TIDMDKE
RNS Number : 8793C
Dukemount Capital PLC
16 June 2023
Dukemount Capital Plc
("Dukemount" or "the Company")
Interim Results for the six months ended 31 October 2022
Dukemount Capital Plc (LSE: DKE) is pleased to announce its
unaudited interim results for the six months ended 31 October 2022
("the Interim Report").
For further information, please visit
www.dukemountcapitalplc.com or contact:
Dukemount Capital Plc : Email info@dukemountplc.com
CEO: Paul Gazzard
Non-Exec Director Geoffery Dart
Broker Enquiries:
Peterhouse Capital Limited Tel: +44 (0) 207 469 0930
Lucy Williams/Duncan Vasey
Summary
-- Completed sale of two RTB 11kV energy generation sites
-- Received further funding and existing funding restructured
Operational Developments
On 5 October 2022, the Company announced that HSKB Limited
("HSKB"), in which it held a 50% interest, had completed the sale
of two special purpose companies containing an 11kV gas peaking
facility, ready to build, with full planning permission and grid
access for an aggregate sale price of GBP350,000. The proceeds of
the sale have been used to repay a portion of the sums owing to the
lenders as detailed in the announcement of 15 September 2021.
Further to the disposal of the gas peaking facilities, the
lenders agreed to advance net proceeds of GBP50,000 in aggregate in
addition to restructuring their existing funding arrangement. The
maturity date for the existing debt plus the further advance is to
be 24 months from the date of the Advance (being 10 October 2024).
The proceeds of the further advance have been used to settle
accrued liabilities of the Company.
The board has taken steps to ensure that the financial position
and prospects of the Company are maintained to facilitate a future
reverse takeover transaction. To that end, the board has confirmed
that the directors have released the Company from all accrued but
unpaid emoluments; Chesterfield Capital Limited have confirmed that
the outstanding balance of GBP500,000 due to Chesterfield Capital
Limited will be converted at a price of 0.65p. Such subscription to
settle all balances due from the Company and to be settled by the
issuance of shares at the earlier of (a) the approval of a
prospectus, (b) the direction of the board of the Company and (c)
31 December 2023.
The restructuring and further advance debt is convertible at the
nominal value of 0.1p of the ordinary shares of the Company. The
further advance is subject to a 5% implementation fee. The Company
has settled a 9.5% extension fee of GBP74,575 to the Noteholders in
the form of ordinary shares at the nominal value. Accordingly the
Company issued 74,575,000 ordinary shares in the Company on 12
October 2022 and 28,132,190 ordinary shares on 28 October 2022.
Paul Gazzard commented:
"It has been a tough few months for DKE as we have taken some
hard decisions to dispose of assets no longer able to achieve our
required regulatory goals. However we look forward to continuing to
pursue alternative routes to secure a deal for the Company that can
bring value for shareholders. We look forward to updating the
market with more developments soon as they are delivered."
Interim Management Report
I hereby present the Interim Report for the six months ended 31
October 2022. During the period the Group made a loss of GBP97,108
(six months to 31 October 2021: loss of GBP227,218). These losses
have been contained in the period to a minimum as the board has
taken steps to ensure the financial position and prospects of the
Company are maintained to facilitate a future reverse takeover
transaction .
Outlook
With the support of its funders and professional advisers
Dukemount is optimistic a transaction can be secured to further its
prospects and deliver value to shareholders.
I would like to take the opportunity to thank our shareholders
for their patience and support and the Dukemount team for their
continuing efforts in driving this business forward.
Paul Gazzard
On behalf of the Board
15th June 2023
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Interim Report has been prepared in accordance with
International Accounting Standards 34, Interim Financial Reporting,
as adopted by the EU;
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Group;
-- the Interim Report includes a fair review of the information
required by 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
set of interim financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
-- the Interim Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Paul Gazzard
Director
15 June 2023
Consolidated Statement of Comprehensive Income
For the six months ended 31 October 2022
Note Group Group Group
Unaudited Unaudited Audited
31 Oct 2022 31 Oct 2021 30 April 2022
GBP GBP GBP
Continuing operations
Other operating income - - -
Cost of sales - - -
Gross Profit/(Loss) - - -
Other income - 5,033
Administrative expenses (97,108) (227,218) (185,775)
Impairment of goodwill - - (125,101)
Impairment of receivables - - (578,779)
------------- ------------ --------------
Operating loss (97,108) (227,218) (884,622)
------------- ------------ --------------
Interest received - - -
Finance charges - - (242,773)
Loss before taxation (97,108) (227,218) (1,127,395)
Income tax - - -
------------- ------------ --------------
Loss for the year attributable
to equity owners (97,108) (227,218) (1,127,395)
------------- ------------ --------------
Total comprehensive income
for the year attributable
to the equity owners (97,108) (227,218) (1,127,395)
------------- ------------ --------------
Total comprehensive income
for the year attributable
to:
Owners of Dukemount Capital
Plc (97,108) (227,218) (1,176,088)
Non-controlling interests - - 48,693
------------- ------------ --------------
(97,108) (227,218) (1,127,395)
------------- ------------ --------------
Earnings per share attributable
to equity owners
Basic and diluted (pence) 4 (0.00019) (0.00046) (0.0022)
Consolidated Statement of Financial Position
At 31October 2022
Group Group Group
Note Unaudited Unaudited Audited
31 Oct 31 Oct 30 April
2022 2021 2022
GBP GBP GBP
ASSETS
Non current assets:
Intangible assets - - 350,000
------------ ------------ ------------
- 350,000
Current assets:
Trade and other receivables 5 17,299 938,836 38,164
Cash and cash equivalents 28,714 40,864 19,214
Total Current assets 46,013 979,700 57,378
------------ ------------ ------------
Total assets 46,013 979,700 407,378
------------ ------------ ------------
LIABILITIES
Current liabilities:
Trade and other payables 6 1,619,121 1,799,753 1,986,086
Total Current liabilities 1,619,121 1,799,753 1,986,086
------------ ------------ ------------
Total liabilities 1,619,121 1,799,753 1,986,086
------------ ------------ ------------
NET ASSETS (1,573,108) (820,053) (1,578,708)
------------ ------------ ------------
Capital and reserve attributable
to the equity holders of the
Parent
Share capital 616,243 513,535 513,535
Share premium 1,249,305 1,107,783 1,249,305
Share based payments reserve 2,960 2,960 2,960
Retained earnings (3,441,616) (2,444,331) (3,344,508)
------------ ------------ ------------
TOTAL EQUITY (1,573,108) (820,053) (1,578,708)
------------ ------------ ------------
Consolidated Statement of Changes in Equity
For the six months ended 31 October 2022
Share Share Share Retained Total Non Total
capital premium based losses controlling equity
payment interests
reserve
GBP GBP GBP GBP GBP GBP
Balance as at 1
May 2021 481,283 1,115,035 2,960 (2,217,113) (617,835) - (617,835)
------------------------ --------- ---------- --------- ------------ ------------ ------------- ------------
Loss for the period - - - (227,218) (227,218) - (227,218)
--------- ---------- --------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - (227,218) (227,218) - (227,218)
--------- ---------- --------- ------------ ------------ ------------- ------------
Issue of ordinary
shares 32,252 134,270 - - 166,522 - 166,522
Total transactions
with owners 32,252 134,270 - - 166,522 - 166,522
------------------------ --------- ---------- --------- ------------
Balance at 31 October
2021 513,535 1,249,305 2,960 (2,444,331) (678,531) - (678,531)
------------------------ --------- ---------- --------- ------------ ------------ ------------- ------------
Loss for the period - - - (929,543) (929,543) 29,366 (900,177)
--------- ---------- --------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - (929,543) (929,543) 29,366 (900,177)
--------- ---------- --------- ------------ ------------ ------------- ------------
Issue of ordinary - -
shares - - - - -
--------- ---------- --------- ------------ ------------ ------------- ------------
Total transactions - -
with owners - - - - -
Balance as at 30
April 2022 513,535 1,249,305 2,960 (3,373,874) (1,608,074) 29,366 (1,578,708)
Loss for the period - - - (97,108) (97,108) - (97,108)
Total comprehensive
income for the period - - - (97,108) (97,108) - (97,108)
--------- ---------- --------- ------------ ------------ ------------- ------------
Issue of ordinary
shares 102,708 - - - 102,708 - 102,708
Total transactions
with owners 102,708 - - - 102,708 - 102,708
------------------------ --------- ---------- --------- ------------ ------------ ------------- ------------
Balance at 31 October
2022 616,243 1,249,305 2,960 (3,470,982) (1,602,474) 29,366 (1,573,108)
------------------------ --------- ---------- --------- ------------ ------------ ------------- ------------
Consolidated Statement of Cashflows
For the six months ended 31 October 2022
Group Group Group
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 Oct 31 Oct 30 April
2022 2021 2022
GBP GBP GBP
Operating activities
Loss before taxation (97,108) (227,218) (1,127,395)
Shares issued in lieu of expenses 74,575 - 30,727
Impairment of goodwill - - 125,101
Impairment of receivables - - 578,779
(Increase)/decrease in trade and other
receivables 20,865 (33,214) (40,627)
(Decrease) / increase in trade and
other payables (38,372) (419,055) (232,722)
----------- ----------- ------------
Net cash used in operating activities 40,040 (679,487) (666,137)
----------- ----------- ------------
Cash Flows from Investing Activities
Investment in JV 350,000 (329,306) (339,306)
----------- ----------- ------------
Net Cash generated from Investing
Activities 350,000 (329,306) (339,306)
----------- ----------- ------------
Cash Flows from Financing Activities
Loans received 50,000 1,000,000 1,000,000
Loans repaid (350,000) - -
Shares issued in lieu of expenses - 25,000 -
Net Cash generated from Financing
Activities (300,000) 1,025,000 1,000,000
----------- ----------- ------------
Increase/(Decrease) in cash and cash
equivalents in period/ year 9,960 16,207 (5,443)
Cash and cash equivalents at beginning
of period / year 19,214 24,657 24,657
Cash and cash equivalents at end
of period / year 29,174 40,864 19,214
----------- ----------- ------------
Notes to the Interim Report
For the six months ended 31 October 2022
1. GENERAL INFORMATION
Dukemount Capital Plc (the "Company") is a company domiciled in
England. The interim report for the six months ended 31 October
2022 comprises the results of the Company and its subsidiaries
(together referred to as the "Group").
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements have
been prepared under the historical cost convention and on a going
concern basis and in accordance with International Financial
Reporting Standards, International Accounting Standards and IFRIC
interpretations endorsed for use in the United Kingdom ("IFRS").
The condensed consolidated interim financial statements contained
in this document do not constitute statutory accounts. In the
opinion of the directors, the condensed consolidated interim
financial statements for this period fairly presents the financial
position, result of operations and cash flows for this period. The
Board of Directors approved this Interim Financial Report on 15
June 2023.
Statement of compliance
The Interim Report includes the consolidated interim financial
statements which have been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting'.
The condensed interim financial statements should be read in
conjunction with the annual financial statements for the period
ended 30 April 2022, which have been prepared in accordance with
IFRS endorsed for use in the United Kingdom.
Accounting policies
The condensed consolidated interim financial statements for the
period ended 31 October 2021 have not been audited or reviewed in
accordance with the International Standard on Review Engagements
2410 issued by the Auditing Practices Board. The figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the statutory annual financial
statements for the year ended 30 April 2022. There have been no new
accounting policies adopted since 30 April 2022.
Going concern
The Group has assessed its ability to continue as a going
concern. The Directors, having made due and careful enquiry, are of
the opinion that the Group will have access to adequate working
capital to meet its obligations for the period of at least twelve
months from the date when the condensed interim financial
statements are authorised for issue. The Directors therefore have
made an informed judgement, at the time of approving these
condensed interim financial statements, that there is a reasonable
expectation that the Group, having secured agreement with certain
creditors, existing investors and its broker on a package of
financing measures, has adequate resources to continue in
operational existence for the foreseeable future. Going forward,
the Group will require further funds. The success of securing these
has been identified as a material uncertainty which may cast
significant doubt over the going concern assessment. Whilst
acknowledging this material uncertainty, based upon the expectation
of completing a successful fundraising in the near future, and the
continued support of it investors and broker, the Directors
consider it appropriate to continue to prepare these condensed
interim financial statements for the period ended 31 October 2022
on a going concern basis.
3. RISKS AND UNCERTAINTIES
The Board continually assesses and monitors the key risks of the
business. The key risks that could affect the Group's short and
medium-term performance and the factors that mitigate those risks
have not substantially changed from those set out in the Company's
2022 audited financial statements, a copy of which is available on
the Company's website: http://www.dukemountcapitalplc.com .
4. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the
period attributable to ordinary shareholders by the weighted
average number of shares in issue.
Group Unaudited Group Unaudited Group
31 Oct 2022 31 Oct 2021 Audited
30 April
2022
GBP GBP GBP
Loss for the period (97,108) (227,218) (1,127,395)
Weighted average number of shares
- expressed in thousands 521,695 496,352 504,873
Basic earnings per share - expressed
in pence (0.00019) (0.00046) (0.0022)
5 TRADE AND OTHER RECEIVABLES
Group Unaudited Group Unaudited Group
31 Oct 2022 31 Oct 2021 Audited
30 April
2020
GBP GBP GBP
Trade and other receivables 17,299 377,620 38,164
Amounts recoverable on contracts - 561,216 -
---------------- ---------------- ----------
17,299 938,836 38,164
================ ================ ==========
6. TRADE AND OTHER PAYABLES
Group Unaudited Group Unaudited Group
31 Oct 2022 31 Oct 2021 Audited
30April 2022
GBP GBP GBP
Trade and other payables 721,273 1,681,253 806,296
Other creditors 819,914 - 1,101,250
Accruals 77,934 118,500 78,540
1,619,121 1,799,753 1,986,086
================ ================ ==============
7. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed interim financial statements were approved by the
Board of Directors on 12 June 2023. A copy can be obtained on the
Company's website at www.dukemountcapitalplc.com
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Dukemount Capital (LSE:DKE)
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