PRESS RELEASE

from Gledhow Investments Plc (isin : GB0008842717)

Gledhow Investments plc: Final Results to 30 September 2023 and Notice of AGM

Gledhow Investments plc (GDH)
Gledhow Investments plc: Final Results to 30 September 2023 and Notice of AGM

08-Feb-2024 / 07:00 GMT/BST


Gledhow Investments plc

 

("Gledhow" or the "Company")

 

AQSE: GDH

 

Audited Final Results to 30 September 2023

 

Notice of Annual General Meeting

 

I have the pleasure in presenting your Company’s Annual Report and Financial Statements for the year ended 30 September 2023.

The Directors continue to follow the same investment strategy, namely to invest in small to medium-sized undervalued or fast growing companies, with the investment objective of achieving long term capital growth in excess of the FTSE All Share Index.

The Company had cash of £174,052 at the year-end (2022: £111,937). The pre-tax loss was £285,740 (2022: pre-tax loss of £1,064,259).

In what proved to be a difficult year in the public markets, the market value of the Company’s investments declined by £279,655.

The Company has continued to hold positions in AIM, LSE and Aquis Growth Market traded companies, including those companies at early stages of development, and some pre-IPO investments. Of the companies in the portfolio at the year end, the Company held approximately 33% in Aquis Growth Market companies, approximately 51% in AIM and LSE quoted/listed companies, and a remaining small percentage in private companies, having invested on a pre-IPO basis. Whilst the directors continue to caution that there is a historically perceived lack of liquidity generally in Aquis Growth Market traded companies, since the financial year end, the Company has managed to sell down some of the Aquis Growth Market portfolio. As at today’s date, the unaudited cash balance is approximately £280,000, after the audit cost.

The Company does not recommend the payment of a dividend for the year end to 30 September 2023.

 

G R Miller

Managing Director

 

The full audited accounts will shortly be available at the Company website at http://www.gledhowinvestments.com/

 

The Notice of Annual General Meeting is set out at the end of this announcement.

 

The Directors of the Company accept responsibility for the contents of this announcement.

 

 

Enquiries:

Guy Miller: + 44 (0) 7220 9795 (Gledhow Investments plc)

 

 

 

 

Auditor conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included assessing the directors’ plans for the future, confirming investment and cash balances, together with fixed operating costs for the foreseeable future.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

 

Statement of Comprehensive Income for the year ended 30 September 2023

 

 

 

2023

£

2022

£

Turnover

 

974,578

1,017,032

Cost of sales

 

(1,191,452)

(2,010,355)

Gross (loss)/profit

 

 

(216,874)

 

(993,323)

Administrative expenses

 

(73,329)

(70,936)

Operating loss

 

 

(270,203)

 

(1,064,259)

Interest receivable and similar income

 

4,463

(Loss) before taxation

 

 

(285,740)

 

(1,064,259)

Taxation

 

159,911

(Loss) for the financial year

 

 

(285,740)

 

(904,348)

Total comprehensive (loss)/income for the year

 

(285,740)

(904,348)

Basic (loss) per share (pence)

 

(0.33)p

(0.99)p

Diluted (loss) per share (pence)

 

(0.33)p

(0.99)p

The income statement has been prepared on the basis that all operations are continuing operations.

 

Statement of Financial Position as at 30 September 2023

 

 

 

2023

£

2022

£

Current assets

Investments held for resale

 

 

1,208,267

 

1,440,043

Debtors

 

50,000

165,059

Cash at bank and in hand

 

174,052

111,937

 

 

 

1,432,319

 

1,717,039

Creditors: amounts falling due within one year

 

(19,906)

(18,886)

Net current assets and total assets less current liabilities

 

 

1,412,413

 

1,698,153

Capital and reserves

Called up share capital

 

 

975,714

 

975,714

Share premium account

 

384,408

384,408

Profit and loss account

 

52,291

288,063

Other reserve

 

49,968

Shareholders’ funds equity interests

 

 

1,412,413

 

1,698,153

The financial statements were approved by the Board and authorised for issue on 6 February 2024.

 

 

 

G R Miller

Director

Company No. 03848331

Statement of Changes in Equity for the year ended 30 September 2023

 

 

 

 

 

 

Share capital

£

 

 

Share premium

£

 

Profit and loss reserve

£

 

Other reserve

£

 

 

Total

£

Balance at 1 October 2021

975,714

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