All Star Minerals Plc - Final Results PR Newswire

All Star Minerals PLC (“All Star”)

Final Results

The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended 31 December 2018 have now been approved by the Company’s board.

Summary Financial Statements are set out below. A full copy of the Annual Report will be available shortly on the Company’s website, www.allstarminerals.co.uk

The Directors of All Star are responsible for the content of this announcement.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, and has been arranged for release by Tomas Nugent, Chairman of the Company.

ENQUIRIES:

All Star Minerals Plc
Tomas Nugent
Chairman
07963 455663

NEX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray
0207 213 0880

REVIEW OF THE BUSINESS – Chairman’s Statement

The past twelve months have been a period in which the Company has witnessed continued positive momentum by reviewing potential transactions and working towards finding a suitable transaction.

The board of All Star has continued to review options as to how best advance the Company forward. Going forward, discussions will continue to be held regarding transactions and it is hoped that a suitable transaction will be identified in due course.

As a Company with a listing on the NEX Exchange Growth Market, our access to capital is predominantly through UK investors, whether that be private client brokers or sophisticated and high net worth individuals. This funding route has continued to be a very tough environment for raising capital during the past twelve months.

The Company’s principal asset since relinquishing and selling its Australian assets is its shareholding in investee company, NQ Minerals Plc. Throughout 2018, All Star continued holding 5,519,545 shares in the Company, which equated to 1.64% ownership of the Company at year end.

The shareholding was valued at £579,553 at 31 December 2018. The board of All Star looks forward to the performance of its investment over the course of 2019.

FINANCIALS

The financial results for the 12 month period to 31 December 2018 shows a loss after taxation of £110,369 (2017: loss of £175,026). The increase in value of NQ Minerals’ shares and lower general corporate overheads meant that the Company recorded a smaller loss for the period versus 2017.

The basic loss per share from continuing operations was 0.01p (2017: loss per share of 0.02p).

The Directors do not recommend the payment of a dividend.

PRINCIPAL RISKS AND UNCERTAINTIES FACING THE COMPANY

The principal risks faced by the Company are as follows:

- The ability to raise sufficient funds to continue to execute the Company’s strategy; and
 

- The performance of the investment in NQ Minerals plc which is an overseas mining and exploration company.

OUTLOOK

I believe that All Star could be enhanced through a number of different means. If that was to occur, it would completely change the current corporate structure of the Company and benefit shareholders.

However, in the interim the Company's working capital position still requires careful management.

I would like to take this opportunity to thank my fellow board members, shareholders and our advisers for their continued support and patience over the past twelve months. In what overall has been another pleasing period, the Company has continued with its transition and is shaping for the future.

Tomas Nugent

Executive Chairman

31 May 2019

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018


                                                               2018       2017

                                                                  £          £

Administrative expenses                                    (85,719)  (149,026)
Other operating income                                        1,350          -

Finance costs                                              (26,000)   (26,000)

LOSS BEFORE TAX                                           (110,369)  (175,026)

Income tax expense                                                -          -

                                                                     (175,026)
LOSS FOR THE YEAR                                         (110,369)

                                                               2018       2017

                                                                  £          £

LOSS PER SHARE expressed in pence per share

Basic                                                        (0.01)     (0.02)
Diluted                                                      (0.01)     (0.02)

                                                                  £          £

LOSS FOR THE YEAR

                                                          (110,369)  (175,026)

OTHER COMPREHENSIVE INCOME

Items that may be subsequently reclassified to profit or
loss:
Fair value movement: available for sale investments         137,989     27,598

                                                            137,989     27,598

TOTAL COMPREHENSIVE INCOME FOR THE YEAR                      27,620  (147,428)



STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018


               Issued  Share premium  Other reserves  Accumulated  Total equity
              capital              £               £       losses             £
                    £                                           £

Balance at 1  428,433      1,773,610         748,050  (2,892,994)        57,099
January 2018

Comprehensive
income for
the year

Loss for the        -              -               -    (110,369)     (110,369)
year

Other
comprehensive
income

Items that
may be
subsequently
reclassified
to profit or
loss:
                    -              -         137,989            -       137,989
Fair value
movement:
available for
sale
investments

                    -              -         137,989            -       137,989
Total
comprehensive       -              -         137,989    (110,369)        27,620
income for
the year

Balance at 31 428,433      1,773,610         886,039  (3,003,363)        84,719
December 2018

               Issued  Share premium  Other reserves  Accumulated  Total equity
              capital              £               £       losses             £
                    £                                           £

Balance at 1  410,369      1,646,674         720,452  (2,717,968)        59,527
January 2017

Total
comprehensive
income for
the year

Loss for the  -                    -               -    (175,026)     (175,026)
year

Other
comprehensive
income

              -                    -          27,598            -        27,598
Items that
may be
subsequently
reclassified
to profit or
loss:

Fair value
movements on
available for
sale
investments


Total         -        -              27,598          -            27,598
comprehensive
income for
the year      -        -              27,598          (175,026)    (147,428)

Transactions
with owners,
recorded
directly in
equity

Issue of       18,064        126,936               -  -                 145,000
shares

Balance at 31 428,433      1,773,610         748,050  (2,892,994)        57,099
December 2018



STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018


                                            2018         2017

                                               £            £

ASSETS

NON CURRENT ASSETS

Property, plant and equipment                  -            -

                                               -            -

CURRENT ASSETS

Trade and other receivables                    -            -

Cash and cash equivalents                  7,935       39,086

Available for sale financial assets      579,553      441,564

                                         587,488      480,650

TOTAL ASSETS                             587,488      480,650

EQUITY
ISSUED CAPITAL AND RESERVES

Issued share capital                     428,433      428,433

Share premium                          1,773,610    1,773,610

Other Reserves (per SOCIE)               886,039      748,050

Accumulated losses                   (3,003,363)  (2,892,994)

TOTAL EQUITY                              84,719       57,099

CURRENT LIABILITIES

Borrowings                               179,210      153,210

Trade and other payables                 323,559      270,341

                                         502,769      423,551

TOTAL EQUITY AND LIABILITIES             587,488      480,650



CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018


                                                       2018       2017

                                                          £          £

CASH FLOWS FROM OPERATING ACTIVITIES

Total loss                                        (110,369)  (175,026)

ADJUSTMENTS TO RECONCILE TO LOSS FROM OPERATIONS

Interest expense                                     26,000     26,000

ADJUSTMENTS TO RECONCILE LOSS FROM OPERATIONS        26,000     26,000

LOSS FROM OPERATIONS                               (84,369)  (149,026)

CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL       (84,369)  (149,026)

INCREASE IN WORKING CAPITAL

Decrease in trade and other receivables                   -      2,811

Increase in trade and other payables                 53,218     40,016

INCREASE IN WORKING CAPITAL                          98,451     42,827

CASH FLOW USED IN OPERATING ACTIVITIES             (31,151)  (106,199)

NET CASH FLOWS FROM FINANCING ACTIVITIES

Gross proceeds from issue of equity share capital         -    124,500

NET CASH FLOWS FROM FINANCING ACTIVITIES                  -    124,500

                                                   (31,151)     18,301


Cash and cash equivalents brought forward            39,086     20,785


CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER           7,935     39,086



The independent auditor’s report has highlighted a material uncertainty in relation to going concern. Due to the consideration of factors such as the Company’s ability to raise funding, the audit opinion is not modified in respect of this matter.