RNS Number:6722E
Bramlin Limited
28 September 2007
For immediate release 28 September 2007
Bramlin Limited
('Bramlin' or the 'Company')
Unaudited Interim Results for the six months ended 30 June 2007
Operating Highlights
* Raised #3.4m gross (#3.2m net) and admitted to AIM on 18 January 2007
* Established small London office
* Refined the Company's acquisition strategy and prioritised areas of
search and evaluation
* Commenced the strategy implementation process
Financial Highlights
* Interim net loss was #82,110 (2006: #3,180 profit)
* Loss per share for the interim period was 0.22p (2006: 0.10p earnings
per share)
* Cash at 30 June 2007 amounted to #2.9 million
* The Company did not trade between incorporation and 30 June 2006.
Comparatives for 2006 shown above are for the eight month period from
incorporation to 31 December 2006
Date: 28 September 2007
For further information contact:
Bramlin Limited
John Killer, Executive Director
Tel: 020-7960-9629; Mob: 07979-903673
Alan Thomas, Finance Director
Mob: 07739-800093
Beaumont Cornish Limited
Roland Cornish
Tel: 020-7628-3396
Rosalind Hill Abrahams
Tel: 020-7628-3396
Bramlin Limited is an AIM admitted company. Further details about the Company
and downloadable copies of this announcement are available on the Company's
website: www.bramlin.com.
REVIEW OF OPERATIONS
Business establishment
Bramlin's registered office is in Guernsey but, as indicated in the AIM
admission document, its operational base will be London until its development
indicates that a different location would be more suitable. Accordingly, a small
office has been established in serviced premises near Waterloo. The address,
telephone and fax numbers are shown on the Company's website - www.bramlin.com.
Strategy Implementation
Bramlin's stated purpose in the AIM admission document is to make "investments
and/or acquisitions in the energy, mineral or mining sectors" and its initial
areas of focus will be South America, Africa, Indonesia and Southeast Asia.
Shortly after AIM admission, the Board conducted a strategic review of several
possible acquisitions in each of the designated regions and identified a number
of oil and gas opportunities that appeared suitable. Of these, the Board feels
that Africa holds the most promising potential and has commenced the process of
implementing its strategy with this focus.
Financial Results
The Company's funds have been kept on deposit at Royal Bank of Scotland
International. Interest income covered approximately half of Bramlin's
administrative costs over the first six months of 2007, resulting in a net loss
for the period of #82,110. At 30 June 2007, Bramlin had #2.9m of cash and cash
equivalents.
Outlook
Bramlin's objective is to complete an acquisition that will transform it from an
investment vehicle into an operating company in the natural resources sector and
the Board looks forward to reporting progress to shareholders in due course.
John Killer
Executive Director
28 September 2007
INCOME STATEMENT
For the 6 months ended 30 June 2007
Notes Six Months Period*
Ended Ended
30-Jun-07 31-Dec-06
Unaudited
# #
Revenue - -
Cost of sales - -
------- -------
Gross profit/(loss) - -
Administrative expenses (173,910) (2,130)
------- -------
Operating (loss) (173,910) (2,130)
Finance income 91,800 6,673
------- -------
(Loss)/profit before taxation (82,110) 4,543
Taxation 3 - (1,363)
------- -------
(Loss)/profit for the period (82,110) 3,180
(Loss)/earnings per share
Basic 4 (0.22)p 0.10p
Diluted 4 (0.22)p 0.10p
* The Company was incorporated on 12th May 2006 and did not trade between then
and 30th June 2006. Accordingly, no comparative interim results are presented.
The comparative financial information shown above is for the period from
incorporation to 31st December.
BALANCE SHEET
As at 30 June 2007
Notes 30-Jun-07 31-Dec-06
Unaudited
# #
Non-current assets
Exploration and evaluation assets - -
Plant and equipment 2,132 -
-------- --------
Total non-current assets 2,132 -
-------- --------
Current assets
Trade and other receivables 578,175 42,287
Cash and cash equivalents 2,911,257 2,753,009
-------- --------
Total current assets 3,489,432 2,795,296
-------- --------
Current liabilities
Trade and other liabilities (278,845) (2,745,753)
Current tax liabilities (1,363) (1,363)
-------- --------
Total current liabilities (280,208) (2,747,116)
-------- --------
Net current assets 3,209,224 48,180
Non-current liabilities
Deferred taxation - -
-------- --------
Total non-current liabilities - -
-------- --------
-------- --------
NET ASSETS 3,211,356 48,180
-------- --------
Equity
Share capital 6 387,745 45,000
Share premium account 2,902,541 -
Retained (losses)/earnings (78,930) 3,180
-------- --------
3,211,356 48,180
-------- --------
Cash Flow Statement
For the 6 months ended 30 June 2007
Notes Six Months Period
Ended Ended
30-Jun-07 31-Dec-06
Unaudited
# #
Net cash (used in) operating activities 5 (422,546) (44,417)
Investing activities
Interest received 83,665 6,673
Purchases of property, plant and (2,403) -
equipment ------- --------
Net cash (used in)/generated from
investing activities (341,284) (37,744)
------- --------
Financing activities
Amounts received in advance in respect of
issue of ordinary shares (2,745,753) 2,745,753
Proceeds from issue of ordinary shares 3,427,445 45,000
Costs associated with share issue (182,160) -
-------- --------
Net cash generated from financing 499,532 2,790,753
activities -------- --------
Increase in cash and cash equivalents 158,248 2,753,009
Cash and cash equivalents at beginning of 2,753,009 -
period -------- --------
Cash and cash equivalents at end of 2,911,257 2,753,009
period -------- --------
NOTES TO THE FINANCIAL INFORMATION for the six months ended 30 June 2007
1 Accounting policies
Basis of preparation
The next annual financial statements of Bramlin Limited ("Bramlin" or "the
Company") will be prepared in accordance with International Financial Reporting
Standards ("IFRS"), as adopted for use in the EU applied in accordance with the
provisions of the Companies Act 1985.
Accordingly, the interim financial information in this report has been prepared
using accounting policies consistent with IFRS. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC) and there is
an ongoing process of review and endorsement by the European Commission. The
financial information has been prepared on the basis of IFRS that the Directors
expect to be applicable as at 31 December 2007. The Company is not required to
comply with IAS 34 Interim Financial Reporting.
The financial information has been prepared under the historical cost
convention. The principal accounting policies set out below have been
consistently applied to all periods presented.
Non-statutory accounts
The financial information for the period from incorporation to 31 December 2006
set out in this interim report does not comprise Bramlin's statutory accounts
and does not constitute full statutory accounts as defined in section 240 of the
Companies Act. It was extracted from the accounts prepared for the Company's AIM
admission document. The Reporting Accountants reported on those accounts and
their report was unqualified.
The financial information for the 6 months ended 30 June 2007 is unaudited.
Foreign currency
Transactions in foreign currency are recorded at the rates of exchange
prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Exchange gains
and losses on short-term foreign currency borrowings and deposits are included
with net interest payable. Exchange differences on all other transactions,
except relevant foreign currency loans, are taken to operating profit.
Taxation
The tax expense represents the sum of the tax currently payable and any deferred
tax.
The tax currently payable is based on the taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Company's liability for current tax is calculated using tax rates that have been
enacted or substantially enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries, except where the Company is able to
control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset realised. Deferred tax is
charged or credited to profit or loss, except when it relates to items charged
or credited directly to equity, in which case the deferred tax is also dealt
with in equity.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and
the Company intends to settle its current assets and liabilities on a net basis.
Share based payments
The cost of share-based employee compensation arrangements, whereby employees
receive remuneration in the form of shares or share options, is recognised as an
employee benefit expense in the income statement.
During the periods now reported, the only share-based payments were fully paid
ordinary shares issued as part of their remuneration under Directors' service
contracts, as set out in the AIM admission document. These shares have been
valued on the same price basis as was used to compute the number of shares due
according to the formula set out in the respective contracts.
Intangible Assets - exploration and evaluation assets
The Company does not yet have any exploration and evaluation assets.
Plant and equipment
Plant and equipment are stated at cost less accumulated depreciation and any
recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, over their
estimated useful lives, using the straight-line method, on the following bases:
Computer equipment - 25%
Office furniture & fittings - 20%
Financial instruments
Financial assets and financial liabilities are recognised on the balance sheet
when the Company becomes a party to the contractual provisions of the
instrument.
Bramlin has not raised any loans or issued any financial or equity instruments,
other than fully paid ordinary shares, during the periods reported.
Trade and other receivables are measured at initial recognition at fair value,
and are subsequently measured at amortised cost using the effective interest
method. A provision is established when there is objective evidence that the
Company will not be able to collect all amounts due. The amount of any provision
is recognised in the income statement.
Cash and cash equivalents comprise cash held by the Company and short-term bank
deposits with an original maturity of three months or less.
Trade and other payables are initially measured at fair value, and are
subsequently measured at amortised cost, using the effective interest rate
method.
2 Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with generally accepted
accounting practice requires management to make estimates and judgements that
affect the reported amounts of assets and liabilities as well as the disclosure
of contingent assets and liabilities at the balance sheet date and the reported
amounts of revenues and expenses during the reporting period.
During Bramlin's first few months of life, and pending any acquisition of
operating interests, the extent and materiality of such estimates and judgements
was limited.
3 Taxation Six months ended Period
30-jun-07 ended
31-dec-06
# #
Current tax - 1363
Deferred tax - -
-------- --------
Total tax expense for the period - 1363
-------- --------
4 (Loss)/earnings per share Six months Period
ended ended
30-jun-07 31-dec-06
(Loss)/earnings
(Loss)/earnings for the purposes of basic and #(82,110) #3,180
diluted earnings per share being net loss -------- --------
attributable to equity shareholders
Number of shares
Weighted average number of ordinary shares for the 36,628,088 3,186,697
purposes of basic (loss)/earnings per share -------- --------
There were no warrants or options outstanding during the periods now reported.
Since the Company made a loss in the six months to 30 June 2007, no dilution
calculation is required in respect of shares due to be issued in respect of
Directors' service contracts (see note 6).
5 Cash generated from/(used in) operations
Six months ended Period ended
30-jun-07 31-dec-06
# #
Operating (loss) (173,910) (2,130)
Depreciation charge 272 -
Exchange loss on USD advance 6,460 -
(Increase) in debtors (534,213) (42,287)
Increase in creditors 278,845 -
-------- --------
Cash (used in) operations (422,546) (44,417)
Tax (paid)/recovered - -
-------- --------
Net cash (used in) operations (422,546) (44,417)
-------- --------
6 Share Capital
The Company was incorporated in Guernsey on 12 May 2006 with an authorised
share capital of #10,000 divided into 1,000,000 ordinary shares of 1p each,
of which 2 shares were issued to the subscribers to the Memorandum and
Articles of Association of the Company. On 18 July 2006, the authorised
share capital was increased to 200,000,000 ordinary shares of 1p each. On
19 July 2006, the Directors allotted and issued fully paid a total of
4,500,000 ordinary shares of 1p each at par value. On 12 January 2007,
34,199,462 ordinary shares of 1p were allotted and issued at 10p each,
fully paid, in connection with a placing and admission of the Company's
shares to AIM. On 14 June 2007, 75,000 shares were issued at 10p fully paid
to a Director in connection with his service contract.
As indicated in the AIM admission document, the contracts under which John
Killer's and Alan Thomas's services are provided require part or all of the
fees to be applied in the subscription of ordinary shares. Provision has been
made in these interim accounts for the gross fees for each Director but the
shares had not been issued. Accordingly the amounts owed are included in
Trade and Other Payables but not in share capital.
When Kevin Foo and Colin Manderson were appointed to the Board, the contracts
for their services followed a similar pattern.
7 Related parties transactions
There have been norelated parties transactions during the periods now
reported.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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