Last checked at 13 Oct 2017 07:00
Levrett Plc
("Levrett" or the "Company")
Interim Results
for the period ended 30 September 2017
Levrett, a company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector, announces its interim results for the period ended 30 September 2017.
For further information please contact:
Levrett plc John Lidgey - Chairman
| +44 (0)20 7183 4342
|
Whitman Howard Limited Financial Advisor to Levrett Nick Lovering
| +44 (0)20 7659 1234
|
Gable Communications Ltd John Bick
| +44 (0)20 7193 7463
levrett@gablecommunications.com
|
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 30 September 2017
Introduction
These are the results for Levrett Plc for the interim period ended 30 September 2017.
The company was incorporated on 10 June 2015 and was admitted to the Official List of the UK Listing Authority on 17 December 2015.
Financial review
In the six months to 30 September 2017, the Company recorded a loss for the period of £77,504 (a loss per share of 0.08 pence). This includes certain fees in relation to the identification of Nuformix Limited as a possible acquisition target, due diligence and advisory fees related to the transaction.
F J Lidgey
Chairman
13 October 2017
LEVRETT PLC
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 September 2017
| ||||
Unaudited | Unaudited | Audited | ||
period ended | period ended | year ended | ||
30 September 2017 | 30 September 2016 | 31 March 2017 | ||
£ | £ | £ | ||
Revenue | - | - | - | |
Administrative expenses |
(77,504) |
(510,957) |
(685,057) | |
LOSS BEFORE TAX |
|
(77,504) |
(510,957) |
(685,057) |
Tax | - | - | - | |
LOSS FOR THE PERIOD | (77,504) | (510,957) | (685,057) | |
Other comprehensive income/(expense) | - | - | - | |
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD |
(77,504) |
(510,957) |
(685,057) | |
|
Loss before tax and total comprehensive expense for the period are all attributable to the equity shareholders of the company.
Loss per share | ||||
Basic and diluted (pence) | (0.08) p | (0.53) p | (0.72) p |
LEVRETT PLC
INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 30 September 2017
Unaudited | Unaudited | Audited | ||
30 September | 30 September | 31 March | ||
2017 | 2016 | 2017 | ||
Notes | £ | £ | £ | |
ASSETS | ||||
Current assets | ||||
Trade and other receivables | 142,556 | 35,310 | 13,727 | |
Cash and cash equivalents
| 699
| 111,358
| 5,895
| |
143,255 | 146,668 | 19,622 | ||
TOTAL ASSETS | 143,255 | 146,668 | 19,622 | |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Share capital | 3 | 95,750 | 95,750 | 95,750 |
Share premium account | 737,440 | 734,315 | 737,440 | |
Share Option Reserve | 22,695 | 22,695 | 22,695 | |
Retained earnings | (1,112,981) | (861,376) | (1,035,477) | |
Total equity attributable to equity holders of the parent | ||||
(257,096) | (8,616) | (179,592) | ||
Current liabilities | ||||
Trade and other payables | 400,351 | 155,284 | 199,214 | |
TOTAL LIABILITIES | 400,351 | 155,284 | 199,214 | |
TOTAL EQUITY AND LIABILITIES | 143,255 | 146,668 | 19,622 |
LEVRETT PLC
INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 September 2017
Share | |||||
Share | Premium | Share Option | Retained | ||
capital | account | Reserve | earnings | Total | |
£ | £ | £ | £ | £ | |
On Incorporation | - | - | - | - | - |
Total comprehensive expense to date |
- |
- |
- |
(861,376) |
(861,376) |
Shares issued | 95,750 | 734,315 | 22,695 | - | 852,760 |
Unaudited at 30 September 2016 | 95,750 | 734,315 | 22,695 | (861,376) | (8,616) |
Total comprehensive expense to 31 March 2017 |
- |
- |
- |
(174,101) |
(174,101) |
Grant of share options | - | 3,125 | - | - | 3,125 |
|
|
|
|
|
|
Audited at 31 March 2017 | 95,750 | 737,440 | 22,695 | (1,035,477) | (179,592) |
Total comprehensive expense for period |
- |
- |
- |
(77,504) |
(77,504) |
Shares issued | - | - | - | - | - |
Unaudited at 30 September 2017 | 95,750 | 737,440 | 22,695 | (1,112,981) | (257,096) |
All equity is attributable to equity shareholders of the company.
Share premium
Represents amounts subscribed for share capital in excess of its nominal value, net of directly attributable issue costs.
LEVRETT PLC
INTERIM STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 September 2017
Unaudited | Unaudited | Audited | ||
period ended | period ended | Year ended | ||
30 September 2017 | 30 September 2016 | 31 March 2017 | ||
| £ | £ | £ | |
Operating activities | ||||
Loss before tax | (77,504) | (510,957) | (685,057) | |
Changes in working capital: | ||||
Share Issue, option of warrants | - | - | 3,125 | |
(Increase)/ Decrease in trade and other receivables | (128,829) | 7,268 | 28,851 | |
Increase in trade and other payables | 201,137 | 112,834 | 156,763 | |
Net cash used in operating activities | (5,196) | (390,855) | (496,318) | |
Financing activities | ||||
Share issue | - | - | - | |
Net cash generated from financing activities | (5,196) | (390,855) | (496,318) | |
Taxation | - | - | - | |
Net decrease in cash and cash equivalents | (5,196) | (390,855) | (496,318) | |
Cash and cash equivalents at the start of the period | 5,895 | 502,213 | 502,213 | |
Cash and cash equivalents at the end of the period | 699 | 111,358 | 5,895 | |
LEVRETT PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE PERIOD ENDED 30 September 2017
1 General information
Levrett Plc is a publicly listed company incorporated and domiciled in England. The address of its registered office is Suite 31, 2nd Floor, 107 Cheapside, London. EC2V 6DN.
The Company is listed on the Official List.
This interim financial information was approved for issue on 13 October 2017.
2 Accounting policies
2.1 Basis of preparation
The interim financial information comprises the Statements of Financial Position at 30 September 2017, the Statements of Comprehensive Income, Changes in Equity and Cash Flows for the period ended 30 September 2017 and the related notes of Levrett Plc, (hereinafter referred to as "the interim financial information").
The interim financial information has been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. In preparing this information, management have used the accounting policies set by the Company. The auditors' report on the full statutory accounts for the year ended 31 March 2017 included an Emphasis of Matter paragraph with regards to going concern. The accounts for the year ended 31 March 2017 have been filed with the Registrar of Companies.
This interim financial information does not constitute a set of statutory accounts under the requirements of the Companies Act 2006 and is neither audited nor reviewed.
This document (the Interim Statement 2017) will be published on the company's website and will be publicly available from the London Stock Exchange regulatory publications. The maintenance and integrity of the Levrett Plc website is the responsibility of the directors. Legislation in the UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
2.2 Going concern
These financial statements have been prepared on the going concern basis based on the current cash flow projections for the following twelve months. In particular, the directors have assumed that the acquisition of Nuformix Limited and the placing of ordinary shares will be approved by the Company's shareholders on 13 October 2017.
LEVRETT PLC
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE PERIOD ENDED 30 September 2017
3 | Share capital | Unaudited | Unaudited | Audited |
| ||||
period ended | period ended | year ended |
| ||||||
30 September 2017 | 30 September 2016 | 31 March 2017 |
| ||||||
£ | £ | £ |
| ||||||
Issued and fully paid |
| ||||||||
95,750,000 Ordinary shares issued of £0.001 each | 95,750 | 95,750 |
95,750 | ||||||
95,750 | 95,750 | 95,750 | |||||||
On Admission to the Official List, 45,750,000 of the above issued share capital was placed at a price of £0.02 per share with the premium (net of the issue costs) being shown in the share premium account.
4 | Dividends paid and proposed | |||||
Equity dividends on ordinary shares:
| ||||||
No interim dividend was paid or is proposed for the period ended 30 September 2017. | ||||||
5 | Loss per share |
The calculations of loss per share are based on the following results and number of shares:
Unaudited | Unaudited | Audited |
| ||||||
period ended | period ended | year ended |
| ||||||
30 September 2017 | 30 September 2016 | 31 March 2017 |
| ||||||
£ | £ | £ |
| ||||||
| |||||||||
Loss for the financial period | (77,504) | (510,957) | (685,057) |
| |||||
| |||||||||
Weighted average number of shares for diluted loss per share | 95,750,000 |
95,750,000 | 95,750,000 |
| |||||
| |||||||||
At 30 September 2017, the number of ordinary shares in issue was 95,750,000.
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LEVRETT PLC
DIRECTORS AND OFFICERS
Directors | P D Hughes F J Lidgey |
A H Reeves | |
Secretary | St James Corporate Services Limited |
Company Number | 09632100 |
Registered office | Suite 31 2nd Floor, 107 Cheapside |
London | |
EC2V 6DN | |
www.levrett.com | |
Broker & Corporate Broker | Whitman Howard Limited 1st Floor, Connaught House 1-3 Mount Street London W1K 3NB |
Auditors |
haysmacintyre |
26 Red Lion Square | |
London | |
WC1R 4AG | |
Solicitors | Shakespeare Martineau LLP |
One America Square Crosswall London EC3N 2SG | |
Registrars | Capita Registrars Limited |
The Registry 34 Beckenham Road Beckenham | |
Kent | |
BR3 4TU | |