Executive Director’s Statement
I am pleased to present the unaudited interim results for the Company for the six month period ended
Results and Review of Business
The loss for the period was
The value of our investment portfolio increased to
On the 22nd
During the period, the Company raised a total of £187,500 by way of subscription.
Post Balance Sheet Events
There have been no material events, transactions or developments within the post balance sheet period.
Change from investment Company to
With my appointment on the
As the health supplements and distribution model has developed and shown signs of strong growth, the Company has expanded its involvement and the
As a result of the acquisition of MEI Home the Board have reviewed the activities of the Company. Whist to date the Company has acted as an investment company with a generalist acquisition policy in recent years the acquisitions have tended to be in one generic area. Most of the businesses have a focus on products for the Asian market with an emphasis on direct and indirect sales of health supplements and medical devices.
In addition to the investments the Company has made the Board is now working on a more active basis with the Directors of the existing investments of Yicom,
The Company proposes to look for buyers of its activities which do not fall into the sphere of health supplements, direct and indirect marketing and medical devices. The Board will update investors as to the progress of these activities in due course.
The Company is pleased to report that year on year,
The Board hope to benefit from increasing revenue streams generated by ongoing dividend income from Yicom and MEIhome.
The Board are continuing the process of applying for a Standard Listing of the Company's Ordinary Shares on the Main Market of the
On behalf of the Board, I would like to take this opportunity to thank shareholders and professional advisers for their continued support of the Company.
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR SIX MONTHS TO
6 months to 6 months to 28 February 2019 29 February 2018 CONTINUING OPERATIONS GBP GBP TURNOVER/DIVIDEND INCOME 38,561 16,014 OTHER INCOME - - ADMINISTRATIVE EXPENSES (110,836) (88,348) OTHER OPERATING (EXPENSES) GAIN 5,639 (34,342) FINANCE COSTS (1,409) (3,189) (LOSS) BEFORE TAX (68,045) (109,865) INCOME TAX - (LOSS) FOR THE YEAR / PERIOD (68,045) (109,865) OTHER COMPREHENSIVE INCOME / (LOSS) Loss on fair value changes of - - available-for-sale financial assets Reclassification of fair value gain on - - disposal of available-for-sale financial assets OTHER COMPREHENSIVE INCOME / (LOSS) FOR THE - - YEAR / PERIOD TOTAL COMPREHENSIVE LOSS FOR THE YEAR / PERIOD (68,045) (109,865) BASIC AND DILUTED LOSS PER SHARE (0.01)p (0.01)p 6 months to 6 months to CONSOLIDATED STATEMENT OF FINANCIAL POSITION 28 February 2019 29 February 2018 AS AT
28 FEBRUARY 2019GBP GBP INVESTMENTS Available-for-sale financial assets 1,257,406 1,013,769 CURRENT ASSETS Trade and other receivables 47,460 6,127 Cash and cash equivalents 276,970 428,837 Other Receivables 42,796 98,361 367,226 533,325 CURRENT LIABILITIES Trade and other payables (24,717) 100 Accrued Expenses 21,678 5,250 Deferred Tax Liabilities 3,756 - Provision for Taxation (560) - (157) (5,350) NET CURRENT ASSETS / (LIABILITIES) 367,069 527,975 NET ASSETS 1,624,475 1,541,744 REPRESENTING:- Share capital 1,159,623 972,123 Share premium 1,496,090 1,496,090 2,655,713 2,468,213 Non-controlling interest 59,284 - Fair value reserve 142,983 133,364 Accumulated losses (1,233,505) (1,059,833) SHAREHOLDERS FUNDS 1,624,475 1,541,744
The interim financial information for the six months ended
The Directors of the Company accept responsibility for the announcement.
Tel: +44 (0)78 3018 2501
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Telephone: +44 (0) 20 7448 9820