Kennedy Ventures PLC Half Yearly Report (9522C)
March 24 2014 - 5:00AM
UK Regulatory
TIDMKENV
RNS Number : 9522C
Kennedy Ventures PLC
24 March 2014
KENNEDY VENTURES PLC
Interim statement for the 6 months ended 31 December 2013
Chairman's Statement
As shareholders will recall, I commented in my Chairman's
Statement in relation to the accounts for the year ended 30 June
2013, the Company needed to be refinanced in order to give it the
resources needed to act effectively and attract a worthwhile
transaction. The limited scale of the rescue refinancing and the
costs incurred then and subsequently in clearing away the problems
of the past left it frankly sub-scale as an AIM investing company
and it was to a large extent dependent on a term loan for its
financial viability, matters which we now have under active
review.
During the half-year now under review, Kennedy's costs were
materially reduced compared to those incurred in the previous two
half-year periods but remained too high for a company of its size.
Costs in the current trading period should be materially lower.
Peter Redmond
Chairman
21 March 2014
FOR FURTHER INFORMATION, PLEASE CONTACT:
Kennedy Ventures plc
Peter Redmond, Chairman +44 7718 660727
Cenkos Securities plc
Alan Stewart
Derrick Lee +44 20 7397 8900
Peterhouse Corporate Finance
John Levinson +44 20 7469 0935
KENNEDY VENTURES PLC
UNAUDITED INCOME STATEMENT
for the period ended 31
December 2013
Six months Six months
ended ended Year ended
31 December 31 December 30 June
Note 2013 2012 2013
GBP'000 GBP'000 GBP'000
Continuing Operations
Loss on disposal of investments - - (6)
Administrative expenses (60) (102) (133)
OPERATING LOSS (60) (102) (139)
Financial income - - -
------------ -------------- -----------
LOSS BEFORE TAX (60) (102) (139)
Income tax 3 - - -
LOSS FOR THE FINANCIAL PERIOD (60) (102) (139)
============ ============== ===========
Basic loss per ordinary
share 4 (0.22)p (0.38)p ( 0.51)p
============ ============== ===========
Diluted loss per ordinary
share 4 (0.22)p (0.37)p ( 0.51)p
============ ============== ===========
KENNEDY VENTURES PLC
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the period ended 31
December 2013
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
At beginning of period 99 238 238
Loss for the financial period (60) (102) (139)
AT END OF PERIOD 39 136 99
============ ============== ===========
Equity comprises share capital, share premium, capital redemption
reserve and retained profit.
KENNEDY VENTURES PLC
UNAUDITED BALANCE SHEET
as at 31 December 2013
31 December 31 December 30 June
Note 2013 2012 2013
GBP'000 GBP'000 GBP'000
NON CURRENT ASSETS
Available for sale Investments 55 55 77
------------ ------------ --------
CURRENT ASSETS
Trade and other receivables 9 32 25
Cash and cash equivalents 203 134 206
212 166 231
------------ ------------ --------
TOTAL ASSETS 267 221 308
============ ============ ========
CURRENT LIABILITIES
Trade and other payables (78) (85) (59)
(78) (85) (59)
------------ ------------ --------
NON CURRENT LIABILITIES
Secured loan notes 5 (150) - (150)
------------ ------------ --------
TOTAL LIABILITIES (228) (85) (209)
============ ============ ========
NET ASSETS 39 136 99
============ ============ ========
EQUITY
Share capital 8 271 271 271
Share premium account 7,571 7,571 7,571
Capital redemption reserve 2,077 2,077 2,077
Retained earnings (9,880) (9,783) (9,820)
TOTAL EQUITY 39 136 99
============ ============ ========
KENNEDY VENTURES PLC
UNAUDITED CASH FLOW STATEMENT
for the period ended 31
December 2013
Six months Six months
ended ended Year ended
31 December 31 December 30 June
Note 2013 2012 2013
GBP'000 GBP'000 GBP'000
CASH FLOW FROM OPERATING
ACTIVITIES
Net cash used in operating
activities 6 (25) (225) (297)
NET CASH USED IN OPERATING
ACTIVITIES (25) (225) (297)
------------ ------------------------------ -----------
INVESTING ACTIVITIES
Purchase of available for
sale investments - (55) (175)
Proceeds from disposal of
available for sale investments 22 114
NET CASH FROM / (USED IN)
INVESTING ACTIVITIES 22 (55) (61)
------------ ------------------------------ -----------
FINANCING ACTIVITIES
Net proceeds from loan note
issue - - 150
NET CASH FROM FINANCING
ACTIVITIES - - 150
------------ ------------------------------ -----------
NET DECREASE IN CASH (3) (280) (208)
CASH AT THE BEGINNING OF
PERIOD 206 414 414
CASH AT THE END OF THE PERIOD 203 134 206
============ ============================== ===========
KENNEDY VENTURES PLC
NOTES TO THE UNAUDITED FINANCIAL
STATEMENTS
for the period ended 31 December
2013
GENERAL INFORMATION AND ACCOUNTING
1 POLICIES
These interim consolidated financial statements are
for the six months ended 31 December 2013. The interim
financial report, which has not been audited or reviewed,
has been prepared in accordance with International Financial
Reporting Standards (IFRS) adopted for use in the European
Union.
The information for the period ended 30 June 2013 does
not constitute statutory accounts as defined in section
434 of the Companies Act 2006. A copy of the statutory
accounts for that year has been delivered to the Registrar
of Companies. The auditors reported on those accounts:
their report was unqualified but contained the following
words representing an emphasis of matter:
"Emphasis of Matter - Going Concern
In forming our opinion on the financial statements,
which is not modified, we have considered the adequacy
of the disclosure made in note 2 to the financial statements
concerning the Company's ability to continue as a going
concern. The conditions explained in note 2 to the financial
statements indicate the existence of a material uncertainty
that may cast significant doubt about the Company's
ability to continue as a going concern. The financial
statements do not include the adjustments that would
result if the Company were unable to continue as a going
concern."
The annual financial statements are prepared in accordance
with applicable IFRSs as adopted by the European Union.
The condensed set of financial statements included in
this half-yearly financial report has been prepared
in accordance with International Accounting Standard
34 "Interim Financial Reporting", as adopted by the
European Union.
The same accounting policies, presentation and methods
of computation are followed in the condensed set of
financial statements as applied in the Group's latest
audited financial statements.
Going concern
The Directors are satisfied that the Group has sufficient
resources to continue in operation for the foreseeable
future, a period of not less than 12 months from the
date of this report. Accordingly, they continue to adopt
the going concern basis in preparing the financial statements.
2 BUSINESS, GEOGRAPHICAL AND SEGMENTAL REPORTING
The Group's operations were only in the United Kingdom
and relate solely to the Company's operations as an
investing company seeking investments in businesses
including those with the potential to be provided with
management services by the Company.
3 TAX
Corporation tax charge for the six month period has
been estimated at GBPnil (six months ended 31 December
2012 and year ended 30 June 2013: GBPnil). No deferred
tax asset has been recognised in relation to the losses
in the period.
KENNEDY VENTURES PLC
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the period ended 31 December 2013
4 EARNINGS PER ORDINARY SHARE
The calculation of basic and diluted loss per share
is based on the following data:
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Loss for the financial
period (60) (102) (139)
============ ============ ===========
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic earnings
per share 27,098,000 27,098,000 27,098,000
Potentially dilutive ordinary
shares - 420,645 290,067
Weighted average number
of shares for the purposes
of diluted earnings per
share 27,098,000 27,518,645 27,388,067
============ ============ ===========
Basic (loss) per ordinary
share (pence) (0.22) (0.38) (0.51)
============
Diluted (loss) per ordinary
share (pence) (0.22) (0.37) (0.51)
5 BORROWINGS
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Secured loan notes 150 - 150
============ ============ ===========
On 10(th) May 2013 the Company issued GBP150,000 secured
loan notes repayable on 31 October 2014, on which there
is a facility fee at the rate of GBP2,000 per quarter,
payable on redemption.
KENNEDY VENTURES PLC
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the period ended 31 December 2013
NOTES TO THE CASH FLOW
6 STATEMENT
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Operating loss (60) (102) (139)
Loss on disposal of investments - - 6
Operating cash flows before
movement in working capital (60) (102) (133)
Decrease in receivables 16 2 9
(Decrease) / increase in
payables 19 (125) (173)
Net cash flow from operating
activities (25) (225) (297)
============ ============ ===========
7 DIVIDEND
No dividend is proposed in respect of the period to
31 December 2013 (period to 31 December 2012 and year
to 31 December 2012: GBPnil).
8 SHARE CAPITAL
31 December 30 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Issued and fully paid
27,098,000 ordinary shares
of 1p each (31 December
2012 and 30 June 2013:
27,098,000 ordinary shares
of 1p each) 271 271 271
============ ============ ===========
Note
Following the change in the Company's Articles of Association
approved by members in May 2012, the Company no longer
has an authorised share capital.
On 25 May 2012 and in association with the CVA and Placing,
the Company granted a warrant to subscribe shares representing
3% of the Company's issued ordinary share capital from
time to time exercisable at 2 pence per share at any
time up to 20 March 2015. Subsequently, it has been
agreed with the holders that the warrant will be in
respect of a fixed number of shares, being 1,142,940
ordinary shares
9 RELATED PARTY TRANSACTIONS
Apart from the remuneration of the Directors, who are
key management personnel of the Group, there have been
no other material transactions with the Board.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUGGWUPCPGG
Kazera Global (LSE:KZG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kazera Global (LSE:KZG)
Historical Stock Chart
From Jul 2023 to Jul 2024
