TIDMVCBC
RNS Number : 4398L
Vertu Capital Limited
06 September 2019
VERTU CAPITAL LIMITED
CHAIRMAN 'S STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2019
I have pleasure in presenting the consolidated interim financial
statements of Vertu Capital Limited (the Company) and its
subsidiary (collectively referred as the "Group") for the period
from 1 January 2019 to 30 June 2019.
During the financial period, the Group reported a net loss of
GBP65,520 (0.05p per share). As at 30 June 2019, the Group had cash
in bank balance of GBP386,229.
In the past year, the Company had explored several preliminary
proposals as potential acquisition targets but none seemed feasible
for further considerations and as such the Company is actively
looking to identify other suitable target companies or
businesses.
I look forward to seeing better progress with the potential
target acquisitions in the next few months with gratitude to our
shareholders, for their continued support.
Kiat Wai Du
Non-Executive Chairman
6 September, 2019
DIRECTOR'S STATEMENT
The main expense for the Group is its legal and professional
costs. The management intends to monitor and control this to be
cost efficient and minimise its net loss before a suitable
acquisition.
The Board looks forward to providing further updates to
shareholders in due course and actively reviewed a number of
potential acquisition opportunities across the sector, none of
which has met the necessary criteria for selection.
Responsibility Statement
The Directors are responsible for preparing the Consolidated
Interim Financial Statements in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority ('DTR') and with International Accounting Standard 34 on
Interim Financial Reporting (IAS 34) as adopted by the European
Union.
The Directors confirm that, to the best of their knowledge, the
consolidated interim financial statements have been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim report includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the consolidated set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
Director
6 September, 2019
CONDENSED CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2019
6 months 6 months
period ended period ended
30 June 2019 30 June 2018
Notes GBP GBP
(Unaudited) (Unaudited)
Operating expenses (65,520) (76,960)
-------------- --------------
OPERATING LOSS BEFORE TAXATION (65,520) (76,960)
Income tax expense 3 - -
-------------- --------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY (65,520) (76,960)
OTHER COMPREHENSIVE INCOME
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD (65,520) (76,960)
-------------- --------------
Basic and diluted loss per share
(pence) 4 (0.05) p (0.07) p
============== ==============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
As at As at As at
30 June 30 June 31 December
2019 2018 2018
Notes GBP GBP GBP
(Unaudited) (Unaudited) (Audited)
CURRENT ASSETS
Other debtors - 194,750 -
Prepayments 10,135 5,550 6,795
Cash and cash equivalents 386,229 351,696 488,912
------------ ------------ -------------
396,364 551,996 495,707
------------ ------------ -------------
CURRENT LIABILITIES
Other payables 33,660 43,870 43,585
Amount owing to directors 12,501 2,500 36,399
------------ ------------ -------------
46,161 46,370 79,984
------------ ------------ -------------
NET ASSETS 350,203 505,626 415,723
============ ============ =============
CAPITAL AND RESERVE
Stated capital 5 1,200,000 1,200,000 1,200,000
Accumulated losses (849,797) (694,374) (784,277)
------------ ------------ -------------
TOTAL EQUITY 350,203 505,626 415,723
============ ============ =============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2019
6 months 6 months
period ended period ended
30 June 2019 30 June
2018
GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating activities
Operating loss (65,520) (76,960)
-------------- --------------
Changes in working capital
Other receivables (3,339) 1,013
Other payables (9,926) 20,138
Advances from directors (23,898) (13,750)
(37,163) 7,401
-------------- --------------
Net cash flow used in operating
activities (102,683) (69,559)
-------------- --------------
Net decrease in cash and cash
equivalents (102,683) (69,559)
Cash and cash equivalents at beginning
of period 488,912 421,255
-------------- --------------
Cash and cash equivalents at end
of period 386,229 351,696
============== ==============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED TO 30 JUNE 2019
Period from 1 January 2019 to 30 June 2019 (unaudited)
Stated capital Share premium Accumulated Total
losses
GBP GBP GBP GBP
As at 1 January 2019 1,200,000 - (784,277) 415,723
Loss for the period - - (65,520) (65,520)
--------------- -------------- ------------ ---------
Total comprehensive loss
for the period - - (65,520) (65,520)
--------------- -------------- ------------ ---------
As at 30 June 2019 1,200,000 - (849,797) 350,203
=============== ============== ============ =========
Period from 1 January 2018 to 30 June 2018 (unaudited)
Stated capital Share premium Accumulated Total
losses
GBP GBP GBP GBP
As at 1 January 2018 1,000,000 - (617,414) 382,586
New issuance 200,000 5,000 - 205,000
Issuance cost - (5,000) - (5,000)
--------------- -------------- ------------ ---------
Proceed from share issue 200,000 - - 200,000
--------------- -------------- ------------ ---------
Loss for the period - - (76,960) (79,960)
--------------- -------------- ------------ ---------
Total comprehensive loss
for the period - - (76,960) (79,960)
--------------- -------------- ------------ ---------
As at 30 June 2018 1,200,000 - (694,374) 505,626
=============== ============== ============ =========
For the year ended 31 December 2018 (audited)
Stated capital Share premium Accumulated Total
losses
GBP GBP GBP GBP
As at 1 January 2018 1,000,000 (617,414) 382,586
New issuance 200,000 5,000 - 205,000
Issuance cost - (5,000) - (5,000)
--------------- -------------- ------------ ----------
Proceed from share issue 200,000 - - 200,000
--------------- -------------- ------------ ----------
Loss for the year - - (166,863) (166,863)
--------------- -------------- ------------ ----------
Total comprehensive loss
for the year - - (166,863) (166,863)
--------------- -------------- ------------ ----------
As at 31 December 2018 1,200,000 - (784,277) 415,723
=============== ============== ============ ==========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED TO 30 JUNE 2019
1. GENERAL INFORMATION
The Company was incorporated in the Cayman Islands on 12
September 2014 as an exempted company with limited liability under
the Companies Law. The registered office of the Company is at the
offices of Offshore Incorporations (Cayman) Limited, Floor 4,
Willow House, Cricket Square, PO Box 2804, Grand Cayman KY1-1112,
Cayman Islands.
The Company's Ordinary shares are currently admitted to a
standard listing on the Official List and to trading on the London
Stock Exchange.
In 2018 the Company incorporated a wholly owned subsidiary in
the United Kingdom. These non-statutory financial statements
comprise of financial information of the Company and its subsidiary
(together referred to as the "Group")
The Company's nature of operations is to act as a special
purpose acquisition company.
2. ACCOUNTING POLICIES
Basis of preparation
The consolidated interim financial statements for the six months
period ended 30 June 2019 have been prepared in accordance with IAS
34 Interim Financial Reporting. It is unaudited and does not
constitute statutory financial statements. The comparative interim
financial information covers the period ended 30 June 2018.
The consolidated interim financial statements have been prepared
on a basis consistent with, and on the basis of, the accounting
policies set out in the audited financial statements of the Group
for the year ended 31 December 2018, which have been prepared in
accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union.
The consolidated interim financial statements are presented in
British Pound Sterling ("GBP").
Going concern
The consolidated interim financial statements have been prepared
on a going concern basis, which assumes that the Group will
continue to be able to meet its liabilities as they fall due for
the foreseeable future
3. INCOME TAX EXPENSE
The Group is regarded as resident for the tax purposes in Cayman
Islands.
No tax is applicable to the Group for the period ended 30 June
2019. As a consequence no tax charge arise and no deferred income
tax asset has been recognised in respect of losses.
4. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss
attributable to equity holders of the company by the weighted
average number of ordinary shares in issue during the period.
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. There are currently no
dilutive potential ordinary shares.
Loss per share attributed to ordinary shareholders
6 months 6 months
period ended period ended
30 June 2019 30 June 2018
Loss for the period (GBP) (65,520) (76,960)
Weighted average number of shares
(Unit) 120,000,000 110,718,232
Loss per share (Pence) (0.05)p (0.07)p
5. STATED CAPITAL
Number of Share Share
shares capital premium
GBP GBP
Allotted, called up and fully
paid
100,000,000 Ordinary shares
of GBP0.01 each 100,000,000 1,000,000 -
------------
At 30 June 2017 and 31 December
2017 100,000,000 1,000,000 -
19,999,999 Ordinary shares of
GBP0.01 each 19,999,999 200,000 5,000
Share issue cost - (5,000)
------------ ---------- ---------
At 30 June 2018 and 30 June
2019 119,999,999 1,200,000 -
------------ ---------- ---------
On 26 March 2018, the Company issued 19,999,999 new ordinary
shares at a price of 1.025 pence per share raising gross cash
proceeds of GBP205,000 before expenses.
6. DIRECTORS EMOLUMENTS
During the period to 30 June 2019 there were no staff costs as
no staff were employed by the Company, other than the directors.
Aggregate directors' fees for the period were GBP26,102 (2018:
GBP17,500).
7. RELATED PARTY TRANSACTIONS
The directors are considered to be key management, and their
emoluments are disclosed in note 6.
During the period, the Group did not enter into any material
transactions with related parties.
As at As at
30 June 2019 30 June 2018
GBP GBP
Amount due to directors 12,501 2,500
8. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the
operations of the Group.
9. SUBSEQUENT EVENTS
There are no subsequent events requiring disclosure in these
consolidated interim financial statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR CKADDNBKKQCK
(END) Dow Jones Newswires
September 06, 2019 03:00 ET (07:00 GMT)
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