Half Yearly Report

RNS Number : 1582J

Longships PLC

12 July 2013

 



12 July 2013

LONGSHIPS PLC

("Longships" or "the Company")

INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2013

Longships plc (AIM:LONG), is pleased to announce its interim results for the six months ended 30 June 2013. The results are available on the Company's website, www.longshipsplc.com .

Enquiries:

Longships PLC	[phone]
Nathan Steinberg, Director
Grant Thornton UK LLP (Nominated Adviser)	[phone]
Colin Aaronson/David Hignell

CHAIRMAN'S STATEMENT

Dear Shareholder,

I present the Chairman's report for the six month interim period ending 30 June 2013. During the period under review the Company reported a net loss of £74,329 (six months ended 30 June 2012: £67,944) and as at 30 June 2013 had liquid cash balances of £2,008,198 (30 June 2012: £2,957,069).

The company continues to investigate potential candidates for a suitable reverse takeover and is hopeful that a transaction will be consummated during the current financial period.

Malcolm Burne

Chairman

12 July 2013

CONDENDSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30th JUNE 2013   

			Six months	Six months	Year
			to 30/06/13	to 30/06/12	to 31/12/12
			Unaudited	Unaudited	Audited
			£	£	£
NET TRADING INCOME			-	-	-
			---------------	---------------	---------------
Other operating expenses			(77,968)	(72,996)	(207,445)
			------------------	------------------	---------------
Total operating expenses			(77,968)	(104,211)	(207,445)
			-------------------	-------------------	---------------
OPERATING LOSS			(77,968)	(104,211)	(207,445)
Finance income			3,639	5,052	7,120
			------------------	------------------	---------------
LOSS BEFORE TAXATION			(74,329)	(67,944)	(200,325)
Taxation			-	-	-
			------------------	------------------	---------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY			(74,329)	(97,241)	(200,325)
			============	============	============
Loss per share (pence) - basic and fully diluted			(0.29)p	(0.42)p	(0.82)p
			=======	=======	=======

CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30th JUNE 2013

		As at	As at	As at
		30/06/13	30/06/12	31/12/12
		Unaudited	Unaudited	Audited
		£	£	£
CURRENT ASSETS
Trade and other receivables		15,123	8,883	7,189
Cash and cash equivalents		2,008,198	2,957,069	1,329,599
		------------------	------------------	------------------
		2,023,321	2,965,952	1,336,788
CURRENT LIABILITIES
Trade and other payables		(13,730)	(33,432)	(21,468)
		-----------------	-----------------	------------------
NET CURRENT ASSETS		2,009,591	2,932,520	1,315,320
		----------------	----------------	------------------
NET ASSETS		2,009,591	2,932,520	1,315,320
		===========	===========	===========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital		998,801	230,800	680,801
Share premium account		1,679,568	3,086,962	1,228,968
Share based payment reserve		21,588	21,588	21,588
Retained earnings		(690,366)	(406,830)	(616,037)
		----------------	----------------	----------------
TOTAL EQUITY		2,009,591	2,932,520	1,315,320
		===========	===========	===========
Net assets per share - basic		2.58p	13.33p	1.93p
		========	========	========

CONDENSED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30th JUNE 2013

		Six months	Six months	Year
		to 30/06/13	to 30/06/12	to 31/12/12
		Unaudited	Unaudited	Audited
		£	£	£
Net cash outflow from operating activities	3	(93,641)	(66,208)	(2,518,933)
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Cash flows from investing activities
Interest received		3,639	5,052	7,120
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Cash flows from financing activities
Net proceeds from issue of share capital		768,600	-	900,013
Costs of redemption of B shares		-	-	(76,826)
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Net (decrease) in cash and cash equivalents		678,598	(61,156)	(1,688,626)
Cash and cash equivalents at beginning of period		1,329,599	3,018,225	3,018,225
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Cash and cash equivalents at end of period		2,008,198	2,957,069	1,329,599
		===================================================	===================================================	===================================================

CONDENSED STATEMENT OF CHANGES IN NET EQUITY

FOR THE SIX MONTHS ENDED 30th JUNE 2013

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30th JUNE 2013

1.   GENERAL

        The interim financial statements for the six months ended 30th June 2013 are unaudited and were approved by the Directors of the Company on 12 July 2013. The condensed financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The information given as comparative figures for the period ended 31st December 2012 was extracted from the Company's audited annual financial statements for that financial year. Those financial statements, which represent the statutory accounts for that year, and on which the auditors gave an unqualified opinion, have been filed with the Registrar of Companies.

        The financial information has been prepared in accordance with IAS 34 "Interim Financial Reporting".

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

2.   ACCOUNTING POLICIES

The principal accounting policies and methods of computation have remained unchanged from those used in the preparation of  the Company's 2012 annual financial statements.

3.   CASH FLOWS FROM OPERATING ACTIVITIES

	Six months	Six months	Year
	to 30/06/13	to 30/06/12	to 31/12/12
	Unaudited	Unaudited	Audited
	£	£	£
Loss before taxation	(74,329)	(67,944)	(200,325)
Adjustments for:
Interest income	(3,639)	(5,052)	(7,120)
Loss on disposal of financial assets at fair value through profit or loss	-	-	4
	-------------------	-------------------	--------------------
	(77,968)	(72,996)	(207,441)
Decrease/(increase) in receivables	(7,935)	(1,828)	(134)
Increase/(decrease) in payables	(7,738)	8,616	(3,348)
Purchase of financial assets at fair value through profit or loss	-	-	(2,308,010)
	--------------------	--------------------	--------------------
Net cash from operating activities	(93,641)	(66,208)	(2,518,933)
	=============	=============	=============

4.   LOSS PER SHARE

		Six months	Six months	Year
		to 30/06/13	to 30/06/12	to 31/12/12
		Unaudited	Unaudited	Audited
Weighted average number of ordinary shares in issue		77,743,083	23,080,002	24,432,508
		---------------------------------------	----------------------------------------	-----------------------------------------
(Loss)/profit after taxation		(74,329)	(67,944)	(200,325)
		----------------------------------------	----------------------------------------	-----------------------------------------
(Loss)/earnings per share		(0.10)p	(0.29)p	(0.82)p
		===================================================	===================================================	==================================================

      Due to there being a loss during each period under review, the share options are anti-dilutive and therefore no diluted loss per share has been presented.

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.

      As the exercise price of the share options is above the "basic" net asset value per share the share options are anti-dilutive and therefore a "fully diluted" net assets per share has not been calculated.

      Copies of the interim report are available to the public free of charge from the Company at 2nd Floor, 18 Pall Mall, London, SW1Y 5LU during normal office hours, Saturdays and Sundays excepted, for 14 days from today and are available on the website at www.longshipsplc.com.

 

END

 

 

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