31 October
2016
LIMITLESS EARTH
PLC
("Limitless" or
the "Company")
UNAUDITED
HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2016
The Company is pleased to announce its half-yearly result for
the six months to 31 July 2016.
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.
The directors look to make investments into small companies which
have clear routes to value appreciation and which operate in
sectors with long term growth prospects that are driven by
demographic change. Examples of such sectors include
Cleantech, Life Sciences and Technology.
During the reporting period, the Company invested US$300,000, approximately £200,000, by way of 8
per cent. convertible senior notes, in Exogenesis Corporation, a
private nanotechnology company which has developed nanoscale
surface modification technology to, inter alia, improve the
safety and efficacy of implantable medical devices and which is
being used to develop next generation microscopy tools for DNA
analysis.
The all other current investments are progressing in line with
management expectations. For example, Chronix Biomedical is
expected to start the listing process onto a regulated exchange in
the coming months and Limitless’s participation in the initial
funding should provide a good return to the shareholders of the
Company.
The Board understands that cost control is important at all
times and 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
£65,477 and the unaudited balance sheet reflects the cash and cash
equivalents at the reporting date of £1,242,626 and Investments
held for trading totalling £1,296,443.
For further information, please
contact:
Limitless Earth plc
Guido Contesso - CEO |
www.limitlessearthplc.com
+44 7780 700 091 |
Cairn Financial Advisers LLP
Nominated Adviser
Jo Turner/Tony Rawlinson |
+44 20 7213 0885
www.cairnfin.com |
Peterhouse Corporate Finance
Limited
Joint Broker
Peter Greensmith |
+44 20 7469 0930
www.pcorpfin.com |
UNAUDITED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME |
|
|
6
MONTHS ENDED 31 JULY 2016 |
|
|
|
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
31/07/16 |
31/07/15 |
31/01/16 |
Continuing operations |
£ |
£ |
£ |
|
|
|
|
|
Administration expenses |
(66,702) |
(87,230) |
(180,821) |
Operating
loss |
|
(66,702) |
(87,230) |
(180,821) |
Finance
Income |
|
1,225 |
9,496 |
5,522 |
Loss
before taxation |
|
(65,477) |
(77,734) |
(175,299) |
|
|
|
|
|
Taxation |
|
- |
- |
- |
Loss for the period |
(65,477) |
(77,734) |
(175,299) |
|
|
|
|
|
Total Comprehensive loss for the period |
(65,477) |
(77,734) |
(175,299) |
|
|
|
|
|
Loss
attributable to: |
|
|
|
|
Equity
Holders |
|
(65,477) |
(77,734) |
(175,299) |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic and
diluted loss per share |
3 |
(0.10p) |
(0.12p) |
(0.27p) |
There are no items of other comprehesive income.
UNAUDITED STATEMENT OF FINANCIAL POSITION |
|
|
|
AS AT
31 JULY 2016 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
31/07/16 |
31/07/15 |
31/01/16 |
|
£ |
£ |
£ |
Current assets |
|
|
|
Investments held for trading |
1,296,443 |
|
1,088,341 |
Cash |
1,242,626 |
2,668,320 |
1,530,404 |
|
2,539,069 |
2,668,320 |
2,618,745 |
|
|
|
|
Total
Assets |
2,539,069 |
2,668,320 |
2,618,745 |
|
|
|
|
Current Liabilities |
|
|
|
Trade and
other payables |
(60,791) |
(27,000) |
(74,990) |
|
|
|
|
Net
Assets |
2,478,278 |
2,641,320 |
2,543,755 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
Issued
Share Capital |
654,000 |
654,000 |
654,000 |
Share
Premium |
2,350,630 |
2,322,440 |
2,350,630 |
Share
Warrant Reserve |
14,095 |
42,285 |
14,095 |
Retained
Earnings |
(540,447) |
(377,405) |
(474,970) |
Total
Equity |
2,478,278 |
2,641,320 |
2,543,755 |
UNAUDITED CASH FLOW STATEMENT FOR THE
6 MONTHS ENDED 31 JULY 2016 |
|
|
|
|
|
|
|
Note |
|
Unaudited |
Unaudited |
Audited |
|
|
31/07/16 |
31/07/15 |
31/01/16 |
|
|
£ |
£ |
£ |
Cash
flows from operating activities |
|
|
|
|
Net cash
absorbed by operating activities
4 |
|
(80,901) |
(72,730) |
(118,331) |
|
|
|
|
|
Cash
Flows from Investing Activities |
|
|
|
|
Finance
income received net |
|
1,225 |
9,496 |
5,522 |
Purchase
of investments |
|
(208,102) |
- |
(1,088,341) |
Net
Cash Used in Investing activities |
|
(206,877) |
9,496 |
(1,082,819) |
|
|
|
|
|
|
|
|
|
|
Net
increase in cash |
|
(287,778) |
(63,234) |
(1,201,150) |
|
|
|
|
|
Cash at
the beginning of period |
|
1,530,404 |
2,731,554 |
2,731,554 |
|
|
|
|
|
Cash
at the end of the period |
|
1,242,626 |
2,668,320 |
1,530,404 |
Statement of Changes in Shareholders’ Equity |
|
|
|
|
|
for the
period ended 31 July 2016 |
|
|
|
|
|
|
Share
capital |
Share
premium |
Share
warrant reserve |
Retained earnings |
Total |
|
£ |
£ |
£ |
£ |
£ |
Audited Changes in Equity for the period ended 31 January
2015 |
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
Loss for
the period |
- |
- |
|
(299,672) |
(299,672) |
Total
Comprehensive loss for the period |
- |
- |
|
(299,672) |
(299,672) |
Transactions with owners |
|
|
|
|
|
Proceeds
from share issue (net of expenses) |
654,000 |
2,322,440 |
42,285 |
- |
3,018,725 |
Total
contributions by the owners |
654,000 |
2,322,440 |
42,285 |
- |
3,018,725 |
At 31
January 2015 |
654,000 |
2,322,440 |
42,285 |
(299,672) |
2,719,054 |
|
|
|
|
|
|
Audited Changes in Equity for the period ended 31 January
2016 |
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
Loss for
the period |
- |
- |
- |
(175,299) |
(175,299) |
Total
Comprehensive loss for the period |
- |
- |
- |
(175,299) |
(175,299) |
Transactions with owners |
|
|
|
|
|
Warrant
cancellation |
- |
28,190 |
(28,190) |
- |
- |
Total
contributions by the owners |
- |
28,190 |
(28,190) |
- |
- |
At 31
January 2016 |
654,000 |
2,350,630 |
14,095 |
(474,971) |
2,543,755 |
|
|
|
|
|
|
Un
audited Changes in Equity for the period ended 31 July
2016 |
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
Loss for
the period |
|
|
|
|
|
Total
Comprehensive loss for the period |
|
|
|
(65,477) |
(65,477) |
Total
contributions by the owners |
- |
- |
- |
(65,477) |
(65,477) |
At 31
July 2016 |
654,000 |
2,350,630 |
14,095 |
(540,448) |
2,478,278 |
NOTES TO THE FINANCIAL STATEMENTS
- 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
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 2016 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 |
31/07/16 |
31/07/15 |
31/01/16 |
|
|
|
|
Loss from
continuing operations attributable to equity holders of the
company |
(65,476) |
(77,734) |
(175,299) |
Weighted
average number of ordinary shares in issue |
65,400,000 |
65,400,000 |
65,400,000 |
|
Pence |
Pence |
Pence |
Basic and
fully diluted loss per share from continuing operations |
(0.10) |
(0.12) |
(0.27) |
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. Cash absorbed by operations
|
|
Unaudited |
Unaudited |
Period to |
31/07/2016 |
31/07/2015 |
31/01/2016 |
|
|
£ |
£ |
£ |
Loss
for the period |
|
(65,476.72) |
(77,734.00) |
(175,299.00) |
Finance
income |
|
(1,225.40) |
(9,496.00) |
(5,522.00) |
Increase
/(decrease) in payables |
|
(14,199.00) |
14,500.00 |
62,490.00 |
Cash
absorbed by operations |
|
(80,901.12) |
(72,730.00) |
(118,331.00) |
5. Copies of Interim Accounts
Copies of the interim results are available at the Group´s web
site at
www.limitlessearthplc.com.