This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the AIM Rule 18. Our review has been undertaken so
that we might state to the Company those matters we are required to
state to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company for our review work, for this
report or for the conclusions we have reached.
Directors' responsibilities
The interim report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the interim report in accordance with AIM Rule 18.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRS as adopted by the
European Union. It is the responsibility of the directors to ensure
that the condensed set of financial statements included in this
interim report have been prepared on a basis consistent with that
which will be adopted in the Group's annual financial
statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the interim report
based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim report for the six months ended 30 June 2013 is not
prepared, in all material respects, in accordance with the
requirements of the AIM rules.
25 Moorgate
London
Nexia Smith & Williamson EC2R 6AY
Statutory Auditor
Chartered Accountants 26 September 2013
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2013
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2013 2012 2012
GBP GBP GBP
Continuing operations
Revenue - - -
Research and development
expenses (842,332) (1,620,331) (806,141)
Administrative expenses (1,010,597) (2,554,722) (1,162,516)
Operating loss (1,852,929) (4,175,053) (1,968,657)
Finance costs (117,956) (80,752) (652)
Finance income 136,800 87,552 200,985
Loss before taxation (1,834,085) (4,168,253) (1,768,324)
Tax 64,134 324,219 (560)
Loss for the period (1,769,951) (3,844,034) (1,768,884)
Attributable to:
Equity holders of
the parent company (1,769,951) (3,844,034) (1,768,884)
Loss per ordinary
share
Basic 2 (2.17)p (4.71)p (2.17)p
Diluted 2 (2.17)p (4.71)p (2.17)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2013
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2013 2012 2012
GBP GBP GBP
Loss for the financial
period (1,769,951) (3,844,034) (1,768,884)
Other comprehensive
income
Items that may be reclassified
subsequently to profit
or loss:
Exchange differences
on translation of foreign
operations 337,464 (311,193) (340,113)
Total items that may
be reclassified subsequently
to profit or loss 337,464 (311,193) (340,113)
Other comprehensive
income for the period 337,464 (311,193) (340,113)
Total comprehensive
income for the period (1,432,487) (4,155,227) (2,108,997)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2013
Unaudited Audited Unaudited
30 June 31 December 30 June
2013 2012 2012
GBP GBP GBP
Non-current assets
Intangible assets 622,749 627,677 641,397
Property, plant and
equipment 110,392 114,834 121,844
Total non-current
assets 733,141 742,511 763,241
Current assets
Trade and other receivables 203,651 873,620 751,207
Cash and cash equivalents 7,669,029 8,893,267 10,131,441
Total current assets 7,872,680 9,766,877 10,882,648
Current liabilities
Financial liabilities
- borrowings 239,053 249,951 131,767
Trade and other payables 256,406 773,002 304,935
Provisions - 30,371 22,088
Total current liabilities 495,459 1,053,324 458,790
Net current assets 7,377,221 8,713,563 10,423,858
Non-current liabilities
Financial liabilities
- borrowings 1,002,656 1,038,203 756,534
Net assets 7,107,706 8,417,871 10,430,565
EQUITY
Ordinary shares 8,153,246 8,153,246 8,153,246
Share premium 7,445,970 7,445,970 7,445,970
Merger reserve 106,148 106,148 106,148
Other reserves (3,222,846) (3,682,632) (3,745,088)
Retained earnings (5,374,812) (3,604,861) (1,529,711)
Total equity 7,107,706 8,417,871 10,430,565
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2013
Other Other Other
Merger reserves - reserves reserves Retained
reserve Acquisition - - Earnings
reserve Translation Equity
Reserve shares
Share Share to be Total
capital premium issued equity
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2012 8,153,246 7,445,970 106,148 (3,541,203) (1,422,547) 1,525,239 239,173 12,506,026
Loss for the
financial
period - - - - - - (1,768,884) (1,768,884)
Exchange
differences
on
translation
of foreign
operations - - - - (340,113) - - (340,113)
Share based
payments - - - - - 33,536 - 33,536
At 30 June
2012 8,153,246 7,445,970 106,148 (3,541,203) (1,762,660) 1,558,775 (1,529,711) 10,430,565
At 1 January
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