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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fragrant Prosperity Holdings Limited | LSE:FPP | London | Ordinary Share | VGG368811037 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.51 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 0 | -127k | -0.0020 | -2.55 | 317.34k |
From Apr 2019 to Apr 2024
TIDMFPP
RNS Number : 4230Y
Fragrant Prosperity Holdings Ltd
21 August 2018
21 August 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN.
FRAGRANT PROSPERITY HOLDINGS LIMITED
("FPP" or "the Company")
Fragrant Prosperity Holdings Limited (LSE: FPP) announces its audited annual financial results for the financial year ended 31 March 2018.
Chairman's statement for the financial year ended 31 March 2018
I have pleasure in presenting the financial statements of Fragrant Prosperity Holdings Limited (the "Company" or "FPP") for the financial year ended 31 March 2018.
During the financial year, the Company reported a net loss of GBP259,763 (2017: GBP455,932) which represents ongoing administrative expenses as well as any costs incurred in identifying potential transactions. As at 31 March 2018, the Company had cash in bank balance of GBP227,340 (2017: GBP499,192).
The Board continued to review a number of potential acquisition opportunities across the sector but none of which has met the necessary criteria for selection.
The Board would provide further updates to shareholders in due course.
Abd Jalil Bin Bohari
Chairman
The Annual Report and Accounts will be available shortly at the Company's website http://fragrantprosperity.com.
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Fragrant Prosperity Holdings Limited
Abd Jalil Bin Bohari / Robin Andrew Carrington
Rice +44 (0) 208 617 0071
Optiva Securities Ltd (Financial Adviser)
Jeremy King +44 (0) 20 3137 1902
Period from
Year ended 28 January
31 March 2016 (inception)
2018 to
31 March
2017
Notes GBP GBP
Listing expenses - (168,137)
Other operating expenses (259,763) (287,795)
------------- ------------------
OPERATING LOSS BEFORE TAXATION (259,763) (455,932)
Income tax expense 3 - -
------------- ------------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY (259,763) (455,932)
OTHER COMPREHENSIVE INCOME
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD (259,763) (455,932)
------------- ------------------
Basic and diluted loss per share 5 (0.006)) (0.015)
------------- --------------------
As at As at
31 March 2018 31 March 2017
Notes GBP GBP
CURRENT ASSETS
Cash and cash equivalents 227,340 499,192
Prepayments 21,839 -
Other debtors 5,000 -
--------------- ---------------
TOTAL ASSETS 254,179 499,192
CURRENT LIABILITIES
Accruals (39,750) (25,000)
--------------- ---------------
TOTAL LIABILITIES (39,750) (25,000)
--------------- ---------------
NET ASSETS 214,429 474,192
=============== ===============
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital 6 930,124 930,124
Retained earnings (715,695) (455,932)
--------------- ---------------
TOTAL EQUITY 214,429 474,192
=============== ===============
Year ended Period from
31 March 28 January
2018 2016 (inception)
to 31 March
2017
GBP GBP
Cash flow from operating activities
Loss before tax (259,763) (455,932)
----------- ------------------
Changes in working capital
Movement in other payables 14,750 25,000
Movement in prepayments and other (26,839) -
debtor
----------- ------------------
Net cash outflow from operating
activities (271,852) (430,932)
----------- ------------------
Cash flow from financing activities
Net proceeds from issue of shares - 930,124
----------- ------------------
Net cash flow from financing activities - 930,124
-----------
Net (decrease)/increase in cash
and cash equivalents (271,852) 499,192
Cash and cash equivalents at beginning 499,192 -
of period
----------- ------------------
Cash and cash equivalents at end
of period 227,340 499,192
=========== ==================
Share capital Retained Total
earnings
GBP GBP GBP
As at 28 January 2016 - - -
Loss for the period - (455,932) (455,932)
-------------- ---------- ----------
Total comprehensive loss for
the period - (455,932) (455,932)
Issue of ordinary shares 1,100,000 - 1,100,000
Share issue costs (169,876) (169,876)
-------------- ---------- ----------
As at 31 March 2017 930,124 (455,932) 474,192
============== ========== ==========
Loss for the year - (259,763) (259,763)
-------------- ---------- ----------
Total comprehensive loss for
the year - (259,763) (259,763)
As at 31 March 2018 930,124 (715,695) 214,429
============== ========== ==========
1. GENERAL INFORMATION
The Company was incorporated in the British Virgin Islands on 28 January 2016 as an exempted company with limited liability under the Companies Law.
The Company's Ordinary shares are currently admitted to a standard listing on the Official List and to trading on the London Stock Exchange.
On the 12 December 2017 the company changed its name from Vale International Group Ltd to Fragrant Prosperity Holdings Ltd.
The comparatives included in these financial statements are for the period from incorporation (28 January 2016) to and as at 31 March 2017.
The Company's nature of operations is to act as a special purpose acquisition company.
2. ACCOUNTING POLICIES
The Board has reviewed the accounting policies set out below and considers them to be the most appropriate to the Company's business activities.
Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention as modified for financial assets carried at fair value.
The financial information of the Company is presented in British Pound Sterling ("GBP").
Standards and interpretations issued but not yet applied
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2018, and have not yet been early adopted in preparing these financial statements. The Company has considered the impact of these, including IFRS 9 and IFRS 15, and concluded that none of these are expected to have a significant effect on the financial position or results of the Company.
Going concern
Until such time as the Company makes a significant investment it will meet its day to day working capital requirements from its existing cash reserves and by raising new equity finance.
In the year ended 31 March 2018 the Company recorded a loss after tax of GBP259,764 (2017: GBP455,932) and a net cash outflow from operating activities of GBP271,853 (2016: GBP430,932).
The directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements which assume that no significant investment activity is undertaken unless sufficient funding is in place.
The Company had cash of GBP227,340 at 31 March 2018. Although the level of cash outgoings prior to making an investment is expected to be modest, the cash flow forecasts indicate that the Company needs to raise additional funds in the coming months.
Although the directors believe that the Company will be successful in raising the funds required there can be no guarantee of success of that fundraising.
Based on their assessment, the Directors have a reasonable expectation that the Company has adequate resources, supplemented by the additional funds to be raised, to continue as a going concern for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
The requirement to raise additional funds constitutes a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern.
If the Company was unable to secure sufficient funding to enable it to continue on a going concern basis then adjustments would be necessary to write down assets to their recoverable amounts and provide for additional liabilities.
Critical Accounting Estimates and Judgements
The preparation of financial statements in compliance with IFRS as adopted for use by the European Union requires the use of certain critical accounting estimates or judgements. The directors do not consider there to be any key estimation uncertainty. In respect of critical judgements, the only key judgement is the adoption of going concern on the basis for preparing the financial statements, details of which are set out in note 2.
3. INCOME TAX EXPENSE
The Company is regarded as resident for the tax purposes in British Virgin Islands.
No tax is applicable to the Company for the year ended 31 March 2018. No deferred income tax asset has been recognised in respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future profits in the foreseeable future to prudently justify this.
4. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are currently no dilutive potential ordinary shares.
Loss per share attributed to ordinary shareholders
Period from Period from
1 April 2017 28 January
to 2016 (inception)
31 March 2018 to 31 March
2017
Loss for the period (GBP) (259,764) (455,932)
Weighted average number of
shares (Unit) 43,214,287 29,670,331
Loss per share (GBP) (0.006) (0.015)
5. SHARE CAPITAL
Number GBP
of shares
On incorporation 1 -
Issue of shares - 22 April 2016 27,500,000 550,000
Issue of shares -5 September 2016 15,714,286 550,000
Less: issuance costs - (169,876)
----------- ----------
Balance at 31 March 2017 43,214,287 930,124
----------- ----------
Balance at 31 March 2018 43,214,287 930,124
----------- ----------
On 28 January 2016, the Company was authorised to issue 50,000 shares with no par value of one class. On 5 May 2016, subsequent to a Board meeting held on 22 April 2016, the Company adopted amended and restated articles of association (the Articles) authorising the Company to issue an unlimited number of shares with no par value of one class, designated as Shares.
On 22 April 2016, the Company issued 27,500,000 Shares in aggregate to Patrick Tsang and to certain unrelated investors at 2p each.
On 5 September 2016, the Company issued 15,714,286 Shares at 3.5p each as part of the Initial Public Offering of the Company's shares.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
August 21, 2018 04:57 ET (08:57 GMT)
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