Last checked at 30 Oct 2018 07:00
Limitless Earth Plc - Half-year ReportLimitless Earth Plc - Half-year Report
PR Newswire
London, October 29
30 October 2018
LIMITLESS EARTH PLC
("Limitless" or the "Company")
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2018
The Company is pleased to announce its half-yearly result for the six months to 31 July 2018.
CHIEF EXECUTIVE’S STATEMENT
Limitless is a proactive investing company that focuses on making investments in and assisting companies that show the potential to generate returns through capital appreciation. The directors look to make investments into small companies which have clear routes to value appreciation and which operate 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 reporting period, the Company looked at new potential investments and opened a series of due diligence on potential new investments some of which are ongoing.
Our existing investments are progressing in line with management expectations and, as we have announced, we consider Saxa Gres in particular to be showing exciting potential. The Board continues to actively source further suitable investments.
The Board understands as per previous years, that cost control is important at all times and on behalf of the shareholders, the directors carefully keep operating costs to a minimum to preserve shareholder value.
For the period, Limitless made a net loss on operations of £55,427 (2017: £61,320) and the unaudited balance sheet reflects the cash and cash equivalents at the reporting date of £591,504 (2017: £791,261) and Investments held for trading totalling £1,603,268 (2017: £1,535,651).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Limitless Earth plc www.limitlessearthplc.com
Guido Contesso - CEO +44 7780 700 091
Cairn Financial Advisers LLP +44 20 7213 0880
Nominated Adviser www.cairnfin.com
Jo Turner/Tony Rawlinson
Peterhouse Corporate Finance Limited +44 20 7469 0930
Joint Broker www.pcorpfin.com
Peter Greensmith
| UNAUDITED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME | ||||
| 6 MONTHS ENDED 31 JULY 2018 | ||||
| Notes | Unaudited | Unaudited | Audited | |
| 31/07/18 | 31/07/17 | 31/01/18 | ||
| Continuing operations | £ | £ | £ | |
| Administration expenses | (83,923) | (67,549) | (218,741) | |
| Operating loss | (83,923) | (67,549) | (218,741) | |
| Finance Income | 28,496 | 6,229 | 54,103 | |
| Loss before taxation | (55,427) | (61,320) | (164,638) | |
| Taxation | - | - | - | |
| Loss for the period | (55,427) | (61,320) | (164,638) | |
| Total Comprehensive loss for the period | (55,427) | (61,320) | (164,638) | |
| Loss attributable to: | ||||
| Equity Holders | (55,427) | (61,320) | (164,638) | |
| Earnings per share: | ||||
| Basic and diluted loss per share | 3 | (0.09p) | (0.10p) | (0.25p) |
There are no items of other comprehesive income.
| UNAUDITED STATEMENT OF FINANCIAL POSITION | |||
| AS AT 31 JULY 2018 | |||
| Unaudited | Unaudited | Audited | |
| 31/07/18 | 31/07/17 | 31/01/18 | |
| £ | £ | £ | |
| Current assets | |||
| Investments held for trading | 1,603,268 | 1,535,651 | 1,603,268 |
| Trade and Other receivables | 33,295 | 51,102 | 39,128 |
| Cash | 591,504 | 791,261 | 648,333 |
| 2,228,067 | 2,378,014 | 2,290,729 | |
| Total Assets | 2,228,067 | 2,378,014 | 2,290,729 |
| Current Liabilities | |||
| Trade and other payables | (46,485) | (37,688) | (53,720) |
| Net Assets | 2,181,582 | 2,340,326 | 2,237,009 |
| Equity | |||
| Issued Share Capital | 654,000 | 654,000 | 654,000 |
| Share Premium | 2,350,630 | 2,350,630 | 2,350,630 |
| Share Warrant Reserve | 14,095 | 14,095 | 14,095 |
| Retained Earnings | (837,143) | (678,399) | (781,716) |
| Total Equity | 2,181,582 | 2,340,326 | 2,237,009 |
| UNAUDITED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 31 JULY 2018 | ||||
| Note | Unaudited | Unaudited | Audited | |
| 31/07/18 | 31/07/17 | 31/01/18 | ||
| £ | £ | £ | ||
| Cash flows from operating activities | ||||
| Net cash absorbed by operating activities 4 | (85,325) | (117,344) | (240,529) | |
| Cash Flows from Investing Activities | ||||
| Finance income received net | 28,496 | 6,229 | 54,103 | |
| Purchase of investments | - | (239,208) | (306,825) | |
| Net Cash Used in Investing activities | 28,496 | (232,979) | (252,722) | |
| Net increase in cash | (56,829) | (350,323) | (493,251) | |
| Cash at the beginning of period | 648,333 | 1,141,584 | 1,141,584 | |
| Cash at the end of the period | 591,504 | 791,261 | 648,333 | |
| Statement of Changes in Shareholders’ Equity | |||||||||
| for the period ended 31 July 2018 | |||||||||
| Share capital | Share premium | Share warrant reserve | Retained earnings | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Audited Changes in Equity for the period ended 31 January 2017 | 654,000 | 2,350,630 | 14,095 | (474,970) | 2,543,755 | ||||
| Comprehensive loss for the period | - | - | - | (142,108) | (142,108) | ||||
| Total contributions by the owners | - | - | - | (142,108) | (142,108) | ||||
| At 31 January 2017 | 654,000 | 2,350,630 | 14,095 | (617,078) | 2,401,647 | ||||
| Audited Changes in Equity for the period ended 31 January 2018 | |||||||||
| Comprehensive loss for the period | - | - | - | (164,638) | (164,638) | ||||
| Total contributions by the owners | - | - | - | (164,638) | (164,638) | ||||
| At 31 July 2017 | 654,000 | 2,350,630 | 14,095 | (781,716) | 2,237,009 | ||||
| Unaudited Changes in Equity for the period ended 31 July 2018 | |||||||||
| Comprehensive loss for the period | - | - | - | (55,427) | (55,427) | ||||
| Total contributions by the owners | - | - | - | (55,427) | (55,427) | ||||
| At 31 July 2018 | 654,000 | 2,350,630 | 14,095 | (837,143) | 2,181,582 | ||||
NOTES TO THE FINANCIAL STATEMENTS
General InformationLimitless Earth plc is a company incorporated and domiciled in England and Wales. The Company’s ordinary shares are traded on AIM of the London Stock Exchange. The address of the registered office is 30 Percy Street, London W1T 2DB.
The principal activity of the Company is that of an investing company pursuing a strategy
2. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these financial statements.
Basis of preparation
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.
The financial statements have been prepared under the historical cost convention.
The interim financial information for the six months ended 31 July 2018 has not been reviewed or audited. The interim financial report has been approved by the Board on 29 October 2018.
3. Loss per share
The basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the same weighted average number of shares during the period adjusted for the dilutive effect of share warrants and convertible loans outstanding during the period.
| Unaudited | Unaudited | Audited | |
| 31/07/18 | 31/07/17 | 31/01/18 | |
| Loss from continuing operations attributable to equity holders of the company | (55,427) | (61,320) | (164,638) |
| Weighted average number of ordinary shares in issue | 65,400,000 | 65,400,000 | 65,400,000 |
| Pence | Pence | Pence | |
| Basic and fully diluted loss per share from continuing operations | (0.09) | (0.10) | (0.25) |
IAS 33 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease earnings per share or increase net loss per share. For a loss making company with outstanding share options and warrants, net loss per share would only be increased by the exercise of out-of-the money options and warrants. Since it seems inappropriate that option holders would act irrationally, no adjustment has been made to diluted earnings per share for out-of-the money options and warrants in the comparatives. There are no other diluting share issues.
4. Cash absorbed by operations
| Unaudited | Unaudited | Period to | ||
| 31/07/2018 | 31/07/2017 | 31/01/2018 | ||
| £ | £ | £ | ||
| Loss for the period | (55,427) | (61,320) | (164,638) | |
| Finance income | (28,496) | (6,229) | (54,103) | |
| Increase decrease in receivables | 5,834 | (6,000) | 5.974 | |
| Decrease / increase in payables | (7,236) | (43,795) | (27,762) | |
| Cash absorbed by operations | (85,325) | (117,344) | (240,529) |
5. Copies of Interim Accounts
Copies of the interim results are available at the Group´s web site at
www.limitlessearthplc.com.