TIDMLME
31 October 2017
LIMITLESS EARTH PLC
("Limitless" or the "Company")
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHSED 31 JULY 2017
The Company is pleased to announce its half-yearly result for the six months to
31 July 2017.
CHIEF EXECUTIVE'S STATEMENT
Limitless is a proactive investing company that focuses on making investments
in and assisting companies that show the potential to generate returns through
capital appreciation. The directors look to make investments into small
companies which have clear routes to value appreciation and which operate in
sectors with long term growth prospects that are driven by demographic change.
Examples of such sectors include Cleantech, Life Sciences and Technology.
During the reporting period, the Company invested GBP239,000, by way of 10 per
cent. senior secured notes plus equity option, in Saxa Gres S.p.A ("Saxa
Gres"), a company specialising in Industrial Material Recycling and Waste to
Energy. The investment was made on the basis of progress made by Saxa Gres in
having developed its production process. As previously announced, Saxa Gres is
operating at full capacity having completed a re-start process and having hired
more than 70 workers. More recently, Saxa Gres announced that it has refined it
manufacturing process sufficiently such that it will start incorporating
incinerator ashes in its tile composition from November 2017. Tile produced
will be targeted for large city restructuring projects and management of Saxa
Gres have stated that it expects these sales to contribute significantly to
management's revenue forecasts which more than double the 2017 year end
estimates in the financial year for 2018.
The Company is also pleased to advise that its investee company, V-Nova, has
won further international praise for its next-generation V-Nova PERSEUST 2
codec which was awarded 'Best Digital Video Processing Technology' at this
year's CSI Awards.
The all other current investments are progressing in line with management
expectations. The Board continues to actively source suitable investments and
thanks all the shareholders for their support.
The Board understands as per previous years, that cost control is important at
all times and on behalf of the shareholders, the directors carefully keep
operating costs to a minimum to preserve shareholder value.
For the period, Limitless made a net loss on operations of GBP61,320 (2016: GBP
65,477) and the unaudited balance sheet reflects the cash and cash equivalents,
having made a further investment in the period of GBP239,208, at the reporting
date of GBP791,261 (2016: GBP1,242,626) and Investments held for trading totalling
GBP1,535,651 (2016: GBP1,296,443).
For further information, please contact:
Limitless Earth plc www.limitlessearthplc.com
Guido Contesso - CEO +44 7780 700 091
Cairn Financial Advisers LLP +44 20 7213 0880
Nominated Adviser www.cairnfin.com
Jo Turner/Tony Rawlinson
Peterhouse Corporate Finance Limited +44 20 7469 0930
Joint Broker www.pcorpfin.com
Peter Greensmith
UNAUDITED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME
6 MONTHSED 31 JULY 2017
Notes Unaudited Unaudited Audited
31/07/17 31/07/16 31/01/17
Continuing operations GBP GBP GBP
Administration expenses (67,549) (66,702) (185,244)
Operating loss (67,549) (66,702) (185,244)
Finance Income 6,229 1,225 43,136
Loss before taxation (61,320) (65,477) (142,108)
Taxation - - -
Loss for the period (61,320) (65,477) (142,108)
Total Comprehensive loss for the period (61,320) (65,477) (142,108)
Loss attributable to:
Equity Holders (61,320) (65,477) (142,108)
Earnings per share:
Basic and diluted loss per share 3 (0.10p) (0.10p) (0.22p)
There are no items of other comprehesive income.
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2017
Unaudited Unaudited Audited
31/07/17 31/07/16 31/01/17
GBP GBP GBP
Current assets
Investments held for trading 1,535,651 1,296,443 1,296,443
Trade and Other receivables 51,102 - 45,102
Cash 791,261 1,242,626 1,141,584
2,378,014 2,539,069 2,483,129
Total Assets 2,378,014 2,539,069 2,483,584
Current Liabilities
Trade and other payables (37,688) (60,791) (81,482)
Net Assets 2,340,326 2,478,278 2,401,647
Equity
Issued Share Capital 654,000 654,000 654,000
Share Premium 2,350,630 2,350,630 2,350,630
Share Warrant Reserve 14,095 14,095 14,095
Retained Earnings (678,399) (540,447) (617,078)
Total Equity 2,340,326 2,478,278 2,543,755
UNAUDITED CASH FLOW STATEMENT FOR THE
6 MONTHSED 31 JULY 2017
Unaudited Unaudited Audited
Note
31/07/17 31/07/16 31/01/17
GBP GBP GBP
Cash flows from operating activities
Net cash absorbed by operating activities 4 (117,344) (80,901) (223,854)
Cash Flows from Investing Activities
Finance income received net 6,229 1,225 43,136
Purchase of investments (239,208) (208,102) (208,102)
Net Cash Used in Investing activities (232,979) (206,877) (164,966)
Net increase in cash (350,323) (287,778) (388,820)
Cash at the beginning of period 1,141,584 1,530,404 1,530,404
Cash at the end of the period 791,261 1,242,626 1,141,584
Statement of Changes in Shareholders' Equity
for the period ended 31 July
2017
Share Share Share Retained Total
capital premium warrant earnings
reserve
GBP GBP GBP GBP GBP
Audited Changes in Equity for
the period ended 31 January 2016
Comprehensive income
Loss for the period - - - (175,299) (175,299)
Total Comprehensive loss for the - - - (175,299) (175,299)
period
Transactions with owners
Warrant cancellation - 28,190 (28,190) - -
Total contributions by the - 28,190 (28,190) - -
owners
At 31 January 2016 654,000 2,350,630 14,095 (474,971) 2,543,755
Audited Changes in Equity for
the period ended 31 January 2017
Comprehensive income
Loss for the period - - - (142,108) (142,108)
Total contributions by the - - - (142,108) (142,108)
owners
At 31 January 2017 654,000 2,350,630 14,095 (617,079) 2,401,647
Un audited Changes in Equity for
the period ended 31 July 2017
Comprehensive income
Loss for the period
Total Comprehensive loss for the - - - (61,320) (61,320)
period
Total contributions by the - - - (61,320) (61,320)
owners
At 31 July 2017 654,000 2,350,630 14,095 (678,399) 2,340,326
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Limitless Earth plc is a company incorporated and domiciled in England and
Wales. The Company's ordinary shares are traded on AIM of the London Stock
Exchange. The address of the registered office is 30 Percy Street, London
W1T 2DB.
The principal activity of the Company is that of an investing company
pursuing a strategy
2. Accounting policies
The principal accounting policies are summarised below. They have all been
applied consistently throughout the period covered by these financial
statements.
Basis of preparation
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRS) as adopted by
the European Union.
The financial statements have been prepared under the historical cost
convention.
The interim financial information for the six months ended 31 July 2017 has not
been reviewed or audited. The interim financial report has been approved by the
Board on 30 October 2017.
3. Loss per share
The basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period. Diluted earnings per share is
computed using the same weighted average number of shares during the period
adjusted for the dilutive effect of share warrants and convertible loans
outstanding during the period.
Unaudited Unaudited Audited
31/07/17 31/07/16 31/01/17
Loss from continuing operations (65,476) (65,476) (142,108)
attributable to equity holders
of the company
Weighted average number of 65,400,000 65,400,000 65,400,000
ordinary shares in issue
Pence Pence Pence
Basic and fully diluted loss per (0.10) (0.10)
share from continuing operations (0.22)
IAS 33 requires presentation of diluted earnings per share when a company could
be called upon to issue shares that would decrease earnings per share or
increase net loss per share. For a loss making company with outstanding share
options and warrants, net loss per share would only be increased by the
exercise of out-of-the money options and warrants. Since it seems inappropriate
that option holders would act irrationally, no adjustment has been made to
diluted earnings per share for out-of-the money options and warrants in the
comparatives. There are no other diluting share issues.
4. Cash absorbed by operations
Unaudited Unaudited Period to
31/07 31/07/2016 31/
/2017 01/2017
GBP GBP
GBP
Loss for the period (67,549) (66,702) (185,244)
Finance income (1,392)
Increase decrease in (6,000) - (45,710)
receivables
Decrease / increase in (43,795) (14,199) 6,492
payables
Cash absorbed by (117,344) (80,901) (223,854)
operations
5. Copies of Interim Accounts
Copies of the interim results are available at the Group´s web site at
www.limitlessearthplc.com .
END
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