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LME Limitless Earth Plc

2.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Limitless Earth Plc LSE:LME London Ordinary Share GB00BKXP5L71 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.25 2.00 2.50 2.25 2.25 2.25 0.00 07:36:29
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 0 -476k -0.0073 -3.08 1.47M

Limitless Earth Plc Half-year Report

31/10/2017 7:00am

UK Regulatory


 
TIDMLME 
 
31 October 2017 
 
                              LIMITLESS EARTH PLC 
 
                        ("Limitless" or the "Company") 
 
      UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHSED 31 JULY 2017 
 
The Company is pleased to announce its half-yearly result for the six months to 
31 July 2017. 
 
CHIEF EXECUTIVE'S STATEMENT 
 
Limitless is a proactive investing company that focuses on making investments 
in and assisting companies that show the potential to generate returns through 
capital appreciation.  The directors look to make investments into small 
companies which have clear routes to value appreciation and which operate 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 reporting period, the Company invested GBP239,000,  by way of 10 per 
cent. senior secured notes plus equity option, in Saxa Gres  S.p.A ("Saxa 
Gres"), a company specialising in Industrial Material Recycling and Waste to 
Energy. The investment was made on the basis of progress made by Saxa Gres in 
having developed its production process.  As previously announced, Saxa Gres is 
operating at full capacity having completed a re-start process and having hired 
more than 70 workers. More recently, Saxa Gres announced that it has refined it 
manufacturing process sufficiently such that it will start incorporating 
incinerator ashes in its tile composition from November 2017.  Tile produced 
will be targeted for large city restructuring projects and management of Saxa 
Gres have stated that it expects these sales to contribute significantly to 
management's revenue forecasts which more than double the 2017 year end 
estimates in the financial year for 2018. 
 
The Company is also pleased to advise that its investee company, V-Nova, has 
won further international praise for its next-generation V-Nova PERSEUST 2 
codec which was awarded 'Best Digital Video Processing Technology' at this 
year's CSI Awards. 
 
The all other current investments are progressing in line with management 
expectations. The Board continues to actively source suitable investments and 
thanks all the shareholders for their support. 
 
The Board understands as per previous years, that cost control is important at 
all times and on behalf of the shareholders, the directors carefully keep 
operating costs to a minimum to preserve shareholder value. 
 
For the period, Limitless made a net loss on operations of GBP61,320 (2016: GBP 
65,477) and the unaudited balance sheet reflects the cash and cash equivalents, 
having made a further investment in the period of GBP239,208, at the reporting 
date of GBP791,261 (2016: GBP1,242,626) and Investments held for trading totalling 
  GBP1,535,651 (2016: GBP1,296,443). 
 
For further information, please contact: 
 
Limitless Earth plc                   www.limitlessearthplc.com 
 
Guido Contesso - CEO               +44 7780 700 091 
 
Cairn Financial Advisers LLP        +44 20 7213 0880 
 
Nominated Adviser              www.cairnfin.com 
 
Jo Turner/Tony Rawlinson 
 
Peterhouse Corporate Finance Limited    +44 20 7469 0930 
 
Joint Broker          www.pcorpfin.com 
 
Peter Greensmith 
 
UNAUDITED INCOME STATEMENT AND 
STATEMENT OF COMPREHENSIVE INCOME 
 
6 MONTHSED 31 JULY 2017 
 
                                       Notes     Unaudited  Unaudited    Audited 
 
                                                  31/07/17   31/07/16   31/01/17 
 
Continuing operations                                    GBP          GBP          GBP 
 
Administration expenses                           (67,549)   (66,702)  (185,244) 
 
Operating loss                                    (67,549)   (66,702)  (185,244) 
 
Finance Income                                       6,229      1,225     43,136 
 
Loss before taxation                              (61,320)   (65,477)  (142,108) 
 
Taxation                                                 -          -          - 
 
Loss for the period                               (61,320)   (65,477)  (142,108) 
 
Total Comprehensive loss for the period           (61,320)   (65,477)  (142,108) 
 
Loss attributable to: 
 
Equity Holders                                    (61,320)   (65,477)  (142,108) 
 
Earnings per share: 
 
Basic and diluted loss per share     3             (0.10p)    (0.10p)    (0.22p) 
 
There are no items of other comprehesive income. 
 
UNAUDITED STATEMENT OF FINANCIAL POSITION 
 
AS AT 31 JULY 2017 
 
                                                  Unaudited  Unaudited   Audited 
 
                                                   31/07/17   31/07/16  31/01/17 
 
                                                          GBP          GBP         GBP 
 
Current assets 
 
Investments held for trading                      1,535,651  1,296,443 1,296,443 
 
Trade and Other receivables                          51,102          -    45,102 
 
Cash                                                791,261  1,242,626 1,141,584 
 
                                                  2,378,014  2,539,069 2,483,129 
 
Total Assets                                      2,378,014  2,539,069 2,483,584 
 
Current Liabilities 
 
Trade and other payables                           (37,688)   (60,791)  (81,482) 
 
Net Assets                                        2,340,326  2,478,278 2,401,647 
 
Equity 
 
Issued Share Capital                                654,000    654,000   654,000 
 
Share Premium                                     2,350,630  2,350,630 2,350,630 
 
Share Warrant Reserve                                14,095     14,095    14,095 
 
Retained Earnings                                 (678,399)  (540,447) (617,078) 
 
Total Equity                                      2,340,326  2,478,278 2,543,755 
 
 
 
UNAUDITED CASH FLOW STATEMENT FOR THE 
6 MONTHSED 31 JULY 2017 
 
                                                                                   Unaudited   Unaudited        Audited 
Note 
 
                                                                                    31/07/17    31/07/16       31/01/17 
 
                                                                                           GBP           GBP              GBP 
 
Cash flows from operating activities 
 
Net cash absorbed by operating activities           4                              (117,344)    (80,901)      (223,854) 
 
Cash Flows from Investing Activities 
 
Finance income received net                                                            6,229       1,225         43,136 
 
Purchase of investments                                                            (239,208)   (208,102)      (208,102) 
 
Net Cash Used in Investing activities                                              (232,979)   (206,877)      (164,966) 
 
 
Net increase in cash                                                               (350,323)   (287,778)      (388,820) 
 
Cash at the beginning of period                                                    1,141,584   1,530,404      1,530,404 
 
Cash at the end of the period                                                        791,261   1,242,626      1,141,584 
 
 
 
Statement of Changes in Shareholders' Equity 
 
 
for the period ended 31 July 
2017 
 
                                     Share     Share     Share   Retained     Total 
                                   capital   premium   warrant   earnings 
                                                       reserve 
 
                                         GBP         GBP         GBP          GBP         GBP 
 
Audited Changes in Equity for 
the period ended 31 January 2016 
 
Comprehensive income 
 
Loss for the period                      -         -        -   (175,299) (175,299) 
 
Total Comprehensive loss for the         -         -         -  (175,299) (175,299) 
period 
 
Transactions with owners 
 
Warrant cancellation                    -     28,190  (28,190)         -         - 
 
Total contributions by the               -    28,190  (28,190)         -         - 
owners 
 
At 31 January 2016                 654,000 2,350,630    14,095  (474,971) 2,543,755 
 
Audited Changes in Equity for 
the period ended 31 January 2017 
 
Comprehensive income 
 
Loss for the period                      -         -        -   (142,108) (142,108) 
 
Total contributions by the              -         -          - (142,108)  (142,108) 
owners 
 
At 31 January 2017                 654,000 2,350,630    14,095  (617,079) 2,401,647 
 
Un audited Changes in Equity for 
the period ended 31 July 2017 
 
Comprehensive income 
 
Loss for the period 
 
Total Comprehensive loss for the         -         -         -   (61,320)  (61,320) 
period 
 
Total contributions by the               -         -         -   (61,320)  (61,320) 
owners 
 
At 31 July 2017                    654,000 2,350,630    14,095  (678,399) 2,340,326 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
 1. General Information 
 
    Limitless Earth plc is a company incorporated and domiciled in England and 
    Wales. The Company's ordinary shares are traded on AIM of the London Stock 
    Exchange. The address of the registered office is 30 Percy Street, London 
    W1T 2DB. 
 
    The principal activity of the Company is that of an investing company 
    pursuing a strategy 
 
2. Accounting policies 
 
The principal accounting policies are summarised below. They have all been 
applied consistently throughout the period covered by these financial 
statements. 
 
Basis of preparation 
 
The interim financial information set out above does not constitute statutory 
accounts within the meaning of the Companies Act 2006. It has been prepared on 
a going concern basis in accordance with the recognition and measurement 
criteria of International Financial Reporting Standards (IFRS) as adopted by 
the European Union. 
 
The financial statements have been prepared under the historical cost 
convention. 
 
The interim financial information for the six months ended 31 July 2017 has not 
been reviewed or audited. The interim financial report has been approved by the 
Board on 30 October 2017. 
 
3. Loss per share 
 
The basic earnings per share is calculated by dividing the earnings 
attributable to ordinary shareholders by the weighted average number of 
ordinary shares outstanding during the period. Diluted earnings per share is 
computed using the same weighted average number of shares during the period 
adjusted for the dilutive effect of share warrants and convertible loans 
outstanding during the period. 
 
                                     Unaudited   Unaudited       Audited 
 
                                      31/07/17    31/07/16      31/01/17 
 
Loss from continuing operations       (65,476)    (65,476)     (142,108) 
attributable to equity holders 
of the company 
 
Weighted average number of          65,400,000  65,400,000    65,400,000 
ordinary shares in issue 
 
                                         Pence       Pence         Pence 
 
Basic and fully diluted loss per        (0.10)      (0.10) 
share from continuing operations                                  (0.22) 
 
IAS 33 requires presentation of diluted earnings per share when a company could 
be called upon to issue shares that would decrease earnings per share or 
increase net loss per share. For a loss making company with outstanding share 
options and warrants, net loss per share would only be increased by the 
exercise of out-of-the money options and warrants. Since it seems inappropriate 
that option holders would act irrationally, no adjustment has been made to 
diluted earnings per share for out-of-the money options and warrants in the 
comparatives. There are no other diluting share issues. 
 
4. Cash absorbed by operations 
 
                                       Unaudited             Unaudited     Period to 
 
                                           31/07            31/07/2016           31/ 
                                           /2017                             01/2017 
 
                                               GBP                                   GBP 
                                                                     GBP 
 
Loss for the period                     (67,549)              (66,702)     (185,244) 
 
Finance income                                                               (1,392) 
 
Increase decrease in                     (6,000)                     -      (45,710) 
receivables 
 
Decrease / increase in                  (43,795)              (14,199)         6,492 
payables 
 
Cash absorbed by                       (117,344)              (80,901)     (223,854) 
operations 
 
5. Copies of Interim Accounts 
 
Copies of the interim results are available at the Group´s web site at 
 
www.limitlessearthplc.com . 
 
 
 
END 
 

(END) Dow Jones Newswires

October 31, 2017 03:00 ET (07:00 GMT)

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