REG - Adalan Ventures PLC - Half-year Report

Adalan VenturesAnnouncement

29/09/2023 11:45

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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

 

                                                                                 Notes  Six months ended 30 June 2023  Six months ended 30

                                                                                        Unaudited                      June 2022

                                                                                        GBP'000                        Unaudited

                                                                                                                       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
 Net loss                                                                               (10)                           (125)

 Net other comprehensive income that may be reclassified to profit or loss
 Foreign exchange differences arising on translation into presentation currency         -                              -

 Total comprehensive loss                                                               (10)                           (125)

 

 

 

Adalan Ventures plc

Interim Condensed Consolidated Statement of financial position as at

 

                            Notes  30 June     31 December 2022

                                   2023        Audited

                                   Unaudited   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   4,620     4,620
 Shares to be issued Reserve       800       800
 Additional capital            8   6,756     6,756
 Share options Reserve             248       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)

 

                                    Charter capital                                Additional                                 Accumulated      Total

Equity
                                    GBP'000                                        capital                                   Deficit

                GBP'000
                                                     Shares to be issued Reserve   GBP'000     Share    options Reserve      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                                          6,756                                     (12,772)         (348)

                                                     800                                                248

 

 

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June

 

 

 

 

                                                          Six months ended 30  Six months

                                                          June 2023            ended 30

                                                          Unaudited            June 2022

                                                          GBP'000              Unaudited

                                                                               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)
                                                          35                   212

 Cash and cash equivalents at the beginning of the year
 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. The
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/ (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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