Interim Results

RNS Number : 3012O

Longships PLC

15 September 2011

 



LONGSHIPS PLC 

("Longships" or the "Company")

INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2011 

 CHAIRMAN'S STATEMENT

 Dear Shareholder,

I am pleased to present the Chairman's report for the interim period ending 30 June 2011. During the period under review the Company reported a net loss of £97,241 (six months ended 30 June 2010: £37,378) and as at 30 June 2011 has liquid cash balances of £3,099,008 (30 June 2010: £3,214,038).

During the period under review, the Company focused its attentions on one specific transaction and for much of the period was carrying out legal and commercial due diligence on this target company. The target company's principal asset is a near term revenue generating bulk commodity project in West Africa which your Board believes may generate significant market interest and shareholder value.  However, as a result of the due diligence exercise carried out by your Company, certain issues have arisen that have led your Board to conclude that this transaction is unlikely to be consummated in the near term.  As a result of this, the fees incurred on this transaction to the balance sheet date have been expensed. We are disappointed that this transaction has not been able to be concluded in a timely manner but we continue to investigate other suitable opportunities. I look forward to updating you with our progress in due course.

Malcolm Burne

Chairman

14 September 2011

Enquiries:

Longships plc                                                                             

Nathan Steinberg - Director                                                     Tel: [phone]

 

Westhouse Securities Limited

Richard Baty / Petre Norton                                                     Tel: [phone]

CONDENDSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30th JUNE 2011   

			Six months	Six months	Year
			to 30/06/11	to 30/06/10	to 31/12/10
			Unaudited	Unaudited	Audited
			£	£	£
NET TRADING INCOME			-	-	-
			---------------	---------------	---------------
Other operating expenses			(104,211)	(39,591)	(92,843)
			------------------	------------------	---------------
Total operating expenses			(104,211)	(39,591)	(92,843)
			-------------------	------------------	---------------
OPERATING LOSS			(104,211)	(39,591)	(92,843)
Finance income			6,970	2,213	10,404
			------------------	------------------	---------------
LOSS BEFORE TAXATION			(97,241)	(37,378)	(82,439)
Taxation			-	-	-
			------------------	------------------	---------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY			(97,241)	(37,378)	(82,439)
			============	============	============
Loss per share (pence) - basic and fully diluted			(0.42)p	(0.16)p	(0.36)p
			=======	=======	=======

CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30th JUNE 2011

		As at	As at	As at
		30/06/11	30/06/10	31/12/10
		Unaudited	Unaudited	Audited
		£	£	£
CURRENT ASSETS
Trade and other receivables		7,263	24,408	8,795
Cash and cash equivalents		3,099,008	3,214,038	3,188,206
		------------------	------------------	------------------
		3,106,721	3,238,446	3,197,001
CURRENT LIABILITIES
Trade and other payables		(27,798)	(17,671)	(21,287)
		-----------------	-----------------	------------------
NET CURRENT ASSETS		3,078,473	3,220,775	3,175,714
		----------------	----------------	------------------
NET ASSETS		3,078,473	3,220,775	3,175,714
		===========	===========	===========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital		230,800	230,800	230,800
Share premium account		3,086,962	3,086,962	3,086,962
Share based payment reserve		21,588	21,588	21,588
Retained earnings		(260,877)	(118,575)	(163,636)
		----------------	----------------	----------------
TOTAL EQUITY		3,078,473	3,220,775	3,175,714
		===========	===========	===========
Net assets per share - basic		13.33p	13.95p	13.76p
		========	========	========

CONDENSED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30th JUNE 2011

		Six months	Six months	Year
		to 30/06/11	to 30/06/10	to 31/12/10
		Unaudited	Unaudited	Audited
		£	£	£
Net cash outflow from operating activities	3	(96,168)	(57,689)	(91,712)
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Cash flows from investing activities
Interest received		6,970	2,213	10,404
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Cash flows from financing activities
Net proceeds from issue of share capital		-	-	-
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Net (decrease) in cash and cash equivalents		(89,198)	(55,476)	(81,308)
Cash and cash equivalents at beginning of period		3,188,206	3,269,514	3,269,514
		---------------------------------------------------	---------------------------------------------------	---------------------------------------------------
Cash and cash equivalents at end of period		3,099,008	3,214,038	3,188,206
		===================================================	===================================================	===================================================

CONDENSED STATEMENT OF CHANGES IN NET EQUITY

FOR THE SIX MONTHS ENDED 30th JUNE 2011

	Share capital	Share premium	Share based payment reserve	Retained earnings	Total
	£	£	£	£	£
At 1st January 2010	230,800	3,086,962	21,588	(81,197)	3,258,153
Loss for six months ended 30th June 2010	-	-	-	(37,378)	(37,378)
	________	_________	_________	__________	_________
At 30th June 2010	230,800	3,086,962	21,588	(118,575)	3,220,775
Loss for six months ended 31st December 2010	-	-	-	(45,061)	(45,061)
	________	________	________	________	________
At 31st December 2010	230,800	3,086,962	21,588	(163,636)	3,175,714
Loss for six months ended 30th June 2011	-	-	-	(97,241)	(97,241)
	________	________	________	________	________
At 30th June 2011	230,800	3,086,962	21,588	(260,877)	3,078,473
	=======	========	========	=========	========

 1.   GENERAL

        The interim financial statements for the six months ended 30th June 2011 are unaudited and were approved by the Directors of the Company on 14 September 2011. 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 2010 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 2010 annual financial statements.

3.   CASH FLOWS FROM OPERATING ACTIVITIES

	Six months	Six months	Year
	to 30/06/11	to 30/06/10	to 31/12/10
	Unaudited	Unaudited	Audited
	£	£	£
Loss before taxation	(97,241)	(37,378)	(82,439)
Adjustments for:
Interest income	(6,970)	(2,213)	(10,404)
Taxation paid	-	-	-
	-------------------	-------------------	--------------------
	(104,211)	(39,591)	(92,843)
Decrease/(increase) in receivables	1,532	(16,279)	(666)
Increase/(decrease) in payables	6,511	(1,819)	1,797
	--------------------	--------------------	--------------------
Net cash from operating activities	(96,168)	(57,689)	(91,712)
	=============	=============	=============

4.   LOSS PER SHARE

		Six months	Six months	Period
		to 30/06/11	to 30/06/10	to 31/12/10
		Unaudited	Unaudited	Audited
Weighted average number of ordinary shares in issue		23,080,002	23,080,002	23,080,002
		----------------------------------------	----------------------------------------	-----------------------------------------
(Loss)/profit after taxation		£(97,241)	£(37,378)	£(82,439)
		----------------------------------------	----------------------------------------	-----------------------------------------
(Loss)/earnings per share		(0.42)p	(0.16)p	(0.36)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.

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.

 

END

 

 

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