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LIMITLESS EARTH PLC - Final ResultsLIMITLESS EARTH PLC - Final Results
PR Newswire
London, July 28
29 July 2016
LIMITLESS EARTH PLC("Limitless" or the "Company")
Final Results for the Period ended 31 January 2016
The Company is pleased to announce its final results for the period to 31 January 2016.
Chairman’s statement
Limitless is a proactive investment company that focuses on making investments in and assisting companies that show the potential to generate returns through capital appreciation. It is the Directors' strategy to invest in small companies where there are clear routes to value appreciation also in companies that are operating in sectors with long term growth prospects that are driven by demographic change. Examples of such sectors include Cleantech, Life Sciences and Technology.
During the year the Company invested in Medical Diagnostics (Chronix Biomedical inc.), Communication Technology (V Nova Ltd), Industrial Material Recycling and Waste to Energy (Saxa Gree S.p.A).
The Board relies on its own know-how, on an extensive network in the financial system and external advisers to enable it to make the right investment in the right sector at the right time. It has already analysed more than twenty investment opportunities in the first months of operations and has engaged advisers on one investment in the Life Sciences area where discussions with management are on-going.
The Board understands that cost control is important at all times and particularly pre-investment and it ensures that operating costs are kept to a minimum to in order to preserve shareholder value.
For the financial period, Limitless made a net loss on operations of £175,299 ((2015: £299,671) - includes the cost of the listing process, which was £168,000). The audited balance sheet reflects the cash and cash equivalents at the reporting date of £1,530,404.
Post year end the Company continued its investing with a £200,000 investment in Exogenesis Corporation, based in Boston Massachusetts, which has developed nanoscale surface modification technology to improve the safety and efficacy of implantable medical devices and is being used to develop next generation microscopy tools for DNA Analysis.
The Board continues to actively source suitable investments and thanks all the shareholders for their support.
Guido ContessoChief Executive Officer29 July 2016
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
| Limitless Earth plc Dominic White Guido Contesso | www.limitlessearthplc.com +44 20 7580 7576 +44 7780 700 091 |
| Cairn Financial Advisers LLP Nominated Adviser Jo Turner/Liam Murray | +44 20 7148 7900 www.cairnfin.com |
| Peterhouse Corporate Finance Limited Broker Peter Greensmith | +44 20 7469 0930 www.pcorpfin.com |
About Limitless Earth plc
Limitless Earth plc is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns through capital appreciation. Limitless invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth linked to demographic change. Examples of such sectors include Cleantech, Life Sciences and Technology.
Statement of Comprehensive Incomefor the period ended 31 January 2016
| Period to | Period to | ||
| 31/01/2016 | 31/01/2015 | ||
| Continuing operations | £ | £ | |
| Administrative expenses | (180,821) | (305,914) | |
| Operating loss | (180,821) | (305,914) | |
| Finance Income | 5,522 | 6,243 | |
| Loss before taxation | (175,299) | (299,671) | |
| Taxation | - | - | |
| Loss for the financial position | (175,299) | (299,671) | |
| Total Comprehensive income for the period | (175,299) | (299,671) | |
| Loss attributable to: | |||
| Equity Holders | (175,299) | (299,671) | |
| Earnings per share: | |||
| Basic and diluted loss per share | (0.27p) | (0.69p) |
Statement of Financial PositionAs at 31 January 2016
| 31/01/2016 | 31/01/2015 | ||
| £ | £ | ||
| Current assets | |||
| Investments Available for sale | 1,088,341 | - | |
| Trade and other receivables | - | - | |
| Cash and cash equivalents | 1,530,404 | 2,731,554 | |
| 2,618,745 | 2,731,554 | ||
| Total Assets | 2,618,745 | 2,731,554 | |
| Current Liabilities | |||
| Trade and other payables | (74,990) | (12,500) | |
| Net Assets | 2,543,755 | 2,719,054 | |
| Equity | |||
| Issued Share Capital | 654,000 | 654,000 | |
| Share Premium | 2,350,630 | 2,322,440 | |
| Share warrant reserve | 14,095 | 42,285 | |
| Retained Earnings | (474,970) | (299,671) | |
| Total Equity | 2,543,755 | 2,719,054 |
Statement of Changes in Shareholders’ Equityfor the period ended 31 January 2015
| Share capital | Share premium | Share warrant reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | |
| Changes in Equity for the period ended 31 January 2015 | |||||
| Comprehensive income | |||||
| Loss for the period | - | - | - | (299,671) | (299,671) |
| Total Comprehensive loss for the period | - | - | (299,671) | (299,671) | |
| Transactions with owners | - | - | - | - | - |
| Proceeds from share issue (net of expenses) | 654,000 | 2,322,440 | 42,285 | - | 3,018,725 |
| Total contributions by the owners | 654,000 | 2,322,440 | 42,285 | - | 3,018,725 |
| At 31 January 2015 | 654,000 | 2,322,440 | 42,285 | (299,671) | 2,719,054 |
| Changes in Equity for the period ended 31 January 2016 | |||||
| Comprehensive income | |||||
| Loss for the period | - | - | - | (175,299) | (175,299) |
| Total Comprehensive loss for the period | - | - | - | (175,299) | (175,299) |
| Warrant cancellation | - | 28,190 | (28,190) | - | - |
| At 31 January 2016 | 654,000 | 2,350,630 | 14,095 | (474,970) | 2,543,755 |
Statement of Cash Flowsfor the period ended 31 January 2015
| Period to | Period to | ||
| 31/01/2016 | 31/01/2015 | ||
| £ | £ | ||
| Cash flows from operating activities | |||
| Net cash absorbed by operating activities | (118,331) | (293,414) | |
| Cash flows from investing activities | |||
| Finance income received net | 5,522 | 6,243 | |
| Investments | (1,088,341) | - | |
| Net cash used in investing activities | (1,082,819) | 6,243 | |
| Cash flows from financing activities | |||
| Gross proceeds from share issues | - | 3,270,000 | |
| Share issue expenses | - | (251,275) | |
| Net Cash from financing activities | - | 3,018,725 | |
| Net increase in cash and cash equivalents during the year | (1,201,150) | 2,731,554 | |
| Cash at the beginning of period | 2,731,554 | - | |
| Cash and cash equivalents at the end of the period | 1,530,404 | 2,731,554 |
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Limitless Earth Plc is a company incorporated and domiciled in the United Kingdom. The Company is a public limited company, which is listed on the AIM market of the London Stock Exchange. The address of the registered office is 30 Percy Street, London, W1T 2DB
The Investing Policy is to invest principally, but not exclusively, in sectors where changing demographic factors are important drivers of growth. The Company intends to focus initially on projects located in Europe but will also consider investments in other geographical regions. The Company may become an active investor, acquire controlling stakes or minority positions, in each case, as the Board considers appropriate and commercial
The financial statements are presented in British Pounds Sterling, the currency of the primary economic environment in which the Company’s operates from.
2. Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied throughout the period, unless otherwise stated.
| Basis of preparation |
| The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and IFRIC interpretations as adopted by the European Union applicable to companies reporting under IFRSs. The financial statements have also been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed later in these accounting policies. |
| Going Concern |
| The directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. Loss per share
The basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. No share warrants outstanding at 31 January 2016 were dilutive and all such potential ordinary shares are therefore excluded from the weighted average number of Ordinary shares for the purposes of calculating diluted earnings per share.
| 2016 £ | 2015 £ | |
| Loss from continuing operations attributable to equity holders of the company | (175,299) | (299,671) |
| Weighted average number of ordinary shares in issue | 65,540,000 | 43,440,000 |
| Pence | Pence | |
| Basic and fully diluted loss per share from continuing operations | (0.27p) | (0.69p) |
4. Notice of Annual General Meeting and Posting of Accounts
The above results are extracted from the Report and Accounts for the period ended 31 January 2016, which have today been sent to all shareholders together with a copy of the Notice of Annual General Meeting. Copies of these documents can also be found on the Company’s website, www.limitlessearthplc.com.
The Annual General Meeting of the Company has been convened at on 5 September 2016 to be held at 30 Percy Street, London, W1T 2DB.