REG-Limitless Earth Plc: Half-yearly Report <Origin Href="QuoteRef">LMEL.L</Origin>
30/10/2015 07:00
30 October 2015
LIMITLESS EARTH PLC
("Limitless" or the "Company")
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2015
The Company is pleased to announce its half-yearly result for the six months to
31 July 2015.
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. 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 and has, following the period end, made its first
investment. During the second half of the financial year, the Board expects to
make further investments and it continues to review a number of investment
opportunities.
During the reporting period, Mr Guido Contesso was appointed Chief Executive
Officer, Mr Dominic White (former CEO) was appointed Non-executive Director and
Mr Luca Serri stepped down from the Board. The Company also announced that
3,924,000 warrants, awarded at the time of the Company's admission to AIM, were
cancelled.
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 £77,734 and the
unaudited balance sheet reflects the cash and cash equivalents at the reporting
date of £2,668,320.
Post reporting period
On 8 October 2015, the company invested US$500,000, by way of convertible
preference stock, in Chronix Biomedical Inc. ("Chronix"), a private molecular
diagnostics company which is developing blood tests that can be used for
applications including cancer detection and organ transplantation.
For further information, please contact:
Limitless Earth plc
http://www.limitlessearthplc.com/
Guido Contesso - CEO +44
7972 000 093
Cairn Financial Advisers LLP +44 20
7148 7900
Nominated Adviser
http://www.cairnfin.com/
Jo Turner/Tony Rawlinson
Peterhouse Corporate Finance Limited +44 20 7469
0930
Joint
Broker
http://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.
UNAUDITED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS ENDED 31 JULY 2015
Notes Unaudited Unaudited Audited
31/07/15 31/07/14 31/01/15
Continuing operations £ £ £
Administration expenses (87,230) (175,806) (305,914)
Operating loss (87,230) (175,806) (305,914)
Finance Income 9,496 - 6,243
Loss before taxation (77,734) (175,806) (299,671)
Taxation - - -
Loss for the period (77,734) (175,806) (299,671)
Total Comprehensive loss for the period (77,734) (175,806) (299,671)
Loss attributable to:
Equity Holders (77,734) (175,806) (299,671)
Earnings per share:
Basic loss per share 3 (0.12p) (0.68p) (0.69p)
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2015
Unaudited Unaudited Audited
31/07/15 31/07/14 31/01/15
£ £ £
Current assets
Trade and other receivables - 23,000 -
Cash 2,668,320 2,841,954 2,731,554
2,668,320 2,864,954 2,731,554
Total Assets 2,668,320 2,864,954 2,731,554
Current Liabilities
Trade and other payables (27,000) (22,035) (12,500)
Net Assets 2,641,320 2,842,919 2,719,054
Equity
Share Capital 654,000 654,000 654,000
Share Premium Account 2,322,440 2,322,440 2,322,440
Share Warrant Reserve 42,285 42,285 42,285
Retained Earnings (377,405) (175,806) (299,671)
Total Equity 2,641,320 2,842,919 2,719,054
UNAUDITED CASH FLOW STATEMENT FOR THE
6 MONTHS ENDED 31 JULY 2015
Unaudited Unaudited Audited
31/07/15 31/07/14 31/01/15
£ £ £
Cash flows from operating activities
Operating loss (87,230) (175,806) (305,914)
Operating cash flows before movement in (87,230) (175,806) (305,914)
working capital
(Increase)/decrease in receivables - (23,000) -
Increase in payables 14,500 22,035 12,500
Cash expended by operations (72,730) (176,771) (293,414)
Cash Flows from Investing Activities
Finance income received net 9,496 - 6,243
Net Cash Used in Investing activities 9,496 - 6,243
Cash flows from financing activities
Proceeds from issue of ordinary shares - 3,018,725 3,018,725
(net of expenses)
Net cash inflow from Financing activities - 3,018,725 3,018,725
Net increase in cash (63,234) 2,841,954 2,731,554
Cash at the beginning of period 2,731,554 - -
Cash at the end of the period 2,668,320 2,841,954 2,731,554
UNAUDITED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE 6 MONTHS ENDED 31 JULY 2015
Share Share Share Retained Total
capital premium warrant earnings
reserve
£ £ £ £ £
Changes in Equity for the
period ended 31 January
2015
Comprehensive income
Loss for the period and - - (299,671) (299,671)
total comprehensive loss
Transactions with owners
Proceeds from share issue 654,000 2,322,440 42,285 - 3,018,725
(net 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 (299,671) 2,719,054
Comprehensive income:
Loss for the period and - - - (77,733) (77,733)
total comprehensive loss
At 31 January 2015 654,000 2,322,440 42,285 (377,404) 2,641,321
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 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 2015 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
31/07/15 31/07/14 31/01/15
Loss from continuing operations (77,734) (175,806) (299,671)
attributable to equity holders
of the company
Weighted average number of 65,400,000 26,024,000 43,440,000
ordinary shares in issue
Pence Pence Pence
Basic and fully diluted loss per (0.12) (0.68)
share from continuing operations (0.69)
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. Copy of the half-yearly report
A copy of the half-yearly report is available at the Company´s web site at
http://www.limilessearthplc.com/.
END
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