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Nova Resources Ltd (NOVA)

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Wednesday 30 September, 2015

Nova Resources Ltd

Half Yearly Report

RNS Number : 6165A
Nova Resources Limited
30 September 2015
 

Nova Resources Limited

Interim results for the period ended 30 June 2015

 

 

The Board of Nova Resources Limited (AIM: NOVA.L), is pleased to announce its interim results for the six months to 30 June 2015.

 

 

 

 

Nova Resources Limited                                                                 07966 332232

Christopher Morgan, Chairman                                        

 

SPARK Advisory Partners Limited (Nominated Adviser)                 0203 368 3554

Neil Baldwin/Mark Brady

 

Nova Resources Limited ("the Company")

 

Chairman's Statement

 

I have pleasure in presenting our interim report for the period to 30 June 2015.

 

We have, as expected, incurred a loss for the period of £176,000, as the Company continues to control costs whilst developing its current investments. Progress with the current investments in Enerstry Group Ltd ("Enerstry") and Tricor Plc ("Tricor") has been slow, and the Company manages its costs within its available cash resources

 

The Company continues to receive interim loan repayments from Enerstry, and anticipates that the outstanding balance of the loan of £127,000 will be fully recovered by the end of this calendar year.

 

The Board will continue to seek opportunities that fall within the approved investment policy of the Company.

 

 

 

 

 

Christopher Morgan

Chairman.

 

 

 

 

 

 

Nova Resources Limited

 

Consolidated Comprehensive Income Statement

For the period to 30 June 2015

           

 

Notes

6 Months

Year to

6 Months

 

 

30 June

2015

31 December 2014

30 June

2014

 

 

Unaudited

Audited

Unaudited

 

 

£000s

£000s

£000s

 

 

 

 

 

Revenue

 

-

-

-

 

 

 

 

 

Cost of sales

 

-

-

-

 

 

 

 

 

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Gross (loss) / profit

 

-

-

-

 

 

 

 

 

Administrative expenses

 

(176)

(428)

(133)

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Operating loss            

4

(176)

(428)

(133)

Loss on disposal of subsidiaries

 

-

(97)

-

Changes in fair value of available for sale assets

 

 

-

 

(2,398)

 

(2,354)

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

 

 

(176)

(2,923)

(2,487)

Finance income

 

-

-

-

Finance expense

 

-

-

-

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Loss before tax from continuing

 operation

 

 

(176)

 

(2,923)

 

(2,487)

 

 

¾¾¾¾¾

¾¾¾¾¾

¾¾¾¾¾

Total comprehensive loss

for the period

 

 

(176)

 

(2,923)

 

(2,487)

 

 

════════

════════

════════

 

 

 

 

 

Attributable to:

 

 

 

 

- Owners of the parent

 

(176)

(2,923)

(2,487)

 

 

════════

════════

════════

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

 

From continuing operations:

 

 

 

 

 

 

 

 

 

Basic and diluted

6

(0.04p)

(0.82p)

(0.77p)

 

 

════════

════════

════════

 

 

 

 

Nova Resources Limited

Consolidated Statement of Financial Position

As at 30 June 2015

           

 

Notes

6 Months

Year to

6 Months

 

 

30 June

2015

31 December 2014

30 June

2014

 

 

Unaudited

Audited

Unaudited

 

 

£000s

£000s

£000s

Assets

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Financial assets designated at fair value through profit or loss account

 

 

209

 

209

 

254

Investments

 

1

1

-

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

 

 

210

210

254

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

Current assets

 

 

 

 

Cash and cash equivalents

 

28

123

4

Trade and other receivables

 

127

305

491

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

 

 

155

428

495

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

Total assets

 

365

638

749

 

 

═══════

═══════

═══════

Equity and liabilities

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

Issued capital

 

3,928

3,928

3,928

Share premium

 

4,996

4,996

4,996

Loan note equity reserve

 

10

10

29

Share based payment reserve

 

221

221

23

Accumulated deficit

 

(9,120)

(8,944)

(8,607)

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

Total equity

 

35

211

369

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

Non Current liabilities

 

 

 

 

Non-interest bearing loans

 

104

104

85

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

 

 

104

104

85

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

Current liabilities

 

 

 

 

Trade and other payables

 

226

273

214

Convertible loan

 

-

50

81

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

 

 

226

323

295

 

 

¾¾¾¾

¾¾¾¾

¾¾¾¾

Total equity and liabilities

 

365

638

749

 

 

═══════

 ═══════

═══════

           

 

 

 

 

Nova Resources Limited

Consolidated Statement of Cash Flows

 

For the period to 30 June 2015

 

 

 

Period to

30 June 2015 Unaudited

Year to

31 December 2014

Audited

Period to

30 June 2014 Unaudited

 

 

 

 

£000s

£000s

 

 

 

 

Operating activities

(95)

(561)

 

 

 

Investing activities

 

 

 

 

 

Disposable of subsidiaries

-

(97)

-

Acquisition of fixed asset investments

-

(1)

-

 

 

 

Financing activities

 

 

Proceeds from issue of shares

-

516

516

Proceeds of issue of loan note

-

30

 

¾¾¾¾¾

¾¾¾¾¾

Net cash inflow/(outflow)

(95)

123

(15)

 

 

 

Effects of changes in exchange rates

-

-

Cash and cash equivalents at the beginning of the period

 

123

 

19

 

¾¾¾¾¾

¾¾¾¾¾

Bank balances and cash

28

4

 

════════

════════

 

 

 

Reconciliation of operating loss to net cash outflow from operating activities

 

 

Period to

30 June 2015 Unaudited

Year to

31 December 2014

Audited

Period to

30 June 2014 Unaudited

 

 

 

 

£000s

£000s

 

 

 

 

Loss for the period before interest and tax

 

(176)

 

(2,487)

 

 

 

Adjustments for:

 

 

Finance expense

-

-

Finance Income

-

-

Share based payment

-

240

35

Provision for quoted investments

-

-

2,354

(Increase)/Decrease in receivables

178

(492)

Increase/(decrease) in payables

(97)

78

29

 

¾¾¾¾¾

¾¾¾¾¾

Net cash outflow from operating

activities

 

(95)

 

(325)

 

(561)

 

════════

════════

════════

 

Nova Resources Limited

                                   

Consolidated statement of changes in equity

 

For the period to 30 June 2015

 

 

Share based

payment reserve

Loan note equity reserve

Share capital

Share premium

Accumulated deficit

Total

 

£000s

£000s

£000s

£000s

£000s

£000s

 

 

 

 

 

 

 

As at 1 January 2014

23

29

1,291

4,996

(6,120)

219

Loss after tax

-

-

-

-

(2,487)

(2,487)

Issue of shares for cash

-

-

516

-

-

516

Conversion of loan notes

-

-

86

-

-

86

Exercise of loan of warrants

-

-

2,035

-

-

2,035

 

               

               

              

               

               

               

As at 30 June 2014

23

29

3,928

4,996

(8,607)

369

 

 

 

 

 

 

 

Loss after tax

-

-

-

-

(337)

(337)

Share based payments

198

-

-

-

-

198

Reserve no longer required

-

(19)

-

-

-

(19)

 

               

               

              

               

               

               

 

 

 

 

 

 

 

As at 31 December 2014

221

10

3,928

4,996

(8,944)

211

 

 

 

 

 

 

 

Loss after tax

-

-

-

-

(176)

(176)

 

               

               

              

               

               

               

 

 

 

 

 

 

 

As at 30 June 2015

221

10

3,928

4,996

(9,120)

35

 

               

               

               

               

               

               

 

 

 

 

 

 

 

 

Nova Resources Limited

 

Notes to the Interim Financial Information

 

1.   General Information

 

      Nova Resources Limited is a public limited company incorporated in Bermuda with a company number 39768 and is quoted on the AIM market of the London Stock Exchange Plc.

 

2.   Basis of Preparation

 

This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statement for the year ended 31 December 2014. This interim financial information for the six months ended 30 June 2015 was approved by the Board on 28 September 2015.

    

3.   Segmental Analysis

 

The groupÕs primary reporting format is business segments and its secondary format is geographical segments. The group currently has neither an operating business nor geographical segment. Accordingly no segmental information for business segment or geographical segment is required.

 

4.   Operating loss for the period is stated after charging / (crediting)

                       

 

Period to

30 June 2015 Unaudited

Year to

31 December 2014

Audited

Period to

30 June 2014 Unaudited

 

 

 

 

 

£000s

£000s

£000s

 

 

 

 

Share based payment

-

205

35

AuditorsÕ remuneration

1

8

-

 

          

           

          

 

 

 

 

 

5.   Remuneration of key management personnel

 

 

 

Period to

30 June 2015 Unaudited

Year to

31 December 2014

Audited

Period to

30 June 2014 Unaudited

 

 

 

 

The fees paid in the period to 30 June 2015 were:

£000s

£000s

£000s

 

 

 

 

Christopher Morgan

21

50

-

Ajay Rajpal

-

-

-

 

          

              

          

 

 

 

 

 

NAS Corporate Services Ltd, a company controlled by Ajay Rajpal, was paid £21,000 in fees in the period. These fees are in relation to outsourced accounting services.

 

 

 

 

 

 

Nova Resources Limited

 

Notes to the Interim Financial Information

 

 

6.    Loss per share

 

Period to

30 June 2015 Unaudited

Year to

31 December 2014

Audited

Period to

30 June 2014 Unaudited

 

 

 

 

 

 

 

 

Loss per ordinary share:

 

 

 

Basic - pence

(0.04p)

(0.82p)

(0.77p)

Diluted - pence

(0.04p)

(0.82p)

(0.77p)

 

           

              

           

 

 

 

 

 

      The loss per ordinary share is based on the Company's loss for the period of £176,000 (31 December 2014 - £2,923,000; 30 June 2014 - £2,487,000) and a basic and diluted weighted average number of shares in issue of 392,840,287 (31 December 2014; 358,259,260; 30 June 2014 ; 323,105,066).

 

7.   Related-party transactions

 

    NAS Corporate Services Ltd, a company controlled by Ajay Rajpal, was paid £21,000 in fees in the period. Upside Management (UK) Ltd, a company controlled by Christopher Morgan, was paid £21,000 for directors fees for Christopher Morgan in the period.

 

8.   Events subsequent to 30 June 2015

 

      No events occurred after the period end that require reporting.

 

9.   The unaudited results for the period ended 30 June 2015 do not constitute statutory accounts. The comparative figures for the period ended 31 December 2014 are extracted from the audited financial statements which contained an unqualified audit report.

 

10.  This interim financial statement will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the Company's website at www.novaresourceslimited.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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