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Vertu Capital Ltd (VCBC)

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Friday 28 September, 2018

Vertu Capital Ltd

Half-year Report

RNS Number : 2608C
Vertu Capital Limited
28 September 2018
 

 

 

 

VERTU CAPITAL LIMITED

 

 

 

CONDENSED INTERIM FINANCIAL STATEMENTS

 

For the six months ended 30 June 2018

 

 

 

CHAIRMAN'S STATEMENT

 

 

I have pleasure in presenting the condensed interim financial statements of Vertu Capital Limited (the "Company" or "Vertu") for the period from 1 January 2018 to 30 June 2018.

 

During the financial period, the Company reported a net loss of £71,710 (0.07p per share). As at 30 June 2018, the Company had cash in bank balance of £351,696.

 

In previous year, the Company entered into a non-binding letter of intent for the proposed acquisition of the entire issued share capital of VCB Malaysia Berhad, a company incorporated in Malaysia, for cash consideration of £350,000 on completion. Regrettably the letter of intention was terminated by mutual consent during the year, as announced on 12 February 2018.

 

Following the terminations of potential acquisition of VCB Malaysia Berhad, the Company aims to identify target companies or business.

 

I look forward to the year ahead with gratitude to our shareholders, for their continued support.

 

 

 

 

Kiat Wai Du

Chairman

 

28 September, 2018

 

 

 

DIRECTOR'S STATEMENT

 

On 26 March 2018 the Company increased its paid-up capital through the issuance of 19,999,999 new ordinary shares at a price of 1.025 pence per share raising gross cash proceeds of £205,000 before expenses.

 

The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.

 

The Board looks forward to providing further updates to shareholders in due course and actively reviewed a number of potential acquisition opportunities across the sector, none of which has met the necessary criteria for selection.

 

Responsibility Statement

 

The Directors are responsible for preparing the Condensed interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

·      an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

·      material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

 

 

Director

28 September, 2018

 

 

 

CONDENSED STATEMENT OF COMPREHESIVE INCOME

 

 

 

 

6 months period ended 30 June 2018

 

6 months

period ended

30 June 2017

 

Notes

 

£

 

£

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Operating expenses

 

 

(71,710)

 

(58,362)

OPERATING LOSS BEFORE TAXATION

 

 

(71,710)

 

(58,362)

Income tax expense

3

 

-

 

-

LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

 

 

(71,710)

 

(58,362)

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

Other comprehensive income

 

 

-

 

-

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

 

 

(71,710)

 

(58,362)

 

 

 

 

 

 

Basic and diluted loss per share (pence)

4

 

(0.07) p

 

(0.06) p

 

 

 

 

 

 

 

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

 

 

 

 

 

As at

30 June

2018

 

As at

30 June

2017

 

As at

31 December 2017

 

Notes

 

£

 

£

 

£

 

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

CURRENT ASSETS

 

 

 

 

 

 

 

Other debtors

 

 

194,750

 

-

 

-

Prepayments

 

 

5,550

 

-

 

6,563

Cash and cash equivalents

 

 

351,696

 

509,677

 

421,255

 

 

 

551,996

 

509,677

 

427,818

CURRENT LIABILITIES

 

 

 

 

 

 

 

Other payables

 

 

43,870

 

38,634

 

28,982

Amount owing to directors

 

 

2,500

 

17,500

 

16,250

 

 

 

46,370

 

56,134

 

45,232

NET ASSETS

 

 

505,626

 

453,543

 

382,586

 

 

 

 

 

 

 

 

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

 

 

 

 

 

 

 

Stated capital

5

 

1,194,750

 

1,000,000

 

1,000,000

Accumulated losses

 

 

(689,124)

 

(546,457)

 

(617,414)

TOTAL EQUITY

 

 

505,626

 

453,543

 

382,586

 

 

 

 

 

 

 

 

 

                         CONDENSED STATEMENT OF CASH FLOWS

                         FOR THE SIX MONTHS ENDED 30 JUNE 2018

 

 

 

6 months period ended

30 June 2018

 

6 months period ended

30 June 2017

 

 

 

£

 

£

 

 

 

(Unaudited)

 

(Unaudited)

Cash flow from operating activities

 

 

 

 

 

Operating loss

 

 

(71,710)

 

(58,362)

Changes in working capital

 

 

 

 

 

Other receivables

 

 

1,013

 

6,068

Other payables

 

 

14,888

 

(8,564)

Amount owing to directors

 

 

(13,750)

 

17,500

 

 

 

2,151

 

15,004

Net cash flow used in operating activities

 

 

(69,559)

 

(43,358)

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(69,559)

 

(43,358)

Cash and cash equivalents at beginning of period

 

 

421,255

 

553,035

Cash and cash equivalents at end of period

 

 

351,696

 

509,677

 

 

 

 

 

 

 

 

STATEMENT OF CHANGES IN EQUITY

Period from 1 January 2018 to 30 June 2018 (unaudited)

 

Stated capital

 

Accumulated losses

 

Total

 

£

 

£

 

£

As at 1 January 2018

1,000,000

 

(617,414)

 

382,586

New issuance

205,000

 

 

 

205,000

Issuance cost

(10,250)

 

 

 

(10,250)

Proceed from share issue

194,750

 

 

 

194,750

 

 

 

 

 

 

Loss for the period

 

 

(71,710)

 

(81,960)

Total comprehensive loss for the period

 

 

(71,710)

 

(81,960)

 

 

 

 

 

 

As at 30 June 2018

1,194,750

 

(689,124)

 

505,626

 

Period from 1 January 2017 to 30 June 2017 (unaudited)

 

Share capital

 

Accumulated losses

 

Total

 

£

 

£

 

£

As at 1 January 2017

1,000,000

 

(488,095)

 

511,905

Loss for the period

 

 

(58,362)

 

(58,362)

Total comprehensive loss for the period

 

 

(58,362)

 

(58,362)

 

 

 

 

 

 

As at 30 June 2017

1,000,000

 

(546,457)

 

453,543

 

For the year ended 31 December 2017 (audited)

 

Stated capital

 

Retained earnings

 

Total

 

£

 

£

 

£

As at 1 January 2017

1,000,000

 

(488,095)

 

511,905

Loss for the year

 

 

(129,319)

 

(129,319)

Total comprehensive loss for the year

 

 

(129,319)

 

(129,319)

 

 

 

 

 

 

As at 31 December 2017

1,000,000

 

(617,414)

 

382,586

 

 

 

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED TO 30 JUNE 2018 

 

1.   GENERAL INFORMATION

 

The Company was incorporated in the Cayman Islands on 12 September 2014 as an exempted company with limited liability under the Companies Law. The registered office of the Company is at the offices of Offshore Incorporations (Cayman) Limited, Floor 4, Willow House, Cricket Square, PO Box 2804, Grand Cayman KY1-1112, Cayman Islands.

 

The Company's Ordinary shares are currently admitted to a standard listing on the Official List and to trading on the London Stock Exchange.

 

The Company's nature of operations is to act as a special purpose acquisition company.

 

 

2.   ACCOUNTING POLICIES

 

Basis of preparation

 

The condensed interim financial statements for the six months period ended 30 June 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting. It is unaudited and does not constitute statutory financial statements. The comparative interim financial information covers the period ended 30 June 2017.

 

The condensed interim financial statements have been prepared on a basis consistent with, and on the basis of, the accounting policies set out in the audited financial statements of the Company for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.

 

The condensed interim financial statements are presented in British Pound Sterling ("£").

 

Going concern

 

The condensed interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future

 

3.   INCOME TAX EXPENSE

 

The Company is regarded as resident for the tax purposes in Cayman Islands.

 

No tax is applicable to the Company for the period ended 30 June 2018. As a consequence no tax charge arise and no deferred income tax asset has been recognised in respect of losses.

 

 

 

4.   LOSS PER SHARE

 

Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are currently no dilutive potential ordinary shares.

 

Loss per share attributed to ordinary shareholders

 

 

6 months

period ended

30 June 2018

 

6 months

period ended

30 June 2017

Loss for the period (£)

(71,710)

 

(58,362)

Weighted average number of shares (Unit)

110,718,232

 

100,000,000

Loss per share (Pence)

(0.07)p

 

(0.06)p

 

 

5.   STATED CAPITAL

 

 

Number of shares

 

 

£

Allotted, called up and fully paid

 

 

 

100,000,000 Ordinary shares of £0.0100 each

100,000,000

 

1,000,000

At 30 June 2017 and 31 December 2017

100,000,000

 

1,000,000

 

 

 

 

19,999,999 Ordinary shares of £0.01025 each

19,999,999

 

205,000

Share issue cost

 

 

(10,250)

At 30 June 2018

119,999,999

 

1,194,750

 

On 26 March 2018, the Company issued 19,999,999 new ordinary shares at a price of 1.025 pence per share raising gross cash proceeds of £205,000 before expenses.

 

 

6.   DIRECTORS EMOLUMENTS

 

During the period to 30 June 2018 there were no staff costs as no staff were employed by the Company, other than the directors. Aggregate directors' fees for the period were £17,500.

 

 

 

7.   RELATED PARTY TRANSACTIONS

 

The directors are considered to be key management, and their emoluments are disclosed in note 6.

 

During the period, the Company did not enter into any material transactions with related parties.

 

 

As at

30 June 2018

 

As at

31 December2017

 

£

 

£

 

 

 

 

Amount due to directors

2,500

 

16,250

 

 

8.    SEASONAL OR CYCLICAL FACTORS

 

There are no seasonal factors that materially affect the operations of the Company.

 

 

9.   SUBSEQUENT EVENTS

 

There are no subsequent events requiring disclosure in these interim financial statements.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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