REG-Limitless Earth Plc: Half-yearly Report <Origin Href="QuoteRef">LMEL.L</Origin>
24/11/2014 14:52
31 October 2014
LIMITLESS EARTH PLC
("Limitless" or the "Company")
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2014
The Company is pleased to announce its half-yearly result for the six months to
31 July 2014.
CHIEF EXECUTIVES' 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 directors to invest in small companies
where there are clear routes to value appreciation, and, the companies 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 ongoing.
In the second half of the financial year, the Board will continue to pay
particular attention to companies in Life Sciences arena including health &
wellness and food supply companies, and, businesses 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 period, Limitless made a net loss on operations of £175,806. This
included the cost of the listing process, which was £168,000. The unaudited
balance sheet reflects the cash and cash equivalents at the reporting date of £
2,841,954.
The period under review covers two 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 7972 000 093
Cairn Financial Advisers LLP +44 20 7148 7900
Nominated Adviser www.cairnfin.com
Jo Turner/Liam Murray
Global Investment Strategy Limited +44 20 7048 9400
Joint Broker www.gisukltd.com
John Gunn
Peterhouse Corporate Finance Limited +44 20 7469 0930
Joint 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 JULY 2014
Notes Unaudited
31/07/2014
Continuing operations £
Administration expenses (175,806)
Operating loss (175,806)
Loss before taxation (175,806)
Taxation -
Loss for the financial position (175,806)
Total Comprehensive income for the period (175,806)
Loss attributable to:
Equity Holders (175,806)
Earnings per share:
Basic loss per share 3 (0.0027)
STATEMENT OF FINANCIAL POSITION
Unaudited
31 JULY 2014
31/07/2014
£
Current assets
Trade and other receivables -
Cash 2,841,954
2,841,954
Total Assets 2,841,954
Current Liabilities
Trade and other payables (22,035)
Net Assets 2,819,919
Equity
Share Capital 601,000
Share Premium Account 2,394,725
Retained Earnings (175,806)
Total Equity 2,819,919
CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JULY 2014
Unaudited
31/07/
2014
£
Cash flows from operating activities
Operating loss (175,806)
Operating cash flows before movement in working capital (175,806)
Decrease/(Increase) in receivables -
Increase in payables 22,035
Cash expended by operations (153,771)
Cash flows from financing activities
Proceeds from issue of ordinary shares (net of expenses) 2,995,725
Net cash inflow from Financing activities 2,995,725
Net increase in cash 2,841,954
Cash at the beginning of period -
Cash at the end of the period 2,841,954
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 JULY 2014
Share capital Share Premium Retained Earnings Total
£ £ £ £
Total Comprehensive income - - (175,806) (175,806)
Issue of share capital 601,000 2,394,725 - 2,995,725
Balance at 31 July 2014 601,000 2,394,725 (175,806) 2,819,919
NOTES TO THE FINANCIAL STATEMENTS
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 that focuses on making investments in and assisting companies which
exhibit the potential to generate returns of many multiples through capital
appreciation. Typically, 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.
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 2014 has not
been reviewed or audited. The interim financial report has been approved by the
Board on 29 October 2014.
As the Company was newly incorporated prior to Admission to AIM, the period
under review represents the first period of trading for the Company. As such,
no prior financial information exists for comparison.
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.
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
31/07/2014
The calculations of the basic and diluted earnings per share
are based on the following:
Loss for the year (175,806)
Number of shares 65,400,000
Number of Warrants in issue 4,578,000
Fully diluted number of ordinary shares 69,978,000
Basic loss per share (pence per share) (0.0027)
Diluted loss per share (pence per share) (0.0025)
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.
END
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