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Veni Vidi Vici Limited: Audited Final Results to -6-

06/07/2021 | 11:53am EDT

__________________________________________________________________________________________

11            Trade and other payables 
                                                31 December 31 December 
                                                2020        2019 
                                                GBP'000       GBP'000 
              Current trade and other payables 
              Trade creditors                   28          30 
              Accruals                          39          40 
              Total                             67          70 

The fair value of trade and other payables has not been disclosed as, due to their short duration, management considers the carrying amounts recognised in the balance sheet to be a reasonable approximation of their fair value.

12            Share capital                                                    Number         Ordinary     Deferred 
                                                                               of shares      share        share 
                                                                                              capital      capital 
                                                                                              GBP000         GBP000 
              Allotted, issued and fully paid 
 
              At 31 December 2018                                              1,720,003      -            628 
 
              Share issue costs                                                -              -            (5) 
 
              At 31 December 2019                                              1,720,003      -            623 
 
              Issue of new ordinary shares on 4 June 2020                      40,000         -            20 
 
              At 31 December 2020                                              1,760,003      -            643 
 
              During the year, 40,000 shares were issued for GBP20,000 to settle certain financial liabilities 
 
              Warrants in issue 
 
              As at 31 December 2020, 30,600 warrants remain outstanding. No warrants were issued during the year 
              (2019: 30,600), and no warrants were exercised, or lapsed during the period ended 31 December 2020. 
 
              All of the warrants in issue and outstanding are exercisable at 50p per share, for a period up to 1 
              August 2023. 
 
              Share Options 
 
 
              The Company has as at 31 December 2020, 245,000 share options in issue and outstanding. During the year 
              170,000 options were issued (2019: nil), no options were exercised, cancelled or lapsed. 
 

Notes to the financial statements (continued)

__________________________________________________________________________________________

13            Share based payments 

Share Options

The Company operates share option schemes for certain employees (including directors). Options are exercisable at the option price agreed at the date of grant. The options are settled in equity once exercised. The expected life of the options is 5 years. All options issued in the period to 31 December 2020 vested immediately, with no vesting requirements.

Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the period are as follows:

                                           31 December 2020 31 December 2019 
                                                      WAEP  Number    WAEP 
                                           Number 
                                                      GBP             GBP 
Outstanding at the beginning of the period 75,000     0.50  75,000    0.50 
Granted                                    170,000    0.55  -         - 
Exercised                                  -          -     -         - 
Outstanding at the end of the year         245,000    0.53  75,000    0.50 
Exercisable at year end                    245,000          75,000 

The share options outstanding at the end of the period have a weighted average remaining contractual life of 4.86 years and have the following exercise prices and fair values at the date of grant:

First exercise date (when vesting conditions are   Grant date   Exercise      Fair      31 December     31 December 
met)                                                            price         value     2020            2019 
                                                                GBP             GBP         Number          Number 
2 August 2018                                      2 August     0.50          0.3305    75,000          75,000 
                                                   2018 
4 June 2020                                        4 June 2020  0.55          0.0038    170,000         - 
                                                                                        245,000         75,000 

At 31 December 2020 245,000 options were exercisable (2019: 75,000).

For those options and warrants granted where IFRS 2 "Share-Based Payment" is applicable, the fair values were calculated using the Black-Scholes model. The inputs into the model for the current and prior year were as follows:

              Risk free rate Share price volatility Expected life Share price at date of grant 
2 August 2018 1.00%          84%                    60 months     GBP0.50 
4 June 2020   0.63%          84%                    60 months     GBP0.60 

Expected volatility was determined by calculating the historical volatility of similar listed companies share prices for 12 months prior to the date of grant. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.

The Company therefore recognised total expenses of GBP1,000 relating to equity-settled share-based payment transactions during the period.

Notes to the financial statements (continued)

__________________________________________________________________________________________

14            Financial instruments 
              The Company's financial instruments comprise cash at bank and payables which arise in the normal course 
              of business.  It is, and has been throughout the period under review, the Company's policy that no 
              speculative trading in financial instruments shall be undertaken.  The Company has been solely equity 
              funded during the period.  As a result, the main risk arising from the Company's financial instruments is 
              currency risk. 
 
              Details of the significant accounting policies and methods adopted, including the criteria for 
              recognition, the basis of measurement and the basis on which income and expenses are recognised, in 
              respect of each class of financial asset, financial liability and equity instrument are disclosed in note 
              2 of the accounts. 
 
                                                                                      2020  2019 
                                                                                      GBP'000 GBP'000 
              Financial assets (current) 
              Cash and cash equivalents                                               272   354 
 
              Financial liabilities (current) 
              Trade payables and accruals                                             67    70 
 
 

Notes to the financial statements (continued)

__________________________________________________________________________________________

15            Related party transactions 
 
              During the period, there were no related party transactions to disclose. 
 
              Remuneration of Key Management Personnel 
 
              The remuneration of the Directors and other key management personnel of the Company are set out below in 
              aggregate for each of the categories specified in IAS24 Related party Disclosures. 
                                                                                  2020               2019 
                                                                                  GBP'000              GBP'000 
              Short-term employee benefits                                        50                 51 
              Share-based payments                                                1                  - 
                                                                                  51                 51 
              Interest rate risk and liquidity risk 
              The Company is funded by equity, maintaining all its funds in bank accounts.  The Company's policy 
              throughout the period has been to minimise the risk of placing available funds on short term deposit. 
              The short-term deposits are placed with banks for periods up to 1 month according to funding 
              requirements. 
 
              The Company had no undrawn committed borrowing facilities at any time during the period. 
 
              Currency risk 
              The Company is directly exposed to currency risk of its investments, as they are based in Australia, and 
              exposed to movement against the Australian Dollar as their assets, liabilities, revenue and expenditure 
              are denominated therein.  The company is denominated in pound sterling. 
 
              Market risk 
              The company is not currently exposed directly to market risk in relation to its investments, as these are 
              not currently listed on any stock market anywhere in the world. 
 
              Fair values 
              Cash and cash equivalents (which are presented as a single class of assets on the face of the balance 
              sheet) comprise cash held by the company with an original maturity of three months or less.  The carrying 
              amount of these assets approximates their fair value. 
 

(MORE TO FOLLOW) Dow Jones Newswires

June 07, 2021 11:52 ET (15:52 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.41% 0.91688 Delayed Quote.-5.59%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.17% 80.796 Delayed Quote.2.10%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.25% 1.05226 Delayed Quote.-1.00%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.43% 0.66714 Delayed Quote.-1.44%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.33% 0.7371 Delayed Quote.-4.12%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) 0.42% 1.89558 Delayed Quote.6.17%
CANADIAN DOLLAR / AUSTRALIAN DOLLAR (CAD/AUD) 0.45% 1.091227 Delayed Quote.5.92%
DJ INDUSTRIAL 0.44% 35084.53 Delayed Quote.14.55%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.40% 1.6137 Delayed Quote.1.20%
INDIAN RUPEE / AUSTRALIAN DOLLAR (INR/AUD) 0.02% 0.018205 Delayed Quote.2.27%
US DOLLAR / AUSTRALIAN DOLLAR (USD/AUD) 0.37% 1.357257 Delayed Quote.4.29%
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