25 Nov 2015 11:03
ACORN MINERALS PLC
("Acorn" or "the Company")
Half yearly report for the six months ended 30 September 2015
Chairman's Report
As at 30 September 2015
It is with pleasure that I present the interim report to shareholders for the period ending 30th September 2015.
In the past 12 months your board has continued to identify and assess suitable opportunities in the mining, minerals & energy sectors, including both conventional and alternative energy projects as well as mining and energy infrastructure projects that are consistent with our investment strategy.
To date we have reviewed well over 30 projects that have met these criteria and we are currently carrying out preliminary due diligence reviews on several of them.
Whilst we are keen to find a transaction we remain disciplined to only proceed if we are convinced it will be in the best interests of shareholders.
At the period end we have approximately ₤1.184m cash, no debt and continue to keep administration costs to a minimum so that maximum funds can be dedicated to the review of and potentially investments in suitable projects.
We will continue to review projects where we believe value can be created for Acorn shareholders which requires considerable work by your board and on your behalf I thank my fellow directors Charles Goodfellow and Brent Fitzpatrick for their effort and commitment to this cause and I also thank you for your ongoing support.
Tony Brennan
Executive Chairman
25 November 2015
For further information please contact:
Acorn Minerals Plc Tel: +61 8 9322 5944
Anthony Brennan, Executive Chairman
Shore Capital Tel: 020 7408 4090
Jerry Keen
Unaudited statement of profit or loss and other comprehensive income
for the six months ended 30 September 2015
| Note | Six months ended 30 Sep 2015 £ | Six months ended 30 Sep 2014 £ | Year ended 31 Mar 2015 £
£ |
Revenue | - | - | - | |
Administrative costs | (34,823) | (40,074) | (78,311) | |
Operating (Loss) | (34,823) | (40,074) | (78,311) | |
Net finance costs | 445 | 475 | 918 | |
(Loss) before taxation | (34,378) | (39,599) | (77,393) | |
Taxation | - | - | - | |
(Loss) for the period attributable to owners of the company
| (34,378) | (39,599) | (77,393) | |
Total comprehensive income attributable to the owners of the company | (34,378) | (39,599) | (77,393) | |
Loss per share | ||||
Basic | 4 | (0.005) | (0.006) | (0.005) |
Diluted | (0.005) | (0.006) | (0.005) |
Statement of financial position
as at 30 September 2015
| Note | Six months ended 30 Sep 2015 £ | Six months ended 30 Sep 2014 £ | Year ended 31 Mar 2015 £
£ |
CURRENT ASSETS | ||||
Trade and other receivables | - | - | - | |
Cash and cash equivalents | 1,184,359 | 1,270,381 | 1,251,614 | |
Total current assets | 1,184,359 | 1,270,381 | 1,251,614 | |
LIABILITIES | ||||
Trade and other payables | (650) | (14,500) | (33,527) | |
Total current liabilities | (650) | (14,500) | (33,527) | |
NET ASSETS | 1,183,709 | 1,255,881 | 1,218,087 | |
EQUITY | ||||
Capital and reserves attributable to owners of the company | ||||
Share capital | 5 | 285,760 | 285,760 | 285,760 |
Share premium | 1,380,917 | 1,380,917 | 1,380,917 | |
Retained earnings | (482,968) | (410,796) | (448,590) | |
1,183,709 | 1,255,881 | 1,218,087 | ||
Unaudited statement of changes in equity
for the six months ended 30 September 2015
Share capital | Share premium | Retained earnings | Total | |
£ | £ | £ | £ | |
Balance at 1 April 2014 | 285,760 | 1,380,917 | (371,197) | 1,295,480 |
Transactions with owners | ||||
Shares issued | - | - | - | - |
Share issue costs | - | - | - | - |
Total transactions with owners | - | - | - | - |
Comprehensive Loss | ||||
Loss for the period | - | - | (39,599) | (39,599) |
Total comprehensive loss for the period | - | - | (39,599) | (9,599) |
Total owners equity at 30 September 2014 | 285,760 | 1,380,917 | (410,796) | 1,255,881 |
Comprehensive loss | ||||
Loss for the period | - | - | (37,794) | (37,794) |
Total comprehensive loss for the period | - | - | (37,794) | (37,794) |
Total owners equity at 31 March 2015 | 285,760 | 1,380,917 | (448,590) | 1,218,087 |
Comprehensive loss | ||||
Loss for the period | - | - | (34,378) | (34,378) |
Total comprehensive loss for the period | - | - | (34,378) | (34,378) |
Total owners equity at 30 September 2015 | 285,760 | 1,380,917 | (482,968) | 1,183,709 |
Unaudited statement of cash flows
for the six months ended 30 September 2015
Six months ended 30 Sep 2015 £ | Six months ended 30 Sep 2014 £ | Year ended 31 Mar 2015 £ | |
Cash flows from operating activities | |||
Operating (Loss) | (34,823) | (40,074) | (78,311) |
Decrease/(Increase) in receivables | - | - | - |
(Decrease)/Increase in payables | (32,877) | (8,750) | 10,277 |
Net cash used in operating cash flows | (67,700) | (48,824) | (68,034) |
Net cash used in cash flows from investing activities | |||
Interest received | 445 | 475 | 918 |
Net cash generated from investing activities | 445 | 475 | 918 |
Net increase in cash and cash equivalents | (67,255) | (48,349) | (67.116) |
Net cash at start of the period | 1,251,614 | ,1,318,730 | 1,318,760 |
Cash and cash equivalents at period end | 1,184,359 | 1,270,381 | 1,251,614 |
Notes to the interim accounts
For the six months ended 30 September 2015
1. General information
Acorn Minerals Plc is a company incorporated in the United Kingdom.
These unaudited condensed interim financial statements for the six months ended 30 September 2015 have been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34 "Interim Financial Reporting" as adopted by the European Union and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published financial statements for the year ended 31 March 2015 and are presented in pounds sterling.
The comparative figures for the financial year ended 31 March 2015 have been extracted from the Company's statutory accounts which have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under the Companies Act 2006 regarding matters which are required to be noted by exception. The half year results have not been audited or subject to review by the company's auditors.
2. Changes in accounting policies
The assessment of new standards, amendments and interpretations issued but not effective, are not anticipated to have a material impact on the financial statements.
3. Going concern
The company's activities, together with the factors likely to affect its future development and performance, the financial position of the company, its cash flows and liquidity position have been considered by the Directors, taking account of the current market conditions which demonstrate that the company shall continue to operate within its own resources.
The Directors believe that the company is well placed to manage its business risks successfully, and that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they consider it appropriate to adopt the going concern basis in preparing these condensed financial statements.
4. Loss per share
The calculation of the basic and fully diluted loss per share is based on the loss for the period after tax of £34,378 (30 Sep 14: £39,599; 31 Mar 2015: £77,393) divided by the weighted average issued ordinary shares of 7,144,002 (30 Sep 2014: 7,144,002; 31 Mar 2015: 14,288,005).
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category of dilutive potential ordinary shares being share options. The company has made a loss and the potential shares options are therefore anti-dilutive.
5. Issued share capital
Authorised, allotted and called up share capital:
Six months ended 30 Sept 2015 £
| Six months ended 30 Sept 2014 £ | Year ended 31 Mar 2015 £ | |
14,288,005 Ordinary shares of £0.02 each | 285,760 | 285,760 | 285,760 |
285,760 | 285,760 | 285,760 |
6. Related parties
The related parties and the nature of costs recharged are as disclosed in the company's annual financial statements for the year ended 31 March 2015.
Mr A Brennan, a Director of Acorn Minerals PLC is also a Director of Delta Capital Pty Ltd. Delta Capital Pty Ltd has entered into a Corporate Advisor Mandate with the company. During the period the following was paid to Delta Capital Pty Ltd:
Six months ended 30 Sept 15 | Six months ended 30 Sept 14 £ | Year ended 31 Mar 2015
£ | |
Directors fees | 7,500 | 7,500 | 15,000 |
7,500 | 7,500 | 15,000 | |
Mr B Fitzpatrick, a Director of Acorn Minerals PLC is also a Director of Ocean Park Developments Ltd. During the period Directors' fees of £3,000 (30 Sep 2014: £3,000; 31 Mar 2015: £6,000) were paid to Ocean Developments Ltd on behalf of Mr B Fitzpatrick.
During the period Directors fees of £3,000 (30 Sep 2014: £3,000; 31 Mar 2015: £6,000) were paid to Mr C Goodfellow, a Director of Acorn Minerals PLC.
7. Principal risks and uncertainties
Principal risks and uncertainties are set out in the annual financial statements within the directors' report and also in note 5 and are reviewed on an on-going basis.
The Board will provide leadership within a framework of appropriate and effective controls. The Board will set up, operate and monitor the corporate governance values of the company, and will have overall responsibility for setting the company's strategic aims, defining the business objective, managing the financial and operational resources of the Company and reviewing the performance of the officers and management of the company's business both prior to and following an acquisition.
There have been no significant changes in the first six months of the financial year to the principle risks and uncertainties as set out in the 31 March 2015 Annual Report and Accounts.
8. Board Approval
These interim results were approved by the Board of Acorn Minerals Plc on 25th November 2015.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS AND UNCERTANTIES
Responsibility statement
We confirm to the best of our knowledge:
(a) The condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
(b) The interim management report includes a fair review of the information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party described in the last annual report that could do so.
Mr Brent Fitzpatrick
Director
25th November 2015
Directors:
Mr Anthony Brennan (Chairman)
Mr N Brent Fitzpatrick MBE
Mr Charles Goodfellow