V2 Ventures Plc
("V2 Ventures" or the "Company")
Unaudited Interim Results for six months ended 30 June 2012
CHAIRMAN'S STATEMENT
The board of V2 Ventures announces its interim results for the six month period
to 30 June 2012.
During the period, Peter Holmes, Daniel Edelman, Mike Chan and Michelle Wong
were appointed to the Board of the Company and Sebastian Moonjely and Uday
Nayak stepped down as directors.
The Company recapitalised its balance sheet during the period by the issue of
GBP575,000 nil coupon, convertible loan notes 2013 ("Loan Notes"). The Loan
Notes are convertible at 2.2053 pence a share and upon full conversion, would
equate to 26,073,550 ordinary shares of 1p in V2 Ventures.
The exceptional item in the accounts relates to costs incurred in respect of an
aborted acquisition.
The Board continues to seek suitable opportunities for the Company and is
committed to identifying and executing investment prospects internationally.
Peter Holmes
Director
V2 Ventures Plc
Statement of Comprehensive Income
for the six months ended 30 June 2012
Restated
Half-year Half-year Year Ended
to to 31st
30th June 30th June December
2012 2011 2011
Unaudited Unaudited Audited
Turnover 0 0 0
Cost of Sales 0 0 0
Gross Profit/(Loss) 0 0 0
Administration Costs 71,670 26,530 35,100
OPERATING PROFIT/(LOSS (71,670) (26,530) (35,100)
Profit on disposal of business 0 0 0
Interest Receivable and Similar Income 0 0 0
Interest Payable and Similar Charges (35) 0 0
Exceptional Items 23,469 0 0
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION (95,104) (26,530) (35,100)
Tax on Profits on Ordinary
Activities 0 0 0
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR AFTER TAXATION (95,104) (26,530) (35,100)
V2 Ventures Plc
Statement of Financial Position as at
30 June 2012
Restated
As at As at As at
31st
30th June 30th June December
2012 2011 2011
Unaudited Unaudited Audited
FIXED ASSETS
Tangible Assets 0
Investments 0 3,390 3,390
0 3,390 3,390
CURRENT ASSETS
Debtors 7,708 919 0
Cash at bank and in hand 344,709 168 89
352,417 1,087 89
CREDITORS
Amounts falling due within one year (615,895) (84,764) (110,296)
NET CURRENT ASSETS/(LIABILITIES) (263,478) (83,677) (110,207)
TOTAL ASSETS LESS CURRENT
LIABILITIES (263,478) (80,287) (106,817)
Amounts falling due after one year 0 0 0
TOTAL ASSETS LESS CURRENT
LIABILITIES (263,478) (80,287) (106,817)
CAPITAL AND RESERVES
Called up share capital 104,363 104,363 104,363
Share Premium Account 153,869 215,426 215,426
Profit and Loss Account (521,710) (400,076) (426,606)
Total (263,478) (80,287) (106,817)
Notes to financial information
These interim results have been prepared in accordance with International
Financial Reporting Standards and on the historical cost basis, using generally
recognised accounting principles and using the accounting policies which are
consistent with those set out in the Company's annual report and accounts for
the year to 31 December 2011. The financial information contained in this
announcement is unaudited and has not been reviewed by the Company's auditors.
Following the appointment of your new Board during the period, the decision was
taken to restate the previous year's interim results to reflect the
rectification of a historic miscalculation. The unaudited results for period
ended 30 June 2012 do not constitute statutory accounts within the meaning of
Section 435 of the Companies Act 2006. The comparative figures for the 12
months ended 31 December 2011 are extracted from the statutory financial
statements which have been filed with the Registrar of Companies and which
contain an unqualified audit report, did not draw attention to any matters by
way of an emphasis of matter paragraph and contained no statement under Section
498 (2) or (3) of the Companies Act 2006.
The Directors of the issuer accept responsibility for this announcement.
---ENDS---
Enquiries:
V2 VENTURES PLC
Peter Holmes
+44 203 384 3640
PETERHOUSE CORPORATE FINANCE
Eran Zucker/ Fungai Ndoro
+44 20 7469 0932