3rd
(“IamFire Plc”, the “Group” or the “Company")
Interim Results For The Six Months Ended
EXECUTIVE DIRECTOR STATEMENT
The Board and I are pleased to present the interim results for
We have reduced all non-core costs, capitalised all immediate creditors and have created a lean and low-cost investment vehicle that is now able to pursue opportunities.
It is of paramount importance that as a company we seek to transact on the basis that there is sufficient capital market support to justify the decision we make as a Board of Directors. To this end we are in active discussions, evaluating and assessing opportunities that adequately reflect this new ethos at
The Company is focusing its efforts on reviewing assets that upon acquisition/investment require low-capital intensity and are structured in a manner that enables capital raised to be expended on development rather than acquisition in order to maximise our entry and reduce our assumed opportunity-cost.
I am also excited by the developments that are occurring with the NEX Exchange and note that these developments are being positively received and communicated within financial networks and communities, globally.
I look forward to the year ahead and providing updates in relation to the corporate developments within the Company and welcome shareholders both existing and prospective to get in touch freely to discuss the new direction at,
FINANCIALS
The financial results for the six months to
The interim results are unaudited to
OUTLOOK
The Board and I are positive on IamFire’s outlook moving forward. Recapitalised and restored we now operate with purpose in pursuit of a transaction of significance. We remain in active discussions on a number of different opportunities and feel that we are now at a point of action with regards the next iteration for the Company upon the exit and relinquishment of the Company’s hydrocarbon licenses in
Burns Singh Tennent-Bhohi
Executive Director
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Burns Singh Tennent-Bhohi
Telephone: 020 3778 0755
Corporate Adviser
Telephone: 020 7220 9795
Consolidated Income Statement for the 6 months ended 31 October
2019 2018
Notes Unaudited Unaudited
£ £
Revenue - -
Other operating income 201,399 16,870
Administrative expenses (77,967) (84,969)
Operating profit 123,432 (68,099)
Finance income 3 9
Finance costs - -
Profit before taxation 123,435 (68,090)
Taxation - -
Minority interests - 327
Profit/(Loss) for the period attributable to the 123,435 (67,763)
Company’s equity shareholders
Profit/(Loss) per share from operations
Basic and diluted loss per share (£) 2 0.049 (0.033)
Consolidated Statement of Comprehensive Income for the 6 months ended 31 October
2019 2018
Unaudited Unaudited
£ £
Profit/(Loss) for the financial year 123,435 (67,763)
Total comprehensive income for the period attributable to 123,435 (67,763)
the Company’s equity shareholders
Consolidated Balance Sheet as at 31 October and 30 April
31 October 31 October 30 April
2019 2018 2019
Notes Unaudited Unaudited Audited
Assets £ £ £
Non-current assets
Intangible assets 3 - 135,439 -
Current assets
Trade and other receivables 4 18,497 45,207 35,220
Investments - - -
Cash and cash equivalents 56,866 1,141 2,130
75,363 46,348 37,350
Total Assets 75,363 181,787 37,350
Equity and liabilities
Capital and reserves
Share capital 5 526,733 511,837 511,837
Share premium 2,359,890 2,231,786 2,231,786
Retained earnings (2,917,386) (2,910,950) (3,040,821)
Shareholders’ funds (30,763) (167,327) (297,198)
Minority Interests (61,766) (54,893) (61,766)
(92,529) (222,220) (358,964)
Current liabilities:
6
Trade and other payables 167,892 404,007 396,314
Total equity and liabilities 75,363 181,787 37,350
Consolidated Statement of Changes in Equity as at 31 October and 30 April
Share Share Retained Minority
capital premium earnings interests Total
£ £ £ £ £
For the 6 months ended 31
October 2018
Balance at 1 May 2018 511,837 2,231,786 (2,843,187) (54,566) (154,130)
Loss for the period - - (67,763) (327) (68,090)
Total comprehensive income - - (67,763) (327) (68,090)
Issue of shares - - - - -
Cost of share issue - - - - -
Balance at 31 October 2018 511,837 2,231,786 (2,910,950) (54,893) (222,220)
Loss for the period - - (129,871) (6,873) (136,744)
Total comprehensive income - - (129,871) (6,873) (136,744)
Issue of shares - - - - -
Cost of share issue - - - - -
Balance at 30 April 2019 511,837 2,231,786 (3,040,821) (61,766) (358,964)
Profit for the period - - 123,435 - 123,435
- -
Total comprehensive income - - 123,435 - 123,435
Issue of shares 14,896 128,104 - - 143,000
Cost of share issue - - - - -
Balance at 31 October 2019 526,733 2,359,890 (2,917,386) (61,766) (92,529)
Consolidated Statement of Cash Flows for the 6 months ended 31 October
2019 2018
Notes Unaudited Unaudited
£ £
Cash flow from operating activities
Profit/(loss) for the period before tax 123,435 (68,090)
Finance income (3) (9)
123,432 (68,099)
Changes in working capital
(Increase)/decrease in trade and other receivables 4 16,723 (4,135)
Increase/(decrease) in trade and other payables 6 (228,422) 31,947
Cash outflow from operating activities (88,267) (40,287)
Cash flow from investing activities
Purchase of intangible exploration assets 3 - -
Interest received 3 9
Net cash used in investing activities 3 9
Cash flow from financing activities
Issue of shares 5 143,000 -
Cost of shares issued 5 - -
Net cash from financing activities 143,000 -
Net (decrease)/increase in cash and cash equivalents 54,736 (40,278)
Cash and cash equivalents at beginning of period 2,130 41,419
Cash and cash equivalents at end of period 56,866 1,141
Notes to the interim results
1. Basis of preparation
The interim financial statements for
IFRS is subject to amendment and interpretation by the
The financial information has been prepared in accordance with the recognition and measurement requirements of IFRS that the Directors expect to be applicable as at
The preparation of condensed consolidated interim financial information 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 those estimates.
In preparing these interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended
Going concern
During the period ended
As described in the Executive Director’s statement, following the business restructuring and refinancing in
For this reason, the Directors continue to adopt the going concern basis in preparing the accounts. However, there can be no guarantee that the required funds we be raised within the necessary timeframe. The financial statements do not include the adjustments that would result if the Group was unable to continue in operation.
1. Earnings per share
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.
The Group does not have any potentially dilutive shares in any of the periods presented, therefore the basic and diluted earnings per share are the same.
Basic earnings per share
2019 2018
Unaudited Unaudited
£ £
Total basic profit/(loss) per share 0.049 (0.033)
The losses and weighted average number of Ordinary Shares used in the calculation of basic earnings per share are as follows:
2019 2018
Unaudited Unaudited
(restated) (restated)
£ £
Profit/(loss) used in the calculation of total basic and 123,435 (68,089)
diluted earnings per share
2019 2018
Number of shares Unaudited Unaudited
Weighted average number of Ordinary Shares for the 2,520,918 2,035,184
purposes of basic earnings per share
Note:
Further to the approval of shareholders at a General Meeting of the Company on
The Weighted average number of Ordinary Shares, for the half year ended
The Weighted average number of Ordinary Shares, for the half year ended
1. Intangible assets
Exploration and Evaluation assets
£
Cost & net book value
At 30 April 2018 (audited) 139,439
Additions -
At 31 October 2018 (unaudited) 139,439
Additions -
Impairments (139,439)
At 30 April 2019 (audited) -
Additions -
At 31 October 2019 (unaudited) -
1. Trade and other receivables
31 October 31 October 30 April
2019 2018 2019
Unaudited Unaudited Audited
£ £ £
Trade debtors - 5,535 4,795
Amounts due from director 3,085 16,595 15,375
Other receivables 15,412 18,477 10,450
Prepayments and accrued income - 4,600 4,600
18,497 45,207 35,220
1. Share capital
31 October 31 October 30 April
2019 2018 2019
Unaudited Unaudited Audited
(restated) (restated) (restated)
Allotted, issued, and fully paid Ordinary £ £ £
shares of £0.0025 each
Opening balance 511,837 511,837 511,837
Allotments:
17 October 2019 - shares issued at 2.4p each 14,896 - -
resulting in premium of £128,104
Closing balance 526,733 511,837 511,837
31 October 31 October 30 April
2019 2018 2019
Unaudited Unaudited Audited
(restated) (restated) (restated)
Allotted, issued, and fully paid Ordinary
shares of £0.0025 each No No No
Opening balance 2,047,350 2,047,350 2,047,350
Allotments:
17 October 2019 - shares issued at 2.4p each 5,958,333 - -
resulting in premium of £128,104
Closing balance 8,005,683 2,047,350 2,047,350
Note:
Further to the approval of shareholders at a General Meeting of the Company on
The original opening balances for allotted, issued and fully paid shares of £0.0025 each have been restated from the pre-consolidation 204,734,976 shares to the post consolidation 2,047,350 shares.
1. Trade and other payables
31 October 31 October 30 April
2019 2018 2019
Unaudited Unaudited Audited
£ £ £
Trade payables 141,877 226,212 262,054
Accruals 15 90,535 26,800
Other Payables - - 13,200
Loan from related party 26,000 87,260 94,260
167,892 404,007 396,314
