TIDMACO
RNS Number : 9102X
Acorn Minerals PLC
25 November 2014
ACORN MINERALS PLC
("Acorn" or "the Company")
Half yearly report for the six months ended 30 September
2014
Chairman's Report
As at 30 September 2014
Dear Shareholders
It is with pleasure that I present the annual report to
shareholders for the six month period ending 30(th) September
2014.
In the past 6 months your board has continued to identify and
assess suitable opportunities in the mining, minerals & energy
sectors, including both conventional and alternative energy
projects as well as mining and energy infrastructure projects that
are consistent with our investment strategy.
To date we have reviewed over 25 projects that meet these
criteria.
At the period end we have approximately LIR1.270m cash, no debt
and continue to keep administration costs to a minimum so that
maximum funds can be dedicated to the review of and potentially
investments in suitable projects.
We will continue to review projects where we believe value can
be created for Acorn shareholders which requires considerable work
by your board and on your behalf I thank my fellow directors
Charles Goodfellow and Brent Fitzpatrick for their effort and
commitment to this cause and I also thank you for your ongoing
support.
Tony Brennan
Chairman
For further information please contact:
Acorn Minerals Plc Tel: +61 8 9322 5944
Anthony Brennan, Executive Chairman
Shore Capital Tel: 020 7408 4090
Bidhi Bhoma / Toby Gibbs (corporate finance)
Jerry Keen (corporate broking)
Unaudited statement of profit or loss and other comprehensive
income
for the six months ended 30 September 2014
Note Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2014 2013 2014
GBP GBP GBP
Revenue - - -
Administrative costs (40,074) (56,106) (127,622)
------------------------- ----- ----------- ----------- -----------------
Operating (Loss) (40,074) (56,106) (127,622)
Net finance costs 475 503 977
(Loss) before taxation (39,599) (55,603) (126,645)
Taxation - - -
------------------------- ----- ----------- ----------- -----------------
(Loss) for the period
attributable to owners
of the company (39,599) (55,603) (126,645)
------------------------- ----- ----------- ----------- -----------------
Total comprehensive
income attributable
to the owners of the
company (39,599) (55,603) (126,645)
------------------------- ----- ----------- ----------- -----------------
Loss per share
Basic 4 (0.006) (0.006) (0.009)
Diluted (0.006) (0.006) (0.009)
Statement of financial position
as at 30 September 2014
Note Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2014 2013 2014
GBP GBP GBP
----------------------------- ----- ----------- ----------- ----------------
CURRENT ASSETS
Trade and other receivables - - -
Cash and cash equivalents 1,270,381 1,369,422 1,318,730
----------------------------- ----- ----------- ----------- ----------------
Total current assets 1,270,381 1,369,422 1,318,730
LIABILITIES
Trade and other payables (14,500) (2,900) (23,250)
----------------------------- ----- ----------- ----------- ----------------
Total current liabilities (14,500) (2,900) (23,250)
----------------------------- ----- ----------- ----------- ----------------
NET ASSETS 1,255,881 1,366,522 1,295,480
----------------------------- ----- ----------- ----------- ----------------
EQUITY
Capital and reserves
attributable to owners
of the company
Share capital 5 285,760 285,760 285,760
Share premium 1,380,917 1,380,917 1,380,917
Retained earnings (410,796) (300,155) (371,197)
----------------------------- ----- ----------- ----------- ----------------
1,255,881 1,366,522 1,295,480
----------------------------- ----- ----------- ----------- ----------------
Unaudited statement of changes in equity
for the six months ended 30 September 2014
Share Share Retained Total
capital premium earnings
GBP GBP GBP GBP
Transactions with owners
Shares issued - - - -
Share issue costs - - - -
Total transactions with - - - -
owners
Comprehensive Loss
Loss for the period - - (55,603) (55,603)
Total comprehensive
loss for the period - - (55,603) (55,603)
-------------------------- --------- ---------- ---------- ----------
Total owners equity
at 30 September 2013 285,760 1,380,917 (300,155) 1,366,522
-------------------------- --------- ---------- ---------- ----------
Comprehensive loss
Loss for the period - - (71,042) (71,042)
---------------------- -------- ---------- ---------- ----------
Total comprehensive
loss for the period - - (71,042) (71,042)
---------------------- -------- ---------- ---------- ----------
Total owners equity
at 31 March 2014 285,760 1,380,917 (371,197) 1,295,480
---------------------- -------- ---------- ---------- ----------
Comprehensive loss
Loss for the period - - (39,599) (39,599)
----------------------- -------- ---------- ---------- ----------
Total comprehensive
loss for the period - - (39,599) (39,599)
----------------------- -------- ---------- ---------- ----------
Total owners equity
at 30 September 2014 285,760 1,380,917 (410,796) 1,255,881
----------------------- -------- ---------- ---------- ----------
Unaudited statement of cash flows
for the six months ended 30 September 2014
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2014 2013 2014
GBP GBP GBP
------------------------------------ ----------- ----------- ----------------
Cash flows from operating
activities
Operating (Loss) (40,074) (56,106) (127,644)
Decrease/(Increase) in receivables - 62,300 62,300
(Decrease)/Increase in payables (8,750) (64,944) (44,594)
------------------------------------ ----------- ----------- ----------------
Net cash used in operating
cash flows (48,824) (58,750) (109,916)
Net cash used in cash flows
from investing activities
Interest received 475 503 977
------------------------------------ ----------- ----------- ----------------
Net cash generated from
investing activities 475 503 977
Net increase in cash and
cash equivalents (48,349) (58,247) (108,939)
Net cash at start of the
period 1,318,730 ,1,427,669 1,427,669
------------------------------------ ----------- ----------- ----------------
Cash and cash equivalents
at period end 1,270,381 1,369,422 1,318,730
------------------------------------ ----------- ----------- ----------------
Notes to the interim accounts
For the six months ended 30 September 2014
1. General information
Acorn Minerals Plc is a company incorporated in the United
Kingdom.
These unaudited condensed interim financial statements for the
six months ended 30 September 2014 have been prepared in accordance
with International Financial Reporting Standards (IFRS) and IAS 34
"Interim Financial Reporting" as adopted by the European Union and
do not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. This condensed set of financial statements
has been prepared applying the accounting policies that were
applied in the preparation of the Company's published financial
statements for the year ended 31 March 2014 and are presented in
pounds sterling.
The comparative figures for the financial year ended 31 March
2014 have been extracted from the Company's statutory accounts
which have been reported on by the Company's auditor and delivered
to the Registrar of Companies. The report of the auditors was
unqualified and did not contain a statement under the companies Act
2006 regarding matters which are required to be noted by exception.
The half year results have not been audited or subject to review by
the company's auditors.
2. Changes in accounting policies
The assessment of new standards, amendments and interpretations
issued but not effective, are not anticipated to have a material
impact on the financial statements.
3. Going concern
The company's activities, together with the factors likely to
affect its future development and performance, the financial
position of the company, its cash flows and liquidity position have
been considered by the Directors, taking account of the current
market conditions which demonstrate that the company shall continue
to operate within its own resources.
The Directors believe that the company is well placed to manage
its business risks successfully, and that the company has adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they consider it appropriate to adopt the
going concern basis in preparing these condensed financial
statements.
4. Loss per share
The calculation of the basic and fully diluted loss per share is
based on the loss for the period after tax of GBP39,599 (30 Sep 13:
GBP55,603; 31 Mar 2014: GBP71,042) divided by the weighted average
issued ordinary shares of 7,144,002 (30 Sep 2013: 6,770,291; 31 Mar
2014: 14,288,005).
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. The company
has one category of dilutive potential ordinary shares being share
options. The company has made a loss and the potential shares
options are therefore anti-dilutive.
5. Issued share capital
Authorised, allotted and called up share capital:
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31
2014 2014 Mar 2014
GBP GBP GBP
14,288,005 Ordinary shares
of GBP0.02 each 285,760 285,760 285,760
285,760 285,760 285,760
---------- ---------- ---------
6. Related parties
The related parties and the nature of costs recharged are as
disclosed in the company's annual financial statements for the year
ended 31 March 2014.
Mr A Brennan, a Director of Acorn Minerals PLC is also a
Director of Delta Capital Pty Ltd. Delta Capital Pty Ltd has
entered into a Corporate Advisor Mandate with the company. During
the period the following was paid to Delta Capital Pty Ltd:
Six months Six months Year ended
ended ended 31 Mar
30 Sept 30 Sept 2014
14 13
GBP GBP
Project travel - 1,094 -
costs reimbursed
Directors fees 7,500 7,500 15,000
----------- -----------
7,500 8,594 15,000
----------- ----------- -----------
Mr B Fitzpatrick, a Director of Acorn Minerals PLC is also a
Director of Ocean Park Developments Ltd. During the period
Directors' fees of GBP3,000 (30 Sep 2013: GBP3,000; 31 Mar 2014:
GBP6,000) and reimbursed travel expenses of GBPnil (30 Sep 13:
GBP201; 31 Mar 2014: GBP201l) were paid to Ocean Developments Ltd
on behalf of Mr B Fitzpatrick.
During the period Directors fees of GBP3,000 (30 Sep 2013:
GBP3,000; 31 Mar 2014: GBP6,000) were paid to Mr C Goodfellow, a
Director of Acorn Minerals PLC.
7. Principal risks and uncertainties
Principal risks and uncertainties are set out in the annual
financial statements within the directors' report and also in note
6 and are reviewed on an on-going basis.
The Board will provide leadership within a framework of
appropriate and effective controls. The Board will set up, operate
and monitor the corporate governance values of the company, and
will have overall responsibility for setting the company's
strategic aims, defining the business objective, managing the
financial and operational resources of the Company and reviewing
the performance of the officers and management of the company's
business both prior to and following an acquisition.
There have been no significant changes in the first six months
of the financial year to the principle risks and uncertainties as
set out in the 31 March 2014 Annual Report and Accounts.
8. Board Approval
These interim results were approved by the Board of Acorn
Minerals Plc on 24(th) November 2014.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS
AND UNCERTANTIES
Responsibility statement
We confirm to the best of our knowledge:
(a) The condensed set of financial statements have been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU;
(b) The interim management report includes a fair review of the
information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year 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 year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
the period; and any changes in the related party described in the
last annual report that could do so.
Mr Brent Fitzpatrick
Director
24(th) November 2013
Directors
Mr Anthony Brennan (Chairman)
Mr N Brent Fitzpatrick MBE
Mr Charles Goodfellow
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GIBDBRDDBGSU
Vordere (LSE:VOR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vordere (LSE:VOR)
Historical Stock Chart
From Jul 2023 to Jul 2024
