REG-Limitless Earth Plc: Final Results <Origin Href="QuoteRef">LMEL.L</Origin>
29/07/2016 07:05
29 July 2016
LIMITLESS EARTH PLC
("Limitless" or the "Company")
Final Results for the Period ended 31 January 2016
The Company is pleased to announce its final results for the period to 31
January 2016.
Chairman’s statement
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 Directors' strategy to invest in small
companies where there are clear routes to value appreciation also in companies
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.
During the year the Company invested in Medical Diagnostics (Chronix
Biomedical inc.), Communication Technology (V Nova Ltd), Industrial Material
Recycling and Waste to Energy (Saxa Gree S.p.A).
The Board relies on its own know-how, on an extensive network in the financial
system and external advisers to enable it to make the right investment in the
right sector at the right time. It has already analysed 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.
The Board understands that cost control is important at all times and
particularly pre-investment and it ensures that operating costs are kept to a
minimum to in order to preserve shareholder value.
For the financial period, Limitless made a net loss on operations of £175,299
((2015: £299,671) - includes 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 £1,530,404.
Post year end the Company continued its investing with a £200,000 investment
in Exogenesis Corporation, based in Boston Massachusetts, which has developed
nanoscale surface modification technology to improve the safety and efficacy
of implantable medical devices and is being used to develop next generation
microscopy tools for DNA Analysis.
The Board continues to actively source suitable investments and thanks all the
shareholders for their support.
Guido Contesso
Chief Executive Officer
29 July 2016
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
For further information, please contact:
Limitless Earth plc Dominic White Guido Contesso www.limitlessearthplc.com +44 20 7580 7576 +44 7780 700 091
Cairn Financial Advisers LLP Nominated Adviser Jo Turner/Liam Murray +44 20 7148 7900 www.cairnfin.com
Peterhouse Corporate Finance Limited Broker Peter Greensmith +44 20 7469 0930 www.pcorpfin.com
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 2016
Period to Period to
31/01/2016 31/01/2015
Continuing operations £ £
Administrative expenses (180,821) (305,914)
Operating loss (180,821) (305,914)
Finance Income 5,522 6,243
Loss before taxation (175,299) (299,671)
Taxation - -
Loss for the financial position (175,299) (299,671)
Total Comprehensive income for the period (175,299) (299,671)
Loss attributable to:
Equity Holders (175,299) (299,671)
Earnings per share:
Basic and diluted loss per share (0.27p) (0.69p)
Statement of Financial Position
As at 31 January 2016
31/01/2016 31/01/2015
£ £
Current assets
Investments Available for sale 1,088,341 -
Trade and other receivables - -
Cash and cash equivalents 1,530,404 2,731,554
2,618,745 2,731,554
Total Assets 2,618,745 2,731,554
Current Liabilities
Trade and other payables (74,990) (12,500)
Net Assets 2,543,755 2,719,054
Equity
Issued Share Capital 654,000 654,000
Share Premium 2,350,630 2,322,440
Share warrant reserve 14,095 42,285
Retained Earnings (474,970) (299,671)
Total Equity 2,543,755 2,719,054
Statement of Changes in Shareholders’ Equity
for the period ended 31 January 2015
Share capital Share premium Share warrant reserve Retained earnings Total
£ £ £ £ £
Changes in Equity for the period ended 31 January 2015
Comprehensive income
Loss for the period - - - (299,671) (299,671)
Total Comprehensive loss for the period - - (299,671) (299,671)
Transactions with owners - - - - -
Proceeds from share issue (net of expenses) 654,000 2,322,440 42,285 - 3,018,725
Total contributions by the owners 654,000 2,322,440 42,285 - 3,018,725
At 31 January 2015 654,000 2,322,440 42,285 (299,671) 2,719,054
Changes in Equity for the period ended 31 January 2016
Comprehensive income
Loss for the period - - - (175,299) (175,299)
Total Comprehensive loss for the period - - - (175,299) (175,299)
Warrant cancellation - 28,190 (28,190) - -
At 31 January 2016 654,000 2,350,630 14,095 (474,970) 2,543,755
Statement of Cash Flows
for the period ended 31 January 2015
Period to Period to
31/01/2016 31/01/2015
£ £
Cash flows from operating activities
Net cash absorbed by operating activities (118,331) (293,414)
Cash flows from investing activities
Finance income received net 5,522 6,243
Investments (1,088,341) -
Net cash used in investing activities (1,082,819) 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 the year (1,201,150) 2,731,554
Cash at the beginning of period 2,731,554 -
Cash and cash equivalents at the end of the period 1,530,404 2,731,554
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 2016
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.
2016 £ 2015 £
Loss from continuing operations attributable to equity holders of the company (175,299) (299,671)
Weighted average number of ordinary shares in issue 65,540,000 43,440,000
Pence Pence
Basic and fully diluted loss per share from continuing operations (0.27p) (0.69p)
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 2016, 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, www.limitlessearthplc.com.
The Annual General Meeting of the Company has been convened at on 5 September
2016 to be held at 30 Percy Street, London, W1T 2DB.
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