TIDMSTHP
RNS Number : 4630H
Stranger Holdings PLC
01 August 2019
Stranger Holdings plc / Index: LSE / Epic: STHP / Sector:
Investment
1 August 2019
Stranger Holdings plc ('Stranger' or 'the Company')
Final Results
Stranger Holdings plc, the London listed investment company is
pleased to announce its results for the period ended 31 March
2019.
Chairman's Report
Stranger Holdings PLC ("the Company") is an investment company
with the original primary objective of undertaking a single
acquisition of a target company, business or asset in the
industrial or service sector to which end it announced non-binding
Heads of Terms to acquire Alchemy Utilities Limited ("Alchemy") via
a reverse takeover transaction as described below.
Results for the period
In the previous annual report and accounts for the year ended 31
March 2018 together with the interims results for the six months to
30 September 2018 of the company, we had reported that we had
progressed well with the Alchemy Reverse Takeover Acquisition which
was only waiting for regulatory approval having almost completed
its review with the UKLA.
However, on 19 March 2019, just prior to the year end of the
company, the directors reported that we believed that the proposed
RTO of Alchemy, which was reaching the final regulatory stages of
the RTO process, had been deliberately sabotaged by Alchemy and its
directors, whom had refused to provide audited accounts, as
requested by Stranger for some months, to complete an up-to-date
Prospectus necessary for re-submission to the UKLA. The fact that
this happened towards the end of a very long process leads the
directors to conclude this was probably an attempt to defraud the
company of the monies lent to Alchemy in the region of GBP290,000
and to avoid paying its share of the transaction fees which had
been agreed on a legally binding basis amounting to GBP150,000. We
have had to make a provision in our accounts for these costs but we
will be pursuing Alchemy and its directors, subsidiaries and
associates for the recovery of these monies together with interest,
costs and substantial damages.
Stranger is in talks with its legal advisers over the likely
legal action required to remedy the monies lent to Alchemy
totalling GBP290,000 and Alchemy's share of the costs incurred
during the RTO process of GBP150,000. Stranger's advisers are
concerned that the withholding of audited accounts may be due to
solvency issues of Alchemy and that its management including
Richard Griffin, Robert Barr and Andrew West may have deliberately
and fraudulently misrepresented the financial status of Alchemy
throughout the RTO process to date.
On 4 April 2019 the directors announced that it has signed a
non-binding Heads of Terms to acquire the entire issued share
capital of HCS (North East) Limited ('HCS') for new shares in the
Company (the 'Acquisition'). The Acquisition, if completed, would
result in Stranger shareholders having a minority interest in the
enlarged group (the 'Group').
HCS is principally involved in the provision of goods to local
government and social housing; to this end, it is has long term
contracts and is revenue generative and profitable. This
Acquisition is subject, inter alia, to the completion of due
diligence, documentation and compliance with all regulatory
requirements, including the Listing and Prospectus Rules and, as
required, the Takeover Code.
The Acquisition, if it proceeds, will constitute a Reverse
Takeover under the Listing Rules since, inter alia, in substance it
will result in a fundamental change in the business of the
issuer.
The Future
The directors look forward with confidence to a bright future
for the combined group and we very much look forward to working
with the directors of HCS. We would like thank our shareholders
very much for their continued patience during the process of this
reverse takeover until completion of this acquisition
Principal risks and uncertainties
The Company operates in an uncertain environment and is subject
to a number of risk factors. The Directors have carried out a
robust assessment of the risks and consider the following risk
factors are of particular relevance to the Company's activities,
although it should be noted that this list is not exhaustive and
that other risk factors not presently known or currently deemed
immaterial may apply. This has been further discussed in Note 4 of
the financial statements.
i. Business strategy
The Company is a relatively new entity with no operating history
and has not yet completed the acquisition of the target identified
and discussed above in.
The Company may be unable to complete the Acquisition in a
timely manner or at all or to fund the operations of the target
business if it does not obtain additional funding following
completion of the acquisition.
ii. Liquidity Risk
The Directors have reviewed the working capital requirements in
conjunction with the current financing arrangements and believe
that there is sufficient working capital to fund the business.
Going Concern
As stated in note 2 to the financial statements, the directors
are satisfied that the Company has sufficient resources to continue
in operation for the foreseeable future, a period of not less than
12 months from the date of this report. Accordingly, they continue
to adopt the going concern basis in preparing the financial
statements.
Post Balance Sheet Events
Further information on events after the reporting date are set
out in note 20.
On behalf of the Board
James Longley
Director
31 July 2019
Statement of Comprehensive Income for the Year Ended 31 March
2019
Year ended Period ended
31 March 2019 31 March 2018
GBP'000 GBP'000
Notes
Continuing operations
Listing costs (23) (76)
Reverse Takeover costs (29) (170)
Administrative expenses 5 (503) (554)
--------------- ---------------
Operating Loss (555) (800)
Investment income 6 -
Finance costs (267) (21)
Loss before taxation (816) (821)
Taxation 7 - -
--------------- ---------------
Loss and comprehensive loss
for the period (816) (821)
--------------- ---------------
Basic and diluted loss per
share 8 (0.56p) (0.56p)
Since there is no other comprehensive loss, the loss for the
period is the same as the total comprehensive loss for the period
attributable to the owners of the Company.
Statement of Financial Position as at 31 March 2019
As at 31 March
2019 2018
Notes GBP'000 GBP'000
Assets
Current assets
Trade and other receivables 10 7 259
Cash and cash equivalents 12 - -
---------- ---------
7 259
Non-current assets
Other debtors 11 47 30
Total Assets 54 289
Equity and liabilities
Current liabilities
Trade and other payables 13 716 400
Noncurrent liabilities
Borrowings 14 335 70
Total Liabilities 1,051 470
Equity attributable to equity holders
of the company
Share Capital - Ordinary shares 15 145 145
Share Premium account 737 737
Profit and Loss Account 16 (1,879) (1,063)
Total Equity (997) (181)
Total Equity and liabilities 54 289
---------- ---------
Approved by the Board and authorised for issue on 31 July
2019
_________________
James Longley
Director
Company Registration No. 09837001
Statement of Cash Flows for the Year Ended 31 March 2019
Year ended Period ended
31 March 31 March
2019 2018
Notes GBP'000 GBP'000
Cash flows from operating activities
Operating loss (816) (821)
Add interest payable 220
Less interest receivable (6)
(Increase)/decrease in receivables 235 (241)
Increase/(decrease) in payables 159 451
Cash flow from operating activities (208) (611)
--------- -------------
Cashflows from investing activities
Amounts advanced to related parties 141 -
Interest received 6
Interest paid (204)
Net cash from/(used in) investing (57) -
activities
--------- -------------
Cash flows from financing activities
Bond cash receipts 265 -
Net cash from/(used in) financing 265 -
activities
--------- -------------
Net increase/(decrease) in cash
and cash equivalents - (611)
Cash and cash equivalents at the
beginning of the period - 611
Cash and cash equivalents at end - -
of period
--------- -------------
Represented by: Bank balances and - -
cash
--------- -------------
At the year end the Company had undrawn borrowings of GBPNil
(2018: GBP68,000) as part of a loan facility. The facility is
discussed in greater detail in note 14.
Statement of Changes in Equity for the Year Ended 31 March
2019
Notes Share Share Accumulated Total
capital premium deficit equity
GBP'000 GBP'000 GBP'000 GBP'000
As at 31 March
2017 145 737 (242) 640
--------- --------- ------------ --------
Loss for the period - - (821) (821)
As at 31 March
2018 145 737 (1,063) (181)
--------- --------- ------------ --------
Loss for the period - - (816) (816)
As at 31 March
2019 145 737 (1,879) (997)
========= ========= ============ ========
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents amounts subscribed for share capital in
excess of nominal value.
Accumulated deficit represent the cumulative loss of the company
attributable to equity shareholders.
Notes to the Financial Statements for the Year Ended 31 March
2019
1 General information
Stranger Holdings PLC ('the Company') is an investment company
incorporated in the United Kingdom. The address of the registered
office is disclosed on the company information page at the front of
the annual report. The Company is limited by shares and was
incorporated and registered in England on 22 October 2015 as a
private limited company and re-registered as a public limited
company on 14 November 2016.
2 Accounting policies
2.1 Basis of Accounting
This financial information has been prepared in accordance with
International Financial Reporting Standards (IFRS), including IFRIC
interpretations issued by the International Accounting Standards
Board (IASB) as adopted by the European Union and with those parts
of the Companies Act 2006 applicable to companies reporting under
IFRS. The financial statements have been prepared under the
historical cost convention. The principal accounting policies
adopted are set out below.
These policies have been consistently applied.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions
and estimates are significant to the consolidated financial
statements are disclosed in Note 3. The preparation of financial
statements in conformity with IFRSs requires management to make
judgments, estimates and assumptions that affect the application of
accounting policies and reported amounts of assets, liabilities,
income and expenses. Although these estimates are based on
management's experience and knowledge of current events and
actions, actual results may ultimately differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
on-going basis. Revisions to accounting estimates are recognised in
the period in which the estimates are revised if the revision
affects only that period or in the period of the revision and
future periods if the revision affects both current and future
periods.
a) Going concern
These financial statements have been prepared on the assumption
that the Company is a going concern. When assessing the foreseeable
future, the Directors have looked at a period of at least twelve
months from the date of approval of this report. The forecast
cash-flow requirements of the business are contingent upon the
ability of the Company to attract investors in the bonds issued by
Dover to extend the credit facility to the Company and the
continued support of the directors.
After making enquiries, the Directors firmly believe that the
Company has adequate resources to continue in operational existence
for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the financial statements.
b) New and amended standards adopted by the company
There are no IFRSs or IFRIC interpretations that are effective
for the first time for the financial year beginning that would be
expected to have a material impact on the Company. The new IFRSs
adopted during the year are as follows:
-- IFRS 9 - Financial Instruments
-- IFRS 15 - Revenue from Contracts with Customers including amendments and clarifications
c) Standards, interpretations and amendments to published standards that are not yet effective
The following new standards, amendments to standards and
interpretations have been issued, but are not effective for the
financial period beginning 1 April 2018 and have not been early
adopted. The Directors anticipate that the adoption of these
standard and the interpretations in future periods will have no
material impact on the financial statements of the Company.
The new standards include:
IFRS 3 Business Combinations2
IFRS 16 Leases1
IFRS 17 Insurance Contracts3
IAS 1 Presentation of Financial Statements2
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors2
IAS 19 Employee Benefits (amendment) 1
IAS 28 Investment in associates and joint ventures (amendment) 1
IFRIC 23 Uncertainty over Income Tax Treatments1
Improvements to IFRSs Annual Improvements 2015-2017 Cycle1: Amendments to 2 IFRSs and 2 IASs
1 Effective for annual periods beginning on or after 1 January
2019
2 Effective for annual periods beginning on or after 1 January
2020
3 Effective for annual periods beginning on or after 1 January
2021
The directors anticipate that the adoption of these standards
and interpretations in future periods will have no material effect
on the financial statements of the group.
2.2 Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the steering committee that makes
strategic decisions. In the opinion of the director, the Company
has one class of business, being that of an investment company. The
Company's primary reporting format is determined by the
geographical segment according to the location of its
establishments. There is currently only one geographic reporting
segment, which is the UK. All costs are derived from the single
segment.
2.3 Financial assets and liabilities
Financial instruments
Financial assets and financial liabilities are initially
classified as measured at amortised cost, fair value through other
comprehensive income, or fair value through profit and loss when
the Company becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised when the contractual
rights to the cash flows expire, or the Company no longer retains
the significant risks or rewards of ownership of the financial
asset. Financial liabilities are derecognised when the obligation
is discharged, cancelled or expires.
Financial assets are classified dependent on the Company's
business model for managing the financial and the cash flow
characteristics of the asset. Financial liabilities are classified
and measured at amortised cost except for trading liabilities, or
where designated at original recognition to achieve more relevant
presentation. The Company classifies its financial assets and
liabilities into the following categories:
Financial assets at amortised cost
The Company's financial assets at amortised cost comprise trade
and other receivables. These represent debt instruments with fixed
or determinable payments that represent principal or interest and
where the intention is to hold to collect these contractual cash
flows. They are initially recognised at fair value, included in
current and non-current assets, depending on the nature of the
transaction, and are subsequently measured at amortised cost using
the effective interest method less any provision for
impairment.
Impairment of trade and other receivables
In accordance with IFRS 9 an expected loss provisioning model is
used to calculate an impairment provision. We have implemented the
IFRS 9 simplified approach to measuring expected credit losses
arising from trade and other receivables, being a lifetime expected
credit loss. This is calculated based on an evaluation of our
historic experience plus an adjustment based on our judgement of
whether this historic experience is likely reflective of our view
of the future at the balance sheet date. In the previous year the
incurred loss model is used to calculate the impairment
provision.
Financial liabilities at amortised cost
Financial liabilities at amortised cost comprise loan
liabilities and trade and other payables. They are classified as
current and non-current liabilities depending on the nature of the
transaction, are subsequently measured at amortised cost using the
effective interest method.
Financial assets at fair value through profit and loss
Financial assets at fair value are recognized and measured at
fair value using the most recent available market price with gains
and losses recognized immediately in the profit and loss.
The fair value measurement of the Company's financial and non-
financial assets and liabilities utilises market observable inputs
and data as far as possible. Inputs used in determining fair value
measurements are categorised into different levels based on how
observable the inputs used in the valuation technique utilised are
(the 'fair value hierarchy').
Level 1 - Quoted prices in active markets
Level 2 - Observable direct or indirect inputs other than Level
1 inputs
Level 3 - Inputs that are not based on observable market
data
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and
other short-term highly liquid investments with original maturities
of three months or less.
2.4 Borrowings
Borrowings are recognised initially as fair value, net of
transactions costs incurred.
Borrowings are subsequently carried at amortised cost: any
difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the income statement over the
period of the borrowings using the effective interest method.
Fees paid on the establishment of the loan facilities are
recognised as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn down. In
this case, the fee is deferred until the draw down occurs. To the
extent there is no evidence that it is probable that some or all of
the facility will be drawn down, the fee is capitalised as a
pre-payment for liquidity services and amortised over the period of
the facility to which it relates.
Borrowing costs
All other borrowing costs are recognised in the profit or loss
in the period in which they are incurred.
2.5 Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
2.6 Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from net profit as reported in the
statement of comprehensive income because it excludes items of
income and expense that are taxable or deductible in other years,
and it further excludes items that are never taxable or deductible.
The Company's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the end of
the reporting period.
Deferred tax is recognised on temporary differences between the
carrying amount of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary differences arise
from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences associated with investments in subsidiaries, except
where the Company is able to control the reversal of the temporary
difference and it is probable that the temporary difference will
not reverse in the foreseeable future. Deferred tax assets arising
from deductible temporary differences associated with such
investments are only recognised to the extent that it is probable
that there will be sufficient taxable profits against which to
utilise the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the
end of each reporting period and reduced to the extent that it is
no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset realised. The measurement of
deferred tax assets and liabilities reflects the tax consequences
that would follow from the manner in which the Company expects, at
the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or
loss, except when it relates to items that are recognised in other
comprehensive income or directly in equity, in which case the
current and deferred tax is also recognised in other comprehensive
income or directly in equity respectively. Where current tax or
deferred tax arises from the initial accounting for a business
combination, the tax effect is included in the accounting for the
business combination.
3 Critical accounting estimates and judgments
The company makes certain judgements and estimates which affect
the reported amount of assets and liabilities. Critical judgements
and the assumptions used in calculating estimates are continually
evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be
reasonable under the circumstances.
In the process of applying the Company's accounting policies,
which are described above, the Directors believe that that the only
assumption would have a material effect on the amounts recognised
in the financial information is the recoverability of the loan with
Alchemy.
4 Financial risk management
The company's activities may expose it to some financial risks.
The company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the company's financial performance.
No Currently there is no hedging policy in place.
a) Liquidity and cash flow risk
Liquidity risk is the risk that company will encounter
difficulty in meeting obligations associated with financial
liabilities. The responsibility for liquidity risks management rest
with the Board of Directors, which has established appropriate
liquidity risk management framework for the management of the
company's short term and long-term funding risks management
requirements. The company manages liquidity risks by maintaining
adequate reserves by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of financial
assets and liabilities.
b) Capital risk
The company takes great care to protect its capital investments.
Significant due diligence is undertaken prior to making any
investment. The investment is closely monitored.
c) Price and credit risk
The Directors do not consider price or credit risk to be
currently material to the Company.
d) Foreign Currency risk
The Company trades substantially within the United Kingdom and
the so the majority of it's transactions are denominated in GBP. As
such the Directors do not consider the foreign currency risk to be
material to the Company.
5 Operating loss, expenses by nature and personnel
Year ended Period ended
31 March 31 March
2019 2018
GBP'000 GBP'000
Operating loss is stated after charging:
Directors Remuneration - 22
Directors fees 115 178
Premises 35 35
Legal and professional fees 7 123
Listing costs 23 76
Accountancy fees 13 21
Audit fees 6 14
Consultancy & advisory fees 5 91
Broker fees 17 103
Bad and Doubtful debt provision 290 -
Other administrative expenses 44 137
----------- -------------
Total administrative expenses 555 800
----------- -------------
Included in the administration expenses are fees payable to the
Company's current auditors for the audit of the financial
statements of GBP6,000 (2018:14,000), as well as fees for non-audit
work of GBP1,750 (2018: GBP1,500).
6 Personnel
The average monthly number of employees during the period was
two directors.
There were no benefits, emoluments or remuneration payable
during the period for key management personnel, except GBP115,000
(inclusive of VAT) in fees disclosed in Note 5 (2018: GBP22,000 in
salaries, GBP973 of -social security costs and GBP178,000
(inclusive of VAT in fees). The fees paid are also detailed in Note
18 as a related party transaction.
The highest paid directors are Charles Tatnall and James Longley
with fees of GBP57,600 each.
7 Taxation
Year ended Year ended
31 March 31 March
2019 2018
GBP'000 GBP'000
Total current tax - -
Factors affecting the tax charge for
the period
Loss on ordinary activities before taxation (816) (821)
----------- -----------
Loss on ordinary activities before taxation
multiplied by standard rate of UK corporation
tax of 19% (2017: 20%) (155) (156)
Effects of:
Non-deductible expenses 5 36
Tax losses carried forward 150 120
----------- -----------
Current tax charge for the period - -
----------- -----------
No liability to UK corporation tax arose on ordinary activities
for the current period.
The company has estimated excess management expenses of
GBP1,604,000 (2018: GBP802,000) available for carry forward against
future trading profits.
The tax losses for the year have resulted in a deferred tax
asset of approximately GBP305,000 (2018: GBP152,000) which has not
been recognised in the financial statements due to the uncertainty
of the recoverability of the amount.
8 Earnings per share
Year ended Year ended
31 March 31 March
2019 2018
Basic loss per share is calculated by
dividing the loss attributable to equity
shareholders by the weighted average
number of ordinary shares in issue during
the period:
Loss after tax attributable to equity
holders of the company (GBP'000) (816) (821)
Weighted average number of ordinary shares 145,770,000 145,770,000
Basic and diluted loss per share (0.56p) (0.56p)
There were no potential dilutive shares in issue due to the
losses in the period. Warrants in issue are discussed in Note
15.
9 Capital risk management
The Directors' objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. At the date of this financial information, the
Company had been financed by the introduction of capital. In the
future, the capital structure of the Company is expected to consist
of borrowings and equity attributable to equity holders of the
Company, comprising issued share capital and reserves.
10 Trade and other receivables
2019 2018
GBP'000 GBP'000
Other receivables 5 252
Prepayments 2 7
-------- --------
5 259
-------- --------
Included in Other receivables a loan of GBP290,000 due from
Alchemy Utilities Ltd ("Alchemy") in respect of an interest free
loan repayable on demand. This loan has been fully impaired in the
year due to uncertainty over recoverability. Legal proceedings are
expected to commence in the next financial year to recover this
balance, as well as other costs of the failed RTO. More details of
this can be found in the Strategic Report. The loan is
unsecured.
Included in Other receivables in 2018 is the portion of the loan
facility which the Company is immediately able to draw down upon.
The loan is further discussed in note 14.
11 Receivables due after one year
2019 2018
GBP'000 GBP'000
Other receivables 47 30
73 30
-------- --------
Non-current Other receivables relate to the reserve balances of
the loan facility, which cannot be
drawn upon until the loan becomes repayable. The loan is further
discussed in note 14.
12 Cash and cash equivalents
2019 2018
GBP'000 GBP'000
Cash at bank - -
- -
-------- --------
13 Trade and other payables
2019 2018
GBP'000 GBP'000
Trade Payables 393 173
Accruals 323 227
-------- --------
716 400
-------- --------
14 Borrowings
2019 2018
GBP'000 GBP'000
Non - current borrowings
Loan facility 402 95
Unamortised finance costs (67) (25)
----------- -----------
335 70
----------- -----------
All non-current borrowings relate to a loan facility provided by
Dover Harcourt Plc. The loan is wholly repayable within 5 years and
is secured by a fixed and floating charge over all assets held by
the Company. The loan bears interest of 7.75% per annum and is paid
half yearly in arrears based on the total facility available to the
Company. A portion of the facility balance as an expense and
liquidity reserve.
The finance costs incurred in order to obtain the facility are
being amortised on a straight-line basis over the life of the loan.
The balance above represents the remaining unamortised amount.
15 Share capital
2019 2018
GBP'000 GBP'000
Allotted, called up and fully paid
145,770,000 Ordinary shares of GBP0.001
each 145 145
-------- --------
145 145
-------- --------
During the period the company had no share transactions.
The ordinary shares have attached to them full voting, dividend
and capital distribution (including on winding up) right; they do
not confer any rights of redemption.
Both James Longley and Charles Tatnall have 12.5M share warrants
outstanding with an exercise price of 1.25p per warrant and are
exercisable until 13 January 2020.
16 Accumulated deficit
2019 2018
GBP'000 GBP'000
At start of period (1,063) (242)
Loss for the period (816) (821)
-------- --------
At 31 March (1,879) (1,063)
-------- --------
17 Contingent liabilities
The company has no contingent liabilities in respect of legal
claims arising from the ordinary course of business.
18 Directors salaries, fees and Related parties
1) Salaries paid to Directors
Charles Tatnall Nil (2018: GBP11,000)
James Longley Nil (2018: GBP11,000)
2) Consultancy fees charged by James Longley Limited (a company
controlled by James Longley) of GBP57,600 (2018: GBP89,000) of
which GBP45,000 (2018: GBPNil) was outstanding as at the year end.
All balances are inclusive of VAT.
3) Consultancy fees charged by Tatbels Limited (a company
controlled by Charles Tatnall) of GBP57,600 (2018: GBP89,000) of
which GBP45,000 (2018: GBPNil) was outstanding as at the year
end
4) Rent expense of GBP35,400 (2018: GBP35,400) for offices occupied by the Company at Adams Row.
The head lease is held by James Longley. Of this balance
GBP27,850 (2018: GBPNil) was still outstanding as at the year end,
A deposit of GBP3,825 is held by the landlord of James Longley in
relation to this property.
5) Papillon Holdings Plc (a company under common control) owes
GBP1,089 (2018: owed GBP28,992) as at the year end. Interest was
payable of 5% per month to the completion of the reverse takeover
of Alchemy or 3 months from agreement increasing to 10% per month
thereafter. The loan is not secured. Net payments of GBP34,175 were
made to Papillon post year end.
6) Fandango Holdings Plc (a company under common control) was
owed GBP250,330 (2018: GBP64,677) as at the year end. Interest was
payable of 5% per month to the completion of the reverse takeover
of Alchemy or 3 months from agreement increasing to 10% per month
thereafter. The loan is not secured. No net payment was made post
year end.
7) Included within trade creditors is a balance of GBP4,592
relating to Plutus Powergen Plc (a company under common control).
This was in relation to expenses paid in error on behalf of the
company as they have a common supplier and was repaid as soon as
the error can to light.
19 Capital commitments
There was no capital expenditure contracted for at the end of
the reporting period but not yet incurred.
20 Events after the reporting period
The loan facility with Dover Harcourt Plc (see note 14 for
further details) has been extended post year end from GBP442,000 as
at the year end to GBP758,000 as at 30 June 2019.
On 1 April 2019 Stranger signed a non-binding head of terms for
the potential reverse takeover for HSC (North East) Limited. The
Reverse takeover process is ongoing. Further details can be found
in the Strategic Report.
General Information
For further information visit www.strangerholdingsplc.com or contact
the following:
Stranger Holdings plc
James Longley Stranger Holdings plc info@strangerholdingsplc.com
Financial Adviser
Jon Isaacs Alfred Henry Corporate Finance Tel: +44 (0) 20 7251
Ltd 3762
Financial PR
Isabel de Salis St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR RBMPTMBTJBBL
(END) Dow Jones Newswires
August 01, 2019 02:00 ET (06:00 GMT)
Grafico Azioni Stranger (LSE:STHP)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Stranger (LSE:STHP)
Storico
Da Apr 2023 a Apr 2024
