SOLO.L Regulatory News (SOLO)

31 Jul 2006 18:24

St James's Energy PLC31 July 2006 For Immediate Release St. James's Energy plc Interim Results St. James's Energy plc, the London based energy group, today announced interimresults for the first eight months ended 30 April 2006. Key Financial Highlights: Eight months ended 30.04.06 Unaudited £ Turnover -Operating loss (34,131)Retained loss (34,131)Equity shareholder's funds 172,869 Kiran Morzaria, Executive Director said: "Since St James's Energy's admission to AIM on 19th May 2006 the board hasreviewed a number of investments in the upstream energy and utilities sector.The Directors still believe that, in the current market conditions, goodopportunities exist for investment in situations which are, in their opinion,undervalued or capable of showing an above average return." Enquiries: Kiran Morzaria 020 7016 5100Executive Director, St. James's Energy plc Hugh Oram 020 7710 7400Nabarro Wells & Co. Ltd PROFIT AND LOSS ACCOUNTEight months ended 30 April 2006 Eight months ended 30.04.06 Unaudited Note £ Administrative expenses (35,003) _____________ (35,003) Other income 872 _____________Operating loss (34,131) Tax - _____________Retained loss for the financial period (34,131) _____________ Basic loss per ordinary share 2 (0.03)p Diluted loss per ordinary share 2 (0.03)p STATEMENT OF CHANGES IN EQUITYEight months ended 30 April 2006 £ £ £ Share Retained Total Capital Earnings _______ ________ _______At 22.08.05 - - -Issue of shares 207,000 - 207,000 Loss for the period - (34,131) (34,131) _______ ________ _______Total equity as at 207,000 (34,131) (172,869) _______ ________ _______ BALANCE SHEETAs at 30 April 2006 30.04.06 Unaudited Note £ASSETSCurrent assetsTrade and other receivables 7,200Cash and cash equivalents 167,669 __________Total assets 174,869 __________LIABILITIESCurrent liabilitiesTrade and other payables (2,000) __________Total liabilities (2,000) __________Net Assets 172,869 __________ EQUITY & LIABILITIESEquityShare capital 207,000Retained earnings (34,131) __________Total equity 172,869 __________ CASH FLOW STATEMENTEight months ended 30 April 2006 Eight months ended 30.04.06 Unaudited £Cash flows from operating activitiesLoss before tax (34,131)Investment income (872)Increase in receivables (7,200)Increase in trade payables 2,000 ___________Cash generated from operations (40,203) ___________Net cash from operating activities (40,203) Cash flows from investing activitiesInterest received 872 ___________Net cash used in investing activities (872) Cash flows from financing activitiesProceeds from the issue of share capital 207,000 ___________Net cash used in financing activities 207,000 Net increase in cash and cash equivalents 167,669 ___________Cash and cash equivalents at the beginning of the period - ___________Cash and cash equivalents at the end of the period 167,669 ___________ Notes to the interim financial information Eight months ended 30 April 2006 1. Basis of presentation and summary of significant accounting policies The Company was incorporated in England and Wales on 22 August 2005 as St James's Mining Limited. On 31 August 2005 the Company changed its name to St James's Mining Limited and on 30 November 2005 the Company re-registered as a public limited company with the name St. James's Mining Plc. On 29 March 2006 the Company changed its name to St James's Energy Plc. Going concern The financial statements have been prepared assuming the Company will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations. In assessing whether the going concern assumption is appropriate, management takes into account all available information for the foreseeable future, in particular for the twelve months from the date of approval of the financial statements. Assets and liabilities are recorded on the basis that the Company will be able to realise its assets and discharge its liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments to the carrying values of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Basis of presentation The consolidated financial statements are prepared and presented in accordance with International Financial Reporting Standards. The financial information set out above does not constitute the Company's statutory accounts as defined by section 240 of the Companies Act 1985 and has been neither audited nor reviewed. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Comparative figures No comparative figures have been presented as the period from incorporation on 22 August 2005 to 30 April 2006 was the Company's first non-statutory accounting period. Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Financial assets Sales and purchases are accounted for at trade date. Fair value of financial instruments Carrying amounts of certain of the Company's financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short maturities, based on borrowing rates currently available to the Company. This would include convertible debentures where the fair value of the conversion option is recognised under shareholders' equity. Foreign currency translation The reporting currency of the Company is the British pound. Gains and losses that arise from the effect of exchange rate changes on balances denominated in currencies other than the measurement currency of the Company are included in the statements of operations as incurred. Taxation There is no tax charge for the current period. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are recorded for deferred tax assets that are not more likely that not to be realised. Deferred tax assets are recognised only to the extent that future taxable profit will be available such that realisation of the related tax benefit is more likely than not. 2. Basic loss per share and diluted loss per share The calculation of basic loss per share is based on the loss after taxation for the period of £34,131 and on 112,824,207 ordinary shares, being the weighted average number of ordinary shares in issue. The calculation of diluted loss per share is based on the loss after taxation for the period of £34,131 and on 112,824,207 ordinary shares, being the weighted average number of ordinary shares in issue. 3. Post balance sheet date events On 19th May 2006, the company issued 135,761,601 shares to members of the public. The net proceeds received totalled £3,662,930.10 This information is provided by RNS The company news service from the London Stock Exchange