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HEIQ PLC — Interim / Quarterly Report 2020
Jul 24, 2020
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Interim / Quarterly Report
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National Storage Mechanism | Additional information
RNS Number : 0654U
Auctus Growth Plc
24 July 2020
AUCTUS GROWTH PLC
INTERIM REPORT AND UNAUDITED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2020
CHAIRMAN'S STATEMENT
Dear Shareholder,
I present the Chairman's report for the financial period ending 30 June 2020, where the Company reported a net loss of £65,286 (2.45p per share) and as at 30 June 2020 had liquid cash balances of £779,709. The loss for the period was predominately incurred as a result of normal operating costs associated with maintaining the Company's Standard Listing.
Costs continue to be prudently monitored but have increased in comparison to the previous financial period. The increase from the previous period was due to additional professional, regulatory and insurance costs.
On 10 January 2020 Charles Cannon Brookes resigned from the Board and was replaced by Ross Ainger. Ross has co-managed Initial Public Offering (IPO) and Reverse Takeover (RTO) transactions on the London markets including the Company's IPO and will play a key role in managing any acquisition made by the Company.
The Board continues to evaluate potential transactions in this challenging economic climate and will update shareholders at the appropriate time. Myself and the Board continue to be very appreciative of your patience.
Malcolm Burne
Chairman
Date: 23 July 2020
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2020
| 1.1.20 to 30.6.20 | 1.1.19 to 30.6.19 | Year ended 31.12.19 |
|||||||||
| (unaudited) | (unaudited) | (audited) | |||||||||
| £ | £ | £ | |||||||||
| NET TRADING INCOME | - | - | - | ||||||||
| Other operating expenses | (65,285) | (19,388) | (56,518) | ||||||||
| ------------ | ------------ | -------------- | |||||||||
| Total operating expenses | (65,285) | (19,388) | (56,518) | ||||||||
| ------------ | ------------ | ------------- | |||||||||
| OPERATING LOSS | (65,285) | (19,388) | (56,518) | ||||||||
| Finance income | - | - | - | ||||||||
| ------------ | -------------- | ------------- | |||||||||
| LOSS BEFORE TAXATION | (65,285) | (19,388) | (56,518) | ||||||||
| Income tax expense | - | - | - | ||||||||
| ------------ | ------------ | ------------- | |||||||||
| LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | (65,285) | (19,388) | (56,518) | ||||||||
| \======= | \======= | \======= | |||||||||
| Earnings per share (pence) - basic and fully diluted | (2.45)p | (0.73)p | (2.12p) | ||||||||
| \======= | \======= | \======= | |||||||||
| STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020 |
||||||||
| At 30.6.20 (unaudited) |
At 30.6.19 (unaudited) |
At 31.12.19 (audited) |
||||||
| £ | £ | £ | ||||||
| CURRENT ASSETS | ||||||||
| Trade and other receivables | 24,755 | 2,180 | 14,636 | |||||
| Cash and cash equivalents | 779,909 | 911,712 | 859,296 | |||||
| ------------- | ------------- | ------------- | ||||||
| 804,664 | 913,892 | 873,932 | ||||||
| CURRENT LIABILITIES | ||||||||
| Trade and other payables | (13,517) | (20,330) | (17,500) | |||||
| ------------- | ------------- | ------------ | ||||||
| NET CURRENT ASSETS | 791,147 | 893,562 | 856,432 | |||||
| ------------- | ------------- | ------------- | ||||||
| NET ASSETS | 791,147 | 893,562 | 856,432 | |||||
| \======== | \======== | \======= | ||||||
| EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | ||||||||
| Share capital | 266,900 | 266,900 | 266,900 | |||||
| Share premium account | 994,271 | 994,271 | 994,271 | |||||
| Share-based payment reserve | - | - | - | |||||
| Retained earnings | (470,024) | (367,609) | (404,739) | |||||
| ------------- | ------------- | ------------- | ||||||
| TOTAL EQUITY | 791,147 | 893,562 | 856,432 | |||||
| ======== | ======== | \======= ======== | ||||||
| Net asset value per share (basic) | 29.64p | 33.48p | 32.09p | |||||
| \======== | \======== | \====== | ||||||
| STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2020 |
01.01.20 to 30.06.20 | 01.01.19 to 30.06.19 | 01.01.19 to 31.12.19 | |
| (unaudited | (unaudited) | (audited) | ||
| £ | £ | £ | ||
| Net cash outflow from operating activities | (79,387) | (8,550) | (60,966) | |
| ------------------ | ------------------ | ------------------ | ||
| Cash flows from financing activities | ||||
| Share issue proceeds | - | - | - | |
| Share issue costs | - | - | - | |
| ------------------ | ------------------ | ------------------ | ||
| (79,387) | (8,550) | (60,966) | ||
| ------------------ | ------------------ | ------------------ | ||
| Cash flows from investing activities | ||||
| Finance income | - | - | - | |
| ------------------ | ------------------ | ------------------ | ||
| Net (decrease)/increase in cash and cash equivalents | (79,387) | (8,550) | (60,966) | |
| Cash and cash equivalents at beginning of period | 859,296 | 920,262 | 920,262 | |
| ------------------ | ------------------ | ------------------ | ||
| Cash and cash equivalents at end of period | 779,909 | 911,712 | 859,296 | |
| ========== | ========== | ========== | ||
| STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2020 |
|||||
| Share capital | Share premium | Share -based payment reserve |
Retained earnings | Total | |
| £ | £ | £ | £ | £ | |
| At 1 January 2019 | 266,900 | 994,271 | - | (348,221) | 912,950 |
| Loss for period ended 30 June 2019 | - | - | - | (19,388) | (19,388) |
| ________ | ________ | _________ | _________ | _________ | |
| At 30 June 2019 | 266,900 | 994,271 | - | (367,609) | 893,562 |
| Loss for period ended 31 December 2019 | - | - | - | (37,130) | (37,130) |
| Transfer on expiry of share options | - | - | - | - | - |
| ________ | ________ | _________ | _________ | _________ | |
| At 31 December 2019 | 266,900 | 994,271 | - | (404,739) | 856,432 |
| Loss for period ended 30 June 2020 | - | - | - | (65,285) | (65,285) |
| ________ | ________ | _________ | _________ | _________ | |
| At 30 June 2020 | 266,900 | 994,271 | - | (470,024) | 791,147 |
| \======= | \======= | \======= | \======= | \======= |
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2020
1. GENERAL
The interim financial information for the six month period ended 30 June 2020 are unaudited and were approved by the Directors of the Company on 23 July 2020. 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 2019 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 2019 annual financial statements and are expected to be used for the Company's 2020 annual financial statements.
3. CASH FLOWS FROM OPERATING ACTIVITIES
| 1.1.20 to 30.6.20 | 1.1.19 to 30.6.19 |
1.1.19 to 31.12.19 | ||
| £ | £ | £ | ||
| Loss before taxation | (65,285) | (19,388) | (56,518) | |
| Adjustments for: | ||||
| Finance income | - | - | - | |
| -------------------- | -------------------- | -------------------- | ||
| (65,285) | (19,388) | (56,518) | ||
| Decrease/(increase) in receivables | (10,119) | 8,008 | (4,448) | |
| Increase/ (Decrease) in payables | (3,983) | 2,830 | - | |
| -------------------- | -------------------- | -------------------- | ||
| Net cash (outflows)/inflows from operating activities | (79,387) | (8,550) | (60,966) | |
| \============= | \============= | \============= |
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 |
|
| £ | No. | (pence) | ||
| Earnings per share attributed to ordinary shareholders | (65,285) | 2,668,999 | (2.45)p | |
| \========= | \============ | \========= |
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 2019: 2,668,999; 31 December 2019: 2,668,999).
6. SHARE CAPITAL
Allotted, called up and fully paid:
| At 30.6.20 | At 30.6.19 | At 31.12.19 | |||||
| £ | £ | £ | |||||
| 2,668,999 Ordinary shares of £0.10 each | 266,900 | 266,900 | 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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