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Interim Results for 6 months to 30 Sep 2009

8th Dec 2009 16:02

RNS Number : 7929D

Ricmore Capital PLC

08 December 2009

For immediate release 8 December 2009

Ricmore Capital Plc

( or the "Company")

Unaudited Interim Results for the Six Months Ended 30 September 2009

Chairman's statement

Introduction

Throughout this interim six month period to 30 September 2009 the Company has been an Investing Company. This follows the disposal by the Company, on 9 January 2009 of the entire issued share capital of Energy Assets Limited, a wholly owned subsidiary of the Company and its principal trading entity.

Period covered

The Company changed its accounting reference date from 31 December to 31 March and issued statutory accounts for the period to 31 March 2009 in order to better inform shareholders by presenting audited Financial Statements made up to a period after the sale of its trading subsidiary. Accordingly these condensed financial statements present the financial results for the six months to September 2009. Comparative information reflects the fifteen month period to 31 March 2009 and the first six months of that extended financial period to 30 June 2008.

Financial Results

In the 6 months to 30 September 2009 the Company made a loss after taxation of £68,734 (2008 - loss £83,880) representing a loss per share of 0.02p (2008 - loss 0.03p per share).

Following receipt of the initial consideration arising from the sale of Energy Assets Limited in January 2009, and after settlement of costs, cash balances amounted to some £374,000 at the end of September 2009.

The Future

Your board is seeking out suitable acquisitions and meanwhile is endeavouring to keep costs to a minimum whilst conserving cash.

Contact: John Shaw, Ricmore Capital Plc on 07973 826613

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

Ricmore Capital Plc
Statement of Comprehensive Income
for the six month period ended 30 September 2009
	Note	Six months to 30 September 2009	Six months to 30 June 2008	Period to 31 March 2009
		Unaudited	Unaudited	Audited
		£	£	£
Revenue		-	-	-
Cost of sales		-	-	-
Gross Profit		-	-	-

Operating expenses		(69,606)	(85,442)	(377,582)
Operating loss		(69,606)	(85,442)	(377,582)

Finance Income		872	1,562	5,041
Loss on disposal of subsidiary undertakings		-	-	(2,917,095)
Loss before taxation		(68,734)	(83,880)	(3,289,636)
Taxation		-	-	-

Loss after taxation		(68,734)	(83,880)	(3,289,636)

Total comprehensive income attributable to equity shareholders		(68,734)	(83,880)	(3,289,636)

Loss per share basic and diluted (p)	2	(0.02)	(0.03)	(0.99)

Ricmore Capital Plc
Balance Sheet
As at 30 September 2009
		30 September	30 June	31 March
		2009	2008	2009
		Unaudited	Unaudited	Audited
	Note	£	£	£
Assets
Non current assets
Investment		-	2,382,690	-
Total non current assets		-	2,382,690	-
Current assets
Trade and other receivables	4	515,239	1,562,125	515,239
Cash and cash equivalents		374,268	194,495	451,855
Total current assets		889,507	1,756,620	967,094

Total Assets		889,507	4,139,310	967,094

Equity and liabilities attributable to equity holders of the Company
Share capital and reserves
Issued capital	5	3,327,684	3,327,684	3,327,684
Share premium account		1,145,899	1,145,899	1,145,899
Reserves		(3,609,141)	(391,224)	(3,540,407)
Total Equity		864,442	4,082,359	933,176

Current liabilities
Trade and other payables		25,065	56,951	33,918
Total current liabilities		25,065	56,951	33,918

Total Equity and Liabilities		889,507	4,139,310	967,094

Ricmore Capital Plc
Statement in Changes in Equity
for the six month period ended 30 September 2009

	Share	Share	Retained
	Capital	Premium	Earnings	Total
	£	£	£	£
Balance at 1 April 2009	3,327,684	1,145,899	(3,540,407)	933,176
Total comprehensive income attributable to equity shareholders	-	-	(68,734)	(68,734)
Balance at 30 September 2009	3,327,684	1,145,899	(3,609,141)	864,442

Balance at 1 January 2008	2,787,684	1,163,929	(363,917)	3,587,696
Total comprehensive income attributable to equity shareholders	-	-	(83,880)	(83,880)
Share based payments	-	-	56,573	56,573
Shares issued	540,000	-	-	540,000
Share issue costs	-	(18,030)	-	(18,030)
Balance at 30 June 2008	3,327,684	1,145,899	(391,224)	4,082,359

Balance at 1 January 2008	2,787,684	1,163,929	(363,917)	3,587,696
Total comprehensive income attributable to equity shareholders	-	-	(3,289,636)	(3,289,636)
Share based payments	-	-	113,146	113,146
Shares issued	540,000	-	-	540,000
Share issue costs	-	(18,030)	-	(18,030)
Balance at 31 March 2009	3,327,684	1,145,899	(3,540,407)	933,176

Ricmore Capital Plc
Cash Flow Statement
for the six months ended 30 September 2009

	30 September	30 June	31 March
	2009	2008	2009
	£	£	£
	Unaudited	Unaudited	Audited
Cash flows from operating activities
Operating loss for the year as per income statement	(69,606)	(85,442)	(377,582)
Share based payments	-	56,573	113,146
	(69,606)	(28,869)	(264,436)
Movements in working capital
Increase in trade and other receivables	-	(327,043)	(847,770)
Decrease in trade and other payables	(8,853)	4,905	(18,128)
Net cash generated from operations	(78,459)	(351,007)	(1,130,334)

Cash flows from financing activities
Net proceeds from issue of equity shares	-	521,970	521,970
Net cash flows from financing activities	-	521,970	521,970

Cash flows from investing activities
Interest received	872	1,562	5,041
Net proceeds of sale of subsidiary	-	-	1,033,208
Net cash flows from investing activities	872	1,562	1,038,249

Net (decrease)/increase in cash and cash equivalents	(77,587)	172,525	429,885

Cash and cash equivalents at the beginning of period	451,855	21,970	21,970

Cash and cash equivalents at end of period	374,268	194,495	451,855

Notes to the unaudited financial statements

1. Basis of Preparation

The financial information contained in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 September 2009 and 30 June 2008 has been neither audited nor reviewed by the auditors.

The figures and financial information for the period ended 31 March 2009 are extracted from the latest published audited financial statements of the Company and do not constitute the statutory financial statements for that period. The audited financial statements for the period ended 31 March 2009 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006.

The financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations. The financial information has been prepared under the historical cost convention. The statutory financial statements are prepared in accordance with IFRSs as adopted by the European Union.

Except as described below, the Company has applied consistent accounting policies in preparing the interim financial statements for the six months ended 30 September 2009, the comparative information for the six months ended 30 June 2008, and the financial statements for the period ended 31 March 2009.

The Company applies revised IAS 1 Presentation of Financial Statements, which became effective as of 1 January 2009. As a result, the Company presents in the statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the statement of comprehensive income. This standard is concerned with presentation only and does not have any impact on the results or net assets of the Company. Comparative information has been re-presented where applicable so that it also is in conformity with the revised standard.

As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.

2. Loss per share

The loss per share has been calculated by dividing the loss after taxation of £68,734 by the weighted average number of Ordinary Shares in issue for the period of 332,768,383 (2008: 328,293,244). The diluted loss per share is the same as the basic loss per share as the options that were in existence have an anti-dilutive effect on the loss per share and therefore have not been taken into account.

3. Dividend

No dividend is recommended.

4. Trade and other receivables

Other receivables of £515,239 at 30 September 2009 represent deferred consideration arising on the sale of Energy Assets Limited and is receivable in December 2009.

5. Share capital

At 30 September 2009 the Company had 332,768,383 Ordinary shares of 1p each in issue. There have been no issues of shares during the period.

6. Principal Risks and Uncertainties

The Company’s financial instruments comprise cash balances and debtors and creditors that arise directly from its operations The principal risks and uncertainties facing the Company relate to the activity of establishing, investing in or acquiring assets, businesses or companies in accordance with the Company’s investment strategy. Despite the opportunities that arise, there is the risk that the Company may not find a suitable or profitable investment. A further risk is that the Company may not be able to raise the necessary funding for such an investment or, if necessary, for further working capital whilst investment opportunities are explored.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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