Half Yearly Report

RNS Number : 9102X

Acorn Minerals PLC

25 November 2014

 

ACORN MINERALS PLC

("Acorn" or "the Company")

Half yearly report for the six months ended 30 September 2014

Chairman's Report

As at 30 September 2014

Dear Shareholders

It is with pleasure that I present the annual report to shareholders for the six month period ending 30^th September 2014.

In the past 6 months your board has continued to identify and assess suitable opportunities in the mining, minerals & energy sectors, including  both conventional and alternative energy projects as well as mining and energy infrastructure projects that are consistent with our investment strategy.

To date we have reviewed over 25 projects that meet these criteria.

At the period end we have approximately ₤1.270m cash, no debt and continue to keep administration costs to a minimum so that maximum funds can be dedicated to the review of and potentially investments in suitable projects.

We will continue to review projects where we believe value can be created for Acorn shareholders which requires considerable work by your board and on your behalf I thank my fellow directors Charles Goodfellow and Brent Fitzpatrick for their effort and commitment to this cause and I also thank you for your ongoing support.

Tony Brennan

Chairman

For further information please contact:

Acorn Minerals Plc                              Tel: [phone]

Anthony Brennan, Executive Chairman

Shore Capital                                      Tel: [phone]

Bidhi Bhoma / Toby Gibbs (corporate finance)

Jerry Keen (corporate broking)

Unaudited statement of profit or loss and other comprehensive income

for the six months ended 30 September 2014

	Note	Six months ended 30 Sep 2014 £	Six months ended 30 Sep 2013 £	Year ended  31 Mar 2014  £
Revenue		-	-	-
Administrative costs		(40,074)	(56,106)	(127,622)
Operating (Loss)		(40,074)	(56,106)	(127,622)
Net finance costs		475	503	977
(Loss) before taxation		(39,599)	(55,603)	(126,645)
Taxation		-	-	-
(Loss) for the period attributable to owners of the company		(39,599)	(55,603)	(126,645)
Total comprehensive income attributable to the owners of the company		(39,599)	(55,603)	(126,645)
Loss per share
Basic	4	(0.006)	(0.006)	(0.009)
Diluted		(0.006)	(0.006)	(0.009)

Statement of financial position

as at 30 September 2014

	Note	Six months ended 30 Sep 2014 £	Six months ended 30 Sep 2013 £	Year ended 31 Mar 2014  £
CURRENT ASSETS
Trade and other receivables		-	-	-
Cash and cash equivalents		1,270,381	1,369,422	1,318,730
Total current assets		1,270,381	1,369,422	1,318,730
LIABILITIES
Trade and other payables		(14,500)	(2,900)	(23,250)
Total current liabilities		(14,500)	(2,900)	(23,250)
NET ASSETS		1,255,881	1,366,522	1,295,480
EQUITY
Capital and reserves attributable to owners of the company
Share capital	5	285,760	285,760	285,760
Share premium		1,380,917	1,380,917	1,380,917
Retained earnings		(410,796)	(300,155)	(371,197)
		1,255,881	1,366,522	1,295,480

Unaudited statement of changes in equity

for the six months ended 30 September 2014

	Share capital	Share premium	Retained earnings	Total
	£	£	£	£
Transactions with owners
Shares issued	-	-	-	-
Share issue costs	-	-	-	-
Total transactions with owners	-	-	-	-
Comprehensive Loss
Loss for the period	-	-	(55,603)	(55,603)
Total comprehensive loss for the period	-	-	(55,603)	(55,603)
Total owners equity at 30 September 2013	285,760	1,380,917	(300,155)	1,366,522

Comprehensive loss
Loss for the period	-	-	(71,042)	(71,042)
Total comprehensive loss for the period	-	-	(71,042)	(71,042)
Total owners equity at 31 March 2014	285,760	1,380,917	(371,197)	1,295,480

Comprehensive loss
Loss for the period	-	-	(39,599)	(39,599)
Total comprehensive loss for the period	-	-	(39,599)	(39,599)
Total owners equity at 30 September 2014	285,760	1,380,917	(410,796)	1,255,881

Unaudited statement of cash flows

for the six months ended 30 September 2014

	Six months ended 30 Sep 2014 £	Six months ended 30 Sep 2013 £	Year ended 31 Mar 2014              £
Cash flows from operating activities
Operating (Loss)	(40,074)	(56,106)	(127,644)
Decrease/(Increase) in receivables	-	62,300	62,300
(Decrease)/Increase in payables	(8,750)	(64,944)	(44,594)
Net cash used in operating cash flows	(48,824)	(58,750)	(109,916)
Net cash used in cash flows from investing activities
Interest received	475	503	977
Net cash generated from investing activities	475	503	977
Net increase in cash and cash equivalents	(48,349)	(58,247)	(108,939)
Net cash at start of the period	1,318,730	,1,427,669	1,427,669
Cash and cash equivalents at period end	1,270,381	1,369,422	1,318,730

 Notes to the interim accounts

For the six months ended 30 September 2014

1. General information

Acorn Minerals Plc is a company incorporated in the United Kingdom.

These unaudited condensed interim financial statements for the six months ended 30 September 2014 have been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34 "Interim Financial Reporting" as adopted by the European Union and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published financial statements for the year ended 31 March 2014 and are presented in pounds sterling.

The comparative figures for the financial year ended 31 March 2014 have been extracted from the Company's statutory accounts which have been reported on by the Company's auditor and delivered to the Registrar of Companies.  The report of the auditors was unqualified and did not contain a statement under the companies Act 2006 regarding matters which are required to be noted by exception.  The half year results have not been audited or subject to review by the company's auditors.

2. Changes in accounting policies

The assessment of new standards, amendments and interpretations issued but not effective, are not anticipated to have a material impact on the financial statements.

3. Going concern

The company's activities, together with the factors likely to affect its future development and performance, the financial position of the company, its cash flows and liquidity position have been considered by the Directors, taking account of the current market conditions which demonstrate that the company shall continue to operate within its own resources.

The Directors believe that the company is well placed to manage its business risks successfully, and that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they consider it appropriate to adopt the going concern basis in preparing these condensed financial statements.

4. Loss per share

The calculation of the basic and fully diluted loss per share is based on the loss for the period after tax of £39,599 (30 Sep 13: £55,603; 31 Mar 2014: £71,042) divided by the weighted average issued ordinary shares of 7,144,002 (30 Sep 2013: 6,770,291; 31 Mar 2014: 14,288,005).

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.  The company has one category of dilutive potential ordinary shares being share options.  The company has made a loss and the potential shares options are therefore anti-dilutive.

5. Issued share capital

Authorised, allotted and called up share capital:                                                             

	Six months ended 30 Sept 2014 £	Six months ended 30 Sept 2014 £	Year ended 31 Mar 2014              £
14,288,005 Ordinary shares of £0.02 each	285,760	285,760	285,760
	285,760	285,760	285,760

6. Related parties

The related parties and the nature of costs recharged are as disclosed in the company's annual financial statements for the year ended 31 March 2014.

Mr A Brennan, a Director of Acorn Minerals PLC is also a Director of Delta Capital Pty Ltd.  Delta Capital Pty Ltd has entered into a Corporate Advisor Mandate with the company.  During the period the following was paid to Delta Capital Pty Ltd:

	Six months ended 30 Sept 14	Six months ended 30 Sept 13 £	Year ended 31 Mar 2014 £
Project travel costs reimbursed	-	1,094	-
Directors fees	7,500	7,500	15,000
	7,500	8,594	15,000

Mr B Fitzpatrick, a Director of Acorn Minerals PLC is also a Director of Ocean Park Developments Ltd.  During the period Directors' fees of £3,000 (30 Sep 2013: £3,000; 31 Mar 2014: £6,000) and reimbursed travel expenses of £nil (30 Sep 13: £201; 31 Mar 2014: £201l) were paid to Ocean Developments Ltd on behalf of Mr B Fitzpatrick.

During the period Directors fees of £3,000 (30 Sep 2013: £3,000; 31 Mar 2014: £6,000) were paid to Mr C Goodfellow, a Director of Acorn Minerals PLC.

7. Principal risks and uncertainties

Principal risks and uncertainties are set out in the annual financial statements within the directors' report and also in note 6 and are reviewed on an on-going basis. 

The Board will provide leadership within a framework of appropriate and effective controls. The Board will set up, operate and monitor the corporate governance values of the company, and will have overall responsibility for setting the company's strategic aims, defining the business objective, managing the financial and operational resources of the Company and reviewing the performance of the officers and management of the company's business both prior to and following an acquisition.

There have been no significant changes in the first six months of the financial year to the principle risks and uncertainties as set out in the 31 March 2014 Annual Report and Accounts.

8. Board Approval

These interim results were approved by the Board of Acorn Minerals Plc on 24^th November 2014.

DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS AND UNCERTANTIES

Responsibility statement

We confirm to the best of our knowledge:

(a)  The condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

(b)  The interim management report includes a fair review of the information required by:

(1)  DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year 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 year; and

(2)  DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party described in the last annual report that could do so.

Mr Brent Fitzpatrick

Director

24^th November 2013

Directors

Mr Anthony Brennan (Chairman)

Mr N Brent Fitzpatrick MBE

Mr Charles Goodfellow

 

END

 

 

IR GIBDBRDDBGSU