31 October 2017
LIMITLESS EARTH
PLC
("Limitless" or
the "Company")
UNAUDITED
HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2017
The Company is pleased to announce its half-yearly result for
the six months to 31 July 2017.
CHIEF EXECUTIVE’S STATEMENT
Limitless is a proactive investing company that focuses on
making investments in and assisting companies that show the
potential to generate returns through capital appreciation.
The directors look to make investments into small companies which
have clear routes to value appreciation and which operate 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 reporting period, the Company invested £239,000,
by way of 10 per cent. senior secured notes plus equity
option, in Saxa Gres S.p.A (“Saxa Gres”), a company
specialising in Industrial Material Recycling and Waste to Energy.
The investment was made on the basis of progress made by Saxa Gres
in having developed its production process. As previously
announced, Saxa Gres is operating at full capacity having completed
a re-start process and having hired more than 70 workers. More
recently, Saxa Gres announced that it has refined it manufacturing
process sufficiently such that it will start incorporating
incinerator ashes in its tile composition from November 2017.
Tile produced will be targeted for large city restructuring
projects and management of Saxa Gres have stated that it expects
these sales to contribute significantly to management’s revenue
forecasts which more than double the 2017 year end estimates in the
financial year for 2018.
The Company is also pleased to advise that its investee company,
V-Nova, has won further international praise for its
next-generation V-Nova PERSEUS™ 2 codec which was awarded ‘Best
Digital Video Processing Technology’ at this year’s CSI Awards.
The all other current investments are progressing in line with
management expectations. The Board continues to actively source
suitable investments and thanks all the shareholders for their
support.
The Board understands as per previous years, that cost control
is important at all times and on behalf of the shareholders, the
directors carefully keep operating costs to a minimum to preserve
shareholder value.
For the period, Limitless made a net loss on operations of
£61,320 (2016: £65,477) and the unaudited balance sheet reflects
the cash and cash equivalents, having made a further investment in
the period of £239,208, at the reporting date of £791,261 (2016:
£1,242,626) and Investments held for trading totalling
£1,535,651 (2016: £1,296,443).
For further information, please
contact:
Limitless Earth plc
www.limitlessearthplc.com
Guido Contesso - CEO
+44 7780 700
091
Cairn Financial Advisers LLP +44 20
7213
0880
Nominated Adviser
www.cairnfin.com
Jo Turner/Tony
Rawlinson
Peterhouse Corporate Finance Limited +44 20 7469
0930
Joint Broker
www.pcorpfin.com
Peter Greensmith
UNAUDITED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME |
|
|
6
MONTHS ENDED 31 JULY 2017 |
|
|
|
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
31/07/17 |
31/07/16 |
31/01/17 |
Continuing operations |
£ |
£ |
£ |
|
|
|
|
|
Administration expenses |
(67,549) |
(66,702) |
(185,244) |
Operating
loss |
|
(67,549) |
(66,702) |
(185,244) |
Finance
Income |
|
6,229 |
1,225 |
43,136 |
Loss
before taxation |
|
(61,320) |
(65,477) |
(142,108) |
|
|
|
|
|
Taxation |
|
- |
- |
- |
Loss for the period |
(61,320) |
(65,477) |
(142,108) |
|
|
|
|
|
Total Comprehensive loss for the period |
(61,320) |
(65,477) |
(142,108) |
|
|
|
|
|
Loss
attributable to: |
|
|
|
|
Equity
Holders |
|
(61,320) |
(65,477) |
(142,108) |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic and
diluted loss per share |
3 |
(0.10p) |
(0.10p) |
(0.22p) |
There are no items of other comprehesive income.
UNAUDITED STATEMENT OF FINANCIAL POSITION |
|
|
|
AS AT
31 JULY 2017 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
31/07/17 |
31/07/16 |
31/01/17 |
|
£ |
£ |
£ |
Current assets |
|
|
|
Investments held for trading |
1,535,651 |
1,296,443 |
1,296,443 |
Trade and
Other receivables |
51,102 |
- |
45,102 |
Cash |
791,261 |
1,242,626 |
1,141,584 |
|
2,378,014 |
2,539,069 |
2,483,129 |
|
|
|
|
Total
Assets |
2,378,014 |
2,539,069 |
2,483,584 |
|
|
|
|
Current Liabilities |
|
|
|
Trade and
other payables |
(37,688) |
(60,791) |
(81,482) |
|
|
|
|
Net
Assets |
2,340,326 |
2,478,278 |
2,401,647 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
Issued
Share Capital |
654,000 |
654,000 |
654,000 |
Share
Premium |
2,350,630 |
2,350,630 |
2,350,630 |
Share
Warrant Reserve |
14,095 |
14,095 |
14,095 |
Retained
Earnings |
(678,399) |
(540,447) |
(617,078) |
Total
Equity |
2,340,326 |
2,478,278 |
2,543,755 |
UNAUDITED CASH FLOW STATEMENT FOR THE
6 MONTHS ENDED 31 JULY 2017 |
|
|
|
|
|
|
|
Note |
|
Unaudited |
Unaudited |
Audited |
|
|
31/07/17 |
31/07/16 |
31/01/17 |
|
|
£ |
£ |
£ |
Cash
flows from operating activities |
|
|
|
|
Net cash
absorbed by operating
activities
4 |
|
(117,344) |
(80,901) |
(223,854) |
|
|
|
|
|
Cash
Flows from Investing Activities |
|
|
|
|
Finance
income received net |
|
6,229 |
1,225 |
43,136 |
Purchase
of investments |
|
(239,208) |
(208,102) |
(208,102) |
Net
Cash Used in Investing activities |
|
(232,979) |
(206,877) |
(164,966) |
|
|
|
|
|
|
|
|
|
|
Net
increase in cash |
|
(350,323) |
(287,778) |
(388,820) |
|
|
|
|
|
Cash at
the beginning of period |
|
1,141,584 |
1,530,404 |
1,530,404 |
|
|
|
|
|
Cash
at the end of the period |
|
791,261 |
1,242,626 |
1,141,584 |
Statement of Changes in Shareholders’ Equity
|
|
|
|
for the
period ended 31 July 2017 |
|
|
|
|
|
|
Share
capital |
Share
premium |
Share
warrant reserve |
Retained earnings |
Total |
|
£ |
£ |
£ |
£ |
£ |
Audited 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) |
Transactions with owners |
|
|
|
|
|
Warrant
cancellation |
- |
28,190 |
(28,190) |
- |
- |
Total
contributions by the owners |
- |
28,190 |
(28,190) |
- |
- |
At 31
January 2016 |
654,000 |
2,350,630 |
14,095 |
(474,971) |
2,543,755 |
|
|
|
|
|
|
|
|
|
|
|
|
Audited Changes in Equity for the period ended 31 January
2017 |
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
Loss for
the period |
- |
- |
- |
(142,108) |
(142,108) |
Total
contributions by the owners |
- |
- |
- |
(142,108) |
(142,108) |
At 31
January 2017 |
654,000 |
2,350,630 |
14,095 |
(617,079) |
2,401,647 |
|
|
|
|
|
|
Un
audited Changes in Equity for the period ended 31 July
2017 |
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
Loss for
the period |
|
|
|
|
|
Total
Comprehensive loss for the period |
- |
- |
- |
(61,320) |
(61,320) |
Total
contributions by the owners |
- |
- |
- |
(61,320) |
(61,320) |
At 31
July 2017 |
654,000 |
2,350,630 |
14,095 |
(678,399) |
2,340,326 |
NOTES TO THE FINANCIAL STATEMENTS
-
General Information
Limitless Earth plc is a company incorporated and domiciled in
England and Wales. The Company’s ordinary shares are
traded on AIM of the London Stock Exchange. The address of the
registered office is 30 Percy Street, London W1T 2DB.
The principal activity of the Company is that of an investing
company pursuing a strategy
2. Accounting policies
The principal accounting policies are summarised below. They
have all been applied consistently throughout the period covered by
these financial statements.
Basis of preparation
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union.
The financial statements have been prepared under the historical
cost convention.
The interim financial information for the six months ended
31 July 2017 has not been reviewed or
audited. The interim financial report has been approved by the
Board on 30 October 2017.
3. Loss per share
The basic earnings per share is calculated by dividing the
earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the period.
Diluted earnings per share is computed using the same weighted
average number of shares during the period adjusted for the
dilutive effect of share warrants and convertible loans outstanding
during the period.
|
Unaudited |
Unaudited |
Audited |
31/07/17 |
31/07/16 |
31/01/17 |
|
|
|
|
Loss from
continuing operations attributable to equity holders of the
company |
(65,476) |
(65,476) |
(142,108) |
Weighted
average number of ordinary shares in issue |
65,400,000 |
65,400,000 |
65,400,000 |
|
Pence |
Pence |
Pence |
Basic and
fully diluted loss per share from continuing operations |
(0.10) |
(0.10) |
(0.22) |
IAS 33 requires presentation of diluted earnings per share when
a company could be called upon to issue shares that would decrease
earnings per share or increase net loss per share. For a loss
making company with outstanding share options and warrants, net
loss per share would only be increased by the exercise of
out-of-the money options and warrants. Since it seems inappropriate
that option holders would act irrationally, no adjustment has been
made to diluted earnings per share for out-of-the money options and
warrants in the comparatives. There are no other diluting share
issues.
4. Cash absorbed by operations
|
|
Unaudited |
Unaudited |
Period to |
31/07/2017 |
31/07/2016 |
31/01/2017 |
|
|
£ |
£ |
£ |
Loss
for the period |
|
(67,549) |
(66,702) |
(185,244) |
Finance
income |
|
|
|
(1,392) |
Increase
decrease in receivables |
|
(6,000) |
- |
(45,710) |
Decrease
/ increase in payables |
|
(43,795) |
(14,199) |
6,492 |
Cash
absorbed by operations |
|
(117,344) |
(80,901) |
(223,854) |
5. Copies of Interim Accounts
Copies of the interim results are available at the Group´s web
site at
www.limitlessearthplc.com .