5 Aug 2009 12:39
LONGSHIPS PLC
INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30th JUNE 2009
CHAIRMAN'S STATEMENT
Dear Shareholder,
I am pleased to present the Chairman's report for the interim period ending 30 June 2009. During the period under review the Company reported a net loss of £34,557 and as at 30 June 2009 has liquid cash balances of £3,317,798 (30 June 2008: £3,341,204). Various investment propositions were reviewed over the period and, although none met the Board's investment criteria, we continue to search for a suitable opportunity. I look forward to updating shareholders on progress in due course.
Craig Niven
5 August 2009
CONDENDSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30th JUNE 2009
| Six months | Period | Period | |||
| to 30/06/09 | to 30/06/08 | to 31/12/08 | |||
| Unaudited | Unaudited | Audited | |||
| £ | £ | £ | |||
| NET TRADING INCOME | - | - | - | ||
| ------------ | ------------ | ------------ | |||
| Share based payment charge | - | (21,588) | (21,588) | ||
| Other operating expenses | (41,320) | (25,369) | (78,999) | ||
| ------------ | ------------ | ------------ | |||
| Total operating expenses | (41,320) | (46,957) | (100,587) | ||
| ------------ | ------------ | ------------ | |||
| OPERATING LOSS | (41,320) | (46,957) | (100,587) | ||
| Finance income | 6,763 | 39,806 | 109,729 | ||
| ------------ | ------------ | ------------ | |||
| (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION | (34,557) | (7,151) | 9,142 | ||
| Taxation | - | - | 6,377 | ||
| ------------ | ------------ | ------------ | |||
| (LOSS)/PROFIT FOR THE PERIOD | (34,557) | (7,151) | 2,765 | ||
| ========== | ========== | ========== | |||
| (Loss)/earnings per share (pence) - basic and fully diluted | (0.15)p | (0.07)p | 0.02p | ||
| ======= | ======= | ======= | |||
CONDENSED BALANCE SHEET AS AT 30th JUNE 2009
| As at | As at | As at | ||
| 30/06/09 | 30/06/08 | 31/12/08 | ||
| Unaudited | Unaudited | Audited | ||
| £ | £ | £ | ||
| CURRENT ASSETS | ||||
| Trade and other receivables | 4,248 | 7,438 | 9,083 | |
| Cash and cash equivalents | 3,317,798 | 3,341,204 | 3,355,556 | |
| ------------ | ------------ | ------------ | ||
| 3,322,046 | 3,348,642 | 3,364,639 | ||
| CURRENT LIABILITIES | ||||
| Trade and other payables | (14,488) | (16,433) | (22,524) | |
| ------------ | ------------ | ------------ | ||
| NET CURRENT ASSETS | 3,307,558 | 3,332,209 | 3,342,115 | |
| ------------ | ------------ | ------------ | ||
| NET ASSETS | 3,307,558 | 3,332,209 | 3,342,115 | |
| ========= | ========= | ========= | ||
| EQUITY ATTRIBUTABLE TO EQUITY | ||||
| HOLDERS OF THE COMPANY | ||||
| Share capital | 230,800 | 230,800 | 230,800 | |
| Share premium account | 3,086,962 | 3,086,972 | 3,086,962 | |
| Share based payment reserve | 21,588 | 21,588 | 21,588 | |
| Retained earnings | (31,792) | (7,151) | 2,765 | |
| ------------ | ------------ | ------------ | ||
| TOTAL EQUITY | 3,307,558 | 3,332,209 | 3,342,115 | |
| ========= | ========= | ========= | ||
| Net assets per share - basic | 14.33p | 14.44p | 14.48p | |
| ======== | ======== | ======== |
CONDENSED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30th JUNE 2009
| Six months | Period | Period | ||
| to 30/06/09 | to 30/06/08 | to 31/12/08 | ||
|
| Unaudited | Unaudited | Audited | |
| £ | £ | £ | ||
| Net cash outflow from operating activities | 3 | (44,521) | (16,374) | (71,935) |
| ------------ | ------------ | ------------ | ||
| Cash flows from investing activities | ||||
| Interest received | 6,763 | 39,806 | 109,729 | |
| ------------ | ------------ | ------------ | ||
| Cash flows from financing activities | ||||
| Net proceeds from issue of share capital | - | 3,317,772 | 3,317,762 | |
| ------------ | ------------ | ------------ | ||
| Net (decrease)/increase in cash and cash equivalents | (37,758) | 3,341,204 | 3,355,556 | |
| Cash and cash equivalents at beginning of period | 3,355,556 | - | - | |
| ------------ | ------------ | ------------ | ||
| Cash and cash equivalents at end of period | 3,317,798 | 3,341,204 | 3,355,556 | |
| ============ | ============ | ============ | ||
CONDENSED STATEMENT OF CHANGES IN NET EQUITY
FOR THE SIX MONTHS ENDED 30th JUNE 2009
| Share capital | Share premium | Share based payment reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | |
| At 20th December 2007 | - | - | - | - | - |
| Shares issued for cash | 230,800 | 3,173,200 | - | - | 3,404,000 |
| Loss for period ended 30th June 2008 | - | - | - | (7,151) | (7,151) |
| Share issue costs | - | (86,238) | - | - | (86,238) |
| Share-based payments | - | - | 21,588 | - | 21,588 |
| ________ | _________ | _________ | __________ | _________ | |
| At 30th June 2008 | 230,800 | 3,086,962 | 21,588 | (7,151) | 3,332,199 |
| Profit for six months ended 31st December 2008 | - | - | - | 9,916 | 9,916 |
| ________ | ________ | ________ | ________ | ________ | |
| At 31st December 2008 | 230,800 | 3,086,962 | 21,588 | 2,765 | 3,342,115 |
| Loss for six months ended 30th June 2009 | - | - | - | (34,557) | (34,557) |
| ________ | ________ | ________ | ________ | ________ | |
| At 30th June 2009 | 230,800 | 3,086,962 | 21,588 | (31,792) | 3,307,558 |
| ======= | ======== | ======== | ========= | ======== |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30th JUNE 2009
1. GENERAL
The interim financial statements for the six months ended 30th June 2008 are unaudited and were approved by the Directors of the Company on 5 August 2009. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The information given as comparative figures for the period ended 31st December 2008 was extracted from the Company's audited annual financial statements for that financial year. Those financial statements, which represent the statutory accounts for that year, and on which the auditors gave an unqualified opinion, have been filed with the Registrar of Companies.
The financial information has been prepared in accordance with IAS 34 "Interim Financial Reporting".
The Company's operations are not subject to seasonality or cyclicality.
2. ACCOUNTING POLICIES
The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the Company's 2008 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES
| Six months | Period | Period | |
| to 30/06/09 | to 30/06/08 | to 31/12/08 | |
| Unaudited | Unaudited | Audited | |
| £ | £ | £ | |
| (Loss)/profit before taxation | (34,557) | (7,151) | 9,142 |
| Adjustments for: | |||
| Interest income | (6,763) | (39,806) | (109,729) |
| Equity-settled share options | - | 21,588 | 21,558 |
| ------------ | ------------ | ------------ | |
| (41,320) | (25,369) | (78,999) | |
| Decrease/(increase) in receivables | 4,835 | (7,438) | (9,083) |
| (Decrease)/increase in payables | (8,036) | 16,433 | 16,147 |
| ------------ | ------------ | ------------ | |
| Net cash from operating activities | (44,521) | (16,374) | (71,935) |
| ============ | ============ | ============ |
4. LOSS PER SHARE
| Six months | Period | Period | ||
| to 30/06/09 | to 30/06/08 | to 31/12/08 | ||
|
| Unaudited | Unaudited | Audited | |
| Weighted average number of ordinary shares in issue | 23,080,002 | 10,654,229 | 16,641,695 | |
| ------------ | ------------ | ------------ | ||
| (Loss)/profit after taxation | £(34,557) | £(7,151) | £2,765 | |
| ------------ | ------------ | ------------ | ||
| (Loss)/earnings per share | (0.15)p | (0.07)p | 0.02p | |
| ============ | ============ | ============ |
Due to there being a loss during the period the share options are anti-dilutive and therefore no diluted loss per share has been presented. For the period ended 31st December 2008 there was no dilutive effect of the share options because the option exercise prices were higher than the average market price in the period.
5. NET ASSET VALUE PER SHARE
The "basic" net asset value per share figures are calculated on the basis of the net assets attributable to equity shareholders divided by the number of ordinary shares in issue at the relevant dates.
As the exercise price of the share options is above the "basic" net asset value per share the share options are anti-dilutive and therefore a "fully diluted" net assets per share has not been calculated.
6. Copies of the interim report are available to the public free of charge from the Company at 2nd Floor, 18 Pall Mall, London, SW1Y 5LU during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.longshipsplc.com.
Enquiries:
| Longships Plc | Tel: 020 7389 5017 |
| Charles Cannon-Brookes, Investment Director |
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| Grant Thornton UK LLP (Nominated Adviser) | Tel: 020 7383 5100 |
| Philip Secrett |
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