Welney Plc - Final Results for Year Ended 30 June 2019 PR Newswire

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 Plc

(“Welney” or the “Company”)

Audited Annual Results for the year ended 30 June 2019

Welney Plc Plc (NEX: WENP) is pleased to report its audited annual results for the twelve months ended 30 June 2019.

Chairman’s Statement

The Board is pleased to present the results for Welney plc for the year ended 30 June 2019.

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 GBP380,000 in creditors/debts as at 30 April 2020, the Company has taken the decision to put forward the Proposals to Shareholders. The Proposals will also facilitate the agreement under the informal creditors’ arrangement, outlined in the introduction above. The Proposals are intended to give the Company a future.

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 2 June 2020 to all shareholders will give the Company a new direction.

Darren Edmonston

Chairman

Welney Plc

1 June 2020

The Directors of Welney Plc accept responsibility for this announcement.

WELNEY PLC

STATEMENT OF PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2019


                                                    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



WELNEY PLC

STATEMENT OF BALANCE SHEET

FOR THE YEAR ENDED 30 JUNE 2019

                                                                                                                                                    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)



WELNEY PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2019


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:
Darren Edmonston
Tel: + 44 1279 635511

AQUIS EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott – Corporate Finance
James Dewhurst – Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com

49 Queen Victoria Street, London EC4N 4SA