30 May 2024
ANANDA DEVELOPMENTS
PLC
("Ananda"
or the "Company")
Management accounts for the
quarter ended 30 April 2024
Ananda Developments Plc (AQUIS: ANA),
the company whose ambition is to be a leading provider of
cannabinoid-based medicines for the treatment of chronic, complex
inflammatory pain conditions, announces its unaudited Company
management statements for the quarter ended 30 April
2024.
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation and
the Directors of the Company are responsible for the release of
this announcement.
To stay abreast of the latest
developments at Ananda, we encourage you to follow our social media
channels which are:
·
Investor Hub: investors.anandadevelopments.com
·
Instagram: https://instagram.com/anandadevelopments?igshid=YmMyMTA2M2Y=
·
LinkedIn:
https://www.linkedin.com/company/anadevelopments/
·
Twitter:
https://twitter.com/AnandaPlc
·
Investor Meet Company:
https://www.investormeetcompany.com/ananda-developments-plc/register-investor
For further information, please
contact:
|
Investor Hub
Engage with us directly at Ananda
Developments Investor Hub
|
Sign up
at investors.anandadevelopments.com
|
|
ANANDA DEVELOPMENTS PLC
Chief Executive Officer
Melissa Sturgess
Executive Director
Jeremy Sturgess-Smith
|
+44 (0)7463
686 497 ir@anandadevelopments.com
|
|
SP
ANGEL CORPORATE FINANCE LLP
Corporate Finance
Richard Morrison
Caroline Rowe
|
+44 (0)20 3470 0470
|
|
Corporate Broking
Abigail Wayne
Rob Rees
|
|
|
Yellow Jersey PR
Charles Goodwin
Soraya Jackson
|
+44 (0)20 3004 9512
|
Directors Statement
Introduction
Ananda Developments Plc ("the
Company" or "Ananda") is a company quoted on the Aquis Stock
Exchange ("AQSE") Growth Market. The Company was incorporated
on 19 January 2018 and its shares were admitted to trading on 4
July 2019.
Below is a summary of activities
during the period in question and certain post-period
events.
Activities during the period
The team has been
focused on advancing the two Phase II clinical trials during the
period under review. This has involved work on ensuring the
supply chain for the manufacture of the investigative medicines are
robust, writing the Investigator Brochure for the patent pending
MRX1 CBD formulation, obtaining quotes for pharmacokinetic studies,
liaising with the clinical trial teams at the University of
Edinburgh and discussing strategy with regulatory and market access
advisors. We want to ensure the clinical trials progress in a
way that is most likely to lead to marketing authorisation and NHS
uptake. Post period end we posted on our Hub
here a blog describing the work
that is required up to dosing first patients in a clinical
trial.
During the period
under review we also announced the formation of Ananda's Scientific
Advisory Board. Chaired by Ananda's non-executive director
Professor Clive Page, we are fortunate to have the added guidance
of Professor Trevor Jones and Professor Cherry Wainright as we work
towards our objective of delivering licenced CBD drugs to the NHS
to treat complex chronic inflammatory pain conditions. Post
the reporting period, Ananda held its first Scientific Advisory
Board meeting at the Royal College of Surgeons in Edinburgh.
It was an opportunity to discuss each trial in detail and the
Company's plans for further trials and receive feedback and input
from specialist scientists. It was a very constructive day.
During the period
Ananda Developments Plc opened a bank account with Barclays plc.
It also continues to use subsidiary bank accounts for
operational reasons.
By collaborating
with leading, respected researchers, we believe we are best
positioned to secure NHS availability for our patent-pending CBD
based medicines. Throughout this period, we maintained active
communication with our shareholders, providing updates and engaging
through our Investor Hub. This hub facilitates access to company
news, market data, and allows us to respond directly to shareholder
questions. Please sign up for the Investor Hub
here.
In a similar vein, on 26 February Ananda's FD, Jeremy
Sturgess-Smith, and I attended the Master Investor Show in London
to meet and network with investors. The day was excellent and to
read more about the day (and watch Jeremy's presentation,
click
here). Similarly, we were also
present at the LSX World Congress two-day event in London in early
May at which Jeremy also presented and this presentation (slides
only) is available
here.
Melissa
Sturgess
Chief Executive
Officer
Unaudited Statement of
Comprehensive Income for the quarter ended 30 April
2024
|
|
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Note
|
30 April
2024
|
|
|
|
|
£
|
|
|
|
|
|
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Administrative expenses
|
|
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(148,213)
|
|
|
|
|
|
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Interest payable
|
|
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(50,210)
|
|
|
|
|
|
|
Loss
from operations
|
|
|
(198,423)
|
|
|
|
|
|
|
Taxation
|
|
|
-
|
|
|
|
|
|
|
Total loss for the period
|
|
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(198,423)
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|
Earnings per share
|
|
|
|
|
Basic and diluted earnings per share
(pence)
|
|
2
|
(0.008p)
|
There was no other comprehensive
income in the period.
The notes which follow form part of
these management accounts.
Statement of Financial
Position As at quarter ended 30 April 2024
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|
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Note
|
30 April
2024
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|
|
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£
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Non-Current assets
|
|
|
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Investments in
subsidiaries
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|
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5,699,007
|
|
|
|
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5,699,007
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Current assets
|
|
|
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Trade and other
receivables
|
|
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4,411,641
|
|
|
|
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4,411,641
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|
|
|
|
|
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Current liabilities
|
|
|
|
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Trade and other payables
|
|
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2,495,394
|
|
|
|
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2,495,394
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Non-Current liabilities
|
|
|
|
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Convertible loan notes
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|
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660,049
|
|
|
|
|
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Total assets less liabilities
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6,955,205
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|
|
|
|
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Capital and reserves
|
|
|
|
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Share capital
|
|
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5,756,057
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|
Share premium
|
|
|
5,328,996
|
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Share option reserve
|
|
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43,398
|
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Retained earnings
|
|
|
(4,178,246)
|
|
|
|
|
|
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Total equity and liabilities
|
|
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6,955,205
|
|
|
|
|
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The management accounts were approved
and authorised for issue by the Board and were signed on its behalf
by:
Melissa Sturgess
Chief Executive Officer
Statement of Changes in
Equity for the quarter ended 30 April
2024
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|
Share
Capital
|
Share
Premium
|
Share Option
Reserve
|
Retained
Earnings
|
Tot
al
|
|
|
£
|
£
|
£
|
£
|
£
|
|
As
at 1 February 2024
|
5,756,057
|
5,328,996
|
48,398
|
(3,979,823)
|
7,153,628
|
|
|
|
|
|
|
|
|
Loss for quarter ended 30 April
2024
|
-
|
-
|
-
|
(198,423)
|
(198,423)
|
|
|
|
|
|
|
|
|
Share Option Expense
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Balance at 30 April 2024
|
5,756,057
|
5,328,996
|
48,398
|
(4,178,246)
|
6,955,205
|
The following describes the nature
and purpose of each reserve within owners' equity:
|
Reserve
|
Description and purpose
|
|
Share capital
|
This represents the nominal value of
shares issued.
|
|
Share premium
|
Amount subscribed for share capital
in excess of nominal value.
|
|
Retained earnings
|
Cumulative net gains and losses
recognised in the statement of comprehensive income.
|
The notes which follow form part of
these management accounts.
Ananda Developments Plc is a public
limited company limited by shares and was incorporated on 19
January 2018 with company number 13440398. Its registered
office is at 60 Gracechurch Street, London, EC3V 0HR.
The Company's shares are traded on
the Aquis Stock Exchange Growth Market under symbol ANA and ISIN
number GB00BDQPXQ60.
The information for period ended 30
April 2024 are unaudited.
Basis of preparation
These quarterly management accounts
of Ananda have been prepared in compliance with United Kingdom
Accounting Standards, including Financial Reporting Standard 102,
"The Financial Reporting Standard applicable in the United Kingdom
and the Republic of Ireland" ("FRS 102") and the Companies Act
2006.
These management accounts are
prepared on a going concern basis, under the historical cost
convention, as modified by the recognition of listed invests at
fair value.
The management accounts are presented
in Pounds Sterling, which is the Company's presentation and
functional currency.
The preparation of the management
accounts requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process
of applying the Company's accounting policies. The areas involving
a higher degree of judgment and complexity, or areas where
assumptions and estimates are significant to the management
accounts are disclosed below.
Going Concern
Ananda Developments Plc has a bank
account with Barclays Bank. For operational efficiency, it also
banks through its subsidiary companies' bank accounts DJT Plants
Ltd and MRX Global Limited. As at 30 April 2024, the Group
jointly held cash of £85,041.92. The Company continues to be funded
via an unsecured loan facility from the Chairman, Charles
Morgan.
For this reason, it continues to
adopt the going concern basis in preparing the management
accounts.
https://investors.anandadevelopments.com/link/mepm9r