TIDMORNT
RNS Number : 0368A
Orient Telecoms PLC
21 December 2017
ORIENT TELECOMS PLC
INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2017
Director's Statement
I have pleasure in presenting the interim financial statements
of Orient Telecoms plc (the "Company") for the period from 1 April
2017 to 30 September 2017.
During the financial period, the Company reported a net loss of
GBP62,141 (GBP1.24 per share).
On 25 October, 2017, the Company was successfully admitted to
the Official List (by way of a Standard Listing) and to trading on
the London Stock Exchange's main market for listed securities.
Since the listing of the company, we have been extensively
working on the marketing and sales related activities in the
region. A number of potential clients have been engaged and have
expressed their interest in the company's products and services. We
anticipate in the next month to put together the forecast and the
business plan for year 2018.
Responsibility Statement
The Directors are responsible for preparing the Condensed
Financial Statements in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority ('DTR') and with International Accounting Standard 34 on
Interim Financial Reporting (IAS 34).
The Directors confirm that, to the best of their knowledge, this
condensed consolidated interim report has been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim report includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
Mark Pincock
Director
21 December 2017
CONDENSED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2017
6 months Period
period from
ended 26 February
30 September 2016 to
2017 30 September
2016
Notes GBP GBP
(Unaudited) (Unaudited)
INCOME - -
-------------- --------------
- -
Other operating expenses (62,141) (104,000)
-------------- --------------
OPERATING LOSS/LOSS BEFORE
TAXATION (62,141) (104,000)
Income tax expense - -
-------------- --------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS OF THE
COMPANY (62,141) (104,000)
OTHER COMPREHENSIVE INCOME
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (62,141) (104,000)
Basic and diluted loss
per share (LIR) 4 (1.24) (2.08)
============== ==============
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2017
As at As at
30 September 31 March
2017 2017
Notes GBP GBP
(Unaudited) (Audited)
CURRENT ASSETS
Other receivables 2,500 2,500
-----------
2,500 2,500
CURRENT LIABILITIES
Other payables 5 233,141 161,000
-------------- -----------
NET LIABILITIES (220,641) (158,500)
============== ===========
EQUITY ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY
Share capital 6 12,500 12,500
Retained earnings (233,141) (171,000)
--------------
TOTAL EQUITY (220,641) (158,500)
============== ===========
CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2017
6 months Period
period from 26
ended February
30 September 2016 (inception)
2017 to 30
September
2016
Notes GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating
activities
Operating loss (62,141) (104,000)
-------------- ------------------
Changes in working capital
Other receivables - -
Other payables 62,141 91,500
-------------- ------------------
Net cash flow from operating
activities - (12,500)
-------------- ------------------
Cash flow from financing
activities
Issue of share capital - 12,500
-------------- ------------------
Net cash flow from financing
activities - 12,500
Net increase in cash and - -
cash equivalents
Cash and cash equivalents - -
at beginning of period
-------------- ------------------
Cash and cash equivalents - -
at end of period
============== ==================
CONDENSED STATEMENT OF CHANGES IN EQUITY
Period from 1 April 2017 to 30 September 2017 (unaudited)
Share Retained Total
capital earnings
GBP GBP GBP
As at 1 April 2017 12,500 (171,000) (158,500)
Loss for the period - (62,141) (62,141)
--------- ---------- ----------
Total comprehensive
loss for the period - (233,141) (220,641)
--------- ---------- ----------
As at 30 September 2017 12,500 (214,000) (220,641)
========= ========== ==========
Period from 26 February 2016 (inception) to 30 September 2016
(unaudited)
Share Retained Total
capital earnings
GBP GBP GBP
Loss for the period - (104,000) (104,000)
--------- ---------- ----------
Total comprehensive
loss for the period - (104,000) (104,000)
--------- ---------- ----------
Shares issued on incorporation 12,500 - 12,500
As at 30 September 2016 12,500 (104,000) (91,500)
========= ========== ==========
Period from 26 February 2016 (inception) to 31 March 2017
(audited)
Share Retained Total
capital earnings
GBP GBP GBP
Loss for the period - (171,000) (171,000)
---------- ---------- ----------
Total comprehensive
loss for the period - (171,000) (171,000)
Shares issued on incorporation 12,500 - 12,500
As at 31 March 2017 12,500 (171,000) (158,500)
========== ========== ==========
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED TO 30 SEPTEMBER 2017
1. GENERAL INFORMATION
The Company was incorporated in England and Wales on 26 February
2016, as a public company limited by shares under the Act. The
principal legislation under which the Company operates is the Act.
The registered office of the Company is at the offices of London
Registrar, Suite A, 6 Honduras St, London EC1Y 0TH United
Kingdom.
The Company was admitted to the Official List (by way of a
Standard Listing) and to trading on the London Stock Exchange's
main market for listed securities on 25 October, 2017.
2. ACCOUNTING POLICIES
Basis of preparation
The condensed financial information for the period ended 30
September 2017 and 30 September 2016 have been prepared in
accordance with IAS 34, Interim Financial Reporting. The condensed
financial information is unaudited and does not constitute
statutory financial statements. The comparative interim financial
information covers the period from incorporation on 26 February
2016 to 30 September 2016.
The principal accounting policies used in preparing the interim
financial statements are the same as those applied in the Company's
financial statements as at and for the period ended 31 March 2017,
which have been prepared in accordance with International Financial
Reporting Standards as adopted by the EU ("IFRS") issued by the
International Accounting Standards Board ("IASB"), including
related interpretations issued by the International Financial
Reporting Interpretations Committee ("IFRIC"). The auditors' report
on those accounts was unqualified but did contain an emphasis of
matters paragraph in respect of the going concern.
The condensed financial information is presented in British
Pound Sterling ("GBP").
The interim financial statements for the six months ended 30
September 2017 was approved by the Directors on 20 December
2017.
Going concern
These interim financial statements have been prepared on a going
concern basis notwithstanding the existence of the net current
liabilities and shareholder's deficits position at the end of
reporting period.
Subsequent to the reporting year end, the Company raised
approximately GBP769,860 of net new finance following its admission
on the Main Market of London Stock Exchange. The directors have a
reasonable expectation that the Company has adequate resources to
continue in operational existence. For this reason, they continue
to adopt the going concern basis in preparing the interim financial
statements.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of unaudited interim financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses for the
current and its corresponding financial period under review. Actual
results may differ from these estimates.
In preparing the unaudited interim financial statements, the
significant judgements made by the management in applying the
Company's accounting policies and the sources of estimates
uncertainty were consistent as those applied to the 2017 Audited
Financial Statements.
There were no changes in estimates of amounts of the Company
that may have a material effect on financial period ended 30
September 2017.
4. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss
attributable to equity holders of the company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. There are currently no
dilutive potential ordinary shares.
Loss per share attributed to ordinary shareholders
6 months Period from
period ended 26 February
30 September 2016 (inception)
2017 to
30 September
2016
Earnings (GBP) (62,141) (104,000)
Weighted average number
of shares (Unit) 50,000 50,000
Per-share amount (GBP) (1.24) (2.08)
5. OTHER PAYABLES
As at As at
30 September 31 March
2017 2017
GBP GBP
Amount due to holding company 120,000 107,500
Accruals 29,800 34,000
Other payables 73,341 19,000
-------------- ----------
223,141 161,000
-------------- ----------
6. SHARE CAPITAL
Ordinary shares of LIR1 each
As at As at
30 September 31 March
2017 2017
GBP GBP
Paid up:
50,000 ordinary shares
at LIR0.25 each 12,500 12,500
On 26 February 2016, the Directors approved the issue of 50,000
ordinary shares in the Company to Orient Managed Services Limited
for GBP1 each, of which GBP12,500 have been paid and called up. The
remaining GBP37,500, have not been called up at 31 March 2017, were
fully paid upon listing of the Company's shares on London Stock
Exchange on 25 October 2017.
7. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the
Company's operation.
8. RELATED PARTY TRANSACTIONS
In 2016 the company entered into an agreement with a third party
which provides consultancy service agreement in relation to the
listing exercise of the Company. During the period the Company did
not enter into any material transactions with related parties.
As at As at
30 September 31 March
2017 2017
GBP GBP
Holding Company
Orient Managed Services
Limited 120,000 107,500
9. SUBSEQUENT EVENT
The Company was admitted to the Official List (by way of a
Standard Listing) and to trading on the London Stock Exchange's
main market for listed securities on 25 October 2017.
Upon Admission the share capital of the Company was increased
from GBP12,500 to GBP1,000,000.
The existing 50,000 shares of GBP1.00 each was converted to
500,000 shares of GBP0.10 each and balance of GBP37,500 being fully
paid. 500,000 new shares of GBP50,000 were issued concurrently to
the existing shareholder by conversion of payable amount.
On admission, 9,000,000 shares of GBP0.10 each were issued and
fully paid. From listing total proceed of GBP900,000, the Company
received net proceed of GBP769,860, after deduction of listing and
broker cost.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGGMPPUPMUWG
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