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DJ Ananda Developments Plc Final Results

 
TIDMANA 
 
31 July 2020 
 
                            ANANDA DEVELOPMENTS PLC 
 
                          ("Ananda" or the "Company") 
 
                                 Final Results 
 
The Directors of Ananda are pleased to present the audited financial statements 
of Ananda Developments Plc for the year ended 31 January 2020. 
 
Business Review, Development and Performance 
 
The Company was admitted to trading on the NEX Exchange Growth Market on 4 July 
2018 as an investment vehicle to invest in the developing market for medicinal 
or therapeutic cannabis. Initially, the Company's strategy was focused 
specifically on companies, projects or products in Israel, Canada and the 
Netherlands, although this strategy was broadened in September 2018 to permit 
investment in any jurisdiction which has well established laws in relation to 
medicinal cannabis. 
 
Since the Company was listed in 2018, the Directors have pursued their primary 
objective of creating long term value for Shareholders through the acquisition 
of strategic stakes in companies in the medicinal cannabis and wellness CBD 
sectors which the Directors believe have potential for substantial growth.  The 
current investments are: 
 
*             a shareholding of 0.90% in iCAN Israel-Cannabis Limited, an 
international cannabis conference platform and cannabis company incubator and 
advisor. In the year under review, iCAN has expanded its conference platform 
and increased the number of companies in its incubator group.  Since the end of 
the reporting period, iCAN has transitioned to an online offering to maintain 
revenue streams during the COVID-19 pandemic.   Also since the end of the 
period, Ananda has converted its convertible debt into additional equity in 
iCAN. 
 
*             15% interest in Liberty Herbal Technologies Limited ("LHT"), the 
100 per cent owner and developer of hapac®, ready to use sachets of pre-ground 
dried herbs for portable vaporisers.  During the period under review, LHT 
continued to sell its hapac devices and sachets in Italy.  It has also 
commenced a range of discussions regarding potential collaborations to expand 
the footprint of the company. 
 
*             50% (via 100% owned Tiamat Agriculture and 50% owned DJT Group 
Limited) interest in DJT Plants Limited, which is applying for a licence to 
grow medicinal cannabis in Lincolnshire, first for research and ultimately for 
commercial purposes.  During the period under review, the Home Office, which 
grants the licence, has been in communication and the application is 
progressing. 
 
The Company is very much in its early stages with its investments not yet 
generating any revenue. The Company has had no revenue for the year, apart from 
GBP9,056 of interest, and incurred a loss of GBP374,460. 
 
Statement of Comprehensive Income 
 
Year Ended 31 January 2020 
 
                                                           19 Jan 2018 to 
                                               31 Jan 2020    31 Jan 2019 
 
                                                         GBP              GBP 
 
Administrative expenses                          (375,224)      (368,299) 
 
Interest receivable                                  9,056          4,061 
 
Loss from operations                             (366,168)      (364,238) 
 
Taxation                                                 -              - 
 
Other Comprehensive Income 
 
Foreign Exchange Translation Loss                  (8,292)              - 
 
Total comprehensive loss for the year            (374,460)      (364,238) 
 
 
 
Earnings per share 
 
Basic and diluted earnings per share               (0.10p)        (0.11p) 
(pence) 
 
There was no other comprehensive income in the period. 
 
Statement of Financial Position 
 
Year Ended 31 January 2020 
 
                                                           19 Jan 2018 to 
                                               31 Jan 2020    31 Jan 2019 
 
                                                         GBP              GBP 
 
Non-Current assets 
 
Investments                                      1,287,762        460,000 
 
                                                 1,287,762        460,000 
 
Current assets 
 
Loan Notes                                          75,878        159,185 
 
Trade and other receivables                         22,574         18,191 
 
Cash at bank and in hand                            33,925        141,254 
 
Total current assets                               132,377        318,630 
 
Trade and other payables                           191,742         17,528 
 
 
Net current assets                                (59,365)        301,102 
 
Total assets less current liabilities            1,228,397        761,102 
 
Capital and reserves 
 
Share capital                                      836,111        658,333 
 
Share premium                                      689,229        467,007 
 
Share options reserve                              441,755              - 
 
Retained earnings                                (738,698)      (364,238) 
 
Total equity and liabilities                     1,228,397        761,102 
 
 
The financial statements were approved and authorised for issue by the Board 
and were signed on its behalf by: 
 
Melissa Sturgess 
 
Director 
 
The auditor's opinion in respect of the Company's accounts for the year ended 
31 January 2020 is qualified as follows: 
 
"Basis for qualified opinion 
 
The company's Statement of Financial Position as at 31 January 2020 reports a 
balance of GBP33,925 relating to cash at bank and in hand.  The underlying bank 
account in which this amount is held does not relate to the company. As the 
company does not hold legal title or ownership of the funds included within the 
underlying bank account, the requirements of the financial reporting framework 
to recognise the asset in the Statement of Financial Position have not been 
met.   Accordingly, the value of cash at bank and in hand as at 31 January 2020 
should be GBP0." 
 
                                    -Ends- 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
ANANDA DEVELOPMENTS PLC                                 +44 (0)7717 573 235 
Chief Executive Officer                           ir@anandadevelopments.com 
Melissa Sturgess 
 
Investor Relations 
Jeremy Sturgess-Smith 
 
PETERHOUSE CAPITAL LIMTED                               +44 (0)20 7469 0930 
Corporate Finance 
Mark Anwyl 
Allie Feuerlein 
 
Corporate Broking 
Lucy Williams 
Duncan Vasey 
 
CELICOURT COMMUNICATIONS                                +44 (0)20 7520 9266 
Mark Antelme 
Ollie Mills 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

July 31, 2020 12:14 ET (16:14 GMT)