Information  X 
Enter a valid email address

Vertu Capital Ltd (VCBC)

  Print      Mail a friend

Friday 06 September, 2019

Vertu Capital Ltd

Half-year Report ended 30 June 2019

RNS Number : 4398L
Vertu Capital Limited
06 September 2019
 

VERTU CAPITAL LIMITED

 

CHAIRMAN 'S STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

I have pleasure in presenting the consolidated interim financial statements of Vertu Capital Limited (the Company) and its subsidiary (collectively referred as the "Group") for the period from 1 January 2019 to 30 June 2019.

 

During the financial period, the Group reported a net loss of £65,520 (0.05p per share). As at 30 June 2019, the Group had cash in bank balance of £386,229.

 

In the past year, the Company had explored several preliminary proposals as potential acquisition targets but none seemed feasible for further considerations and as such the Company is actively looking to identify other suitable target companies or businesses.

 

I look forward to seeing better progress with the potential target acquisitions in the next few months with gratitude to our shareholders, for their continued support.

 

 

 

 

 

Kiat Wai Du

Non-Executive Chairman

 

6 September, 2019

 

 

 

 

 

DIRECTOR'S STATEMENT

 

 

The main expense for the Group 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 Consolidated 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 consolidated 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 consolidated 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

 

6 September, 2019

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

 

 

6 months period ended 30 June 2019

 

6 months

period ended

30 June 2018

 

Notes

 

£

 

£

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Operating expenses

 

 

(65,520)

 

(76,960)

OPERATING LOSS BEFORE TAXATION

 

 

(65,520)

 

(76,960)

Income tax expense

3

 

-

 

-

LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

 

 

(65,520)

 

(76,960)

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

Other comprehensive income

 

 

-

 

-

 

 

 

 

 

 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

 

(65,520)

 

(76,960)

 

 

 

 

 

 

Basic and diluted loss per share (pence)

4

 

(0.05) p

 

(0.07) p

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

 

 

 

As at

30 June

2019

 

As at

30 June

2018

 

As at

31 December 2018

 

Notes

 

£

 

£

 

£

 

 

 

(Unaudited)

(Unaudited)

 

(Audited)

CURRENT ASSETS

 

 

 

 

 

 

 

Other debtors

 

 

-

 

194,750

 

-

Prepayments

 

 

10,135

 

5,550

 

6,795

Cash and cash equivalents

 

 

386,229

 

351,696

 

488,912

 

 

 

396,364

 

551,996

 

495,707

CURRENT LIABILITIES

 

 

 

 

 

 

 

Other payables

 

 

33,660

 

43,870

 

43,585

Amount owing to directors

 

 

12,501

 

2,500

 

36,399

 

 

 

46,161

 

46,370

 

79,984

NET ASSETS

 

 

350,203

 

505,626

 

415,723

 

 

 

 

 

 

 

 

CAPITAL AND RESERVE

 

 

 

 

 

 

 

Stated capital

5

 

1,200,000

 

1,200,000

 

1,200,000

Accumulated losses

 

 

(849,797)

 

(694,374)

 

(784,277)

TOTAL EQUITY

 

 

350,203

 

505,626

 

415,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

 

 

6 months period ended

30 June 2019

 

6 months period ended

30 June 2018

 

 

 

£

 

£

 

 

 

(Unaudited)

 

(Unaudited)

Cash flow from operating activities

 

 

 

 

 

Operating loss

 

 

(65,520)

 

(76,960)

Changes in working capital

 

 

 

 

 

Other receivables

 

 

(3,339)

 

1,013

Other payables

 

 

(9,926)

 

20,138

Advances from directors

 

 

(23,898)

 

(13,750)

 

 

 

(37,163)

 

7,401

Net cash flow used in operating activities

 

 

(102,683)

 

(69,559)

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(102,683)

 

(69,559)

Cash and cash equivalents at beginning of period

 

 

488,912

 

421,255

Cash and cash equivalents at end of period

 

 

386,229

 

351,696

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED TO 30 JUNE 2019

 

 

 

Period from 1 January 2019 to 30 June 2019  (unaudited)

 

Stated capital

Share premium

Accumulated losses

Total

 

£

£

£

£

As at 1 January 2019

1,200,000

-

(784,277)

415,723

Loss for the period

-

-

(65,520)

(65,520)

Total comprehensive loss for the period

-

-

(65,520)

(65,520)

 

 

 

 

 

As at 30 June 2019

1,200,000

-

(849,797)

350,203

 

 

 

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

 

Stated capital

Share premium

Accumulated losses

Total

 

£

£

£

£

As at 1 January 2018

1,000,000

-

(617,414)

382,586

New issuance

200,000

5,000

-

205,000

Issuance cost

-

(5,000)

-

(5,000)

Proceed from share issue

200,000

-

-

200,000

 

 

 

 

 

Loss for the period

-

-

(76,960)

(79,960)

Total comprehensive loss for the period

-

-

(76,960)

(79,960)

 

 

 

 

 

As at 30 June 2018

1,200,000

-

(694,374)

505,626

 

 

 

 

 

For the year ended 31 December 2018 (audited)

 

Stated capital

Share premium

Accumulated losses

Total

 

£

£

£

£

As at 1 January 2018

1,000,000

 

(617,414)

382,586

New issuance

200,000

5,000

-

205,000

Issuance cost

-

(5,000)

-

(5,000)

Proceed from share issue

200,000

-

-

200,000

 

 

 

 

 

Loss for the year

-

-

(166,863)

(166,863)

Total comprehensive loss for the year

-

-

(166,863)

(166,863)

 

 

 

 

 

As at 31 December 2018

1,200,000

-

(784,277)

415,723

 

 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED TO 30 JUNE 2019

 

 

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.

 

In 2018 the Company incorporated a wholly owned subsidiary in the United Kingdom. These non-statutory financial statements comprise of financial information of the Company and its subsidiary (together referred to as the "Group")

 

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

 

 

2.   ACCOUNTING POLICIES

 

Basis of preparation

 

The consolidated interim financial statements for the six months period ended 30 June 2019 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 2018.

 

The consolidated 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 Group for the year ended 31 December 2018, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.

 

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

 

Going concern

 

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

 

 

3.   INCOME TAX EXPENSE

 

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

 

No tax is applicable to the Group for the period ended 30 June 2019. 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 2019

 

6 months

period ended

30 June 2018

Loss for the period (£)

(65,520)

 

(76,960)

Weighted average number of shares (Unit)

120,000,000

 

110,718,232

Loss per share (Pence)

(0.05)p

 

(0.07)p

 

 

5.   STATED CAPITAL

 

 

Number of shares

 

Share

capital

£

 

Share premium

£

Allotted, called up and fully paid

 

 

 

 

 

100,000,000 Ordinary shares of £0.01 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 £0.01 each

19,999,999

 

200,000

 

5,000

Share issue cost

 

 

-

 

(5,000)

At 30 June 2018 and 30 June 2019

119,999,999

 

1,200,000

 

-

 

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 2019 there were no staff costs as no staff were employed by the Company, other than the directors. Aggregate directors' fees for the period were £26,102 (2018: £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 Group did not enter into any material transactions with related parties.

 

 

As at

30 June 2019

 

As at

30 June 2018

 

£

 

£

 

 

 

 

Amount due to directors

12,501

 

2,500

 

 

8.    SEASONAL OR CYCLICAL FACTORS

 

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

 

 

9.   SUBSEQUENT EVENTS

 

There are no subsequent events requiring disclosure in these consolidated 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.
 
END
 
 
IR CKADDNBKKQCK

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