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

GlobeNewswire Inc.


Welney (NEX:WENP)
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Audited Annual Results for the year ended 30 June 2018

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 £71,098 (2017: £75,649).

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 £37,604, a deficit in shareholders’ funds of £267,773 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 ChairmanWelney Plc

3 December 2018

The directors of Welney Plc accept responsibility for this announcement.

COMPANY CONTACT DETAILS:

Darren EdmonstonTel: + 44 1279 635511

NEX CORPORATE ADVISER:Alexander David Securities Limited David Scott – Corporate Finance James Dewhurst – Institutional Sales  Telephone: +44 (0) 20 7448 9820http://www.ad-securities.com49 Queen Victoria Street, London EC4N 4SA

WELNEY PLCSTATEMENT OF PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2018

    2018 2017 
    £ £ 
 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   
  ££££ 
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 20182017 
 ££ 
Allotted, called up and fully paid  
1,545,511,000 Ordinary shares of 0.1p each 1,545,5111,545,511 
 
     

Statement of movements on reserves  
 Share premium accountOther reserves (see below)Profit and loss account 
 £££ 
Balance at 1 July 2017 1,562,33610,714 (3,315,235)
Loss for the year -- (71,098)
Reclassification of share option reserve  to    - 
to the retained earnings     
 
       
 
Balance at 30 June 2018 1,562,33610,714 (3,386,333)
 
       

WELNEY PLC STATEMENT OF CASH FLOW

FOR THE YEAR ENDED 30 JUNE 2018

 2018 2017 
  ££££ 
 
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 
 
     

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