30 October 2018
LIMITLESS EARTH
PLC
("Limitless" or
the "Company")
UNAUDITED
HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2018
The Company is pleased to announce its half-yearly result for
the six months to 31 July 2018.
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 looked at new potential
investments and opened a series of due diligence on potential new
investments some of which are ongoing.
Our existing investments are progressing in line with management
expectations and, as we have announced, we consider Saxa Gres in
particular to be showing exciting potential. The Board continues to
actively source further suitable investments.
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
£55,427 (2017: £61,320) and the unaudited balance sheet reflects
the cash and cash equivalents at the reporting date of £591,504
(2017: £791,261) and Investments held for trading totalling
£1,603,268 (2017: £1,535,651).
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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 2018 |
|
|
|
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
31/07/18 |
31/07/17 |
31/01/18 |
Continuing operations |
£ |
£ |
£ |
|
|
|
|
|
Administration expenses |
(83,923) |
(67,549) |
(218,741) |
Operating loss |
|
(83,923) |
(67,549) |
(218,741) |
Finance Income |
|
28,496 |
6,229 |
54,103 |
Loss
before taxation |
|
(55,427) |
(61,320) |
(164,638) |
|
|
|
|
|
Taxation |
|
- |
- |
- |
Loss for the period |
(55,427) |
(61,320) |
(164,638) |
|
|
|
|
|
Total Comprehensive loss for the period |
(55,427) |
(61,320) |
(164,638) |
|
|
|
|
|
Loss
attributable to: |
|
|
|
|
Equity
Holders |
|
(55,427) |
(61,320) |
(164,638) |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic
and diluted loss per share |
3 |
(0.09p) |
(0.10p) |
(0.25p) |
There are no items of other comprehesive income.
UNAUDITED STATEMENT OF FINANCIAL POSITION |
|
|
|
AS AT
31 JULY 2018 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
31/07/18 |
31/07/17 |
31/01/18 |
|
£ |
£ |
£ |
Current assets |
|
|
|
Investments held for trading |
1,603,268 |
1,535,651 |
1,603,268 |
Trade and
Other receivables |
33,295 |
51,102 |
39,128 |
Cash |
591,504 |
791,261 |
648,333 |
|
2,228,067 |
2,378,014 |
2,290,729 |
|
|
|
|
Total
Assets |
2,228,067 |
2,378,014 |
2,290,729 |
|
|
|
|
Current Liabilities |
|
|
|
Trade and
other payables |
(46,485) |
(37,688) |
(53,720) |
|
|
|
|
Net
Assets |
2,181,582 |
2,340,326 |
2,237,009 |
|
|
|
|
|
|
|
|
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 |
(837,143) |
(678,399) |
(781,716) |
Total
Equity |
2,181,582 |
2,340,326 |
2,237,009 |
UNAUDITED CASH FLOW STATEMENT FOR THE
6 MONTHS ENDED 31 JULY 2018 |
|
|
|
|
|
|
|
Note |
|
Unaudited |
Unaudited |
Audited |
|
|
31/07/18 |
31/07/17 |
31/01/18 |
|
|
£ |
£ |
£ |
Cash
flows from operating activities |
|
|
|
|
Net cash
absorbed by operating
activities
4 |
|
(85,325) |
(117,344) |
(240,529) |
|
|
|
|
|
Cash
Flows from Investing Activities |
|
|
|
|
Finance
income received net |
|
28,496 |
6,229 |
54,103 |
Purchase
of investments |
|
- |
(239,208) |
(306,825) |
Net
Cash Used in Investing activities |
|
28,496 |
(232,979) |
(252,722) |
|
|
|
|
|
|
|
|
|
|
Net
increase in cash |
|
(56,829) |
(350,323) |
(493,251) |
|
|
|
|
|
Cash at
the beginning of period |
|
648,333 |
1,141,584 |
1,141,584 |
|
|
|
|
|
Cash
at the end of the period |
|
591,504 |
791,261 |
648,333 |
Statement of Changes in Shareholders’
Equity |
|
|
|
|
|
|
for the
period ended 31 July 2018 |
|
|
|
|
|
|
|
Share
capital |
Share
premium |
Share warrant reserve |
Retained earnings |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
|
Audited Changes in Equity for the period ended 31 January
2017 |
654,000 |
2,350,630 |
14,095 |
(474,970) |
2,543,755 |
|
|
|
|
|
|
|
|
Comprehensive 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 |
(617,078) |
2,401,647 |
|
|
|
|
|
|
|
|
Audited Changes in Equity for the period ended 31 January
2018 |
|
|
|
|
|
|
Comprehensive loss for the period |
- |
- |
- |
(164,638) |
(164,638) |
|
Total
contributions by the owners |
- |
- |
- |
(164,638) |
(164,638) |
|
At 31
July 2017 |
654,000 |
2,350,630 |
14,095 |
(781,716) |
2,237,009 |
|
|
|
|
|
|
|
|
Unaudited Changes in Equity for the period ended 31 July
2018 |
|
|
|
|
|
|
Comprehensive loss for the period |
- |
- |
- |
(55,427) |
(55,427) |
|
Total
contributions by the owners |
- |
- |
- |
(55,427) |
(55,427) |
|
At 31
July 2018 |
654,000 |
2,350,630 |
14,095 |
(837,143) |
2,181,582 |
|
|
|
|
|
|
|
|
|
|
|
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 2018 has not been reviewed or
audited. The interim financial report has been approved by the
Board on 29 October 2018.
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 |
31/07/18 |
31/07/17 |
31/01/18 |
|
|
|
|
Loss from
continuing operations attributable to equity holders of the
company |
(55,427) |
(61,320) |
(164,638) |
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 |
(0.09) |
(0.10) |
(0.25) |
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 |
31/07/2018 |
31/07/2017 |
31/01/2018 |
|
|
£ |
£ |
£ |
Loss
for the period |
|
(55,427) |
(61,320) |
(164,638) |
Finance
income |
|
(28,496) |
(6,229) |
(54,103) |
Increase
decrease in receivables |
|
5,834 |
(6,000) |
5.974 |
Decrease
/ increase in payables |
|
(7,236) |
(43,795) |
(27,762) |
Cash
absorbed by operations |
|
(85,325) |
(117,344) |
(240,529) |
5. Copies of Interim Accounts
Copies of the interim results are available at the Group´s web
site at
www.limitlessearthplc.com.