RNS Number : 1749Y
Pristine Capital PLC
24 February 2025
 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Pristine Capital Plc / EPIC: PRIS / Market: LSE

 

24 February 2025

 

PRISTINE CAPITAL PLC

("Pristine Capital " or the "Company")

 

Audited final results for the year ended 31 October 2024

 

Pristine Capital Plc, the Main Market cash shell focusing on the real estate sector, is pleased to announce its audited financial results for the year ended 31 October 2024.

 

Highlights:

 

· Appointment of two new directors, namely Neil Sinclair (as Executive Chairman) and Stanley Davis (as a Non-Executive director).

· The Company changed its name from More Acquisitions Plc to Pristine Capital Plc

· Cash reserves received a boost when £52,000 of VAT was successfully reclaimed from HMRC, on the fees paid in respect of the abortive reverse takeover in 2023. Following this, the cash position at 31 October 2024 amounted to £764,364 (at 31 October 2023: £649,265), with a current cash position of £712,303 as at 21 February 2025.

· The Company reported a loss for the year of £284,784 (year ended 31 October 2023: loss of £463,897).

· Net assets amounted to £788,978 as at 31 October 2024 (at 31 October 2023: £672,466).

· Cash reserves deposited to an interest-bearing account at NatWest.

 

The full audited annual report and accounts for the year ended 31 October 2024 will be published on the Company's website (www.pristinecapitalplc.com) shortly.

 

Neil Sinclair, Executive Chairman of Pristine Capital: "We are continuing to use our extensive experience both with listed companies and in the real estate sector, to find a suitable RTO target for the Company. There have been encouraging signs over the course of the past couple of months, where we continue to see that opportunities are becoming available, that could provide the desired returns favoured by investors."

 

 For further information please visit www.pristinecapitalplc.com or contact:

 

Pristine Capital plc

Neil Sinclair, Executive Chairman

 

 

Tel: +44 (0) 20 3988 0227

 

 

Allenby Capital Limited (Broker)

Nick Naylor/James Reeve/Lauren Wright (Corporate Finance)

Guy McDougall (Sales & Corporate Broking)

 

Tel: +44 (0)20 3328 5656

 

 

RMS Partners (Investor Relations)

Simon Courtenay

 

Tel: +44 (0) 20 3735 6551

 

 

 

Key Information Extracted from Annual Report and Accounts

 

 

 

Statement of Profit or Loss and Other Comprehensive Income

 

 

 

 

2024

£

 

2023

£

Administrative expenses

(196,987)

(463,897)

Share based payment

(45,000)

-

Warrant expenses

(44,056)

-

 

Operating loss before taxation

(286,043)

(463,897)

Finance income

1,259

-

Loss before income tax

(284,784)

(463,897)

Income tax

-

-

Loss for the year from continuing operations

(284,784)

(463,897)

 

 

 

Loss for the year attributable to the owners of the Company and total comprehensive loss for the year

(284,784)

(463,897)

 

Earnings per share attributable to the owners of the Company

From loss from continuing operations/loss for the period:

Basic (pence per share)

(0.19) p

(0.37) p

Diluted (pence per share)

(0.06) p

(0.10) p

 

 

Statement of Financial Position

 

 

 

 

2024

£

2023

£

Current assets

Trade and other receivables

50,678

63,570

Cash and cash equivalents

764,364

649,265

Total current assets

815,042

712,835

 

 

 

Total assets

815,042

712,835

 

Current liabilities

Trade and other payables

(26,064)

(40,369)

Total current liabilities

(26,064)

(40,369)

 

 

 

Total liabilities

(26,064)

(40,369)

 

 

 

Net assets

788,978

672,466

 

Shareholders' equity

Share capital

1,607,241

1,250,001

Warrant reserve

862,448

818,392

Retained earnings

(1,680,711)

(1,395,927)

Total shareholders' equity

788,978

672,466

 

 

 

 

Statement of Changes in Equity

 

Share

capital

Warrant

Reserve

Retained

Earnings

Total

 

£

£

£

£

Balance at 31 October 2022 (restated)

1,250,001

818,392

(932,030)

1,136,363

Total comprehensive loss for the period ended

-

-

(463,897)

(463,897)

Balance at 31 October 2023

1,250,001

 

818,392

(1,395,927)

672,466

Total comprehensive loss for the year ended

-

 

-

(284,784)

(284,784)

Shares issued in year

357,240

-

-

357,240

Warrants issued in year

-

44,056

-

44,056

Balance at 31 October 2024

1,607,241

 

862,448

(1,680,711)

788,978

 

 

Share capital

Share capital represents the nominal value on the issue of the Company's equity share capital, comprising £0.01 ordinary shares.

 

Warrant reserve

Warrant reserve represents the fair value of warrants issued to investors and the Company's advisor at the time of listing on the Standard Segment of the Main Market of the London Stock Exchange and to investors in January 2024.

 

Retained earnings

Retained earnings represent the cumulative net losses of the Company recognised through the Statement of Profit or Loss and Other Comprehensive Income.

 

 

Statement of Cash Flows

 

 

2024

2023

 

 £

 £

Operating activities

Loss for the year

(284,784)

(463,897)

Share based payments

45,000

Warrant expense

44,056

-

Finance income

(1,259)

-

Working capital adjustments

Decrease/(increase) in trade and other receivables

12,892

(50,070)

(Decrease)/increase in trade and other payables

(14,305)

11,561

Net cash used in operating activities

(198,400)

(502,406)

Financing activities

Proceeds from issue of equity

312,240

-

Interest received

1,259

-

Net cash generated from financing activities

313,499

-

Net increase in cash and cash equivalents

115,099

(502,406)

Cash and cash equivalents at start of the year

649,265

1,151,671

Cash and cash equivalents at end of the year

764,364

649,265

 

 

 

 

**ENDS**

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