8 Dec 2020 11:09
8 December 2020
Phimedix Plc
(Formerly Zibao Metals Recycling Holdings Plc)
("Phimedix" or the "Company")
Half Year Results
Phimedix Plc (AIM: PHM) is pleased to announce the Company's unaudited half year results for the six months ended 30 September 2020.
Results
The results for the year are set out in the Statement of Comprehensive Income. The Company made a total comprehensive loss in the period of £36K (1H2019: £42K).
Director's Statement
Following the disposal of Masterpiece Enterprises Limited in March 2020, the Company became an AIM Rule 15 cash shell and has been seeking acquisition targets which would result in a reverse takeover of the Company.
The search for an appropriate acquisition has been hampered by the onset of the COVID-19 pandemic and resultant lockdown across the UK and internationally in late March 2020. Nevertheless, the Board has evaluated several opportunities during the period although, to date, nothing has been identified as being suitable.
In accordance with the AIM Rules for Companies, trading in the Company's shares on AIM was suspended six months after it became an AIM Rule 15 cash shell, on 14 September 2020, as a reverse takeover had not been completed by this date.
Outlook
The Board continues to evaluate acquisition opportunities with a view to completing an acquisition at the earliest opportunity.
In the event that no transaction is completed in the six months following the suspension of trading in the Company's shares, the London Stock Exchange will cancel the admission of the Company's ordinary shares to trading on AIM.
The Board keep shareholders appraised, as appropriate.
For further information please contact:
Phimedix Plc Nicholas Nelson, Director
SPARK Advisory Partners Limited (Nominated Adviser) Mark Brady
|
nelson@nexfin.org.uk www.phimedix.com
+44 203 368 3550 |
Statement of Comprehensive Income
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| Notes | 6 monthsto 30 September 2020 | 6 monthsto 30 September 2019 |
Year to 31 March 2020 |
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| £'000 | £'000 | £'000 |
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| UNAUDITED | UNAUDITED | AUDITED |
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Continuing operations |
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Revenue |
| - | - | - |
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Cost of sales |
| - | - | - |
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| ─────── | ─────── | ─────── |
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Gross profit |
| - | - | - |
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Other revenues |
| - | - | - |
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Selling and distribution expenses |
| - | - | - |
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Administrative expenses |
| (36) | (42) | (204) |
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Other Operating expenses |
| - | - | - |
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Impairment losses |
| - | - | - |
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| ─────── | ─────── | ─────── |
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Operating (loss)/ profit |
| (36) | (42) | (204) |
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Finance cost |
| - | - | - |
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| ─────── | ─────── | ─────── |
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(Loss)/Profit before tax |
| (36) | (42) | (204) |
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Income tax expense |
| - | - | - |
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| ─────── | ─────── | ─────── |
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(Loss)/profit for the year |
| (36) | (42) | (204) |
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Other Comprehensive income |
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Foreign exchange difference |
| - | - | - |
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| ─────── | ─────── | ─────── |
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(Loss)/Profit and total comprehensive income for the period |
| (36) | (42) | (204) |
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| ═══════ | ═══════ | ═══════ |
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(Loss)/Profit and total comprehensive income for the year attributable to the owners of the Company |
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(36) |
(42) |
(204) |
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| ═══════ | ═══════ | ═══════ |
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(Loss)/Earnings per share
| 5 | £ | £ | £ |
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Basic |
| (0.0001) | (0.0003) | (0.002) |
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Diluted |
| (0.0001) | (0.0003) | (0.002) |
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| ═════ | ═════ | ═════ |
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Statement of Financial Position
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| Notes | As at 30 September 2020 | As at 30 September 2019 | As at 31 March 2020 |
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| £'000 UNAUDITED | £'000 UNAUDITED | £'000 AUDITED |
Assets |
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Non-Current Assets |
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Property, plant and equipment |
| - | - | - |
Investment in subsidiaries |
| - | 95 | - |
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| ─────── | ─────── | ─────── |
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| - | 95 | - |
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| ─────── | ─────── | ─────── |
Current Assets |
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Inventories |
| - | - | - |
Trade receivables |
| - | - | - |
Prepayments, deposits and other receivables |
| 8 | 4 | 8 |
Tax recoverable |
| - | - | - |
Cash and cash equivalents | 6 | 105 | - | 348 |
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| ─────── | ─────── | ─────── |
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| 113 | 4 | 356 |
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| ─────── | ─────── | ─────── |
Total Assets |
| 113 | 99 | 356 |
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| ═══════ | ═══════ | ═══════ |
Equity and liabilities |
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Equity attributable to owners of the company |
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Share capital | 7 | 226 | 1,220 | 226 |
Share premium |
| 4,186 | 3,871 | 4,186 |
Capital redemption reserve |
| 925 | - | 925 |
Share based payments reserve |
| - | 54 | - |
Foreign Exchange reserve |
| - | 628 | - |
Retained earnings |
| (5,255) | (5,739) | (5,219) |
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| ─────── | ─────── | ─────── |
Total Equity |
| 82 | 34 | 118 |
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| ─────── | ─────── | ─────── |
Non-current liabilities |
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Deferred tax |
| - | - | - |
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| ─────── | ─────── | ─────── |
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| - | - | - |
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| ─────── | ─────── | ─────── |
Current liabilities |
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Trade payables |
| - | - | - |
Accrued liabilities and other payables |
| 31 | 65 | 238 |
Tax payable |
| - | - | - |
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| ─────── | ─────── | ─────── |
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| 31 | 65 | 238 |
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| ─────── | ─────── | ─────── |
Total Liabilities |
| 31 | 65 | 238 |
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| ─────── | ─────── | ─────── |
Total Equity and Liabilities |
| 113 | 99 | 356 |
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| ═══════ | ═══════ | ═══════ |
Statement of Cash Flows
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| Notes | 6 months to 30 September 2020 | 6 months to 30 September 2019 | Year to 31 March 2020 | |||
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| £'000 UNAUDITED | £'000 UNAUDITED | £'000 AUDITED | |||
Cash flows from operating activities |
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Net cash from operating activities | 1 | (243) | 23 | - | |||
Taxation |
| - | - | - | |||
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| ───── | ───── | ───── | |||
Net cash (used in)/ generated from operating activities |
| (243) | - | - | |||
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Investing activities |
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Sale of shares in masterpiece |
| - | - | 103 | |||
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| ───── | ───── | ───── | |||
Net generated from / (cash used) in investing activities |
| - | - | 103 | |||
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| ───── | ───── | ───── | |||
Cash flows from financing activities |
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Buy back of shares |
| - | - | (103) | |||
Net proceeds from issue of ordinary shares |
| - | - | 348 | |||
Net cash from / (used in) in financing activities |
| - | - | 245 | |||
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| ───── | ───── | ───── | |||
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Taxation |
| - | - | - | |||
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Net increase / (decrease) in cash and cash equivalents |
| (243) | - | 348 | |||
Cash and cash equivalents at beginning of the period |
| 348 | - | - | |||
Effect of foreign exchange rate changes |
| - | - | - | |||
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| ───── | ───── | ───── | |||
Cash and cash equivalents at the end of the period |
| 105 | - | 348 | |||
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| ═════ | ═════ | ═════ | |||
Represented by: |
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Bank balances and cash |
| 105 | - | 348 | |||
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Notes for Statement of Cash Flows
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1. Net cash from operating activities |
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| 6 months to 30 September 2020 | 6 months to 30 September 2019 |
Year to 31 March 2020 | |||
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| £'000 UNAUDITED | £'000 UNAUDITED | £'000 AUDITED | |||
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Profit/(Loss) before income tax |
| (36) | (42) | (204) | |||
Adjustments for: |
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Depreciation on property, plant and equipment |
| - | - | - | |||
Interest income |
| - | - | - | |||
Gain on sale of subsidiary |
| - | - | (8) | |||
Provision for Obsolete inventories |
| - | - | - | |||
Impairment of Property, plant and equipment |
| - | - | - | |||
Impairment of Goodwill |
| - | - | - | |||
(Increase) / decrease in inventories |
| - | - | - | |||
Decrease/(Increase) in trade receivables |
| - | - | (3) | |||
Decrease / (Increase) in prepayments, deposits and other receivables |
| - | - | - | |||
Increase / (decrease) in trade payables |
| (207) | 42 | 215 | |||
Increase / (decrease) in accrued liabilities and other payables |
| - | - |
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| ───── | ───── | ──── | |||
Cash generated from / (used in) operations |
| (243) | - | - | |||
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| ═════ | ═════ | ════ | |||
Statement of Changes in Equity
| Share Capital | Share premium | Share based payment reserves | Capital Redemption Reserve | Foreign exchange reserve
| Retained Earnings | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
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As at 31 March 2019 | 1,220 | 3,871 | 54 | - | 628 | (5,697) | 76 |
| ═════ | ═════ | ═════ | ═════ | ═════ | ═════ | ═════ |
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Total comprehensive income for the period | - | - | - | - | - | (42) | (42) |
Foreign exchange difference | - | - | - | - | - | - | - |
| ───── | ───── | ───── | ───── | ───── | ───── | ───── |
As at 30 September 2019 | 1,220 | 3,871 | 54 | - | 628 | (5,739) | 34 |
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Issue of share | (69) | 315 | - | - | - | - | 246 |
Total comprehensive income for the period | - | - | - | - | - | (162) | (162) |
Share based payment | - | - | (54) | - | - | 54 | - |
Capital redemption | (925) |
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| 925 | - | - | - |
Foreign exchange difference | - | - | - | - | (628) | 628 | - |
| ───── | ───── | ───── | ───── | ───── | ───── | ───── |
As at 31 March 2020 | 226 | 4,186 | - | 925 | - | (5,219) | 118 |
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Total comprehensive income for the period | - | - | - | - | - | (36) | (36) |
Foreign exchange difference | - | - | - | - | - | - | - |
| ───── | ───── | ───── | ───── | ───── | ───── | ───── |
As at 30 September 2020 | 226 | 4,186 | - | 925 | - | (5,255) | 82 |
| ───── | ───── | ───── | ───── | ───── | ───── | ───── |
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Notes to the interim financial information
1. General information
Phimedix Plc is a company incorporated in England on 9 October 2013. It was admitted to trading on AIM on 20 June 2014. The Company's principal activity is currently that of an AIM Rule 15 cash shell.
2. Basis of preparation and significant accounting policies
This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 March 2020. In previous years, prior to the disposal of Masterpiece Enterprises Limited, the Company published consolidated group accounts.
Taxes
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Standards and Interpretations adopted with no material effect on financial statements
There are no IFRS or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the company.
Standards, interpretations and amendments to published standards that are not yet effective.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial period beginning 1 April 2019 and have not been early adopted.
Reference | Title | Summary | Application date of standard | Application date of Company |
IFRS 17 | Insurance Contracts | IFRS 17 Insurance Contracts | Periods Commencing on or after 1 January 2021 | 1 April 2021 |
IAS 23 | Borrowing Costs | Annual Improvements 2015-2017 Cycle | Periods commencing on or after 1 January 2020 | 1 April 2020 |
The directors anticipate that the adoption of these standards and the interpretations in future periods will have no material impact on the financial statements of the company.
3. Segmental reporting
In the opinion of the directors, there is currently only one geographic reporting segment, which is UK. All revenues and costs are derived from the single segment.
4. Directors' remuneration
| 6 months to 30 September 2020 | 6 months to 30 September 2019 |
Year to 31 March 2020 |
| Salaries, fees and options | Salaries, fees and options | Salaries, fees and options |
| £'000 | £'000 | £'000 |
| UNAUDITED | UNAUDITED | AUDITED |
Wenjie Zhou | - | - | - |
Jianfeng Li | - | - | - |
Chor Wei Ong | - | 3 | 3 |
Chin Phang Kwok | - | 3 | 3 |
Peter Greenhalgh | - | 6 | 9 |
Ajay Rajpal | 6 | 6 | 12 |
Nicholas Nelson | 4 | - | 1 |
| ─────── | ─────── | ─────── |
| 10 | 18 | 28 |
| _________ | _________ | _________ |
5. (Loss)/Earnings per share
(Loss)/Profit per share data is based on the Company profit for the period and the weighted average number of shares in issue.
| 6 months to 30 September 2020 | 6 months to 30 September 2019 |
Year to 31 March 2020 |
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| £'000 | £'000 | £'000 |
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| UNAUDITED | UNAUDITED | AUDITED |
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(Loss)/Profit for the period attributable to owners of Company |
(36) |
(42) |
(204) |
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| ═════ | ═════ | ═════ |
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Weighted average number of ordinary shares for the purposes of basic earnings per share (000's) | 34,400 | 122,010 | 116,838 |
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Weighted average number of ordinary shares for the purposes of diluted earnings per share (000's) | 51,360 | 125,453 | 116,838 |
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| ═════ | ═════ | ═════ |
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| 6 months to 30 September 2020 | 6 months to 30 September 2019 |
Year to 31 March 2020 |
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| £'000 UNAUDITED | £'000 UNAUDITED | £'000 AUDITED |
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Basic loss per share |
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Total basic losses per share | (0.001) | (0.0003) | (0.002) |
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Diluted loss per share |
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Total basic and diluted earnings per share | (0.001) | (0.0003) | (0.002) |
| ───── | ───── | ───── |
6. Cash and cash equivalents
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| As at 30 September 2020 | As at 30 September 2019 | As at 31 March 2020 |
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| £'000 | £'000 | £'000 |
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| UNAUDITED | UNAUDITED | AUDITED
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Cash and bank balances |
| 105 | 0 | 348 |
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| ─────── | ─────── | ─────── |
Cash and bank balances as presented in balance sheets |
| 105 | 0 | 348 |
Add: Pledged fixed deposits |
| - | - | - |
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| ─────── | ─────── | ─────── |
Cash and cash equivalents as presented in statement of cash flows |
| 105 | 0 | 348 |
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| _________ | _________ | _________ |
7. Share capital
The issued share capital as at 30 September 2020 was 34,400,481 ordinary shares of £0.001 each & 19,250,000 deferred shares of £0.009975 (30 September 2019: 122,010,000 ordinary shares of £0.01, 31 March 2020: 34,400,481 ordinary shares of £0.001 each & 19,250,000 deferred shares of £0.009975)
8. Related-party transactions
There were no related party transactions in the period.
9. The unaudited results for the period ended 30 September 2020 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the period ended 31 March 2020 were extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.
10. This interim financial statement will be, in accordance with the AIM Rules for Companies, available shortly on the Company's website at www.phimedix.com.