27 Sep 2013 07:00
AimShell Acquisitions Plc (the 'Company')
Interim Results for the Six Months ended 30th June 2013
Chairman's Interim Statement
For the 6 month period covered by these results our company has continued to operate as a cash shell / investment company while maintaining its listing on AIM
Our short term financial objective as previously stated is to ensure that overheads are covered by interest received and despite the historically low interest being earned on bank deposits (under 1% in some cases) we have largely achieved that objective with a small pre-tax loss of £10,000. Therefore, as at 30 June 2013, our net assets remained materially unchanged at approximately £3.8m (equivalent to approximately 37p per share) and comprised approximately £2.8m bank deposits and a £1m loan note due from the purchaser of the Autoclenz trading business. Interest on that loan note continues to accrue at 7% p.a. and is due for payment, together with the first instalment of principal of £333,333, on 23rd November 2013. Your directors understand that trading of the purchasing group has continued to be satisfactory.
Since the disposal of the trading businesses in November 2012 we have reviewed over 25 companies which met some of the reverse acquisition criteria approved by shareholders. In recent months the AIM market has become more receptive to new issues and first time IPOs of companies, which may make it slightly more difficult for shell companies such as ours to find investment opportunities with appropriate growth prospects and some degree of proven revenues.
However at the present time we are in the early stages of discussions and financial / commercial review with two companies which might suit our criteria: one in the bioscience area and one in digital supply chain software. We will keep shareholders appropriately informed as our discussions continue. If neither of these companies (nor any others that may come up for review) progress to the point where we can recommend an acquisition to shareholders, we will in November 2013 , as previously agreed, convene a General Meeting for shareholders to decide whether to continue seeking investment opportunities or to wind up and distribute assets back to shareholders.
James Leek
Chairman
Enquiries:
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James Leek, Chairman | 07966 528 295 |
AimShell Acquisitions plc
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Ross Andrews/Nick Cowles | 0161 831 1512 |
Zeus Capital Ltd |
PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 30 JUNE 2013
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6 months | Full year | 6 months |
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2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Turnover | - | - | - |
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Cost of sales | - | - | - |
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Gross profit | - | - | - |
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Distribution costs | - | - | - |
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Administration expenses | (57) | (182) | (112) |
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Operating loss | (57) | (182) | (112) |
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Income from subsidiary undertaking | - | 5,202 | - |
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Loss on disposal of subsidiary undertaking | - | (11,508) | - |
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Exceptional costs relating to the disposal of Autoclenz Limited | - | (146) | - |
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Net interest credit/(charge) | 2 | 47 | (12) | (15) |
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(Loss) on ordinary activities before taxation | (10) | (6,646) | (127) |
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Tax on loss on ordinary activities | 3 | - | 21 | - |
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(Loss) for the financial period | (10) | (6,625) | (127) |
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Basic loss per share (pence) | 4 | (0.10) | (63.70) | (1.22) |
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All activities are derived from discontinued operations and there are no other gains or losses to report in either year. Accordingly, no separate statement of total recognised gains and losses has been presented. | |||||||||||
BALANCE SHEET AS AT 30 JUNE 2013
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30 June | 31 December | 30 June |
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2013 | 2012 | 2012 |
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Notes | £'000 | £'000 | £'000 |
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Fixed assets |
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Investments | - | - | 15,508 |
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Tangible fixed assets | - | - | 1 |
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- | - | 15,509 |
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Current assets |
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Debtors | 6 | 1,082 | 1,033 | 14 |
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Cash | 7 | 2,778 | 2,833 | - |
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Creditors: amounts falling due within one year | 8 | (22) | (18) | (5,177) |
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Net current assets/(liabilities) | 3,838 | 3,848 | (5,163) |
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Total assets less current liabilities, being net assets | 3,838 | 3,848 | 10,346 |
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Capital and reserves |
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Called-up share capital | 9 | 1,040 | 1,040 | 1,040 |
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Profit and loss account | 2,798 | 2,808 | 9,306 |
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Shareholders' funds | 3,838 | 3,848 | 10,346 |
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The interim report of Aimshell Acquisitions plc (registration number 05550853) was approved by the board of directors and authorised for issue on 27 September 2013 and signed on its behalf by: | |||||||||||
Mr James Leek | |||||||||||
Chairman | |||||||||||
27-09-13 | |||||||||||
CASHFLOW STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2013
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6 months | Full year | 6 months |
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2013 | 2012 | 2012 |
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Operating activities | Notes | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
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Operating loss for the year | (57) | (182) | (112) | ||||||||
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Adjustments for: |
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Depreciation of tangible fixed assets | - | 1 | - | ||||||||
Increase in debtors | (49) | (26) | (5) | ||||||||
(Decrease)/increase in creditors | 4 | (4,900) | 84 | ||||||||
Net cash outflow from operating activities | (102) | (5,107) | (33) |
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Returns on investments and servicing of finance |
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Interest paid | - | (19) | (15) | ||||||||
Interest received | 47 | 7 | - |
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Dividends received from subsidiary | - | 5,202 | - | ||||||||
47 | 5,190 | (15) |
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Equity dividend paid | - | (104) | (104) |
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Disposals |
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Proceeds on disposal of investment | - | 3,000 | - |
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Exceptional disposal costs | - | (146) | - |
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Net (decrease)/increase in cash | (55) | 2,833 | (152) |
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NOTES TO THE FINANCIAL INFORMATION
1 | Accounting Policies | |||||||||||||
Basis of preparation | ||||||||||||||
Following the sale of Autoclenz Limited in the year ended 31 December 2012 the Company is a single reporting entity and no longer the holding company of a group. The financial statements are therefore those of a single reporting entity and the comparative figures in these financial statements are those of the Company only in respect of the year ended 31 December 2012 and the 6 months ended 30 June 2012. |
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For the 6 months ended 30 June 2013, the company has continued to prepare its interim report in accordance with UK GAAP. The interim report is unaudited and unreviewed and has been prepared under the historical cost convention. The accounting policies have been applied consistently throughout the year and the preceding periods. |
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On 23 November 2012 the trading companies of Autoclenz Ltd and its wholly owned subsidiary Autoclenz Services Ltd were sold, as such its former group activities have ceased and Aimshell Acquisitions plc is now a shell company awaiting investment. The Company does not have any investments and a result of this, accounting standards require that the interim report be prepared on a basis other than going concern. It is the directors intention to make investment in the near future. |
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The condensed financial statements are not the entity's statutory accounts. Statutory accounts for the year ended 31 December 2012 with which the non-statutory accounts purport to deal, have been delivered to the Registrar of Companies and include the auditor's report on those statutory accounts which was not qualified and did draw attention by way of emphasis without qualifying the report to the fact that the accounts had been prepared on a basis other than that of a going concern as a result of the disposal of the company's investments during the year. |
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The accounting policies used in the preparation of the interim report are consistent with prior annual financial statements. |
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6 months | Full year | 6 months |
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2 | Net interest credit/(charge) | 2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Interest payable on non utilisation of revolving credit facility | - | (19) | (15) |
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Interest due on deposits | 10 | - | - |
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Interest due on loan note | 37 | 7 | - |
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47 | (12) | (15) |
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3 | Tax on profit on ordinary activities |
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The standard rate of tax for the period, based on the UK standard rate is 23% (2012: 24%). |
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6 months | Full year | 6 months |
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4 | Loss per share | 2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Weighted average number of ordinary shares | 10,400,020 | 10,400,020 | 10,400,020 |
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Loss (£000s) | (10) | (6,625) | (127) |
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Loss per share (pence) | (0.10) | (63.70) | (1.22) |
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5 | Dividends |
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6 months | Full year | 6 months |
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2013 | 2012 | 2012 |
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Dividends paid and proposed on equity shares | £'000 | £'000 | £'000 |
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- final dividend for the year ended 2012 nil (2011: £0.01) per ordinary share | - | 104 | 104 |
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6 | Debtors | 30 June | 31 December | 30 June |
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2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Loan note | 1,000 | 1,000 | - |
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Interest on loan note | 44 | 7 | - |
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Interest on deposits | 10 | - | - |
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Other taxation and social security | - | 21 | 4 |
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Prepayments | 28 | 5 | 10 |
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1,082 | 1,033 | 14 |
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The principal amount of the loan notes issued is £1,000,000. Interest is charged at 7% on the outstanding principal amount of notes. Up to and including the first anniversary of the date of the instrument, interest will accrue and be compounded three-monthly with the aggregate of all such compounded interest falling due on the first anniversary of the instrument. | |||||||||||||
£333,333 of the notes in issue will be repaid in full on the first anniversary of the date of the instrument together with the interest due. The remainder of the notes will be repaid at a rate of £83,333 every three months until completion, being 36 months from the date of the instrument. | |||||||||||||
Of the total amount of debtors, £500,000 is due for repayment after more than one year. | |||||||||||||
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7 | Cash | 30 June | 31 December | 30 June |
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2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Cash | 78 | 40 | - |
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Short term deposits | 2,700 | 2,793 | - |
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2,778 | 2,833 | - |
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8 | Creditors: falling due within one year | 30 June | 31 December | 30 June |
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2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Trade creditors | 10 | 2 | 18 |
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Bank overdraft | - | - | 162 |
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Accruals and deferred income | 12 | 16 | 30 |
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Amounts owed to subsidiary undertakings | - | - | 4,967 |
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22 | 18 | 5,177 |
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9 | Called-up share capital | 30 June | 31 December | 30 June |
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2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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Called-up, allotted and fully paid |
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10,400,020 ordinary shares of 10p each (2012: 10,400,020) | 1,040 | 1,040 | 1,040 |
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The company has one class of ordinary shares which carry no right to fixed income. |
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6 months | Full year | 6 months |
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10 | Reconciliation of net funds | 2013 | 2012 | 2012 |
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£'000 | £'000 | £'000 |
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(Decrease)/increase in cash | (55) | 2,833 | - |
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Change in net funds resulting from cash flow | (55) | 2,833 | - |
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Net funds 1 January 2013 | 2,833 | - | - |
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Net funds 30 June 2013 | 2,778 | 2,833 | - |
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11 | Related party transactions | ||||||||||||
On 23 November 2012 the 100% investment in Autoclenz Limited was sold to four of the Autoclenz Limited management team, Mr T Clingo (Finance Director of Aimshell Acquisitions plc, resigned 23 November 2012), Mr G Rummery (Chief Executive of Aimshell Acquisitions plc, resigned 23 November 2012), Mr D Worrall (Operations Director of Autoclenz Limited), Mr M Ward (Operations Director of Autoclenz Limited) and two investors Mr A Reynolds and Mr P Foulger. |
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The investment in Autoclenz Limited was sold for £4,000,000, being £3,000,000 in cash and £1,000,000 in loan notes to be repaid within 3 years. At the year end amounts owed by the related parties were £1,000,000. The sale of Autoclenz Limited resulted in a loss on disposal of £11,508,000. |
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Autoclenz Limited is currently involved in the day to day administrative duties of Aimshell Acquisitions plc while it seeks investment. |
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