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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Q Resources | LSE:QRES | London | Ordinary Share | JE00B3MJTG49 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMQRES RNS Number : 2341T Q Resources Plc 24 September 2010 24 September 2010 Q Resources Plc Interim Report For the period from 13 November 2009 to 30 June 2010 Q Resources Plc ("Q Resources" or the "Company") today announces its unaudited interim results for the period 13 November 2009 to 30 June 2010. A copy of the Interim Report will also be available on the Company's website shortly (www.qresourcesplc.com). Contact details: +--------------------------------+------------------------------------+ | Q Resources PLC | +44 (0)20 7360 4900 (c/o Alex | | Ivan Murphy, Non-Executive | Simmons at Smithfield) | | Chairman | | | | | +--------------------------------+------------------------------------+ | Smithfield Consultants Limited | +44 (0)20 7360 4900 | | Financial PR | | | Alex Simmons / John Kiely | | | | | +--------------------------------+------------------------------------+ | Fairfax I.S. PLC | +44 (0)20 7598 5368 | | Nomad and Broker | | | Ewan Leggat/Katy Birkin | | | | | +--------------------------------+------------------------------------+ CHAIRMAN'S STATEMENT After a successful launch last April on the AIM Market in London the Company has progressed on its strategy to secure top industry talent and then bring an asset into the Company. In July this year Dr. Michael Price and Bernie Pryor joined the Company as Senior Non-Executive Director and CEO respectively. The additional experience they bring gives your Company an excellent team to evaluate, secure and develop mining projects around the world. Since Dr. Price and Mr. Pryor joined the Company the board has worked with them to define further our strategy and identify opportunities. We are currently reviewing a number of potential assets that would sit well within Q Resources PLC and I look forward to updating you in more detail as we progress further on these deals. We continue to work well with all our professional advisers and I would like to thank them on behalf of the board. Ivan Murphy Chairman CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010 +--------------------------+------+-----------+ | | | 30/06/10 | +--------------------------+------+-----------+ | | Note | Unaudited | +--------------------------+------+-----------+ | | | GBP | +--------------------------+------+-----------+ | | | | +--------------------------+------+-----------+ | EXPENDITURE | | | +--------------------------+------+-----------+ | Initial start up costs | | 188,796 | +--------------------------+------+-----------+ | Directors fees | | 33,333 | +--------------------------+------+-----------+ | Administration fees | | 32,444 | +--------------------------+------+-----------+ | Legal and professional | | 56,814 | | fees | | | +--------------------------+------+-----------+ | Marketing, travel and | | 25,010 | | entertainment | | | +--------------------------+------+-----------+ | Directors liability | | 8,050 | | insurance | | | +--------------------------+------+-----------+ | Depreciation charge | | 32 | +--------------------------+------+-----------+ | Sundry expenses | | 377 | +--------------------------+------+-----------+ | Loss on foreign exchange | | 52 | +--------------------------+------+-----------+ | Bank interest and | | 458 | | charges | | | +--------------------------+------+-----------+ | Annual filing fees | | 6,011 | +--------------------------+------+-----------+ | | | | +--------------------------+------+-----------+ | Loss for the period | | (351,377) | | before taxation | | | +--------------------------+------+-----------+ | | | | +--------------------------+------+-----------+ | Taxation | 6 | - | +--------------------------+------+-----------+ | | | | +--------------------------+------+-----------+ | Loss for the period | | (351,377) | | after taxation | | | +--------------------------+------+-----------+ | | | | +--------------------------+------+-----------+ | Total comprehensive loss | | | | for the period is | | | | attributable to: | | | +--------------------------+------+-----------+ | Owners | | (351,377) | +--------------------------+------+-----------+ The above results are derived from continuing operations. The notes form an integral part of these interim financial statements. CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010 +------------------------+----------------------------+----------------------------+ | | | 30/06/10 | +------------------------+----------------------------+----------------------------+ | | Note | Unaudited | +------------------------+----------------------------+----------------------------+ | | | GBP | +------------------------+----------------------------+----------------------------+ | ASSETS | | | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Non current assets | | | +------------------------+----------------------------+----------------------------+ | Property, plant and | 4 | 3,101 | | equipment | | | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Total non-current | | 3,101 | | assets | | | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Current assets | | | +------------------------+----------------------------+----------------------------+ | Other receivables | | 21,000 | +------------------------+----------------------------+----------------------------+ | Cash and cash | | 2,834,033 | | equivalents | | | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Total current assets | | 2,855,033 | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Total net assets | | 2,858,134 | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | EQUITY AND LIABILITIES | | | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Capital and reserves | | | +------------------------+----------------------------+----------------------------+ | Share capital | 5 | 3,157,422 | | | | | +------------------------+----------------------------+----------------------------+ | Retained earnings | | (351,377) | +------------------------+----------------------------+----------------------------+ | | | 2,806,045 | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Current liabilities | | | +------------------------+----------------------------+----------------------------+ | Creditors and other | | 52,089 | | payables | | | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Total liabilities | | 52,089 | +------------------------+----------------------------+----------------------------+ | | | | +------------------------+----------------------------+----------------------------+ | Total equity and | | 2,858,134 | | liabilities | | | +------------------------+----------------------------+----------------------------+ The interim financial statements were approved by the Board of Directors and authorised for issue on 23 September 2010 signed on its behalf by: Stephen Folland Director The notes form an integral part of these interim financial statements. CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010 +-----------------------+----------+-----------+-----------+-----------+ | | | Share | Retained | | | | Notes | Capital | earnings | Total | +-----------------------+----------+-----------+-----------+-----------+ | | | GBP | GBP | GBP | +-----------------------+----------+-----------+-----------+-----------+ | | | | | | +-----------------------+----------+-----------+-----------+-----------+ | Issue of shares | 5 | 3,275,002 | - | 3,275,002 | +-----------------------+----------+-----------+-----------+-----------+ | | | | | | +-----------------------+----------+-----------+-----------+-----------+ | Placing costs | 5 | (117,580) | - | (117,580) | +-----------------------+----------+-----------+-----------+-----------+ | | | | | | +-----------------------+----------+-----------+-----------+-----------+ | Loss for the period | | - | (351,377) | (351,377) | +-----------------------+----------+-----------+-----------+-----------+ | | | | | | +-----------------------+----------+-----------+-----------+-----------+ | | | | | | +-----------------------+----------+-----------+-----------+-----------+ | At 30 June 2010 | | 3,157,422 | (351,377) | 2,806,045 | +-----------------------+----------+-----------+-----------+-----------+ The notes form an integral part of these interim financial statements. CONDENSED STATEMENT OF CASH FLOW FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010 +-----------------------------------+-----------+ | | 30/06/10 | +-----------------------------------+-----------+ | | Unaudited | +-----------------------------------+-----------+ | | GBP | +-----------------------------------+-----------+ | Cash flows from operating | | | activities | | +-----------------------------------+-----------+ | Loss for the year before taxation | (351,377) | +-----------------------------------+-----------+ | Adjustments for: | | +-----------------------------------+-----------+ | Depreciation charge | 32 | +-----------------------------------+-----------+ | Increase in other receivable | (21,000) | +-----------------------------------+-----------+ | Increase in accruals | 52,089 | +-----------------------------------+-----------+ | | | +-----------------------------------+-----------+ | Net cash used in operating | (320,256) | | activities | | +-----------------------------------+-----------+ | | | +-----------------------------------+-----------+ | Cash flows from investing | | | activities | | +-----------------------------------+-----------+ | Purchase of property, plant and | (3,133) | | machinery | | +-----------------------------------+-----------+ | | | +-----------------------------------+-----------+ | Net cash used in investing | (3,133) | | activities | | +-----------------------------------+-----------+ | | | +-----------------------------------+-----------+ | Cash flows from financing | | | activities | | +-----------------------------------+-----------+ | Proceeds from issue of shares | 3,157,422 | +-----------------------------------+-----------+ | | | +-----------------------------------+-----------+ | Net cash generated from financing | 3,157,422 | | activities | | +-----------------------------------+-----------+ | | | +-----------------------------------+-----------+ | Net increase in cash and cash | 2,834,033 | | equivalents | | +-----------------------------------+-----------+ | Cash and cash equivalents at | - | | beginning of the period | | +-----------------------------------+-----------+ | Cash and cash equivalents at end | 2,834,033 | | of the period | | +-----------------------------------+-----------+ The notes form an integral part of these interim financial statements. NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD FROM 13 NOVEMBER 2009 TO 30 JUNE 2010 1. GENERAL INFORMATION Q Resources Plc (the "Company") is a public company limited by shares, incorporated in Jersey on 13 November 2009, whose registered office is 43/45 La Motte Street, St Helier, Jersey, JE4 8SD. The Company has been established to identify, acquire and make investments in resource assets with an initial focus on Africa and/or South America. On 9 April 2010, the Company commenced trading its ordinary shares on AIM, a market operated by the London Stock Exchange plc ("AIM"). These interim financial statements prepared to 30 June 2010 have not been audited. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below: (a) Basis of preparation These interim financial statements for the period ended 30 June 2010 have been prepared in accordance with IAS 34, 'Interim financial reporting'. The annual financial statements will be prepared in accordance with International Financial Reporting Standards (IFRS), and under the historical cost convention, as issued by the International Accounting Standards Board (IASB) as adopted by the European Union. The directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future and for this reason they continue to adopt the going concern basis in preparing the financial statements. The accounting policies stated in the interim financial statements will be used for the full annual financial statements. (b) Foreign currencies (i) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in Sterling (GBP), which is the Company's functional and presentation currency, as the directors consider GBP as the currency that most faithfully reflects the economic effects of the underlying transactions, events and conditions. (ii) Transactions and balances Transactions denominated in foreign currencies are translated into the measurement currency at the rates of exchange ruling at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement. Such balances are translated at year-end exchange rates. (c) Cash and cash equivalents Cash comprises cash at bank. Cash equivalents are short term and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. (d) Taxation Income tax expense comprises current and deferred tax. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the balance sheet date. Deferred tax is provided using the liability method for all temporary difference arising between the tax basis of assets and liabilities and their carrying values for financial reporting purposes. Current enacted tax rates are used to determine deferred tax. (e) Provisions Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. At the time of the effective payment, the provision is deducted from the corresponding expenses. All known risks at balance sheet date are reviewed in detail and provision is made where necessary. (f) Property, plant and equipment All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated using the straight-line method to allocate the cost over the assets' estimated useful lives, as follows: Computer equipment: 4 years The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount. (g) Financial instruments Financial assets and liabilities are recognised on the statement of financial position when the Company has become a party to the contractual provisions of the instrument. The Company's policies in respect of the main financial instruments are as follows: Other receivables Other receivables are stated at fair value which is their nominal value as reduced by appropriate allowances for irrecoverable amounts. Other payables Other payables are stated at fair value which is their nominal value. Cash resources Cash resources comprise cash at bank. Cash resources are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. (h) Areas of judgement and sources of estimation uncertainty The preparation of financial statements in conformity with IFRS requires the Board to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods. (i) Operation segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. Currently the Company only operates in one geographical location. 3. FINANCIAL RISK MANAGEMENT Financial risk factors The Company's activities expose it to a variety of financial risks; credit risk, and market risk. The Company has financial instruments of other receivables, cash and cash equivalents and other items such as accruals, and other payables. The Company held no derivative instruments during the period ended 30 June 2010. Credit Risk Credit risk arises when a failure by counterparty to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the balance sheet date. The Company's credit risk arises principally from cash and cash equivalents. The Company's policy is to maintain its cash balance and short term deposits with a reputable banking institution and to monitor the placement of cash and deposit balances on an ongoing basis. Market Risk (a) Cash flow and fair value interest rate risk The Company's cash flow is monitored at regular intervals by the Board. The interest rates at which the cash and deposits are placed are fixed in nature and hence the Company is not exposed to the risk of fluctuating interest rates. Since the financial statements of the Company show cash at cost, the question of fair value risk for the same does not arise. (b) Foreign currency risk Foreign currency risk arises when future commercial transactions or recognised monetary assets and liabilities are denominated in a currency other than the Company's functional currency. Capital Risk Management The Company's objectives when managing the capital are to safeguard the ability to continue as a going concern in order to provide returns and value for its shareholder. 4. PROPERTY, PLANT AND EQUIPMENT +------------------------+-----------+ | | Computer | | | equipment | +------------------------+-----------+ | | GBP | +------------------------+-----------+ | | | +------------------------+-----------+ | Additions | 3,133 | +------------------------+-----------+ | Depreciation charge | (32) | +------------------------+-----------+ | | | +------------------------+-----------+ | Closing net book | 3,101 | | amount | | +------------------------+-----------+ During the period, the Company purchased computer equipment to be used by one of the directors for the Company. 5. SHARE CAPITAL +---------------------------------------------+------------+-----------+ | | Number of | Share | | | Ordinary | Capital | | | shares of | | | | no par | | | | value | | +---------------------------------------------+------------+-----------+ | | | GBP | +---------------------------------------------+------------+-----------+ | | | | +---------------------------------------------+------------+-----------+ | Initial shares | 2 | 2 | +---------------------------------------------+------------+-----------+ | Additional shares - 1 April 2010 | 54,583,333 | 3,157,420 | +---------------------------------------------+------------+-----------+ | | | | +---------------------------------------------+------------+-----------+ | As at 30 June 2010 | 21,428,571 | 3,157,422 | +---------------------------------------------+------------+-----------+ The initial shares of the Company were issued on 13 November 2009 upon incorporation. On 1 April 2010 the Company issued 54,583,333 ordinary shares of no par value in the Company at six pence per ordinary share to raise GBP3.275 million before expenses. At the time of the above placement the Company issued a total of 13,645,833 Series 'A' 2010 warrants. These are issued on the basis of one warrant for every four ordinary shares placed. The warrant subscription period is the earlier of the date 10 Business days after an offer becomes or is declared unconditional in all aspects or the first anniversary of the date of admission to "AIM". The subscription price is six pence per share. At the time of the above placement the Company issued a total of 5,000,000 Series 'B' 2010 warrants. The warrant subscription period is the earlier of the date 10 Business days after an offer becomes or is declared unconditional in all aspects or the date which is 18 months from the date of admission to AIM. The subscription price is 12 pence per share. The directors of the Company have been granted options in the Company. The total amount of options to acquire ordinary shares is 11,800,000. 5,000,000 of the options are exercisable from the date of a reverse takeover and ending three years thereafter, the option strike price being six pence per share. 6,800,000 of the options are exercisable in three tranches; 2,600,000 at completion of the first transaction, 2,100,000 12 months thereafter and 2,100,000 24 months thereafter, the option strike price being 20 pence per share. Of these 6,800,000 options, share performance hurdles apply whereby the closing price per share shall be at least 20%, 25% & 30% higher then the option price for 10 days prior to the exercise of the option in respect of the first, second and third tranches detailed. Placing costs As required by IAS 32, "Financial Instruments: Presentation", incremental costs directly attributable to the issue of new shares have been recorded as a deduction from the proceeds of such issue. The proceeds arising from the issuance of shares by the Company and the related placement and other directly attributable fees offset against them is as follows: +---------------------------------------------------+-----------+ | | GBP | +---------------------------------------------------+-----------+ | | | +---------------------------------------------------+-----------+ | Proceeds arising from issuance of shares | 3,275,000 | +---------------------------------------------------+-----------+ | Less placement fees and other directly | (117,580) | | attributable issue costs | | +---------------------------------------------------+-----------+ | | | +---------------------------------------------------+-----------+ | | 3,157,420 | +---------------------------------------------------+-----------+ 6. TAXATION With effect from the 2009 year of assessment Jersey abolished the exempt company regime for existing companies. Profits arising in the Company for the 2009 year of assessment and future periods will be subject to tax at the rate of 0%. 7. CONTINGENT LIABILITIES At 30 June 2010, the Company has no material litigation claims outstanding, pending or threatened against, which could have a material effect on the Company's financial position or results of operations. 8. CONTROLLING PARTY In the opinion of the directors, no one individual has control of the Company, and ultimate control rests with the board of directors. This information is provided by RNS The company news service from the London Stock Exchange END IR SEMFMDFSSEDU
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