FIRE Finance Ireland

8^th 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
8^th 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

IamFire plc (Registered number: 07603259)

Statement of Comprehensive Income for the 6 months ended 31 October

IamFire plc (Registered number: 07603259)

Balance Sheet as at 31 October and 30 April

IamFire plc (Registered number: 07603259)

Statement of Changes in Equity as at 31 October and 30 April

IamFire plc (Registered number: 07603259)

Statement of Cash Flows for the 6 months ended 31 October

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

The losses and weighted average number of Ordinary Shares used in the calculation of basic earnings per share are as follows:

IamFire plc (Registered number: 07603259)

Notes to the interim results (continued)

3.      Investments

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

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

IamFire plc (Registered number: 07603259)

Notes to the interim results (continued)

6.      Share capital

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

8.      Trade and other payables