Gledhow Investments PLC Half-year Report
28 April 2016 - 7:49PM
UK Regulatory
TIDMGDH
Gledhow Investments plc
First Half Results to 31 March 2016
Date: 28 April 2016
Results
Gledhow Investments plc ("Gledhow" or the "Company") is pleased to announce its
half year results ("interim results") for the current financial year. The
period covered is from 1 October 2015 to 31 March 2016. These are unaudited
interim results.
The Company continues to pursue its investment strategy which has the objective
of achieving long-term capital growth.
The Company had cash of GBP 190,432 at the period end. The continued downturn
in the resources sector was primarily responsible for the unrealised losses.
During the period the company invested EUR40,000 by way of a convertible into
Bolt Mobility BV, a Dutch company developing the AppScooter, an electric
scooter it hopes will be "the Dutch Tesla on two wheels".
Despite the uncertain economic environment the Company is in a strong position,
thanks to its strong cash position, and we look forward to being able to make
opportunistic investments in small to medium sized undervalued companies as
they arise.
Profit and Loss Account
for the six months ended 31 March 2016
Continuing operations
Six months to Six months to
31-Mar-16 31-Mar-15
GBP GBP
Turnover
Proceeds from sale of investments 1,226 -
Cost of sales (including unrealised losses and gains
on
investments held for resale) '(64,245) '(62,730)
________ ________
Gross loss (63,019) (62,730)
Administrative expenses (19,129) (16,782)
________ ________
Loss on ordinary activities before tax (82,148) (79,512)
Taxation - -
________ ________
Loss for the year (82,148) (79,512)
======= =======
Loss earnings per share - Basic (pence) (0.17)p (0.16)p
===== ======
Balance Sheet as at 31 March 2016
2016 2015
GBP GBP
Current assets
Investments held for resale 229,946 329,104
Debtors - 200
Cash at bank and in hand 190,432 218,936
_________ _________
420,378 548,240
Creditors: amounts falling due
within one year (5,931) (1,761)
_________ _________
Net current assets and total assets
less current liabilities 414,447 546,479
======== ========
Capital and reserves
Called up share capital 490,000 490,000
Share premium account 71,122 71,122
Profit and loss account (190,777) (58,745)
Other reserve 44,102 44,102
_________ _________
Shareholders' funds
- equity interests 414,447 546,479
======== ========
Notes
1. The interim results together with the related notes set out below have
been approved by the board of directors of Gledhow Investments plc.
2. The Company's strategy is to make short to medium term investments in
small to medium sized quoted or
unquoted companies. These investments are carried in the accounts as
current asset investments and are valued at lower of cost and net realisable
value.
3. The financial results detailed above are unaudited, and have not been
reviewed by the auditors of the Company.
4. Earnings per share - Basic
The loss per share for the six months ended 31 March 2016 is calculated on the
loss on ordinary activities after tax of GBP82,148 (2015: loss of GBP79,512)
divided by the weighted average number of 49,000,000 (2015: 49,000,000)
ordinary shares of 1p each in issue during the period.
5. The financial information in this report does not constitute Statutory
Accounts within the meaning of Section 434 of the Companies Act 2006. The
financial statements for the year ended 30 September 2015 have been delivered
to the Registrar of Companies and the auditors' report on those financial
statements was unqualified and did not contain a statement made under Section
498(2) or Section 498(3) of the Companies Act 2006.
For further information please contact:
Brett Miller: 07770447338
(Gledhow Investments plc)
The Directors of the issuer accept responsibility for the contents of this
announcement.
END
(END) Dow Jones Newswires
April 28, 2016 05:49 ET (09:49 GMT)