Limitless Earth Plc Final Results

 
TIDMLME 
 
29 July 2016 
 
                              LIMITLESS EARTH PLC 
                        ("Limitless" or the "Company") 
 
              Final Results for the Period ended 31 January 2016 
 
The Company is pleased to announce its final results for the period to 31 
January 2016. 
 
Chairman's statement 
 
Limitless is a proactive investment company that focuses on making investments 
in and assisting companies that show the potential to generate returns through 
capital appreciation. It is the Directors' strategy to invest in small 
companies where there are clear routes to value appreciation also in companies 
that are operating in sectors with long term growth prospects that are driven 
by demographic change. Examples of such sectors include Cleantech, Life 
Sciences and Technology. 
 
During the year the Company invested in Medical Diagnostics (Chronix Biomedical 
inc.), Communication Technology (V Nova Ltd), Industrial Material Recycling and 
Waste to Energy (Saxa Gree S.p.A). 
 
The Board relies on its own know-how, on an extensive network in the financial 
system and external advisers to enable it to make the right investment in the 
right sector at the right time. It has already analysed more than twenty 
investment opportunities in the first months of operations and has engaged 
advisers on one investment in the Life Sciences area where discussions with 
management are on-going. 
 
The Board understands that cost control is important at all times and 
particularly pre-investment and it ensures that operating costs are kept to a 
minimum to in order to preserve shareholder value. 
 
For the financial period, Limitless made a net loss on operations of GBP175,299 
((2015: GBP299,671) - includes the cost of the listing process, which was GBP 
168,000). The audited balance sheet reflects the cash and cash equivalents at 
the reporting date of GBP1,530,404. 
 
Post year end the Company continued its investing with a GBP200,000 investment in 
Exogenesis Corporation, based in Boston Massachusetts, which has developed 
nanoscale surface modification technology to improve the safety and efficacy of 
implantable medical devices and is being used to develop next generation 
microscopy tools for DNA Analysis. 
 
The Board continues to actively source suitable investments and thanks all the 
shareholders for their support. 
 
Guido Contesso 
Chief Executive Officer 
29 July 2016 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. 
 
For further information, please contact: 
 
Limitless Earth plc                      www.limitlessearthplc.com 
Dominic White                            [phone] 
Guido Contesso                           [phone] 
 
Cairn Financial Advisers LLP             [phone] 
Nominated Adviser                        www.cairnfin.com 
Jo Turner/Liam Murray 
 
Peterhouse Corporate Finance Limited     [phone] 
Broker                                   www.pcorpfin.com 
Peter Greensmith 
 
About Limitless Earth plc 
 
Limitless Earth plc is a proactive investment company that focuses on making 
investments in and assisting companies which exhibit the potential to generate 
returns through capital appreciation.  Limitless invests in small companies 
where there are clear catalysts for value appreciation and the companies are 
operating in sectors exhibiting long term growth linked to demographic change. 
Examples of such sectors include Cleantech, Life Sciences and Technology. 
 
Statement of Comprehensive Income 
for the period ended 31 January 2016 
 
 
                                                  Period to       Period to 
 
                                                     31/01/          31/01/ 
                                                       2016            2015 
 
Continuing operations 
                                                          GBP               GBP 
 
Administrative expenses                           (180,821)       (305,914) 
 
Operating loss                                    (180,821)       (305,914) 
 
Finance Income                                        5,522           6,243 
 
Loss before taxation                              (175,299)       (299,671) 
 
Taxation                                                  -               - 
 
Loss for the financial position                   (175,299)       (299,671) 
 
Total Comprehensive income for the                (175,299)       (299,671) 
period 
 
Loss attributable to: 
 
Equity Holders                                    (175,299)       (299,671) 
 
Earnings per share: 
 
Basic and diluted loss per share                    (0.27p)         (0.69p) 
 
 
Statement of Financial Position 
As at 31 January 2016 
 
                                                31/01/2016    31/01/2015 
 
                                                         GBP             GBP 
 
Current assets 
 
Investments Available for sale                   1,088,341             - 
 
Trade and other receivables                              -             - 
 
Cash and cash equivalents                        1,530,404     2,731,554 
 
                                                 2,618,745     2,731,554 
 
Total Assets                                     2,618,745     2,731,554 
 
Current Liabilities 
 
Trade and other payables                          (74,990)      (12,500) 
 
Net Assets                                       2,543,755     2,719,054 
 
Equity 
 
Issued Share Capital                               654,000       654,000 
 
Share Premium                                    2,350,630     2,322,440 
 
Share warrant reserve                               14,095        42,285 
 
Retained Earnings                                (474,970)     (299,671) 
 
Total Equity                                     2,543,755     2,719,054 
 
 
Statement of Changes in Shareholders' Equity 
for the period ended 31 January 2015 
 
                                  Share     Share    Share  Retained     Total 
                                capital   premium  warrant  earnings 
                                                   reserve 
 
                                      GBP         GBP        GBP         GBP         GBP 
 
Changes in Equity for the period ended 31 January 2015 
 
Comprehensive income 
 
Loss for the period                   -         -       -  (299,671) (299,671) 
 
Total Comprehensive loss for          -         -          (299,671) (299,671) 
the period 
 
Transactions with owners              -        -        -          -         - 
 
Proceeds from share issue (net  654,000 2,322,440   42,285         - 3,018,725 
of expenses) 
 
Total contributions by the      654,000 2,322,440   42,285         - 3,018,725 
owners 
 
At 31 January 2015              654,000 2,322,440   42,285 (299,671) 2,719,054 
 
Changes in Equity for the period ended 31 January 2016 
 
Comprehensive income 
 
Loss for the period                   -         -       -  (175,299) (175,299) 
 
Total Comprehensive loss for          -         -       -  (175,299) (175,299) 
the period 
 
Warrant cancellation                  -    28,190 (28,190)         -         - 
 
At 31 January 2016              654,000 2,350,630   14,095 (474,970) 2,543,755 
 
 
 
Statement of Cash Flows 
for the period ended 31 January 2015 
 
                                                     Period to      Period to 
 
                                                    31/01/2016     31/01/2015 
 
                                                             GBP              GBP 
 
Cash flows from operating activities 
 
Net cash absorbed by operating                       (118,331)      (293,414) 
activities 
 
Cash flows from investing activities 
 
Finance income received net                              5,522          6,243 
 
Investments                                        (1,088,341)             - 
 
Net cash used in investing activities              (1,082,819)          6,243 
 
Cash flows from financing activities 
 
Gross proceeds from share issues                             -      3,270,000 
 
Share issue expenses                                         -      (251,275) 
 
Net Cash from financing activities                          -       3,018,725 
 
Net increase in cash and cash                      (1,201,150)      2,731,554 
equivalents during the year 
 
Cash at the beginning of period                      2,731,554              - 
 
Cash and cash equivalents at the end of              1,530,404      2,731,554 
the period 
 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
1. General Information 
 
Limitless Earth Plc is a company incorporated and domiciled in the United 
Kingdom. The Company is a public limited company, which is listed on the AIM 
market of the London Stock Exchange. The address of the registered office is 30 
Percy Street, London, W1T 2DB 
 
The Investing Policy is to invest principally, but not exclusively, in sectors 
where changing demographic factors are important drivers of growth. The Company 
intends to focus initially on projects located in Europe but will also consider 
investments in other geographical regions. The Company may become an active 
investor, acquire controlling stakes or minority positions, in each case, as 
the Board considers appropriate and commercial 
 
The financial statements are presented in British Pounds Sterling, the currency 
of the primary economic environment in which the Company's operates from. 
 
2. Accounting policies 
 
The principal accounting policies applied in the preparation of these financial 
statements are set out below. The policies have been consistently applied 
throughout the period, unless otherwise stated. 
 
Basis of preparation 
 
The financial statements have been prepared in accordance with 
International Financial Reporting Standards (IFRSs) and IFRIC 
interpretations as adopted by the European Union applicable to 
companies reporting under IFRSs.  The financial statements have also 
been prepared under the historical cost convention. 

The preparation of financial statements in conformity with IFRSs 
requires the use of certain critical accounting estimates. It also 
requires management to exercise its judgement in the process of 
applying the Company's accounting policies.  The areas involving a 
higher degree of judgement or complexity, or areas where assumptions 
and estimates are significant to the financial statements are 
disclosed later in these accounting policies. 
 
 
Going Concern 
 
The directors have, at the time of approving the financial statements, 
a reasonable expectation that the Company and the Group have adequate 
resources to continue in existence for the foreseeable future.  Thus 
they continue to adopt the going concern basis of accounting in 
preparing the financial statements. 
 
3. Loss per share 
 
The basic loss per 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. No share warrants outstanding at 31 January 2016 
were dilutive and all such potential ordinary shares are therefore excluded 
from the weighted average number of Ordinary shares for the purposes of 
calculating diluted earnings per share. 
 
                                                         2016       2015 
                                                            GBP          GBP 
 
Loss from continuing operations                                (299,671) 
attributable to equity holders of the               (175,299) 
company 
 
Weighted average number of ordinary shares         65,540,000 43,440,000 
in issue 
 
                                                        Pence      Pence 
 
Basic and fully diluted loss per share                (0.27p)    (0.69p) 
from continuing operations 
 
4. Notice of Annual General Meeting and Posting of Accounts 
 
The above results are extracted from the Report and Accounts for the period 
ended 31 January 2016, which have today been sent to all shareholders together 
with a copy of the Notice of Annual General Meeting. Copies of these documents 
can also be found on the Company's website, www.limitlessearthplc.com. 
 
The Annual General Meeting of the Company has been convened at on 5 September 
2016 to be held at 30 Percy Street, London, W1T 2DB. 
 
 
 
END 
 

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July 29, 2016 02:00 ET (06:00 GMT)