REG - Citius Resources PLC - Interim Financial Statements
01/12/2021 07:00
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RNS Number : 0881U Citius Resources PLC 01 December 2021
Date: 1 December 2021
Citius Resources Plc
("Citius" or the "company")
Interim Financial Statements
for the six month period ended 31 October 2021
The Company is pleased to announce its Interim Results for the six-month
period to 31 October 2021.
For further information please contact
Citius Resources Plc Brandon Hill Capital Limited
Cameron Pearce (Director) Jonathan Evans (Corporate Finance)
www.Citiusresources.co.uk Tel: +44 (0)20 3463 5000
Tel: +44 (0)1624 681 250 jonathan.evans@brandonhillcapital.com
info@citiusresources.co.uk
Interim Management Report
Dear shareholder,
I am pleased to present the interim report and accounts for the six month
period to 31 October 2021 for Citius Resources Plc. This period we completed
our successful admission to the Official list (by way of a Standard List) of
the London Stock Exchange on the 25th of August 2021 raising £1,120,000 in
the process.
The Board of Citius and its advisory team comprise a knowledgeable and
experienced group of professionals with the relevant skills and expertise to
successfully source, structure and complete acquisitions in the mining sector
to deliver upon our strategy to return substantial value to investors. As such
we are pleased to be listing upon the Official list of the main market.
I would like to thank the team for their support in the launch of this
exciting journey, and I thank shareholders for investing in the Company's
future. We look forward to updating the market further in due course.
Cameron Pearce
Chief Executive Officer
Responsibility Statement of the Directors' in respect of the Interim Report
The Directors are responsible for preparing the Interim Financial Statements
in accordance with applicable law and regulations. In addition, the Directors
have elected to prepare the Interim Financial Statements in accordance with
International Financial Reporting Standards ("IFRSs"), as adopted by the
European Union ("EU").
The Interim Financial Statements are required to give a true and fair view of
the state of affairs of the Group and of the profit or loss of the Group for
that period.
In preparing these Interim Financial Statements, the Directors are required
to:
· select suitable accounting policies and then apply them consistently;
· present information and make judgements that are reasonable, prudent
and provides relevant, comparable and understandable information;
· provide additional disclosures when compliance with the specific
requirements in IFRS is insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the entity's
financial position and financial performance; and
· make an assessment of the Group's ability to continue as a going
concern.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group's transactions and disclose with
reasonable accuracy at any time its financial position of the Group to enable
them to ensure that the financial statements comply with the requirements of
the Companies Act 2006. They have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and Interim Financial Statements. Legislation governing the
preparation and dissemination of Interim Financial Statements may differ from
one jurisdiction to another.
We confirm that to the best of our knowledge:
· the Interim Financial Statements, prepared in accordance with
International Financial Reporting Standards as adopted by the EU, give a true
and fair view of the assets, liabilities, financial position and profit or
loss of the Group for the period;
· the Director's report includes a fair review of the development
and performance of the business and the position of the group, together with a
description of the principal risks and uncertainties that they face; and
· the annual report and financial statements, taken as a whole, are
fair, balanced and understandable and provide the information necessary for
shareholders to assess the group's performance, business model and strategy.
Statement of Comprehensive Income for the year end ended 31 October 2021
6 months ended 31 October 2021 6 months ended 31 October 2020 12 months ended
30 April 2021
(Unaudited) (Unaudited) (Audit)
Notes GBP GBP GBP
Administrative fees and other expenses 5 (147,170) (101,033) (158,612)
Operating loss (147,170) (101,033) (158,612)
Finance costs - - -
Loss before tax (147,170) (101,033) (156,612)
Income tax - - -
Total comprehensive loss for the period (147,170) (101,033) (156,612)
Basic and diluted loss per share (pence) 6 (0.46) (0.65) (1.05)
There was no other comprehensive income for the period ended on 31 October
2021.
Statement of Financial Position as at 31 October 2021
Note As at As at As at
31 October 2021 31 October 2020 30 April
2021
(Unaudited) (Unaudited) (Audit)
GBP GBP GBP
Current assets
Cash and cash equivalents 807,582 148,967 367,888
Other receivables 37,200 50,000 18,000
Total current assets 844,782 198,967 385,888
Current liabilities
Creditors: Amounts falling due within one year 21,352 - 244,500
Total current liabilities 21,352 - 244,500
Net assets 823,430 198,967 141,388
Equity
Share capital 6 216,250 91,667 91,667
Share premium 895,540 208,333 208,333
Warrant reserves 17,422
Retained earnings (305,782) (101,033) (158,612)
Total equity 823,430 198,967 141,388
Statement of Changes in Equity for the six month period ended 31 October 2021
Share Share premium Warrants reserves Retained earnings Total equity
capital
GBP GBP GBP GBP GBP
Balance as at 15 April 2020 1 - - - 1
on incorporation
Loss for the period - - - (101,033) (101,033)
Total comprehensive loss - - - (101,033) (101,033)
Contributions from equity holders
New shares issued (note 7) 91,666 208,333 - - 299,999
Total contributions from equity holders 91,666 208,333 - - 299,999
Balance as at 31 October 2020 91,667 208,333 - (101,033) 198,967
Loss for the period - - - (57,579) (57,579)
Total comprehensive loss - - - (57,579) (57,579)
Contributions from equity holders
New shares issued (note 7) - - - - -
Total contributions from equity holders - - - - -
Balance as at 30 April 2021 91,667 208,333 - (158,612) 141,388
Loss for the period - - - (147,170) (147,170)
Total comprehensive loss - - - (147,170) (147,170)
Contributions from equity holders
New shares issued (note 7) 124,583 785,417 - - 910,000
Share issue costs - (98,210) - - (98,210)
Share base payments - - 17,422 - 17,422
Total contributions from equity holders 124,583 687,207 17,422 - 829,212
Balance as at 31 October 2021 216,250 895,540 17,422 (305,782) 823,430
Statement of Cash Flows for the six month period ended 31 October 2021
Notes As at 31 October 2021 As at 31 October 2020 As at 30 April 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating activities
Loss after tax (147,170) (101,033) (158,612)
Share issue/warrant costs 17,422 - -
Changes in working capital
Increase in trade and other receivables (19,200) (50,000) (18,000)
(Decrease)/increase in trade and other payables (223,148) - 244,500
Net cash flows (utilised by) from operating activities (372,096) (151,033) 67,888
Financing activities
Shares issued (net of issue costs) 811,790 300,000 300,000
Net cash flows from financing activities 811,790 300,000 300,000
Increase in cash and cash equivalents 439,694 148,967 367,888
Cash and short-term deposits brought forward 367,888 - -
Cash and cash equivalent at 807,582 148,967 367,888
31 October
Notes to the Financial Statements for the six month period ended 31 October 2021
1. General
Citius Resources Plc (the "Company") is a public limited company incorporated
and registered in England and Wales on 15 April 2020 (as Citius Resources
Limited, the name was changed to Citius Resources PLC on the 3 August 2020)
with registered company number 12557958 and its registered office situated in
England and Wales with its registered office at 25 Bilton Road, Rugby, CV22
7AG.
The Company did not trade during the period under review.
2. Accounting Policies
Basis of preparation
The interim financial statements of Citius Resources Plc are unaudited
condensed financial statements for the 6 month period ended 31 October 2021.
The accounting policies applied by the Company in these Interim Financial
Statements, are the same as those applied by the Company in its financial
statements and have been prepared on the basis of the accounting policies
applied for the financial year to 30 April 2021 which have been prepared in
accordance with IFRS as adopted by EU. The Company Interim Financial
Statements have been prepared using the measurement basis specified by IFRS
each type of asset, liability, income and expense.
The Company Interim Financial Statements are presented in GBP, which is the
Company's functional currency. All amounts have been rounded to the nearest
pound, unless otherwise stated.
3. Critical accounting estimates and judgments
In preparing the Company's Interim Financial Statements, the Directors have to
make judgments on how to apply the Company's accounting policies and make
estimates about the future. The Directors do not consider there to be any
critical judgments that have been made in arriving at the amounts recognised
in the Company Interim Financial Statements.
Warrants
During the year the Company issued its shareholders with warrants. The
valuation of these warrants involved making a number of critical estimates
relating the price volatility, expected life if the options and interest
rated.
The expenses charged to the Statement of Comprehensive Income during the year
in relation to warrants was £17,422.
4. Significant accounting policies
The accounting policies adopted are consistent with those followed in the
preparation of the annual financial statements of Citius Resources Plc, for
the year ended 30 April 2021.
5. Administrative fee and other expenses
6 months ended 31 October 2021 6 months ended 31 October 2020 12 months ended
30 April 2021
GBP GBP GBP
Directors' remuneration 24,000 32,500 56,500
Professional fees 95,546 41,000 80,000
Audit fees 6,000 - 12,000
Administration fees 3,310 9,000 9,000
Share base payments 17,422 - -
Miscellaneous fees 892 18,533 1,112
Total 147,170 101,033 158,612
The company did not employ any staff during the period other than Directors.
The Directors are the only members of key management and their remuneration
related solely to short term employee benefits.
6. Basic and diluted loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months ended 31 October 2021 6 months ended 31 October 2020 12 months ended 30 April 2020
Earnings
Loss for the period (GBP) (147,170) (101,033) (158,612)
Number of shares
Weighted average number of Shares 31,692,482 15,393,635 15,092,141
Basic and diluted loss per share (pence) (0.46) (0.65) (1.05)
There are no potentially dilutive shares in issue.
7. Share capital issued
Number of shares issued Nominal value per share Share capital Share premium Total share capital
GBP GBP GBP GBP
On incorporation 200 0.005 1 - 1
16 April 2020 8,333,334 0.005 41,667 208,333 250,000
23 June 2020 9,999,800 0.005 49,999 - 49,999
At 30 April 2021 18,333,334 91,667 208,333 300,000
26 May 2021 8,666,665 0.005 43,333 216,667 260,000
25 August 2021 16,250,001 0.005 81,250 568,750 650,000
Share issue costs - (97,210) (97,210)
At 31 October 2021 43,250,000 216,250 895,540 1,112,790
8. Related party transactions
The are no related party transactions during the period except for the
Directors' remuneration, which has been disclosed in note 5.
9. Events after the reporting date
There are not events after the reporting date.
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