ChallengerX Plc Management Accounts
January 31 2023 - 6:40AM
UK Regulatory
TIDMCXS
31 January 2023
ChallengerX plc
("ChallengerX", "CX" or the "Company")
Management accounts for the quarters ended 30 September 2022 and 31 December
2022
ChallengerX (AQUIS: CXS), the trading company with principal activity of
employing both traditional and non-traditional marketing strategies to rapidly
"professionalise" amateur and semi-professional sports clubs around the world
announces its unaudited management accounts reports for the quarters ended 30
September 2022 and 31 December 2022.
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation and the Directors of the Company are responsible for the
release of this announcement.
For further information, please contact:
Enquiries:
ChallengerX plc
John May, Chairman jmay@city-westminster.com
Stuart Adam, CFO sjadam@city-westminster.com
First Sentinel Corporate +44 7876 888 011
AQSE Corporate Adviser Brian
Stockbridge / Jenny Liu
Directors Statement
Introduction
ChallengerX plc (the "Company" or "ChallengerX") is an investment company
quoted on the Aquis Stock Exchange ("AQSE") Growth Market. The Company was
incorporated on 7 June 2021 and its shares were admitted to trading on 23
December 2021, raising gross proceeds £751,700 before expenses, and Net
Proceeds of £578,010.
Activities during the periods
The company continued to advance its development of a platform for the
promotion and marketing of sports clubs in both a traditional and
non-traditional way. Expenditure was particularly heavy in the second three
months to 31 December 2022 in terms of principally programmers costs which, as
an accounting policy, are written off as incurred. Further development and
related costs will be required as clients are brought on board.
Outlook
The development of the marketing platform as mentioned above will require more
expenditure and it is hoped that recoveries of monies sequestrated by the
French Authorities from the subsidiary SportsX SAS will assist in this regard.
Meanwhile the company will look to supplement its income by applying itself to
other project opportunities and will continue to review its business plan and
strategy by looking at transactions in other sectors that could lead to a
reverse transaction whilst keeping its establishment overheads as lean as
possible.
John May
Chairman
Unaudited Statement of Comprehensive Income for the quarters ended 30 September
and 31 December 2022
30 September 31 December
2022 2022
£'000 £'000
Revenue 3 1
Administrative expenses (82) (162)
Operating loss (79) (161)
Loss before tax (79) (161)
- -
Taxation
Loss for the period (79) (161)
Total comprehensive loss (79) (161)
(Loss) per share (pence) from continuing (0.027) (0.056)
operations attributable to
owners of the Company - Basic & Diluted
Statement of Financial Position As at quarters ended 30 September and 31
December 2022
30 September 2022 31 December 2022
£'000 £'000
Current assets
Trade and other receivables 8 8
Cash and cash equivalents 236 92
Total current assets 244 100
Total assets 244 100
Current liabilities
Trade and other payables 41 58
Total current liabilities 41 58
Net assets 203 42
Capital and reserves
Share capital 288 288
Share premium 1,230 1,230
Retained earnings (1,315) (1,476)
Total equity 203 42
Statement of Changes in Equity
For the quarters ended 30 September and 31 December 2022
Share Share Retained
capital premium earnings Total
£'000 £'000 £'000 £'000
As at 30 June 2022 288 1,230 (1,236) 282
Loss for quarter ended 30 - - (79) (79)
September 2022
Total Comprehensive - - (79) (79)
Income
As at 30 September 2022 288 1,230 (1,315) 203
Loss for the quarter
ended 31 December 2022 - - (161) (161)
Total Comprehensive - - (161) (161)
Income
As at 31 December 2022 288 1,230 (1,476) 42
Statement of Cash Flows
For the quarters ended 30 September and 31 December 2022
30 September 2022 31 December 2022
£'000 £'000
Cash from operating activities
Loss before tax (79) (161)
Adjustments for:
(Increase) in trade and other (1) (1)
receivables
(Decrease)/Increase in trade and other (69) 18
payables
Net cash used in operating activities (70) (144)
Cash flows from financing activities
Proceeds from issue of shares (net of - -
issue costs)
Net cash from financing activities - -
Net cash flow for the period (149) (144)
Cash and cash equivalents at beginning 385 236
of period
Cash and cash equivalents at end of 236 92
period
Net change in cash and cash (149) (144)
equivalents
Cash and cash equivalents comprise:
Cash at bank and in hand 236 92
236 92
Notes to the financial statements
1. General information
ChallengerX plc is a public limited company limited by shares and was
incorporated in England on 7 June 2021 with company number 13440398. Its
registered office is 16 Great Queen Street, London, WC2B 5DG.
The Company's shares are traded on the Aquis Stock Exchange Growth Market under
symbol CXS and ISIN number
GB00BMD0WG01.
The Company was first incorporated on 7 June 2021.
The information for periods ended 30 September 2022 and 31 December 2022 are
unaudited
2. Basis of Preparation
The quarterly management accounts of ChallengerX plc have been prepared in
compliance with United Kingdom Accounting Standards, including Financial
Reporting Standard 102, "The Financial Reporting Standard applicable in the
United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act
2006.
These management accounts are prepared on a going concern basis, under the
historical cost convention, as modified by the recognition of listed
investments at fair value.
The financial statements are presented in Pounds Sterling, which is the
Company's presentation and functional
currency.
The preparation of the financial statements requires the use of certain
critical accounting estimates. It also requires management to exercise its
judgment in the process of applying the Company's accounting policies. The
areas involving a higher degree of judgment and complexity, or areas where
assumptions and estimates are significant to the financial statements are
disclosed in Note 3 to the financial statements.
The financial statements have been prepared on the historical cost basis and
are presented in £'000 unless
otherwise stated.
3. Going Concern
As at 31 December 2022, the Company had cash of £92,000. As a newly established
trading business, the Company has limited operating cash flow and is dependent
on the performance of its trading and its cash balances for its working capital
requirements. As at the date of this report, the Company had approximately £
55,000 cash at bank.
The Directors continue to seek recovery of the sequestered funds held by the
Administrator of it's subsidiary, SportsX, which are believed to amount to
approximately £0.6m.
For this reason, it continues to adopt the going concern basis in preparing the
financial statements.
4. Earnings per share
30 September 31 December
2022 2022
Earnings £'000 £'000
Loss for the quarter ended (79) (161)
Number of shares
Weighted average number of shares for the 287,585,000 287,585,000
purposes of basic and diluted earnings per
share
Earnings per share (pence) (0.028) (0.056)
END
(END) Dow Jones Newswires
January 31, 2023 06:40 ET (11:40 GMT)
ChallengerX (AQSE:CXS)
Historical Stock Chart
From Nov 2024 to Dec 2024
ChallengerX (AQSE:CXS)
Historical Stock Chart
From Dec 2023 to Dec 2024
