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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Levrett | LSE:LVRT | London | Ordinary Share | GB00BYW79Y38 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMLVRT
RNS Number : 5034R
Levrett PLC
22 September 2017
22 September 2017
Levrett Plc
("Levrett" or "the Company")
Final Results
for the period ended 31 March 2017
Levrett, a Company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector, announces its final results for the period ended 31 March 2017 and posting of Annual Report.
Enquiries:
Levrett Plc John Lidgey, Chairman +44 (0) 20 7183 4342 Whitman Howard Limited (Broker and Corporate Advisor) Nick Lovering +44 (0) 20 7659 1234 Gable Communications Limited +44 (0) 20 7193 7463 John Bick e: levrett@gablecommunications.com
CHAIRMAN'S STATEMENT
FOR THE YEARED 31 MARCH 2017
Levrett announced on 15 September 2017 the conclusion of this process and that it has entered into a conditional agreement to acquire the entire issued share capital of Nuformix Limited ("Nuformix") for a total consideration of GBP12,000,000 to be settled through the issuance of new ordinary shares in the Company at a price of 4 pence per share (the "Acquisition"), subject to Shareholders' approval and Re-admission.
In addition, the Company announced a Placing, under which it has issued 57,500,000 Placing Shares at 4p per share, raising GBP2.3 million, conditional, inter alia, upon Re-Admission.
Details of Proposed Acquisition of Nuformix Limited, the Placing of New Ordinary Shares, Approval of a Waiver of obligation under Rule 9 of the City Code on Takeovers and Mergers and Notice of General Meeting have been published in the Prospectus which has been sent to shareholders.
The Prospectus has been approved by the UK Listing Authority and is available for inspection at the Financial Conduct Authority's National Storage Mechanism which can be accessed from www.morningstar.co.uk/uk/NSM. The Prospectus is also available on the Company's website http://www.levrett.com/investors.
A copy of the Company's Annual Report is being posted to shareholders and has been filed with the National Storage Mechanism which can be accessed from www.morningstar.co.uk/uk/NSM and is also available on the Company's website http://www.levrett.com/investors.
Francis Lidgey
Chairman
21 September 2017
INDEPENT AUDITORS' REPORT
TO THE MEMBERS OF LEVRETT PLC
We have audited the financial statements of Levrett plc for the year ended 31 March 2017 which comprise the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Financial Position, the Statement of Cash flows and the related notes. The financial reporting framework that has been applied in their preparation of the company financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinion we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 7 and 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate.
Opinion on 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 March 2017 and of the Company's loss for the year then ended,
-- The financial statements have been properly prepared in accordance with IFRS as adopted by the European Union, and
-- The financial statements have been prepared in accordance with the requirements of the Companies Act 2006
Emphasis of matter
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the Company's ability to continue as a going concern having reviewed working capital projections. The position indicates the existence of material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern due to its reliance on future fundraising. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements and the Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements. In light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic and the Directors' Report. In our opinion the part of the Directors' Remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006.
INDEPENT AUDITORS' REPORT
TO THE MEMBERS OF LEVRETT PLC
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-- adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or
-- the Company financial statements are not in agreement with the accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or -- we have not received all the information and explanations we require for our audit.
Ian Cliffe
Senior Statutory Auditor 26 Red Lion Square
for and on behalf of haysmacintyre London
Statutory Auditors WCIR 4AG
21 September 2017
LEVRETT PLC
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2017
Hot Features
Premium
From
incorporation
to 31 March
2017 2016
Note GBP GBP
Continuing operations:
Administrative expenses (685,057) (350,420)
------------------- -------------------
LOSS FOR THE PERIOD BEFORE
TAXATION (685,057) (350,420)
Taxation 7 - -
LOSS FOR THE PERIOD AND TOTAL ------------------- -------------------
COMPREHENSIVE
LOSS FOR THE PERIOD (685,057) (350,420)
========= =========
LOSS PER SHARE - basic and (0.58)
diluted from continuing operations 13 (0.72)p p
The accompanying accounting policies and notes are an integral part of these financial statements.
LEVRETT PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2017
2017
Share Share Share Retained Total
option
Capital Premium Reserve Losses Equity
GBP GBP GBP GBP GBP
Balance at
1 April 2016 95,750 737,440 19,570 (350,420) 502,340
Loss for the
period and
total - - - (685,057) (685,057)
comprehensive
loss
Shares issues - - - - -
Share premium - - - -
(net of expenses)
Grant of share
options - - 3,125 - 3,125
----------------- ----------------- ----------------- ----------------- -----------------
Balance at
31 March 2017 95,750 737,440 22,695 (1,035,477) (179,592)
======== ======== ======== ======== ========
2016 Share Share Share Retained Total
option
Capital Premium Reserve Losses Equity
GBP GBP GBP GBP GBP
Loss for the
year and total (350,420) (350,420)
comprehensive
loss for the
year
Share issue 95,750 95,750
Share issue
costs 737,440 737,440
Grant of share
options 19,570 19,570
----------------- ----------------- ----------------- ----------------- -----------------
Balance at
31 March 2016 95,750 737,440 19,570 (350,420) 502,340
======== ======== ======== ======== ========
The accompanying accounting policies and notes are an integral part of these financial statements.
LEVRETT PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
2017 2016
Note GBP GBP
CURRENT ASSETS
Trade and other receivables 8 13,727 42,578
Cash and cash equivalents 9 5,895 502,213
------------------- -------------------
TOTAL ASSETS 19,622 544,791
========= =========
CURRENT LIABILITIES
Trade and other payables 10 199,214 42,451
------------------- -------------------
NET (LIABILITIES)/ASSETS (179,592) 502,340
========= =========
EQUITY
Share capital 11 95,750 95,750
Share premium account 11 737,440 737,440
Share option reserve 22,695 19,570
Retained losses (1,035,477) (350,420)
-------------------- --------------------
TOTAL EQUITY (179,592) 502,340
========== ==========
These financial statements were approved by the Board of Directors on 21 September 2017 and were signed on its behalf by:
Pascal Hughes
Director
Company number: 09632100
The accompanying accounting policies and notes are an integral part of these financial statements.
LEVRETT PLC
STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2017
Note 2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES GBP GBP
Loss after taxation (685,057) (350,420)
Adjustments for:
Issue of warrants 3,125 -
Decrease/(increase) in trade and
other receivables 28,851 (42,578)
Increase in trade and other payables 156,763 42,451
NET CASH OUTFLOW FROM OPERATING ------------------ ------------------
ACTIVITIES
(496,318) (350,547)
------------------ ------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of shares (net of costs) - 852,760
------------------ ------------------
NET CASH INFLOW FROM FINANCING
ACTIVITIES - 852,760
======== ========
NET (DECREASE)/INCREASE IN CASH
AND CASH (496,318) 502,213
EQUIVALENTS
Cash and cash equivalents brought 502,213 -
forward
------------------ ------------------
CASH AND CASH EQUIVALENTS CARRIED
FORWARD 9 5,895 502,213
======== ========
The accompanying accounting policies and notes are an integral part of these financial statements.
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 31 MARCH 2017
1. GENERAL INFORMATION
Levrett plc is a public limited company incorporated in the United Kingdom. The Company's principal activities are described in the Directors' Report.
2. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below.
The financial statements are presented in pounds sterling (GBP) which is the functional currency of the company.
An overview of standards, amendments and interpretations to IFRSs issued but not yet effective, and which have not been adopted early by the Company are presented below under 'Statement of Compliance'.
Going Concern
The directors have prepared cash flow forecasts through to 31 May 2019 which assumes no significant investment activity is undertaken unless sufficient funding is in place. The expenses of the Company's continuing operations are minimal and the cash flow forecasts demonstrate that the Company is able to meet these liabilities as they fall due. On this basis, the Directors have a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Company's financial statements.
Critical Accounting Estimates and Judgements
The preparation of financial statement in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. These estimates and assumptions are based upon management's knowledge and experience of the amounts, events or actions. Actual results may differ from such estimates.
The estimates and assumptions that may cause material adjustment to the carrying value of assets and liabilities relate to:
Share based payments
The calculation of the fair value of equity-settled share based awards and the resulting charge to the statement of comprehensive income requires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the Company's share price. These assumptions are then applied to a recognised valuation model in order to calculate the fair value of the awards.
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
2. ACCOUNTING POLICIES (continued)
Statement of compliance
The financial statements comply with IFRS as adopted by the European Union. At the date of authorisation of these financial statements the following Standards and Interpretations affecting the Company, which have not been applied in these financial statements, were in issue, but not yet effective. The company does not plan to adopt these standards early.
-- Amendments to IFRS 2 Share Based Payment (effective for accounting periods beginning on or after 1 January 2018)
-- Amendments to IFRS 12 Disclosure of Interests in Other Entities (effective for accounting periods beginning on or after 1 January 2017)
-- IFRS 15 Clarification of Revenue from Contracts with Customers (effective for accounting periods beginning on or after 1 January 2018)
-- IFRS 16 Leases (effective for accounting periods beginning on or after 1 January 2019)
-- Amendments to IAS 7 Statement of Cash Flows (effective for accounting periods beginning on or after 1 January 2017)
-- Amendments to IAS 12 Income Taxes (effective for accounting periods beginning on or after 1 January 2017)
Share based payments
All share based payments are accounted for in accordance with IFRS 2 - "Share-based payments". The Company issued equity-settled share based payments in the form of share options to certain directors and employees. Equity settled share based payments are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share based payments is expensed on a straight line basis over the vesting period, based on the Company's estimate of shares that will eventually vest.
Fair value is estimated using the Black-Scholes valuation model. The expected life used in the model has been adjusted, on the basis of management's best estimate for the effects of non-transferability, exercise restrictions and behavioural considerations. At each balance sheet date, the Company revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to retained earnings.
Taxation
Current taxation is the taxation currently payable on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Temporary differences include those associated with shares in subsidiaries and joint ventures and are only not recognised if the Company controls the reversal of the difference and it is not expected for the foreseeable future. In addition, tax losses available to be carried forward as well as other income tax credits to the Company are assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the statement of financial position date. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statements, except where they relate to items that are charged or credited to equity in which case the related deferred tax is also charged or credited directly to equity.
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
2. ACCOUNTING POLICIES (continued)
Financial assets
The Company's financial assets comprise cash and cash equivalents and trade and other receivables.
Trade and other receivables
Trade and other receivables are recognised and carried at original invoice value less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.
Cash and Cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial liabilities
The Company's financial liabilities comprise trade payables. Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Company becomes a party to the contractual provisions of the instruments.
Trade payables
Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.
Equity
Equity comprises the following:
-- "Share capital" represents the nominal value of equity shares.
-- "Share premium" represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.
-- "Share option reserve" represents the fair value of options issued -- "Retained losses" represents retained losses. 3. SEGMENTAL INFORMATION
The Company is organised around business class and the results are reported to the Chief Operating Decision Maker according to this class. There is one continuing class of business, being the investment in the pharmaceutical sector.
Given that there is only one continuing class of business, operating within the UK no further segmental information has been provided.
4. EXPENSES BY NATURE 2017 2016
GBP GBP
Operating rentals 48,000 34,000
Wages and salaries 24,000 36,000
Social security costs 2,566 3,673
The average number of persons employed by the
Company during the period was l. (2016: 1)
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
5. AUDITOR'S REMUNERATION 2017 2016
GBP GBP
During the year the Company obtained the
following services
from the Company's auditor:
Fees payable to the Company's auditors
for the audit of the Company's 10,300 10,000
annual accounts
Fees payable to the Company's auditors
for other services:
Other services pursuant to legislation 1,000 1,000
Tax services 2,000 2,000
----------------- -----------------
13,300 13,000
======== ========
6. DIRECTORS' REMUNERATION
The company has one employee and the key management
of the Company are the Directors. The amounts paid
to the Directors, is as follows:
2017 2016
Director GBP GBP
Pascal Hughes 24,000 18,000
John Lidgey 24,000 8,000
Anthony Reeves 24,000 8,000
------------------ ------------------
72,000 34,000
========= =========
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
7. TAXATION 2017 2016
GBP GBP
Current tax on income for - -
the period
------------------ ------------------
The tax on the Company's loss before tax differs from the theoretical amount that would arise using the weighted average rate applicable to profits of the consolidated entities as follows:
2017 2016
GBP GBP
Factors affecting the tax charge
Loss before tax (685,057) (350,420)
------------------ ------------------
Profit/(loss) before tax multiplied
by rate of corporation tax in
the UK
of 20% (137,011) (70,084)
Deferred tax not recognised 137,011 70,084
------------------ ------------------
Total tax - -
========= =========
No deferred tax asset has been recognised as Directors cannot be certain that future profits will be sufficient for this asset to be realised. As at 31 March 2017 the Company has tax losses carried forward of approximately GBP1,006,053
Factors affecting future tax charges
UK corporation tax rates are falling from the current rate of 20% to 19% for the financial year beginning 1 April 2017 and to 17% for the financial year beginning 1 April 2020.
8. TRADE AND OTHER RECEIVABLES 2017 2016
GBP GBP
VAT Debtor 13,727 42,578
========= =========
The fair value of trade and other receivables is considered by the Directors not to be materially different to carrying amounts.
9. CASH AND CASH EQUIVALENTS 2017 2016
GBP GBP
Cash at bank 5,895 502,213
========= =========
The Directors consider that the carrying amount of cash and cash equivalent represents their fair value.
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
10. TRADE AND OTHER PAYABLES 2017 2016
GBP GBP
Trade payables 163,414 36,342
Accrued charges 35,800 6,109
------------------ ------------------
199,914 42,451
========= =========
The fair value of trade and other payables is considered by the Directors not to be materially different to carrying amounts.
11. ISSUED SHARE CAPITAL Number Nominal Share
of
Shares Value premium
Issued and fully paid No. GBP GBP
At 31 March 2016 and
31 March 2017:
Ordinary shares of 0.001p
each
Issued on incorporation 50,000,000 50,000 -
Issued on 17 December
2015 45,750,000 45,750 757,010
------------------ ------------------- ------------------
95,750,000 95,750 757,010
========= ========= ========
Fully paid ordinary shares, which have a par value of 0.001p, carry one vote per share and rank equally in respect of dividends.
Reserve Description and Purpose
Share premium Amount subscribed for share
capital in excess of nominal
value.
Retained Losses Cumulative net gains and
losses recognised in the
consolidated income statement.
Share option reserve Value of warrants and options
issued
12. SHARE OPTIONS AND WARRANTS
EQUITY-SETTLED SHARE OPTION SCHEME
The company operates share-based payment arrangements to remunerate directors and key employees in the form of a share option scheme. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions.
The fair value of warrants was determined using the Black-Scholes option pricing model and was 0.0125p (2016: 0.020438p) per option.
The significant inputs to the model in respect of the warrants granted in the period ending 31 March 2016 and year ended 31 March 2017 were as follows:
2017 2016
Grant date share price 4p 4p
Exercise share price 4p 2p
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
12. SHARE OPTIONS AND WARRANTS (continued) No. of share options 250,000 957,500 Risk free rate 0.5% 0.5% Expected volatility 50% 30% Expected option life 2 years 2 years
The total share-based payment expense recognised against share premium for the year ended 31 March 2017 in respect of warrants granted was GBP3,125.
The following table sets out the details of the warrants granted:
Number Number
of of
options options
at at
1 April Issued 31 March Exercise Expiry
Warrant holder 2016 in the 2017 price date
year
EGR Broking Limited 957,500 - 957,500 2p 07/12/17
Rampart Management
Limited 12,000,000 - 12,000,000 4p 07/12/18
Ambeson Limited 11,000,000 - 11,000,000 4p 07/12/18
James Bligh 10,000,000 - 10,000,000 4p 07/12/18
Pascal Hughes 5,000,000 - 5,000,000 4p 07/12/18
OBB Trading Limited 3,000,000 - 3,000,000 4p 07/12/18
Dielle Regan 2,500,000 - 2,500,000 4p 07/12/18
Robert Regan 2,500,000 - 2,500,000 4p 07/12/18
Jack Dibble 1,400,000 - 1,400,000 4p 07/12/18
Fulcrum Management
Services 1,000,000 - 1,000,000 4p 07/12/18
Anthony Reeves 1,000,000 - 1,000,000 4p 07/12/18
GB Trust Co Limited 600,000 - 600,000 4p 07/12/18
Whitman Howard - 250,000 250,000 4p 31/08/19
-------------------- -------------------- --------------------
50,957,500 250,000 51,207,500
========== ========== ==========
As a result of the placing on the 7 December 2015, the company has created and issued a total of 50,000,000 warrants to the original founder shareholders. These warrants may be exercised at any time on or before 7 December 2018 and shall entitle the warrant holder to subscribe for one Ordinary share for each warrant at 4p.
The share options outstanding at the year end has a weighted average exercise price of GBP0.04 (2016: GBP0.04), and a weighted average remaining contractual life of 479 days (2016: 844 days) The weighted average exercise price of share options issue in the year was GBP0.04 (2016: GBP0.04)
13. LOSS PER SHARE
The calculation of loss per ordinary share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
Loss Weighted Per shares
Average amount
number of pence
shares
GBP
Basic and diluted earnings (0.58)
per share 2016 (350,420) 60,090,214 p
Basic and diluted earnings (0.72)
per share 2017 (685,057) 95,750,000 p
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEARED 31 MARCH 2017
13. LOSS PER SHARE (continued)
Post year end on 18 April 2017, the company announced that it had entered into a convertible loan note agreement for GBP200,000 with a private investor. The loan can be converted into new ordinary shares at 4p per share. If conversion into ordinary shares of the company occurs, the lender will be granted a one for one warrant to subscribe for new ordinary shares at 4p per share, exercisable for a three-year period from conversion and therefore is possibly dilutive on earnings per share in future.
14. FINANCIAL INSTRUMENTS
CAPITAL MANAGEMENT
The Company's objectives when managing capital are:
-- to safeguard the Company's ability to continue as a going concern, so that it continues to provide returns and benefits for shareholders;
-- to support the Company's growth; and
-- to provide capital for the purpose of strengthening the Company's risk management capability.
The Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the future capital requirements of the Company and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital and reserves, for capital management purposes.
CREDIT RISK
The main credit risk relates to liquid funds held at banks. The credit risk in respect of these bank balances is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
LIQUIDITY RISK
The Company seeks to manage financial risk, to ensure sufficient liquidity is available to meet foreseeable needs.
An analysis of trade and other payables is given in note 10. These payables are payable within a year.
CATEGORIES OF FINANCIAL INSTRUMENTS
The IAS 39 categories of financial asset included in the statement of financial position and the headings in which they are included are as follows:
2017 2016
GBP GBP
Financial assets:
Cash and bank balances 5,895 502,213
Loans and receivables 13,727 42,578
Financial liabilities at amortised
cost:
Trade and other payables (199,214) (42,451)
========= =========
LEVRETT PLC
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2017
15. RELATED PARTY TRANSACTIONS
During the year the Company was invoiced GBP24,000 for management services by Pascal Hughes, a director, GBP24,000 for management services by John Lidgey, a director, and GBP24,000 for management services by Anthony Reeves, a director.
16. ULTIMATE CONTROLLING PARTY
The Directors do not consider there to be a single ultimate controlling party.
17. POST BALANCE SHEET EVENT
The Company announced on 16 September 2016 that it was in advanced discussions relating to the possible acquisition of Nuformix Limited.
Levrett announced on 15 September 2017 the conclusion of this process and that it has entered into a conditional agreement to acquire the entire issued share capital of Nuformix Limited ("Nuformix") for a total consideration of GBP12,000,000, to be settled through the issuance of new ordinary shares in the Company at a price of 4 pence per share (the "Acquisition"), subject to Shareholder approval and Re-admission.
In addition, the company announced a Placing, under which it has issued 57,500,000 Placing Shares at 4p per share, raising GBP2.3 million, conditional, inter alia, upon Re-Admission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKDDKDBKBDCB
(END) Dow Jones Newswires
September 22, 2017 02:00 ET (06:00 GMT)
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