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Share Name Share Symbol Market Type Share ISIN Share Description
East Imperial Plc LSE:EISB London Ordinary Share GB00BMZ1ND56 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -4.35% 11.00 10.50 11.50 11.50 10.75 11.50 665,049 11:31:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Beverages - - - - 33

East Imperial PLC Bermele Interim Accounts

13/09/2021 7:00am

UK Regulatory (RNS & others)


East Imperial (LSE:EISB)
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RNS Number : 4863L

East Imperial PLC

13 September 2021

EAST IMPERIAL PLC (FORMERLY BERMELE PLC)

Interim Management Report

For the Period 1 January 2021 to 30 June 2021

Overview

During this period of six months from 1 January 2021 to 30 June 2021, the company agreed to acquire East Imperial Pte Ltd (the Acquisition) for an aggregate consideration of GBP24.45 million by way of a reverse takeover. This transaction took place on 19 July 2021. On that date the company changed its name to East Imperial PLC and its ticker to EISB.

The company (previously Bermele Plc) now operates as East Imperial Plc as of the 19 July 2021. This report does not reflect this trading entity as it covers the six-month period to 30 June 2021.

The directors expect the acquisition of East Imperial Pte to be accounted for in the Company's next published statutory financial statements, for the year ending 31 December 2021, as a reverse takeover with those financial statements being presented as a continuation of the activities of the deemed acquirer, East Imperial Pte. The historical financials herein reflect only the entity as it existed pre the acquisition transaction.

The Company (as Bermele Plc) incurred a loss of GBP308,977 for the period ended 30 June 2021. The loss for the period results from the on-going administrative expenses of GBP308,977 reflecting the payroll, cost of being listed and the pursuit and expenses relating to the reverse takeover of East imperial Pte Ltd.

Cash Flow and Net Debt

The company's cash balance as of 30 June 2021 was GBP13,450. However, it raised GBP 3 million gross proceeds in the Placing in July 2021 to provide working capital for the enlarged group.

Dividends

The directors have not declared an interim dividend for the six months ended 30 June 2021.

Directors

On 3 August 2021, Dr Sue Johnson, Derek Ward & Anthony Reeves resigned from the board. They were replaced by Rabindra Lal Soni, Anthony James Burt, Andrew Jason Robertson of East Imperial and Charles Caminada & Dr Olufunke Abimbola. Mr Toby Hayward remains a non-executive director.

Statement of directors' responsibilities in respect of the interim results

The Directors being Toby Hayward, Rabindra Lal Soni, Anthony James Burt, Andrew Jason Robertson, Charles Caminada & Dr Olufunke Abimbola confirm that the set of interim financial statements has been prepared in accordance with international Accounting Standard 34 "interim financial reporting", as adopted by the European Union and that interim report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely an indication of important events that have occurred during the first six months the financial year; and material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.

EAST IMPERIAL PLC (FORMERLY BERMELE PLC)

Condensed Statement of Comprehensive Income (Unaudited)

For the Period 1 January 2021 to 30 June 2021

 
 
                                              6 Month Period    6 Month 
                                                to 30 June      Period to 
                                                   2021          31 July 
                                                                  2020 
                                                (Unaudited)    (Unaudited) 
                                       Notes       GBP            GBP 
 
 
  Administrative expenses                          (307,402)     (292,384) 
 
OPERATING LOSS                                     (307,402)     (292,384) 
Interest payment                                           -             - 
 
LOSS AND TOTAL COMPREHENSIVE LOSS 
 FOR THE FINANCIAL PERIOD                          (307,402)     (292,384) 
                                              ==============  ============ 
 
 
 
 
Basic and diluted earnings per share 
 
Basic and diluted (pence per share)      3        (2.80)         (1.90) 
                                              ==============  ============ 
 
 
 
 

EAST IMPERIAL PLC (FORMERLY BERMELE PLC)

Condensed Statement of Financial Position (Unaudited)

As at 30 June 2021

 
                                              As at 30 June             As at 31 Dec 2020 
                                                   2021 
                                                (Unaudited)                  (Audited) 
                                   Notes     GBP         GBP             GBP         GBP 
CURRENT ASSETS 
Cash at bank and in hand             4       13,450                      59,284 
Debtors                              5      294,892                     265,812 
 
                                            308,342                     325,096 
Creditors: Amounts Falling 
 Due Within One Year                 6    (465,132)                   (174,484) 
 
NET CURRENT ASSETS (LIABILITIES)                       (156,790)                     150,612 
 
TOTAL ASSETS LESS CURRENT 
 LIABILITIES                                           (156,790)                     150,612 
 
NET ASSETS                                             (156,790)                     150,612 
                                                     ===========                 =========== 
 
CAPITAL AND RESERVES 
Called Up share Capital              7                   222,000                     222,000 
Share Premium                        7                 1,098,000                   1,098,000 
Share Option Reserve                                     118,154                     118,154 
Convertible Loan Reserve                                   1,575                       1,575 
Profit and Loss Account                              (1,596,510)                 (1,289,117) 
 
SHAREHOLDERS' FUNDS                                    (156,790)                     150,612 
                                                     ===========                 =========== 
 
 

EAST IMPERIAL PLC (FORMERLY BERMELE PLC)

Condensed Statement of Changes in Equity (Unaudited)

For the Period 1 January 2021 to 30 June 2021

 
                                     Share     Share        Share Based        Accumulated   Total 
                                    Capital    Premium         Payment               Losses    Equity 
                                        GBP         GBP                 GBP             GBP           GBP 
 
 
 
    As at 31 January 2020           200,000     900,000              92,160       (750,994)     (441,166) 
   Comprehensive income 
   Loss for the period                    -           -                   -       (210,818)     (210,818) 
                                -----------  ----------  ------------------  --------------  ------------ 
   Transactions with owners 
   Issue of ordinary shares          22,000     198,000                   -               -     1,320,000 
 
   As at 31 July 2020               222,000   1,098,000              92,160       (961,812)       450,348 
                                ===========  ==========  ==================  ==============  ============ 
 
 
                          Share       Share       Share   Convertible      Accumulated   Total Equity 
                        Capital     Premium      Option          Loan           Losses 
                                                Reserve       Reserve 
                       GBP        GBP         GBP         GBP           GBP             GBP 
 
   As at 31 December 
    2020               222,000    1,098,000   118,154     1,575         (1,289,117)     (150,612) 
 
   Comprehensive 
   income 
   Loss for the 
    period             -          -           -           -             (307,402)       (307,402)) 
                      ---------  ----------  ----------  ------------  --------------  ------------- 
   Transactions with 
   owners 
 
   As at 30 June 
    2021               222,000    1,098,000   118,154     1,575         (1,596,510)     (156,790) 
 

EAST IMPERIAL PLC (FORMERLY BERMELE PLC)

Condensed Statement of Cash Flow Forecast (Unaudited)

For the Period 1 January 2021 to 30 June 2021

 
 
 
 
The financial statement of cash flows of the Company for the period from 1 January 2021 - 
 30 June 2021 is as follows: 
 
                                                   Period ended   Period ended 
                                                        30 June        30 June 
                                                           2021           2020 
                                                    (Unaudited)    (Unaudited) 
                                                            GBP            GBP 
 
  Cash flows from operations 
                                                  -------------  ------------- 
  Loss for the period                                 (307,402)      (210,818) 
                                                  -------------  ------------- 
 
  Decrease in trade payables                            290,648       (37,176) 
                                                  -------------  ------------- 
  increase in Receivables                              (29,080)      (239,256) 
                                                  -------------  ------------- 
 
  Cash flows from financing activities                 (45,834)      (487,250) 
                                                  -------------  ------------- 
 
  Proceeds from issue of share capital/Ordinary 
   Shares to be issued                                        -        220,000 
                                                  -------------  ------------- 
 
  Net cash flow in the period                            45,834        267,250 
                                                  -------------  ------------- 
 
  Cash and cash equivalents at the beginning 
   of the period                                         59,284        490,988 
                                                  -------------  ------------- 
  Cash and cash equivalents at the end 
   of the period                                         13,450        223,738 
                                                  -------------  ------------- 
 

EAST IMPERIAL PLC

Notes to the Condensed Interim Financial Statements

For the Period 1 January 2021 to 30 June 2021

 
 
 

1. Accounting Policies

1.1. Basis of Preparation of Interim Financial Statements

The condensed financial statements have been prepared in accordance with IAS 34 "Half Year Financial Reporting" as adopted by the European Union and the Disclosure and Transparency Rules of the Financial Conduct Authority. These condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006, do not include all the notes of the type normally included in an annual financial report and have not been audited or reviewed by the auditors pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information. Accordingly, this report should be read in conjunction with the annual report for the year ended 31 December 2020 (the "Annual Financial Statements"), which has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"). The Annual Financial Statements constitute statutory accounts as defined in section 434 of the Companies Act 2006 and a copy these statutory accounts has been delivered to the Registrar of Companies. The auditor's report on those statutory accounts was unqualified, drew attention to a material uncertainty in relation to going concern by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The accounting policies adopted in the preparation of the condensed financial statements are consistent with those used to prepare the financial statements for the year ended 31 December 2020 and those applicable for the year ended 31 December 2021. The preparation of the condensed financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed financial statements, the significant judgements made by management in applying the accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Annual Financial Statements described above. The condensed financial statements have been prepared on a going concern basis, under the historical cost convention.

2. Going Concern

The Company had cash of GBP13,450 as at 30 June 2021. However, in July 2021 the company raised GBP3 million gross proceeds in a Placing of new shares. On this basis, the Board considers the company to have sufficient resources to remain in operational existence for the foreseeable future and carry out its expansion plans.

3. Loss per share - basic and diluted

 
                                                 6 Months Period to 30 June 2021   6 Months Period to 31 July 2020 
                                                                             GBP                               GBP 
 Loss for period attributable to equity 
  holders of the Company                                               (307,402)                         (210,818) 
 Weighted average number of ordinary shares                           10,947,945                        10,839,452 
                                                --------------------------------  -------------------------------- 
 Loss per share                                                           (2.80)                            (1.90) 
                                                ================================  ================================ 
 

In accordance with IAS33 the weighted average number of shares in issue has been retrospectively adjusted to reflect the 1 for 10 share consolidation approved by shareholders on 16 July 2021.

4. Cash and cash equivalents

 
                   As at 30 June 2021   As at 31 Dec 2020 
                          GBP                  GBP 
 Cash at bank            13,450                    59,284 
                  -------------------  ------------------ 
                         13,450                    58,284 
  ==============  ===================  ================== 
 

All bank balances are denominated in pounds sterling. The Directors consider that the carrying value of cash and cash equivalents represents their fair value.

EAST IMPERIAL PLC

Notes to the Condensed Interim Financial Statements

For the Period 1 January 2021 to 30 June 2021

 
 
 

5. Debtors

 
                                        As at 30   As at 31 
                                        June 2021   Dec 2020 
                                          GBP         GBP 
Due within one year 
Prepayments and accrued income             27,375      7,884 
Convertible Loan - East Imperial Ltd      250,000    250,000 
VAT                                        17,517      7,928 
 
                                          294,892    265,812 
 
 

6. Creditors: Amounts Falling Due Within One Year

 
                    As at 30   As at 31 
                    June 2021   Dec 2020 
                      GBP         GBP 
Trade creditors       193,588     19,450 
Accruals               22,000     32,000 
Convertible Loan      196,850     98,425 
Other Payables         52,694     24,609 
                      465,132    174,484 
 
 

7. Share capital and share premium

GBP

As at 31 December 2020 1,320,000

Issue of Capital 0 __________

As at 30 June 2021

1,320,000

__________

The Company was incorporated on 20 September 2017. On incorporation, 10,000,000 Ordinary Shares were issued at par value of GBP0.001 each.

On 25 July 2018, the Company issued a further 90,000,000 Ordinary Shares at par value of GBP0.001 each

On 9 May 2019, the Company issued a further 100,000,000 Ordinary Shares at par value of GBP0.001 each at GBP0.01 per share.

On 19 February 2020, the Company issued a further 22,000,000 Ordinary Shares at par value of GBP0.001 each at GBP0.01 per share.

 
 
 
                  8. Events after the reporting date 
 
                  On 30 June 2021 the Company published a prospectus containing, inter alia, proposals concerning 
 
                   *    the acquisition of East Imperial Pte. Ltd by way of 
                        the issue of 240,702,581 consideration shares at 10p; 
 
 
                   *    the placing of 30,000,000 new Ordinary Shares at 10p 
                        per share to raise GBP3 million before costs; 
 
 
                   *    change of name to East Imperial plc; 
 
 
                   *    share consolidation; and 
 
 
                   *    re-admission of the enlarged share capital to the 
                        Official List 
 
 
 
                  The transactions obtained shareholder approval and completed on 16 July 2021 and trading in 
                  the Company's shares re-commenced on 19 July 2021. Full details of these transactions and 
                  a copy of the prospectus can be found at: 
 
                  Bermele Plc - EISB Prospectus - Bermele 
 
                  The directors expect the acquisition of East Imperial Pte to be accounted for in the Company's 
                  next published statutory financial statements, for the year ending 31 December 2021, as a 
                  reverse acquisition with those financial statements being presented as a continuation of the 
                  activities of the deemed acquirer, East Imperial Pte. 
 
                  In the year ended 31 December 2020 East Imperial Pts recorded revenues of GBP1,867,000 and 
                  a loss before and after taxation of GBP909,000. Total assets and net assets of East Imperial 
                  Pte at 31 December were GBP3,278,000 and GBP1,415,000 respectively. 
 
 

9. Interim Statement

This interim financial statement will be available on the Company's investor relations website at www.eastimperial.com

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END

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