The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended
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
NEX Corporate Adviser
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
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
The financial results for the 12 month period to
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.
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.
INCOME STATEMENT FOR THE YEAR ENDED
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
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
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
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.