XLON:ALK ESEF Annual Report
ALKEMY CAPITAL INVESTMENTS PLC (XLON:ALK)
ESEF Annual Report
2026-09-02
For: 2023-01-31
View Original
Added on
September 22, 2026
Alkemy Capital Investments plc
Annual Report
for the Year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
Annual Report for the period ended 31 January 2023
Table of contents
Company Information 3
Chairman’s Statement 4
Strategic Report 7
Board of Directors 10
Directors’ Report 11
Directors’ Remuneration Report 14
Risk Management Report 18
Directors’ Responsibility Statement 23
Consolidated Statement of Comprehensive Income 29
Consolidated Statement of Financial Position 30
Consolidated Statement of Changes in Equity 31
Consolidated Statement of Cash Flows 32
Company Statement of Financial Position 33
Company Statement of Changes in Equity 34
Company Statement of Cash Flows 35
Notes to the Financial Statements 36
Company Information
Directors
Paul Atherley Non-Executive Chairman
Sam Quinn Non-Executive Director
Helen Pein Non-Executive Director
Company Number
13149164
Company Secretary
Sam Quinn, Silvertree Partners LLP
Registered address
167-169 Great Portland Street
Fifth Floor
London
England
W1W 5PF
Independent auditors
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Company solicitors (UK)
Simmons & Simmons LLP
1 Ropemaker Street
London
EC2Y 9SS
Registrars
Neville Registrars
Neville House
Steelpark Road
Halesowen
B62 8HD
Company Website
www.alkemycapital.co.uk
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Chairman’s Statement
I have great pleasure in presenting our 2023 Annual Report.
In February 2022, Alkemy Capital Investments plc (“Alkemy” or the “Company”) announced the formation of a
subsidiary called Tees Valley Lithium Limited (“TVL”) that would seek to develop the UK’s first Lithium Hydroxide
processing facility.
This transaction constituted a reverse takeover transaction under the listing rules of the London Stock Exchange and
resulted in Alkemy becoming an operating company.
Business Overview
The Company is developing two key facilities: a lithium hydroxide (“LHM”) refinery at the Wilton International
Chemicals Park in Teesside, UK and a lithium sulphate (“LSM”) refinery in Port Hedland, Australia.
Our aim is to build the most sustainable and significant producer of lithium hydroxide globally, utilising the advantages
of the UK’s chemical processing skills, infrastructure, green energy and legislation.
China currently dominates lithium conversion capacity (currently processing 90% of the world’s Lithium Hydroxide)
and increasingly is moving upstream to secure feedstock. The market for lithium hydroxide has been well articulated
by many analysts with a consensus forecasting that it will go into deficit causing prices to rise significantly over the
medium term.
Building a European lithium processing facility will reduce the regional dependence on China, which currently controls
90% of the world’s lithium refining capacity, however, is expected to require all of this production domestically in order
to deliver its US$11 trillion Carbon Neutral 2060 plan.
It is also expected that Europe and the US will continue to use the higher performance NMC batteries which require a
lithium hydroxide feedstock.
A key driver for TVL’s site selection at Wilton is the ‘plug & play’ advantages of the site, which boasts a plethora of
existing infrastructure and readily accessible utilities including water, gas, steam and electricity.
To meet the demand for the switch to electric vehicles within Europe, over 700GW of gigafactory capacity has been
announced with an annual projected demand of 650,000 tonnes for locally refined lithium chemicals.
The Wilton LHM refinery is expected to produce enough lithium hydroxide to supply 100% of the forecasted
automotive demand in the UK by 2030, with a further 35% of its total production available for export to other countries
in Europe and elsewhere.
TVL is currently in advanced discussions with a number of offtake customers, including European gigafactories and
electric vehicle OEMs. These customers are increasingly focussed on price, transparency and low embedded carbon,
when sourcing high grade lithium products.
To address this challenge, the Company plans to import high-grade lithium feedstock in the form of technical grade
lithium carbonate from South America and lithium sulphate from our Port Hedland LSM refinery in Australia. This will
avoid loading up the world’s shipping fleets with low grade spodumene concentrates and will reduce waste.
By sourcing low carbon feedstock and powering an electrochemical refining process with offshore wind and green
hydrogen supplied by energy multinational bp’s HyGreen Teesside project, TVL aims to supply its UK and European
customers with the world’s lowest-carbon lithium hydroxide.
2022-23 Highlights
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Since TVL’s launch in February 2022, we have been extremely busy and have completed a number of significant
milestones as set out below. We have:
•
secured a site at the Wilton International Chemicals Park in the Teesside Freeport, UK.
•
completed a Class 4 Feasibility Study for TVL’s Wilton LHM refinery, demonstrating exceptional project
economics, including a pre-tax NPV of £2.8 (US$3.9) billion and gross revenues of £49.2 (US$68.4)
billion.
•
completed metallurgical testwork yielding ultra-pure lithium hydroxide exceeding industry standards and
validated by third party cathode active material manufacturers.
•
signed partnership agreements with global metals trader Traxys, local lithium supplier Weardale Lithium
and one of the world’s largest energy multinationals bp.
•
launched an Australia strategy that will involve the construction of a LSM refinery in Port Hedland to serve
as a refining hub for Australia spodumene miners and which will supply TVL’s Wilton LHM refinery.
•
appointed Wave International as lead engineering and technology partner, an industry-leading firm with a
specialist skillset in lithium refining.
•
received full planning permission from Redcar and Cleveland Borough Council to build our Wilton LHM
refinery following extensive work from the TVL team, which included the completion of a detailed
Environmental Impact Assessment and planning application.
•
agreed the terms of a 30 year lease at the Wilton International Chemicals Park for TVL’s Wilton LHM
refinery.
•
secured a site for our LSM refinery at Boodarie in Port Hedland, alongside bp, Posco, Fortescue Metals
and Alinta Energy.
•
received approval of our expression of interest from the UK Automotive Transport Fund.
•
signed an MOU with Recharge industries, the new owner of Britishvolt, to supply lithium hydroxide.
•
been identified by the Critical Minerals Association (UK) as a case study project that will form a key
strategic component of the UK’s critical minerals midstream processing and refining sector.
•
signed an MOU with battery recycling group Altilium Metals for lithium sulphate feedstock and lithium
hydroxide offtake.
•
signed an MOU with lithium technology company Lithium Services Pty Ltd to investigate the processing of
lithium from fines materials in tailings deposits in Western Australia.
Lithium Sulphate Refinery – Port Hedland
In July 2022, the Company announced the launch of its strategy to build a lithium sulphate plant in Port Hedland,
Australia, to serve as a refining hub for Australian spodumene producers.
The Company has now secured an allocation of land at the new Boodarie Strategic Industrial Area, alongside other
global leaders in the green industrial sector, to facilitate the development of the Port Hedland LSM refinery
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Building the Port Hedland LSM refinery will provide Australian spodumene producers with a complete mid-stream
lithium refining solution with direct access to the European market through TVL’s Wilton LHM refinery in Teesside, UK.
This new Pilbara to Teesside supply chain will embody the new critical minerals supply chains possible under the
recently signed free trade agreement between Australia and the UK and leverage the competitive strengths of
Australia in mining and critical minerals processing and the UK in chemical refining.
Importantly, the Port Hedland LSM refinery will bring major value-adding to the Pilbara region, with significant
multiplier benefits for the local community and the State of Western Australia, whilst reducing the carbon footprint of
the end-to-end lithium battery cell supply chain to meet new European emissions standards.
The Port Hedland LSM plant, together with the Wilton LHM refinery, will deliver a low carbon, de-risked lithium supply
chain between Australian spodumene producers and the burgeoning European lithium battery cell market.
Funding
Alkemy continues to consider various funding options for the project including strategic partnerships, private equity, a
structured bond and an institutional equity component and will update the market on progress in due course. As it is
intended to finance and operate the facility via its operating subsidiary TVL, if this is achieved it is anticipated that
there will be no significant dilution to Alkemy’s shareholders as part of the proposed financing process.
We would like to take this opportunity to thank our shareholders for their continued support and look forward to
reporting on our progress during the course of 2023.
Paul Atherley
Non-Executive Chairman
30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Strategic Report
The Directors present the Strategic Report of the Company for the year ended 31 January 2023.
Review of business and future developments
The Company was incorporated and registered in England and Wales on 21 January 2021 and on 27 September
2021 was admitted to the Standard Listing segment of the Official List of the UK Listing Authority and to trading on the
London Stock Exchange, having raised £1.5 million (before expenses) from the issue of 2,999,999 million ordinary
shares at a placing price of 50p.
The Company was formed to undertake an Acquisition of a controlling interest in a company or business. Given their
experience, the Board focused on the mining and technology metals sectors.
On 25 February 2022, the Company announced that it had entered into an exclusivity agreement (the “Exclusivity
Agreement”) with Sembcorp Utilities (UK) Limited and a heads of terms in respect of a proposed option to enter into a
lease over a brownfields site (the “Site”) at Wilton International (the “Agreement to Lease”) and a long lease over the
Site. Wilton International is a well-established chemical engineering park located in Teesside, a major Freeport in the
UK. The entering into the Exclusivity Agreement and incorporation of TVL constituted an Acquisition and reverse
takeover transaction under the rules of the London Stock Exchange.
On 19 December 2022 the Company announced that it had entered into the Agreement to Lease pursuant to which an
agreed form lease may be entered into by TVL, a subsidiary of the Company, following exercise of the one year option
granted under the Agreement to Lease (the “Lease”). It is intended that TVL will be the operating company that
develops the Project.
If, during the one year option period the Board determines that the opportunities presented by the development of the
Site would be in the best interests of shareholders, the Company, via TVL, intends to enter into the Lease and to
commence the design, finance and construct of a plant that will produce Lithium Hydroxide Monohydrate from Lithium
Sulphate Monohydrate feedstock with a view to becoming a key supplier to the UK and European battery cell
manufacturers (the “Project”).
operating subsidiary’s obligations under the Lease. The Company aims to implement an operating strategy with a view
to generating value for its shareholders through the creation of a Lithium Hydroxide Monohydrate facility.
Key performance indicators
During the reporting year, the Company was focused on the evaluation of various opportunities in the mining sector.
When the Company enters into the Lease, then financial, operational, health, safety, and environmental KPIs will
become more relevant and reported upon as appropriate. As a result, the Directors are of the opinion that analysis
using KPI’s is not appropriate for an understanding of the business at this time.
Principal risks and uncertainties
The principal risks and uncertainties currently faced by the Company are set out further in the Risk Management
Report on page 18.
Gender analysis
A split of our Directors, senior managers and employees by gender at the end of the financial year is as follows:
Male – 2 (directors)
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Female – 2 (1 director, 1 senior manager)
The Company recognises the need to operate a gender diverse business. The Board will also ensure any future
employment takes into account the necessary diversity requirements and compliance with all employment law. The
Board has experience and sufficient training and qualifications in dealing with such issues to ensure they would meet
all requirements. More detail will be disclosed in the future annual reports once the Company enters into the Lease
and has completed its transition to an operating company.
Corporate social responsibility
The Company aims to conduct its business with honesty, integrity and openness, respecting human rights and the
interests of shareholders and employees. The Company aims to provide timely, regular and reliable information on the
business to all its shareholders and conduct its operations to the highest standards.
The Company strives to create a safe and healthy working environment for the wellbeing of its staff and to create a
trusting and respectful environment, where all members of staff are encouraged to feel responsible for the reputation
and performance of the Company.
The Company aims to establish a diverse and dynamic workforce with team players who have the experience and
knowledge of the business operations and markets in which we operate. Through maintaining good communications,
members of staff are encouraged to realise the objectives of the Company and their own potential.
Corporate environmental responsibility
This will become more relevant once the Company enters into the Lease and completes its transition to an operating
company. The Board contains personnel with a good history of running businesses that have been compliant with all
relevant laws and regulations and there have been no instances of non-compliance in respect of environment matters.
The Company’s policy is to minimize the risk of any adverse effect on the environment associated with its activities
with a thoughtful consideration of key areas such as energy use, pollution, transport, renewable resources, health and
wellbeing. The Company also aims to ensure that its suppliers and advisers meet with their legislative and regulatory
requirements and that codes of best practice are met and exceeded.
Section 172(1) Statement – Promotion of the Company for the benefit of the members as a whole
The Directors believe they have acted in the way most likely to promote the success of the Company for the benefit of
its members as a whole, as required by s172 of the Companies Act 2006.
The requirements of s172 are for the Directors to:
1.
Consider the likely consequences of any decision in the long term,
2.
Act fairly between the members of the Company,
3.
Maintain a reputation for high standards of business conduct,
4.
Consider the interests of the Company’s employees,
5.
Foster the Company’s relationships with suppliers, customers and others, and
6.
Consider the impact of the Company’s operations on the community and the environment.
The pre-revenue nature of the business is important to the understanding of the Company by its members, employees
and suppliers, and the Directors are as transparent about the cash position and funding requirements as is allowed
under LSE regulations.
The application of the s172 requirements can be demonstrated in relation to the some of the key decisions made
during 2022 and after the year end:
•
The launch of TVL and the execution of the Exclusivity Agreement;
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
•
Completion of the Class 4 Feasibility Study;
•
The launch of an Australia strategy that will involve the construction of a LSM refinery in Port Hedland;
•
The appointment of Wave International as lead engineering and technology partner;
•
The successful lodgement of an application for full planning permission from Redcar and Cleveland Borough
Council to build TVL’s Wilton LHM refinery;
•
The execution of the Agreement to Lease.
The Board takes seriously its corporate social responsibilities to the environment in which it works which will become
more relevant once the Company enters into the Lease and completes its transition to an operating company.
Paul Atherley
Non-Executive Chairman
30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Board of Directors
Paul Atherley – Non-Executive Chairman
Mr Atherley is a highly experienced senior resources executive with wide ranging international and capital markets
experience. He graduated as mining engineer from Imperial College London and has held a number of senior
executive and board positions. He is currently Chairman of LSE listed Pensana Plc which is establishing the world’s
first independent and sustainable rare earth processing facility in the UK.
He is based in London and has broad experience in raising debt and equity finance for resource companies. He
served as Executive Director of the investment banking arm of HSBC Australia where he undertook a range of
advisory roles in the resources sector. He has completed a number of acquisitions and financings of resources
projects in Europe, China, Australia and Asia.
Mr Atherley is a strong supporter of Women in STEM and has established a scholarship which provides funding for
young women to further their education in science and engineering.
Sam Quinn – Non-Executive Director
Sam Quinn is a corporate lawyer with over fifteen years’ worth of experience in the natural resources sector, in both
legal counsel and management positions. Mr Quinn is a principal of Silvertree Partners, a London-based specialist
corporate services provider for the natural resources industry. In addition Mr Quinn holds various other Non-Executive
Directorships and company secretarial roles for listed and unlisted natural resources companies. During time spent in
these roles, Mr Quinn has gained significant experience in the administration, operation, financing and promotion of
natural resource companies.
Previously, Mr Quinn worked as the Director of Corporate Finance and Legal Counsel for the Dragon Group, a London
based natural resources venture capital firm and as a corporate lawyer for Jackson McDonald Barristers & Solicitors in
Perth, Western Australia and for Nabarro LLP in London.
Helen Pein – Non-Executive Director
Helen has over 30 years’ experience in natural resources sector and currently serves as a Director of Pan Iberia Ltd,
Trident Royalties Plc and Panex Resources Pty Ltd.
Helen was formerly a Director of Pangea Exploration Pty Ltd, a company affiliated with Denham Capital where she
was part of the team directly responsible for the discovery of a number of world-class gold and mineral sands deposit
across Africa. Helen is a recipient of the Gencor Geology Award.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Directors’ Report
The Directors present their annual report together with the financial statements and Auditor’s Report for the year
ended 31 January 2023. The following information is not presented in the Directors’ report as it is presented in the
Strategic Report in accordance with s414C(11); Review of business, Key Performance Indicators, Principal risks and
uncertainties, Gender analysis, Corporate social responsibility, Corporate environmental responsibility, Section 172(1)
statement.
Results and dividends
The results of the Company for the year ended 31 January 2023 are set out in the Statement of Comprehensive
Income on page 29. The Directors do not recommend the payment of a dividend for the year.
Directors and Directors’ interests
The Directors who served during the year to date are as follows:
Paul Atherley
Sam Quinn
Helen Pein
The beneficial shareholdings of the Board in the Company as at 31 January 2023 were as follows:
Number of ordinary
shares
% of issued share
capital
Share options
P Atherley
3,078,000
42.75%
175,000
S Quinn
325,000
4.51%
140,000
H Pein
25,000
0.35%
75,000
Director incentives
In the year ended 31 January 2023, 390,000 options were granted to Directors (2022: nil). As at 31 January 2023,
390,000 (2022: nil) options issued to Directors were outstanding.
Further details on Directors remuneration can be found in the Directors Remuneration report on page 14 of this annual
report.
Substantial shareholders
As at the date of this Report, the total number of issued Ordinary Shares with voting rights in the Company was
7,199,998. The Company has been notified of the following interests of 3 per cent or more in its issued share capital
as at the date of this report.
% of issued
Shareholder Number of ordinary shares share capital
Paul Atherley 3,078,000 42.75%
Sam Quinn 325,000 4.51%
Corporate governance
The Company has set out its full Corporate Governance Statement on page 20. The Corporate Governance
Statement forms part of this Directors’ report and is incorporated into it by cross reference.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Greenhouse gas disclosures
As the Group remains in the early stages of development without any current physical operations across its portfolio of
projects, it is not practical to obtain and analyse emissions data for the Company operations. However, given the
minor level of physical operations in the year, and the lack of any plant or office space, the carbon footprint and
climate change impact of the Group’s operations are considered to be negligible, and in any event below the 40 MWh
threshold prescribed for detailed emissions disclosures.
As such, the Group does not consider it relevant to provide climate related disclosures under the recently enacted
TCFD guidelines, nor would determination of the relevant emissions data be practical. Once the Group has
commenced the construction of physical premises across any of its projects, and hence transitioned into an operating
company, it will revisit its position on climate disclosures accordingly.
Supplier payment policy
The Company’s current policy concerning the payment of trade creditors is to follow the CBI’s Prompt Payers Code
(copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The Company’s current policy concerning the payment of trade creditors is to:
•
settle the terms of payment with suppliers when agreeing the terms of each transaction;
•
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in
contracts; and
•
pay in accordance with the Company’s contractual and other legal obligations.
Financial instruments and risk management
The Company is exposed to a variety of financial risks and the impact on the Company’s financial instruments are
summarised in the Risk Management Report. Details of the Company’s financial instruments are disclosed in note 14
to the financial statements.
Directors’ insurance
The Company has implemented Directors and Officers Liability Indemnity Insurance.
Events after the reporting year
On 7 February 2023 the Company announced that it had entered into an MOU with Recharge Industries Pty Ltd, an
Australian lithium-ion battery company who had successfully bid to purchase Britishvolt, a planned £3.8 billion lithium-
ion gigafactory in northern England. Under the MOU TVL and Recharge agreed to negotiate toward executing a
definitive offtake agreement to supply low-carbon lithium hydroxide.
On 1 March 2023 the Company announced that Recharge Industries had completed the acquisition of Britishvolt and
that it was advancing discussions with Recharge.
On 26 April 2023 the Company signed an MOU with battery recycling group Altilium Metals for lithium sulphate
feedstock and lithium hydroxide offtake.
On 11 May 2023 the Company signed an MOU with lithium technology company Lithium Services Pty Ltd to
investigate the processing of lithium from fines materials in tailings deposits in Western Australia.
Going concern
As part of their assessment of going concern, the Directors have prepared cash forecasts to determine the funding
requirements of the business over the 18 months from the reporting date, as the Group continues to develop its LHM
refinery at Wilton and LSM refinery in Port Hedland. Cash requirements over this period have been projected in the
range of a £2m minimum (decelerated project development case) to £12m maximum
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
(accelerated project development case) depending on the level of technical project development work being
undertaken, as determined by funding availability.
As at the date of this report, the Directors are considering a variety of funding options from numerous parties to
consider the option best suited to balancing the immediate cash flow needs of the business and desire to accelerate
the project development timeframe against the need to avoid unnecessary dilution of the shareholders during a period
of depressed equity market prices. Options ranging from project lending facilities, convertible lending facilities and
equity fundraising are under consideration, and the Board anticipates concluding this process in the near term.
The Directors are reasonably confident that the necessary funding will be secured, as and when required, by
executing on one of the options under consideration, such that the Directors have a reasonable expectation that the
Company will continue in operational existence for the foreseeable future. However as successful execution of one of
the above fundraising options cannot be assured, a material uncertainty exists in this regard.
Accordingly, the Directors believe that as at the date of this report it is appropriate to continue to adopt the going
concern basis in preparing the financial statements.
Disclosure of information to Auditors
The Directors confirm that:
•
So far as each Director is aware, there is no relevant audit information of which the company’s auditor is
unaware; and
•
The Directors have taken all steps that they ought to have taken as Directors in order to make themselves
aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditor
A resolution proposing the re-appointment of Crowe U.K. LLP as auditor will be put to shareholders at the Annual
General Meeting.
This Directors’ Report has been approved by the Board and signed on its behalf by:
Paul Atherley
Non-Executive Chairman
30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Directors’ Remuneration Report
Until the Lease is entered into and the Company completes its transition to an operating company, the Company will
not have a separate remuneration committee. The Board will instead periodically review the quantum of Directors’
fees, taking into account the interests of shareholders and the performance of the Company and the Directors.
The items included in this report are unaudited unless otherwise stated.
The Directors who held office at 31 January 2023 are summarised as follows:
Name of Director Position
P Atherley Non-Executive Chairman
S Quinn Non-Executive Director
H Pein Non-Executive Director
Directors’ Letters of appointment
Letter of Appointment – Paul Atherley
Pursuant to a letter of appointment dated 21 September 2021 between the Company and Mr Atherley, Mr Atherley is
engaged as Chairman with fees of £24,000 per annum. The appointment can be terminated by either party on three
months written notice.
Letter of Appointment – Sam Quinn
Pursuant to a letter of appointment dated 21 September 2021 between the Company and Sam Quinn, Mr Quinn is
engaged as a Non-Executive Director with fees of £18,000 per annum. The appointment can be terminated by either
party on three months written notice.
Letter of Appointment – Helen Pein
Pursuant to a letter of appointment dated 21 September 2021 between the Company and Helen Pein, Helen is
engaged as a Non-Executive Director with fees of £18,000 per annum. The appointment can be terminated by either
party on three months written notice.
In addition to the salaries received under the service agreements referenced above, Sam Quinn and Helen Pein will
be remunerated for additional work performed for the Company which is outside the scope of their service
agreements, including project due diligence, consultancy and management services. Sam Quinn and Helen Pein’s
contractual daily rate for these additional services is £1,000 per day and both Sam Quinn and Helen Pein shall be
subject to a maximum of 3 days per calendar month.
Pursuant to a consultancy agreement dated 21 September 2021 between the Company and Selection Capital
Investments Limited the (“Consultancy Agreement”), Paul Atherley is engaged as Key Personnel (as defined under
the Consultancy Agreement) contracted to provide services to the Company in consideration of payment of £1,500 per
day with a maximum amount of days contracted to be 3 days per calendar month.
Terms of appointment
The services of the Directors are provided under the terms of letters of appointments, as follows:
Director
Year of appointment
Number of periods
completed
Date of current
engagement letter
P Atherley
2021
2
21 September 2021
S Quinn
2021
2
21 September 2021
H Pein
2021
2
21 September 2021
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Consideration of shareholder views
The Board considers shareholder feedback received. This feedback, plus any additional feedback received from time
to time, is considered as part of the Company’s annual policy on remuneration.
Policy for salary reviews
The Company may from time to time seek to review salary levels of Directors, taking into account performance, time
spent in the role and market data for the relevant role. It is intended that there will be a salary review during the next
year as the Company transitions to an operating company.
Policy for new appointments
It is not intended that there will be any new appointments to the Board in the near term. It is intended that a full review
of the Board will take place on an annual basis following the Company’s full transition to an operating Company
following the entering into of the Lease.
Directors’ emoluments and compensation (audited)
Remuneration paid to the Directors’ during the year ended 31 January 2023 was as follows (all figures are stated in
GBP):
Year Ended 31 January 2023:
Director
P Atherley
31 Jan 2023
Directors fees
24,000
Salary/Consulting fees
69,000
Total remuneration
93,000
S Quinn
31 Jan 2023
18,000
48,600
66,600
H Pein
31 Jan 2023
18,000
-
18,000
Total
31 Jan 2023
60,000
117,600
177,600
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Period Ended 31 January 2022:
Director
P Atherley
31 Jan 2022
Directors fees
8,267
Salary/Consulting fees
-
Total remuneration
8,267
S Quinn
31 Jan 2022
6,200
14,400
20,600
H Pein
31 Jan 2022
6,000
-
6,000
Total
31 Jan 2022
20,467
14,400
34,867
Director incentives
In the year ended 31 January 2023, 390,000 options were granted to Directors (2022: nil). As at 31 January 2023,
390,000 (2022:nil) options issued to Directors were outstanding.
Directors’ Remuneration Policy
Pursuant to the Directors’ letters of appointment, as described above, the Directors receive fees, all payable monthly
in arrears. There is currently a long-term incentive plan in operation for the Directors by way of share incentive
options.
Based on the foregoing, the remuneration policy of the Company can be summarised as follows:
How the element
supports our strategic
objectives
Operation of
the element
Maximum
potential payout
and payment at
threshold
Performance measures used,
weighting and time period applicable
Base Pay
Recognises the role and the
responsibility for the delivery
of strategy and results
Paid in 12 monthly
instalments
Contractual sum
None
Pensions
None
n/a
n/a
n/a
Short term incentives
None
n/a
n/a
n/a
Long term incentives
Aligns directors and
shareholders in share price
and project development
Share options issued
TBC
1/3 of the option vest immediately; 1/3 of
the options vest following the completion
of the fund raising to fund construction of
the first 24,000 tpa capacity at TVL’s
Lithium Hydroxide project at Wilton
International; and 1/3 of the options vest
following commissioning of the first
24,000 tpa capacity at the project.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
A remuneration committee is expected to be appointed once the Lease is entered into, to consider an appropriate
level of Directors’ remuneration.
Although there is no formal Director shareholding policy in place, the Board believe that share ownership by Directors
strengthens the link between their personal interests and those of shareholders.
No views were expressed by shareholders during the year on the remuneration policy of the Company.
Other matters
The Company does not currently have any short-term incentive schemes in place for any of the Directors.
The Company does not have any pension plans for any of the Directors and does not pay pension amounts in relation
to their remuneration.
This Directors’ Remuneration Report has been approved by the Board and signed on its behalf by:
Paul Atherley
Non-Executive Chairman
30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Risk Management Report
The Company has undertaken an evaluation of the risks it is exposed to which are summarised as follows:
There is no assurance that the Company will determine that the Project is economically viable and the
Company may elect not to execute the option granted under the Agreement to Lease
The success of the Company’s business strategy is dependent on its ability to identify sufficient suitable acquisition
opportunities. Whist the Company believes that the Project presents a good opportunity, it is still in the process of
evaluating such opportunity. If the Company fails to complete the development of the Project it may be left with
substantial unrecovered transaction costs, potentially including fees, legal costs, accounting costs, due diligence or
other expenses. Furthermore, even if an agreement is reached relating to the Project, the Company may fail to
complete the Project for reasons beyond its control. Any such event will result in a loss to the Company of the related
costs incurred, which could materially adversely affect subsequent attempts to identify and acquire another target
business.
Development and production activities are capital intensive and inherently uncertain in their outcome and the
Company may not make a return on its investments, recover its costs or generate cash flows.
The construction of industrial facilities are capital intensive. In addition, environmental damage could greatly increase
the cost of operations, and various operating conditions may adversely and materially affect the levels of production.
These conditions include delays in obtaining governmental approvals or consents, insufficient storage or
transportation capacity or a change in demand for the product. While diligent supervision and effective maintenance
operations can contribute to maximising production rates over time, production delays and declines from normal
operations cannot be eliminated and may adversely and materially affect the revenues, cash flow, business, results of
operations and financial resources and condition of the Company and its subsidiary undertakings from time to time
(the “Group”).
Currently the Group has insufficient capital to meet the funding requirements for the development of the
Project
As the Company is still evaluating the Project, it is still considering the associated costs with the development of the
Project and the amount of additional capital that may be required.
The Company will need to raise additional funding in the near term to meet its working capital requirements for the
next twelve months. In addition to working capital needs, the Company is of the opinion that if it decides to proceed
with the Project, the Group does not have sufficient capital in order to complete the construction of the Project and
hence will be required to raise additional funds in support of project development expenditure requirements.
Based on a high-level preliminary review of expected costs the Directors anticipate that a total of approximately £250 -
300 million (excluding financing costs) of additional equity and / or debt financing will be required and subject to the
outcome of the feasibility and engineering studies the Company’s confirmation to proceed with the Project to fund the
evaluation, development and construction of the Project. The Company intends to raise the development costs of the
Project by:
(a)
Debt finance - Any debt finance in respect of the Company for the purposes of developing and completing the
Project, is likely to be subject to customary conditions precedent. As of the date of this document, the Company
has not yet begun the formal process of seeking third party debt financing in respect of the Project, however the
Company expects to carry out this process immediately following completion of the feasibility studies and the
Company’s confirmation to proceed with the Project.
(b)
Equity finance - In relation to any equity financing, the Company expects to engage advisers to assist the
Company with its equity funding requirements. The Company has not yet begun the formal process of seeking
formal engagement with advisers for equity financing in respect of the Project, however the Company expects to
carry out this process in due course following completion of the feasibility and engineering studies.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Based on the Company’s informal discussions with potential debt and equity providers to date, the Directors are
confident that within the period of twelve months following the date of this document the Group will be able to secure
all the necessary finance required to develop and complete the Project.
The failure to secure additional financing or to secure such additional financing on terms acceptable to the Company
could have a material adverse effect on the continued development or growth of the acquired business, prospects,
and the financial condition and results and operations of the Group and could, ultimately lead to the insolvency of the
Company.
The price of lithium hydroxide is affected by factors beyond the Group’s control
If the Group proceeds with the Project, and the market price of lithium hydroxide decreases significantly for an
extended period of time, the ability for the Group to attract finance and ultimately generate profits could be adversely
affected. Numerous external factors and industry factors that are beyond the control of the Group that affect the price
of lithium hydroxide include:
•
industrial demand;
•
levels of production;
•
rapid short term changes in supply and demand because of speculative or hedging activities; and
•
global or regional political or economic events.
The price at which the Group can sell any lithium hydroxide it may produce in the future will therefore be relevant to
the future revenues that can be generated by the Group and its ability to finance the Company going forward and any
adverse effects on such price could have a material adverse effect on the Group’s business, financial performance,
results of operations and prospects.
The Company may be unable to hire or retain personnel required to support the Company going forward
The Group’s ability to compete depends upon its ability to retain and attract highly qualified management and
technical personnel. Following completion of the Project, the Company will evaluate the personnel of the acquired
business and may determine that it requires increased support to operate and manage the acquired business in
accordance with the Company’s overall business strategy. There can be no assurance that existing personnel of the
acquired business will be adequate or qualified to carry out the Company’s strategy, or that the Company will be able
to hire or retain experienced, qualified employees to carry out the Company’s strategy
During the development of the Project, the Company may be unable to acquire or renew necessary
concessions, licenses, permits and other authorisations
The Project will require certain concessions, licences, permits and other authorisations to carry out its operations. Any
delay in obtaining or renewing a license, permit or other authorisation may result in a delay in investment or
development of a resource and may have a materially adverse effect on the acquired business’ results of operations,
cash flows and financial condition. In addition, any concessions, licences, permits and other authorisations of the
Project may be suspended, terminated or revoked if it fails to comply with the relevant requirements.
Failure to obtain (and shortages and disruptions in lead times to deliver) certain key inputs may adversely
affect the Company’s operations during the development of the Project
During the development of the Project, the Company’s inability to timely acquire feedstock, strategic consumables,
raw materials, and processing equipment could have an adverse impact on any results of operations and financial
condition. Periods of high demand for supplies can arise when availability of supplies is limited. This can cause costs
to increase above normal inflation rates. Interruption to supplies or increase in costs could adversely affect the
operating results and cash flows of the Company during the development of the Project.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
This Risk Management Report has been approved by the Board and signed on its behalf by:
Paul Atherley
Non-Executive Chairman
30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Corporate Governance Statement
The Company observes the requirements of the Quoted Company Alliance corporate governance code (the “QCA
Code”) and is in compliance with the QCA Code, save as set out below:
1.
Given the composition of the Board, certain provisions of the QCA Code are considered by the Board to be
inapplicable to the Company. Specifically, the Company does not consider it necessary to have a senior
independent Director and the Board will, at the outset, consist of only non-executive Directors.
2.
The QCA Code also recommends the submission of Directors for re-election at annual intervals. No Director will
be required to submit for re-election until the first annual general meeting of the Company following the
Acquisition.
In the future, the Directors may seek to transfer from a Standard Listing to either a Premium Listing or other
appropriate stock market (although there can be no guarantee that the Company will fulfil the relevant eligibility criteria
at the time and that a transfer to a Premium Listing or other appropriate stock market will be achieved). However, in
addition to or in lieu of a Premium Listing, the Company may determine to seek a listing on another stock exchange.
Following such a Premium Listing, the Company would comply with the continuing obligations contained within the
Listing Rules and the Disclosure and Transparency Rules in the same manner as any other company with a Premium
Listing.
The Company does not have nomination, remuneration, audit or risk committees. The Board as a whole will instead
review its size, structure and composition, the scale and structure of the Directors’ fees (taking into account the
interests of shareholders and the performance of the Company), take responsibility for the appointment of auditors
and payment of their audit fee, monitor and review the integrity of the Company’s financial statements and take
responsibility for any formal announcements on the Company’s financial performance. Following entry into the Lease,
the Board intends to put in place nomination, remuneration, audit and risk committees.
The Board has a share dealing code that complies with the requirements of the Market Abuse Regulations. All
persons discharging management responsibilities (comprising only the Directors) comply with the share dealing code.
Carbon emissions
The Company currently has no trade, and one employee other than the Directors and has no office. Therefore, the
Company has minimal carbon emissions and it is not practical to obtain emissions data at this stage.
Board of Directors
The Company has a Board it believes is well suited for the purposes of implementing its business strategy, combining
skill sets for the assessment of investment and acquisition of royalties and streams in the mining sector.
The Directors are responsible for carrying out the Company’s objectives, implementing its business strategy and
conducting its overall supervision. Acquisition, divestment and other strategic decisions will all be considered and
determined by the Board.
The Board will provide leadership within a framework of prudent and effective controls. The Board will establish the
corporate governance values of the Company and will have overall responsibility for setting the Company’s strategic
aims, defining the business plan and strategy and managing the financial and operational resources of the Company.
The Board aims to hold meetings on a quarterly basis and is regularly in contact to discuss prospective acquisition
opportunities.
The Articles of the Company contain express provisions relating to conflicts of interest in line with the Companies Act
2006.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Shareholder communications
The Company uses its corporate website (www.alkemycapital.co.uk) to ensure that the latest announcements, press
releases and published financial information are available to all shareholders and other interested parties.
The AGM is used to communicate with both institutional shareholders and private investors and all shareholders are
encouraged to participate. Separate resolutions are proposed on each issue so that they can be given proper
consideration and there is a resolution to approve the Annual Report and Accounts. Notice of the AGM is sent to
shareholders at least 21 days before the meeting and the results are announced to the London Stock Exchange and
are published on the Company’s website.
Paul Atherley
Non-Executive Chairman
30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Directors’ Responsibility Statement
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the
Directors have elected to prepare the financial statements in accordance with UK Adopted International Accounting
Standards (“IAS”). Under company law the Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss for that
period.
In preparing these financial statements, the Directors are required to:
1.
select suitable accounting policies and then apply them consistently;
2.
make judgements and accounting estimates that are reasonable and prudent;
3.
state whether applicable IASs as adopted by the United Kingdom have been followed, subject to any material
departures disclosed and explained in the financial statements; and
4.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company and Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and
enable them to ensure that the Financial Statements and the Directors Remuneration Report comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Company and Company, and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
They are also responsible to make a statement that they consider that the Annual Report and Financial Statements,
taken as a whole, is fair, balanced, and understandable and provides the information necessary for the shareholders
to assess the Company’s position and performance, business model and strategy.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on
the Company’s website. Legislation in the United Kingdom. governing the preparation and dissemination of the
Financial Statements may differ from legislation in other jurisdictions.
Directors’ responsibility statement pursuant to disclosure and Transparency Rule
Each of the Directors, whose names and functions are listed within the Board of Directors confirm that, to the best of
their knowledge:
1.
the financial statements are prepared in accordance with IFRS as adopted by the United Kingdom, give a true
and fair view of the assets, liabilities, financial position and loss of the Company; and
2.
the Annual Report and financial statements, including the Strategic Report, includes a fair review of the
development and performance of the business and the position of the Company, together with a description of
the principal risks and uncertainties that they face.
Approved by the Board on 30 May 2023
Paul Atherley
Non-Executive Chairman
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Independent auditor’s report to the members of Alkemy Capital Investments Plc
Opinion
We have audited the financial statements of Alkemy Capital Investments Plc (the “company”) and its subsidiaries (the
‘group’) for the year ended 31 January 2023 which comprise consolidated statement of comprehensive income,
consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of
cash flows, company statement of financial position, company statement of changes in equity, company statement of
cash flows and notes to the financial statements, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and UK-adopted international accounting
standards.
In our opinion the financial statements:
•
give a true and fair view of the state of the group’s and of the company’s affairs as at 31 January 2023 and of
the group’s loss for the year then ended;
•
have been properly prepared in accordance with UK-adopted international accounting standards;
•
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We are independent of the group and the company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical
Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Material uncertainty relating to going concern
We draw attention to the section headed Going Concern on page 12 of the financial statements, which details the
factors the Company has considered when assessing the going concern position. As detailed in the relevant note on
page 12, the uncertainty surrounding the availability of funds to finance the commercial development of the
Company’s projects indicates the existence of a material uncertainty that may cast significant doubt on the Company’s
ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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:
•
Discussions with management in relation to the future plans of the Company and Group.
•
Reviewing activity after the year end to the date of singing the financial statements.
•
Reviewing the directors’ going concern assessment including the worst-case scenario cash flow forecast
that covers at least 12 months from the date we expect to sign the audit report.
•
Assessing the cash flow requirements of the Company and Group based on forecast capital and
administrative expenditure for 12 months after the date of signing.
•
Understanding what forecast expenditure is committed and what could be considered discretionary.
•
Considering the liquidity of existing assets of the statement of financial position.
•
Considering the options available to management for further fundraising, or additional sources of finance.
•
Considering potential downside scenarios and the resultant impact on funding requirements and the
Company and Groups ability to raise such funds.
•
Making enquiries of management as to its knowledge of events or conditions beyond the period of their
assessment that may cast significant doubt on the Company’s ability to continue as a going concern, and
evaluating the reliability of the data underpinning the forecast cash flows.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report.
Overview of our audit approach
Materiality
In planning and performing our audit we applied the concept of materiality. An item is considered material if it could
reasonably be expected to change the economic decisions of a user of the financial statements. We used the concept
of materiality to both focus our testing and to evaluate the impact of misstatements identified.
Based on our professional judgement, we determined overall materiality for the financial statements as a whole to be
£125,000 (2022 £39,500), based on approximately 5% of loss before taxation. Materiality for the parent company
financial statements as a whole was set at £28,000 (2022: £39,500) based on approximately 5% of loss before
taxation. We consider this basis of determining materiality to be appropriate for a holding entity.
We use a different level of materiality (‘performance materiality’) to determine the extent of our testing for the audit of
the financial statements. Performance materiality is set based on the audit materiality as adjusted for the judgements
made as to the entity risk and our evaluation of the specific risk of each audit area having regard to the internal control
environment. Performance materiality was set at 70% of materiality for the financial statements as a whole, which
equates to £87,500 (2022: £27,650) for the group and £35,000 (2022: £24,500) for the parent.
Where considered appropriate performance materiality may be reduced to a lower level, such as, for related party
transactions and directors’ remuneration.
We agreed with the Audit Committee to report to it all identified errors in excess of £6,250 (2022: £1,975). Errors
below that threshold would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative
grounds.
Overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the group and its environment, including the group’s system of
internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the
risk of management override of internal controls, including assessing whether there was evidence of bias by the
directors that may have represented a risk of material misstatement.
We identified two significant components, being the parent company and its principal operating subsidiary, Tees
Valley Lithium Limited. The base of operations is in the United Kingdom, which is where the head office is. Our group
audit strategy focused on the significant components which were subject to a full scope audit.
The group is accounted for from one central location, it’s registered office in the United Kingdom. The audit of the
group was performed by Crowe in the UK. The consolidation was also subject to a full scope audit performed by the
Group audit team.
The remaining components of the group were considered non-significant. All balances material to the group were
audited and the remaining balances subject to analytical procedures by the Crowe audit team.
Key Audit Matters
The key audit matters identified in the current year are:
•
Going concern (see material uncertainty related to going concern section above)
•
Capitalisation of intangible assets
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement
(whether or not due to fraud) we identified, including those which had the greatest effect on the overall audit strategy,
the allocation of resources in the audit; and directing the efforts of the engagement team.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our scope addressed the key audit matter
Capitalisation of intangible assets
During the period Tees Valley Lithium began
capitalising expenditure incurred in relation to
the proposed site.
We reviewed the accounting policies adopted by management in
relation to the intangible assets and whether they are consistent with
IFRS.
The risk is that the point at which capitalisation We obtained an understanding of the design and implementation of
commences is inappropriate. systems and controls relevant to the impairment assessment.
Amortisation will begin when the site is at a
point where it could be brought into
commercial use.
We reviewed the documentation to support the trigger point of
capitalisation, being the successful granting of planning permission at
the site.
We reviewed a sample of capitalised invoices to ensure that these
were capital in nature and related to the underlying asset.
We ensured that the financial statements disclosures are fairly
presented, complete and accurate.
Based on our work performed, we concluded that the carrying value of
the intangible assets is reasonable after proposed audit adjustments.
Our audit procedures in relation to these matters were designed in the context of our audit opinion as a whole. They
were not designed to enable us to express an opinion on these matters individually and we express no such opinion.
Other information
The other information comprises the information included in the annual report other than the financial statements and
our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance
with the Companies Act 2006.
In our opinion based on the work undertaken in the course of our audit:
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
•
the information given in the strategic report and the directors' report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
•
the strategic report and the directors’ report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained
in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us
to report to you if, in our opinion:
•
adequate accounting records have not been kept by the company, or returns adequate for our audit have not
been received from branches not visited by us; or
•
the company financial statements and the part of the directors’ remuneration report to be audited are not in
agreement with the accounting records and returns; or
•
certain disclosures of directors’ remuneration specified by law are not made; or
•
we have not received all the information and explanations we require for our audit
Responsibilities of the directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 23, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent
company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the
procedures in place for ensuring compliance in the jurisdictions where the company operates, focusing on those laws
and regulations that have a direct effect on the determination of material amounts and disclosures in the financial
statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant
taxation legislation.
We assessed the nature of the group’s business, the control environment and performance to date when evaluating
the incentives and opportunities to commit fraud.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be
the override of controls by management to manipulate financial reporting and misappropriate funds. Our procedures to
address the risk of management override included:
•
enquiries of management about their own identification and assessment of the risks of irregularities;
•
review of the system for the generation, authorisation and posting of journal entries;
•
obtaining supporting evidence for a risk-based sample of journals, derived using a data analytics tool;
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
•
audit of significant transactions outside the normal course of business, or those that appear unusual;
•
considering audit adjustments identified from our audit work for evidence of bias in reporting;
•
considering significant estimates and judgements made by management for evidence of bias, and performing
retrospective reviews where applicable;
•
reviewing the other information presented in the annual report for fair representation and consistency with the
audited financial statements and the information available to us as the auditors.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the
financial statements may not be detected, even though the audit is properly planned and performed in accordance
with the ISAs (UK). The potential effects of inherent limitations are particularly significant in the case of misstatement
resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it,
including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s
report.
Other matters which we are required to address
We were appointed by the Audit Committee on 27 March 2022 to audit the financial statements for the period ended
31 January 2022. Our total uninterrupted period of engagement is 2 years, covering the period ended 31 January
2022 to year ended 31 January 2023.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the company and we remain
independent of the company in conducting our audit.
Our audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the company and the company's members as
a body, for our audit work, for this report, or for the opinions we have formed.
Matthew Stallabrass
Senior Statutory Auditor
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
Date: 30 May 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Consolidated Statement of Comprehensive Income
for the year to 31 January 2023
Year to 31 | Period to | ||
January | 31 January | ||
Notes | 2023 | 2022 | |
£ | £ | ||
Continuing operations | |||
Administrative expenses | 4 | ( | ( |
Project Development expenses | 4 | ( | ( |
Business Development costs | ( | ||
Finance costs | ( | ||
Foreign exchange gains (losses) | ( | ||
Loss before taxation | ( | ( | |
Taxation | 7 | ||
Loss after taxation | ( | ( | |
Other Comprehensive Income | |||
Foreign exchange differences on translation of overseas | |||
subsidiaries | ( | ||
Total Comprehensive loss for the year | ( | ( | |
Earnings per share: | |||
Basic and diluted earnings per share (pence) | 8 | ( | ( |
The notes on pages 36 to 51 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
31 January | 31 January | ||
Notes Consolidated Statement of Financial Position | 2023 | 2022 | |
£ | £ | ||
Non Current Assets As at 31 January 2023 | |||
Intangibles – Project development costs | 10 | ||
Total Non Current Assets | |||
Current assets | |||
Trade and other receivables | 11 | ||
Cash and cash equivalents | 12 | ||
Total Current Assets | |||
Total Assets | |||
Equity | |||
Share Capital | 14 | ||
Share Premium | 14 | ||
Share Based Payments | 14 | ||
Foreign Exchange Reserve | ( | ||
Retained Earnings | ( | ( | |
Total Equity | ( | ||
Current Liabilities | |||
Trade and other payables | 13 | ||
Short Term Borrowings | 17 | ||
Current and Total Liabilities | |||
Total Equity and Liabilities |
The notes on pages 36 to 51 are an integral part of these financial statements.
The financial statements were approved and authorised for issue by the Board on 30 May 2023.
Paul Atherley
Director
Alkemy Capital Investments plc
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Consolidated Statement of Changes in Equity
For the year ended 31 January 2023
Share | Foreign | |||||
Share | Share | Based | Exchange | Retained | ||
capital | Premium | Payments | Reserve | Earnings | Total | |
£ | £ | £ | £ | £ | £ | |
On incorporation | ||||||
Loss for the year | ( | ( | ||||
Total Comprehensive income | ( | ( | ||||
Transactions with owners: | ||||||
Issue of shares | ||||||
Total transactions with owners | ||||||
Balance at 31 January 2022 | ( | |||||
Share | Foreign | |||||
Share | Share | Based | Exchange | Retained | ||
capital | Premium | Payments | Reserve | Earnings | Total | |
£ | £ | £ | £ | £ | £ | |
As at 1 February 2022 | ( | |||||
Loss for the year | ( | ( | ||||
Foreign exchange losses on translation of overseas | ||||||
subsidiaries | ( | ( | ||||
Total Comprehensive income | ( | ( | ( | |||
Transactions with owners: | ||||||
Issue of shares | ||||||
Issue of options | ||||||
Total transactions with owners | ||||||
Balance at 31 January 2023 | ( | ( | ( |
The notes on pages 36 to 51 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Consolidated Statement of Cash Flows
for the year ended 31 January 2023
Year to 31 | Period to | ||
January | 31 January | ||
Notes | 2023 | 2022 | |
£ | £ | ||
Cash flows from Operating Activities | |||
Loss for the year before tax | ( | ( | |
Share based payments | |||
Expenditure met directly by funding provider * | |||
Increase in receivables | ( | ( | |
Increase in payables | |||
Net cash outflow from operating activities | ( | ( | |
Cashflows from Investing Activities | |||
Payments for intangible assets | ( | ||
Net cash outflow from investing activities | ( | ||
Cash flows from financing activities | |||
Proceeds of borrowing | |||
Issue of shares (net of share issue expenses) | |||
Net cash inflow from financing activities | |||
Net increase in cash and cash equivalents during the year | ( | ||
Cash at the beginning of year | |||
Effect of foreign exchange on currency holdings | ( | ||
Cash and cash equivalents at the end of the year | 12 |
* During the year, expenditure totalling £136,289 was settled directly by Paul Atherley on behalf of the company
against the loan provided by him (2022: Nil). As such these amounts represent a material non cash transaction.
The notes on pages 36 to 51 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Company Statement of Financial Position
As at 31 January 2023
31 January 31 January
Notes 2023 2022
£ £
Non Current Assets
Investments in subsidiaries
11
1,878,904
-
Total Non Current Assets
1,878,904
-
Current assets
Trade and other receivables
12
83,158
73
Cash and cash equivalents
13
5,356
1,113,923
Total Current Assets
88,514
1,113,996
Total Assets
1,967,418
1,113,996
Equity
Share Capital
15
144,000
120,000
Share Premium
15
2,413,243
1,279,094
Share Based Payments
14
63,221
-
Retained Earnings (1,372,013) (797,650)
Total Equity
1,248,451
601,444
Current Liabilities
Trade and other payables
18
392,678
512,552
Short Term Borrowings
326,289
-
Current and Total Liabilities
718,967
512,552
Total Equity and Liabilities
1,967,418
1,113,996
Company Statement of Comprehensive Income
As permitted by Section 408 Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income. The Company’s
loss for the financial year was £574,363 (2022: loss of £797,650).
The notes on pages 36 to 51 are an integral part of these financial statements.
The financial statements were approved and authorised for issue by the Board on 30 May 2023.
Paul Atherley
Director
Alkemy Capital Investments plc
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Company Statement of Changes in
For the year ended 31 January 2023
Equity
Share
Share
Share
Based
Retained
capital
Premium
Payments
Earnings
Total
£
£
£
£
£
On incorporation
60,000
-
-
-
60,000
Loss for the year
-
-
-
(797,650)
(797,650)
Total Comprehensive income
-
-
-
(797,650)
(797,650)
Transactions with owners:
Issue of shares
60,000
1,279,094
-
-
1,339,094
Total transactions with owners
60,000
1,279,094
-
-
1,339,094
Balance at 31 January 2022
120,000
1,279,094
-
(797,650)
601,444
Share
Share
Share
Based
Retained
capital
Premium
Payments
Earnings
Total
£
£
£
£
£
As at 1 February 2022
120,000
1,279,094
-
(797,650)
601,444
Loss for the year
-
-
-
(574,363)
(574,363)
Total Comprehensive income
-
-
-
(574,363)
(574,363)
Transactions with owners:
Issue of shares
24,000
1,134,149
-
-
1,158 149
Issue of options
-
-
63,221
-
63,221
Total transactions with owners
24,000
1,134,149
63,221
-
1,221,370
Balance at 31 January 2023
144,000
2,413,243
63,221
(1,372,013)
1,248,451
The notes on pages 36 to 51 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Company Statement of Cash Flows
for the year ended 31 January 2023
Year to 31 Period to
January 31 January
Notes 2023 2022
£ £
Cash flows from Operating Activities
Loss for the year before tax
(574,363)
(797,650)
Expenditure met directly by funding provider *
136,289
-
Share based payments
63,221
-
Increase in receivables
(83,085)
(73)
Increase in payables
(41,874)
512,552
Net cash outflow from operating activities
(499,812)
(285,171)
Cashflows from Investing Activities
Investments in subsidiaries
(2)
Loans provided to subsidiaries
(1,878,902)
-
Net cash outflow from investing activities
(1,878,904)
-
Cash flows from financing activities
Proceeds of borrowing
190,000
-
Issue of shares (net of share issue expenses)
1,080,149
1,399,094
Net cash inflow from financing activities
1,270,149
1,399,094
Net increase in cash and cash equivalents during the year
(1,108,567)
1,113,923
Cash at the beginning of year
1,113,923
-
Cash and cash equivalents at the end of the year
13
5,356
1,113,923
* During the year, expenditure totalling £136,289 was settled directly by Paul Atherley on behalf of the company
against the loan provided by him (2022: Nil). As such these amounts represent a material non cash transaction.
The notes on pages 36 to 51 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Notes to the Financial Statements
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
2023 | 2022 | |
£ | £ | |
Employee benefit expense (note 6) | 529,782 | 156,897 |
Employee benefit – share based payments | 53,844 | - |
Advertising and Marketing | 147,199 | 3,200 |
Regulatory compliance expense | 122,324 | 77,871 |
Audit | 35,276 | 30,000 |
Legal fees | 5,584 | 50,000 |
Share based payments – advisors | 9,377 | - |
Travel & accommodation | 81,738 | - |
Other professional fees | 232,062 | 124,253 |
Other operating expenses | 80,816 | 24,682 |
Total administrative expenses | 1,298,002 | 466,903 |
2023 | 2022 | |
£ | £ | |
Fees payable to the auditor for non-audit services | - | 28,200 |
Fees payable to the auditor for the audit of the Company | 35,276 | 30,000 |
Total auditor’s remuneration | 35,276 | 58,200 |
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
2023 | 2022 | |
£ | £ | |
Directors’ salaries | 60,000 | 20,467 |
Staff salaries | 272,051 | 21,247 |
Recruitment costs | 158,451 | 114,000 |
Social security | 39,280 | 1,183 |
Total employee benefit expense | 529,782 | 156,897 |
2023 | 2022 | |
£ | £ | |
Current tax | - | - |
Total | - | - |
2023 | 2022 | |
£ | £ | |
Loss on ordinary activities before taxation | (2,644,759) | (797,650) |
Tax calculated at domestic rate applicable to UK standard rate for small | ||
companies of 19% | (502,504) | (151,554) |
Effects of: | ||
Expenses not deductible for tax purposes | 12,682 | - |
Tax losses carried forward on which no deferred tax asset is recognised | 489,822 | 151,554 |
Income tax credit | - | - |
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
2023 | 2022 | |
£ | £ | |
Loss from continuing operations attributable to equity holders of the company | (2,644,759) | (797,650) |
Weighted average number of ordinary shares in issue | 6,572,053 | 4,013,298 |
Pence | Pence | |
Basic and fully diluted loss per share from continuing operations | (40.24) | (19.875) |
10. INTANGIBLE ASSETS – PROJECT DEVELOPMENT COSTS
2023 | 2022 | |
£ | £ | |
At the beginning of the year | - | - |
Additions in the year | 298,813 | - |
At the end of the year | 298,813 | - |
On 24 November 2022 the Group was awarded planning permission by the Redcar & Cleveland Borough Council for
the construction of its planned LHM refinery in Wilton International Chemicals Park, Teeside. In the view of the
directors, this milestone event represents the point when the criteria for capitalisation of project development costs as
outlined in IAS 38 has been met. As a consequence, the Group has commenced the policy of capitalising all qualifying
expenditure from this date. All costs incurred in the year that are directly associated with the application for and receipt
of planning approval have been capitalised, including expenditure incurred prior to receipt of planning permission.
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
11. INVESTMENT IN SUBSIDIARIES (COMPANY)
2023 2022
£ £
Investment in Subsidiaries 2 -
Loans to Subsidiaries 1,878,902 -
Total 1,878,904 -
Loans to subsidiaries have been included within the investment balance due to the long term nature of these
receivables. The loans are interest free and repayable on demand when the subsidiary projects have yielded
economic returns sufficient to settle the value of the loans.
12. TRADE AND OTHER RECEIVABLES
Group
2023
£
2022
£
Prepayments
45,891
58
VAT and GST recoverable
160,165
-
Other receivables
6,069
15
Total
212,125
73
Company
2023
£
2022
£
Prepayments
39,293
58
VAT and GST recoverable
39,321
-
Other receivables
4,543
15
Total
83,157
73
13. CASH AND CASH EQUIVALENTS
Group
2023
£
2022
£
Cash at bank and on hand
12,356
1,113,923
12,356
1,113,923
Company
2023
£
2022
£
Cash at bank and on hand
5,356
1,113,923
5,356
1,113,923
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
2023 | 2022 | |
Group | £ | £ |
Trade payables | 552,146 | 331,997 |
Other payables | 17,761 | 3,394 |
Accrued expenses | 451,688 | 177,161 |
Total trade and other payables | 1,021,595 | 512,552 |
2023 | 2022 | |
Company | £ | £ |
Trade payables | 303,250 | 331,997 |
Other payables | 6,264 | 3,394 |
Accrued expenses | 83,164 | 177,161 |
Total trade and other payables | 392,678 | 512,552 |
Number of | Share based | |||
ordinary shares of | Share Capital | Share premium | payments | |
2p | £ | £ | £ | |
At 21 January 2021 | 3,000,000 | 60,000 | - | - |
Share issues | 2,999,999 | 60,000 | 1,440,000 | - |
Share issue expenses | - | - | (160,906) | - |
At 31 January 2022 | 5,999,999 | 120,000 | 1,279,094 | - |
Share issues | 1,199,999 | 24,000 | 1,175,999 | - |
Share issue expenses | - | - | (41,850) | |
Issue of Options and Warrants | - | - | - | 63,221 |
At 31 January 2023 | 7,199,998 | 144,000 | 2,413,243 | 63,221 |
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Share issues in year and prior year:
On 9 August 2022 the Company issued 1,199,999 ordinary shares of 2p for cash at a price of £1 per share.
On 27 September 2021, 2,999,999 ordinary shares were issued for cash at 50p per share, raising £1,500,000 before
expenses of £160,906.
On 21 January 2021 the Company issued 3,000,000 ordinary shares of 2p for cash.
Options issued in the year:
On 4 August 2022 the Company issued 590,000 options over ordinary shares, exercisable for 5 years from grant at a
strike price of £1 per share and made up of three equal tranches with vesting conditions as follows:
A)
The options vest when the Company share price has exceeded £5 for a period of 10 consecutive trading
days;
B)
The options vest on the later of i) the share price having exceeded £5 for a period of 10 consecutive
trading days and ii) completion of project financing for the construction of the Wilton park refinery;
C)
The options vest on the later of the share price having exceeded £5 for a period of 10 consecutive trading
days and ii) the commissioning of train 1 of the Wilton park refinery.
On 5 August 2022 the Company issued 100,000 options over ordinary shares, exercisable for 5 years from grant at a
strike price of £1 per share and made up of three equal tranches with vesting conditions as follows:
A)
The options vest when the Company share price has exceeded £5 for a period of 10 consecutive trading
days;
B)
The options vest on the later of i) the share price having exceeded £5 for a period of 10 consecutive
trading days and ii) completion of project financing for the construction of the Wilton park refinery;
C)
The options vest on the later of the share price having exceeded £5 for a period of 10 consecutive trading
days and ii) the commissioning of train 1 of the Wilton park refinery.
On 19 September 2022 the Company issued 100,000 options over ordinary shares, exercisable for 2 years from grant
at a strike price of £1.5 per share and made up of two tranches with vesting conditions as follows:
A)
The options vest when the Company share price has exceeded £5 for a period of 10 consecutive trading
days – 40%;
B)
The options vest when the Company share price has exceeded £10 for a period of 10 consecutive trading
days – 60%;
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Risk | ||||||
Number of | Assumed | free rate | Volatility | |||
Date of grant | Tranche | Options | Exercise date | (%) | (%) | FV |
4 August 2022 | A | 196,668 | 4 August 2027 | 1.719 | 24.51 | £59,500 |
4 August 2022 | B | 196,667 | 4 August 2027 | 1.719 | 24.51 | £59,500 |
4 August 2022 | C | 196,665 | 4 August 2027 | 1.719 | 24.51 | £59,500 |
5 August 2022 | A | 33,334 | 5 August 2027 | 1.875 | 24.49 | £9,600 |
5 August 2022 | B | 33,333 | 5 August 2027 | 1.875 | 24.49 | £9,600 |
5 August 2022 | C | 33,333 | 5 August 2027 | 1.875 | 24.49 | £9,600 |
19 September | 19 September | |||||
2022 | A | 40,000 | 2024 | 3.13 | 23.77 | £2,525 |
19 September | N/A – lapse prior | |||||
2022 | B | 60,000 | to exercise | 3.13 | 23.77 | Nil |
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
2023 | 2022 | |
Group | £ | £ |
FINANCIAL ASSETS AT AMORTISED COST: | ||
Cash and cash equivalents | 12,356 | 1,113,923 |
Trade and other receivables | 212,125 | 73 |
Total financial Assets at amortised cost | 224,481 | 1,113,996 |
2023 | 2022 | |
£ | £ | |
FINANCIAL LIABILITIES AT AMORTISED COST: | ||
Trade and other payables | 1,021,595 | 512,552 |
Short term borrowings | 326,289 | - |
Total financial liabilities at amortised cost | 1,347,884 | 512,552 |
2023 | 2022 | |
Company | £ | £ |
FINANCIAL ASSETS AT AMORTISED COST: | ||
Cash and cash equivalents | 5,356 | 1,113,923 |
Trade and other receivables | 83,158 | 73 |
Total financial Assets at amortised cost | 88,514 | 1,113,996 |
2023 | 2022 | |
£ | £ | |
FINANCIAL LIABILITIES AT AMORTISED COST: | ||
Trade and other payables | 392,678 | 512,552 |
Short term borrowings | 326,289 | - |
Total financial liabilities at amortised cost | 718,967 | 512,552 |
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
ALKEMY CAPITAL INVESTMENTS PLC
(Company number: 13149164)
Financial Report for the year ended 31 January 2023
Alkemy Capital Investments Plc
Profit and Loss
Year ended 31 January 2023
Income
Total
1,38,432
Total Income 1,38,432
Expenses
Travelling expenses 55,923
Telephone 150
Recruitment expenses 52
Printing, postage and stationery 630
Payroll Expenses 160
Taxes (195)
Total Payroll Expenses (35)
Legal and professional fees 37,500
Regulatory fees and Levies 77,449
Registrar fees 3,179
Audit Fees 35,276
Accountancy fees 15,750
Corporation Tax Services 650
Broker fees 13,764
CFO Services 413
Total Legal and professional fees 1,83,981
IT Support 2,257
Investor Relations 70,995
Insurance 10,590
Equipment Costs 68
Entertaining- External 2,131
Consulting - Lionshead 48,600
Bank charges 979
Payroll Services 160
Accommodation 4,853
Misc Services & General Admin 1,847
Advisory Fees 55,582
Registered Office fees 1,353
Public Relations - PR 10,777
VAT Refund on PY expenses (35,385)
Entertainment - Internal 3,528
Consulting - Selection Capital 69,000
Consulting - General 91,667
Expenses - Selection Capital 1,782
Salaries - Helen Pein 18,000
Salaries - Alexandra Atherley (20,248)
Salaries - Paul Atherley 24,000
Salaries - Sam Quinn 18,000
Interest paid 1,535
Total Expenses 6,23,193
Net OperatingLoss (4,84,761)
Other Expenses
Share based payments - staff 53,844
Share based payments - advisors 9,377
Exchange Gain or Loss 26,382
Total Other Expenses 89,603
Net Other Loss (89,603)
Total Loss (5,74,364)