REG-Limitless Earth Plc: Final Results <Origin Href="QuoteRef">LMEL.L</Origin>
12/06/2015 07:00
12 June 2015
LIMITLESS EARTH PLC
("Limitless" or the "Company")
Final Results for the Period ended 31 January 2015
The Company is pleased to announce its final results for the period 11 December
2013 to 31 January 2015 ("the Period").
CHIEF EXECUTIVE'S STATEMENT
Limitless Earth plc was admitted on AIM on 12 May 2014 raising £3,005,000.
Limitless is a proactive investment company that focuses on making investments
in and assisting companies that show the potential to generate returns through
capital appreciation. It is the view of the Directors to invest in small
companies where there are clear routes to value appreciation and that are
operating in sectors with long term growth prospects that are driven by
demographic change. Examples of such sectors include Cleantech, Life Sciences
and Technology.
The Board is focused on making sure it makes the right investment in the right
sector at the right time. It has looked carefully at more than twenty
investment opportunities in the first months of operations and has engaged
advisers on one investment in the Life Sciences area where discussions with
management are on-going.
In the second half of the financial period, the Board has continued to pay
particular attention to companies in the Life Sciences arena, including health
& wellness and food supply companies, and, business that benefit from changing
consumption habits as a result of changing demographics and socio-economic
factors.
The Board understands that cost control is important at all times and
particularly pre-investment. On behalf of the shareholders, the Directors
carefully keep operating costs to a minimum to preserve shareholder value.
For the financial period, Limitless made a net loss on operations of £299,672.
This included the cost of the listing process, which was £168,000. The audited
balance sheet reflects the cash and cash equivalents at the reporting date of £
2,731,554.
The period under review covers eight and a half months of trading on AIM. This
initial period has seen progress made in defining the initial investment focus
areas and reviewing a number of available investment opportunities and
management teams. Limitless continues to develop its pipeline of possible
investments and is well placed to enter its investment phase which the
Directors look forward to with confidence.
For further information, please contact:
Limitless Earth plc www.limitlessearthplc.com
Dominic White +44 20 7580 7576
Guido Contesso +44 7780 700 091
Cairn Financial Advisers LLP
+44 20 7148 7900
Nominated Adviser http://www.cairnfin.com/
Jo Turner/Liam Murray
Peterhouse Corporate Finance Limited
+44 20 7469 0930
Broker www.pcorpfin.com
Peter Greensmith
About Limitless Earth plc
Limitless Earth plc is a proactive investment company that focuses on making
investments in and assisting companies which exhibit the potential to generate
returns through capital appreciation. Limitless invests in small companies
where there are clear catalysts for value appreciation and the companies are
operating in sectors exhibiting long term growth linked to demographic change.
Examples of such sectors include Cleantech, Life Sciences and Technology.
Statement of Comprehensive Income
for the period ended 31 January 2015
Period to
31/01/2015
Continuing operations £
Administrative expenses (305,914)
Operating loss (305,914)
Finance Income 6,243
Loss before taxation (299,671)
Taxation -
Loss for the financial position (299,671)
Total Comprehensive income for the period (299,671)
Loss attributable to:
Equity Holders (299,671)
Earnings per share:
Basic and diluted loss per share (0.69p)
Statement of Financial Position
As at 31 January 2015
31/01/2015
£
Current assets
Trade and other receivables -
Cash and cash equivalents 2,731,554
2,731,554
Total Assets 2,731,554
Current Liabilities
Trade and other payables (12,500)
Net Assets 2,719,054
Equity
Issued Share Capital 654,000
Share Premium 2,322,440
Share warrant reserve 42,285
Retained Earnings (299,671)
Total Equity 2,719,054
Statement of Changes in Shareholders' Equity
for the period ended 31 January 2015
Share
Share Share warrant Retained
capital premium reserve earnings Total
£ £ £ £ £
Changes in Equity for the
period ended 31 January 2015
Comprehensive income
Loss for the period - - (299,672) (299,672)
Total Comprehensive loss for - - (299,672) (299,672)
the period
Transactions with owners
Proceeds from share issue (net 654,000 2,322,440 42,285 - 3,018,725
of expenses)
Total contributions by the 654,000 2,322,440 42,285 - 3,018,725
owners
At 31 January 2015 654,000 2,322,440 42,285 (299,672) 2,719,054
Statement of Cash Flows
for the period ended 31 January 2015
Period to
31/01/2015
£
Cash flows from operating activities
Net cash absorbed by operating activities (293,414)
Cash flows from investing activities
Finance income received net 6,243
Net cash used in investing activities 6,243
Cash flows from financing activities
Gross proceeds from share issues 3,270,000
Share issue expenses (251,275)
Net Cash from financing activities 3,018,725
Net increase in cash and cash equivalents during 2,731,554
the year
Cash at the beginning of period -
Cash and cash equivalents at the end of the 2,731,554
period
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Limitless Earth plc is a company incorporated and domiciled in the United
Kingdom. The Company is a public limited company, which is listed on the AIM
market of the London Stock Exchange. The address of the registered office is 30
Percy Street, London, W1T 2DB.
The Investing Policy is to invest principally, but not exclusively, in sectors
where changing demographic factors are important drivers of growth. The Company
intends to focus initially on projects located in Europe but will also consider
investments in other geographical regions. The Company may become an active
investor, acquire controlling stakes or minority positions, in each case, as
the Board considers appropriate and commercial.
The financial statements are presented in British Pounds Sterling, the currency
of the primary economic environment in which the Company's operates from.
2. Accounting policies
The principal accounting policies applied in the preparation of these financial
statements are set out below. The policies have been consistently applied
throughout the period, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRSs) and IFRIC interpretations as adopted
by the European Union applicable to companies reporting under IFRSs. The
financial statements have also been prepared under the historical cost
convention.
The preparation of financial statements in conformity with IFRSs requires
the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the
Company's accounting policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements are disclosed later in these
accounting policies.
Going Concern
The Directors have, at the time of approving the financial statements, a
reasonable expectation that the Company and the Group have adequate
resources to continue in existence for the foreseeable future. Thus they
continue to adopt the going concern basis of accounting in preparing the
financial statements.
3. Loss per share
The basic loss per share is calculated by dividing the loss attributable to
equity holders of the Company by the weighted average number of ordinary shares
in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. No share warrants outstanding at 31 January 2015
were dilutive and all such potential ordinary shares are therefore excluded
from the weighted average number of Ordinary shares for the purposes of
calculating diluted earnings per share. Details of warrants outstanding are
given in note 14.
2015
£
Loss from continuing operations attributable to equity holders of (299,671)
the company
Weighted average number of ordinary shares in issue 43,440,000
Pence
Basic and fully diluted loss per share from continuing operations (0.69)
4. Notice of Annual General Meeting and Posting of Accounts
The above results are extracted from the Report and Accounts for the period
ended 31 January 2015, which have today been sent to all shareholders together
with a copy of the Notice of Annual General Meeting. Copies of these documents
can also be found on the Company's website, http://www.limitlessearthplc.com/.
The Annual General Meeting of the Company has been convened at 11.00 a.m. on 22
July 2015 to be held at 30 Percy Street, London, W1T 2DB.
END
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