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All Star Minerals PLC (ASMO)

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Monday 04 July, 2016

All Star Minerals PLC

Final Results

All Star Minerals PLC (“the Company”)

Final Results

Further to notification made by the Company on 24 May 2016 of the Unaudited Financial Statements for the 12 months ended 31 December 2015, the Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended 31 December 2015 have now been approved by the Company’s board. These will shortly be posted to shareholders.

The Summary Financial Statements are set out below. A full copy of the Annual Report is available on the Company’s website, www.allstarminerals.co.uk.

The Annual Report contains an emphasis of matter paragraph in respect of going concern. An extract taken from the text of the auditor’s opinion is set out below.

Furthermore, the Summary Final Statements as set out contain certain adjustments from the Unaudited Financial Statements issued on 24 May 2016.

The Directors of All Star are responsible for the contents of this announcement.

ENQUIRIES:

All Star Minerals Plc
Tomas Nugent, Chairman
01473-722768

ISDX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray
020 7148 7900

REVIEW OF THE BUSINESS – Chairman’s Statement

The past twelve months has been an unforgiving and volatile time for mining companies. During the year, we have seen metal prices falling to multi-year lows with assets being either shut down or sold by the industry titans. However, for smaller mining companies with cash, this cycle has presented opportunities to acquire cheap or distressed assets that would not otherwise have been available.

As a Company with a listing on the ISDX Growth Market, our access to capital is predominantly through UK investors, whether that be private client brokers or sophisticated and high net worth individuals. This funding route has been a very tough environment for raising capital as the sector downturn has effected investor appetite and sentiment. In spite of this, All Star successfully raised £126,000 during the year ended 31 December 2015. This has enabled the Company to strengthen its balance sheet, streamline its operations and regain stability.

On 24 July 2015, NQ Minerals Plc, a Company in which All Star anticipated holding 5,521,000 shares in, was admitted to trading on the ISDX Growth Market at the placing price of 8p per share. This admission to trading allowed All Star to attribute a valuation to its shareholding, and as at 31 December 2015 the shareholding in NQM was up over 50%, valued at £703,927.

I would like to take this opportunity to thank my fellow board member, shareholders and our advisers for their continued support and patience over the past twelve months. Clearly, the Company has turned the corner following a very difficult corporate restructuring/reorganisation over the past few years. However, the benefits of this is clear for all to see as All Star has recorded its first profit in 2015.

FINANCIALS

The financial results for the 12 month period to 31 December 2015 show a profit after taxation of £161,022 (2014: £262,645 restated loss). This turnaround in the Company’s performance is as a result of the strategic decisions made by the board in relation to the now successful restructuring of the Group. The profit recorded is the net result of the increase of the value of the NQ Minerals investment and the write off required for certain loans made to subsidiaries that have since ceased trading.

The basic earnings per share from continuing operations was 0.02p (2014:0.02p loss).

The Directors do not recommend the payment of a dividend.

OUTLOOK

Having significantly reduced losses in comparison to previous years and recorded a profit in 2015, the Directors believe that All Star has made significant progress in enabling legacy matters to be resolved and to look to the future.

The financial and operational position of All Star has positively been transformed over recent years. With the funding we have raised during the period under review, further creditors have been settled, putting the Company in its strongest position of late. While the board continues to review new projects that have the ability to complete value add propositions in the long term, the Company's working capital position still requires careful management.

Tomas Nugent

Executive Chairman

4 July 2016

EXTRACT FROM THE INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ALL STAR MINERALS PLC FOR THE YEAR ENDED 31 DECEMBER 2015

We have audited the financial statements of All Star Minerals plc for the year ended 31 December 2015 which comprise the Income Statement, the Statement of Other Comprehensive Income, the Statement of Changes in Equity, the Statement of Financial Position, the Statement of Cash Flows and the related notes.

OPINION ON THE FINANCIAL STATEMENTS

In our opinion:

  • The financial statements give a true and fair view of the state of the Company’s affairs as at 31 December 2015 and of the profit for the year then ended;

  • The financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;

  • The financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and

  • The financial statements have been properly prepared in accordance with the requirements of the Companies Act 2006.

EMPHASIS OF MATTER – GOING CONCERN

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy pf the disclosures made in the financial statements concerning the Company’s ability to continue as a going concern. The ability of the Company to continue to trade is dependent on the performance of its investments held and continued ability to raise sufficient funds in support of its projects. Based upon the current economic climate there exists a material uncertainty which may cast significant doubt around investment performance and therefore the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would be necessary if the Company was unable to continue as a going concern.

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
£ £
Restated
Administrative expenses (207,722) (231,909)
Impairment of investment (49,993) -
Finance costs (22,827) (30,736)
Other non-operating income 441,564 -
PROFIT/(LOSS) BEFORE TAX 161,022 (262,645)
Income tax expense - -

PROFIT/(LOSS) FOR THE YEAR

161,022
(262,645)
2015 2014
£ £
Restated
PROFIT/(LOSS) PER SHARE expressed in pence per share
Basic 0.02 (0.05)
Diluted 0.02 (0.05)

STATEMENT OF COMPEHESIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
£ £
Restated
PROFIT/(LOSS) FOR THE YEAR 161,022 (262,645)
OTHER COMPREHENSIVE INCOME
Other movements 262,363 -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 423,385 (262,645)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2015

Issued capital

£
Share premium

£
Other reserves

£
Accumulated
Losses
£
Total

£
Balance at 1 January 2015 (restated) 379,078 1,393,499 720,452 (2,692,057) (199,028)
Total comprehensive income for the year
Profit for the year - - - 161,022 161,022
Other comprehensive income for the year
Total other comprehensive income - - 262,363 - 262,363
Total comprehensive income for the year - - 262,363 161,022 423,385

Transaction with owners, recorded directly in equity
Issue of share capital 15,162 145,903 - - 161,065
Balance at 31 December 2015
394,240

1,539,402

982,815

(2,531,035)

385,422

   

Issued capital

£
Share premium

£
Other reserves

£
Accumulated
losses
£
Total

£
Balance at 1 January 2014 350,428 1,158,849 720,452 (2,429,412) (199,683)
Total comprehensive income for the year
Loss for the year (restated)
Other comprehensive income
- - - (262,645) (262,645)

Total other comprehensive income





Total comprehensive income for the year



(262,645)

(262,645)

Transaction with owners, recorded directly in equity
Issue of share capital 28,650 234,650 - - 263,300
Balance at 31 December 2013
379,078

1,393,449

720,452

(2,692,057)

(199,028)

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
£ £
Restated
ASSETS
  NON CURRENT ASSETS
    Property, plant and equipment - -
    Trade and other receivables - 49,993
- 49,993
CURRENT ASSETS
    Trade and other receivables 10,641 54,144
    Cash and cash equivalents 4,384 2,908
    Available for sale financial assets 703,927 -
718,952 57,052
TOTAL ASSETS 718,952 107,045
EQUITY PLUS NON-CONTROLLING INTEREST
  ISSUED CAPITAL AND RESERVES
    Issued share capital 394,240 379,078
    Share premium 1,539,402 1,393,499
    Reserves 982,815 720,452
    Accumulated losses (2,531,035) (2,692,057)
  TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 385,422 (199,028)
CURRENT LIABILITIES
    Trade and other payables 333,530 306,073
333,530 306,073
TOTAL EQUITY AND LIABILITIES 718,952 107,045

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
£ £
Restated
CASH FLOWS FROM OPERATING ACTIVITIES
    Total operating profit/(loss) 161,022 (262,645)
  ADJUSTMENTS TO RECONCILE TO LOSS FROM OPERATIONS
    Interest expense 22,827 30,736
    Impairment of investment 49,993 -
    Other income (441,564) -
  ADJUSTMENTS TO RECONCILE LOSS FROM OPERATIONS (368,744) 30,736
  LOSS FROM OPERATIONS (207,722) (231,909)
  NON-CASH ADJUSTMENTS
    Depreciation - 160
    Provisions against related party debts 41,400 167,923
  NON-CASH ADJUSTMENTS 41,400 168,083
  CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL (166,322) (63,826)
  INCREASE/(DECREASE) IN WORKING CAPITAL
    (Increase)/decrease in trade and other receivables 2,103 (128,865)
    (Decrease)/increase in trade and other payables 39,695 (83,814)
  INCREASE IN WORKING CAPITAL 41,798 (212,679)
  NET CASH USED IN OPERATING ACTIVITIES (124,524) (276,505)
NET CASH FLOWS FROM FINANCING ACTIVITIES
    Gross proceeds from issue of equity share capital 126,000 257,800
    Convertible loan notes issued - 20,000
  NET CASH FLOWS FROM FINANCING ACTIVITIES 126,000 277,800
1,476 1,295
   
  Cash and cash equivalents brought forward

2,908

1,613

CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER

4,384

2,908

a d v e r t i s e m e n t