08:00 Fri 27 Sep 2019
Bould Opportunities - Half-year Report
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a
Half year results
Operational and strategic overview
As explained in detail in the Group's recent audited annual report for the year ended
Fresh capital has been raised in the period and the Group is now moving forward with confidence, unencumbered from any ongoing liability for its past loss making, and cash consuming, activities.
Financial overview
At the start of 2018, in the previous financial year, the Group had three trading segments alongside coordinating activities of the AIM quoted holding company. By the end of 2018, two of the three trading segments had been disposed of and the third segment had substantially reduced its activities.
On
Full provision for the estimated total wind down and closure costs were included in the Group's consolidated financial statements for the year to
Under IFRS accounting, the results of the Group are separated between continuing and discontinued operations, and prior year consolidated figures have been restated where appropriate.
Consequently, in the Income Statement, the only Continuing Operations for the six months to
Operations, there were two positive adjustments - with respect to the brought forward year end accruals for all of the closure costs, and a small surplus on the sale of the remaining trading business which has resulted in a profit on discontinued activities of
In the reporting period, six months ending
The financial results for the six months to
· Continuing Operations:
o Revenues for H1 2019 £nil (H1 2018: £nil)
o Corporate expenses H1 2019
o Taxation H1 2019 £nil (H1 2018: £nil)
o Loss from Continuing Operations H1 2019
· Discontinued Operations:
o Profit/(Loss) from Discontinued Operations H1 2019
· Total comprehensive loss H1 2019 (
· Cash balances H1 2019
· Borrowings H1 2019 £Nil (H1 2018:
"The Group is in a good position to achieve its long term investment plans. Discussions are progressing towards reaching a decision soon on the investment and we will keep shareholders updated."
For further information:
Bould Opportunities Plc (www.bouldopportunities.com)
| +44 (0)20 3198 2554 |
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| +44 (0)20 3328 5656 |
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| +44 (0)20 7469 0930
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Consolidated Statement of Comprehensive Income
For the six months ended
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| 6 Months | 6 Months | Year |
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| Ended | Ended | Ended |
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| 30 June | 30 June | 31 December |
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| 2019 | 2018 | 2018 |
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| Unaudited | Unaudited* | Audited* |
| Notes | £'000 | £'000 | £'000 |
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Continuing Operations |
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Revenue |
| - | - | - |
Cost of Sales |
| - | - | - |
Gross Profit |
| - | - | - |
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Administrative Expenses |
| (189) | (209) | (323) |
Other Income |
| - | - | - |
Operating (Loss) |
| (189) |
(209) |
(323) |
Financial Expense |
| - | - | - |
(Loss) Before Income Tax |
| (189) | (209) | (323) |
Taxation | 3 | - | - | - |
(Loss) from continuing operations |
| (189) | (209) | (323) |
Profit / (Loss) from discontinued operations |
| 39 | (223) | (1,734) |
(Loss) and total comprehensive income for the period attributable to the equity shareholders of the parent |
| (150) |
(432) |
(2,057) |
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Earnings per ordinary share (pence) from continuing and discontinued operations attributable to the equity shareholders: |
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Continuing operations basic and diluted - pence |
4 | (0.003)p |
(0.1)p |
(0.2)p |
Discontinued operations basic and diluted - pence | 4 | 0.001p | - | (0.1)p |
Total earnings per share attributable to the equity shareholders of the parent - pence |
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(0.002)p |
(0.1)p |
(0.3)p |
*Prior period figures restated to be comparative to current period continuing and discontinued operations.
Consolidated Statement of Financial Position
as at
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| 30 June | 30 June | 31 December |
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| 2019 | 2018 | 2018 |
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| Unaudited | Unaudited | Audited |
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| £'000 | £'000 | £'000 |
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Non-Current Assets |
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Property, Plant & Equipment |
| - | 52 | - |
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Intangible Assets |
| - | 1,006 | - |
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Total Non-Current Assets |
| - | 1,058 | - |
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Current Assets |
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Inventories |
| - | 545 | - |
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Trade & Other Receivables |
| 43 | 559 | 92 |
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Current Tax Assets |
| - | 140 | - |
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Cash & Cash Equivalents |
| 843 | 47 | 4 |
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Total Current Assets |
| 886 | 1,291 | 96 |
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Total Assets |
| 886 | 2,349 | 96 |
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Equity |
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| 3,470 | 2,304 | 2,355 | ||
Share premium |
| 8,852 | 8,665 | 8,806 | ||
Share capital reduction reserve |
| 10,081 | 10,081 | 10,081 | ||
Share option reserve |
| - | 699 | - | ||
Reverse acquisition reserve |
| - | (8,843) | - | ||
Profit and Loss |
| (21,582) | (11,748) | (21,477) | ||
Equity |
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821 |
1,158 |
(235) | ||
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Liabilities |
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Current Liabilities |
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Trade & Other Payables |
| 65 | 828 | 331 |
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Borrowings |
| - | 355 | - |
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Provisions |
| - | 8 | - |
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Total Current Liabilities |
| 65 | 1,191 | 331 |
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Non-Current Liabilities |
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Deferred Tax Liabilities |
| - | - | - |
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Total Liabilities |
| 65 | 1,191 | 331 |
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Total Equity and Liabilities |
| 886 | 2,349 | 96 |
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Consolidated Statement of Cash Flows
For the six months ended
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| 6 Months | 6 Months | Year |
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| Ended | Ended | Ended |
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| 30 June | 30 June | 31 December |
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| 2019 | 2018 | 2018 |
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| Unaudited | Unaudited* | Audited* |
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| £'000 | £'000 | £'000 |
Cash Flows from Operating Activities |
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Operating profit/(loss) before tax from: Continuing operations |
| (189) | (209) | (323) |
Discontinued operations |
| 39 | (283) | (1,852) |
Impairments |
| - | - | 403 |
Depreciation |
| - | 18 | 29 |
Amortisation |
| - | 140 | 595 |
Share Option Charge |
| - | 19 | - |
Movement in Provisions |
| (22) | (2) | (10) |
Grant Income |
| - | (27) | - |
Profit on sale of subsidiary undertaking |
| - | (327) | - |
Change in operating assets and liabilities including |
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discontinued operations: |
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Change in Inventories |
| - | 216 | 761 |
Change in Trade & Other Receivables |
| 49 | 349 | 856 |
Change in Trade & Other Payables |
| (244) | (323) | (1,155) |
Cash (Used in) Operations |
| (367) | (429) | (696) |
Tax Received |
| - | - | 183 |
Net Cash (Used in) Operating Activities |
| (367) | (429) | (513) |
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Cash Flows from Investing Activities |
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Proceeds from disposals |
| - | 71 | 401 |
Purchase of Property, Plant and Equipment |
| - | (3) | - |
Purchase of Intangible Assets |
| - | (47) | (176) |
Net Cash Generated in Investing Activities |
| - | 21 | 225 |
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Cash Flows from Financing Activities |
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Proceeds from the issue of ordinary shares |
| 1,206 | 891 | 1,081 |
Increase/(Decrease) in borrowings |
| - | (478) | (833) |
Net Cash Generated from Financing Activities |
| 1,206 | 413 | 248 |
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Net Increase/ (Decrease) in Cash and Cash Equivalents |
| 839 | 5 | (40) |
Cash and Cash Equivalents at the Start of the Period |
| 4 | 44 | 44 |
Cash and Cash Equivalents at the End of the Period |
| 843 | 49 | 4 |
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*Prior period figures restated to be comparative to current period continuing and discontinued operations.
Consolidated Statement of Changes in Equity
For the six months ended
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| Ordinary Share Capital | Share Premium |
Share Capital Reduction Reserve | Share Option Reserve | Reverse Acquisition Reserve | Retained Losses | Total | ||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
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At | 2,355 | 8,806 |
10,081 | - | - | (21,477) | (235) |
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Issue of New Shares | 1,115 | 91 | - | - | - | - | 1,206 |
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Issue of warrants | - | (45) | - | - | - | 45 | - |
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Comprehensive Loss for the Period | - | - | - | - | - | (150) | (150) |
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At | 3,470 | 8,852 |
10,081 | - | - | (21,582) | 821 |
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For the six months ended
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| Ordinary Share Capital | Share Premium | Share Capital Reduction Reserve | Share Option Reserve | Reverse Acquisition Reserve | Retained Losses | Total | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||
At | 2,252 | 7,828 |
10,081 | 680 | (8,843) | (11,273) | 725 | |||||||||||||
Issue of New Shares | 52 | 837 | - | - | - | - | 889 | |||||||||||||
Share Option Charge | - | - | - | 19 | - | - | 19 | |||||||||||||
Comprehensive Loss for the Period | - | - | - | - | - | (432) | (432) | |||||||||||||
At | 2,304 | 8,665 |
10,081 | 699 | (8,843) | (11,748) | 1,158 | |||||||||||||
For the year ended
| Ordinary Share Capital | Share Premium | Share Capital Reduction Reserve | Share Option Reserve | Reverse Acquisition Reserve | Retained Losses | Total |
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| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
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Balance at | 2,252 | 7,828 |
10,081 | 680 | (8,843) | (11,257) | 741 | ||||
Issue of new shares | 103 | 978 | - | - | - | - | 1,081 | ||||
Reverse acquisition transfer | - | - | - | - | 8,843 | (8,843) | - | ||||
Share Option transfer | - | - | - | (680) | - | 680 | - | ||||
Comprehensive Loss for the Period | - | - | - | - | - | (2,057) | (2,057) | ||||
At | 2,355 | 8,806 |
10,081 | - | - | (21,477) | (235) | ||||
Notes to the financial statements
For the six months ended
1. Basis of preparation
These interim financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the
The principal accounting policies used in preparing these interim financial statements are those expected to apply to the Group's Consolidated Financial Statements for the year ending
The financial information for the six months ended
The comparative financial information for the year ended
The auditor's opinion on the Group's financial statements for the year ended
2. Continuing and discontinued operations
2a Summary
During 2018 and 2019 the following group's operations were discontinued: |
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(i) On |
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(ii) On
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(iii) At the time of its liquidation,
(iv) On |
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At
As all the trading operations have been discontinued, there is now no relevant segmental information to provide in these notes.
The Group continues as a Cash Shell until appropriate new investments are found. This plan was confirmed by resolution at the General Meeting of the Company on |
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In this note, financial information is provided for the ongoing operation at |
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2b Continuing operations
As all the trading activities have been discontinued, there is no ongoing segmental information. The following results for
continuing operations are for the administrative costs of the Group's parent company.
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| 6 Months Ended June 2019 Unaudited | 6 Month Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Corporate expenses |
| (179) | (209) | (323) |
Loss before tax |
| (179) | (209) | (323) |
2c Discontinued operations
The Group's net total loss on discontinued items may be analysed:
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| 6 Months Ended June 2019 Unaudited | 6 Month Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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| - | 311 | 110 |
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| - | (188) | (446) |
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| - | - | (106) |
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| 39 | (346) | (1,292) |
Total consolidated profit/(loss) from discontinued operations |
| 39 | (223) | (1,734) |
2d Details of the sale of
The financial performance and cash flow information presented are for the trading ended
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| 6 Months Ended June 2019 Unaudited | 6 Month Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Revenue |
| - | 127 | 133 |
Expenses |
| - | (143) | (148) |
Loss before income tax |
| - | (16) | (15) |
Income tax expense |
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| - | - |
Loss after tax for discontinued operation |
| - | (16) | (15) |
Gain on sale of the subsidiary after tax - see below |
| - | 327 | 125 |
Comprehensive income/(loss) from discontinued operation |
| - | 311 | 110 |
Net cash outflow from operating activities:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Net cash outflow from investing activities | - | - | - |
Net cash outflow from financing activities | - | - | - |
Net cash (decrease) from subsidiary | - | - | - |
Details of sale of subsidiary:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Consideration receivable: |
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Cash paid and payable | - | 150 | 150 |
Debts novated | - | 751 | 751 |
Total disposal consideration | - | 901 | 901 |
Carrying amount of net assets sold | - | (574) | (776) |
Gain on sale before tax | - | 327 | 125 |
Income tax expense on gain | - | - | - |
Gain on sale after tax | - | 327 | 125 |
The carrying amounts of assets and liabilities as at the date of sale were:
| 30 January 2018 |
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Goodwill | 13 |
Property, plant & equipment | 267 |
Inventories | 186 |
Trade receivables and prepayments | 1111 |
Cash | 2 |
Total assets | 1579 |
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Trade creditors and accruals | 331 |
Bank borrowings and hire purchase | 457 |
Deferred tax | 15 |
Total liabilities | 803 |
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Net assets at the date of sale | 776 |
2e Details as a result of the liquidation of
The financial performance and cash flow information presented are for the trading ended
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Revenue | - | 1,154 | 1,682 |
Expenses | - | (1,342) | (2,000) |
Loss before income tax | - | (188) | (318) |
Income tax | - | - | - |
Loss after tax for discontinued operation | - | (188) | (318) |
Loss on liquidation of the subsidiary after tax - see below | - | - | (128) |
Comprehensive income/(loss) from discontinued operation | - | (188) | (446) |
Net cash inflows and outflows from operating activities:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited | |||
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Net cash out flow from investing activities |
| - | (21) | (22) | ||
Net cash out flow/in flow from financing activities | - | 23 | (124) | |||
Net cash (decrease)/increase from subsidiary | - | 2 | (146) | |||
Details of liquidation of subsidiary:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Distribution expected from liquidator | - | - | - |
Carrying amount of net assets on appointment of liquidator | - | - | (128) |
(Loss) on liquidation before tax | - | - | (128) |
Income tax | - | - | - |
(Loss) on liquidation after tax | - | - | (128) |
The carrying amounts of assets and liabilities as at the date of liquidation were:
| 18 November 2018 |
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Property, plant & equipment | 32 |
Intangible fixed assets | 102 |
Trade receivables and prepayments | 255 |
Inventories | 345 |
Cash | 7 |
Total assets | 741 |
Trade creditors and accruals | 413 |
Bank borrowings | 200 |
Total liabilities | 613 |
Net assets at the date of liquidation | 128 |
2f Details as a result of a liquidator appointed to the immediate parent company of
Details resulting from the liquidation of the parent company:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Distribution expected from liquidator | - | - | - |
Carrying amount of net assets on appointment of liquidator | - | - | (106) |
Loss on liquidation before tax | - | - | (106) |
Income tax expense on loss | - | - | - |
Loss on liquidation after tax | - | - | (106) |
The carrying amounts of assets and liabilities as at the date of liquidation were:
| 18 November 2018 |
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Goodwill | 106 |
Total assets | 106 |
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Total liabilities | - |
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Net assets at the date of liquidation | 106 |
2g Details of the sale of
The financial performance and cash flow information presented are for about trading ended
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Revenue | - | 49 | 74 |
Expenses | 16 | (455) | (1,484) |
Profit/(Loss) before income tax | 16 | (406) | (1,410) |
Income tax credit | - | 60 | 118 |
Profit/(Loss) after tax for discontinued operation | 16 | (346) | (1,292) |
Gain on sale of the subsidiary after tax - see below | 23 | - | - |
Comprehensive income/(loss) from discontinued operation | 39 | (346) | (1,292) |
Net cash outflow from operating activities:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Net cash outflow from investing activities | - | (29) | (154) |
Net cash outflow from financing activities | - | (41) | (49) |
Net cash (decrease) from subsidiary | - | (70) | (203) |
Details of sale of subsidiary:
| 6 Months Ended June 2019 Unaudited | 6 Months Ended June 2018 Unaudited | Year Ended Dec 2018 Audited |
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Consideration receivable: |
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Cash paid and payable | - | - | - |
Debts novated | - | - | - |
Total disposal consideration | - | - | - |
Carrying amount of net assets sold | 23 | - | - |
Gain on sale before tax | 23 | - | - |
Income tax expense on gain | - | - | - |
Gain on sale after tax | 23 | - | - |
The carrying amounts of assets and liabilities as at the date of sale were:
| 19 June 2019 |
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Trade creditors and accruals | 23 |
Total liabilities | 23 |
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Net liabilities at the date of sale | 23 |
3. Income Tax
There was no income tax for the six months ended 30 June 2019. For the six months ended 30 June 2018 there was an income tax credit of £60,000, and £169,000 for the year ended 31 December 2018. These income tax credits represent estimated research and development tax credit receivable for that period. Excluding these matters, the effective tax rate for the Group for the year ended 31 December 2019 is expected to be zero, reflecting the availability of estimated brought forward tax losses at 31 December 2018 of about £0.5m.
4. Earnings per share
| 6 months | 6 months | Year |
| ended | ended | ended |
| 30 June 2019 | 30 June 2018 | 31 December 2018 |
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Basic loss per share: |
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(Loss) from continuing operations | £(179,000) | £(209,000) | £(323,000) |
Total comprehensive (loss) | £(140,000) | £(432,000) | £(2,057,000) |
Weighted number of Ordinary Shares - millions | 5,878 | 501 | 650 |
(Loss) per share - continuing operations - pence | (0.003p) | (0.04p) | (0.05p) |
Profit/(Loss) per share - discontinued operations - pence | 0.001p | (0.04p) | (0.27p) |
Basic total comprehensive loss per share - pence | (0.002p) | (0.08p) | (0.32p) |
Diluted earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding after adjusting these amounts for the effects of dilutive potential ordinary shares.
As the results for the six months ended 30 June 2019 and 30 June 2018 and for the year ended 31 December 2018 are losses, any exercise of share options would have an anti-dilutive effect on earnings per share. Consequently earnings per share and diluted earnings per share are the same as potentially dilutive share options have been excluded from the calculation.
5. Copies of Interim Report
Copies of this interim report are available upon request to members of the public from the Company's registered office, 80 Cheapside, London, EC2V 6EE. This interim report can also be viewed on the Group's website: www.bouldopportunities.com.
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.
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