Skip to content

SuperSeed Capital Ld - CORRECTION TO Q2 AND HALF YEAR RESULTS


Announcement provided by

SuperSeed Capital Limited · WWW

17/11/2023 15:00

SuperSeed Capital Ld - CORRECTION TO Q2 AND HALF YEAR RESULTS
RNS Number : 7517T
SuperSeed Capital Limited
17 November 2023
 

SUPERSEED CAPITAL LIMITED

("SuperSeed Capital" or the "Company")

 

CORRECTION TO INTERIM RESULTS FOR Q2 AND THE HALF YEAR ENDING 30 JUNE 2023

 

 

SuperSeed Capital, a company established as a venture capital fund of funds for early-stage AI/SaaS companies, presents amended and restated results for the Q2 and the six months ending 30 June 2023.

 

It has come to the Company's attention that the results for Q2 and for the half year ending 30 June 2023 were misstated. SuperSeed II LP ("the Fund") issued a drawdown notice close to the end of Q2 and, owing to an error, the corresponding higher valuation of the fund was accounted for in Q2 but the associated drawdown liability was not accounted for until completion of the drawdown in the following quarter. Accordingly, in the Q2 and half year figures published on 16 August 2023, the net asset value of the Fund was overstated. 

 

The stated net asset value per share of the Company at 30 June 2023 of 1.184 p per share was overstated by 0.063p per share. The correct figure for the net asset value of the Company as at 30 June 2023 should have been 1.121p per share representing growth in net asset value per share of 15.2% over the first half of the year and 6.6% during Q2 compared with figures of 21.7% and 12.6% respectively as stated in August.

 

Detailed amended and restated financial statements for Q2 and for the half year ended 30 June 2023 are set out below.

 

 

Updated Q2 Financial highlights

·    NAV per share has grown by 15.2% in H1 2023 and, within this, Q2 was up by 6.6% on Q1 to £1.12.

·    IRR on portfolio investments since IPO has increased to 35%.

 

 

For more information, please contact:

 

SuperSeed Capital Limited

+44(0) 203 405 3060

Mads Jensen, Investment Manager


 


VSA Capital - AQSE Corporate Adviser and Broker

+44(0) 203 005 5000

Corporate Finance: Simon Barton / Alex Cabral


 

 

About SuperSeed Capital

SuperSeed Capital invests in technology-led innovation, primarily through funds managed by SuperSeed Ventures LLP (the "Investment Manager"). The Company's principal investment to date is in SuperSeed II LP (the "Fund").

 


SuperSeed Capital Limited

Condensed Statement of Comprehensive Income

for the period 1 January 2023 to 30 June 2023












1 April 2023

 

1 January 2023

 

1 January 2023

 

1 January 2022

 


to

 

to

 

to

 

to

 


30 June 2023

 

31 March 2023

 

30 June 2023

 

30 June 2022

 


£

 

£

 

£

 

£










Income

 

 

 

 





Investment income


696


328


1,024


7

Realised gain on investments held at fair value through profit or loss


-


33,052


33,052


-

Unrealised gain on investments held at fair value through profit or loss


201,489


180,555


382,044


129,162

Other income


1


1


2


951

Total income

 

202,186

 

213,936

 

416,122

 

130,120

 









Expenses

 

 

 

 





Establishment costs


-


-


-


153,028

Administration fees


7,613


7,611


15,224


12,432

Audit fees


5,734


5,671


11,405


10,414

Directors' fees


4,500


4,500


9,000


9,000

Legal & professional fees


16,142


12,183


28,325


14,036

Loan interest


-


134


134


-

Regulatory fees


3,836


5,351


9,187


7,315

Sundry expenses


295


703


998


830

Total expenses

 

38,120

 

36,153

 

74,273

 

207,055

 









Total gain/(loss) and comprehensive income for the period

 

164,066

 

177,783

 

341,849

 

(76,935)

 

 

 

 

 





Basic earnings per share

 

0.0692

 

0.0868

 

0.1463

 

(0.0452)

 









Diluted earnings per share

 

0.0628

 

0.0698

 

0.1403

 

(0.0452)

 









Operating profit/(loss) excluding establishment costs for the period

 

164,066

 

177,783

 

341,849

 

76,093

 

 

 

 

 





Basic operating profit excl. establishment costs per share

 

0.0692

 

0.0868

 

0.1463

 

0.0447

 

 

 

 

 





Diluted operating profit excl. establishment costs per share

 

0.0628

 

0.0698

 

0.1403

 

0.0447

 









All the above items are derived from continuing operations.





 

 

 

 


SuperSeed Capital Limited

Condensed Statement of Financial Position

as at 30 June 2023








30 June 2023

 

31 March 2023

 

31 December 2022

 

£

£

 

£

 






Non-current assets

 





Investments

2,542,337

2,189,288


1,799,616

Total non-current assets

2,542,337

 

2,189,288

 

1,799,616

 






Current assets

 





Trade and other receivables

104,685

254,895


11,025

Cash and cash equivalents

20,546


64,006


235,089

Total current assets

125,231

 

318,901

 

246,114

 






Total assets

2,667,568


2,508,189


2,045,730







Current liabilities

 





Trade and other payables

11,991

16,678


21,745

Total current liabilities

11,991

 

16,678

 

21,745

 






Total liabilities

11,991


16,678


21,745







Net assets

2,655,577

 

2,491,511

 

2,023,985

 






Equity

 





Share capital

2,369,743

2,369,743


2,080,000

Retained earnings

285,834


121,768


(56,015)

Total equity

2,655,577

 

2,491,511

 

2,023,985

 






Net asset value per ordinary share

1.1206

 

1.0514

 

0.9731

 






 



 

SuperSeed Capital Limited

Condensed Statement of Changes in Equity

for the period 1 January 2023 to 30 June 2023










Share Capital

 

Retained Earnings

 

Total

 


£

 

£

 

£

Ordinary Shares issued on incorporation


1


-


1

Issue of Ordinary Shares


1,999,999


-


1,999,999

Total comprehensive loss for the period


-


(119,977)


(119,977)








Balance as at 30 June 2022

 

2,000,000

 

(119,977)

 

1,880,023

 









Share Capital

 

Retained Earnings

 

Total

 


£

 

£

 

£

 







Balance as at 1 January 2023


2,080,000


(56,015)


2,023,985

Issue of Ordinary Shares


289,743


-


289,743

Total comprehensive profit for the period


-


341,849


341,849








Balance as at 30 June 2023

 

2,369,743

 

285,834

 

2,655,577








 



 

SuperSeed Capital Limited

Condensed Statement of Cash Flows

for the period 1 January 2023 to 30 June 2023








1 January 2023

1 January 2023

6 October 2021

 


to

to

to

 


30 June 2023

31 March 2023

30 June 2022

 


£

 

£

Cash flows used in operating activities

 

 



Net cash flow used in operating activities

 

(86,750)

(43,290)

(246,423)


 

 



Cash flows used in investing activities

 




Net cash flow used in investing activities


(127,659)

(127,659)

(777,870)






Cash flows from financing activities

 




Net cash flow from financing activities


(134)

(134)

2,000,000

 

 




Net movement in cash and cash equivalents during the period


(214,543)

(171,083)

975,707

 

 




Cash and cash equivalents at the beginning of the period


235,089

235,089

-

 

 




Cash and cash equivalents at the end of the period

20,546

64,006

975,707

 

 

 



 

 


SuperSeed Capital Limited

Investment Analysis

for the period 1 January 2023 to 30 June 2023












30 June 2023

 

31 December 2022

 




£

 

£

 







Cost



1,899,714


1,539,035

Cumulative movement in value



642,624


260,581

Fair value



2,542,337

 

1,799,616




 

 



Investment fair value can be further analysed as follows:

 













1 January 2023

1 January 2023

 

6 October 2021

 



to

to

 

to

 



30 June 2023

31 March 2023

 

31 December 2022

 



£

£

 

£

Cost






Cost at beginning of the period


1,539,035

1,539,035


-

Cost of investment - settled


666,579

515,017


1,539,035

Cost of investment - sold


(305,901)

(305,901)


-

Total cost of investment


1,899,714

1,748,152


1,539,035








Fair value movement





Fair value adjustment at beginning of the period


260,581

260,581


-

Revaluation of underlying investments


382,043

156,750


260,581

SuperSeed II LP management fee and other net movements in NAV


-

23,805


-




642,624

441,136


260,581

Fair value of investments


2,542,337

2,189,288

 

1,799,616

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXGPGWAGUPWGMQ]]>

View more ...

WWW announcementsAll announcements

Company

  • About
  • News
  • Investor Relations
  • Contact
  • Careers
ISO 27001 Certified

© Aquis Exchange 2024. All rights reserved.

Terms & ConditionsPrivacy PolicyModern Slavery & Human Trafficking Policy
System statusnormal