Last checked at 12 Jun 2015 07:00
LIMITLESS EARTH PLC - Final ResultsLIMITLESS EARTH PLC - Final Results
PR Newswire
London, June 11
12 June 2015
LIMITLESS EARTH PLC("Limitless" or the "Company")
Final Results for the Period ended 31 January 2015
The Company is pleased to announce its final results for the period 11 December 2013 to 31 January 2015 (“the Period”).
CHIEF EXECUTIVE’S STATEMENT
Limitless Earth plc was admitted on AIM on 12 May 2014 raising £3,005,000.
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 view of the Directors to invest in small companies where there are clear routes to value appreciation and 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.
The Board is focused on making sure it makes the right investment in the right sector at the right time. It has looked carefully at 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.
In the second half of the financial period, the Board has continued to pay particular attention to companies in the Life Sciences arena, including health & wellness and food supply companies, and, business that benefit from changing consumption habits as a result of changing demographics and socio-economic factors.
The Board understands that cost control is important at all times and particularly pre-investment. On behalf of the shareholders, the Directors carefully keep operating costs to a minimum to preserve shareholder value.
For the financial period, Limitless made a net loss on operations of £299,672. This included 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 £2,731,554.
The period under review covers eight and a half months of trading on AIM. This initial period has seen progress made in defining the initial investment focus areas and reviewing a number of available investment opportunities and management teams. Limitless continues to develop its pipeline of possible investments and is well placed to enter its investment phase which the Directors look forward to with confidence.
For further information, please contact:
Limitless Earth plc www.limitlessearthplc.comDominic White +44 20 7580 7576Guido Contesso +44 7780 700 091
Cairn Financial Advisers LLP +44 20 7148 7900Nominated Adviser http://www.cairnfin.com/Jo Turner/Liam Murray
Peterhouse Corporate Finance Limited +44 20 7469 0930Broker www.pcorpfin.comPeter Greensmith
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 Income
for the period ended 31 January 2015
| Period to | ||
| 31/01/2015 | ||
| Continuing operations | £ | |
| Administrative expenses | (305,914) | |
| Operating loss | (305,914) | |
| Finance Income | 6,243 | |
| Loss before taxation | (299,671) | |
| Taxation | - | |
| Loss for the financial position | (299,671) | |
| Total Comprehensive income for the period | (299,671) | |
| Loss attributable to: | ||
| Equity Holders | (299,671) | |
| Earnings per share: | ||
| Basic and diluted loss per share | (0.69p) | |
Statement of Financial Position
As at 31 January 2015
| 31/01/2015 | ||
| £ | ||
| Current assets | ||
| Trade and other receivables | - | |
| Cash and cash equivalents | 2,731,554 | |
| 2,731,554 | ||
| Total Assets | 2,731,554 | |
| Current Liabilities | ||
| Trade and other payables | (12,500) | |
| Net Assets | 2,719,054 | |
| Equity | ||
| Issued Share Capital | 654,000 | |
| Share Premium | 2,322,440 | |
| Share warrant reserve | 42,285 | |
| Retained Earnings | (299,671) | |
| Total Equity | 2,719,054 |
Statement of Changes in Shareholders’ Equity
for 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 | - | - | (299,672) | (299,672) | |
| Total Comprehensive loss for the period | - | - | (299,672) | (299,672) | |
| 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 | (299,672) | 2,719,054 |
Statement of Cash Flows
for the period ended 31 January 2015
| Period to | |||
| 31/01/2015 | |||
| £ | |||
| Cash flows from operating activities | |||
| Net cash absorbed by operating activities | (293,414) | ||
| Cash flows from investing activitiesFinance income received net | 6,243 | ||
| Net cash used in investing activities | 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 | 2,731,554 | ||
| Cash at the beginning of period | - | ||
| Cash and cash equivalents at the end of the period | 2,731,554 |
NOTES TO THE FINANCIAL STATEMENTS
General InformationLimitless 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 2015 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. Details of warrants outstanding are given in note 14.
| 2015£ | |
| Loss from continuing operations attributable to equity holders of the company | (299,671) |
| Weighted average number of ordinary shares in issue | 43,440,000 |
| Pence | |
| Basic and fully diluted loss per share from continuing operations | (0.69) |
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 2015, 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, http://www.limitlessearthplc.com/.
The Annual General Meeting of the Company has been convened at 11.00 a.m. on 22 July 2015 to be held at 30 Percy Street, London, W1T 2DB.