30th Sep 2015 07:00
Nova Resources Limited
Interim results for the period ended 30 June 2015
The Board of Nova Resources Limited (AIM: NOVA.L), is pleased to announce its interim results for the six months to 30 June 2015.
Nova Resources Limited 07966 332232
Christopher Morgan, Chairman
SPARK Advisory Partners Limited (Nominated Adviser) 0203 368 3554
Neil Baldwin/Mark Brady
Nova Resources Limited ("the Company")
Chairman's Statement
I have pleasure in presenting our interim report for the period to 30 June 2015.
We have, as expected, incurred a loss for the period of £176,000, as the Company continues to control costs whilst developing its current investments. Progress with the current investments in Enerstry Group Ltd ("Enerstry") and Tricor Plc ("Tricor") has been slow, and the Company manages its costs within its available cash resources
The Company continues to receive interim loan repayments from Enerstry, and anticipates that the outstanding balance of the loan of £127,000 will be fully recovered by the end of this calendar year.
The Board will continue to seek opportunities that fall within the approved investment policy of the Company.
Christopher Morgan
Chairman.
Nova Resources Limited
Consolidated Comprehensive Income Statement
For the period to 30 June 2015
| Notes | 6 Months | Year to | 6 Months |
|
| 30 June 2015 | 31 December 2014 | 30 June 2014 |
|
| Unaudited | Audited | Unaudited |
|
| £000s | £000s | £000s |
|
|
|
|
|
Revenue |
| - | - | - |
|
|
|
|
|
Cost of sales |
| - | - | - |
|
|
|
|
|
|
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Gross (loss) / profit |
| - | - | - |
|
|
|
|
|
Administrative expenses |
| (176) | (428) | (133) |
|
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Operating loss | 4 | (176) | (428) | (133) |
Loss on disposal of subsidiaries |
| - | (97) | - |
Changes in fair value of available for sale assets |
|
- |
(2,398) |
(2,354) |
|
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
|
| (176) | (2,923) | (2,487) |
Finance income |
| - | - | - |
Finance expense |
| - | - | - |
|
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Loss before tax from continuing operation |
|
(176) |
(2,923) |
(2,487) |
|
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Total comprehensive loss for the period |
|
(176) |
(2,923) |
(2,487) |
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| ════════ | ════════ | ════════ |
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Attributable to: |
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|
|
- Owners of the parent |
| (176) | (2,923) | (2,487) |
|
| ════════ | ════════ | ════════ |
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Loss per share |
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|
|
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|
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From continuing operations: |
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|
|
|
|
|
|
Basic and diluted | 6 | (0.04p) | (0.82p) | (0.77p) |
|
| ════════ | ════════ | ════════ |
Nova Resources Limited
Consolidated Statement of Financial Position
As at 30 June 2015
| Notes | 6 Months | Year to | 6 Months |
|
| 30 June 2015 | 31 December 2014 | 30 June 2014 |
|
| Unaudited | Audited | Unaudited |
|
| £000s | £000s | £000s |
Assets |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Financial assets designated at fair value through profit or loss account |
|
209 |
209 |
254 |
Investments |
| 1 | 1 | - |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
|
| 210 | 210 | 254 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
Current assets |
|
|
|
|
Cash and cash equivalents |
| 28 | 123 | 4 |
Trade and other receivables |
| 127 | 305 | 491 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
|
| 155 | 428 | 495 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
Total assets |
| 365 | 638 | 749 |
|
| ═══════ | ═══════ | ═══════ |
Equity and liabilities |
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Capital and reserves |
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|
Issued capital |
| 3,928 | 3,928 | 3,928 |
Share premium |
| 4,996 | 4,996 | 4,996 |
Loan note equity reserve |
| 10 | 10 | 29 |
Share based payment reserve |
| 221 | 221 | 23 |
Accumulated deficit |
| (9,120) | (8,944) | (8,607) |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
Total equity |
| 35 | 211 | 369 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
Non Current liabilities |
|
|
|
|
Non-interest bearing loans |
| 104 | 104 | 85 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
|
| 104 | 104 | 85 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
Current liabilities |
|
|
|
|
Trade and other payables |
| 226 | 273 | 214 |
Convertible loan |
| - | 50 | 81 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
|
| 226 | 323 | 295 |
|
| ¾¾¾¾ | ¾¾¾¾ | ¾¾¾¾ |
Total equity and liabilities |
| 365 | 638 | 749 |
|
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Nova Resources Limited
Consolidated Statement of Cash Flows
For the period to 30 June 2015
| Period to 30 June 2015 Unaudited | Year to 31 December 2014 Audited | Period to 30 June 2014 Unaudited |
|
|
|
|
| £000s | £000s | £000s |
|
|
|
|
Operating activities | (95) | (325) | (561) |
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Investing activities |
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|
|
|
Disposable of subsidiaries | - | (97) | - |
Acquisition of fixed asset investments | - | (1) | - |
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Financing activities |
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|
|
Proceeds from issue of shares | - | 516 | 516 |
Proceeds of issue of loan note | - | 30 | 30 |
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Net cash inflow/(outflow) | (95) | 123 | (15) |
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|
|
|
Effects of changes in exchange rates | - | - | - |
Cash and cash equivalents at the beginning of the period |
123 |
- |
19 |
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Bank balances and cash | 28 | 123 | 4 |
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Reconciliation of operating loss to net cash outflow from operating activities
| Period to 30 June 2015 Unaudited | Year to 31 December 2014 Audited | Period to 30 June 2014 Unaudited |
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|
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| £000s | £000s | £000s |
|
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|
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Loss for the period before interest and tax |
(176) |
(428) |
(2,487) |
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|
|
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Adjustments for: |
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|
|
Finance expense | - | - | - |
Finance Income | - | - | - |
Share based payment | - | 240 | 35 |
Provision for quoted investments | - | - | 2,354 |
(Increase)/Decrease in receivables | 178 | (215) | (492) |
Increase/(decrease) in payables | (97) | 78 | 29 |
| ¾¾¾¾¾ | ¾¾¾¾¾ | ¾¾¾¾¾ |
Net cash outflow from operating activities |
(95) |
(325) |
(561) |
| ════════ | ════════ | ════════ |
Nova Resources Limited
Consolidated statement of changes in equity
For the period to 30 June 2015
| Share based payment reserve | Loan note equity reserve | Share capital | Share premium | Accumulated deficit | Total |
| £000s | £000s | £000s | £000s | £000s | £000s |
|
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As at 1 January 2014 | 23 | 29 | 1,291 | 4,996 | (6,120) | 219 |
Loss after tax | - | - | - | - | (2,487) | (2,487) |
Issue of shares for cash | - | - | 516 | - | - | 516 |
Conversion of loan notes | - | - | 86 | - | - | 86 |
Exercise of loan of warrants | - | - | 2,035 | - | - | 2,035 |
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As at 30 June 2014 | 23 | 29 | 3,928 | 4,996 | (8,607) | 369 |
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Loss after tax | - | - | - | - | (337) | (337) |
Share based payments | 198 | - | - | - | - | 198 |
Reserve no longer required | - | (19) | - | - | - | (19) |
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As at 31 December 2014 | 221 | 10 | 3,928 | 4,996 | (8,944) | 211 |
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Loss after tax | - | - | - | - | (176) | (176) |
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As at 30 June 2015 | 221 | 10 | 3,928 | 4,996 | (9,120) | 35 |
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Nova Resources Limited
Notes to the Interim Financial Information
1. General Information
Nova Resources Limited is a public limited company incorporated in Bermuda with a company number 39768 and is quoted on the AIM market of the London Stock Exchange Plc.
2. Basis of Preparation
This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statement for the year ended 31 December 2014. This interim financial information for the six months ended 30 June 2015 was approved by the Board on 28 September 2015.
3. Segmental Analysis
The groupÕs primary reporting format is business segments and its secondary format is geographical segments. The group currently has neither an operating business nor geographical segment. Accordingly no segmental information for business segment or geographical segment is required.
4. Operating loss for the period is stated after charging / (crediting)
| Period to 30 June 2015 Unaudited | Year to 31 December 2014 Audited | Period to 30 June 2014 Unaudited |
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| £000s | £000s | £000s |
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Share based payment | - | 205 | 35 |
AuditorsÕ remuneration | 1 | 8 | - |
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5. Remuneration of key management personnel
| Period to 30 June 2015 Unaudited | Year to 31 December 2014 Audited | Period to 30 June 2014 Unaudited |
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The fees paid in the period to 30 June 2015 were: | £000s | £000s | £000s |
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Christopher Morgan | 21 | 50 | - |
Ajay Rajpal | - | - | - |
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NAS Corporate Services Ltd, a company controlled by Ajay Rajpal, was paid £21,000 in fees in the period. These fees are in relation to outsourced accounting services.
Nova Resources Limited
Notes to the Interim Financial Information
6. Loss per share
| Period to 30 June 2015 Unaudited | Year to 31 December 2014 Audited | Period to 30 June 2014 Unaudited |
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Loss per ordinary share: |
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|
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Basic - pence | (0.04p) | (0.82p) | (0.77p) |
Diluted - pence | (0.04p) | (0.82p) | (0.77p) |
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The loss per ordinary share is based on the Company's loss for the period of £176,000 (31 December 2014 - £2,923,000; 30 June 2014 - £2,487,000) and a basic and diluted weighted average number of shares in issue of 392,840,287 (31 December 2014; 358,259,260; 30 June 2014 ; 323,105,066).
7. Related-party transactions
NAS Corporate Services Ltd, a company controlled by Ajay Rajpal, was paid £21,000 in fees in the period. Upside Management (UK) Ltd, a company controlled by Christopher Morgan, was paid £21,000 for directors fees for Christopher Morgan in the period.
8. Events subsequent to 30 June 2015
No events occurred after the period end that require reporting.
9. The unaudited results for the period ended 30 June 2015 do not constitute statutory accounts. The comparative figures for the period ended 31 December 2014 are extracted from the audited financial statements which contained an unqualified audit report.
10. This interim financial statement will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the Company's website at www.novaresourceslimited.com.
Related Shares:
NOVA.L