22nd Dec 2005 11:42
NANOTECH ENERGY PLC ("Nanotech" or the "Company") Interim Accounts for the period ended 30 September 2005 Business Highlights in the Period * Admitted to trading on AIM on 18 March 2005 as an investment company with an investment strategy aimed at manufacturing, service or technology companies in the utilities and finite resources sectors in Europe. * Change of board and investment strategy announced 12 December 2005 Chairman's StatementI am pleased to make this interim statement to you as Chairman of the Company.Nanotech is an investment company that was set up by Griffin Group plc on 7March 2005 and admitted to trading on AIM on 18 March 2005 with the objectiveof investing in small to medium sized companies.During the reporting period, the Board have reviewed a number of investmentopportunities, but to date, no suitable investment has been found to fulfillthe Company's investment strategy.On 12 December 2005, the existing board of directors was replaced by myself,Bob Long and Adam Collins (the "New Directors"). The New Directors haveidentified an opportunity for the Company in the financial services sector. Theopportunity involves the acquisition of a company that is involved in thefunding of personal loans arising from legal litigation disbursement funding,matrimonial disputes, and deceased estates.Results for the period ended 30 September 2005The results for the period reflect no turnover and simply the overhead expensesof an AIM traded company less the interest earned from investment of thecompany's resources. The loss before taxation for the period amounted to ‚£73,169 and loss per share amounted to 0.19 pence. As at 30 September 2005, netassets amounted to ‚£364,293, and the cash as at the same date amounted to ‚£363,624.Bob LongChairmanPROFIT AND LOSS ACCOUNTFor the period to 30 September 2005 Period ended 30 September 2005 (Unaudited) ‚£ Turnover - Administrative expenses (75,508) _______ Loss - Continuing operations (75,508) Interest receivable and similar income 2,339 _______ Loss on ordinary activities before taxation (73,169) Taxation on ordinary activities (note 2) - _______ Retained loss (73,169) _______ Loss per share (note 3) (0.19)p BALANCE SHEETAs at 30 September 2005 As at 30 September 2005 (Unaudited) ‚£ Current assets Debtors 2,944 Cash at bank and in hand 363,624 _______ 366,568 Creditors Amounts falling due within one year (2,275) _______ Net current assets 364,293 _______ Net assets 364,293 _______ Capital and reserves Called up share capital - Ordinary (equity) 216,667 Share premium account 220,795 Profit and loss account (73,169) _______ Equity shareholders' funds 364,293 _______ CASH FLOWFor the period to 30 September 2005 Period ended 30 September 2005 (Unaudited) ‚£ Net cash outflow from operating activities (76,177) (note 5) Returns on investments and servicing of finance Interest received and similar income 2,339 ______ (73,838) Investments Taxation UK Corporation tax paid - _______ Equity dividends paid - _______ Net cash outflow before financing (73,838) _______ Financing Issue of shares 650,000 Expenses of share issues (212,538) _______ Net cash inflow from financing 437,462 _______ INCREASE IN CASH 363,624 _______ NOTES TO THE INTERIM STATEMENT1. The interim figures have not been audited. The interim financial statementdoes not constitute statutory accounts within the meaning of Section 240 of theCompanies Act 1985 (The "Act").2. Due to the Company's losses, no taxation charge has arisen for the period.3. The calculation of loss per share is based on the loss on ordinaryactivities after taxation and 39,393,939 ordinary shares being the weightedaverage number of shares in issue during the half year.4. The Directors are unable to declare an interim dividend for the period due to the deficit on the profit and loss reserve. 5. Reconciliation of operating loss to net cash outflow from operatingactivities Period ended 30 September 2005 (Unaudited) ‚£ Operating (loss) (75,508) (Increase) in debtors (2,944) Increase in creditors 2,275 _______ Net cash outflow from operating (76,177) activities _______ 6. The interim statement was approved by the board of Directors on 21 December2005. Copies of this statement will be available to shareholders and members ofthe public, free of charge, from Hilden Park House, 79 Tonbridge Road,Hildenborough, Kent, TN11 9BH.Contact details:Bob Long, Nanotech Energy plc 0161 493 1841 Liam Murray, City Financial Associates 020 7090 7800 Limited ENDNANOTECH ENERGY PLCRelated Shares:
IHUK.L