Interim Results

RNS Number : 5865Q

UAE Oil Services PLC

21 October 2019

 

UAE Oil Services Plc

("UAE Oil" or the "Company")

Interim Results for the six-month period ended 30 June 2019

UAE Oil announces for the six-month period ended 30 June 2019, extracts of which have been included below. The interim results will be available to view on the Company's website in due course at the following link: http://www.uaeoilservices.com/content/investors/annual-reports.asp

Enquiries:

UAE Oil Services Stephen Smedley Nils Trulsvik (Chairman)	www.uaeoilservices.com [e-mail]
WH Ireland (Broker) James Joyce / James Sinclair-Ford	++44 (0) 20 7220 1666
Walbrook PR (PR advisers) Paul McManus / Nick Rome	Tel: [phone] or [e-mail]

UAE OIL SERVICES PLC

CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2019

I have pleasure in presenting the condensed unaudited interim financial statements of UAE Oil Services Plc (the "Company" or "UAE Oil Services") for the six-month period ended 30 June 2019.

UAE Oil was incorporated in the Isle of Man on 3 January 2018 and was admitted to the Standard Segment of the Official List of the London Stock Exchange on 25 April 2018. The Company was formed for the purpose of making acquisitions in the oil and gas support services and infrastructure sector in the Middle East and North Africa, with an initial focus in the UAE.

During the financial period, the Company reported a net loss of £271,454 (0.54p per share). As at 30 June 2019, the Company had cash at bank balance of £11,816.

On 17 August 2018 the Company announced its intention to acquire the OBN Group of Companies and then admitting its enlarged securities to trading on the Standard segment of the London Stock Exchange. As at 30 June 2019, this acquisition and admission to London Stock Exchange had not taken place, neither has it done so up to the date of this statement. However, the work required to complete the acquisition is ongoing and an update will be made in due course.

On 24 June 2019 the Company announced that it had signed a loan facility agreement with Blue Rock Investments LLC for a principal amount of £100,000, as at 30 June 2019 the Company had not drawn down from this facility.

I look forward to the year ahead with gratitude to our shareholders, for their continued support.

Nils Trulsvik

Executive Chairman

11 October 2019

UAE OIL SERVICES PLC

DIRECTOR'S STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2019

The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.

The Board looks forward to providing further updates to shareholders in due course and actively reviewed a number of potential acquisition opportunities across the sector.

Responsibility Statement

The Directors are responsible for preparing the Condensed interim 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) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have 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.

Stephen Smedley

Chief Financial Officer

11 October 2019

UAE OIL SERVICES PLC

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2019

				Period ended 30 June 2019			Period ended 30 June 2018
	Note			(Unaudited) £			(Unaudited) £
Loss for the financial period	4			(271,454)			(531,559)
Total comprehensive income attributable to the equity owner				(271,454)			(531,559)
Loss per share	5			(0.54)			(1.06)
Basic and diluted loss per share	5			(0.54)			(1.06)

UAE OIL SERVICES PLC

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

	Note				30 June 2019 (Unaudited)		31 December 2018 (Audited)
					£		£
Assets
Current assets
Cash and cash equivalents					11,816		346,486
Other debtors					7,398		-
Total Assets					19,214		346,486
Equity and liabilities
Accruals and deferred income					70,400		126,218
Reserves					(1,051,186)		(779,732)
Share capital	6				1,000,000		1,000,000
Total equity and liabilities					19,214		346,486

UAE OIL SERVICES PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2019

		Share Capital	Reserves		Total
(Unaudited)		£	£		£
On incorporation		100	-		100
Further share issue		999,900	-		999,900
Results for the period			(531,556)		(531,556)
Balance as at 30 June 2018		1,000,000	(531,556)		468,444
Balance at 1 January 2019		1,000,000	(779,732)		220,268
Result for the period		-	(271,454)		(271,454)
Balance at 30 June 2019		1,000,000	(1,051,186)		(51,186)

The share capital comprises the ordinary issued share capital of the Company.

Issued share capital was 1,000,000 shares of £1.

UAE OIL SERVICES PLC

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2019

			Period ended 30 June 2019 (Unaudited)		Period ended 30 June 2018 (Unaudited)
			£		£
Cash flow from operating activities
Loss for the period			(271,454)		(531,559)
Increase/(Decrease) in trade creditors			(56,118)		199,615
Increase in other debtors			(7,398)		-
Net cash deficit from operating activities			(334,970)		(331,994)
Cash flow from financing activities
Proceeds from the issue of share capital			-		1,000,000
Net cash flows from financing activities			-		1,000,000
Net decrease in cash & cash equivalents			(334,970)		668,056
Cash and equivalent at start of the period			346,786		-
Cash and equivalent at end of the period			11,816		668,056

UAE OIL SERVICES PLC

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2019

1.   General Information

      The Company was incorporated in the Isle of Man on 3 January 2018 as a company with limited liability under the Isle of Man Companies Act 2006, and with the name UAE Oil Services Limited. The Company did not trade during the period under review. The registered office of the Company is the First Floor, Millennium House, Victoria Road, Douglas, Isle of Man, IM2 4RW and the nature of operations is to act as a special purpose acquisition company.

2.   Accounting Policies

Basis of preparation

The financial information of the Company has been prepared on the historical cost convention except as disclosed in the notes to the financial information and in accordance with International Financial Reporting Standards ("IFRS").

Certain changes to IFRS will be applicable for the Company's financial information in future periods. To the extent that these have not been adopted early in the preparation of the financial information, they will not affect the Company's reported profit or equity but they may affect disclosures.

The Directors have considered those standards and interpretations, which have not yet been applied in the financial information but are relevant to the Company's operations, that are in issue but not yet effective and do not consider that any will have a material impact on the future results of the Company.

Numerous other minor amendments to standards have been made as a result of the International Accounting Standards Board's annual improvement project.

The financial information of the Company is presented in Pound Sterling.

Comparative figures

The comparative figures presented in the financial information covers the period from incorporation to 30 June 2018.

Going concern

As at the date of signing the accounts, the company has made use of the loan facility provided by Blue Rock Investments LLC.

The Directors have reviewed the Company's ongoing activities and have a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future, this has been received in the form of written assurances from the majority shareholders that additional funding will be provided should this become necessary.

For this reason, the going concern basis has been adopted in preparing the Interim Financial Statements.

3.   Business Segments and Seasonal Trading

      UAE Oil Services does not have any separate reportable operating segments.  All business is also currently carried out from the Isle of Man and thus, there are no geographical segments.

      UAE Oil Services does not experience seasonal fluctuations in its trading.

4.   Loss for the financial year

				Period ended 30 June 2019		Period ended 30 June 2018
				(Unaudited) £		(Unaudited) £
Professional fees, compliance & setup up costs				(271,454)		(531,559)
				(271,454)		(531,559)

5.   Loss per share

      The calculation for loss per share (basic and diluted) for the relevant period is based on the profit after income tax attributable to equity holder for the period from incorporation on 3 January 2018 to 30 June 2019 and is as follows:

			Period ended 30 June 2019					Period ended 30 June 2018
			(Unaudited) £					(Unaudited) £
Loss attributable to equity holders			(271,454)					(531,559)
Weighted average number of shares			500,000					500,000
Loss per share			(0.54)					(1.06)

			Period ended 30 June 2019				Period ended 30 June 2018
			(Unaudited) £				(Unaudited) £
Loss attributable to equity holders			(271,454)				(531,559)
Weighted average number of shares			500,000				500,000
Options, warrants and other securities			-				-
Diluted loss per share			(0.54)				(1.06)

6.   Share capital

      There were no share capital movements in the period ended 30 June 2019.

      In the period ended 31 December 2018, the company issued 1,000,000 ordinary shares at £1,00 par value.

7.   Directors' Emoluments

      During the period to 30 June 2019 there were no staff costs as no staff were employed by the Company, other than the directors.  Aggregate directors' fees for the period were £26,400 (2018: £26,400).

8.   Related Party Transactions

      The directors are considered to be key management and their emoluments are disclosed in note 7. During the period, the Company did not enter into any material transactions with related parties.

			Period ended 30 June 2019		Period ended 31 December 2018
			(Unaudited) £		(Audited) £
Amount due to directors			8,800		-
Amounts due to Redwood Accountancy Ltd			600		1,680

      During the period, Redwood Accountancy Ltd provided accountancy services to the company. Stephen Smedley is a director of Redwood Accountancy Ltd.

9.   Taxation

      No tax is applicable to the Company for the period ended 30 June 2019.  As a consequence, no tax charge arises and no deferred tax asset has been recognised in respect of losses.

10.  Copies of the interim report

      Copies of the interim report are available on the Company's website at www.uaeoilservices.com and from the Company's registered office UAE Oil Services Plc, First Floor, Millennium House, Victoria Road, Douglas, Isle of Man, IM2 4RW.

 

END

 

 

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