Half-year Report

RNS Number : 5001T

Levrett PLC

13 October 2017

 

Levrett Plc

("Levrett" or the "Company")

Interim Results

for the period ended 30 September 2017

Levrett, a company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector, announces its interim results for the period ended 30 September 2017.

For further information please contact:

Levrett plc John Lidgey - Chairman	[phone]
Whitman Howard Limited Financial Advisor to Levrett Nick Lovering	[phone]
Gable Communications Ltd John Bick	[phone] [e-mail]

CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 30 September 2017

 

Introduction

These are the results for Levrett Plc for the interim period ended 30 September 2017.

The company was incorporated on 10 June 2015 and was admitted to the Official List of the UK Listing Authority on 17 December 2015.

Financial review

In the six months to 30 September 2017, the Company recorded a loss for the period of £77,504 (a loss per share of 0.08 pence). This includes certain fees in relation to the identification of Nuformix Limited as a possible acquisition target, due diligence and advisory fees related to the transaction.

F J Lidgey

Chairman

13 October 2017

LEVRETT PLC

INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 September 2017

		Unaudited	Unaudited	Audited
		period ended	period ended	year ended
		30 September 2017	30 September 2016	31 March  2017
		£	£	£
Revenue		-	-	-
Administrative expenses		(77,504)	(510,957)	(685,057)
LOSS BEFORE TAX		(77,504)	(510,957)	(685,057)
Tax		-	-	-
LOSS FOR THE PERIOD		(77,504)	(510,957)	(685,057)
Other comprehensive income/(expense)		-	-	-
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD		(77,504)	(510,957)	(685,057)

Loss before tax and total comprehensive expense for the period are all attributable to the equity shareholders of the company.

Loss per share
Basic and diluted (pence)		(0.08) p	(0.53) p	(0.72) p

LEVRETT PLC

INTERIM STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 30 September 2017

		Unaudited	Unaudited	Audited
		30 September	30 September	31 March
		2017	2016	2017
	Notes	£	£	£
ASSETS
Current assets
Trade and other receivables		142,556	35,310	13,727
Cash and cash equivalents		699	111,358	5,895
		143,255	146,668	19,622
TOTAL ASSETS		143,255	146,668	19,622
EQUITY AND LIABILITIES
Equity
Share capital	3	95,750	95,750	95,750
Share premium account		737,440	734,315	737,440
Share Option Reserve		22,695	22,695	22,695
Retained earnings		(1,112,981)	(861,376)	(1,035,477)
Total equity attributable to equity holders of the parent
		(257,096)	(8,616)	(179,592)
Current liabilities
Trade and other payables		400,351	155,284	199,214
TOTAL LIABILITIES		400,351	155,284	199,214
TOTAL EQUITY AND LIABILITIES		143,255	146,668	19,622

LEVRETT PLC

INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 September 2017

		Share
	Share	Premium	Share Option	Retained
	capital	account	Reserve	earnings	Total
	£	£	£	£	£
On Incorporation	-	-	-	-	-
Total comprehensive expense to date	-	-	-	(861,376)	(861,376)
Shares issued	95,750	734,315	22,695	-	852,760
Unaudited at 30 September 2016	95,750	734,315	22,695	(861,376)	(8,616)
Total comprehensive expense to 31 March 2017	-	-	-	(174,101)	(174,101)
Grant of share options	-	3,125	-	-	3,125
Audited at 31 March 2017	95,750	737,440	22,695	(1,035,477)	(179,592)
Total comprehensive expense for period	-	-	-	(77,504)	(77,504)
Shares issued	-	-	-	-	-
Unaudited at 30 September 2017	95,750	737,440	22,695	(1,112,981)	(257,096)

All equity is attributable to equity shareholders of the company.

Share premium

Represents amounts subscribed for share capital in excess of its nominal value, net of directly attributable issue costs.

LEVRETT PLC

INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 September 2017

		Unaudited	Unaudited	Audited
		period ended	period ended	Year ended
		30 September 2017	30 September 2016	31 March 2017
		£	£	£
Operating activities
Loss before tax		(77,504)	(510,957)	(685,057)
Changes in working capital:
Share Issue, option of warrants		-	-	3,125
(Increase)/ Decrease in trade and other receivables		(128,829)	7,268	28,851
Increase in trade and other payables		201,137	112,834	156,763
Net cash used in operating activities		(5,196)	(390,855)	(496,318)
Financing activities
Share issue		-	-	-
Net cash generated from financing activities		(5,196)	(390,855)	(496,318)
Taxation		-	-	-
Net decrease in cash and cash equivalents		(5,196)	(390,855)	(496,318)
Cash and cash equivalents at the start of the period		5,895	502,213	502,213
Cash and cash equivalents at the end of the period		699	111,358	5,895

LEVRETT PLC

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2017

1          General information

Levrett Plc is a publicly listed company incorporated and domiciled in England. The address of its registered office is Suite 31, 2^nd Floor, 107 Cheapside, London. EC2V 6DN.

        The Company is listed on the Official List.

               This interim financial information was approved for issue on 13 October 2017.

2         Accounting policies

2.1       Basis of preparation

The interim financial information comprises the Statements of Financial Position at 30 September 2017, the Statements of Comprehensive Income, Changes in Equity and Cash Flows for the period ended 30 September 2017 and the related notes of Levrett Plc, (hereinafter referred to as "the interim financial information").

The interim financial information has been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.  In preparing this information, management have used the accounting policies set by the Company.  The auditors' report on the full statutory accounts for the year ended 31 March 2017 included an Emphasis of Matter paragraph with regards to going concern. The accounts for the year ended 31 March 2017 have been filed with the Registrar of Companies.

This interim financial information does not constitute a set of statutory accounts under the requirements of the Companies Act 2006 and is neither audited nor reviewed. 

This document (the Interim Statement 2017) will be published on the company's website and will be publicly available from the London Stock Exchange regulatory publications.  The maintenance and integrity of the Levrett Plc website is the responsibility of the directors.  Legislation in the UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

2.2        Going concern

     These financial statements have been prepared on the going concern basis based on the current cash flow projections for the following twelve months.  In particular, the directors have assumed that the acquisition of Nuformix Limited and the placing of ordinary shares will be approved by the Company's shareholders on 13 October 2017.

LEVRETT PLC

NOTES TO THE INTERIM FINANCIAL INFORMATION

FOR THE PERIOD ENDED 30 September 2017

3	Share capital				Unaudited	Unaudited	Audited
					period ended	period ended	year ended
					30 September 2017	30 September 2016	31 March 2017
					£	£	£
	Issued and fully paid
	95,750,000 Ordinary shares issued of £0.001 each				95,750	95,750	95,750
					95,750	95,750	95,750

On Admission to the Official List, 45,750,000 of the above issued share capital was placed at a price of £0.02 per share with the premium (net of the issue costs) being shown in the share premium account.

4	Dividends paid and proposed
	Equity dividends on ordinary shares:
	No interim dividend was paid or is proposed for the period ended 30 September 2017.

5	Loss per share

The calculations of loss per share are based on the following results and number of shares:

						Unaudited	Unaudited	Audited
						period ended	period ended	year ended
						30 September 2017	30 September 2016	31 March  2017
						£	£	£
Loss for the financial period						(77,504)	(510,957)	(685,057)
Weighted average number of shares for diluted loss per share						95,750,000	95,750,000	95,750,000

At 30 September 2017, the number of ordinary shares in issue was 95,750,000.

LEVRETT PLC

DIRECTORS AND OFFICERS

Directors	P D Hughes F J Lidgey
	A H Reeves
Secretary	St James Corporate Services Limited
Company Number	09632100
Registered office	Suite 31 2nd Floor, 107 Cheapside
	London
	EC2V 6DN
	www.levrett.com
Broker & Corporate Broker	Whitman Howard Limited 1st Floor, Connaught House 1-3 Mount Street London W1K 3NB
Auditors	haysmacintyre
	26 Red Lion Square
	London
	WC1R 4AG
Solicitors	Shakespeare Martineau LLP
	One America Square Crosswall London EC3N 2SG
Registrars	Capita Registrars Limited
	The Registry 34 Beckenham Road Beckenham
	Kent
	BR3 4TU

 

END

 

 

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