Interim Results

RNS Number : 9260W

Longships PLC

05 August 2009

 



LONGSHIPS PLC

INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30th JUNE 2009

CHAIRMAN'S STATEMENT

Dear Shareholder, 

I am pleased to present the Chairman's report for the interim period ending 30 June 2009. During the period under review the Company reported a net loss of £34,557 and as at 30 June 2009 has liquid cash balances of £3,317,798 (30 June 2008: £3,341,204). Various investment propositions were reviewed over the period and, although none met the Board's investment criteria, we continue to search for a suitable opportunity. I look forward to updating shareholders on progress in due course.

Craig Niven

5 August 2009

CONDENDSED INCOME STATEMENT 

FOR THE SIX MONTHS ENDED 30th JUNE 2009

			Six months	Period	Period
			to 30/06/09	to 30/06/08	to 31/12/08
			Unaudited	Unaudited	Audited
			£	£	£
NET TRADING INCOME			-	-	-
			------------	------------	------------
Share based payment charge			-	(21,588)	(21,588)
Other operating expenses			(41,320)	(25,369)	(78,999)
			------------	------------	------------
Total operating expenses			(41,320)	(46,957)	(100,587)
			------------	------------	------------
OPERATING LOSS			(41,320)	(46,957)	(100,587)
Finance income			6,763	39,806	109,729
			------------	------------	------------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION			(34,557)	(7,151)	9,142
Taxation			-	-	6,377
			------------	------------	------------
(LOSS)/PROFIT FOR THE PERIOD			(34,557)	(7,151)	2,765
			==========	==========	==========
(Loss)/earnings per share (pence) - basic and fully diluted			(0.15)p	(0.07)p	0.02p
			=======	=======	=======

CONDENSED BALANCE SHEET AS AT 30th JUNE 2009

		As at	As at	As at
		30/06/09	30/06/08	31/12/08
		Unaudited	Unaudited	Audited
		£	£	£
CURRENT ASSETS
Trade and other receivables		4,248	7,438	9,083
Cash and cash equivalents		3,317,798	3,341,204	3,355,556
		------------	------------	------------
		3,322,046	3,348,642	3,364,639
CURRENT LIABILITIES
Trade and other payables		(14,488)	(16,433)	(22,524)
		------------	------------	------------
NET CURRENT ASSETS		3,307,558	3,332,209	3,342,115
		------------	------------	------------
NET ASSETS		3,307,558	3,332,209	3,342,115
		=========	=========	=========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital		230,800	230,800	230,800
Share premium account		3,086,962	3,086,972	3,086,962
Share based payment reserve		21,588	21,588	21,588
Retained earnings		(31,792)	(7,151)	2,765
		------------	------------	------------
TOTAL EQUITY		3,307,558	3,332,209	3,342,115
		=========	=========	=========
Net assets per share - basic		14.33p	14.44p	14.48p
		========	========	========

CONDENSED CASH FLOW STATEMENT 

FOR THE SIX MONTHS ENDED 30th JUNE 2009

		Six months	Period	Period
		to 30/06/09	to 30/06/08	to 31/12/08
		Unaudited	Unaudited	Audited
		£	£	£
Net cash outflow from operating activities	3	(44,521)	(16,374)	(71,935)
		------------	------------	------------
Cash flows from investing activities
Interest received		6,763	39,806	109,729
		------------	------------	------------
Cash flows from financing activities
Net proceeds from issue of share capital		-	3,317,772	3,317,762
		------------	------------	------------
Net (decrease)/increase in cash and cash equivalents		(37,758)	3,341,204	3,355,556
Cash and cash equivalents at beginning of period		3,355,556	-	-
		------------	------------	------------
Cash and cash equivalents at end of period		3,317,798	3,341,204	3,355,556
		============	============	============

CONDENSED STATEMENT OF CHANGES IN NET EQUITY 

FOR THE SIX MONTHS ENDED 30th JUNE 2009

	Share capital	Share premium	Share based payment reserve	Retained earnings	Total
	£	£	£	£	£
At 20th December 2007	-	-	-	-	-
Shares issued for cash	230,800	3,173,200	-	-	3,404,000
Loss for period ended 30th June 2008	-	-	-	(7,151)	(7,151)
Share issue costs	-	(86,238)	-	-	(86,238)
Share-based payments	-	-	21,588	-	21,588
	________	_________	_________	__________	_________
At 30th June 2008	230,800	3,086,962	21,588	(7,151)	3,332,199
Profit for six months ended 31st December 2008	-	-	-	9,916	9,916
	________	________	________	________	________
At 31st December 2008	230,800	3,086,962	21,588	2,765	3,342,115
Loss for six months ended 30th June 2009	-	-	-	(34,557)	(34,557)
	________	________	________	________	________
At 30th June 2009	230,800	3,086,962	21,588	(31,792)	3,307,558
	=======	========	========	=========	========

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30th JUNE 2009 

1.  GENERAL

The interim financial statements for the six months ended 30th June 2008 are unaudited and were approved by the Directors of the Company on  5 August 2009. 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 2008 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 2008 annual financial statements.

3.  CASH FLOWS FROM OPERATING ACTIVITIES

	Six months	Period	Period
	to 30/06/09	to 30/06/08	to 31/12/08
	Unaudited	Unaudited	Audited
	£	£	£
(Loss)/profit before taxation	(34,557)	(7,151)	9,142
Adjustments for:
Interest income	(6,763)	(39,806)	(109,729)
Equity-settled share options	-	21,588	21,558
	------------	------------	------------
	(41,320)	(25,369)	(78,999)
Decrease/(increase) in receivables	4,835	(7,438)	(9,083)
(Decrease)/increase in payables	(8,036)	16,433	16,147
	------------	------------	------------
Net cash from operating activities	(44,521)	(16,374)	(71,935)
	============	============	============

4.  LOSS PER SHARE

		Six months	Period	Period
		to 30/06/09	to 30/06/08	to 31/12/08
		Unaudited	Unaudited	Audited
Weighted average number of ordinary shares in issue		23,080,002	10,654,229	16,641,695
		------------	------------	------------
(Loss)/profit after taxation		£(34,557)	£(7,151)	£2,765
		------------	------------	------------
(Loss)/earnings per share		(0.15)p	(0.07)p	0.02p
		============	============	============

Due to there being a loss during the period the share options are anti-dilutive and therefore no diluted loss per share has been presented. For the period ended 31st December 2008 there was no dilutive effect of the share options because the option exercise prices were higher than the average market price in the period.  

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.

6.    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. 

Enquiries:

Longships Plc	Tel: [phone]
Charles Cannon-Brookes, Investment Director
Grant Thornton UK LLP (Nominated Adviser)	Tel: [phone]
Philip Secrett

 

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