TIDMPHM
RNS Number : 9288H
Phimedix PLC
08 December 2020
8 December 2020
Phimedix Plc
(Formerly Zibao Metals Recycling Holdings Plc)
("Phimedix" or the "Company")
Half Year Results
Phimedix Plc (AIM: PHM) is pleased to announce the Company's
unaudited half year results for the six months ended 30 September
2020.
Results
The results for the year are set out in the Statement of
Comprehensive Income. The Company made a total comprehensive loss
in the period of GBP36K (1H2019: GBP42K).
Director's Statement
Following the disposal of Masterpiece Enterprises Limited in
March 2020, the Company became an AIM Rule 15 cash shell and has
been seeking acquisition targets which would result in a reverse
takeover of the Company.
The search for an appropriate acquisition has been hampered by
the onset of the COVID-19 pandemic and resultant lockdown across
the UK and internationally in late March 2020. Nevertheless, the
Board has evaluated several opportunities during the period
although, to date, nothing has been identified as being
suitable.
In accordance with the AIM Rules for Companies, trading in the
Company's shares on AIM was suspended six months after it became an
AIM Rule 15 cash shell, on 14 September 2020, as a reverse takeover
had not been completed by this date.
Outlook
The Board continues to evaluate acquisition opportunities with a
view to completing an acquisition at the earliest opportunity.
In the event that no transaction is completed in the six months
following the suspension of trading in the Company's shares, the
London Stock Exchange will cancel the admission of the Company's
ordinary shares to trading on AIM.
The Board keep shareholders appraised, as appropriate.
For further information please contact:
Phimedix Plc
Nicholas Nelson, Director nelson@nexfin.org.uk
www.phimedix.com
SPARK Advisory Partners Limited (Nominated
Adviser) +44 203 368 3550
Mark Brady
Statement of Comprehensive Income
6 months 6 months
to 30 September to 30 September
2020 2019 Year to
31 March
Notes 2020
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Continuing operations
Revenue - - -
Cost of sales - - -
-------------- -------------- --------------
Gross profit - - -
Other revenues - - -
Selling and distribution expenses - - -
Administrative expenses (36) (42) (204)
Other Operating expenses - - -
Impairment losses - - -
-------------- -------------- --------------
Operating (loss)/ profit (36) (42) (204)
Finance cost - - -
-------------- -------------- --------------
(Loss)/Profit before tax (36) (42) (204)
Income tax expense - - -
-------------- -------------- --------------
(Loss)/profit for the year (36) (42) (204)
Other Comprehensive income
Foreign exchange difference - - -
-------------- -------------- --------------
(Loss)/Profit and total comprehensive
income for the period (36) (42) (204)
(Loss)/Profit and total comprehensive
income for the year attributable
to the owners of the Company (36) (42) (204)
(Loss)/Earnings per share 5 GBP GBP GBP
Basic (0.0001) (0.0003) (0.002)
Diluted (0.0001) (0.0003) (0.002)
Statement of Financial Position
Notes As at 30 September 2020 As at 30 September 2019 As at 31 March 2020
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Assets
Non-Current Assets
Property, plant and equipment - - -
Investment in subsidiaries - 95 -
-------------- -------------- --------------
- 95 -
-------------- -------------- --------------
Current Assets
Inventories - - -
Trade receivables - - -
Prepayments, deposits and other
receivables 8 4 8
Tax recoverable - - -
Cash and cash equivalents 6 105 - 348
-------------- -------------- --------------
113 4 356
-------------- -------------- --------------
Total Assets 113 99 356
Equity and liabilities
Equity attributable to owners of
the company
Share capital 7 226 1,220 226
Share premium 4,186 3,871 4,186
Capital redemption reserve 925 - 925
Share based payments reserve - 54 -
Foreign Exchange reserve - 628 -
Retained earnings (5,255) (5,739) (5,219)
-------------- -------------- --------------
Total Equity 82 34 118
-------------- -------------- --------------
Non-current liabilities
Deferred tax - - -
-------------- -------------- --------------
- - -
-------------- -------------- --------------
Current liabilities
Trade payables - - -
Accrued liabilities and other
payables 31 65 238
Tax payable - - -
-------------- -------------- --------------
31 65 238
-------------- -------------- --------------
Total Liabilities 31 65 238
-------------- -------------- --------------
Total Equity and Liabilities 113 99 356
Statement of Cash Flows
6 months to 30 September 6 months to 30 September Year to 31 March 2020
Notes 2020 2019
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Cash flows from operating
activities
Net cash from operating
activities 1 (243) 23 -
Taxation - - -
---------- ---------- ----------
Net cash (used in)/ (243) - -
generated from operating
activities
Investing activities
Sale of shares in
masterpiece - - 103
---------- ---------- ----------
Net generated from /
(cash used) in investing
activities - - 103
---------- ---------- ----------
Cash flows from financing
activities
Buy back of shares - - (103)
Net proceeds from issue
of ordinary shares - - 348
Net cash from / (used in)
in financing activities - - 245
---------- ---------- ----------
Taxation - - -
Net increase / (decrease)
in cash and cash
equivalents (243) - 348
Cash and cash equivalents 348 - -
at beginning of the
period
Effect of foreign - - -
exchange rate changes
---------- ---------- ----------
Cash and cash equivalents
at the end of the period 105 - 348
Represented by:
Bank balances and cash 105 - 348
Notes for Statement of Cash
Flows
1. Net cash from operating
activities
6 months to 30 September 6 months to 30 September
2020 2019 Year to 31 March 2020
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Profit/(Loss) before income
tax (36) (42) (204)
Adjustments for:
Depreciation on property, - - -
plant and equipment
Interest income - - -
Gain on sale of subsidiary - - (8)
Provision for Obsolete - - -
inventories
Impairment of Property, - - -
plant and equipment
Impairment of Goodwill - - -
(Increase) / decrease in - - -
inventories
Decrease/(Increase) in
trade receivables - - (3)
Decrease / (Increase) in - - -
prepayments, deposits and
other receivables
Increase / (decrease) in
trade payables (207) 42 215
Increase / (decrease) in - -
accrued liabilities and
other payables
---------- ---------- --------
Cash generated from / (used (243) - -
in) operations
Statement of Changes in Equity
Share Share Share Capital Foreign Retained Total
Capital premium based Redemption exchange Earnings
payment Reserve reserve
reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 31 March
2019 1,220 3,871 54 - 628 (5,697) 76
Total comprehensive
income for the
period - - - - - (42) (42)
Foreign exchange - - - - - - -
difference
---------- ---------- ---------- ---------- ---------- ---------- ----------
As at 30 September
2019 1,220 3,871 54 - 628 (5,739) 34
Issue of share (69) 315 - - - - 246
Total comprehensive
income for the
period - - - - - (162) (162)
Share based payment - - (54) - - 54 -
Capital redemption (925) 925 - - -
Foreign exchange
difference - - - - (628) 628 -
---------- ---------- ---------- ---------- ---------- ---------- ----------
As at 31 March
2020 226 4,186 - 925 - (5,219) 118
Total comprehensive
income for the
period - - - - - (36) (36)
Foreign exchange - - - - - - -
difference
---------- ---------- ---------- ---------- ---------- ---------- ----------
As at 30 September
2020 226 4,186 - 925 - (5,255) 82
---------- ---------- ---------- ---------- ---------- ---------- ----------
Notes to the interim financial information
1. General information
Phimedix Plc is a company incorporated in England on 9 October
2013. It was admitted to trading on AIM on 20 June 2014. The
Company's principal activity is currently that of an AIM Rule 15
cash shell.
2. Basis of preparation and significant accounting policies
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 statements for the year ended
31 March 2020. In previous years, prior to the disposal of
Masterpiece Enterprises Limited, the Company published consolidated
group accounts.
Taxes
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
Standards and Interpretations adopted with no material effect on
financial statements
There are no IFRS or IFRIC interpretations that are effective
for the first time in this financial period that would be expected
to have a material impact on the company.
Standards, interpretations and amendments to published standards
that are not yet effective.
The following new standards, amendments to standards and
interpretations have been issued, but are not effective for the
financial period beginning 1 April 2019 and have not been early
adopted.
Reference Title Summary Application date Application
of standard date of
Company
---------- ----------- ---------------------------- ------------------- -----------
IFRS 17 Insurance IFRS 17 Insurance Contracts Periods Commencing 1 April
Contracts on or after 1 2021
January 2021
---------- ----------- ---------------------------- ------------------- -----------
IAS 23 Borrowing Annual Improvements Periods commencing 1 April
Costs 2015-2017 Cycle on or after 1 2020
January 2020
---------- ----------- ---------------------------- ------------------- -----------
The directors anticipate that the adoption of these standards
and the interpretations in future periods will have no material
impact on the financial statements of the company.
3. Segmental reporting
In the opinion of the directors, there is currently only one
geographic reporting segment, which is UK. All revenues and costs
are derived from the single segment.
4. Directors' remuneration
6 months 6 months
to 30 September to 30 September Year to 31 March
2020 2019 2020
Salaries, Salaries, Salaries, fees
fees and fees and and options
options options
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Wenjie Zhou - - -
Jianfeng Li - - -
Chor Wei Ong - 3 3
Chin Phang Kwok - 3 3
Peter Greenhalgh - 6 9
Ajay Rajpal 6 6 12
Nicholas Nelson 4 - 1
-------------- -------------- --------------
10 18 28
_________ _________ _________
5. (Loss)/Earnings per share
(Loss)/Profit per share data is based on the Company profit for
the period and the weighted average number of shares in issue.
6 months to 30 September 6 months to 30 September
2020 2019 Year to 31 March 2020
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
(Loss)/Profit for the
period attributable to
owners of Company (36) (42) (204)
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share (000's) 34,400 122,010 116,838
Weighted average number of
ordinary shares for the
purposes of diluted
earnings per share
(000's) 51,360 125,453 116,838
6 months to 30 September 6 months to 30 September
2020 2019 Year to 31 March 2020
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Basic loss per share
Total basic losses per share (0.001) (0.0003) (0.002)
Diluted loss per share
Total basic and diluted earnings per share (0.001) (0.0003) (0.002)
---------- ---------- ----------
6. Cash and cash equivalents
As at 30 As at 30 As at 31
September September March 2020
2020 2019
GBP'000 GBP'000 GBP'000
UNAUDITED UNAUDITED AUDITED
Cash and bank
balances 105 0 348
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Cash and bank
balances
as presented
in balance
sheets 105 0 348
Add: Pledged - - -
fixed
deposits
-------------- -------------- --------------
Cash and cash
equivalents
as presented
in statement
of cash
flows 105 0 348
_________ _________ _________
7. Share capital
The issued share capital as at 30 September 2020 was 34,400,481
ordinary shares of GBP0.001 each & 19,250,000 deferred shares
of GBP0.009975 (30 September 2019: 122,010,000 ordinary shares of
GBP0.01, 31 March 2020: 34,400,481 ordinary shares of GBP0.001 each
& 19,250,000 deferred shares of GBP0.009975)
8. Related-party transactions
There were no related party transactions in the period.
9. The unaudited results for the period ended 30 September 2020
do not constitute statutory accounts within the meaning of Section
434 of the Companies Act 2006. The comparative figures for the
period ended 31 March 2020 were extracted from the audited
financial statements which contained an unqualified audit report
and did not contain statements under Sections 498 to 502 of the
Companies Act 2006.
10. This interim financial statement will be, in accordance with
the AIM Rules for Companies, available shortly on the Company's
website at www.phimedix.com .
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END
IR EAFAPEEXEFFA
(END) Dow Jones Newswires
December 08, 2020 06:09 ET (11:09 GMT)
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