30 Sep 2010 07:00
RED LEOPARD HOLDINGS PLC
Interim Accounts for Red Leopard Holdings Plc ("Red Leopard" or the "Group") for the six months ended 30 June 2010
Red Leopard presents the unaudited interim accounts for the six months ended 30th June 2010.
The Board is continuing to look at opportunities in the property, leisure and hospitality sectors and is hopeful of an announcement before the year end of a suitable acquisition.
A copy of the interim results will be available on the Company's website www.redleopardholdings.com
For further information, please contact:
John May, Red Leopard Holdings Plc, Tel: 020 7747 8385
Luke Cairns, Astaire Securities Plc, Tel: 020 7492 4750
Consolidated statement of comprehensive income
|
| Note | (unaudited) 6 months to 30 June 2010 | (unaudited) 6 months to 30 June 2009 |
Year to 31 December 2009 |
|
|
| £ | £ | £ |
| Overheads |
|
|
|
|
| Administrative expenses |
| (97,178) | (83,018) | (161,747) |
|
|
|
|
|
|
| Operating loss before finance |
| (97,178) | (83,018) | (161,747) |
|
|
|
|
|
|
| Finance income |
| 25,225 | 223 | 224 |
| Finance cost |
| (2,294) | (3,317) | (19,291) |
|
|
|
|
|
|
| Loss from continuing activities before taxation |
| (74,248) | (86,112) | (180,814) |
|
|
|
|
|
|
| Tax expense |
| - | - | - |
|
|
|
|
|
|
| Loss for the year attributable to the equity holders of the parent |
| (74,248) | (86,112) | (180,814) |
|
|
|
|
|
|
| Loss per share: |
|
|
|
|
| Basic and diluted | 3 | (0.017) | (0.022) | (0.05) |
|
|
|
|
|
|
Consolidated statement of financial position
|
| Notes | (unaudited) 30 June 2010 | (unaudited) 30 June 2009 |
31 December 2009 |
|
|
| £ | £ | £ |
| Current assets |
|
|
|
|
| Trade and other receivables |
| 7,825 | 11,735 | 6,395 |
| Cash and cash equivalents |
| 39,202 | 168,671 | 109,857 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total current assets |
| 47,027 | 180,406 | 116,252 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total assets |
| 47,027 | 180,406 | 116,252 |
|
|
| ========================= | ========================= | ========================= |
| EQUITY |
|
|
|
|
|
|
|
|
|
|
| Share capital | 5 | 886,917 | 798,227 | 798,227 |
| Share premium account |
| 3,055,831 | 2,723,241 | 2,723,241 |
| Share based payment reserve |
| 60,002 | 60,002 | 60,002 |
| Other reserve |
| - | 72,414 | 72,414 |
| Retained earnings |
| (4,148,722) | (3,979,772) | (4,074,474) |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total equity |
| (145,972) | (325,888) | (420,590) |
|
|
| ========================= | ========================= | ========================= |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
| Trade and other payables |
| 192,999 | 135,534 | 162,764 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total current liabilities |
| 192,999 | 135,534 | 162,764 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Non-current liabilities |
|
|
|
|
| Borrowings | 4 | - | 370,760 | 374,078 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total non-current liabilities |
| - | 370,760 | 374,078 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total liabilities |
| 192,999 | 506,294 | 536,842 |
|
|
| ------------------------- | ------------------------- | ------------------------- |
| Total equity and liabilities |
| 47,027 | 180,406 | 116,252 |
|
|
| ========================= | ========================= | ========================= |
Consolidated statement of changes in equity
|
|
Share capital | Share premium account |
Share options reserve |
Other reserve |
Profit and loss account |
Total equity |
|
| £ | £ | £ | £ | £ | £ |
| Changes in equity for first half of 2010 (unaudited) |
|
|
|
|
|
|
| Balance at 31 December 2009 | 798,227 | 2,723,241 | 60,002 | 72,414 | (4,074,474) | (420,590) |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
|
|
|
|
|
|
|
|
| Loss for the period | - | - | - | - | (74,728) | (74,728) |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| Total recognised income and expense for the period | - | - | - | - | (74,728) | (74,728) |
|
|
|
|
|
|
|
|
| Issue of share capital | 88,690 | 332,590 | - | (72,414) | - | 348,866 |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| Balance at 30 June 2010 | 886,917 | 3,055,831 | 60,002 | - | (4,148,722) | (145,972) |
|
| ========================= | ========================= | ========================= | ========================= | ========================= | ========================= |
| Changes in equity for first half of 2009 (unaudited) |
|
|
|
|
|
|
| Balance at 31 December 2008 | 798,227 | 2,723,241 |
60,002 |
72,414 |
(3,893,660) |
(239,776) |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| ------------------------- |
|
|
|
|
|
|
|
|
| Loss for the period | - | - | - | - | (86,112) | (86,112) |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| Total recognised income and expense for the period | - | - | - | - | (86,112) | (86,112) |
|
Options contracts issued | - |
|
- |
- |
- |
- |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| Balance at 30 June 2009 | 798,227 | 2,723,241 | 60,002 | 72,414 | (3,979,772) | (325,888) |
|
| ========================= | ========================= | ========================= | ========================= | ========================= | ========================= |
| Changes in equity for 2009 |
|
|
|
|
|
|
| Balance at 31 December 2008 | 798,227 | 2,723,241 |
60,002 |
72,414 |
(3,893,660) |
(239,776) |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
|
|
|
|
|
|
|
|
| Loss for the period | - | - | - | - | (180,814) | (180,814) |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| Total recognised income and expense for the period | - | - | - | - | (180,814) | (180,814) |
|
|
|
|
|
|
|
|
| Share-based payment expense | - | - |
- |
- |
- |
- |
|
| ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- |
| Balance at 31 December 2009 | 798,227 | 2,723,241 | 60,002 | 72,414 | (4,074,474) | (420,590) |
|
| ========================= | ========================= | ========================= | ========================= | ========================= | ========================= |
Consolidated statement of cash flows
|
| (unaudited) 6 months to 30 June 2010 | (unaudited) 6 months to 30 June 2009 |
Year to 31 December 2009 |
|
| £ | £ | £ |
| Cash flows used in operating activities
|
|
|
|
| Operating loss | (97,178) | (83,018) | (161,747) |
| Adjustments for: |
|
|
|
| Share based payments | - | - | - |
| Decrease/(Increase) in trade and other receivables | (1,430) | 40,767 | 46,108 |
| Increase in trade payables | 30,235 | 24,349 | 48,261 |
|
| ------------------------- | ------------------------- | ------------------------- |
| Net cash from operating activities | (68,373) | (17,902) | (67,378) |
|
| ------------------------- | ------------------------- | ------------------------- |
Cash flows from investing activities
| Interest received | 12 | 223 | 224 |
| Interest paid on loans | (2,294) | (3,317) | (12,656) |
|
| ------------------------- | ------------------------- | ------------------------- |
| Net cash used in investing activities | (2,282) | (3,094) | (12,432) |
|
| ------------------------- | ------------------------- | ------------------------- |
Cash flows from financing activities
| Issue of ordinary shares | - | - | - |
|
| ------------------------- | ------------------------- | ------------------------- |
| Net cash used in financing activities | - | - | - |
|
| ------------------------- | ------------------------- | ------------------------- |
| Net decrease in cash and cash equivalents | (70,655) | (20,996) | (79,810) |
| Cash and cash equivalents at beginning of period | 109,857 | 189,667 | 189,667 |
|
| ------------------------- | ------------------------- | ------------------------- |
| Cash and cash equivalents at end of period | 39,202 | 168,671 | 109,857 |
|
| ========================= | ========================= | ========================= |
Notes to the consolidated financial statements
1 Nature of operations and general information
The principal activity of Red Leopard Holdings plc and its subsidiaries (the "Group") during the period was looking for opportunities in the property, leisure and hospitality sectors.
Red Leopard Holdings plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Red Leopard Holdings plc's registered office is 233-237 Old Marylebone Road, London, NW1 5QT. Red Leopard Holdings plc's shares are listed on the Alternative Investment Market of the London Stock Exchange.
2 Basis of preparation
The financial information presented in this half-yearly report constitutes the condensed consolidated financial statements (the interim financial statements) of Red Leopard Holdings plc for the six months ended 30 June 2010.
The interim financial statements should be read in conjunction with the Annual Report and Accounts for the year ended 31 December 2009 which have been prepared in accordance with International Financial Reporting Standards as adopted for use in the EU. The financial information in this half yearly report, which has been approved by the Board and authorised for issue is unaudited. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 (3) of the Companies Act 2006. The comparative financial information presented herein for the year ended 31 December 2009 has been extracted from the Group's Annual Report and Accounts for the year ended 31 December 2009 which have been delivered to the Registrar of Companies.
These financial statements have been prepared under the historical cost convention.
These consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2009.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these consolidated interim financial statements. The consolidated financial information includes the accounts of the Company and its subsidiaries, after the elimination of inter-company transactions and balances.
3 Loss per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the loss and weighted average number of shares used in the calculations are set out below.
|
| Loss | Weighted average number of shares | Per share amount |
| 6 months to 30 June 2010 | £ |
| Pence |
| Loss attributable to ordinary shareholders | (74,248) |
|
|
| Weighted average number of shares (used for basic earnings per share) |
| 430,473,542 |
|
| Basic loss per share |
|
| (0.017) |
|
|
|
| ========================= |
6 months to 30 June 2009
| Loss attributable to ordinary shareholders | (83,018) |
|
|
| Weighted average number of shares (used for basic earnings per share) |
| 399,113,333 | (0.022) |
| Basic loss per share |
|
|
|
|
|
|
| ========================= |
Year to 31 December 2009
| Loss attributable to ordinary shareholders | (180,814) |
|
|
| Weighted average number of shares (used for basic earnings per share) |
| 399,113,333 |
|
| Basic loss per share |
|
| (0.05) |
|
|
|
| ========================= |
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 to be included in the calculation are:
- Options for ordinary shares
- Convertible loan notes for ordinary shares
The effect of conversion of all potential dilutive ordinary shares would have an anti-dilutive effect on loss per share and therefore they have not been incorporated in the diluted loss per share calculation.
4 Borrowings
On 22 February 2010, the Company announced the loan note ('Notes') instrument dated 6 March 2007 for £421,874.00 had been satisfied and redeemed in full. In consideration of the redemption of the Notes, the Company issued and allotted 44,345,296 ordinary shares (the "Conversion Shares") to the holders of the Notes in proportion to their respective holdings in the Notes, representing approximately 10.0 per cent of the total number of issued and fully paid ordinary shares of Red Leopard as enlarged by the issue of the Conversion Shares and equating to 0.95p per share.
5 Share Capital
Shares issued and authorised for the period to 30 June 2010 are summarised as follows:
6 months to 30 June 2010
|
| Number | £ |
| At 1 January 2010 | 399,113,333 | 798,227 |
| Issue of shares | 44,345,296 | 88,690 |
| At 30 June 2010 | 443,458,629 | 886,917 |
|
| ========================= | ========================= |
6 months to 30 June 2009
|
| Number | £ |
| At 1 January 2009 | 399,113,333 | 798,227 |
| Issue of shares | - | - |
| At 30 June 2009 | 399,113,333 | 798,227 |
|
| ========================= | ========================= |
Year to 31 December 2009
|
| Number | £ |
| At 1 January 2009 | 399,113,333 | 798,227 |
| Issue of shares | - | - |
| At 31 December 2009 | 399,113,333 | 798,227 |
|
| ========================= | ========================= |