Half Yearly Report

RNS Number : 0929V

Adams PLC

09 December 2013

 



ADAMS PLC

INTERIM RESULTS FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2013

Chairman's Statement

We have pleasure in presenting the interim accounts for the six month period ended 30th September 2013.  Indeed, this is the first actual period since the restructuring and change of direction which came about last March.

You will notice that the financial statements below are presented without the customary period to period comparative numbers. AIM Regulation granted the Company a derogation on this matter given the irrelevance of the first half period last year which was, in effect, reporting on a completely different company.

During our first half period, whilst protecting the integrity of the shell company, the Board has examined a range of possible reverse takeover candidates.  Britain is alive with opportunities within our target sectors of technology and life sciences and it is a matter of identifying a candidate which fulfils our investment criteria.  Full details of the Company's investing policy are available on the Company's website www.adamsplc.co.uk.

We look forward to the coming months and will keep shareholders apprised as the need arises.

N C P Nelson

Chairman

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2013

				30-Sep-13
		Notes		€'000
Net change in fair value of financial assets at fair value through profit or loss				(11)
Total income				(11)
Expenses
Net foreign exchange (loss)/gain				1
Administrative expenses				(51)
Other income
Operating loss				(50)
Loss on ordinary activities before taxation				(61)
Tax on loss on ordinary activities				-
Loss for the period				(61)

Since there is no other comprehensive loss, the loss for the period is the same as the total comprehensive loss for the period attributable to the owners of the Company.

The accompanying accounting policies and explanatory notes form an integral part of the financial statements .

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2013

			30-Sep-13
		Note	€'000
Assets
Non-current assets
Investments		4	84
Current assets
Trade and other receivables		5	16
Cash and cash equivalents		6	95
			111
Total assets			195
Equity and Liabilities
Called up share capital		8	2,445
Share premium			133
Retained earnings			(2,396)
Total equity			185
Current liabilities
Trade and other payables		7	10
Total current liabilities			10
Total liabilities			10
Total equity and liabilities			185

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 SEPTEMBER 2013

					Retained
			Share	Share	Earnings /
			Capital	Premium	(Losses)	Total
			€'000	€'000	€'000	€'000
At 1 April 2013			2,448	133	(2,335)	246
Total comprehensive loss for period			-	-	(61)	(61)
At 30 September 2013			2,448	133	(2,396)	185

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses.

Retained losses represent the cumulative loss of the Company attributable to equity shareholders.

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 SEPTEMBER 2013

		3 30-Sep-13
		30 Sep 2013            €'000
Cash flows from operating activities		(75)
Cash flows from investing activities
Payments to acquire investments		(95)
Proceeds from disposal of investments		126
Net cash used in investing activities		31
Net decrease in cash and cash equivalents		(44)
Cash and cash equivalents at beginning of period		139
Cash and cash equivalents at end of period		95

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2013

1	Reconciliation of operating loss to net cash outflow from operating activities
					30-Sep-13
					€000
	Loss for the period				(61)
	(Increase) in trade and other receivables				(5)
	(Decrease) in trade and other payables				(9)
	Net cash outflow from operating activities				(75)
				Other
				non-cash
2	Analysis of net cash	01-Apr-13	Cash flow	changes	30-Sep-13
		€000	€000	€000	€000
	Net cash:
	Cash at bank and in hand	139	(44)	-	95
	Liquid resources:
	Current asset investments	-	-	-	-
	Debt:
	Debts falling due after one year	-	-	-	-
	Net cash	139	(44)	0	95
3	Reconciliation of net cash flow to movement in net cash				30-Sep-13
					€'000
	Decrease in cash in the period				(44)
	Movement in net cash in the period				(44)
	Opening net cash				139
	Closing net cash				95

1       General information           

Adams PLC is a company incorporated in the Isle of Man. The address of the registered office is disclosed on the company information page at the front of the annual report. The principal activities of the Company are described in the directors' report.

2       Going concern        

The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continuing support of the shareholders, this support will enable the company to continue for the foreseeable future.

The financial statements do not include any adjustments that would result if the above support was withdrawn.

The principal accounting policies applied in the preparation of these financial statements are set out below.

3        Significant accounting policies

The interim report for the 6 months ended 30 September 2013 is unaudited and has been prepared on the accounting policies set out in the statutory accounts for the year ended 31 March 2013.

4       Investments                                                                                                                                                  30-Sep-13

					€000
At 1 April 2013					115
Acquisitions in period					95
Disposals in period					(126)
Total					84

5       Trade and other receivables

			30-Sep-13
			€'000
Prepayments			16
			───────
			16
			═════

The carrying amount of other current assets approximates to its fair value.

6       Cash and cash equivalents

For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash at banks and on hand and deposits with banks. Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows can be reconciled to the related items in the Statement of Financial Position as follows:

			30-Sep-13
			€'000
Cash and cash equivalents			95
			═══════

The carrying amount of cash and cash equivalents approximates to its fair value.

7       Trade and other payables

			30-Sep-13
			€'000
Trade payables			4
Accruals			6
			───────
			10
			═════

Accruals principally comprise amounts outstanding for ongoing expenses. The carrying amount of other payables approximates to its fair value.

8       Share capital and share premium

			Number of	Share	Share
			shares issued	capital	premium
			and fully paid up	€'000	€'000
Issued
At 1 April 2013			16,166,306	2,448	133
Movements in the period			-	-	-
At 30 September 2013			16,166,306	2,448	133

9        Loss per share

			30-Sep-13
			€'000
Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:
Loss after tax attributable to equity holders of the Company			(61)
Weighted average number of ordinary shares			16,166,306
Basic and diluted loss per share			(0.004)€c
			═══════

 

END

 

 

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