Final Results

RNS Number : 3961N

Shellproof Limited

28 September 2012

 

Shellproof Limited announces results for the year ended 31 March 2012

Belize City, Belize, 28 September 2012 - Shellproof Limited (London-AIM: SHLP) ("Shellproof" or the "Company") reported a net profit of ₤9,000 for the year ended 31 March 2012 (2011 - ₤104,000). Basic and diluted earnings per ordinary share for the year ended 31 March 2012 amounted to 0.11 pence (2011 - 1.30 pence).

During the year ended 31 March 2012, the Company established a wholly-owned UK subsidiary company to carry out a trial production of sparkling wine in order to explore the potential of this business sector for investment. To date, approximately £250,000 has been incurred in this activity.

The Company continues its search for further investment opportunities in line with its stated strategy which includes possible investment in either one or more quoted or unquoted businesses that may have been set up by entrepreneurs with good strategic plans and need financial backing and the support of the experienced Shellproof management team.

The Board notes that, as of the date of this announcement, the shares of Shellproof trade on AIM at an approximate 16% discount to the Company's net asset value.

The annual report of the Company is being sent to shareholders today.

Further details are set out on the Company's web site.

For further information contact:

Shellproof Limited                                         

Belize [phone]                                    

UK [phone]

Note: This and other press releases are available at the Company's web site: http://www.shellprooflimited.com. 

 Income statement

Year ended 31 March		2012	2011
		UK₤000	UK₤000
Administrative expenses		(143)	(65)
Operating loss		(143)	(65)
Financial income		152	169
Profit before taxation		9	104
Taxation		-	-
Net profit for the year		9	104
Earnings per ordinary share
Basic and diluted (pence)		0.11	1.30

 Balance sheet

At 31 March		2012	2011
		UK₤000	UK₤000
Assets
Non-current assets
Property, plant and equipment		68	-
Current assets
Cash and cash equivalents		4,123	4,257
Stocks		84	-
Other receivables		20	19
		4,227	4,276
Liabilities
Current liabilities
Other payables		(24)	(14)
Net current assets		4,203	4,262
Net assets		4,271	4,262
Shareholders' equity
Called up share capital		4,000	4,000
Retained earnings		271	262
Total shareholders' equity		4,271	4,262

Statement of cash flows Year ended 31 March 2012 2011 UK₤000 UK₤000 Cash flows from operating activities Cash used in operations (210) (68) Financial income 152 169 Net cash (used in) generated from operating activities (58) 101 Cash flows from investing activities Purchase of property, plant and equipment (76) - Net cash used in investing activities (76) - Net (decrease) increase in cash and cash equivalents (134) 101 Cash and cash equivalents at beginning of year 4,257 4,156 Cash and cash equivalents at end of year 4,123 4,257 -ENDS-

 

END

 

 

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