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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Orient Telecoms Plc | LSE:ORNT | London | Ordinary Share | GB00BYPHCZ29 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.00 | 8.00 | 12.00 | 10.00 | 10.00 | 10.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 473k | 40k | 0.0040 | 25.00 | 1M |
From May 2019 to May 2024
TIDMORNT
RNS Number : 9681K
Orient Telecoms PLC
19 December 2018
ORIENT TELECOMS PLC
INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
Director's Statement
I have pleasure in presenting the interim financial statements of Orient Telecoms plc (the "Company") for the period from 1 April 2018 to 30 September 2018.
During the financial period, the Company reported a net loss of GBP124,198 (GBP0.012 loss per share).
Since the listing of the company, we have been extensively working on the marketing and sales related activities in the region.
The good news is that, we have started to seal the potential opportunities starting mid-2018 and so far we have achieved satisfactory results as forecasted. Thus far company has successfully signed more than 30 deals including some of the very high-profile customers in Malaysia.
We are continuously working to establish the Orient Telecoms brand and our business consultants are successfully able to create the awareness in the target market. As a part of not only creating brand awareness but also to attract more subject matter experts from the industry, the company had organised a number of Technology events such as TechTalk and Technology Seminars on disrupting technologies. These events helped the company to gain more attention of the target audiences from various business sectors.
The company shall continue to invest on its marketing and awareness initiative to ensure the forecasted results are achieved.
Responsibility Statement
The Directors are responsible for preparing the interim financial statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by European Union.
The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim financial statements include a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during the first six months and their impact on the interimfinancial statements, and a description of the principal risks and uncertainties for the remaining six months of 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.
Mark Pincock
Director
19 December 2018
CONDENSED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Hot Features
Premium
6 months 6 months
period ended period ended
30 September 30 September
2018 2017
Notes GBP GBP
(Unaudited) (Unaudited)
INCOME 4 109,538 -
COST OF SALES (69,671) -
-------------- --------------
GROSS PROFIT 39,867 -
Other operating expenses (164,065) (62,141)
-------------- --------------
OPERATING LOSS/LOSS BEFORE TAXATION (124,198) (62,141)
Income tax expense - -
-------------- --------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY (124,198) (62,141)
OTHER COMPREHENSIVE INCOME
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD (124,198) (62,141)
Basic and diluted loss per share
(LIR) 5 (0.012) (0.124)
============== ==============
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
As at As at
30 September 31 March
2018 2018
Notes GBP GBP
(Unaudited) (Audited)
CURRENT ASSETS
Bank 6 111,028 751,837
Trade receivables 7 109,538 -
Other receivables 7 500,000 -
-------------- ----------
720,566 751,837
-------------- ----------
CURRENT LIABILITIES
Trade payables 8 69,671 -
Other payables 8 131,876 108,170
201,547 108,170
-------------- ----------
NET ASSETS 519,019 643,217
============== ==========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital 9 1,000,000 1,000,000
Accumulated losses (480,981) (356,783)
--------------
TOTAL EQUITY 519,019 643,217
============== ==========
CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
6 months 6 months
period ended period ended
30 September 30 September
2018 2017
Notes GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating activities
Operating loss (124,198) (62,141)
-------------- --------------
Changes in working capital
Trade receivables (109,538) -
Other receivables (500,000) -
Trade payables 69,671 -
Other payables 23,706 62,141
-------------- --------------
(516,161) 62,141
-------------- --------------
Net cash flow used in operating (640,359) -
activities
-------------- --------------
Net decrease in cash and cash (640,359) -
equivalents
Cash and cash equivalents at beginning 751,387 -
of period
-------------- --------------
Cash and cash equivalents at end 111,028 -
of period
============== ==============
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED TO 30 SEPTEMBER 2018
Period from 1 April 2018 to 30 September 2018 (unaudited)
Share capital Accumulated Total
losses
GBP GBP GBP
As at 1 April 2018 1,000,000 (356,783) 643,217
Loss for the period - (124,198) (124,198)
-------------- ------------ ----------
Total comprehensive loss for
the period - (480,981) 519,019
-------------- ------------ ----------
As at 30 September 2018 1,000,000 (480,981) 519,019
============== ============ ==========
Period from 1 April 2017 to 30 September 2017 (unaudited)
Share capital Accumulated Total
losses
GBP GBP GBP
As at 1 April 2017 12,500 (171,000) (158,500)
Loss for the period - (62,141) (62,141)
-------------- ------------ ----------
Total comprehensive loss for
the period - (233,141) (220,641)
-------------- ------------ ----------
Shares issued on incorporation - - -
As at 30 September 2017 12,500 (214,000) (220,641)
============== ============ ==========
Period from 1 April 2017 to 31 March 2018 (audited)
Share capital Accumulated Total
losses
GBP GBP GBP
As at 1 April 2017 12,500 (171,000) (158,500)
Loss for the period - (185,783) (185,783)
-------------- ------------ ----------
Total comprehensive loss for
the period 12,500 (356,783) (344,283)
Issued of new shares 987,500 - 987,500
As at 31 March 2018 1,000,000 (356,783) 643,217
============== ============ ==========
1. GENERAL INFORMATION
The Company was incorporated in England and Wales on 26 February 2016, as a public company limited by shares under the Act. The principal legislation under which the Company operates is the Act. The registered office of the Company is at the offices of London Registrar, Suite A, 6 Honduras St, London EC1Y 0TH United Kingdom.
The Company was admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange's main market for listed securities on 25 October, 2017.
2. ACCOUNTING POLICIES
Basis of preparation
The condensed financial information for the period ended 30 September 2018 and 30 September 2017 have been prepared in accordance with IAS 34, Interim Financial Reporting. The condensed financial information is unaudited and does not constitute statutory financial statements. The comparative interim financial information covers the period from 1 April 2017 to 30 September 2017.
The principal accounting policies used in preparing the interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 31 March 2018, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") issued by the International Accounting Standards Board ("IASB"), including related interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). The auditors' report on those accounts was unqualified and unmodified.
The condensed financial information is presented in British Pound Sterling ("GBP").
The interim financial statements for the six months ended 30 September 2018 was approved by the Directors on 19 December 2018.
Going concern
These interim financial statements have been prepared on a going concern basis.
The Board's review of the accounts, budgets and financial plan leads the directors to believe that the Company has sufficient resources to continue operation for the foreseeable future. The financial accounts are therefore prepared on a going concern basis.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of unaudited interim 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 expenses for the current and its corresponding financial period under review. Actual results may differ from these estimates.
In preparing the unaudited interim financial statements, the significant judgements made by the management in applying the Company's accounting policies and the sources of estimates uncertainty were consistent as those applied to the 2018 Audited Financial Statements.
There were no changes in estimates of amounts of the Company that may have a material effect on financial period ended 30 September 2018.
4. REVENUE
Revenue represents the fair value of the consideration received or receivables for communication services.
Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the Company and the amount of revenue and associated costs can be measured reliably and over the period to which the charges relate.
The Company receives payment for services from channel partner who onwardly sell to end users. The channel partner is treated as the principal in that transaction because the channel partner has the primary responsibility for providing the services to the end user; the channel partner is free to establish its own prices with or without bundling with other goods or services which are not supplied by the Company; and the channel partner bears the credit risk for the amount receivable from the end user. The Company therefore recognises revenue based on the transactions with the channel partner and not the end user.
All revenue derived from Malaysia. Revenue excludes value added tax and other sales taxes.
5. 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
6 months 6 months
period ended period ended
30 September 30 September
2018 2017
Earnings (GBP) (124,198) (62,141)
Weighted average number of shares
(Unit) 10,000,000 500,000
Per-share amount (GBP) (0.012) (0.124)
6. BANK
Cash and Cash equivalents are denominated in the following currencies:
As at As at
30 September 31 March 2018
2018
GBP GBP
Great Britain Pound 64,846 707,716
Singapore Dollar 26,667 18,375
United States Dollar 19,515 24,937
-------------- ---------------
112,028 751,387
-------------- ---------------
7. TRADE AND OTHER RECEIVABLES
As at As at
30 September 31 March 2018
2018
GBP GBP
Trade receivables 109,538 -
Other receivables 500,000 -
609,538 -
-------------- ---------------
8. TRADE AND OTHER PAYABLES
As at As at
30 September 31 March 2018
2018
GBP GBP
Trade payable 69,671 -
Amount due to holding company 44,391 44,391
Accruals 84,985 53,530
Other payables 2,500 10,249
-------------- ---------------
201,547 108,170
-------------- ---------------
9. SHARE CAPITAL
Ordinary shares of LIR1 each
As at As at
30 September 31 March 2018
2018 GBP
GBP
Paid up:
10,000,000 ordinary shares at LIR0.10
each 1,000,000 1,000,000
On 29 September 2017, the existing 50,000 ordinary shares of GBP1.00 each was converted to 500,000 shares of GBP0.10 each. A further 500,000 new ordinary shares of GBP0.10 each were issued concurrently to the existing shareholder. These ordinary shares were fully paid through the conversion of the shareholder's loan owed by the Company, amounted to GBP87,500.
On 25 October 2017, the Company was admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange's Main Market. On admission, 9,000,000 shares of GBP0.10 each were issued and fully paid. From listing total proceed of GBP900,000, the Company received net proceed of GBP769,860, after deduction of listing and broker cost.
At 31 March 2018 and 30 September 2018, the total issued ordinary share of the Company were 10,000,000.
10. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the Company's operation.
11. RELATED PARTY TRANSACTIONS
In 2017 the company entered into an agreement with a third party which provides consultancy service agreement in relation to the listing exercise of the Company.
As at As at
30 September 31 March 2018
2018
GBP GBP
Related Party
Orient Managed Services Limited 44,391 44,391
Orient Management Services Limited is jointly owned by Mark Pincock and Sayed Mustafa Ali, directors of the Company.
6 months 6 months
period ended period ended
30 September 30 September
2018 2017
GBP GBP
Orient Telecoms Sdn Bhd
- Income 109,538 -
- Cost of Sales 69,671 -
Sayed Mustafa Ali is a director of both, the Company and Orient Telecoms Sdn Bhd.
12. SUBSEQUENT EVENT
There were no subsequent events after the reporting period.
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
December 19, 2018 05:01 ET (10:01 GMT)
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