REG - Inspirit Energy Hlds - Half-year Report
31/03/2025 12:30
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RNS Number : 9534C Inspirit Energy Holdings PLC 31 March 2025
31 March 2025
Inspirit Energy Holdings PLC
("Inspirit Energy", the "Group" or the "Company")
Interim Results
Inspirit Energy Holdings PLC (AIM: INSP), announced on 8th October 2024 that
it had become an AIM Rule 15 cash shell. The Company is pleased to
announce its interim accounts for the six months ended 31 December 2024. The
interim financial information document will also be available on the Company's
website www.inspirit-energy.com (http://www.inspirit-energy.com) .
Chairman's Statement:
On 8th October 2024, the Board of Directors announced that it had completed
its review and concluded that it should focus its energies on preserving its
existing cash balances to pursue other opportunities and as such Inspirit
become an AIM Rule 15 cash shell. The Company would look to seek to realise
value from the IP developed to date if it could. As an AIM Rule 15 cash shell
the Company has six months to make an acquisition or acquisitions which
constitutes a reverse takeover under AIM Rule 14. Where, within six months, an
AIM Rule 15 cash shell does not complete a reverse takeover as set out in AIM
Rule 15, the Exchange will suspend trading in the AIM securities pursuant to
AIM Rule 40.
The Board has been approached by various organisations since it announced its
AIM Rule 15 cash shell status and will continue to engage with organisations
until a suitable opportunity arises for the shareholders of the Company and
the Board will provide further updates to the members in due course.
-ends-
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.
More information on Inspirit Energy can be seen at: www.inspirit-energy.com
(http://www.inspirit-energy.com/)
For further information please contact:
Inspirit Energy Holdings plc
John Gunn, Chairman and CEO +44 (0) 207 048 9400
Beaumont Cornish Limited
www.beaumontcornish.com
(Nominated Advisor)
Roland Cornish / James Biddle +44 (0) 207 628 3396
Global Investment Strategy UK Ltd
(Broker)
Samantha Esqulant +44 (0) 207 048 9045
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 31 December 2024
Group Group Group
Six months Six months Year
to to to
31 December 2024 31 December 2023 30 June
Unaudited Unaudited 2024
Audited
£'000s £'000s £'000s
Revenue - - -
Administrative expenses (77) (149) (313)
──────── ──────── ────────
Operating profit (loss) (77) (149) (313)
Exceptional gains and losses including
Impairment on Intangible asset (267) - (1,777)
──────── ──────── ────────
Loss before tax (344) (149) (2,090)
Income tax credit - - 35
──────── ──────── ────────
Loss for the period from continuing (344) (149) (2,055)
operations attributable to shareholders
════════ ════════ ════════
Loss per share - Pence (0.004)p (0.002)p (0.0036)p
════════ ════════ ════════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2024
Group Group Group
As at As at As at
31 December 2024 31 December 2023 30 June
Unaudited Unaudited 2024
Audited
£'000s £'000s £'000s
Non-Current Assets
Intangible assets 1,117 3,230 1,539
Tangible assets 18 21 18
─────── ─────── ───────
1,135 3,251 1,557
Current assets
Trade and other receivables 116 55 100
Cash and cash equivalents 15 198 36
─────── ─────── ───────
131 253 136
─────── ─────── ───────
Current liabilities
Trade and other payables (860) (902) (844)
Other borrowing* - (164) (99)
─────── ─────── ───────
(860) (1,066) (943)
─────── ─────── ───────
Net Current Liabilities (729) (813) (807)
Non-Current Liabilities
Borrowings - - -
─────── ─────── ───────
Net Assets 406 2,438 750
═══════ ═══════ ═══════
Equity
Share capital 2,500 2,124 2,500
Share premium 9,793 9,952 9,793
Other reserves 3 3 3
Merger reserve 3,150 3,150 3,150
Reverse acquisition reserve (7,361) (7,361) (7,361)
Retained losses (7,679) (5,430) (7,335)
─────── ─────── ───────
Total 406 2,438 750
═══════ ═══════ ═══════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2024
Attributable to the owners of the parent
Share Share premium Other reserves Merger reserve Reverse acquisition reserve Retained Total
capital losses Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
BALANCE AT 30 June 2022 (Audited) 2,103 9,783 3 3,150 (7,361) (5,021) 2,657
Loss for the period - - - - - (260) (260)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (260) (260)
Share issued 1 4 - - - - 5
TRANSACTIONS WITH OWNERS RECOGNISED DIRECTLY IN EQUITY 1 4 - - - - 5
BALANCE AT 30 June 2023 (Audited) 2,104 9,787 3 3,150 (7,361) (5,281) 2,402
Loss for the period - - - - - (2,055) (2,055)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (2,055) (2,055)
Share issues 396 39 - - - - 435
Share issue costs - (32) - - - - (32)
BALANCE AT 30 June 2024 (Audited) 2,500 9,793 3 3,150 (7,361) (7,335) 750
Loss for the period - - - - - (344) (344)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (344) (344)
BALANCE AT 31 December 2024 2,500 9,793 3 3,150 (7,361) (7,679) 406
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2024
Group Group Group
Six months Six months Year
to to to
31 December 2024 31 December 2023 30 June
Unaudited Unaudited 2024
Audited
Note £'000 £'000 £'000
Operating activities
Net cash from operating activities 6 78 25 (355)
─────── ─────── ───────
Net cash generated/(used) in operating activities
78 25 (355)
─────── ─────── ───────
Investing activities
Acquisition of intangible assets - (63) -
Acquisition of plant and equipment - - -
─────── ─────── ───────
Net cash from financing activities - (63) -
─────── ─────── ───────
Financing activities
Debt Write off or repayment (99) (63)
Share Issue - 200 435
Share issue costs - (15) (32)
─────── ─────── ───────
Net cash from financing activities (99) 185 340
─────── ─────── ───────
Net cash outflow (21) 147 (15)
Cash and cash equivalents at the beginning of the period 36 51 51
─────── ─────── ───────
Cash and cash equivalents at the end of the period
15 198 36
═══════ ═══════ ═══════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated Notes to the Interim Financial Information
1. General Information
The principal activity of Inspirit Energy Holdings PLC ("the
Company") during the period was that of an investment company which aims to
invest in disruptive products or technologies that are either proven or at the
later stages of development, which own or have exclusive licence to the
relevant intellectual property.
Inspirit Energy Holdings PLC is a company incorporated and
domiciled in England and Wales and quoted on AIM, a market operated by the
London Stock Exchange. The address of its registered office is 200 Aldersgate
Street, London EC1A 4HD, United Kingdom.
2. Basis of Preparation
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared
on a going concern basis in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRS) as adopted by
the European Union. Statutory financial statements for the year ended 30 June
2024 were approved by the Board of Directors on 31 December 2024 and delivered
to the Registrar of Companies. The report of the auditors on those financial
statements was unqualified.
The interim financial information for the six months ended 31 December 2024
has not been reviewed or audited. The interim financial report has been
approved by the Board on 28 March 2025.
Going concern
The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Company to continue in operational existence for the
foreseeable future and that, therefore, it is appropriate to adopt the going
concern basis in preparing the interim financial statements for the period
ended 31 December 2024. As a Cash Shell, all non-essential operating cost
have dramatically reduced and only costs maintaining the listed entity remain.
A tax credit recoverable from HMRC of £74,000 is included in Trade and
other receivables and in addition, both John Gunn and Nilesh Jagatia have
committed to providing support of up to £100,000 should working capital
shortfalls arise.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2024 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.inspirit-energy.com. The
key financial risks are liquidity and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 2 of the Company's 2024 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Significant Accounting Policies
The accounting policies applied are consistent with those of the
annual financial statements for the year ended 30 June 2024, as described in
those annual financial statements.
4. Segmental Analysis
The Company's primary reporting format is business segments and its secondary
format is geographical segments. The Company only operates in a single
business and geographical segment. Accordingly, no segmental information for
business segment or geographical segment is required.
5. Loss per Share
The loss per ordinary share is based on the Group's loss for the period of
£344,000 (company's loss - 6 months to 31 December 2023 £149,000; loss year
ended 30 June 2024 - £2,055,000) and a basic weighted average number of
ordinary shares of £0.0001 each in issue of 8,245,524,230 (6,287,190,896 for
31 December 2023 and 5,675,889,526 30 June 2024).
6. Reconciliation of Operating Loss to Net Cash Outflow from Operating
Activities
Group Group Group
Six months Six months Year
to to to
31 December 31 December 2023 30 June
2024 Unaudited 2024
Unaudited Audited
£'000s £'000s £'000s
Operating Loss for the period (344) (149) (2,055)
Adjustments for :
(Increase)/Decrease in receivables (16) (2) (48)
(Decrease)/Increase in payables 16 176 118
Depreciation - - 2
Impairment of Development Costs 422 - 1,628
Tax credit - - (35)
Tax Received - - 35
─────── ─────── ───────
Net cash from operating activities 78 25 (355)
═══════ ═══════ ═══════
7. Issued and fully paid
The issued share capital is as follows
Number of ordinary shares Number of deferred shares Ordinary shares Deferred shares New Deferred B shares Share premium Total
£ £ £ £ £
At 30 June 2022 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261
At 30 June 2023 4,287,190,896 400,932 300,847 396,923 1,406,599 12,937,412 15,041,511
Issue of New Shares 3,958,333,334 - 395,833 - - 6,167 402,000
At 30 June 2024 and 31 December 2024 8,245,524,230 400,932 696,680 396,923 1,406,599 12,943,309 15,443,511
8. Subsequent events after the reporting period
None
9. Copies of this interim financial information document are available
from the Company at its registered office at 200 Aldersgate Street, London
EC1A 4HD. The interim financial information document will also be available on
the Company's website www.inspirit-energy.com.
NOTICE
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
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