Welney Plc - Final Results for Year Ended 30 June 2019
PR Newswire
London, June 2
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY WELNEY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Welney Plc
("Welney" or the "Company")
Audited Annual Results for the year ended 30 June 2019
Welney Plc Plc (NEX: WENP) is pleased to report its audited annual results for the twelve months ended 30 June 2019.
Chairman's Statement
The Board is pleased to present the results for Welney plc for the year ended 30 June 2019.
During the year I have continued to look to keep the Company's operating costs to a minimum whilst we continued to review several different proposals to take the Company forward.
I am pleased to announce that a proposal has been approved by the Board which allows for a £50,000 fund raise, prior to expenses and has agreed with its creditors to pay them 7.50% in cash and a further issue of equity in relation to full settlement of any claim against the Company. This process will enable the Company to move forward with a significant reduction in its current levels of debt. A notice containing all the specific details will be released shortly, which will include further details on the Company's proposed share consolidation, fund raise and proposed changes in the board of the Company.
With the Company having no material value and approximately GBP380,000 in creditors/debts as at 30 April 2020, the Company has taken the decision to put forward the Proposals to Shareholders. The Proposals will also facilitate the agreement under the informal creditors' arrangement, outlined in the introduction above. The Proposals are intended to give the Company a future.
The Company was approached by investors and, after review, the Board has decided that the Proposals are in the best interests for Shareholders as a whole. Under the Proposals, the overheads of the Company will be reduced and the proposed Board changes, Subscription and other refinancing described in a Circular due to be posted on 2 June 2020 to all shareholders will give the Company a new direction.
Darren Edmonston
Chairman
Welney Plc
1 June 2020
The Directors of Welney Plc accept responsibility for this announcement.
WELNEY PLC
STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED30 JUNE 2019
| 2019 | 2018 | ||||||||||||||||
| £ | £ | ||||||||||||||||
| Administrative expenses | (57,616) | (62,026) | |||||||||||||||
| Operating loss | (57,616) | (62,026) | |||||||||||||||
| Interest payable and similar charges | (7,743) | (8,833) | |||||||||||||||
| Fair Value Loss | (1,080) | (239) | |||||||||||||||
| Loss on ordinary activities before taxation | (66,439) | (71,098) | |||||||||||||||
| Tax on loss on ordinary activities | - | - | |||||||||||||||
| Loss for the year | (66,439) | (71,098) | |||||||||||||||
| Basic and diluted loss per share | (0.004)p | (0.004)p | |||||||||||||||
WELNEY PLC
STATEMENT OF BALANCE SHEET
FOR THE YEAR ENDED30 JUNE 2019
Restated
| 2019 | 2018 | |||||||||||||||||||||
| £ | £ | £ | £ | |||||||||||||||||||
| Fixed assets | ||||||||||||||||||||||
| Investments | 1,248 | 2,328 | ||||||||||||||||||||
| Current assets | ||||||||||||||||||||||
| Debtors | 6,214 | 9,358 | ||||||||||||||||||||
| Cash at bank and in hand | - | - | ||||||||||||||||||||
| 6,214 | 9,358 | |||||||||||||||||||||
| Creditors: amounts falling due within one year | (64,641) | (49,290) | ||||||||||||||||||||
| Net current liabilities lliabilities/(assets) | (58,427) | (39,932) | ||||||||||||||||||||
| Total assets less current liabilities | (57,179) | (37,604) | ||||||||||||||||||||
| Creditors: amounts falling due after more than one year | (277,032) | (230,169) | ||||||||||||||||||||
| (334,211) | (267,773) | |||||||||||||||||||||
| Capital and reserves | ||||||||||||||||||||||
| Called up share capital | 1,545,511 | 1,545,511 | ||||||||||||||||||||
| Share premium account | 1,562,336 | 1,562,336 | ||||||||||||||||||||
| Loan note holders reserve | - | 10,714 | ||||||||||||||||||||
| Profit and loss account | (3,442,058) | (3,386,334) | ||||||||||||||||||||
| Shareholders' funds | (334,211) | (267,773) | ||||||||||||||||||||
WELNEY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED30 JUNE 2019
| Share capital | 2019 | 2018 | ||||||
| £ | £ | |||||||
| Allotted, called up and fully paid | ||||||||
| 1,545,511,000 Ordinary shares of 0.1p each | 1,545,511 | 1,545,511 | ||||||
| Statement of movements on reserves | ||||||||||
| Share premium account | Other reserves (see below) | Profit and loss account | ||||||||
| £ | £ | £ | ||||||||
| Balance at 1 July 2018 | 1,562,336 | 10,714 | (3,386,333) | |||||||
| Loss for the year | - | - | (66,439) | |||||||
| Reclassification of equity reserve to | ||||||||||
| to the retained earnings | (10,714) | 10,714 | ||||||||
| Balance at 30 June 2019 | 1,562,336 | - | (3,442,058) | |||||||
COMPANY CONTACT DETAILS:
Darren Edmonston
Tel: + 44 1279 635511
AQUIS EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
