30th November 2017
("Welney" or the "Company")
Audited Annual Results for the year ended
Chairman's statement
The Board is pleased to present the results for
During the year I have looked 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 are still a couple of proposals being considered and I have been involved in a number of discussions in enabling the Company to raise additional funding, all of which continue to be ongoing.
Separately the board are currently in discussions with several other parties both for investment into and out of the company.
The Company's investment in GACR the Nasdaq listed Company continues to perform poorly and it continues to be very illiquid.
The Company continues to investigate proposals for our subsidiary company
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 now 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 further developments to shareholders at the AGM, in the meantime the directors will keep costs to a minimum.
Performance Overview
The financial year to
Financial Results
The Company's loss for the year from continuing and total operations was £75,649 (2016: £75,588).
The directors do not recommend the payment of a dividend (2016:nil).
Significant Accounting Policies
Going concern
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
Since the year end a further £11,000 has been received via loans to support the ongoing costs of the company.
The directors have prepared cash flow forecasts for the period to
The going concern basis is dependent upon the Company meeting its forecasts for 2017/18. 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.
Chairman
The directors of
COMPANY CONTACT DETAILS:
Tel: + 44 1279 635511
NEX CORPORATE ADVISER:
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED
| 2017 | 2016 | ||||||||||||||||
| £ | £ | ||||||||||||||||
| Administrative expenses | (66,339) | (65,729) | |||||||||||||||
| Operating loss | (66,339) | (65,729) | |||||||||||||||
| Interest payable and similar charges | (9,310) | (9,859) | |||||||||||||||
| Loss on ordinary activities before taxation | (75,649) | (75,588) | |||||||||||||||
| Tax on loss on ordinary activities | - | - | |||||||||||||||
| Loss for the year | (75,649) | (75,588) | |||||||||||||||
| Basic and diluted loss per share | (0.005)p | (0.005)p | |||||||||||||||
STATEMENT OF BALANCE SHEET
FOR THE YEAR ENDED
| 2017 | 2016 | |||||||||||||||||||||
| £ | £ | £ | £ | |||||||||||||||||||
| Fixed assets | ||||||||||||||||||||||
| Investments | 1,567 | 1,567 | ||||||||||||||||||||
| Current assets | ||||||||||||||||||||||
| Debtors | 14,848 | 15,094 | ||||||||||||||||||||
| Cash at bank and in hand | - | 52 | ||||||||||||||||||||
| 14,848 | 15,146 | |||||||||||||||||||||
| Creditors: amounts falling due within one year | (39,363) | (37,738) | ||||||||||||||||||||
| Net current liabilities lliabilities/(assets) | (24,515) | (22,592) | ||||||||||||||||||||
| Total assets less current liabilities | (22,948) | (21,025) | ||||||||||||||||||||
| Creditors: amounts falling due after more than one year | (173,726) | (100,000) | ||||||||||||||||||||
| (196,674) | (121,025) | |||||||||||||||||||||
| 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 | - | 132,240 | ||||||||||||||||||||
| Profit and loss account | (3,315,235) | (3,371,826) | ||||||||||||||||||||
| Shareholders' funds | (196,674) | (121,025) | ||||||||||||||||||||
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
| Share capital | 2017 | 2016 | ||||||
| £ | £ | |||||||
| Allotted, called up and fully paid | ||||||||
| 1,545,511,000 Ordinary shares of 0.1p each | 1,545,511 | 1,545,511 | ||||||
| Statement of movements on reserves | ||||||||||
| Share premium account | Other reserves (see below) | Profit and loss account | ||||||||
| £ | £ | £ | ||||||||
| Balance at | 1,562,336 | 142,954 | (3,371,826) | |||||||
| Loss for the year | - | - | (75,649) | |||||||
| Reclassification of share option reserve to | 132,240 | |||||||||
| to the retained earnings | ||||||||||
| Balance at | 1,562,336 | 142,954 | (3,315,235) | |||||||
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED
| 2017 | 2016 | |||||||||||||
| £ | £ | £ | £ | |||||||||||
| Cash flows from operating activities | (18,952) | (2,980) | ||||||||||||
| 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) | (2,980) | ||||||||||||
| Cash and cash equivalents at beginning ofo | 52 | 3,032 | ||||||||||||
| - | 52 | |||||||||||||
| Cash and cash equivalents at end of year | ||||||||||||||
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
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