Medici Bioventures PLC
03 November 2005
Medici Bioventures plc
Interim Financial Statements
For the six months ended 31 August 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 August 2005.
Medici Bioventures plc continues to investigate investment opportunities in the
life sciences sectors. Medici Bioventures plc equity interest in any proposed
investment may range from a minority position to 100% ownership. The proposed
investments may be either quoted or unquoted and may be in companies,
partnerships, joint ventures or direct interests in life science projects.
Whilst it is likely that the investments will be made in development stage
undertakings, the Directors may decide that the Company should invest in
commercialised assets.
The Company's focus is on life science opportunities in the United Kingdom where
the Directors believe that a number of opportunities exist to acquire interests
in suitable projects. The Company will also review opportunities in Europe and
Australasia. The Company will look to acquire holdings directly or in emergent
life science projects or companies.
The Directors are experienced in evaluating acquisition and investment
prospects, quoted and unquoted, both in the UK and overseas and are able to call
on independent expertise in the sector.
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.
Anthony Barton
Chairman
The following financial information of Medici Bioventures plc is for the period
from date of incorporation on 8 February 2005 to 31 August 2005.
INCOME STATEMENT
For the period ended 31 August 2005
31 August 2005
CONTINUING OPERATIONS £
Administrative expenses (94,742)
Operating loss (94,742)
Investment income 9,465
Loss before taxation (85,277)
Income tax expense -
Loss for the period (85,277)
Loss per share (0.0008)
Diluted loss per share (0.0008)
BALANCE SHEET
As at 31 August 2005
31 August 2005
£
ASSETS
Current assets
Cash and cash equivalents 467,551
Total assets 467,551
LIABILITIES
Current liabilities
Trade and other payables (2,828)
Total liabilities (2,828)
Net assets 464,723
EQUITY
Share capital 100,000
Share premium 450,000
Retained earnings (85,277)
Total equity 464,723
CASH FLOW STATEMENT
For the period ended 31 August 2005
31 August 2005
£
Net cash outflow from operating activities (Note 1) (91,914)
Investing activities
Interest received 9,465
Financing activities
Net proceeds from issue of ordinary share capital 550,000
Net increase in cash and cash equivalents 467,551
Notes to the Cash Flow Statement
31 August 2005
£
1. Cash generated from operations
Net loss (94,742)
Changes in working capital:
Increase in payables 2,828
Cash generated from continuing operations (91,914)
NOTES TO THE FINANCIAL INFORMATION
For the period ended 31 August 2005
1. Accounting Policies
Basis of Accounting
The financial information has been prepared under the historical cost convention
and in accordance with International Financial Reporting Standards and IFRIC
interpretations and with the parts of the Companies Act 1985 applicable to
companies reporting under International Financial Reporting Standards.
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.
Investments
Fixed asset investments are carried at cost less provisions for any permanent
diminution in value.
2. Share capital
Period ended
31 August 2005
£
Authorised
10,000,000,000 Ordinary shares of £0.001 each 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.
3. No dividends were paid or proposed in respect of the period ended 31
August 2005.
This information is provided by RNS
The company news service from the London Stock Exchange