Half year results

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Ascension Capital Limited

Ascension Capital Limited (NZX: ACE)

The Board of Ascension Capital Limited (NZX: ACE) has today announced the unaudited half-year
financial results of the business for the six months ended 30 September 2021.

Half year results announcement for the six months ended 30 September 2021

Results for announcement to the market
Name of issuer Ascension Capital Limited (NZX: ACE)
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$- -%
Total Revenue $- -%
Net profit/(loss) from
continuing operations
$(83) 19.5%
Total net profit/(loss) $(83) 19.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
The company does not propose to pay a dividend at this time.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$(0.00029)
(as at 30 September 2021)
$(0.00027)
(as at 30 September 2020)
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Refer to the unaudited interim financial statements that accompany
this announcement.
Authority for this announcement
Name of person authorised to
make this announcement
Sean Joyce

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Contact person for this
announcement
Sean Joyce
Contact phone number +64 21 865 704
Contact email address sean@corporate-counsel.co.nz
Date of release through MAP 26 November 2021

Unaudited financial statements accompany this announcement.

---

Ascension Capital Limited


Condensed Interim Financial Statements


For the six months ended 30 September 2021

Ascension Capital Limited
Interim Financial Statements
For the six months ended 30 September 2021



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Contents

Letter from the Chair 2
Statement of Comprehensive Income 3
Statement of Changes in Equity 4
Statement of Financial Position 5
Statement of Cash Flows 6
Notes to the Financial Statements 7
Company Directory 11

Ascension Capital Limited
Letter from the Chair
For the six months ended 30 September 2021



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26 November 2021


The financial result for the Group for the six months ended 30 September 2021 is a loss after taxation of
NZ$83,449, which is largely made up of the directors’ fees, NZX listing costs, legal and accounting costs.
During the course of the half year period, the focus of the Board has been to identify a suitable business
opportunity to invest in and/or acquire through a reverse takeover (“RTO”) transaction. Currently, there are
no new RTO initiatives being actively investigated, but the Company will provide the market with any
updates as to material developments as they may arise.
Post the end of the half year period, on 5 November 2021, the Company implemented a 100 to one share
consolidation. In terms of the consolidation, the number of shares on issue was consolidated down from
1,914,888,105 shares to 19,148,881 shares. The Board believes that the consolidation initiative provides the
Company with a more “user friendly” capital structure for the purposes of an RTO transaction in the future.
We thank you for your continued patience and support and look forward to working hard to ultimately
provide you with an RTO transaction proposal to consider during the first half of the 2022 calendar year.





Keith Jackson
Chair

Ascension Capital Limited
Statement of Comprehensive Income
For the six months ended 30 September 2021


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes
form part of these interim financial statements and should be read in conjunction with them.

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6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
Note
NZ$NZ$
Operating revenue--
Interest income68220
Operating expenses3(83,517)(70,045)
Operating loss before tax(83,449)(69,825)
Tax expense--
Net loss for the period
(83,449)(69,825)
Other comprehensive income
Other comprehensive income for the period, net of tax--
Total comprehensive loss for the period attributable to shareholders(83,449)(69,825)
Earnings/(loss) per share from continuing operations:
- basic and diluted loss per share (NZ$)5(0.00436)(0.00471)

Ascension Capital Limited
Statement of Changes in Equity
For the six months ended 30 September 2021


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes
form part of these interim financial statements and should be read in conjunction with them.

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Share AccumulatedTotal
capitallossesequity
NZ$NZ$NZ$
Balance at 1 April 2020 (audited)15,926,000(16,385,056)(459,056)
Loss attributable to shareholders-(69,825)(69,825)
Total comprehensive income/(loss) for the year-(69,825)(69,825)
Issue of ordinary shares83,295-83,295
Balance at 30 September 2020 (unaudited)16,009,295(16,454,881)(445,586)
Balance at 1 April 2021 (audited)16,071,545(16,535,587)(464,042)
Loss attributable to shareholders-(83,449)(83,449)
Total comprehensive income/(loss) for the year-(83,449)(83,449)
Balance at 30 September 2021 (unaudited)16,071,545(16,619,036)(547,491)

Ascension Capital Limited
Statement of Financial Position
As at 30 September 2021


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes
form part of these interim financial statements and should be read in conjunction with them.

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For and on behalf of the Board:





Director: Director

Dated: 26 November 2021

30 Sep 202131 Mar 2021
(unaudited)(audited)
Note
NZ$NZ$
ASSETS
Current assets
Cash and cash equivalents8,016 49,085
Trade and other receivables12,300 4,842
Taxation receivable1,079 70
Term deposit - NZX bond20,636 20,569
Total current assets42,031 74,566
LIABILITIES
Current liabilities
Trade and other payables59,612 68,698
Payables to directors150,000 110,000
Related party advances (unsecured)6379,910 359,910
Total current liabilities589,522 538,608
Total liabilities589,522 538,608
Net assets (liabilities)
(547,491)(464,042)
EQUITY
Share capital16,071,545 16,071,545
Accumulated losses(16,619,036)(16,535,587)
Total equity
(547,491)(464,042)

Ascension Capital Limited
Statement of Cash Flows
For the six months ended 30 September 2021


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes
form part of these interim financial statements and should be read in conjunction with them.

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6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
NoteNZ$NZ$
Cash flows from operating activities
Interest received
--
Payments to suppliers
(61,139)(83,621)
Income tax refunded (paid)
70276
Net cash used in operating activities
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(61,069)(83,345)
Net cash used in investing activities
--
Cash flows from financing activities
Borrowings from related party20,000-
Cash proceeds from issue of shares-83,295
Net cash flows from financing activities20,00083,295
Net decrease in cash and cash equivalents
(41,069)(50)
Cash and cash equivalents at the beginning of the period49,08515,679
Cash and cash equivalents at the end of the period
8,01615,629

Ascension Capital Limited
Condensed Notes to the Interim Financial Statements
For the six months ended 30 September 2021

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1. General information
These unaudited interim condensed financial statements are for Ascension Capital Limited (“Ascension” or
“the Company”).
Ascension Capital Limited, is a limited liability company incorporated and domiciled in New Zealand. Its
registered office is at c/- Duncan Cotterill Lawyers, Level 2, Tower Building, 50 Customhouse Quay,
Wellington 6143.
The Company is currently non trading. There are no seasonal or cyclical influences on these interim
results.

2. Summary of Significant Accounting Policies
2.1. Basis of preparation
These unaudited interim condensed financial statements have been prepared in accordance New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”), with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting (“NZ IAS 34”) and with International Accounting
Standard 34: Interim Financial Reporting (“IAS 34”).
Ascension is a company registered under the Companies Act 1993 and is an FMC reporting entity under
the Financial Markets Conduct Act 2013. The Company is listed on the NZX Market. These financial
statements have been prepared in accordance with the requirements of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
The interim condensed financial statements do not include all of the notes of the type normally included in
an annual financial report. Accordingly, this report should be read in conjunction with the financial
statements included in the annual report for the year ended 31 March 2021 which have been prepared in
accordance with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”) and
International Financial Reporting Standards (“IFRS”).
The interim condensed financial statements are presented in New Zealand dollars.
The interim condensed financial statements are unaudited. The comparative information as at 31 March
2021 is audited.
2.2. Going concern
The Company incurred a net loss of $83,449 for the six months ended 30 September 2021 (six months
ended 30 September 2020: net loss $69,825) and generated negative operating cash flows of $61,069
(six months ended 30 September 2020: $83,345 negative). As at 30 September 2021 the Company has
reported net liabilities of $547,491 (31 March 2021: $464,042 negative).
The considered view of the Board of Directors is that, after making enquiries, there is a reasonable
expectation that the Company will have access to adequate resources and commitments from its
creditors, that will enable it to meet its financial obligations for the foreseeable future.
The Company has a Loan Facility Agreement with Excalibur Capital Partners Limited (“Excalibur”).
Excalibur is a substantial shareholder in Ascension and is controlled by S Joyce (a non-executive director
of Ascension). On 30 September 2021 Excalibur provided a further loan advanced of $20,000. These
funds are being used to satisfy ongoing immediate working capital requirements.
As at 30 September 2021 the total liability payable to Excalibur is $379,910 (31 March 2021: $359,910)
and is shown as related party advances in the Statement of Financial Position.
The loan facility is repayable on demand however, Excalibur has agreed to not make demand unless and
until the Company is in a position to repay the advance and pay its creditors as they fall due.

Ascension Capital Limited
Condensed Notes to the Interim Financial Statements
For the six months ended 30 September 2021

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Excalibur has also confirmed that it anticipates most, if not all, of the $379,910 due from the Company to
Excalibur, may ultimately be converted into ordinary shares in Ascension in the event of a reverse
takeover transaction proceeding.
As at 30 September 2021 the Company had $8,016 in cash and cash equivalents to settle trade payables
of $5,612 and accruals of $54,000. Aside from the $20,636 term deposit that earns interest, the Company
has no income earning assets from which to derive revenue that may enable the Company to settle its
obligations unless it is able to obtain cash through the sale of further equity or a new business transaction.
The directors have agreed to forego payment of directors’ fees until such time as the Company has
sufficient funds to make such payments.
On 10 November 2021 the Company entered into a loan funding agreement with Excalibur for a further
funding line of $75,000. This loan facility is expected to deliver sufficient financial capacity for the
Company for the 12 months from the date the financial statements are approved. The funds advanced
under this facility will accrue interest at a rate of 5% per annum. The loan becomes repayable when the
Company completes a reverse takeover transaction and is repayable either in new shares issued at the
same price as the shares issued for the reverse takeover transaction, or in cash, at the discretion of
Excalibur. On 10 November 2021 the Company received an initial loan advance of $25,000 from
Excalibur under this loan facility.
The focus of the Board going forward is to identify a suitable business opportunity to invest in and/or
acquire through a reverse takeover transaction.
The Board of Directors acknowledge that there are material uncertainties with respect to the going
concern assumption. In the event that the Company is unable to raise additional cash from further share
subscriptions or loan advances, or the Company is unable to identify a suitable business opportunity to
invest in and/or acquire, this would give rise to a material uncertainty in relation to the Company’s ability to
continue as a going concern. If the going concern assumption is not valid, the Company may be unable to
realise its assets and discharge its liabilities in the normal course of business. The financial statements do
not include any adjustments that may need to be made should the Company no longer continue to be a
going concern.
2.3. Accounting policies
The interim financial statements have been prepared using the same accounting policies and methods of
computation detailed in the audited financial statements for the year ended 31 March 2021. For details of
the accounting policies please refer to the 2021 Annual Report.

3. Operating expenses


6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
NZ$NZ$
Directors' fees(40,000)(30,000)
NZX fees(7,299)(16,249)
Legal fees(975)(1,199)
Audit fees(10,890)(8,500)
Other expenses(24,353)(14,097)
(83,517)(70,045)

Ascension Capital Limited
Condensed Notes to the Interim Financial Statements
For the six months ended 30 September 2021

9
4. Segment reporting
The Company operates in one business and geographical segment in New Zealand. One segment has
therefore been identified by the Directors. The Statement of Comprehensive Income and Statement of
Financial Position represent the Company’s one segment.

5. Earnings per share


On 5 November 2021 the Company undertook a one hundred to one share consolidation. The earnings
per share calculation for both the current and comparative periods, reflects the impact of this share
consolidation.

6. Related party advances
The working capital facility is with Excalibur Capital Partners Limited (“Excalibur”). Excalibur is a
substantial shareholder in Ascension and is controlled by S Joyce (a non-executive director of Ascension).
On 30 September 2021 Excalibur provided a further loan advanced of $20,000.
The loan facility is repayable on demand however, Excalibur has agreed to not make demand unless and
until the Company is in a position to repay the advance and pay its creditors as they fall due. This balance
is unsecured. Further, Excalibur has confirmed no interest is due or payable on the balance owed.
Excalibur has also confirmed that it anticipates most, if not all, of the $379,910 due from the Company to
Excalibur, may ultimately be converted into ordinary shares in Ascension in the event of a reverse
takeover transaction proceeding.

6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
Basic & diluted earnings/(loss) per share (NZ$):
From continuing operations(0.00436)(0.00471)
Total basic & diluted earnings/(loss) per share(0.00436)(0.00471)
6 mths ended6 mths ended
30 Sep 202130 Sep 2020
NZ$NZ$
Loss from continuing operations(83,449)(69,825)
(83,449)(69,825)
19,148,88114,836,528
The profit/(loss) and weighted average number of ordinary shares used in the calculation of earrings/(loss)
per share are as follows:
Weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share (post adjustment for 100 to 1 share
consolidation)

Ascension Capital Limited
Condensed Notes to the Interim Financial Statements
For the six months ended 30 September 2021

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7. Reconciliation of loss after taxation with cash flow from operating activities


8. Contingent liabilities
There are no contingent liabilities as at 30 September 2021 (30 September 2020: nil).

9. Commitments
There are no commitments as at 30 September 2021 (30 September 2020: nil)

10. Events subsequent to interim reporting date
On 5 November 2021 the Company undertook a one hundred to one share consolidation.
On 10 November 2021 the Company entered into a loan funding agreement with Excalibur Capital
Partners Limited (‘Excalibur’). In accordance with the terms of the agreement, Excalibur has made
available a funding line of $75,000. Interest will accrue at 5% p.a. on advances made under the facility.
The loan becomes repayable when the Company completes a reverse takeover transaction and is
repayable either in new shares issued at the same price as the shares issued for the reverse takeover
transaction, or in cash, at the discretion of Excalibur. On 10 November 2021 the Company received an
initial loan advance of $25,000 from Excalibur under this loan facility.
There have been no other significant events after the reporting date.

6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
NZ$NZ$
Net loss after taxation(83,449)(69,825)
Adjustments for:
Interest on term deposits(68)(220)
Movements in working capital
(Increase) / decrease in trade and other receivables(8,537)(8,200)
(Decrease) / increase in trade payables and other liabilities30,915(5,376)
Decrease / (increase) in taxation receivable70276
Net cash outflows from operating activities(61,069)(83,345)

Ascension Capital Limited
Company Directory


11

Company Number:
1009777

Incorporated
21 January 2000

Directors
J Cilliers
R H Gower
G K Jackson
S Joyce

Registered Office
c/- Duncan Cotterill Lawyers
Level 2, Tower Building
50 Customhouse Quay
Wellington 6143

Bankers
ANZ Bank Ltd
23-29 Albert Street
Auckland 1010

Auditor
BDO Wellington Audit Ltd
Level 1, Tower Building
50 Customhouse Quay
Wellington 6143

Share Registry
Computershare Investor Services Ltd
Level 2, 159 Hurstmere Road
Takapuna
Ph: +64 9 488 8777