THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY WELNEY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
(“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 continued to look to keep the Company’s operating costs to a minimum whilst we continued to review several different proposals to take the Company forward.
I am pleased to announce that a proposal has been approved by the Board which allows for a £50,000 fund raise, prior to expenses and has agreed with its creditors to pay them 7.50% in cash and a further issue of equity in relation to full settlement of any claim against the Company. This process will enable the Company to move forward with a significant reduction in its current levels of debt. A notice containing all the specific details will be released shortly, which will include further details on the Company’s proposed share consolidation, fund raise and proposed changes in the board of the Company.
With the Company having no material value and approximately
The Company was approached by investors and, after review, the Board has decided that the Proposals are in the best interests for Shareholders as a whole. Under the Proposals, the overheads of the Company will be reduced and the proposed Board changes, Subscription and other refinancing described in a Circular due to be posted on
Chairman
The Directors of
STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED
2019 2018
£ £
Administrative expenses (57,616) (62,026)
Operating loss (57,616) (62,026)
Interest payable and similar charges (7,743) (8,833)
Fair Value Loss (1,080) (239)
Loss on ordinary activities before taxation (66,439) (71,098)
Tax on loss on ordinary activities - -
Loss for the year (66,439) (71,098)
Basic and diluted loss per share (0.004)p (0.004)p
STATEMENT OF BALANCE SHEET
FOR THE YEAR ENDED
Restated
2019 2018
£ £ £ £
Fixed assets
Investments 1,248 2,328
Current assets
Debtors 6,214 9,358
Cash at bank and in hand - -
6,214 9,358
Creditors: amounts falling due (64,641) (49,290)
within one year
Net current liabilities (58,427) (39,932)
lliabilities/(assets)
Total assets less current (57,179) (37,604)
liabilities
Creditors: amounts falling due after (277,032) (230,169)
more than one year
(334,211) (267,773)
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
Profit and loss account (3,442,058) (3,386,334)
Shareholders’ funds (334,211) (267,773)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
Share capital 2019 2018
£ £
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 Profit
(see below) and loss
account
£ £ £
Balance at 1 July 2018 1,562,336 10,714 (3,386,333)
Loss for the year - - (66,439)
Reclassification of equity
reserve
to
to the retained earnings (10,714) 10,714
Balance at 30 June 2019 1,562,336 - (3,442,058)
COMPANY CONTACT DETAILS:
Tel: + 44 1279 635511
AQUIS EXCHANGE CORPORATE ADVISER:
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
