REG - More Acquisitions - Half-year Report

More AcquisitionsAnnouncement

31/07/2023 17:45

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RNS Number : 8013H  More Acquisitions PLC  31 July 2023

31 July 2023

More Acquisitions plc (LSE: TMOR)

Unaudited interim results for the period ended 30 April 2023

More Acquisitions plc ("More Acquisitions", "More" or "the Company"), is
pleased to announce its unaudited interim results for the six months ended 30
April 2023 ("the Period").

Financial:

·    The Company recorded a loss of £360,481 and had cash balances of
£782,250 at the end of the period on 30 April 2023.

Post Period:

·      The search for a suitable acquisition target resumed following
the withdrawal of Megasteel Limited from the proposed RTO.

 

The Interim Report will shortly be available to view on the Company's website
http://www.moreacquisitions.co.uk/

Enquiries

 More Acquisitions plc
 Rod McIllree
 Charles Goodfellow

 Peterhouse Capital Limited

 Financial Adviser
 Narisha Ragoonanthun/ Guy Miller  Tel: +44 (0) 20 7469 0930

 Corporate Broker
 Lucy Williams/ Duncan Vasey       Tel: +44 (0) 20 7469 0930

CHAIRMAN'S STATEMENT

Business Description and Review of the Period

More Acquisitions Plc was incorporated on 17 September 2021. Following the
publication of its prospectus on 1 March 2022, a total of 125,000,100 ordinary
shares were on 4 March 2022 admitted to the standard segment of the Official
List and to trade on the main market for listed securities of the London Stock
Exchange plc.

As detailed in its prospectus, the Company raised £1,250,001 through an
Initial Public Offering ("IPO") fund-raising conducted amongst High Net Worth
and Sophisticated Investors.

Post-Period Review

The principal risks remain those set out in the prospectus dated 1 March 2022.

As laid out in the prospectus, the directors will receive no cash fees for
their ordinary duties prior to completion of an acquisition. This policy,
together with keeping other operating costs to a minimum, is designed to
reserve the highest possible proportion of cash resources for investment in an
acquired business and therefore helping to maximise the return on investment
for all shareholders.

The company continues to search for an acquisition target and will be
providing further updates concerning the acquisition search process in due
course.

 

Charles Goodfellow

Chairman

31 July 2023

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

·      the Interim Report has been prepared in accordance with UK
adopted international accounting standards; and

·      gives a true and fair view of the assets, liabilities, financial
position and loss of the Company; and

·      the Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the set of interim financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year.

·      The Interim Report was approved by the Board of Directors and the
above responsibility statement was signed on its behalf by:

 

 

Charles Goodfellow

Chairman

31 July 2023

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 APRIL 2023

                                                                           Unaudited

                                                                           Period
                                                                           ended
                                                                           30 April
                                                                           2023
                                                                    Notes  £

 Administrative expenses                                                   (360,481)

 Operating loss and loss before tax                                        (360,481)

 Tax on profit on ordinary activities                                      -

 Loss after taxation and total comprehensive income for the period         (360,481)

 Loss per share
 Basic loss per share (pence)                                       3      (0.29) p

 

 

 

 

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2023

                            Unaudited
                            As at
                            30 April
                            2023
                            £

 Current assets
 Other receivables          19
 Cash and cash equivalents  782,250

 Total current assets       782,269

 Current liabilities
 Trade and other payables   (6,388)

 Total current liabilities  (6,388)

 Net assets                 775,881

 Capital and reserves
 Called up share capital    1,250,001
 Retained earnings          (474,120)
 Total equity               775,881

 

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 APRIL 2023

                              Share      Retained earnings  Total

                              capital    £                  £

                              £

 Balance at 31 October 2022   1,250,001  (113,639)          1,136,362

 Total comprehensive expense  -          (360,481)          (360,481)
 Balance at 30 April 2023     1,250,001  (474,120)          775,881

UNAUDITED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 APRIL 2023

                                                        Unaudited

                                                        Period
                                                        ended
                                                        30 April
                                                        2023
                                                        £
 Cash flows from operating activities
 Operating loss                                         (360,481)
 No non-cash adjustments                                -

 Operating cashflow before working capital changes      (360,481)
 Decrease in receivables                                13,480
 Decrease in payables                                   (22,420)
 Net cash outflow from operating activities             (369,421)

 Net decrease in cash in the period                     (369,421)
 Cash and cash equivalents at beginning of period       1,151,671

 Cash and cash equivalents at end of period             782,250

 

 

NOTES TO THE UNAUDITED INTERIM ACCOUNTS

FOR THE PERIOD ENDED 30 APRIL 2023

1.     Basis of preparation

The financial statements included in these interim accounts have been prepared
under the historical cost convention and in accordance with UK adopted
international accounting standards in conformity with the requirements of the
Companies Act 2006 and is presented in GBP.

 

The Company was incorporated on 17 September 2021 and in March 2022 was
admitted to Standard List of London Stock Exchange. The interim financial
information for the period ending 30 April 2023 has not been audited.  The
interim financial report has been approved by the Board on 31 July 2023.

 

The interim financial information for the six months ended 30 April 2023 does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006.

 

The Company's business activities, together with the factors likely to affect
its future development, performance and position are set out in this review.
The financial position of the Company, its cash flows and liquidity position
are described in this business review. As highlighted below, the Company meets
its day to day working capital requirements through its on-going cash flows.

 

The principal accounting policies used in preparing these interim accounts are
those expected to be applied in the Company's Financial Statements for the
year ending 31 October 2023.

 

 2.    Accounting policies

The principal accounting policies adopted in the preparation of these
financial results are set out below.

 

Segment reporting

 

The Company is currently a cash shell and the directors believe that there is
no benefit to show any segmental reporting until a new strategy is undertaken.

 

Cash and cash equivalents

 

Cash and cash equivalents include cash in hand and deposits held at call with
banks. Bank overdrafts that are repayable on demand and form an integral part
of the Company's cash management are included as a component of cash and cash
equivalents for the purpose of the cash flow statement.

 

Share capital

 

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of ordinary shares and share options are recognised
as a deduction from equity, net of any tax effects.

 

Taxation

 

Income tax payable is provided on taxable profits using tax rates enacted or
substantively enacted at the balance sheet date.

 

Deferred taxation is provided in full, using the liability method on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial results. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantively
enacted at the balance sheet date and are expected to apply when the related
balance sheet tax asset is realised or the deferred liability is settled.

Deferred income tax assets are recognised to the extent that it is possible
that future taxable profit will be available against which temporary
differences can be utilised.

 

Income tax is recognised in the consolidated income statement except to the
extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.

 

Going concern basis of preparation

 

The Company had £782,250 cash at the period end. The Directors have prepared
the accounts on a going concern basis as they consider that the company has
adequate funding.

 

3.    Earnings (Loss) per share

 

The basic earnings per share is calculated by dividing the (loss)/profit
attributable to the ordinary shareholders of the Company by the weighted
average number of Ordinary shares in issue during the period, excluding
Ordinary shares purchased by the Company and held as treasury shares.

 

                                                                              Unaudited
                                                                              Period ended
                                                                              30 April 2023
                                                                              £

 Loss used for calculation of basic and diluted EPS                           (360,481)
 Weighted average number of ordinary shares in issue used for calculation of  125,000,100
 basic and diluted EPS

 Loss per share (pence per share)
 Basic and diluted loss per share:                                            (0.29) p

 

There are no diluted earnings per share as the warrants currently in issue do
not have a dilutive effect.

 

4.    Distribution of Interim Report and Registered Office

A copy of the Interim Report will be available shortly on the Company's
website http://www.moreacquisitions.co.uk/ and copies will be available from
the Company's registered office, 3(rd) Floor, 80 Cheapside, London, EC2V 6EE.

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.

 

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