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Final Results for the year to 31 December 2014

26 Jun 2015 14:00

RNS Number : 3767R
Red Leopard Holdings PLC
26 June 2015
 



Red Leopard Holdings Plc

("Red Leopard" or the "Company")

 

Final Results for the year to 31 December 2014

 

I am pleased to present the financial statements for the year to 31 December 2014 for Red Leopard Holdings Plc and its wholly owned subsidiaries (together the "Group").

 

Total equity of the Group as at 31 December 2014 was £330,613 (2013: £320,111) and the loss for the year attributable to the equity holders of the parent was £170,113 (2013: £358,681).

 

As at 31 December 2014 net cash for the Group was £9,471 (2013: £120,999).

 

At the beginning of the year, the Company established a wholly owned subsidiary, Minera Red Leopard Chile SpA ("MRLC"). Through MRLC, the Company assisted in the facilitation of the sale by Sociedad De Asesoria Jurdica y Economica Minem S.A. ("Minem"), a private company, of two properties, TresAmantes and San Antonio, located in the Atacama Region of Chile, to TSXV listed Cougar Minerals Corp ("Cougar"). In consideration, Minem has paid the Company US$25,000 in cash and 300,000 ordinary shares ("Consideration Shares") in Cougar representing a proportion of the consideration Minem received for the properties.

Throughout the year the Company worked with the U.S. Bureau of Land Management ("BLM") in respect of its plans to develop the Idora Tunnel for the purposes of exploration on its mining claims in the vicinity of Shoshone County, Idaho and in particular to reopen the Idora Tunnel. Those plans were approved in August 2014, following the posting of a $7,300 reclamation bond.

 

Subsequently, the Company engaged Coeur d'Alene Mining Contracting LLC ("Coeur d'Alene") who have carried out work on site. Coeur d'Alene has successfully removed the rock falls and debris at the entrance to the Idora Mine portal and has installed a metal culvert to permit safe exploration access to the Tunnel. However, the Company announced in January 2015 that further in the Tunnel, rock falls have been discovered which currently hinder access to the ore body and any sampling thereof. Due to the Health & Safety complexities, there are likely to be additional costs which were not originally budgeted for. The onset of winter and heavy snow curtailed progress in the early part of the year but, subject to additional funding being procured, the Company plans to recommence the clearance of the Tunnel and remains committed to completing this project in a timely manner.

 

A notice convening an Annual General Meeting of the Company to be held on 21 July 2015 at 10am at 50 Jermyn Street, London SW1Y 6LX accompanies the full report and accounts which are available to download from the Company's website: www.redleopardholdings.com.

 

J J May

Chairman

 

Enquiries:

 

Red Leopard Holdings PLC

 

John May, Chairman

Tel: +44 (0) 207 917 6826

 

 

Northland Capital Partners Limited

 

Gerry Beaney/ David Hignell

Tel: +44 (0) 207 382 1100

 

Consolidated statement of comprehensive income for the year ended 31 December 2014

 

 

2014

 

2013

£

£

OTHER OPERATING INCOME

50,293

-

Cost of sales

(17,938)

-

Gross profit

32,355

-

Administrative expenses

(202,370)

(358,681)

OPERATING LOSS

(170,015)

(358,681)

Finance income

17

-

Finance cost

(115)

-

LOSS FROM CONTINUING ACTIVITIES BEFORE TAXATION

(170,113)

(358,681)

Tax expense

-

-

LOSS FOR THE YEAR ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT

(170,113)

(358,681)

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT

(170,113)

(358,681)

Loss per share - basic

(0.07)p

(0.28)p

Loss per share -diluted

(0.07)p

(0.28)p

 

Consolidated statement of financial position

 

2014

2013

£

£

NON CURRENT ASSETS

Intangible assets

466,434

433,333

466,434

433,333

CURRENT ASSETS

Trade and other receivables

22,505

28,758

Cash and cash equivalents

9,471

120,999

TOTAL CURRENT ASSETS

31,976

149,757

TOTAL ASSETS

498,410

583,090

EQUITY

Share capital

1,535,667

1,500,800

Share premium account

4,017,194

3,862,860

Share based payment reserve

60,002

60,002

Retained earnings

(5,282,250)

(5,103,551)

TOTAL EQUITY

330,613

320,111

CURRENT LIABILITIES

Trade and other payables

167,797

262,979

TOTAL CURRENT LIABILITIES

167,797

262,979

TOTAL LIABILITIES

167,797

262,979

TOTAL EQUITY AND LIABILITIES

498,410

583,090

 

 

Company statement of financial position for the year ended 31 December 2014

 

 

Year ended31 December2014

Year ended31 December2013

£

£

NON-CURRENT ASSETS

Investments

437,433

433,433

TOTAL NON-CURRENT ASSETS

437,433

433,433

CURRENT ASSETS

Trade and other receivables

54,545

27,704

Cash and cash equivalents

9,471

120,992

TOTAL CURRENT ASSETS

64,016

148,696

TOTAL ASSETS

501,449

582,129

EQUITY

Share capital

1,535,667

1,500,800

Share premium account

4,017,194

3,862,860

Share based payment reserve

60,002

60,002

Retained earnings

(5,284,812)

(5,110,113)

TOTAL EQUITY

328,051

313,549

CURRENT LIABILITIES

Trade and other payables

173,398

268,580

TOTAL CURRENT LIABILITIES

173,398

268,580

TOTAL LIABILITIES

173,398

268,580

TOTAL EQUITY AND LIABILITIES

501,449

582,129

 

Consolidated statement of changes in equity for the year ended 31 December 2014

 

 

Share capital

Sharepremium

account

Share based payment reserve

Retainedearnings

Totalequity

£

£

£

£

£

At 1 January 2014

1,500,800

3,862,860

60,002

(5,103,551)

320,111

Loss for the year

-

-

-

(170,113)

(170,113)

Total comprehensive income

1,500,800

3,862,860

 

60,002

(5,273,664)

149,998

Transactions with owners:

Equity component of compound instrument

-

-

 

-

(8,586)

(8,586)

Issue of share capital

34,867

154,334

-

-

189,201

Total transactions with owners

34,867

154,334

-

(8,586)

180,615

At 31 December 2014

1,535,667

4,017,194

60,002

(5,282,250)

330,613

 

 

Share capital

Sharepremium

account

Share based payment reserve

Retainedearnings

Totalequity

£

£

£

£

£

At 1 January 2013

1,368,334

3,097,263

60,002

(4,755,174)

(229,575)

Loss for the year

-

-

-

(358,681)

(358,681)

Total comprehensive income

1,368,334

3,097,263

 

60,002

(5,113,855)

(588,256)

Transactions with owners:

Equity component of compound instrument

-

-

 

-

10,304

10,304

Issue of share capital

132,466

765,597

-

-

898,063

Total transactions with owners

132,466

765,597

-

10,304

908,367

At 31 December 2013

1,500,800

3,862,860

60,002

(5,103,551)

320,111

 

 

 

Company statement of changes in equity for the year ended 31 December 2014

 

Share capital

Sharepremium

account

Share based payment reserve

Retainedearnings

Totalequity

£

£

£

£

£

At 1 January 2014

1,500,800

3,862,860

60,002

(5,110,113)

313,549

Loss for the year

-

-

-

(166,113)

(166,113)

Total comprehensive income

1,500,800

3,862,860

60,002

(5,276,226)

147,436

Transactions with owners:

Equity component of compound instrument

-

-

 

-

(8,586)

(8,586)

Issue of share capital

34,867

154,334

-

-

189,201

Total transactions with owners

34,867

154,334

-

(8,586)

180,615

At 31 December 2014

1,535,667

4,017,194

60,002

(5,284,812)

328,051

 

 

 

Share capital

Sharepremium

account

Share based payment reserve

Retainedearnings

Totalequity

£

£

£

£

£

At 1 January 2013

1,368,334

3,097,263

60,002

(4,762,572)

(236,973)

Loss for the year

-

-

-

(357,845)

(357,845)

Total comprehensive income

1,368,334

3,097,263

60,002

(5,110,113)

(594,818)

Transactions with owners:

Equity component of compound instrument

-

-

 

-

10,304

10,304

Issue of share capital

132,466

765,597

-

-

898,063

Total transactions with owners

132,466

765,597

-

10,304

908,367

At 31 December 2013

1,500,800

3,862,860

60,002

(5,110,113)

313,549

 

 

 

Consolidated statement of cash flows for the year ended 31 December 2014

 

2014

2013

£

£

CASH FLOWS USED IN OPERATING ACTIVITIES

(103,248)

(205,953)

INVESTING ACTIVITIES

Interest received

17

-

Interest paid

(115)

-

Purchase of intangible assets

(33,101)

-

CASH FLOWS USED IN INVESTING ACTIVITIES

(33,199)

-

FINANCING ACTIVITIES

Issue of share capital

45,450

321,397

Repayment of loan notes

(20,531)

-

CASH FLOWS FROM FINANCING ACTIVITIES

24,919

321,397

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

(111,528)

115,444

Cash and cash equivalents brought forward

120,999

5,555

CASH AND CASH EQUIVALENTS CARRIED FORWARD

9,471

120,999

 

Company statement of cash flows

 

2014

2013

£

£

CASH FLOWS USED IN OPERATING ACTIVITIES

(132,342)

(205,960)

INVESTING ACTIVITIES

Investment in subsidiary undertakings

(4,000)

-

Interest received

17

-

Interest paid on loans

(115)

-

CASH FLOWS USED IN INVESTING ACTIVITIES

(4,098)

-

FINANCING ACTIVITIES

Issue of share capital

45,450

321,397

Repayment of loan notes

(20,531)

-

CASH FLOWS FROM FINANCING ACTIVITIES

24,919

321,397

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

(111,521)

115,437

Cash and cash equivalents brought forward

120,992

5,555

CASH AND CASH EQUIVALENTS CARRIED FORWARD

9,471

120,992

 

 

 

 

 

Notes:

 

1. This statement has been prepared using accounting policies and presentation consistent with those applied in the preparation of the statutory accounts of the Company.

 

2. The summary accounts set out above do not constitute statutory accounts as defined by Section 428 of the UK Companies Act 2006. The consolidated statement of comprehensive income, the consolidated and company statements of financial position, consolidated and company statement of changes in equity and the consolidated and company statements of cash flows for the year ended 31 December 2014 have been extracted from the Company's 2014 statutory financial statements upon which the auditor's opinion is unqualified. The results for the year ended 31 December 2014 have been extracted from the statutory accounts for that period, which contain an unqualified auditor's report.

 

3. The auditor's opinion, which is not qualified, contains an emphasis of matter in respect of the gong concern assessment. The statutory financial statements are presented on the going concern basis and, based upon the expectation that further funds will be raised in the near future, the Directors believe there will be sufficient resources to continue trading for at least twelve months from the date of approval of these financial statements. The completion of a successful fundraise has been identified as a material uncertainty over the going concern assessment. In the short term, prior to the completion of a successful fundraise, the Directors will support the company in meeting unavoidable expenditure.

 

4. Basic loss per ordinary share for the year is based on the loss of £170,113 (2013: £358,681) and a weighted average of 246,705,112 (2013: 127,690,964) ordinary shares.

 

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares. Items included in the calculation are options for ordinary shares.

The effect of conversion of all potential dilutive ordinary shares would have an anti-dilutive effect on earnings per share and therefore they have been incorporated in the diluted earnings per share calculation. Potential ordinary shares are only treated as dilutive when their conversion to ordinary shares would decrease profit per share or increase loss per share.

 

5. The annual report and accounts are available to download from the Company's website, www.redleopardholdings.com.

 

6. An Annual General Meeting of the Company will be held on 21 July 2015, at 50 Jermyn Street London, SW1Y 6LX.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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