REG-Limitless Earth Plc: Half-year Report <Origin Href="QuoteRef">LMEL.L</Origin>
31/10/2016 07:05
31 October 2016
LIMITLESS EARTH PLC
("Limitless" or the "Company")
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2016
The Company is pleased to announce its half-yearly result for the six months
to 31 July 2016.
CHIEF EXECUTIVE’S STATEMENT
Limitless is a proactive investing company that focuses on making investments
in and assisting companies that show the potential to generate returns through
capital appreciation. The directors look to make investments into small
companies which have clear routes to value appreciation and which operate 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 reporting period, the Company invested US$300,000, approximately
£200,000, by way of 8 per cent. convertible senior notes, in Exogenesis
Corporation, a private nanotechnology company which has developed nanoscale
surface modification technology to, inter alia, improve the safety and
efficacy of implantable medical devices and which is being used to develop
next generation microscopy tools for DNA analysis.
The all other current investments are progressing in line with management
expectations. For example, Chronix Biomedical is expected to start the
listing process onto a regulated exchange in the coming months and
Limitless’s participation in the initial funding should provide a good
return to the shareholders of the Company.
The Board understands that cost control is important at all times and on
behalf of the shareholders, the directors carefully keep operating costs to a
minimum to preserve shareholder value.
For the period, Limitless made a net loss on operations of £65,477 and the
unaudited balance sheet reflects the cash and cash equivalents at the
reporting date of £1,242,626 and Investments held for trading totalling
£1,296,443.
For further information, please contact:
Limitless Earth plc Guido Contesso - CEO www.limitlessearthplc.com +44 7780 700 091
Cairn Financial Advisers LLP Nominated Adviser Jo Turner/Tony Rawlinson +44 20 7213 0885 www.cairnfin.com
Peterhouse Corporate Finance Limited Joint Broker Peter Greensmith +44 20 7469 0930 www.pcorpfin.com
UNAUDITED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS ENDED 31 JULY 2016
Notes Unaudited Unaudited Audited
31/07/16 31/07/15 31/01/16
Continuing operations £ £ £
Administration expenses (66,702) (87,230) (180,821)
Operating loss (66,702) (87,230) (180,821)
Finance Income 1,225 9,496 5,522
Loss before taxation (65,477) (77,734) (175,299)
Taxation - - -
Loss for the period (65,477) (77,734) (175,299)
Total Comprehensive loss for the period (65,477) (77,734) (175,299)
Loss attributable to:
Equity Holders (65,477) (77,734) (175,299)
Earnings per share:
Basic and diluted loss per share 3 (0.10p) (0.12p) (0.27p)
There are no items of other comprehesive income.
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2016
Unaudited Unaudited Audited
31/07/16 31/07/15 31/01/16
£ £ £
Current assets
Investments held for trading 1,296,443 1,088,341
Cash 1,242,626 2,668,320 1,530,404
2,539,069 2,668,320 2,618,745
Total Assets 2,539,069 2,668,320 2,618,745
Current Liabilities
Trade and other payables (60,791) (27,000) (74,990)
Net Assets 2,478,278 2,641,320 2,543,755
Equity
Issued Share Capital 654,000 654,000 654,000
Share Premium 2,350,630 2,322,440 2,350,630
Share Warrant Reserve 14,095 42,285 14,095
Retained Earnings (540,447) (377,405) (474,970)
Total Equity 2,478,278 2,641,320 2,543,755
UNAUDITED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 31 JULY 2016
Note Unaudited Unaudited Audited
31/07/16 31/07/15 31/01/16
£ £ £
Cash flows from operating activities
Net cash absorbed by operating activities 4 (80,901) (72,730) (118,331)
Cash Flows from Investing Activities
Finance income received net 1,225 9,496 5,522
Purchase of investments (208,102) - (1,088,341)
Net Cash Used in Investing activities (206,877) 9,496 (1,082,819)
Net increase in cash (287,778) (63,234) (1,201,150)
Cash at the beginning of period 1,530,404 2,731,554 2,731,554
Cash at the end of the period 1,242,626 2,668,320 1,530,404
Statement of Changes in Shareholders’ Equity
for the period ended 31 July 2016
Share capital Share premium Share warrant reserve Retained earnings Total
£ £ £ £ £
Audited Changes in Equity for the period ended 31 January 2015
Comprehensive income
Loss for the period - - (299,672) (299,672)
Total Comprehensive loss for the period - - (299,672) (299,672)
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 (299,672) 2,719,054
Audited 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)
Transactions with owners
Warrant cancellation - 28,190 (28,190) - -
Total contributions by the owners - 28,190 (28,190) - -
At 31 January 2016 654,000 2,350,630 14,095 (474,971) 2,543,755
Un audited Changes in Equity for the period ended 31 July 2016
Comprehensive income
Loss for the period
Total Comprehensive loss for the period (65,477) (65,477)
Total contributions by the owners - - - (65,477) (65,477)
At 31 July 2016 654,000 2,350,630 14,095 (540,448) 2,478,278
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Limitless Earth plc is a company incorporated and domiciled in England and
Wales. The Company’s ordinary shares are traded on AIM of the London Stock
Exchange. The address of the registered office is 30 Percy Street, London W1T
2DB.
The principal activity of the Company is that of an investment company
pursuing a strategy
2. Accounting policies
The principal accounting policies are summarised below. They have all been
applied consistently throughout the period covered by these financial
statements.
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.
The financial statements have been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 July 2016 has
not been reviewed or audited. The interim financial report has been approved
by the Board on 26 October 2015.
3. Loss per share
The basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period. Diluted earnings per share is
computed using the same weighted average number of shares during the period
adjusted for the dilutive effect of share warrants and convertible loans
outstanding during the period.
Unaudited Unaudited Audited
31/07/16 31/07/15 31/01/16
Loss from continuing operations attributable to equity holders of the company (65,476) (77,734) (175,299)
Weighted average number of ordinary shares in issue 65,400,000 65,400,000 65,400,000
Pence Pence Pence
Basic and fully diluted loss per share from continuing operations (0.10) (0.12) (0.27)
IAS 33 requires presentation of diluted earnings per share when a company
could be called upon to issue shares that would decrease earnings per share or
increase net loss per share. For a loss making company with outstanding share
options and warrants, net loss per share would only be increased by the
exercise of out-of-the money options and warrants. Since it seems
inappropriate that option holders would act irrationally, no adjustment has
been made to diluted earnings per share for out-of-the money options and
warrants in the comparatives. There are no other diluting share issues.
4. Cash absorbed by operations
Unaudited Unaudited Period to
31/07/2016 31/07/2015 31/01/2016
£ £ £
Loss for the period (65,476.72) (77,734.00) (175,299.00)
Finance income (1,225.40) (9,496.00) (5,522.00)
Increase /(decrease) in payables (14,199.00) 14,500.00 62,490.00
Cash absorbed by operations (80,901.12) (72,730.00) (118,331.00)
5. Copies of Interim Accounts
Copies of the interim results are available at the Group´s web site at
www.limitlessearthplc.com.
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