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Half Yearly Report

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RNS Number : 3954Y
Xplorer PLC
28 November 2014
 



 

 

Interim Results for the period ended 30th September 2014

 

 

 

Chairman's Statement

 

I am pleased to present Xplorer plc's interim accounts for the six months ended 30th September 2014; a period of continuing good progress.

 

We have reached commercial agreement with two companies for potential acquisition by Xplorer. In order to ensure that those companies have necessary finance in place for future operations, we are working with the companies to raise funding ahead of initiating any formal acquisition process.

 

Notwithstanding the current challenging oil price environment, we expect to be in a position to update shareholders shortly.

 

 

 

 

 

 

Roger Tucker

Chairman

28th November 2014

 

 

 

For further information, please contact:

 

Xplorer plc                                                                      www.xplorerplc.co.uk

John Roddison, Director                                                  +44 (0)20 7495 7429

 

Allenby Capital Limited                                                 + 44 (0)20 3328 5656

Financial Adviser

Nick Harriss, Director, Corporate Finance

 

 

 

 

  

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 September 2014

 

 



 

 

Period ended

30 September 2014

(unaudited)

 

 

Period ended

30 September 2013

(unaudited)

 

 

Year ended

31 March 2014 (audited)


Note

£

£

£

Continuing operations










Revenue


-

-

-






Administrative expenses


(274,490)

(384,382)

(1,025,454)






Operating loss


(274,490)

(384,382)

(1,025,454)






Interest payable and similar charges


-

(556)

(556)

Loss before taxation


(274,490)

(384,938)

(1,026,010)






Taxation

2

-

-

-






Loss for the period


(274,490)

(384,938)

(1,026,010)






Other comprehensive loss for the period


 

-

 

-

 

-






Total comprehensive loss for the period attributable to the equity owners


 

 

(274,490)

 

 

(384,938)

 

 

(1,026,010)






Loss per share










Basic and diluted (£ per share)

3

 

(0.02)

 

(0.05)

 

(0.11)

 

 

 

 

STATEMENT OF FINANCIAL POSITION

as at 30 September 2014



 

30 September 2014 (unaudited)

 

30 September 2013 (unaudited)

 

31 March 2014
(audited)


Note

£

£

£

Assets





Non-current assets





Property, plant and equipment


453

604

517






Current assets





Trade and other receivables


568,246

116,233

546,773

Cash and cash equivalents


65,381

464,204

221,768






Total current assets


633,627

580,437

768,541

Total assets


634,080

581,041

769,058






Equity and liabilities





Capital and reserves





Called up share capital

4

83,627

82,502

83,627

Share Premium


1,358,692

879,292

1,358,692

Retained earnings


(1,390,983)

(475,421)

(1,116,493)






Total equity


51,336

486,373

325,826






Liabilities





Current liabilities





Trade and other payables


582,744

94,668

443,232











Total liabilities


582,744

94,668

443,232       






Total equity and liabilities


634,080

 

581,041

769,058

 

 

STATEMENT OF CHANGES IN EQUITY

for the period ended 30 September 2014

 


 

Called up share

Capital

Share Premium

Retained earnings

Total

 

INTERIM PERIOD END 30th SEPTEMBER 2014

£

£

£

£

Brought forward at 1 April 2014

83,627

1,358,692

(1,116,493)

325,826






Comprehensive income for the period

-

-

-

-






Loss

-

-

(274,490)

(274,490)






Total comprehensive income for the period

-

-

(274,490)

(274,490)











As at 30 September 2014

83,627

1,358,692

(1,390,983)

51,336






INTERIM PERIOD END 30th SEPTEMBER 2013





Brought forward at 1 April 2013

75,002

-

(90,483)

(15,481)






Comprehensive income for the period










Loss

-

-

(384,938)

(384,938)






Total comprehensive income for the period

-

-

(384,938)

(384,938)






Contributions by and distributions to owners










Issue of share capital less costs

7,500

879,292

-

886,792






Total contributions by and distributions to owners

7,500

879,292

-

886,792






As at 30 September 2013

82,502

879,292

(475,421)

486,373






 










YEAR END 31st MARCH 2014





Brought forward at 1 April 2013

75,002

-

(90,483)

(15,481)






Comprehensive income for the period










Loss

-

-

(1,026,010)

(1,026,010)






Total comprehensive income for the period

-

-

(1,026,010)

(1,026,010)






Contributions by and distributions to owners










Issue of share capital net of share issue costs

8,625

1,358,692

-

1,367,317






Total contributions by and distributions to owners

8,625

1,358,692

-

1,367,317






As at 31 March 2014

83,627

1,358,692

(1,116,493)

325,826






 

 

 

 

 STATEMENT OF CASH FLOWS

for the period ended 30 September 2014

 



Period ended 30 September 2014 (unaudited)

Period ended 30 September 2013 (unaudited)

Year ended

31 March 2014  (audited)



£

£

£

Cash flow from operating activities





Operating loss


(274,490)

(383,796)

(1,025,454)

Finance costs paid


-

(586)

-

Depreciation charges


64

86

173






Changes in working capital





(Increase)/decrease in Trade and other receivables


(21,473)

93,797

180,757

Increase in Trade and other payables


139,512

42,070

425,732






Net cash used in operating activities


(156,387)

(248,429)

(418,792)






Cash flows from financing activities










Proceeds from issuance of shares net of issue costs


-

886,792

749,817

Convertible loan notes


-

 

(100,000)

-

Amount repaid to directors


-

-

(35,098)






Net cash generated from financing activities


-

786,792

714,719






Cash flows from investing activities





Purchase of property, plant and equipment


-

(690)

(690)

Interest paid


-

(556)

(556)

Net cash used in investing activities


-

(1,246)

(1,246)






Increase/(Decrease) in cash and cash equivalents


(156,387)

537,117

294,681






Cash and cash equivalents at beginning of period


221,768

(72,913)

(72,913)






Cash and cash equivalents at end of period


65,381

464,204

221,768

 

 

Notes to the interim financial information

 

 

1.    Accounting Policies

 

 

a)   Basis of Preparation

 

These interim consolidated financial statements are for the six months ended 30 September 2014 and have been prepared in accordance with International Accounting Standard 34 "Interim Financial Statements". The accounting policies applied are consistent with International Financial Reporting Standards (IFRS) adopted for use by the European Union. The accounting policies and methods of computation used in the interim consolidated financial statements are consistent with those used in the Company's Annual Report for 2014 and are expected to be applied for the year ended 31 March 2015. The operations of Xplorer Plc are not affected by seasonal variations.

These financial statements were approved by the Board on 28th November 2014.

 

b)   Significant accounting judgements, estimates and assumptions

 

Management have considered the significant accounting judgements, estimates and assumptions used within the non-statutory financial statements and do not consider there to be any which would materially affect the financial statements.

 

c)   Financial Instruments

 

Financial assets and liabilities are recognised in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument. The Company currently does not use derivative financial instruments to manage or hedge financial exposures or liabilities.

 

d)   Segmental Reporting

 

For the purpose of IFRS8 the chief operating decision ("CODM") maker takes the form of the Directors.  The Directors are of the opinion that the business comprises of a single economic activity, being the acquisition of businesses or assets in the natural resources sector and the currently this activity is undertaken solely in the United Kingdom.  All of the income and non-current assets are derived from the United Kingdom.  No single customer accounts for more than 10% of income.  At meetings of the Directors, income, expenditure, cash flows, assets and liabilities are reviewed on a whole Company basis.  Based on the above considerations there is considered to be one reportable segment only namely the acquisition of businesses or asset in the Natural Resources Sector.

 

Therefore the financial information of the single segment to the same as that set out in the company statement of comprehensive income, company statement of financial position, the company statement of changes to equity and the company statement of cashflows.

 

e)   Dividends

 

The Directors do not propose a dividend in respect of the period ended 30 September 2014 (Year end 31st March 2014: nil). 

 

 

f)    Going Concern

 

The Directors having made due and careful enquiry, are of the opinion that the Group has adequate working capital to execute its operations over the next 12 months.  The Directors therefore have made an informed judgment, at the time of approving financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.  As a result, the Directors have adopted the going concern basis of accounting is in the preparation of the annual financial statements.

 

 

2.   Income tax

 

Analysis of charge in the period                                                                                   

 


Period  ended

30 September 2014

Period  ended

30 September 2013

Year ended 31 March  2014


£

£

£

Current tax:




UK corporation tax on loss for the period

-

-

-

Deferred tax

-

-

-

Tax on loss on ordinary activities

-

-


 

 


Period  ended

30 September 2014

Period  ended

30 September 2013

Year ended 31 March  2014


£

£

£

Loss on ordinary activities before tax

 

(274,490)

 

(384,938)

 

(1,026,010)









Loss on ordinary activated multiplied by small companies rate of corporation tax in the UK of 20%

 

 

 

 

(54,898)

 

 

 

 

(76,988)

 

 

 

 

(205,202)





Effects of:




Loss carried forward

54,898

76,988

205,202





Current tax charge for the period as above

 

-

 

-

 

-

Effects of:




Loss brought forward

(1,116,493)

(90,483)

(90,483)

Loss in year

(274,490)

(384,938)

(1,026,010)

Loss carried forward

(1,390,983)

(475,421)

(1,116,493)

 

The Company has tax losses arising in the UK of approximately £1,390,983 that are available, under current legislation, to be carried forward against future profits. 

 

 

3.   Loss per share

The calculation of loss per share is based on the following loss and number of shares:


Period  ended

30 September 2014

Period  ended

30 September 2013

Year end

31 March 2014


£

£

£

Loss for the year from continuing operations

(274,490)

 

(384,938)

 

(1,026,010)





Weighted average shares in issue:




Basic

12,375,100

7,110,756

9,187,225

Diluted

12,375,100

7,110,756

9,187,225





Loss per share








Basic

(0.02)

(0.05)

(0.11)

Diluted

(0.02)

(0.05)

(0.11)

 

Basic loss per share is calculated by dividing the loss for the year from continuing operations of the company by the weighted average number of ordinary shares in issue during the year.

 

 

4.   Called up share capital

 

 

Ordinary Shares of £0.001


Number of shares

Amount




£

Balance at 31 March 2014


12,375,100

12,375

Issued in period


-

-





Balance at 30 September 2014


12,375,100

12,375

 

Deferred Shares of £0.95


Number of shares

Amount




£

Balance at 31 March 2014


75,002

71,252

Issued in period


-

-





Balance at 30 September 2014


75,002

71,252

 

 

 

The ordinary shares have attached to them full voting, dividend and capital distribution rights (including on a winding up). The ordinary shares do not confer any rights of redemption.

 

The deferred shares have attached to them no rights to dividends until the holders of the ordinary shares have received £100,000,000 for each ordinary share held by them. The right to partake in a capital distribution (including on a winding up) once the holders of the ordinary shares have received the sum of £1,000,000 per ordinary share. No right to attend or vote at a general meeting of the company.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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