Adalan Ventures PLC Half-year Report (1941O)
29 September 2023 - 8:42PM
UK Regulatory
TIDMZAIM
RNS Number : 1941O
Adalan Ventures PLC
29 September 2023
Not for release or distribution, directly or indirectly, within,
into or in the United States or to or for the account or benefit of
persons in the United States, Australia, Canada, Japan or any other
jurisdiction where such offer or sale would violate the relevant
securities laws of such jurisdiction.
For Immediate Release
29 September 2023
Adalan Ventures Plc
("Adalan" or the "Company")
Unaudited interim results
Adalan Ventures plc (the 'Company' or 'Adalan'), announces its
unaudited annual results for the 6 months ended 30 June 2023
Adalan Ventures plc
Interim Condensed Consolidated Statement of profit or loss and
Other Comprehensive Income for the six months ended 30 June
Six months
Six months ended
ended 30
30 June June
2023 2022
Unaudited Unaudited
Notes GBP'000 GBP'000
---------------------------------------------------- ------ ---------- ----------
Other income - 55
Charge for share options granted - (3)
Administrative expenses (10) (180)
exchange gains 3
------------------------------------------------------------ ---------- ----------
Loss before income tax (10) (125)
Income tax expense - -
---------------------------------------------------- ------ ---------- ----------
(1 0
Net loss ) (125)
Net other comprehensive income that may be
reclassified to profit or loss
Foreign exchange differences arising on translation
into presentation currency - -
(1 0
Total comprehensive loss ) (125)
------------------------------------------------------------ ---------- ----------
Adalan Ventures plc
Interim Condensed Consolidated Statement of financial position
as at
30 June 31 December
2023 202 2
Unaudited Audited
Notes GBP'000 GBP'000
-------------------------- ------ ---------- -----------
Assets:
Cash and cash equivalents 29 35
Total Assets 29 35
---------------------------------- ---------- -----------
Liabilities
Other liabilities (377) (374)
---------------------------------- ---------- -----------
Total liabilities (377) (374)
---------------------------------- ---------- -----------
Net Assets (348) (339)
---------------------------------- ---------- -----------
Equity
Capital and reserves:
Charter capital 8 4, 62 0 4,620
Shares to be issued Reserve 800 800
Additional capital 8 6,7 56 6,756
Share options Reserve 2 48 248
Accumulated deficit (12,772) (12,761)
Total equity (348) (339)
----------------------------- -------- --------
Total liabilities and equity 29 35
----------------------------- -------- --------
Interim Condensed Statement of changes in shareholders' equity
(Unaudited) for the six months ended 30 June 2023 (unaudited)
Additional Accumulated Total
Charter capital Shares to be issued capital Share options Deficit Equity
GBP'000 Reserve GBP'000 Reserve GBP'000 GBP'000
-------------------- --------------- -------------------- ---------- -------------------- ------------ ---------
Balance as at 1
January 2023 4,620 800 6,756 248 (12,761) (339)
-------------------- --------------- -------------------- ---------- -------------------- ------------ ---------
Issue of ordinary - -
shares - - - -
Comprehensive loss
for the period - - - - ( 10 ) (10)
Share-based
payments - - - - - -
-------------------- --------------- -------------------- ---------- -------------------- ------------ ---------
Balance as at 30
June 2023 4,620 800 6,756 248 (12,772) (348)
-------------------- --------------- -------------------- ---------- -------------------- ------------ ---------
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June
Six months Six months
ended 30 ended 30
June 2023 June 2022
Unaudited Unaudited
GBP'000 GBP'000
------------------------------------------------ ---------- ----------
Cash flows from operating activities
Loss for the period (10) (125)
Non cash items - Share based payments - 3
------------------------------------------------ ---------- ----------
Cash from operations (10) (122)
------------------------------------------------ ---------- ----------
Net (increase)/decrease in operating assets
Change in receivables (30)
Change in payables 4 92
Net change in working capital 4 63
------------------------------------------------ ---------- ----------
Net cash flows from operating activities (6) (59)
------------------------------------------------ ---------- ----------
Net change in cash and cash equivalents (6) (59)
Cash and cash equivalents at the beginning of
the year 35 212
------------------------------------------------ ---------- ----------
Cash and cash equivalents at the end of the
period 29 152
------------------------------------------------ ---------- ----------
2. Basis of preparation
The condensed consolidated interim financial statements have
been prepared using accounting policies consistent with
International Financial Reporting Standards and in accordance with
International Accounting Standard 34 Interim Financial Reporting.
The condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 December 2022, which have been prepared in accordance with
International Financial Reporting Standards (IFRS).
The condensed consolidated interim financial statements set out
above do not constitute statutory accounts within the meaning of
the Companies Act 2006. They have been prepared on a going concern
basis in accordance with the recognition and measurement criteria
of International Financial Reporting Standards (IFRS). Statutory
financial statements for the year ended 31 December 2022 were
approved by the Board of Directors on 31 August 2023 and delivered
to the Registrar of Companies. The report of the auditors on those
financial statements was unqualified.
The condensed consolidated interim financial statements of the
Company have not been audited or reviewed by the Company's auditor,
Shipley's LLP.
Going concern
The Financial Statements have been prepared on a going concern
basis. T he Directors consider that the Company requires additional
funding in order to deliver on its plan to find and acquire an
operating business and undertake a reverse take over. The Directors
are of the view that its current cash reserves along with any
funding that it will seek to raise would provide sufficient funds
to undertake its operating activities for the foreseeable future.
Should the company be unsuccessful in raising additional capital
then there is a significant risk that it has the ability to
continue as a going concern. The company has currently reduced its
cash expenditure to a minimum.
Please refer to the going concern note in the annual report for
the year ended 31 December 2022 for further information.
Further information can be found at the corporate website: https://adalanventures.com/
Enquiries:
Adalan Ventures Plc
Siro Cicconi
Tel: +44 (0) 73 9377 9849
Optiva Securities Limited
Vishal Balasingham Tel: +44 (0) 20 3137 1902
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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