new growth opportunities within current product lines and through strategic partnerships. By continuously adapting to evolving market conditions and leveraging strengths, the group is confident in its ability to drive long-term success and deliver value to stakeholders.

Going Concern

As at 30 June 2023, the Group has cash and cash equivalent balances of GBP7,630 and net current liabilities and net liabilities of GBP1,057,446.

The directors' cash-flow projections for the forthcoming 12 months conclude there will be a need for additional cash resources. The directors are in discussions with some parties that may raise further equity and/or loans. There is no certainty that any such funds will be forthcoming or the price and other terms will be acceptable.

Directors

The following directors served during the six months ended 30 June 2023: Mr Chung Lam Nelson Law(Chairman and Chief Financial Officer)

Mr Geoffrey John Griggs(Non-executive Director)

I would like to thank my colleagues for their continued perseverance and commitment towards reaching the Groups' objectives.

Chung Lam Nelson Law Chairman

29 September 2023

SEALAND CAPITAL GALAXY

PRINCIPAL RISKS AND UNCERTAINTIES

The Board regularly monitors exposure to risks and uncertainties that it considers key as set out below.

The group faces risks associated with integrating and assimilating acquired businesses. Difficulties may arise due to cultural differences, operational complexities, and organizational alignment, which could impact the performance and profitability of acquired entities.

International Interest Rates and Inflation

Rising international interest rates and inflation pose a risk to the group's cost of goods sold. Increased borrowing costs and higher input costs, can impact profitability. The group actively monitors these macroeconomic factors and implements strategies to mitigate their adverse effects on financial performance.

Currency Fluctuations

The depreciation of the RMB by 10% has affected the group's total sales turnover. Weaker currency reduces purchasing power in China, negatively impacting demand for products and services. Currency fluctuations introduce volatility and uncertainty, requiring active management of currency exposures through hedging strategies.

Moreover the 10% depreciation of the RMB has impacted the total sales turnover due to a decrease in purchasing power in China.

The group remains vigilant in managing these risks, implementing appropriate risk mitigation strategies, and monitoring market conditions to ensure long-term resilience and sustainability.

Competition

The group acknowledges the need for horizontal integration to expand market presence and capture a larger industry share. However, this expansion may strain resources. Negotiating new product lines requires significant investments in distribution networks, and marketing. Intensified competition may impact profit margins. The group actively pursues strategic partnerships and diversification to enhance competitive position. Prudent decision-making and effective resource allocation are crucial in a dynamic market environment.

Financial Risks

The Group financial risks including foreign exchange risk, interest rate risk, credit risk, liquidity risk and cash flow risk are carefully monitored by the Board.

Chung Lam Nelson Law Chairman

29 September 2023

SEALAND CAPITAL GALAXY LIMITED

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors confirm that to the best of their knowledge:

(a) the condensed set of financial statements, which has been prepared in accordance with IAS 34 "Interim Financial Reporting", gives a true and fair view of the assets, liabilities, financial position and loss of the Group as a whole as required by DTR 4.2.4R subject to the comment on the going concern position of the Group.

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months of the year and a description of principal risks and uncertainties for the remaining six months of the year); and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board

Chung Lam Nelson Law Chairman

29 September 2023

SEALAND CAPITAL GALAXY LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHSED 30 JUNE 2023

 
                                                    Six months       Six months 
                                                        ended            ended 
                                                   30 June          30 June 
                                                    2023             2022 
                                                   (Unaudited)      (Unaudited) 
                                         Note        GBP              GBP 
Revenue                                   5             61,198           76,071 
Cost of services                                      (38,899)         (62,953) 
                                               ---------------  --------------- 
Gross profit                                            22,299           13,118 
Other income                              5              8,151           16,313 
Administrative expenses                              (275,488)        (237,555) 
Finance costs                                            (425)          (1,046) 
Gain on disposal of a subsidiary                             -            7,644 
Gain on deregistration of subsidiaries                  41,207                - 
                                               ---------------  --------------- 
Loss before tax                           6          (204,256)        (201,526) 
Income tax expenses                                          -                - 
                                               ---------------  --------------- 
Loss for the period                                  (204,256)        (201,526) 
                                               ===============  =============== 
 
  Attributable to: 
Equity holders of the Company                        (203,951)        (226,910) 
Non-controlling interests                                (305)           25,384 
                                               ---------------  --------------- 
                                                     (204,256)        (201,526) 
                                               ===============  =============== 
Loss per share attributable to equity 
 holders of the Company 
                                                         Pence            Pence 
  Basic and diluted                        8               (*)              (*) 
                                               ===============  =============== 
 
  * Less than 0.001 pence 
 

The notes to the financial statements form an integral part of these financial statements.

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30 JUNE 2023

 
                                                 Six months             Six months 
                                                      ended                  ended 
                                            30 June 2023 (Unaudited)        30 June 
                                                       GBP              2022 (Unaudited) 
                                      Note                                    GBP 
  Loss for the period                                      (204,256)           (201,526) 
  Other comprehensive income/(loss) 
  Items to be reclassified subsequently to 
  profit or loss: 
  - Exchange differences on translation of 
   foreign operations                                         39,653            (86,249) 
                                            ------------------------  ------------------ 
  Other comprehensive income for the 
   period, net of tax                                         39,653            (86,249) 
                                            ------------------------  ------------------ 
  Total comprehensive loss for the period                  (164,603)           (287,775) 
                                            ========================  ================== 
  Attributable to: 
  Equity holders of the Company                            (173,999)           (287,823) 
  Non-controlling interests                                    9,396                  48 
                                            ------------------------  ------------------ 
                                                           (164,603)           (287,775) 
                                            ========================  ================== 
 
   The notes to the financial statements 
   form an integral part of these 
   financial 
   statements 
 

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

 
                                                                   At                               At 
                                                              30 June 2023                      31 December 
                                                               (Unaudited)                     2022 (Audited) 
                                             Note                  GBP                              GBP 
ASSETS 
Non-current assets 
Property, plant and equipment                9                                28,704                          44,791 
Current assets 
Inventories                                 10                                91,261                         106,088 
Prepayments and other receivables                                             55,965                          58,305 
Trade receivables                                                             26,847                          26,430 
Cash and cash equivalents                                                      7,630                          35,567 
                                                   ---------------------------------  ------------------------------ 
                                                                             181,703                         226,390 
Current liabilities 
Trade payables                                                                34,691                          36,110 
Other payables and accrued expenses                                          534,517                         480,213 
Amount due to a director                                                     667,154                         602,646 
Finance lease liabilities                   11                                31,491                          29,858 
                                                   ---------------------------------  ------------------------------ 
                                                                           1,267,853                       1,148,827 
Net current liabilities                                                  (1,086,150)                       (922,437) 
Total assets less current liabilities                                    (1,057,446)                       (877,646) 
Non-current liabilities 
Finance lease liabilities                   11                                     -                          15,197 
Net liabilities                                                          (1,057,446)                       (892,843) 
Capital and reserves 
Share capital                               12                                71,581                          71,581 
Reserves                                                                   (817,121)                       (643,122) 
                                                   ---------------------------------  ------------------------------ 
Total equity attributable to equity 
 shareholders of the Company                                               (745,540)                       (571,541) 
Non-controlling interests                                                  (311,906)                       (321,302) 
                                                   ---------------------------------  ------------------------------ 
Total equity                                                             (1,057,446)                       (892,843) 
 
  The notes to the financial statements 
  form an integral part of these 
  financial 
  statements 
 

SEALAND CAPITAL GALAXY LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30 JUNE 2023

 
 
 
 

Attributable to the equity holders of the Company

 
                        Share               Share-based    Accumulated                          Non-controlling 
                       capital     Share      payment         losses     Exchange      Total       interests         Total 
                         GBP      premium     reserve          GBP       reserve        GBP           GBP           equity 
                                    GBP         GBP                        GBP                                        GBP 
Six months 
ended 30 June 
2023 
At 1 January 
 2023 (Audited)         71,581  6,917,830       357,417    (7,914,649)    (3,720)    (571,541)        (321,302)    (892,843) 
                 -------------  ---------  ------------  -------------  ---------  -----------  ---------------  ----------- 
 
  Loss for the 
  period                     -          -             -      (203,951)          -    (203,951)            (305)    (204,256) 
Exchange 
 differences 
 arising 
 on translation              -          -             -              -     29,952       29,952            9,701       39,653 
                 -------------  ---------  ------------  -------------  ---------  -----------  ---------------  ----------- 
Total 
 comprehensive 
 (loss)/income               -          -             -      (203,951)     29,952    (173,999)            9,396    (164,603) 
Deregistration               -          -             -              -          -            -                -            - 
of subsidiaries 
                 -------------  ---------  ------------  -------------  ---------  -----------  ---------------  ----------- 
At 30 June 2023 
 (Unaudited)            71,581  6,917,830       357,417    (8,118,600)     26,232    (745,540)        (311,906)  (1,057,446) 
                 =============  =========  ============  =============  =========  ===========  ===============  =========== 
 
 Six months 
 ended 30 June 
 2022 
At 1 January 
 2022 (Audited)         59,569  6,660,898       357,417    (7,715,246)      4,817    (632,545)        (385,572)  (1,018,117) 
                 -------------  ---------  ------------  -------------  ---------  -----------  ---------------  ----------- 
 
  Loss for the 
  period                     -          -             -      (226,910)          -    (226,910)           25,384    (201,526) 
Exchange 
 differences 
 arising 
 on translation              -          -             -              -   (60,913)     (60,913)         (25,336)     (86,249) 
                 -------------  ---------  ------------  -------------  ---------  -----------  ---------------  ----------- 
Total 
 comprehensive 
 (loss)/income               -          -             -      (226,910)   (60,913)    (287,823)               48    (287,775) 
Issue of 
 ordinary 
 shares                    491     26,509             -              -          -       27,000                -       27,000 
Disposal of 
 subsidiaries                -          -             -              -          -            -           20,137       20,137 
                 -------------  ---------  ------------  -------------  ---------  -----------  ---------------  ----------- 
At 30 June 2022 
 (Unaudited)            60,060  6,687,407       357,417    (7,942,156)   (56,096)    (893,368)        (365,387)  (1,258,755) 
                 =============  =========  ============  =============  =========  ===========  ===============  =========== 
 

The notes to the financial statements form an integral part of these financial statements.

SEALAND CAPITAL GALAXY LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHSED 30 JUNE 2023

 
                                                            Six months                         Six months 
                                                               ended                              ended 
                                                      30 June 2023                       30 June 2022 
                                                           (Unaudited)                        (Unaudited) 
                                                                GBP                                GBP 
CASH FLOWS FROM OPERATING ACTIVITIES 
Loss before tax                                                         (204,256)                          (201,526) 
Adjustments for : 
    Depreciation                                                           14,693                             16,373 
    Gain on disposal of a subsidiary                                            -                            (7,644) 
    Gain on deregistration of subsidiaries                               (41,207)                                  - 
    Interest expenses                                                         425                              1,025 
    Bank interest income                                                     (10)                               (10) 
                                                ---------------------------------  --------------------------------- 
Operating cash flows before movements in 
 working capital                                                        (230,355)                          (191,782) 
    Decrease/(increase) in inventories                                     14,827                           (30,655) 
    Decrease/(increase) in prepayments and 
     other receivables                                                      1,968                            (1,746) 
    Increase in trade receivables                                           (417)                           (23,753) 
    Increase in amount due to a director                                   64,508                            180,197 
    (Decrease)/increase in trade payables                                 (1,419)                             40,361 
    Increase in other payables and accrued 
     expenses                                                              98,009                            106,288 
                                                ---------------------------------  --------------------------------- 
Net cash (used in)/generated from operations                             (52,879)                             78,910 
    Payment of interest portion of lease 
     liabilities                                                            (425)                            (1,025) 
                                                ---------------------------------  --------------------------------- 
Net cash generated from/(used in) operating 
 activities                                                              (53,304)                             77,885 
CASH FLOWS FROM INVESTING ACTIVITIES 
Net cash outflow in respect of the disposal 
 of a subsidiary                                                                -                              (143) 
Net cash outflow on deregistration of 
 subsidiaries                                                               (989)                                  - 
Interest income received                                                       10                                 10 
                                                ---------------------------------  --------------------------------- 
Net cash used in investing activities                                       (979)                              (133) 
CASH FLOWS FROM FINANCING ACTIVITIES 
Issue of ordinary shares                                                        -                             27,000 
Payment of principal portion of lease 
 liabilities                                                             (12,099)                           (15,508) 
                                                ---------------------------------  --------------------------------- 
Net cash (used in)/generated from financing 
 activities                                                              (12,099)                             11,492 
Net (decrease)/increase in cash and cash 
 equivalents                                                             (66,382)                             89,244 
Foreign exchange realignment                                               38,445                           (84,411) 
Cash and cash equivalents at 1 January                                     35,567                              8,198 
                                                ---------------------------------  --------------------------------- 
Cash and cash equivalents at 30 June                                        7,630                             13,031 
                                                ---------------------------------  --------------------------------- 
 

The notes to the financial statements form an integral part of these financial statements.

SEALAND CAPITAL GALAXY LIMITED

NOTES TO UNAUDITED INTERIM RESULTS

FOR THE SIX MONTHSED 30 JUNE 2023

   1.          GENERAL INFORMATION 

Sealand Capital Galaxy Limited (the "Company") was incorporated in the Cayman Islands on 22 May 2015 as an exempted Company with limited liability under the Companies Law of the Cayman Islands. The registered office of the Company is Willow House, PO Box 709, Cricket Square, Grand Cayman, KY1-1107, Cayman Islands. These unaudited consolidated interim financial statements comprise the Company and its subsidiaries (together referred to as the "Group").

The Company's nature of operations is to act as a special purpose acquisition company. The Group engaged in digital marketing and other IT and e-Commerce related businesses.

   2.          BASIS OF PREPARATION 

The unaudited consolidated interim financial statements for the six months ended 30 June 2023 have been prepared in accordance with the International Accounting Standard ("IAS") No. 34 "Interim Financial Reporting" issued by the International Accounting Standards Board ("IASB"). These unaudited consolidated interim financial statements were not reviewed or audited by our auditor.

The consolidated interim financial information has been prepared in accordance with the same accounting policies adopted in the 2022 annual financial statements extracted, except for the accounting policy changes that are expected to be reflected in the 2023 annual financial statements.

The preparation of the interim financial information in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

This consolidated interim financial information contains consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2022 annual financial statements. The consolidated interim financial statements and notes thereon do not include all of the information required for a full set of financial statements prepared in accordance with International Financial Reporting Standards ("IFRSs").

   3.          GOING CONCERN 

The directors' cash projections for the forthcoming 12 months conclude that there will be a need for additional cash resources. The directors are in discussion with a number of individuals that may lead to further equity and/or loans being raised. There is no certainty that any such funds will be forthcoming or the price and other terms will be acceptable.

   4.          SEGMENT INFORMATION 

The Chief Operating Decision Maker ("CODM") has been identified as the executive director of the Company who reviews the Group's internal reporting in order to assess performance and allocate resources. The CODM has determined the operating segments based on these reports.

For management purposes, the Group is organised into business units based on their products and services and has reportable operating segments as follows:

(a) The digital marketing and payment segment includes services on enlisting merchants to mobile payment gateways and providing digital advertising services; and

(b) The e-commerce segment includes sales of goods through internet and provision for consultancy services related to e-commerce.

 
                                        Digital 
                                   marketing 
                                    and 
                                      payment      e-Commerce    Unallocated            Total 
                                       GBP           GBP            GBP                  GBP 
  Six months ended 30 June 2023 
  (Unaudited) 
Revenue                                       -        61,198              -                      61,198 
                                  =============  ============  ============= 
Segment loss                            (6,366)       (7,081)      (190,809)                   (204,256) 
                                  =============  ============  =============  -------------------------- 
Assets                                       26       149,841         60,540                    210,407 
                                  =============  ============  =============  -------------------------- 
Liabilities                               6,488        99,863      1,161,502                  1,267,853 
                                  =============  ============  =============  -------------------------- 
Six months ended 30 June 2022 
 (Unaudited) 
 Revenue                                    776        75,295              -             76,071 
                                  =============  ============  =============  -------------------------- 
Segment profit/(loss)                  (19,264)        13,118      (195,380)                   (201,526) 
                                  =============  ============  =============  -------------------------- 
Assets                                   30,984       165,559         37,520                    234,063 
                                  =============  ============  =============  -------------------------- 
Liabilities                             295,767       139,944      1,057,107                  1,492,818 
                                  =============  ============  =============  -------------------------- 
 
 
5. REVENUE AND OTHER INCOME 
                                                             Six months                        Six months 
                                                                ended                             ended 
                                                               30 June                           30 June 
                                                           2023 (Unaudited)                  2022 (Unaudited) 
                                                                 GBP                               GBP 
      REVENUE 
       Advertising services                                                      -                               775 
      Commission income                                                        642                               669 
      Sales of goods                                                        60,556                            74,627 
                                                  --------------------------------  -------------------------------- 
                                                                            61,198                            76,071 
                                                  --------------------------------  -------------------------------- 
      OTHER INCOME 
       Bank interest income                                                     10                                10 
      Others                                                                 8,141                            16,303 
                                                  --------------------------------  -------------------------------- 
                                                                             8,151                            16,313 
                                                  --------------------------------  -------------------------------- 
6. LOSS BEFORE TAX 
                                                             Six months                        Six months 
                                                                ended                             ended 
                                                               30 June                           30 June 
                                                           2023 (Unaudited)                  2022 (Unaudited) 
                                                                 GBP                               GBP 
       Loss before tax has been arrived at after 
        charging: 
        Depreciation - Owned assets and right of 
        use assets                                                          14,693                            16,373 
                                                  --------------------------------  -------------------------------- 
7. EMPLOYEES 
      The average number of employees during the 
      period 
      was made up as follows: 
                                                              Six months                        Six months 
                                                                 ended                             ended 
                                                                30 June                           30 June 
                                                           2023 (Unaudited)                  2022 (Unaudited) 
      Directors                                                                  2                                 2 
                                                  --------------------------------  -------------------------------- 
      Staff                                                                      3                                 2 
                                                  --------------------------------  -------------------------------- 
      Directors' remuneration (GBP)                                         99,000                            99,000 
                                                  --------------------------------  -------------------------------- 
8. BASIC AND DILUTED LOSS PER SHARE 
 

Basic loss per share is calculated by dividing the loss attributable to the Company's owners of GBP203,951 (2022: GBP226,910) by the weighted average number of 715,815,080 ordinary shares (2022: 598,081,125) in issue during the six months ended 30 June 2023.

Diluted loss per share was the same as basic loss per share as no potential dilutive ordinary shares were outstanding for both the six months ended 30 June 2023 and 2022.

 
        PROPERTY, PLANT AND EQUIPMENT 
 9. 
                                            Right 
                                             of use 
                                             assets 
                                                    GBP 
   At 1 January 2023 (Audited)                               44,791 
   Depreciation for the period                             (14,693) 
   Exchange differences                                     (1,394) 
                                        --------------------------- 
   At 30 June 2023 (Unaudited)                               28,704 
 
 
10. INVENTORIES 
                                                                           At                        At 31 
                                                                 30 June                    December 
                                                                  2023                       2022 
                                                                          GBP                         GBP 
                                                                 (Unaudited)                   (Audited) 
      Finished goods                                                               91,261                    106,088 
                                                              ---------------------------  ------------------------- 
11. LEASE LIABILITIES 
      The total minimum lease liabilities under finance 
       leases and their present values at the reporting 
       date are as follows: 
                                                                           At                        At 31 
                                                                 30 June                    December 
                                                                  2023                       2022 
                                                                          GBP                         GBP 
                                                                 (Unaudited)                   (Audited) 
      Current portion: 
      Gross finance lease liabilities                                              31,808                     30,544 
      Finance expense not recognised                                                (317)                      (686) 
                                                              ---------------------------  ------------------------- 
                                                                                   31,491                     29,858 
                                                              ---------------------------  ------------------------- 
      Non -current portion: 
      Gross finance lease liabilities                                                   -                     15,272 
      Finance expense not recognised                                                    -                       (75) 
                                                              ---------------------------  ------------------------- 
                                                                                        -                     15,197 
                                                              ---------------------------  ------------------------- 
      Total                                                                        31,491                     45,055 
                                                              ===========================  ========================= 
      The net finance lease liabilities are analysed as 
       follows: 
      - Not later than 1 year                                                      31,491                     29,858 
      - Later than 1 year but not more than 5 years                                     -                     15,197 
                                                              ---------------------------  ------------------------- 
      Net finance lease liabilities                                                31,491                     45,055 
                                                              ===========================  ========================= 
 
  12. SHARE CAPITAL 
                                                                  Number                              GBP 
      Ordinary shares issued and fully paid 
       At 1 January 2023 (Audited) and 30 June 2023 
       (Unaudited)                                                   715,815,080                              71,581 
                                                              ===========================  ========================= 
13. RELATED PARTY TRANSACTIONS 
 

(a) Details of the compensation of key management personnel are disclosed in Note 7 to the unaudited interim results.

(b) Apart from the balances with related parties at the end of the reporting period disclosed elsewhere in the financial statements, the Company had not entered into any significant related party transactions for the six months ended 30 June 2023.

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September 29, 2023 02:00 ET (06:00 GMT)

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