A good news story - I knew if I kept looking there would be one. Eebria have used Seedrs 3 times and Crowdcube once and for YE Dec17, they broke the mould and reported profits of £400k.
Farcical really. This company have now reinvented their accounts - only after our intervention and are now reporting a £349k loss for the year. What a shambles. In fact on the Seedrs pitch now, which is almost completed, they state this 'error' was merely a technical and human one - nout to worry about. We do not agree. How can you as a director sign off your once a year annual accounts for filing at CH and not notice that it states a £400,000 profit and yet it really means a a £350,000 loss? It is not relevant whether these are micro accounts or not; the bottom line was out by many tens of thousands of pounds. Crazy stuff.
Eebria is one of a newish breed of online craft beer and cider suppliers - on a monthly subscription model. The secret to success here is perfect service combined with keen pricing and a touch of imagination in the selection department.
We dont know why they switched for the last round, but they have blown their predicted Dec17 £200k plus loss, away. Valued at £6m on Crowdcube the jury is still out on that round but Seedrs investors must be pretty happy.
It does of course all depend on how they kick on now - now they have broken into substantial profits. Good SM and reviews bode well in a space where there are too many operators with less then healthy reviews - most of them Crowdcube alumni.
From the numbers we have, Eebria must have doubled their projected turnover of £4m and if they did, things look good again for 2018.
This story comes with a small but rather essential caveat. If one looks at Eebria's filed accounts and its new share issue filings - they are nonsense. According to the YE Dec17 accounts they have only £1,115 in issued share capital and no share premium account. But we know that is wrong. So it maybe that the P&L account includes (incorrectly) the share premium account. As if to stress this worry, the last filing for shares issued for the Crowdcube raise, is total jibberish.
On the Crowdcube pitch financials, they have a SP account worth over £1m for YE Dec17!
Really, who knows. It would help if they knew how to do their accounts. We keep looking.
No comments:
Post a Comment