REG - Dukemount Capital - Half-year Report
16/06/2023 07:00
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RNS Number : 8793C Dukemount Capital PLC 16 June 2023
Dukemount Capital Plc
("Dukemount" or "the Company")
Interim Results for the six months ended 31 October 2022
Dukemount Capital Plc (LSE: DKE) is pleased to announce its unaudited interim
results for the six months ended 31 October 2022 ("the Interim Report").
For further information, please visit www.dukemountcapitalplc.com or contact:
Dukemount Capital Plc : Email info@dukemountplc.com
CEO: Paul Gazzard
Non-Exec Director Geoffery Dart
Broker Enquiries:
Peterhouse Capital Limited Tel: +44 (0) 207 469 0930
Lucy Williams/Duncan Vasey
Summary
· Completed sale of two RTB 11kV energy generation sites
· Received further funding and existing funding restructured
Operational Developments
On 5 October 2022, the Company announced that HSKB Limited ("HSKB"), in which
it held a 50% interest, had completed the sale of two special purpose
companies containing an 11kV gas peaking facility, ready to build, with full
planning permission and grid access for an aggregate sale price of £350,000.
The proceeds of the sale have been used to repay a portion of the sums owing
to the lenders as detailed in the announcement of 15 September 2021.
Further to the disposal of the gas peaking facilities, the lenders agreed to
advance net proceeds of £50,000 in aggregate in addition to restructuring
their existing funding arrangement. The maturity date for the existing debt
plus the further advance is to be 24 months from the date of the Advance
(being 10 October 2024). The proceeds of the further advance have been used to
settle accrued liabilities of the Company.
The board has taken steps to ensure that the financial position and prospects
of the Company are maintained to facilitate a future reverse takeover
transaction. To that end, the board has confirmed that the directors have
released the Company from all accrued but unpaid emoluments; Chesterfield
Capital Limited have confirmed that the outstanding balance of £500,000 due
to Chesterfield Capital Limited will be converted at a price of 0.65p. Such
subscription to settle all balances due from the Company and to be settled by
the issuance of shares at the earlier of (a) the approval of a prospectus, (b)
the direction of the board of the Company and (c) 31 December 2023.
The restructuring and further advance debt is convertible at the nominal value
of 0.1p of the ordinary shares of the Company. The further advance is subject
to a 5% implementation fee. The Company has settled a 9.5% extension fee of
£74,575 to the Noteholders in the form of ordinary shares at the nominal
value. Accordingly the Company issued 74,575,000 ordinary shares in the
Company on 12 October 2022 and 28,132,190 ordinary shares on 28 October 2022.
Paul Gazzard commented:
"It has been a tough few months for DKE as we have taken some hard decisions
to dispose of assets no longer able to achieve our required regulatory goals.
However we look forward to continuing to pursue alternative routes to secure a
deal for the Company that can bring value for shareholders. We look forward to
updating the market with more developments soon as they are delivered."
Interim Management Report
I hereby present the Interim Report for the six months ended 31 October 2022.
During the period the Group made a loss of £97,108 (six months to 31
October 2021: loss of £227,218). These losses have been contained in the
period to a minimum as the board has taken steps to ensure the financial
position and prospects of the Company are maintained to facilitate a future
reverse takeover transaction.
Outlook
With the support of its funders and professional advisers Dukemount is
optimistic a transaction can be secured to further its prospects and deliver
value to shareholders.
I would like to take the opportunity to thank our shareholders for their
patience and support and the Dukemount team for their continuing efforts in
driving this business forward.
Paul Gazzard
On behalf of the Board
15th June 2023
Responsibility Statement
We confirm that to the best of our knowledge:
· the Interim Report has been prepared in accordance with International
Accounting Standards 34, Interim Financial Reporting, as adopted by the EU;
· gives a true and fair view of the assets, liabilities, financial
position and loss of the Group;
· the Interim Report includes a fair review of the information required
by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the set of interim financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
· the Interim Report includes a fair review of the information required
by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information
required on related party transactions.
The Interim Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:
Paul Gazzard
Director
15 June 2023
Consolidated Statement of Comprehensive Income
For the six months ended 31 October 2022
Note Group Group Group
Unaudited Unaudited Audited
31 Oct 2022 31 Oct 2021 30 April 2022
£ £ £
Continuing operations
Other operating income - - -
Cost of sales - - -
Gross Profit/(Loss) - - -
Other income - 5,033
Administrative expenses (97,108) (227,218) (185,775)
Impairment of goodwill - - (125,101)
Impairment of receivables - - (578,779)
Operating loss (97,108) (227,218) (884,622)
Interest received - - -
Finance charges - - (242,773)
Loss before taxation (97,108) (227,218) (1,127,395)
Income tax - - -
Loss for the year attributable to equity owners (97,108) (227,218) (1,127,395)
Total comprehensive income for the year attributable to the equity owners (97,108) (227,218) (1,127,395)
Total comprehensive income for the year attributable to:
Owners of Dukemount Capital Plc (97,108) (227,218) (1,176,088)
Non-controlling interests - - 48,693
(97,108) (227,218) (1,127,395)
Earnings per share attributable to equity owners
Basic and diluted (pence) 4 (0.00019) (0.00046) (0.0022)
Consolidated Statement of Financial Position
At 31October 2022
Group Group Group
Note Unaudited Unaudited Audited
31 Oct 2022 31 Oct 2021 30 April 2022
£ £ £
ASSETS
Non current assets:
Intangible assets - - 350,000
- 350,000
Current assets:
Trade and other receivables 5 17,299 938,836 38,164
Cash and cash equivalents 28,714 40,864 19,214
Total Current assets 46,013 979,700 57,378
Total assets 46,013 979,700 407,378
LIABILITIES
Current liabilities:
Trade and other payables 6 1,619,121 1,799,753 1,986,086
Total Current liabilities 1,619,121 1,799,753 1,986,086
Total liabilities 1,619,121 1,799,753 1,986,086
NET ASSETS (1,573,108) (820,053) (1,578,708)
Capital and reserve attributable to the equity holders of the Parent
Share capital 616,243 513,535 513,535
Share premium 1,249,305 1,107,783 1,249,305
Share based payments reserve 2,960 2,960 2,960
Retained earnings (3,441,616) (2,444,331) (3,344,508)
TOTAL EQUITY (1,573,108) (820,053) (1,578,708)
Consolidated Statement of Changes in Equity
For the six months ended 31 October 2022
Share capital Share premium Share based payment reserve Retained losses Total Non controlling interests Total equity
£ £ £ £ £ £
Balance as at 1 May 2021 481,283 1,115,035 2,960 (2,217,113) (617,835) - (617,835)
Loss for the period - - - (227,218) (227,218) - (227,218)
Total comprehensive income for the period - - - (227,218) (227,218) - (227,218)
Issue of ordinary shares 32,252 134,270 - - 166,522 - 166,522
Total transactions with owners 32,252 134,270 - - 166,522 - 166,522
Balance at 31 October 2021 513,535 1,249,305 2,960 (2,444,331) (678,531) - (678,531)
Loss for the period - - - (929,543) (929,543) 29,366 (900,177)
Total comprehensive income for the period - - - (929,543) (929,543) 29,366 (900,177)
Issue of ordinary shares - - - - - - -
Total transactions with owners - - - - - - -
Balance as at 30 April 2022 513,535 1,249,305 2,960 (3,373,874) (1,608,074) 29,366 (1,578,708)
Loss for the period - - - (97,108) (97,108) - (97,108)
Total comprehensive income for the period - - - (97,108) (97,108) - (97,108)
Issue of ordinary shares 102,708 - - - 102,708 - 102,708
Total transactions with owners 102,708 - - - 102,708 - 102,708
Balance at 31 October 2022 616,243 1,249,305 2,960 (3,470,982) (1,602,474) 29,366 (1,573,108)
Consolidated Statement of Cashflows
For the six months ended 31 October 2022
Group Group Group
Unaudited Unaudited Audited
6 months ended 6 months ended Year
31 Oct 2022 31 Oct 2021 ended
30 April 2022
£ £ £
Operating activities
Loss before taxation (97,108) (227,218) (1,127,395)
Shares issued in lieu of expenses 74,575 - 30,727
Impairment of goodwill - - 125,101
Impairment of receivables - - 578,779
(Increase)/decrease in trade and other receivables 20,865 (33,214) (40,627)
(Decrease) / increase in trade and other payables (38,372) (419,055) (232,722)
Net cash used in operating activities 40,040 (679,487) (666,137)
Cash Flows from Investing Activities
Investment in JV 350,000 (329,306) (339,306)
Net Cash generated from Investing Activities 350,000 (329,306) (339,306)
Cash Flows from Financing Activities
Loans received 50,000 1,000,000 1,000,000
Loans repaid (350,000) - -
Shares issued in lieu of expenses - 25,000 -
Net Cash generated from Financing Activities (300,000) 1,025,000 1,000,000
Increase/(Decrease) in cash and cash equivalents in period/ year 9,960
16,207 (5,443)
Cash and cash equivalents at beginning of period / year 19,214 24,657 24,657
Cash and cash equivalents at end of period / year 29,174 40,864 19,214
Notes to the Interim Report
For the six months ended 31 October 2022
1. GENERAL INFORMATION
Dukemount Capital Plc (the "Company") is a company domiciled in England. The
interim report for the six months ended 31 October 2022 comprises the results
of the Company and its subsidiaries (together referred to as the "Group").
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements have been prepared
under the historical cost convention and on a going concern basis and in
accordance with International Financial Reporting Standards, International
Accounting Standards and IFRIC interpretations endorsed for use in the United
Kingdom ("IFRS"). The condensed consolidated interim financial statements
contained in this document do not constitute statutory accounts. In the
opinion of the directors, the condensed consolidated interim financial
statements for this period fairly presents the financial position, result of
operations and cash flows for this period. The Board of Directors approved
this Interim Financial Report on 15 June 2023.
Statement of compliance
The Interim Report includes the consolidated interim financial statements
which have been prepared 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
period ended 30 April 2022, which have been prepared in accordance with IFRS
endorsed for use in the United Kingdom.
Accounting policies
The condensed consolidated interim financial statements for the period ended
31 October 2021 have not been audited or reviewed in accordance with the
International Standard on Review Engagements 2410 issued by the Auditing
Practices Board. The figures were prepared using applicable accounting
policies and practices consistent with those adopted in the statutory annual
financial statements for the year ended 30 April 2022. There have been no new
accounting policies adopted since 30 April 2022.
Going concern
The Group has assessed its ability to continue as a going concern. The
Directors, having made due and careful enquiry, are of the opinion that the
Group will have access to adequate working capital to meet its obligations for
the period of at least twelve months from the date when the condensed interim
financial statements are authorised for issue. The Directors therefore have
made an informed judgement, at the time of approving these condensed interim
financial statements, that there is a reasonable expectation that the Group,
having secured agreement with certain creditors, existing investors and its
broker on a package of financing measures, has adequate resources to continue
in operational existence for the foreseeable future. Going forward, the Group
will require further funds. The success of securing these has been identified
as a material uncertainty which may cast significant doubt over the going
concern assessment. Whilst acknowledging this material uncertainty, based upon
the expectation of completing a successful fundraising in the near future, and
the continued support of it investors and broker, the Directors consider it
appropriate to continue to prepare these condensed interim financial
statements for the period ended 31 October 2022 on a going concern basis.
3. RISKS AND UNCERTAINTIES
The Board continually assesses and monitors the key risks of the business. The
key risks that could affect the Group's short and medium-term performance and
the factors that mitigate those risks have not substantially changed from
those set out in the Company's 2022 audited financial statements, a copy of
which is available on the Company's website:
http://www.dukemountcapitalplc.com (http://www.dukemountcapitalplc.com) .
4. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the period
attributable to ordinary shareholders by the weighted average number of shares
in issue.
Group Unaudited Group Unaudited Group
31 Oct 2022 31 Oct 2021 Audited
30 April 2022
£ £ £
Loss for the period (97,108) (227,218) (1,127,395)
Weighted average number of shares - expressed in thousands 521,695 496,352 504,873
Basic earnings per share - expressed in pence (0.00019) (0.00046) (0.0022)
5 TRADE AND OTHER RECEIVABLES
Group Unaudited Group Unaudited Group
31 Oct 2022 31 Oct 2021 Audited
30 April 2020
£ £ £
Trade and other receivables 17,299 377,620 38,164
Amounts recoverable on contracts - 561,216 -
17,299 938,836 38,164
6. TRADE AND OTHER PAYABLES
Group Unaudited Group Unaudited Group
31 Oct 2022 31 Oct 2021 Audited
30April 2022
£ £ £
Trade and other payables 721,273 1,681,253 806,296
Other creditors 819,914 - 1,101,250
Accruals 77,934 118,500 78,540
1,619,121 1,799,753 1,986,086
7. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed interim financial statements were approved by the Board of
Directors on 12 June 2023. A copy can be obtained on the Company's website at
www.dukemountcapitalplc.com (http://www.dukemountcapitalplc.com)
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