Information  X 
Enter a valid email address

Medici Bioventures (MEB)


Thursday 09 March, 2006

Medici Bioventures

Interim Results

Medici Bioventures PLC
09 March 2006

                             Medici Bioventures plc

                         Interim Financial Information

                   For the six months ended 31 December 2005

                              Chairman's Statement

On behalf of the board of Medici Bioventures plc, I am pleased to present the
Company's results for the six months ended 31 December 2005.

The Directors have reviewed a number of investment opportunities during the
reporting period but none to date have been viewed suitable or met our
investment strategy.

The Directors continue to investigate investment opportunities in the life
sciences sectors that meet the Company's investment strategy.

The Company's investment strategy is on life science opportunities in the United
Kingdom, Europe and Australasia.

The Directors are experienced in evaluating acquisition and investment
opportunities both in the UK and overseas and are able to call on independent
expertise in the sector.

Anthony Barton


The following financial information of Medici Bioventures plc is for the period
from 1 July 2005 to 31 December 2005.

                                Income Statement

                     For the period ended 31 December 2005

                                                                     Note           31 December 2005

CONTINUING OPERATIONS                                                                       £

Administrative expenses                                                                  (37,363)
Operating loss                                                                           (37,363)

Investment income                                                                          10,665

Loss before taxation                                                                     (26,698)
Income tax expense                                                                            -

Loss for the period                                                                      (26,698)

Basic loss per share                                                   2                  (0.03)p
Diluted loss per share                                                                    (0.03)p

                                 Balance Sheet

                             As at 31 December 2005
                                                                     Note           31 December 2005

Current assets
Cash and cash equivalents                                                                 457,414
Total assets                                                                              457,414

Current liabilities
Trade and other payables                                                                        -
Total liabilities                                                                               -

Net assets                                                                                457,414

Share capital                                                          3                  100,000
Share premium                                                          3                  450,000
Retained earnings                                                                        (92,586)
Total equity                                                                              457,414

                              Cash Flow Statement

                     For the period ended 31 December 2005

                                                                                  31 December 2005


Net cash outflow from operating activities (Note 1)                                   (37,363)

Investing activities
Interest received                                                                       10,665

Net decrease in cash and cash equivalents                                             (26,698)
Cash and cash equivalents as at 1 July 2005                                            484,112
Cash and cash equivalents as at 31 December 2005                                       457,414

                        Notes to the Cash Flow Statement

                                                                                  31 December 2005

1. Cash outflow from operations
Operating loss                                                                           (37,363)

Cash outflow from continuing operations                                                  (37,363)


                     For the period ended 31 December 2005

1.       Accounting Policies

Basis of Accounting

The interim financial information for the six months ended 31 December 2005 is
un-audited and does not constitute statutory accounts within the meaning of
section 240 of the Companies Act 1985. The interim financial information was
approved by the Board of Directors on (Date) 2006.

The financial information has been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union.

The interim financial information for the six months ended 31 December 2005 has
been prepared pursuant to AIM rule 18 and represents the half yearly report for
the six months then ended. AIM rule 18 states 'An AIM company must prepare a
half-yearly report in respect of the six month period from the end of the
financial period for which financial information has been disclosed in its
admission document and at least every subsequent six months thereafter (apart
from the final period of six months preceding its accounting reference date for
its annual audited accounts).'

The last half yearly report prepared for the company covered the six month
period to 31 August 2005.

As the company's first statutory accounts will be for the period to 30 June
2006, being its accounting reference date, this financial information needs to
reflect a six month period to 31 December 2005.

Foreign Currencies

Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of exchange ruling
at the balance sheet date. The resulting exchange gain or loss is dealt with in
the profit and loss account.

Deferred Taxation

Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the interim financial information. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantially
enacted by the balance sheet date and expected to apply when the related
deferred tax is realised or the deferred liability is settled.

Deferred tax assets are recognised to the extent that it is probable that the
future taxable profit will be available against which the temporary differences
can be utilized.

2.       Earnings per share

Earnings per share of (0.03)p is calculated by dividing the loss for the period
of £26,698 by the average number of ordinary shares on issue of 100,000,000.

3.       Share capital                                                               Period ended
                                                                                   31 December 2005

10,000,000,000 Ordinary shares of £0.001                                              10,000,000
Issued and fully paid
100,000,000 Ordinary shares                                                              100,000
The Company was incorporated on 8 February 2005 with an authorised share capital
of £10,000,000 divided into 10,000,000,000 ordinary shares of £0.001 each, of
which 2 shares were issued fully paid, on incorporation.

On 22 February 2005 the founders subscribed for an aggregate of 49,999,998
Ordinary Shares, all at par value to raise £49,999.998.

On 11 March 2005 the Company allotted 50,000,000 Ordinary Shares for cash at
£0.01 per share to raise £500,000, resulting in a share premium of £450,000.

4.   No dividends were paid or proposed in respect of the period ended 31
December 2005.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                  

a d v e r t i s e m e n t