REG - ACP Energy PLC - Interim Reports and Financial Statements
11/09/2024 17:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240911:nRSK8360Da&default-theme=true
RNS Number : 8360D ACP Energy PLC 11 September 2024
11 September 2024
ACP Energy PLC
("ACP" or "the Company")
Interim Reports and Financial Statements
ACP Energy Plc (ACPE.L), a company formed to capture value accretive
opportunities in the oil & gas industry, is announcing its Interim
Financial Statements for the period ended 31 December 2023.
Chairman's Statement
I am pleased to report the unaudited interim financial statements to
shareholders for the period ending 31 December 2023.
During the period, ACP announced that it had substantially concluded the
documentation required to complete the transaction and move the company's
quotation to AIM. However, one of the principal capital providers to the
transaction passed away several weeks before the closing, leaving a gap in the
financing needed to close the transaction that was not replaced, and it did
not close as anticipated in Q4 2023.
Post Period
The transaction has been subject to significant delay, and, as announced on 7
August 2024, the company's directors do not consider it likely to be
completed. The Directors entered into a conditional agreement ("Agreement")
with a private Singaporean-based company intended to, ultimately, result in
the purchase of a royalty interest of a natural resources asset
("Transaction"). If completed, the Agreement will additionally provide the
Company with short-term funding, and a further announcement will be made in
due course.
The Company is progressing in its efforts to complete the transaction and
looks forward to providing further updates.
Paul Welch
Executive Chairman
11 September 2024
For further information
www.acpenergyplc.com (http://www.acpenergyplc.com)
ACP Energy
Paul Welch, Chairman
Celicourt Communications
+44 207 770 6424 /
acpenergy@celicourt.uk
Mark Antelme / Jimmy Lea
Responsibility statement
This statement is being made by the Chairman, Mr. Paul Welch, and to the best
of his knowledge.
a. The financial statements, prepared in accordance with IAS 34 'Interim
financial reporting' as adopted by the United Kingdom, give an accurate and
fair view of the assets, liabilities, financial position, and profit or loss
of the issuer, and
b. The management report includes a fair review of the business's development
and performance and the issuer's position, together with a description of the
principal risks and uncertainties it faces.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ACP ENERGY PLC FOR THE 6 MONTHS TO
31 DECEMBER 2023
Unaudited statement of comprehensive income
The statements of comprehensive income of ACP Energy PLC for the periods ended
31 December 2023 and 31 December 2022 are set out below:
As restated
Unaudited Unaudited
6 months 6 months ended
ended 31 Dec 2022
31 Dec 2023 £
£
Administrative expenses (161,159) (211,428)
Operating loss (161,159) (211,428)
Income tax - -
Loss and total comprehensive loss for the period (161,159) (211,428)
Earnings per share
Basic loss per share (0.3458p) (0.4537p)
Diluted loss per share (0.3458p) (0.4537p)
The statement of comprehensive income has been prepared on the basis that all
operations are continuing operations.
Unaudited statement of financial position
The statements of financial position of ACP Energy PLC as at 31 December 2023
and 30 June 2023 are set out below:
ASSETS Notes Unaudited as at 31 Dec 2023 Audited
Current assets £ as at 30 Jun 2023
£
Trade and other receivables 2 3,475 4,230
Cash and cash equivalents 26,912 159,648
30,387 163,878
Total assets 30,387 163,878
EQUITY
Called up share capital 93,200 93,200
Share premium account 492,580 492,580
Other reserves 863,856 863,856
Retained earnings (1,500,442) (1,339,283)
Total equity (50,806) 110,353
LIABILITIES
Trade and other payables 3 81,193 53,525
Total liabilities 81,193 53,525
Total equity and liabilities 30,387 163,878
Unaudited statement of changes in equity
The statement of changes in equity of ACP Energy PLC for the 18-month period
ended 31 December 2023 is set out below:
Share
Share premium Other Reserves Retained
£
capital account earnings Total
Notes £ £ £ £
Balance at 30 June 2022 as previously reported 93,200 560,183 229,189 (279,026) 603,546
Prior period adjustment 4 - (67,603) 634,667 (567,064) -
Balance at 30 June 2022 as restated 93,200 492,580 863,856 (846,090) 603,546
Loss for the period and total comprehensive loss for the period as previously - - - (411,221) (411,221)
reported
Share-based payments as previously reported - - 199,793 - 199,793
Prior period adjustment 4 - - (199,793) 199,793 -
Balance at 31 December 2022 as restated 93,200 492,580 863,856 (1,057,518) 392,118
Loss for the period and total comprehensive loss for the period
- - - (281,765) (281,765)
Balance at 30 June 2023 93,200 492,580 863,856 (1,339,283) 110,353
Loss for the period and total comprehensive loss for the period - - - (161,159) (161,159)
Balance at 31 December 2023 93,200 492,580 863,856 (1,500,442) (50,806)
Unaudited statement of cash flows
The statements of cash flows of ACP Energy PLC for the six months ended 31
December 2023 and 31 December 2022 are set out below:
Unaudited Unaudited
6 months ended 31 Dec 2023 6 months ended 31 Dec 2022
£ £
Cash flows from operating activities
Cash absorbed by operations (132,736) (204,199)
Net cash outflow from operating activities (132,736) (204,199)
Net (decrease)/increase in cash and cash equivalents (132,736) (204,199)
Cash and cash equivalents at beginning of period 159,648 599,876
Cash and cash equivalents at end of period 26,912 395,677
Notes to the unaudited interim financial statements
1 Accounting policies
Company information
ACP Energy Plc is a public company limited by shares incorporated in England
and Wales. The registered office is 21 High Street, Lutterworth, LE17 4AT.
The company's principal activity is intended to be that of investment in
upstream oil and gas assets.
1.1 Basis of preparation
The unaudited interim financial statements present the financial track record
of the Company for the six months ended 31 December 2022, 31 December 2023 and
the 18-month period ended 31 December 2023.
The accounting policies set out in the financial statements for the period
ended 30 June 2023 have been applied consistently to all periods presented in
these unaudited interim financial statements.
The unaudited interim financial statements have been prepared in accordance
with the IAS 34 'Interim financial reporting' as adopted by the United
Kingdom. They should be read in conjunction with the financial statements for
the period ended 30 June 2023, which are prepared in accordance with IFRS as
adopted by the United Kingdom and with the Companies Act 2006.
The unaudited interim financial statements for the six months ended 31
December 2022 and for the six months ended 31 December 2023 do not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006.
The unaudited interim financial statements are prepared in sterling, which is
the functional currency of the company. Monetary amounts in these unaudited
interim financial statements are rounded to the nearest £.
The unaudited interim financial statements have been prepared on the
historical cost basis.
1.2 Going concern
The going concern disclosure within the financial statements for the year
ended 30 June 2023 included reference to a material uncertainty in respect of
the ability of the Company to continue to operate as a going concern. In
preparing the 2023 financial statements, the Directors concluded that, taking
into account the information that they had at the time, in their judgement it
was appropriate that the Company continue as a going concern despite there
being a material uncertainty that may cause significant doubt about the
ability of the Company to continue to operate as a going concern.
In preparing these interim financial statements, the Directors have reviewed
the latest information available to them and concluded that there is no
significant change in circumstances since the date of signing the 2023
financial statements. Therefore, it is their view that it is appropriate for
the Company to continue as a going concern and these interim financial
statements have consequently been prepared on a going concern basis.
1.3 Significant accounting policies
The unaudited interim financial statements have been prepared on the basis of
accounting policies adopted in the financial statements for the year ended 30
June 2023 and expected to be adopted in the financial statements for the
period ending 30 June 2024. Where new IFRS standards, amendments or
interpretations became effective in the six months to 31 December 2023 there
has been no material impact on the net assets or results of the company.
Notes to the unaudited interim financial statements (continued)
2 Trade and other receivables
Unaudited Audited
as at as at
31 Dec 2023 30 Jun 2023
£ £
VAT recoverable 3,475 4,230
3,475 4,230
3 Trade and other payables
Unaudited Audited
as at as at
31 Dec 2023 30 Jun 2023
£ £
Trade payables 7,267 763
Accruals 73,926 52,762
81,193 53,525
4 Prior period adjustment
During the preparation of the financial statements for the year ended 30 June
2023, the directors discovered some errors that were made in the application
of IFRS 2 'Share-based Payment' to determine the share-based payment charge in
the 2022 financial statements and the interim financial statements for the 6
months to 31 December 2022. This relates mostly to the vesting conditions on
share options and how these conditions impact on the fair value of the options
and the timing of recognition of the charge. Furthermore, an element of the
adjustment relates to a reassessment of the fair value of warrants, which were
partially in respect of an IPO, resulting in adjustments to both share premium
and retained losses. Details of the effect of this prior period adjustment are
as follows:
Reconciliation of changes in equity
The prior period adjustment does not give rise to any adjustment to equity.
Notes to the unaudited interim financial statements (continued)
4 Prior period adjustment (continued)
Audited Unaudited
as at as at
30 Jun 2022 31 Dec 2022
£ £
Analysis of the effect upon equity
Share premium (67,603) (67,603)
Other reserves 634,667 434,874
Retained losses (567,064) (367,271)
- -
Reconciliation of changes in loss for the previous interim financial period
Unaudited Unaudited
6 months ended 6 months ended
30 Jun 2022 31 Dec 2022
Loss as previously reported (279,026) (411,221)
Adjustments to prior periods
Reassessment of share-based payments (567,064) 199,793
Loss as adjusted (846,090) (211,428)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FLFEEAVILLISRecent news on Alt Resources
See all newsREG - ALT Resources PLC - Gold Royalty Transaction Terminated
AnnouncementREG - ALT Resources PLC - Unaudited Interim Results
AnnouncementREG - ALT Resources PLC - Annual Report and Accounts
AnnouncementREG - ALT Resources PLC - Proposed acquisition & admission to trading on AIM
AnnouncementREG - ALT Resources PLC - Results of Annual General Meeting
Announcement