Half-yearly Report
September 22 2008 - 9:06AM
UK Regulatory
22 September 2008
Microcap Equities plc
("Microcap" or "the Company")
Interim Results
For the sixmonth period ended 30 June 2008
Chairman's Statement
I am pleased to report the results for the six months ended 30 June 2008.
During the period, the loss on the profit and loss account was �105,000,
compared to �86,000 for the 12 months ended 31 December 2007. The loss is
principally attributable to a premium of �40,000 on redemption of convertible
loan stock and the write down of investments by �26,442.
The company has been seeking to make an acquisition or to attract additional
investment and the directors are optimistic that they will be able to achieve
one or the other before the year end.
N Greenstone
Chairman
22 September 2008
Further Enquiries:
Microcap Equities Plc
Nicolas Greenstone Tel: 020 7258 5140
John East & Partners
John East/Bidhi Bhoma Tel: 020 7628 2200
Income Statement
For the six months ended 30 June 2008
Six months Six months Year ended
ended ended
31 December
30 June 30 June 2007
2007
2008 (audited)
(unaudited)
(unaudited)
�'000 �'000 �'000
Administrative expenses (40) (26) (88)
Operating loss (40) (26) (88)
Other income 1 2 4
Impairment of investments available (26) (12) (2)
for sale
Interest payable and similar charges (40) - -
Loss before taxation (105) (36) (86)
Tax expense - - -
Net loss for the period (105) (36) (86)
Loss per ordinary share (pence)
- Basic and diluted (0.09)p (0.03)p (0.08)p
Balance Sheet
As at 30 June 2008
As at As at As at
30 June 30 June 31 December
2007
2008 2007
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
ASSETS
Non-current Assets
Investments available for sale 43 59 70
Current assets
Trade and other receivables 9 6 10
Cash and cash equivalents 58 145 85
67 151 95
Total assets 110 210 165
LIABILITIES
Current liabilities
Trade and other payables 19 20 28
Total liabilities 19 20 28
NET ASSETS 91 190 137
Equity and liabilities
Share capital and reserves
Share capital 1,790 1,730 1,730
Share premium account 2,967 3,007 3,007
Retained earnings (4,666) (4,547) (4,600)
Total equity 91 190 137
Cash Flow Statement
For the six months ended 30 June 2008
Six months Six months Year ended
ended ended
31 December
30 June 30 June 2007
2008 2007 (audited)
(unaudited) (unaudited)
�'000 �'000 �'000
Cash flows from operating activities
Cash expended from operations (28) (33) (95)
Net cash outflow from operating (28) (33) (95)
activities
Cash flows from investing activities
Interest paid and similar charges (40) (10) -
Interest received 1 2 4
Net cash (outflow)/ inflow from (39) (8) 4
investing activities
Cash flows from financing activities
Proceeds from issue of shares 60 20 -
New debenture loan (20) (10) -
Net cash inflow from financing 40 10 -
activities
Net decrease in cash and cash (27) (31) (91)
equivalents
Reconciliation of net cash flow to
movement in net funds
Decrease in cash and cash equivalents (27) (31) (91)
Cash and cash equivalents brought 85 176 176
forward
Cash and cash equivalents carried 58 145 85
forward
Statement of changes in equity
Six months ended 30 June 2008 (unaudited)
Share Share Retained Total
capital - premium earnings
equity
�'000 �'000 �'000 �'000
At 1 January 2008 1,730 3,007 (4,600) 137
Loss for the period - - (106) (106)
Shares issued 60 - - 60
Transfer between reserves - (40) 40 -
At 30 June 2008 1,790 2,967 (4,666) 91
Six months ended 30 June 2007 (unaudited)
Share Share Retained Total
capital - premium earnings
equity
�'000 �'000 �'000 �'000
At 1 January 2007 1,710 3,007 (4,511) 206
Loss for the period - - (36) (36)
Shares issued 20 - - 20
At 30 June 2007 1,730 3,007 (4,547) 190
Year ended 31 December 2007 (audited)
Share Share Retained Total
capital - premium earnings
equity
�'000 �'000 �'000 �'000
At 1 January 2007 1,710 3,007 (4,514) 203
Loss for the period - - (86) (86)
Shares issued 20 - - 20
At 31 December 2007 1,730 3,007 (4,600) 137
Notes to the Interim Financial Statements for the six months ended 30 June 2008
1. Basis of preparation
The interim results are unaudited and do not constitute statutory accounts for
the purpose of s240 of the Companies Act 1985 (s434 of the Companies Act 2006).
They have been prepared under applicable International Financial Reporting
Standards adopted by the European Union (`IFRS').
The accounting policies applied in preparing the interim financial statements
are consistent with those set out in the statutory accounts for the year ended
31 December 2007. The figures for the year ended 31 December 2007 have been
extracted from the statutory accounts filed with the registrar of companies on
which the auditors gave an unqualified report.
The financial information for the six months to 30 June 2008 and the six months
to 30 June 2007 has not been audited. As permitted, the Company has chosen not
to adopt IAS 34 `Interim Financial Statements' in preparing the interim
financial information.
2. Tax
Six months Six months Year ended
ended 30 ended 30
June June 31 December
2007
2008 2007
(unaudited) (unaudited) audited
�'000 �'000 �'000
Current tax on income for the period - - -
Factors affecting tax charge for the
year
Loss on ordinary activities before (105) (36) (86)
taxation
Loss on ordinary activities before (29) (11) (26)
taxation multiplied by standard rate
of UK corporation tax of 28 per cent.
(2007: 30 per cent.)
Effects of:
Expenses not deductible for tax - - -
purposes
Movement in tax losses 29 11 26
Current tax charge - - -
3. Loss per share
The basic loss per share is calculated by dividing the loss attributable to
equity shareholders by the weighted average number of shares in issue. There
are no potential ordinary shares which are dilutive and therefore diluted loss
per share equals basic loss per share.
The weighted average number of ordinary shares during the period was:
Six months Six months Year ended
ended 30 ended 30
June June 31 December
2007
2008 2007
(unaudited) (unaudited) (audited)
112,600,343 108,696,556 108,820,452
�'000 �'000 �'000
Loss attributable to equity share (105) (36) (86)
holders
Basic loss per share (pence) (0.09) (0.03) (0.08)
4. Dividends
No dividends have been declared for the six months ended 30 June 2008.
5. Copies of this report
Copies of this interim report will be available on request from the Company's
registered office at Thames House, Portsmouth Road, Esher, Surrey KT10 9AD and
on the Company's website at www.microcapequities.plc.uk.
END
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