Jellybook, floated nearly a year ago to invest in social media companies, has failed to make any acquisitions, but has paid companies associated with its chairman Jonathan Rowland nearly £400,000 in fees.

Rowland – son of ex-Tory party treasurer David Rowland and founder of boom and bust dotcom business Jellyworks – said Jellybook had reviewed a number of possible targets but refused to overpay.

The company raised £11m when it joined Aim in June last year and has £10.5m left. But with the near £1m of costs associated with the flotation, the company recorded a £295,000 loss for the year.

The results reveal a £327,500 payment to Banque Havilland, where Rowland is a director, and a £50,000 charge from Colegate Management. Rowland is considered part of Colegate's key management personnel.

Jellybook shares closed up 8% at 4.375p.