All Star Minerals Plc - Final Results
PR Newswire
London, May 30
All Star Minerals PLC ("All Star")
Final Results
The Company hereby notifies shareholders that the Annual Report and Financial Statements of the Company for the year ended 31 December 2018 have now been approved by the Company's board.
Summary Financial Statements are set out below. A full copy of the Annual Report will be available shortly on the Company's website, www.allstarminerals.co.uk
The Directors of All Star are responsible for the content of this announcement.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, and has been arranged for release by Tomas Nugent, Chairman of the Company.
ENQUIRIES:
All Star Minerals Plc
Tomas Nugent
Chairman
07963 455663
NEX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray
0207 213 0880
REVIEW OF THE BUSINESS - Chairman's Statement
The past twelve months have been a period in which the Company has witnessed continued positive momentum by reviewing potential transactions and working towards finding a suitable transaction.
The board of All Star has continued to review options as to how best advance the Company forward. Going forward, discussions will continue to be held regarding transactions and it is hoped that a suitable transaction will be identified in due course.
As a Company with a listing on the NEX Exchange Growth Market, our access to capital is predominantly through UK investors, whether that be private client brokers or sophisticated and high net worth individuals. This funding route has continued to be a very tough environment for raising capital during the past twelve months.
The Company's principal asset since relinquishing and selling its Australian assets is its shareholding in investee company, NQ Minerals Plc. Throughout 2018, All Star continued holding 5,519,545 shares in the Company, which equated to 1.64% ownership of the Company at year end.
The shareholding was valued at £579,553 at 31 December 2018. The board of All Star looks forward to the performance of its investment over the course of 2019.
FINANCIALS
The financial results for the 12 month period to 31 December 2018 shows a loss after taxation of £110,369 (2017: loss of £175,026). The increase in value of NQ Minerals' shares and lower general corporate overheads meant that the Company recorded a smaller loss for the period versus 2017.
The basic loss per share from continuing operations was 0.01p (2017: loss per share of 0.02p).
The Directors do not recommend the payment of a dividend.
PRINCIPAL RISKS AND UNCERTAINTIES FACING THE COMPANY
The principal risks faced by the Company are as follows:
- The ability to raise sufficient funds to continue to execute the Company's strategy; and
- The performance of the investment in NQ Minerals plc which is an overseas mining and exploration company.
OUTLOOK
I believe that All Star could be enhanced through a number of different means. If that was to occur, it would completely change the current corporate structure of the Company and benefit shareholders.
However, in the interim the Company's working capital position still requires careful management.
I would like to take this opportunity to thank my fellow board members, shareholders and our advisers for their continued support and patience over the past twelve months. In what overall has been another pleasing period, the Company has continued with its transition and is shaping for the future.
Tomas Nugent
Executive Chairman
31 May 2019
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
| 2018 | 2017 | |||
| £ | £ | |||
| Administrative expenses Other operating income | (85,719) 1,350 | (149,026) - | ||
| Finance costs | (26,000) | (26,000) | ||
| LOSS BEFORE TAX | (110,369) | (175,026) | ||
| Income tax expense | - | - | ||
LOSS FOR THE YEAR | (110,369) | (175,026) | ||
| 2018 | 2017 | |||
| £ | £ | |||
| LOSS PER SHARE expressed in pence per share | ||||
| Basic Diluted | (0.01) (0.01) | (0.02) (0.02) | ||
| £ | £ | |||
| LOSS FOR THE YEAR | ||||
| (110,369) | (175,026) | |||
| OTHER COMPREHENSIVE INCOME | ||||
| Items that may be subsequently reclassified to profit or loss: Fair value movement: available for sale investments | 137,989 | 27,598 | ||
| 137,989 | 27,598 | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 27,620 | (147,428) | ||
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018
| Issued capital £ | Share premium £ | Other reserves £ | Accumulated losses £ | Total equity £ | |||||
| Balance at 1 January 2018 | 428,433 | 1,773,610 | 748,050 | (2,892,994) | 57,099 | ||||
| Comprehensive income for the year | |||||||||
| Loss for the year | - | - | - | (110,369) | (110,369) | ||||
| Other comprehensive income | |||||||||
| Items that may be subsequently reclassified to profit or loss: Fair value movement: available for sale investments | - | - | 137,989 | - | 137,989 | ||||
Total comprehensive income for the year | - - | - - | 137,989 137,989 | - (110,369) | 137,989 27,620 | ||||
| Balance at 31 December 2018 | 428,433 | 1,773,610 | 886,039 | (3,003,363) | 84,719 | ||||
| Issued capital £ | Share premium £ | Other reserves £ | Accumulated losses £ | Total equity £ | |||||
| Balance at 1 January 2017 | 410,369 | 1,646,674 | 720,452 | (2,717,968) | 59,527 | ||||
| Total comprehensive income for the year | |||||||||
| Loss for the year | - | - | - | (175,026) | (175,026) | ||||
| Other comprehensive income | |||||||||
Items that may be subsequently reclassified to profit or loss: Fair value movements on available for sale investments | - | - | 27,598 | - | 27,598 | ||||
Total comprehensive income for the year | - - | - - | 27,598 27,598 | - (175,026) | 27,598 (147,428) | ||||
| Transactions with owners, recorded directly in equity | |||||||||
| Issue of shares | 18,064 | 126,936 | - | - | 145,000 | ||||
| Balance at 31 December 2018 | 428,433 | 1,773,610 | 748,050 | (2,892,994) | 57,099 |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018
| 2018 | 2017 | |||
| £ | £ | |||
| ASSETS | ||||
| NON CURRENT ASSETS | ||||
| Property, plant and equipment | - | - | ||
| - | - | |||
| CURRENT ASSETS | ||||
| Trade and other receivables | - | - | ||
| Cash and cash equivalents | 7,935 | 39,086 | ||
| Available for sale financial assets | 579,553 | 441,564 | ||
| 587,488 | 480,650 | |||
| TOTAL ASSETS | 587,488 | 480,650 | ||
| EQUITY ISSUED CAPITAL AND RESERVES | ||||
| Issued share capital | 428,433 | 428,433 | ||
| Share premium | 1,773,610 | 1,773,610 | ||
| Other Reserves (per SOCIE) | 886,039 | 748,050 | ||
| Accumulated losses | (3,003,363) | (2,892,994) | ||
| TOTAL EQUITY | 84,719 | 57,099 | ||
| CURRENT LIABILITIES | ||||
| Borrowings | 179,210 | 153,210 | ||
| Trade and other payables | 323,559 | 270,341 | ||
| 502,769 | 423,551 | |||
| TOTAL EQUITY AND LIABILITIES | 587,488 | 480,650 |
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
| 2018 | 2017 | ||
| £ | £ | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Total loss | (110,369) | (175,026) | |
| ADJUSTMENTS TO RECONCILE TO LOSS FROM OPERATIONS | |||
| Interest expense | 26,000 | 26,000 | |
| ADJUSTMENTS TO RECONCILE LOSS FROM OPERATIONS | 26,000 | 26,000 | |
| LOSS FROM OPERATIONS | (84,369) | (149,026) | |
| CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL | (84,369) | (149,026) | |
| INCREASE IN WORKING CAPITAL | |||
| Decrease in trade and other receivables | - | 2,811 | |
| Increase in trade and other payables | 53,218 | 40,016 | |
| INCREASE IN WORKING CAPITAL | 98,451 | 42,827 | |
| CASH FLOW USED IN OPERATING ACTIVITIES | (31,151) | (106,199) | |
| NET CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Gross proceeds from issue of equity share capital | - | 124,500 | |
| NET CASH FLOWS FROM FINANCING ACTIVITIES | - | 124,500 | |
| (31,151) | 18,301 | ||
Cash and cash equivalents brought forward | 39,086 | 20,785 | |
CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER | 7,935 | 39,086 |
The independent auditor's report has highlighted a material uncertainty in relation to going concern. Due to the consideration of factors such as the Company's ability to raise funding, the audit opinion is not modified in respect of this matter.
