VVV Resources Limited

(Being renamed: VVV Sports Limited
("VVV" or the "Company" or the “Group”)

 

Annual Report and Consolidated Financial Statements

for the year ended 31 December 2024

 

 

Chairman’s Report

 

The Company, is pleased to take this opportunity to reflect on the period from January 1st to December 31st, 2024.

 

OPERATIONS REVIEW

This past year was one of endeavouring to raise capital for the Group and its assets.  While inflation eased during the year, worsening geopolitical turmoil continued to exasperate the economic hangover.  Whilst this has seen a rise in commodity prices, mining equities have continued to be buffeted by both economic and political forces which has made raising money for junior, illiquid exploration companies increasingly difficult with lower risk opportunities with greater liquidity readily available to the investor.

 

The Group’s current investments comprise 100% of the Mitterberg Copper Project in Austria and a 51% holding of the Shangri La polymetallic project in Western Australia. The Mitterberg concessions comprise 198 contiguous licences over some 90 square kilometres located approximately 60 kilometres south of Salzburg. The Shangri La project comprises 10 contiguous hectares of what appears to be a polymetallic mineral assemblage comprising gold, silver, and copper.

 

FINANCE REVIEW

 

The loss for the period to 31 December 2024 amounted to £427,000 (2023: loss of £117,000) which mainly related to impairment of the investment in the parent company’s Australian subsidiary as the future is unclear at the moment on what course of action will be taken, including whether to renew the licence.  The Directors believe this impairment to be the prudent course of action at this time. The total revenue for the period was £Nil (2023 £Nil).  As at 31 December 2024, the Group had cash balances of £5,000 (2023: £36,000).

 

The Group does not recommend payment of a dividend in the current year, same as the prior year.

 

The Company notes the following extract from the audit report:

 

“Qualified Opinion

We have audited the financial statements of VVV Resources Limited (the “Parent Company”) and its subsidiary (the “Group”) for the year ended 31 December 2024 which comprise: the Consolidated Statement of Profit or loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated 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 United Kingdom adopted International Financial Reporting Standards (IFRSs).

 

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

 

• give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2024 and of its loss for the year then ended;
• have been properly prepared in accordance with United Kingdom adopted International Financial Reporting Standards (IFRSs); and
• the financial statements have been prepared in accordance with the requirements of the BVI Business Companies Act (Revised 2020).

 

Basis for qualified opinion

We did not receive financial information relating to the current financial year for the Parent Company’s subsidiary, namely VVV Resources Australia Pty Limited, nor did the directors of the Parent Company receive such information, thus were unable to complete a full consolidation as at 31 December 2024.  Consequently, we were unable to perform our audit procedures over balances relating to this entity and determine whether any adjustments to the consolidated balances in these financial statements were necessary.”

 

 

OUTLOOK

 

Throughout 2024, the Group’s sole focus has been attracting investment to advance the Group’s investments.  Unfortunately, in this regard, the Group endured a number of false starts with potential investors, ending the year without managing to raise money into the Group.  However, as detailed in the post balance sheet events section below, after the balance sheet date the Group successfully brought in funds of £1,000,000 (before fees) in April to June 2025 meaning the half year period closed with cash balances of c£826,000.

 

We would like to thank all our shareholders for their continued support and look forward to updating you on further news in due course.

 

 

Post Balance Sheet Events

 

In April 2025 the Parent Company closed on a structured capital raise for £1,000,000 before fees.  This financing was for an initial £100,000 and saw, myself, Jonathan Rowland, appointed to the board as Executive Chairman, and Richard Walker-Morecroft appointed as a non-executive Director.  An underwritten £900,000 was subject to approval at the Parent Company’s AGM and on 9 June 2025, all resolutions were passed which released the underwritten amount, along with changing the name of the Parent Company to VVV Sports Limited on 18 June 2025 and direction with a focus on developing businesses in the sports and media sector with a focus on racket sports such as padel tennis, pickleball and beach tennis as well as more traditional sports including tennis, football, boxing and motor racing.  I am enthusiastic about the opportunities in the sector and will be working to put the Parent Company at the centre of these growth sports such as padel and pickleball.

 

With this strategic change in direction, we will be looking to divest ourselves of our resource investments and will update the market as appropriate.  Unfortunately, as part of the audit exercise, certain financial information and information relating to the licence has not been forthcoming from the sole director of our wholly owned Australian subsidiary.  As such, whilst the impact on the accounts presented will be limited, it means that the audit scope has been limited resulting therefore, in a qualification within the audit report.  My fellow Directors and I are working to resolve this as a matter of urgency, such that the qualification can be removed in future periods, and we can focus on this new exciting direction that VVV Sports is embarking upon.   

 

Name Change and Website

 

On 18 June 2025, the Company changed its name from VVV Resources Limited to VVV Sports Limited to more properly reflect the direction the Company is now taking. Whilst the Company has received a name change certificate, to fully implement the name change, the Company is required to obtain a new ISIN and is in the process of changing its ISIN, further updates will be provided in due course.

 

The Company has also reserved a new website, www.vvvsports.org, and a further announcement will be made once populated and compliant.

 

 

 

Jonathan Rowland

Executive Chairman

 

2 July 2025

 

The Directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

Jonathan Rowland, Chairman                                     info@vvvresources.co.uk

Company

Peterhouse Capital Limited                                              +44 (0) 207 469 0930 

 

 

 

Financial statements

 

Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended to 31 December 2024

__________________________________________________________________________________________

 

		Year ended 31 December 2024	Year ended 31 December 2023
		£’000	£’000
Revenue
Investment income		-	-
Total revenue			-
Administration expenses		(191)	(146)
Reversal of loss allowance for loan		-	17
Expenses settled by issuance of shares		(100)	(13)
Share based payment release		-	25
Operating loss		(291)	(117)
Finance costs		-	-
Loss before taxation		(291)	(117)
Taxation		-	-
Loss for the period attributable to equity holders of the parent company		(291)	(117)
Other comprehensive income
Translation exchange (loss)/gain		-	-
Impairment of investment in joint venture		(136)	-
Other comprehensive income for the period net of taxation		-	-
Total comprehensive income for the period attributable to equity holders of the parent company		(427)	(117)
Loss per share
Basic (pence)		(3.89)	(2.71)
Diluted (pence)		(3.81)	(2.58)

 

 

 

 

 

 

 

Consolidated Statement of Financial Position as at 31 December 2024

__________________________________________________________________________________________

 

		31 December	31 December
		2024	2023
		£’000	£’000
Non-current assets
Intangible assets		350	350
Investments accounted for using the equity method		-	136
		350	486
Current assets
Trade and other receivables		18	25
Cash and cash equivalents		5	36
		23	61
Total assets		373	547
Current liabilities
Trade and other payables		(166)	(91)
Amounts owed to directors		(81)	(3)
		(247)	(94)
Net current assets		(224)	(33)
Net assets		126	453
Equity
Share capital		-	-
Share premium		1,565	1,465
Share based payment reserve		65	65
Revaluation surplus		-	50
Retained earnings		(1,504)	(1,077)
Total equity		126	453

 

The financial statements of VVV Sports Limited (registered number 196048) were approved by the Board of Directors and authorised for issue on 2 July 2025 and were signed on its behalf by:

 

 

 

 

Mahesh Pulandaran 

Director 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Consolidated Statement of Changes in Equity for the year ended 31 December 2024

__________________________________________________________________________________________

 

	Share capital		Share premium	Share based payment reserve	Retained earnings	Total
	£’000		£’000	£’000	£’000	£’000
At 31 December 2022		-	1,154	90	(960)	284
Loss for the period		-	-	-	(117)	(117)
Total Comprehensive Income		-	-	-	(117)	(117)
Issue of share capital		-	311	-	-	311
Share options lapsed		-	-	(25)	-	(25)
Total contributions by and distributions to owners of the Parent Company		-	311	(25)	-	286
At 31 December 2023		-	1,465	65	(1,077)	453

 

Loss for the period	-	-	-	(291)	(291)
Impairment of investment in JV				(136)	(136)
Total Comprehensive Income				(427)	(427)
Issue of share capital	-	100	-	-	100
Total contributions by and distributions to owners of the Parent Company	-	100	-	-	100
At 31 December 2024	-	1,565	65	(1,504)	126

 

Consolidated Statement of Cash Flows for the year ended to 31 December 2024

__________________________________________________________________________________________

 

		Year ended	Year ended
		31 Dec 2024	31 Dec 2023
		£’000	£’000
Cash flows from operating activities
Operating loss		(291)	(117)
Share option release		-	(25)
Issue of shares to settle liabilities		100	-
Decrease/(increase) in trade and other receivables		7	(5)
Increase in trade and other payables		153	8
Net cash outflow in operating activities		(31)	(139)
Cash flows from Investing activities
Payments to acquire intangible fixed assets		-	(33)
		-	(33)
Financing activities
Issue of share capital		-	-
Issue costs		-	-
Net cash inflow/(outflow) from financing activities		-	-
Net decrease in cash and cash equivalents		(31)	(172)
Cash and cash equivalents at beginning of period		36	208
Cash and cash equivalents at end of period		5	36