29 July 2016
LIMITLESS EARTH PLC
("Limitless" or the
"Company")
Final Results for
the Period ended 31 January 2016
The Company is pleased to announce its final results for the
period to 31 January 2016.
Chairman’s statement
Limitless is a proactive investment company that focuses on
making investments in and assisting companies that show the
potential to generate returns through capital appreciation. It is
the Directors' strategy to invest in small companies where there
are clear routes to value appreciation also in companies that are
operating in sectors with long term growth prospects that are
driven by demographic change. Examples of such sectors include
Cleantech, Life Sciences and Technology.
During the year the Company invested in Medical Diagnostics
(Chronix Biomedical inc.), Communication Technology (V Nova Ltd),
Industrial Material Recycling and Waste to Energy (Saxa Gree
S.p.A).
The Board relies on its own know-how, on an extensive network in
the financial system and external advisers to enable it to make the
right investment in the right sector at the right time. It has
already analysed more than twenty investment opportunities in the
first months of operations and has engaged advisers on one
investment in the Life Sciences area where discussions with
management are on-going.
The Board understands that cost control is important at all
times and particularly pre-investment and it ensures that operating
costs are kept to a minimum to in order to preserve shareholder
value.
For the financial period, Limitless made a net loss on
operations of £175,299 ((2015: £299,671) - includes the cost of the
listing process, which was £168,000). The audited balance sheet
reflects the cash and cash equivalents at the reporting date of
£1,530,404.
Post year end the Company continued its investing with a
£200,000 investment in Exogenesis Corporation, based in
Boston Massachusetts, which has
developed nanoscale surface modification technology to improve the
safety and efficacy of implantable medical devices and is being
used to develop next generation microscopy tools for DNA
Analysis.
The Board continues to actively source suitable investments and
thanks all the shareholders for their support.
Guido Contesso
Chief Executive Officer
29 July 2016
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please
contact:
Limitless Earth plc
Dominic White
Guido Contesso |
www.limitlessearthplc.com
+44 20 7580 7576
+44 7780 700 091 |
Cairn
Financial Advisers LLP
Nominated Adviser
Jo Turner/Liam Murray |
+44 20
7148 7900
www.cairnfin.com |
Peterhouse Corporate Finance Limited
Broker
Peter Greensmith |
+44 20
7469 0930
www.pcorpfin.com |
About Limitless Earth plc
Limitless Earth plc is a proactive investment company that
focuses on making investments in and assisting companies which
exhibit the potential to generate returns through capital
appreciation. Limitless invests in small companies where
there are clear catalysts for value appreciation and the companies
are operating in sectors exhibiting long term growth linked to
demographic change. Examples of such sectors include
Cleantech, Life Sciences and Technology.
Statement of Comprehensive Income
for the period ended 31 January
2016
|
|
|
|
|
|
Period to |
Period to |
|
|
31/01/2016 |
31/01/2015 |
Continuing operations |
|
£ |
£ |
|
|
|
|
Administrative expenses |
|
(180,821) |
(305,914) |
Operating loss |
|
(180,821) |
(305,914) |
Finance
Income |
|
5,522 |
6,243 |
Loss
before taxation |
|
(175,299) |
(299,671) |
|
|
|
|
Taxation |
|
- |
- |
Loss
for the financial position |
|
(175,299) |
(299,671) |
|
|
|
|
Total
Comprehensive income for the period |
|
(175,299) |
(299,671) |
|
|
|
|
Loss
attributable to: |
|
|
|
Equity
Holders |
|
(175,299) |
(299,671) |
|
|
|
|
Earnings
per share: |
|
|
|
Basic and
diluted loss per share |
|
(0.27p) |
(0.69p) |
Statement of Financial Position
As at 31 January 2016
|
|
|
|
|
|
31/01/2016 |
31/01/2015 |
|
|
£ |
£ |
|
|
|
|
Current
assets |
|
|
|
Investments
Available for sale |
|
1,088,341 |
- |
Trade and other
receivables |
|
- |
- |
Cash and cash
equivalents |
|
1,530,404 |
2,731,554 |
|
|
2,618,745 |
2,731,554 |
|
|
|
|
Total
Assets |
|
2,618,745 |
2,731,554 |
|
|
|
|
Current
Liabilities |
|
|
|
Trade and other
payables |
|
(74,990) |
(12,500) |
Net Assets |
|
2,543,755 |
2,719,054 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
Issued Share
Capital |
|
654,000 |
654,000 |
Share Premium |
|
2,350,630 |
2,322,440 |
Share warrant
reserve |
|
14,095 |
42,285 |
Retained Earnings |
|
(474,970) |
(299,671) |
Total
Equity |
|
2,543,755 |
2,719,054 |
Statement of Changes in Shareholders’ Equity
for the period ended 31 January
2015
|
Share
capital |
Share
premium |
Share
warrant reserve |
Retained earnings |
Total |
|
£ |
£ |
£ |
£ |
£ |
Changes
in Equity for the period ended 31 January 2015 |
Comprehensive
income |
|
|
|
|
|
Loss for the
period |
- |
- |
- |
(299,671) |
(299,671) |
Total Comprehensive
loss for the period |
- |
- |
|
(299,671) |
(299,671) |
Transactions with
owners |
- |
- |
- |
- |
- |
Proceeds from share
issue (net of expenses) |
654,000 |
2,322,440 |
42,285 |
- |
3,018,725 |
Total contributions
by the owners |
654,000 |
2,322,440 |
42,285 |
- |
3,018,725 |
At 31 January
2015 |
654,000 |
2,322,440 |
42,285 |
(299,671) |
2,719,054 |
|
|
|
|
|
|
Changes
in Equity for the period ended 31 January 2016 |
Comprehensive
income |
|
|
|
|
|
Loss for the
period |
- |
- |
- |
(175,299) |
(175,299) |
Total Comprehensive
loss for the period |
- |
- |
- |
(175,299) |
(175,299) |
Warrant
cancellation |
- |
28,190 |
(28,190) |
- |
- |
At 31 January
2016 |
654,000 |
2,350,630 |
14,095 |
(474,970) |
2,543,755 |
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Cash Flows
for the period ended 31 January
2015
|
|
Period to |
Period to |
|
|
31/01/2016 |
31/01/2015 |
|
|
£ |
£ |
Cash flows from
operating activities |
|
|
|
Net cash absorbed by
operating activities |
|
(118,331) |
(293,414) |
|
|
|
|
Cash flows from
investing activities |
|
|
|
Finance income
received net |
|
5,522 |
6,243 |
Investments |
|
(1,088,341) |
- |
Net cash used in
investing activities |
|
(1,082,819) |
6,243 |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Gross proceeds from
share issues |
|
- |
3,270,000 |
Share issue
expenses |
|
- |
(251,275) |
Net Cash from
financing activities |
|
- |
3,018,725 |
|
|
|
|
Net
increase in cash and cash equivalents during the year |
|
(1,201,150) |
2,731,554 |
|
|
|
|
Cash at the beginning
of period |
|
2,731,554 |
- |
|
|
|
|
Cash and cash
equivalents at the end of the period |
|
1,530,404 |
2,731,554 |
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Limitless Earth Plc is a company incorporated and domiciled in
the United Kingdom. The Company is
a public limited company, which is listed on the AIM market of the
London Stock Exchange. The address of the registered office is 30
Percy Street, London, W1T 2DB
The Investing Policy is to invest principally, but not
exclusively, in sectors where changing demographic factors are
important drivers of growth. The Company intends to focus initially
on projects located in Europe but
will also consider investments in other geographical regions. The
Company may become an active investor, acquire controlling stakes
or minority positions, in each case, as the Board considers
appropriate and commercial
The financial statements are presented in British Pounds
Sterling, the currency of the primary economic environment in which
the Company’s operates from.
2. Accounting policies
The principal accounting policies applied in the preparation of
these financial statements are set out below. The policies have
been consistently applied throughout the period, unless otherwise
stated.
Basis of
preparation |
The
financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) and IFRIC
interpretations as adopted by the European Union applicable to
companies reporting under IFRSs. The financial statements
have also been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRSs
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company’s accounting policies. The areas
involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial
statements are disclosed later in these accounting policies. |
Going Concern |
The directors have, at
the time of approving the financial statements, a reasonable
expectation that the Company and the Group have adequate resources
to continue in existence for the foreseeable future. Thus
they continue to adopt the going concern basis of accounting in
preparing the financial statements. |
3. Loss per share
The basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
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. No share
warrants outstanding at 31 January
2016 were dilutive and all such potential ordinary shares
are therefore excluded from the weighted average number of Ordinary
shares for the purposes of calculating diluted earnings per
share.
|
2016
£ |
2015
£ |
|
|
|
Loss from continuing operations
attributable to equity holders of the company |
(175,299) |
(299,671) |
Weighted average number of ordinary
shares in issue |
65,540,000 |
43,440,000 |
|
Pence |
Pence |
Basic and fully diluted loss per
share from continuing operations |
(0.27p) |
(0.69p) |
4. Notice of Annual General Meeting
and Posting of Accounts
The above results are extracted from the Report and Accounts for
the period ended 31 January 2016,
which have today been sent to all shareholders together with a copy
of the Notice of Annual General Meeting. Copies of these documents
can also be found on the Company’s website,
www.limitlessearthplc.com.
The Annual General Meeting of the Company has been convened at
on 5 September 2016 to be held at 30
Percy Street, London, W1T 2DB.