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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Xplorer Plc | LSE:XPL | London | Ordinary Share | GB00B8VWXF68 | 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% | 8.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMXPL
RNS Number : 3954Y
Xplorer PLC
28 November 2014
Xplorer plc
Interim Results for the period ended 30(th) September 2014
Chairman's Statement
I am pleased to present Xplorer plc's interim accounts for the six months ended 30(th) September 2014; a period of continuing good progress.
We have reached commercial agreement with two companies for potential acquisition by Xplorer. In order to ensure that those companies have necessary finance in place for future operations, we are working with the companies to raise funding ahead of initiating any formal acquisition process.
Notwithstanding the current challenging oil price environment, we expect to be in a position to update shareholders shortly.
Roger Tucker
Chairman
28(th) November 2014
For further information, please contact:
Xplorer plc www.xplorerplc.co.uk
John Roddison, Director +44 (0)20 7495 7429 Allenby Capital Limited + 44 (0)20 3328 5656
Financial Adviser
Nick Harriss, Director, Corporate Finance
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 30 September 2014
Hot Features
Premium
Period ended Period ended Year ended
30 September 30 September 31 March 2014
2014 2013 (audited)
(unaudited) (unaudited)
Note GBP GBP GBP
Continuing operations
Revenue - - -
Administrative expenses (274,490) (384,382) (1,025,454)
Operating loss (274,490) (384,382) (1,025,454)
Interest payable
and similar charges - (556) (556)
--------------- --------------- ----------------
Loss before taxation (274,490) (384,938) (1,026,010)
Taxation 2 - - -
Loss for the period (274,490) (384,938) (1,026,010)
Other comprehensive
loss for the period - - -
Total comprehensive
loss for the period
attributable to the
equity owners (274,490) (384,938) (1,026,010)
--------------- --------------- ----------------
Loss per share
Basic and diluted
(GBP per share) 3 (0.02) (0.05) (0.11)
--------------- --------------- ----------------
STATEMENT OF FINANCIAL POSITION
as at 30 September 2014
30 September 30 September 31 March
2014 (unaudited) 2013 (unaudited) 2014
(audited)
Note GBP GBP GBP
Assets
Non-current assets
Property, plant
and equipment 453 604 517
Current assets
Trade and other
receivables 568,246 116,233 546,773
Cash and cash equivalents 65,381 464,204 221,768
Total current assets 633,627 580,437 768,541
------------------- ------------------- -------------
Total assets 634,080 581,041 769,058
------------------- ------------------- -------------
Equity and liabilities
Capital and reserves
Called up share
capital 4 83,627 82,502 83,627
Share Premium 1,358,692 879,292 1,358,692
Retained earnings (1,390,983) (475,421) (1,116,493)
Total equity 51,336 486,373 325,826
Liabilities
Current liabilities
Trade and other
payables 582,744 94,668 443,232
Total liabilities 582,744 94,668 443,232
Total equity and
liabilities 634,080 581,041 769,058
------------------- ------------------- -------------
STATEMENT OF CHANGES IN EQUITY
for the period ended 30 September 2014
Share Premium Retained Total
Called up share earnings
Capital
INTERIM PERIOD END GBP GBP GBP GBP
30(th) SEPTEMBER 2014
Brought forward at
1 April 2014 83,627 1,358,692 (1,116,493) 325,826
Comprehensive income - - - -
for the period
Loss - - (274,490) (274,490)
Total comprehensive
income for the period - - (274,490) (274,490)
As at 30 September
2014 83,627 1,358,692 (1,390,983) 51,336
------------------ -------------- ------------ ------------
INTERIM PERIOD END
30(th) SEPTEMBER 2013
Brought forward at
1 April 2013 75,002 - (90,483) (15,481)
Comprehensive income
for the period
Loss - - (384,938) (384,938)
Total comprehensive
income for the period - - (384,938) (384,938)
Contributions by and
distributions to owners
Issue of share capital
less costs 7,500 879,292 - 886,792
Total contributions
by and distributions
to owners 7,500 879,292 - 886,792
As at 30 September
2013 82,502 879,292 (475,421) 486,373
------------------ -------------- ------------ ------------
YEAR END 31(st) MARCH
2014
Brought forward at
1 April 2013 75,002 - (90,483) (15,481)
Comprehensive income
for the period
Loss - - (1,026,010) (1,026,010)
Total comprehensive
income for the period - - (1,026,010) (1,026,010)
Contributions by and
distributions to owners
Issue of share capital
net of share issue
costs 8,625 1,358,692 - 1,367,317
Total contributions
by and distributions
to owners 8,625 1,358,692 - 1,367,317
As at 31 March 2014 83,627 1,358,692 (1,116,493) 325,826
------------------ -------------- ------------ ------------
STATEMENT OF CASH FLOWS
for the period ended 30 September 2014
Period ended Period ended Year ended
30 September 30 September 31 March
2014 (unaudited) 2013 (unaudited) 2014 (audited)
GBP GBP GBP
Cash flow from operating
activities
Operating loss (274,490) (383,796) (1,025,454)
Finance costs paid - (586) -
Depreciation charges 64 86 173
Changes in working capital
(Increase)/decrease
in Trade and other receivables (21,473) 93,797 180,757
Increase in Trade and
other payables 139,512 42,070 425,732
Net cash used in operating
activities (156,387) (248,429) (418,792)
Cash flows from financing
activities
Proceeds from issuance
of shares net of issue
costs - 886,792 749,817
Convertible loan notes - (100,000) -
Amount repaid to directors - - (35,098)
Net cash generated from
financing activities - 786,792 714,719
Cash flows from investing
activities
Purchase of property,
plant and equipment - (690) (690)
Interest paid - (556) (556)
------------------ ------------------ ----------------
Net cash used in investing
activities - (1,246) (1,246)
Increase/(Decrease)
in cash and cash equivalents (156,387) 537,117 294,681
Cash and cash equivalents
at beginning of period 221,768 (72,913) (72,913)
Cash and cash equivalents
at end of period 65,381 464,204 221,768
------------------ ------------------ ----------------
Notes to the interim financial information
1. Accounting Policies a) Basis of Preparation
These interim consolidated financial statements are for the six months ended 30 September 2014 and have been prepared in accordance with International Accounting Standard 34 "Interim Financial Statements". The accounting policies applied are consistent with International Financial Reporting Standards (IFRS) adopted for use by the European Union. The accounting policies and methods of computation used in the interim consolidated financial statements are consistent with those used in the Company's Annual Report for 2014 and are expected to be applied for the year ended 31 March 2015. The operations of Xplorer Plc are not affected by seasonal variations.
These financial statements were approved by the Board on 28(th) November 2014.
b) Significant accounting judgements, estimates and assumptions
Management have considered the significant accounting judgements, estimates and assumptions used within the non-statutory financial statements and do not consider there to be any which would materially affect the financial statements.
c) Financial Instruments
Financial assets and liabilities are recognised in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument. The Company currently does not use derivative financial instruments to manage or hedge financial exposures or liabilities.
d) Segmental Reporting
For the purpose of IFRS8 the chief operating decision ("CODM") maker takes the form of the Directors. The Directors are of the opinion that the business comprises of a single economic activity, being the acquisition of businesses or assets in the natural resources sector and the currently this activity is undertaken solely in the United Kingdom. All of the income and non-current assets are derived from the United Kingdom. No single customer accounts for more than 10% of income. At meetings of the Directors, income, expenditure, cash flows, assets and liabilities are reviewed on a whole Company basis. Based on the above considerations there is considered to be one reportable segment only namely the acquisition of businesses or asset in the Natural Resources Sector.
Therefore the financial information of the single segment to the same as that set out in the company statement of comprehensive income, company statement of financial position, the company statement of changes to equity and the company statement of cashflows.
e) Dividends
The Directors do not propose a dividend in respect of the period ended 30 September 2014 (Year end 31st March 2014: nil).
f) Going Concern
The Directors having made due and careful enquiry, are of the opinion that the Group has adequate working capital to execute its operations over the next 12 months. The Directors therefore have made an informed judgment, at the time of approving financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors have adopted the going concern basis of accounting is in the preparation of the annual financial statements.
2. Income tax
Analysis of charge in the period
Period ended Period ended Year ended
30 September 30 September 31 March 2014
2014 2013
GBP GBP GBP
Current tax:
UK corporation tax on loss - - -
for the period
Deferred tax - - -
------------- ------------- --------------
Tax on loss on ordinary - -
activities
------------- ------------- --------------
Period ended Period ended Year ended
30 September 30 September 31 March
2014 2013 2014
GBP GBP GBP
Loss on ordinary activities
before tax (274,490) (384,938) (1,026,010)
Loss on ordinary activated
multiplied by small companies
rate of corporation tax
in the UK of 20% (54,898) (76,988) (205,202)
Effects of:
Loss carried forward 54,898 76,988 205,202
Current tax charge for
the period as above - - -
Effects of:
Loss brought forward (1,116,493) (90,483) (90,483)
Loss in year (274,490) (384,938) (1,026,010)
Loss carried forward (1,390,983) (475,421) (1,116,493)
The Company has tax losses arising in the UK of approximately GBP1,390,983 that are available, under current legislation, to be carried forward against future profits.
3. Loss per share
The calculation of loss per share is based on the following loss and number of shares:
Period ended Period ended Year end
30 September 30 September 31 March 2014
2014 2013
GBP GBP GBP
Loss for the year
from continuing operations (274,490) (384,938) (1,026,010)
Weighted average shares
in issue:
Basic 12,375,100 7,110,756 9,187,225
Diluted 12,375,100 7,110,756 9,187,225
Loss per share
Basic (0.02) (0.05) (0.11)
Diluted (0.02) (0.05) (0.11)
Basic loss per share is calculated by dividing the loss for the year from continuing operations of the company by the weighted average number of ordinary shares in issue during the year.
4. Called up share capital
Ordinary Shares of GBP0.001 Number of shares Amount
GBP
Balance at 31 March 2014 12,375,100 12,375
Issued in period - -
Balance at 30 September
2014 12,375,100 12,375
Deferred Shares of GBP0.95 Number of shares Amount
GBP
Balance at 31 March 2014 75,002 71,252
Issued in period - -
Balance at 30 September
2014 75,002 71,252
---------------- ------
The ordinary shares have attached to them full voting, dividend and capital distribution rights (including on a winding up). The ordinary shares do not confer any rights of redemption.
The deferred shares have attached to them no rights to dividends until the holders of the ordinary shares have received GBP100,000,000 for each ordinary share held by them. The right to partake in a capital distribution (including on a winding up) once the holders of the ordinary shares have received the sum of GBP1,000,000 per ordinary share. No right to attend or vote at a general meeting of the company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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