Share Name Share Symbol Market Type Share ISIN Share Description
Welney Plc NEX:WENP NEX Ordinary Share GB00B2334P26
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Audited Annual Results For The Year Ended 30 June 2018

03/12/2018 4:57pm

UK Regulatory (RNS & others)


 
TIDMWENP 
 
 
   3 December 2018 
 
   Welney Plc 
 
   ("Welney" or the "Company") 
 
   Audited Annual Results for the year ended 30 June 2018 
 
   Welney Plc (NEX: WENP), are delighted to report its audited annual 
results for the twelve months ended 30 June 2018. 
 
   Chairman's statement 
 
   The Board is pleased to present the results for Welney Plc for the year 
ended 30 June 2018. 
 
   During the year I have continued to look to keep the company's operating 
costs to a minimum whilst I continue to review several different 
proposals to take the Company forward, which at this stage none of which 
have been suitable.  There continues to be a couple of proposals being 
considered and I have continued to maintain the discussions around 
enabling the Company to raise additional funding. 
 
   The Company's investment in GACR (Green Automotive Co), a Nasdaq listed 
Company continues to perform poorly and it continues to be very 
illiquid. 
 
   The Company continues to investigate proposals for our subsidiary 
company Metro Environmental Ltd and will pursue this strategy once 
further funding is forthcoming. 
 
   Semsa International FZC ("Semsa"), the loan note holders, continues to 
support the Company by way of the loan note within the financial 
statements. The directors are pleased to report that the loan note 
holders "Semsa" have agreed to not call in the loans outstanding for at 
least another 12 months. In addition, the company has confirmation of 
further support in relation to the future ongoing costs of the company 
from its shareholder's. 
 
   I hope to be able to report any further developments to shareholders at 
the next AGM, in the meantime the directors will keep costs to a 
minimum. 
 
   Performance Overview 
 
   The financial year to 30 June 2018 has continued to be challenging with 
the board continuing to review the ability to raise additional 
investment and as a consequence this year continues to be hampered by 
cash constraints. 
 
   Financial Results 
 
   The Company's loss for the year from continuing and total operations was 
GBP71,098 (2017: GBP75,649). 
 
   The directors do not recommend the payment of a dividend (2017: nil). 
 
   Significant Accounting Policies 
 
   Going concern 
 
   The financial statements have been prepared on a going concern basis, 
notwithstanding the continuing trading losses. 
 
   The Group meets its day to day financing through its cash reserves, 
equity or debt financing in the form of shareholders' loans and new 
share issues. As at 30 June 2018 the Company has net current liabilities 
of GBP37,604, a deficit in shareholders' funds of GBP267,773 and no cash 
at bank. 
 
   The directors have prepared cash flow forecasts for the period to 30 
June 2020 which assume no unnecessary costs or expenditure. On the basis 
of these forecasts, the fact that the loan note holders have agreed in 
writing to not call in the loans for at least the next 12 months from 
the date of this report, and that the directors have agreed not to take 
any salary or fees until such time as there is sufficient cash reserves 
in the business, the Company is expected to continue to operate within 
its available financial facilities for at least the next 12 months. 
 
   The going concern basis is dependent upon the Company meeting its 
forecasts for 2019/20. These forecasts show that further finance will 
need to be raised for the Company to continue, which may not be 
forthcoming. 
 
   Whilst the directors remain confident that the Company will continue as 
a going concern, this is dependent on their ability to secure the 
necessary funding to take the Company forward and there can be no 
certainty in this respect. 
 
   Nevertheless, after making due and careful enquires and considering all 
uncertainties, the Directors believe the Company will continue in 
operational existence for the foreseeable future. For this reason, the 
Directors continue to adopt the going concern basis in preparing the 
annual report and financial statements. The financial statements do not 
include any adjustments that would result from the basis of preparation 
being inappropriate. 
 
   Please review the Company's annual report for full details. 
 
   Darren Edmonston 
 
   Chairman 
 
   Welney Plc 
 
   3 December 2018 
 
   The directors of Welney Plc accept responsibility for this announcement. 
 
   COMPANY CONTACT DETAILS: 
 
   Darren Edmonston 
 
   Tel: + 44 1279 635511 
 
   NEX CORPORATE ADVISER: 
 
   Alexander David Securities Limited 
 
   David Scott -- Corporate Finance 
 
   James Dewhurst -- Institutional Sales 
 
   Telephone: +44 (0) 20 7448 9820 
 
   http://www.ad-securities.com 
 
   49 Queen Victoria Street, London EC4N 4SA 
 
   WELNEY PLC 
 
   STATEMENT OF PROFIT AND LOSS ACCOUNT 
 
   FOR THE YEAR ENDED 30 JUNE 2018 
 
 
 
 
                           2018          2017 
                           GBP            GBP 
 Administrative 
  expenses                (62,026)     (66,339) 
 
 
 
 
 Operating loss           (62,026)     (66,339) 
 
 Interest payable and 
  similar charges          (8,833)      (9,310) 
 Fair Value Loss             (239)           - 
 
 
 
 Loss on ordinary 
  activities before 
  taxation                (71,098)     (75,649) 
 
 Tax on loss on 
 ordinary 
 activities                     -           - 
 
 
 
 Loss for the year        (71,098)     (75,649) 
 
 
 
Basic and diluted loss 
 per share               (0.005)p    (0.005)p 
 
 
   WELNEY PLC 
 
   STATEMENT OF BALANCE SHEET 
 
   FOR THE YEAR ENDED 30 JUNE 2018 
 
 
 
 
                                                                   2018                       2017 
                                                         GBP        GBP              GBP              GBP 
Fixed assets 
Investments                                                       1,328                             1,567 
 
Current assets 
Debtors                                                9,358                      14,848 
Cash at bank and in hand                                   -                           - 
 
 
 
                                                       9,358                      14,848 
Creditors: amounts falling due within one year       (48,290)                             (39,363) 
 
 
 
Net current liabilities lliabilities/(assets)                   (38,932)                   (24,515) 
 
 
 
Total assets less current liabilities                           (37,604)                   (22,948) 
 
Creditors: amounts falling due after more than one 
 year                                                                      (230,169)                    (173,726) 
 
 
 
                                                               (267,773)                         (196,674) 
 
 
Capital and reserves 
Called up share capital                                       1,545,511                         1,545,511 
Share premium account                                         1,562,336                         1,562,336 
Loan note holders reserve                                        10,714                            10,714 
Share option reserve                                                  -                                 - 
Profit and loss account                                                  (3,386,333)                  (3,315,235) 
 
 
 
Shareholders' funds                                                        (267,773)                    (196,674) 
 
 
 
 
   WELNEY PLC 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   FOR THE YEAR ENDED 30 JUNE 2018 
 
 
 
 
Share capital                                      2018       2017 
                                                    GBP        GBP 
Allotted, called up and fully paid 
1,545,511,000 Ordinary shares of 0.1p each    1,545,511  1,545,511 
 
 
 
 
 
 
 
 
Statement of movements on reserves 
                                                Share                    Profit 
                                              premium  Other reserves   and loss 
                                              account   (see below)      account 
                                                  GBP       GBP            GBP 
Balance at 1 July 2017                      1,562,336          10,714   (3,315,235) 
Loss for the year                                   -               -      (71,098) 
Reclassification of share option reserve 
 to                                                                              - 
to the retained earnings 
 
 
 
Balance at 30 June 2018                     1,562,336          10,714   (3,386,333) 
 
 
 
   WELNEY PLC 
 
   STATEMENT OF CASH FLOW 
 
   FOR THE YEAR ENDED 30 JUNE 2018 
 
 
 
 
                                                              2018                     2017 
                                                     GBP       GBP         GBP          GBP 
 
Cash flows from operating activities                               -                  (18,952) 
 
 
Financial activities 
Loans received from other 
related parties 
 relatedarties                                         -                18,900 
 
 
 
Net cash generated from financing activities 
                                                                                     - 18,900 
 
 
Net decrease in cash and cash equivalents                          -                      (52) 
 
Cash and cash equivalents at beginning ofo                       -                       52 
 
 
 
                                                                   -                      - 
Cash and cash equivalents at end of year 
 
 
 
 
   Welney Plc 
 
 
 
 
 
 

(END) Dow Jones Newswires

December 03, 2018 11:57 ET (16:57 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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