Limitless Earth Plc - Half-year Report

30 October 2018

LIMITLESS EARTH PLC

("Limitless" or the "Company")

UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2018

The Company is pleased to announce its half-yearly result for the six months to 31 July 2018.

CHIEF EXECUTIVE’S STATEMENT

Limitless is a proactive investing company that focuses on making investments in and assisting companies that show the potential to generate returns through capital appreciation.  The directors look to make investments into small companies which have clear routes to value appreciation and which operate in sectors with long term growth prospects that are driven by demographic change.  Examples of such sectors include Cleantech, Life Sciences and Technology.

During the reporting period, the Company looked at new potential investments and opened a series of due diligence on potential new investments some of which are ongoing.

Our existing investments are progressing in line with management expectations and, as we have announced, we consider Saxa Gres in particular to be showing exciting potential. The Board continues to actively source further suitable investments.

The Board understands as per previous years, that cost control is important at all times and on behalf of the shareholders, the directors carefully keep operating costs to a minimum to preserve shareholder value.

For the period, Limitless made a net loss on operations of £55,427 (2017: £61,320) and the unaudited balance sheet reflects the cash and cash equivalents at the reporting date of £591,504 (2017: £791,261) and Investments held for trading totalling   £1,603,268 (2017: £1,535,651).

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Limitless Earth plc                www.limitlessearthplc.com    

Guido Contesso - CEO          [phone]             

Cairn Financial Advisers LLP         [phone]            

Nominated Adviser       www.cairnfin.com                             

Jo Turner/Tony Rawlinson                                       

Peterhouse Corporate Finance Limited      [phone]             

Joint Broker            www.pcorpfin.com             

Peter Greensmith                                                 

 

UNAUDITED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
6 MONTHS ENDED 31 JULY 2018
	Notes	Unaudited	Unaudited	Audited
		31/07/18	31/07/17	31/01/18
Continuing operations		£	£	£
Administration expenses		(83,923)	(67,549)	(218,741)
Operating loss		(83,923)	(67,549)	(218,741)
Finance Income		28,496	6,229	54,103
Loss before taxation		(55,427)	(61,320)	(164,638)
Taxation		-	-	-
Loss for the period		(55,427)	(61,320)	(164,638)
Total Comprehensive loss for the period		(55,427)	(61,320)	(164,638)
Loss attributable to:
Equity Holders		(55,427)	(61,320)	(164,638)
Earnings per share:
Basic and diluted loss per share	3	(0.09p)	(0.10p)	(0.25p)

There are no items of other comprehesive income.

UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2018
	Unaudited	Unaudited	Audited
	31/07/18	31/07/17	31/01/18
	£	£	£
Current assets
Investments held for trading	1,603,268	1,535,651	1,603,268
Trade and Other receivables	33,295	51,102	39,128
Cash	591,504	791,261	648,333
	2,228,067	2,378,014	2,290,729
Total Assets	2,228,067	2,378,014	2,290,729
Current Liabilities
Trade and other payables	(46,485)	(37,688)	(53,720)
Net Assets	2,181,582	2,340,326	2,237,009
Equity
Issued Share Capital	654,000	654,000	654,000
Share Premium	2,350,630	2,350,630	2,350,630
Share Warrant Reserve	14,095	14,095	14,095
Retained Earnings	(837,143)	(678,399)	(781,716)
Total Equity	2,181,582	2,340,326	2,237,009

   

UNAUDITED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 31 JULY 2018
Note		Unaudited	Unaudited	Audited
		31/07/18	31/07/17	31/01/18
		£	£	£
Cash flows from operating activities
Net cash absorbed by operating activities           4		(85,325)	(117,344)	(240,529)
Cash Flows from Investing Activities
Finance income received net		28,496	6,229	54,103
Purchase of investments		-	(239,208)	(306,825)
Net Cash Used in Investing activities		28,496	(232,979)	(252,722)
Net increase in cash		(56,829)	(350,323)	(493,251)
Cash at the beginning of period		648,333	1,141,584	1,141,584
Cash at the end of the period		591,504	791,261	648,333

   

Statement of Changes in Shareholders’ Equity
for the period ended 31 July 2018
	Share capital	Share premium	Share warrant reserve		Retained earnings		Total
	£	£	£		£		£
Audited Changes in Equity for the period ended 31 January 2017	654,000	2,350,630	14,095		(474,970)		2,543,755
Comprehensive loss for the period	-	-	-		(142,108)		(142,108)
Total contributions by the owners	-	-	-		(142,108)		(142,108)
At 31 January 2017	654,000	2,350,630	14,095		(617,078)		2,401,647
Audited Changes in Equity for the period ended 31 January 2018
Comprehensive loss for the period	-	-	-		(164,638)		(164,638)
Total contributions by the owners	-	-	-		(164,638)		(164,638)
At 31 July 2017	654,000	2,350,630	14,095		(781,716)		2,237,009
Unaudited Changes in Equity for the period ended 31 July 2018
Comprehensive loss for the period	-	-	-		(55,427)		(55,427)
Total contributions by the owners	-	-	-		(55,427)		(55,427)
At 31 July 2018	654,000	2,350,630	14,095		(837,143)		2,181,582

NOTES TO THE FINANCIAL STATEMENTS

1. General Information

Limitless Earth plc is a company incorporated and domiciled in England and Wales. The Company’s ordinary shares are traded on AIM of the London Stock Exchange. The address of the registered office is 30 Percy Street, London W1T 2DB.

The principal activity of the Company is that of an investing company pursuing a strategy

2. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these financial statements.

Basis of preparation

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

The financial statements have been prepared under the historical cost convention.

The interim financial information for the six months ended 31 July 2018 has not been reviewed or audited. The interim financial report has been approved by the Board on 29 October 2018.

3. Loss per share

The basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the same weighted average number of shares during the period adjusted for the dilutive effect of share warrants and convertible loans outstanding during the period.

	Unaudited	Unaudited	Audited
	31/07/18	31/07/17	31/01/18
Loss from continuing operations attributable to equity holders of the company	(55,427)	(61,320)	(164,638)
Weighted average number of ordinary shares in issue	65,400,000	65,400,000	65,400,000
	Pence	Pence	Pence
Basic and fully diluted loss per share from continuing operations	(0.09)	(0.10)	(0.25)

IAS 33 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease earnings per share or increase net loss per share. For a loss making company with outstanding share options and warrants, net loss per share would only be increased by the exercise of out-of-the money options and warrants. Since it seems inappropriate that option holders would act irrationally, no adjustment has been made to diluted earnings per share for out-of-the money options and warrants in the comparatives. There are no other diluting share issues.

4. Cash absorbed by operations

		Unaudited	Unaudited	Period to
		31/07/2018	31/07/2017	31/01/2018
		£	£	£
Loss for the period		(55,427)	(61,320)	(164,638)
Finance income		(28,496)	(6,229)	(54,103)
Increase decrease in receivables		5,834	(6,000)	5.974
Decrease / increase in payables		(7,236)	(43,795)	(27,762)
Cash absorbed by operations		(85,325)	(117,344)	(240,529)

5. Copies of Interim Accounts

Copies of the interim results are available at the Group´s web site at

www.limitlessearthplc.com.

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