30th Sep 2005 16:22
Zareba PLC30 September 2005 Zareba PLC Interim report for the period ended 30 June 2005 Chairman's Statement This is my first report following the flotation of the Company in February 2005.The attached profit and loss account shows that the company made a loss for theperiod to June of £38,619and had some £1.35 million in cash resources. The company was floated to make investments in the mining and minerals sector.Its first investment was announced on 8 June, and was in a company developing adiamond mine in Northern Namibia. The initial investment of N$ 500,000 has beensubsequently increased by a further N$ 500,000. The total investment represents10% of the investee company, which is named Shelfco 21 Pty Limited. A CompetentPersons Report was commissioned from Placer Analysis Ltd, but this report hasbeen delayed to enable further data to be included. In the meantime the mineitself is scheduled to be formally opened on 15 October 2005 by the Minister ofMines and Energy of Namibia, and the opening is likely to appear on the Namibiannational television. Other investments are also under examination, including investments which wouldconstitute reverse acquisitions under the AIM rules, but no firm agreements forsuch investments have been made. The directors remain conscious of the need to conserve cash, and expenses arebeing kept to a minimum. They remain confident that Zareba will meet thecriteria of the London Stock Exchange for investment companies within the timelimits set by the Exchange. Brian Moritz (Chairman) PROFIT AND LOSS ACCOUNT for the period ended 30 JUNE 2005 Notes 30 June 2005 £ Administrative expenses (55,539) Operating loss (55,539) Interest receivable 16,920 Loss on ordinary activities before taxation (38,619) Tax on loss on ordinary activities - Retained loss for the financial period 5 (38,619) The profit and loss account has been prepared on the basis that all operationsare continuing operations. There were no gains or losses in the period other than those included in theabove profit and loss account. BALANCE SHEET as at 30 JUNE 2005 Notes 2005 £Fixed assets Investments 1 41,220 Current assetsDebtors 2 5,357Cash at bank and in hand 1,349,790 1,355,147 Creditors: amounts falling due within one year 3 (6,506) Net current assets 1,348,641 Total assets less current liabilities 1,389,861 Capital and reservesCalled up share capital 4 203,300Share premium account 5 1,225,180Profit and loss account 5 (38,619) Shareholders' funds - equity interests 6 1,389,861 CASH FLOW STATEMENT for the period ended 30 JUNE 2005 Notes 2005 £ Net cash outflow from operating activities A (54,390) Returns on investments and servicing of finance Interest received 16,920 Net cash inflow from returns on investments and 16,920servicing of finance Acquisitions and disposalsPurchase of investment (41,220) (41,220) Cash outflow before management of liquid resources (78,690)and financing Management of liquid resourcesCash term deposits (1,200,000) (1,200,000)Financing Issue of ordinary share capital 1,583,000Cost of share issues (154,520) Net cash outflow from financing 1,428,480 Increase in cash in the period C 149,790 NOTES TO THE CASH FLOW STATEMENT for the period ended 30 JUNE 2005 A Reconciliation of operating loss to net cash outflow from operating activities 2005 £ Operating loss (55,539) Increase in debtors (5,357) Increase in creditors within one year 6,506 Net cash outflow from operating activities (54,390) B Analysis of net funds 23 October 2004 Cash flow 30 June 2005 £ £ £ Net cash: Cash at bank and in hand - 149,790 149,790 Liquid resources: Bank deposits 1,200,000 1,200,000 Net funds - 1,349,790 1,349,790 C Reconciliation of net cash flow to movement in net funds Increase in cash in the period 149,790 Cash outflow from increase in liquid resources 1,200,000 Opening net debt - Closing net funds 1,349,790 NOTES TO THE ACCOUNTS for the period ended 30 JUNE 2005 1. Fixed asset investments 2005 £ Unlisted investments 41,220 2. Debtors 2005 £ Other debtors 5,357 3. Creditors: amounts falling due within one year 2005 £ Trade creditors 6,024 Other creditors 482 6,506 4. Called up share capital 2005 £ Authorised 1,000,000,000 ordinary shares of £0.001 each 1,000,000 Allotted, called up and fully paid 203,300,000 ordinary shares of £0.001 each 203,300 NOTES TO THE ACCOUNTS for the period ended 30 JUNE 2005 (continued) 5. Statement of movements on reserves Share premium Profit and loss account account £ £ Retained loss for the period - (38,619) Premium on shares issued during the year 1,379,700 - Cost of share issue written off to share premium account (154,520) - At 30 June 2005 1,225,180 (38,619) 6. Reconciliation of movements in 2005 shareholders' funds £ Loss for the financial period (38,619) Proceeds from issue of shares 1,583,000 Cost of share issue written off to share premium account (154,520) Net addition to shareholders' funds 1,389,861 Opening shareholders' funds - Closing shareholders' funds 1,389,861 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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