TIDMFIRE
8th March 2021
IamFire plc
AQSE: FIRE
("IamFire plc" the "Company")
Interim Results For The Six Months Ended 31 October 2020
Chief Executive Officer Statement
I am pleased to present the interim results for IamFire plc (AQSE: FIRE) for
the period ending, 31.10.2020. This period was one of growth and development
for the Company as we completed an equity finance and completed two substantial
investment transactions with Bio2pure Limited and WeShop Limited.
Through the implementation of our High Growth and Asset Augmentation Divisions,
the Company was able to demonstrate its ability to efficiently identify
valuable investment opportunities and execute these transactions through
creative means of structuring and financing.
IamFire plc, is positioned in critical investment themes that offer our
shareholders exposure to companies that have created strategies and
technologies that both actively enhance social impact and engagement with sound
economic models. The Company believes that these unique business forms are set
to benefit greatly in what we are seeing as a conscious shift in global capital
investment trends.
I look forward to providing our investors, stakeholders and the wider market
with further updates with regards our existing investment positions and
internal developments that are being made at the Company with regards, new
opportunities, complimentary management/Directors & corporate partnerships that
will further build on the investment model we are forming at IamFire plc.
FINANCIALS
The financial results for the six months to 31 October 2020 show a loss after
taxation of £161,709 (2019: Profit £123,435).
The interim results are unaudited to 31 October 2020 and have not been reviewed
by the Company's auditors
Outlook
The Board and I will be focusing on building out our investment model,
increasing our market awareness, shareholder base, complimenting the current
Board & Management team and to continue our identification of investment
opportunities that the Company believes will generate value for our
shareholders.
Burns Singh Tennnent-Bhohi
Chief Executive Officer
8th March 2021
The Directors of the Company accept responsibility for the content of this
announcement.
ENQUIRIES:
Company
Burns Singh Tennent-Bhohi (Chief Executive Officer)
info@iamfireplc.com
Telephone: 020 3778 0755
Corporate Adviser
Peterhouse Corporate Finance Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9795
IamFire plc (Registered number: 07603259)
Income Statement for the 6 months ended 31 October
2020 2019
Notes Unaudited Unaudited
£ £
Revenue - -
Other operating income 81,096 201,399
Administrative expenses (242,805) (77,967)
Operating profit 161,709 123,432
Finance income - 3
Finance costs - -
Profit before taxation 161,709 123,435
Taxation - -
Profit/(Loss) for the period attributable to the 161,709 123,435
Company's equity shareholders
Profit/(Loss) per share from operations
Basic and diluted loss per share (£) 2 0.007 0.049
IamFire plc (Registered number: 07603259)
Statement of Comprehensive Income for the 6 months ended 31 October
2020 2019
Unaudited Unaudited
£ £
Profit/(Loss) for the financial year 161,709 123,435
Total comprehensive income for the period attributable to 161,709 123,435
the Company's equity shareholders
IamFire plc (Registered number: 07603259)
Balance Sheet as at 31 October and 30 April
31 October 31 October 30 April
2020 2019 2020
Notes Unaudited Unaudited Audited
Assets £ £ £
Non-current assets
Investments 3 860,000 - -
Loan notes 4 4,566,082 - -
Current assets
Trade and other receivables 5 107,639 18,497 29,852
Cash and cash equivalents 59,363 56,866 1,079
167,002 75,363 30,931
Total Assets 5,593,084 75,363 30,931
Equity and liabilities
Capital and reserves
Share capital 6 586,733 526,733 526,733
Share premium 3,479,890 2,344,890 2,344,890
Retained earnings (3,222,805) (3,054,377) (3,061,096)
Shareholders' funds 843,818 (182,754) (189,473)
Non-current liabilities
Bonds 7 4,471,289 - -
Current liabilities
8
Trade and other payables 277,977 258,117 220,404
Total equity and liabilities 5,593,084 75,363 30,931
IamFire plc (Registered number: 07603259)
Statement of Changes in Equity as at 31 October and 30 April
Share Share Retained Total
capital premium earnings
£ £ £ £
Balance at 1 May 2019 511,837 2,231,786 (3,177,812) (434,189)
Profit for the period - - 123,435 123,435
Total comprehensive income - - 123,435 123,435
Issue of shares 14,896 113,104 - 128,000
Cost of share issue - - - -
Balance at 31 October 2019 526,733 2,344,890 (3,054,377) (182,754)
Loss for the period - - (6,719) (6,719)
Total comprehensive income - - (6,719) (6,719)
Issue of shares - - - -
Cost of share issue - - - -
Balance at 30 April 2020 526,733 2,344,890 (3,061,096) (189,473)
Loss for the period - - (161,709) (161,709)
Total comprehensive income - - (161,709) (161,709)
Issue of shares 60,000 1,240,000 - 1,300,000
Cost of share issue - (105,000) - (105,000)
Balance at 31 October 2020 586,733 3,479,890 (3,222,805) (843,818)
IamFire plc (Registered number: 07603259)
Statement of Cash Flows for the 6 months ended 31 October
2020 2019
Notes Unaudited Unaudited
£ £
Cash flow from operating activities
(Loss)/profit for the period before tax (161,709) 123,435
Finance income - (3)
(161,709) 123,432
Changes in working capital
(Increase)/decrease in trade and other receivables 5 (87,831) 16,723
Increase/(decrease) in trade and other payables 8 57,573 (228,422)
Cash outflow from operating activities (30,258) (88,267)
Cash flow from investing activities
Investments made in period 3 (845,000) -
Loan notes 4 (4,500,000) -
Interest received - 3
Net cash used in investing activities (5,345,000) 3
Cash flow from financing activities
Issue of shares 6 1,300,000 143,000
Cost of shares issued 6 (105,000) -
Funds from discounted bond 6 4,400,251 -
Net cash from financing activities 5,595,251 143,000
Net increase in cash and cash equivalents 58,284 54,736
Cash and cash equivalents at beginning of period 1,079 2,130
Cash and cash equivalents at end of period 59,363 56,866
IamFire plc (Registered number: 07603259)
Notes to the interim results
1. Basis of preparation
The Company financial statements of IamFire plc have been prepared in
accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006.
IFRS is subject to amendment and interpretation by the International Accounting
Standards Board ("IASB") and the IFRS Interpretations Committee and there is an
on-going process of review and endorsement by the European Commission.
The financial statements are presented in GBP (£) and rounded to the nearest £.
GBP is also the functional currency of the Company. The financial statements ae
prepared under the historical cost convention.
The preparation of condensed interim financial information requires management
to make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from those estimates.
In preparing these interim financial statements, the significant judgements
made by management in applying the Company's accounting policies and the key
sources of estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 30 April 2020.
Going concern
During the period ended 31 October 2020 the Company made a loss of £161,709
(2019: profit £123,435) and as at 31 October 2020 it had net current
liabilities of £170,338 (2019: net current liabilities of £182,754). The
operations of the Company are primarily financed from funds raised from share
placings as it does not currently generate significant amounts of revenue.
The Directors do acknowledge that the dependence on obtaining finance leads to
there being uncertainty regarding the Company's going concern status, however,
they believe the application of the going concern basis of preparation to be
appropriate based on management prepared budgets and due to their confidence
that further finance will be able to be obtained as required during the going
concern period.
The Directors have made enquires and assessed the potential impact of the
COVID-19 virus on the
Company. As such, whilst they acknowledge that COVID-19 could continue to have
long lasting and significant impacts on the global economy, the Directors
believe that the Company will be able to raise sufficient finance to meet their
obligations as they fall due for a period of at least 12 months from the date
of approval of the financial statements.
The Financial Statements do not include any adjustments that may be required
should the Company be unable to continue as a going concern.
IamFire plc (Registered number: 07603259)
Notes to the interim results (continued)
2. Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to
Shareholders by the weighted average number of Shares outstanding during the
period.
The Company does not have any potentially dilutive shares in any of the periods
presented, therefore the basic and diluted earnings per share are the same.
Basic earnings per share
2020 2019
Unaudited Unaudited
£ £
Total basic profit/(loss) per share (0.007) 0.049
The losses and weighted average number of Ordinary Shares used in the
calculation of basic earnings per share are as follows:
2020 2019
Unaudited Unaudited
£ £
Profit/(loss) used in the calculation of total basic and (161,709) 123,435
diluted earnings per share
2020 2019
Number of shares Unaudited Unaudited
Weighted average number of Ordinary Shares for the 22,114,378 2,520,918
purposes of basic earnings per share
IamFire plc (Registered number: 07603259)
Notes to the interim results (continued)
3. Investments
Listed Other Shares in Total
invest-ments invest-ments group
under-takings
£ £ £ £
Cost & net book value
At 31 October 2019 (unaudited) - - - -
Disposal - - (312,674) (312,674)
Reversal of impairments on disposal - - 312,674 312,674
At 30 April 2020 (audited) - - - -
Additions 30,000 815,000 - 845,000
Gain on investments 15,000 - - 15,000
At 31 October 2020 (unaudited) 45,000 815,000 - 860,000
Listed investments are held for trading and therefore held at fair value with
any gains / (losses) reflected in the profit and loss account in the period to
which they relate.
All other investments are held at amortised cost with annual review for any
impairment carried out by the Directors.
4. Loan notes
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
£ £ £
Convertible loan note 4,566,082 - -
On 25 August 2020 the Company entered into an agreement with WeShop Limited as
part of a convertible loan note totalling £4,500,000. The loan note accrues
interest at a rate of 8% per annum and is unpaid, being added to the value of
the loan note at the end of the period.
5. Trade and other receivables
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
£ £ £
Trade debtors - - -
Amounts due from director - 3,085 -
Other receivables 103,559 15,412 21,692
Prepayments and accrued income 4,080 - 8,160
107,639 18,497 29,852
IamFire plc (Registered number: 07603259)
Notes to the interim results (continued)
6. Share capital
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
Allotted, issued and fully paid: £ £ £
Ordinary shares of £0.0025 each 80,014 20,014 20,014
Deferred shares of £0.2475 each 506,719 506,719 506,719
Closing balance 586,733 526,733 526,733
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
Allotted, issued and fully paid: £ £ £
Ordinary shares of £0.0025 each 32,005,683 8,005,683 8,005,683
Deferred shares of £0.2475 each 506,719 2,047,350 2,047,350
Closing balance 32,512,402 10,053,033 10,053,033
On the 9 July 2020 the Company issued 20,000,000 ordinary shares of £0.0025 at
a value of £0.0250 per share, generating share premium of £345,000 (being £
450,000 less issuance fees of £105,000).
On the 13 August 2020 the Company issued 4,000,000 ordinary shares of £0.0025
at a value of £0.2000 per share, generating share premium of £790,000.
On the 11 October 2019 the share capital of the Company was reorganised through
a consolidation and sub-division. The ordinary shares of £0.0025 were
consolidated into new ordinary shares of £0.250 each on the basis of one new
ordinary share for every 100 ordinary shares of £0.0025 each.
Each existing ordinary share with a par value of £0.250 was then subdivided
into:
- One ordinary share of £0.0025 each; and
- One deferred share of £0.2475 each.
As a result of this the 204,735,000 Ordinary shares were consolidated and
subdivided to 2,047,350 Ordinary shares and 2,047,350 Deferred shares.
IamFire plc (Registered number: 07603259)
Notes to the interim results (continued)
7. Bonds
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
£ £ £
Discounted Capital Bond 4,471,289 - -
During the period the Company entered into an agreement for a discounted
capital bond which matures on 25 August 2023. The bond was issued at a discount
which resulted in £4,400,251 proceeds being received by the Company.
8. Trade and other payables
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
£ £ £
Trade payables 14,383 141,877 43,065
Accruals 127,800 15 73,860
Other Payables 132,404 90,225 103,404
Loan from related party 3,390 26,000 75
277,977 258,117 220,404
END
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