HEIQ PLC — Interim / Quarterly Report 2016

Sep 28, 2016

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RNS Number : 1001L

Auctus Growth Plc

28 September 2016

Auctus Growth plc

28 September 2016

Auctus Growth plc ('Auctus', the 'Company')

INTERIM ACCOUNTS

Dear Shareholder,

I present the Chairman's report for the financial period ending 30 June 2016, where the Company reported a net loss of £13,913 (0.52p per share) and as at 30 June 2016 had liquid cash balances of £1,034,582.

During this financial period the Board has continued to actively evaluate a number a potential transactions across a variety of different sectors. At this time no formal agreement has been entered into by the Company however the Board remains focused on delivering a transaction that brings both value and growth potential to the Shareholders of Auctus Growth in the near term.

Costs continue to be prudently monitored and are in line with the previously announced budget of £35,000 per annum. The Directors continue to draw no fees from the Company.

Finally the Board would like to thank Shareholders for their continued patience and support. Further updates will be provided in due course in regard to the future plans for the Company.

Malcolm Burne

Chairman

28 September 2016

	Notes	1.1.16 to 30.6.16		1.1.15 to 30.6.15	Year ended 31.12.15
		(unaudited)		(unaudited)	(audited)
		£		£	£
NET TRADING INCOME		-	-
Other operating expenses		(13,913)	(100,253)		(189,219)
		------------	--------------		--------------
Total operating expenses		(13,913)	(100,253)		(189,219)
		------------	--------------		-------------
OPERATING LOSS		(13,913)	(100,253)		(100,253)
Finance income		-	-		-
		------------	--------------		----------
LOSS BEFORE TAXATION		(13,913)	(100,253)		(189,219)
Income tax expense		-	-
		------------	--------------		-------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY		(13,913)	(100,253)		(189,219)
		\=======	\========		\=======
Earnings per share (pence) - basic and fully diluted		(0.52)p		(2.73)p	(7.49p)
		\=======	\=======		\======

			At 30.6.16 (unaudited)		At 30.6.15 (unaudited)	At 31.12.15 (audited)
	Notes		£		£	£
CURRENT ASSETS
Trade and other receivables		6,307		34,126			22,077
Cash and cash equivalents		1,034,582		1,096,820			1,030,551
		-------------		-------------			-------------
		1,040,889		1,130,946			1,052,628
CURRENT LIABILITIES
Trade and other payables		(22,500)		(18,000)			(20,326)
		-------------		-------------			------------
NET CURRENT ASSETS		1,018,389		1,112,946			1,032,302
		-------------		-------------			-------------
NET ASSETS		1,021,089		1,112,946			1,032,302
		\========		\========			\=======
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY
Share capital	9	266,900		244,000			266,900
Share premium account		972,140		886,465			972,140
Share-based payment reserve		22,131		22,131			22,131
Retained earnings		(242,782)		(39,650)			(228,869)
		-------------		-------------			-------------
TOTAL EQUITY		1,018,389		1,112,946			1,032,302
		========		========			\======= ========
Net asset value per share (basic)		38.16p		45.61p			39.44p
		\========		\========			\======

		1.1.15 to 30.6.15	1.1.15 to 30.6.15		1.1.15 to 31.12.15
		(unaudited)		(unaudited)	(audited)
	Notes	£		£	£
Net cash outflow from operating activities		4,031		(81,381)	(174,844)
		----------------		----------------	----------------
Cash flows from financing activities
Share issue proceeds		-		-	114,500
Share issue costs		-		-	(5,925)
		-----------------		-----------------	--------------
		4,031		-	108,575
		------------------		------------------	-------------
Cash flows from investing activities
Finance income		-		-	-
		-------------------		-------------------	-------------
Net (decrease)/increase in cash and cash equivalents		4,031		(81,381)	1,096,820
Cash and cash equivalents at beginning of period		1,030,551		1,096,820	1,096,820
		-------------------		-------------------	-------------
Cash and cash equivalents at end of period		1,034,582		1,015,439	1,030,551
		===========		===========	=======

	Share capital	Share premium	Share -based payment reserve	Retained earnings	Total
	£	£	£	£	£
At 1 January 2015	244,000	886,465	22,131	(39,650)	1,112,946
Loss for period ended 30 June 2015	-	-	-	(100,253)	(100,253)
	________	________	_________	_________	_________
At 30 June 2015	244,000	886,465	22,131	(139,903)	1,012,693
Proceeds of issue of shares	22,900	91,600	-	-	114,500
Costs of share issue	-	(5,925)	-	-	(5,925)
Loss for period ended 31 December 2015				(88,966)	(88,966)
	________	________	_________	_________	_________
At 31 December 2015	266,900	972,140	22,131	(228,869)	1,032,302
Loss for period ended 30 June 2015	-	-	-	(13,913)	(13,913)
	________	________	_________	_________	_________
At 30 June 2015	266,900	972,140	22,131	(242,782)	1,018,389
	\=======	\=======	\=======	\=======	\=======

1.   GENERAL

The interim financial information for the six month period ended 30 June 2016 are unaudited and were approved by the Directors of the Company on 27 September 2016. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.

The financial information contained in this report in respect of the annual financial statements for the period ended 31 December 2015 has been extracted from the report and financial statements for that period which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified.

The interim financial information is unaudited and has not been reviewed by the auditors.

The Company's operations are not subject to seasonality or cyclicality.

No dividend has been declared or paid in this interim period.

2.    ACCOUNTING POLICIES

The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of the Company's 2015 annual financial statements and are expected to be used for the Company's 2016 annual financial statements.

3.   CASH FLOWS FROM OPERATING ACTIVITIES

	1.1.15 to 30.6.15	1.1.15 to  30.6.15	1.1.15 to 31.12.15
	£	£	£
Loss before taxation	(13,913)	(100,253)	(189,219)
Adjustments for:
Finance income	-	-	-
	--------------------	--------------------	--------------------
	(13,913)	(100,253)	(189,21981)
Decrease in receivables	15,770	27,272	12,049
(Decrease)/increase in payables	2,174	(8,400)	2,326
	--------------------	--------------------	--------------------
Net cash inflows/(outflows) from operating activities	4,031	(81,381)	(174,844)
	\=============	\=============	\=============

4.     EARNINGS PER SHARE

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 calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.

Basic Earnings per share	Earnings	Weighted average number of shares	Per-share Amount (pence)
	£	No
Earnings per share attributed to ordinary shareholders	(13,913)	2,668,999	(0.52)p
	\=========	\============	\=========

The Company has made a loss and, accordingly the effect of the share options is anti-dilutive.

5.   NET ASSET VALUE PER SHARE

The "basic" net asset value per share figures are calculated on the basis of the net assets attributable to equity shareholders divided by the number of ordinary shares in issue at the relevant dates of 2,668,999 (30 June 2015: 2,440,000; 31 December 2015: 2,668,999).

6.    SHARE CAPITAL

Allotted, called up and fully paid:

	At 30.6.16	At 30.6.15	At 31.12.15
	£	£	£
2,668,999 Ordinary shares of £0.10 each	266,900	244,000	266,900
	\===================================	\===================================	\===================================

7.  COPIES OF INTERIM REPORT

Copies of the interim report are available to the public free of charge from the Company at 5th Floor 15 Whitehall, London, England, SW1A 2DD during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.auctusgrowthplc.co.uk 

This information is provided by RNS

The company news service from the London Stock Exchange

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