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More Acquisitions plc announced its unaudited interim results for the six months ended 30 April 2023. For this period, the company recorded a loss of £360,481 and had cash balances of £782,250 as of 30 April 2023. Post-period, the search for an acquisition target resumed following the withdrawal of Megasteel Limited from the proposed RTO.
| Date | 31 Jul 2023 |
| Time | 17:32:13 |
| Category | Results |
| ID | 8013H |
31 July 2023
More Acquisitions plc (LSE: TMOR)
Unaudited interim results for the period ended 30 April 2023
More Acquisitions plc ("More Acquisitions", "More" or "the Company"), is pleased to announce its unaudited interim results for the six months ended 30 April 2023 ("the Period").
Financial:
· The Company recorded a loss of £360,481 and had cash balances of £782,250 at the end of the period on 30 April 2023.
Post Period:
· The search for a suitable acquisition target resumed following the withdrawal of Megasteel Limited from the proposed RTO.
The Interim Report will shortly be available to view on the Company's website http://www.moreacquisitions.co.uk/
Enquiries
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More Acquisitions plc |
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Rod McIllree |
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Charles Goodfellow |
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Peterhouse Capital Limited
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Financial Adviser |
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Narisha Ragoonanthun/ Guy Miller |
Tel: +44 (0) 20 7469 0930 |
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Corporate Broker |
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Lucy Williams/ Duncan Vasey |
Tel: +44 (0) 20 7469 0930 |
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CHAIRMAN'S STATEMENT
Business Description and Review of the Period
More Acquisitions Plc was incorporated on 17 September 2021. Following the publication of its prospectus on 1 March 2022, a total of 125,000,100 ordinary shares were on 4 March 2022 admitted to the standard segment of the Official List and to trade on the main market for listed securities of the London Stock Exchange plc.
As detailed in its prospectus, the Company raised £1,250,001 through an Initial Public Offering ("IPO") fund-raising conducted amongst High Net Worth and Sophisticated Investors.
Post-Period Review
The principal risks remain those set out in the prospectus dated 1 March 2022.
As laid out in the prospectus, the directors will receive no cash fees for their ordinary duties prior to completion of an acquisition. This policy, together with keeping other operating costs to a minimum, is designed to reserve the highest possible proportion of cash resources for investment in an acquired business and therefore helping to maximise the return on investment for all shareholders.
The company continues to search for an acquisition target and will be providing further updates concerning the acquisition search process in due course.
Charles Goodfellow
Chairman
31 July 2023
Responsibility Statement
We confirm that to the best of our knowledge:
· the Interim Report has been prepared in accordance with UK adopted international accounting standards; and
· gives a true and fair view of the assets, liabilities, financial position and loss of the Company; and
· 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.
· The Interim Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:
Charles Goodfellow
Chairman
31 July 2023
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 APRIL 2023
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Unaudited Period |
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ended |
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30 April |
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2023 |
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Notes |
£ |
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Administrative expenses |
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(360,481) |
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Operating loss and loss before tax |
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(360,481) |
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Tax on profit on ordinary activities |
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- |
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Loss after taxation and total comprehensive income for the period |
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(360,481) |
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Loss per share |
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Basic loss per share (pence) |
3 |
(0.29) p |
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UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
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Unaudited |
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As at |
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30 April |
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2023 |
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£ |
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Current assets |
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Other receivables |
19 |
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Cash and cash equivalents |
782,250 |
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Total current assets |
782,269 |
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Current liabilities |
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Trade and other payables |
(6,388) |
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Total current liabilities |
(6,388) |
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Net assets |
775,881 |
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Capital and reserves |
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Called up share capital |
1,250,001 |
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Retained earnings |
(474,120) |
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Total equity |
775,881 |
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UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023
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Share capital £
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Retained earnings £ |
Total £ |
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Balance at 31 October 2022 |
1,250,001 |
(113,639) |
1,136,362 |
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Total comprehensive expense |
- |
(360,481) |
(360,481) |
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Balance at 30 April 2023 |
1,250,001 |
(474,120) |
775,881 |
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2023
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Unaudited Period |
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ended |
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30 April |
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2023 |
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£ |
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Cash flows from operating activities |
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Operating loss |
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(360,481) |
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No non-cash adjustments |
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- |
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Operating cashflow before working capital changes |
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(360,481) |
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Decrease in receivables |
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13,480 |
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Decrease in payables |
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(22,420) |
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Net cash outflow from operating activities |
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(369,421) |
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Net decrease in cash in the period |
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(369,421) |
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Cash and cash equivalents at beginning of period |
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1,151,671 |
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Cash and cash equivalents at end of period |
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782,250 |
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NOTES TO THE UNAUDITED INTERIM ACCOUNTS
FOR THE PERIOD ENDED 30 APRIL 2023
1. Basis of preparation
The financial statements included in these interim accounts have been prepared under the historical cost convention and in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and is presented in GBP.
The Company was incorporated on 17 September 2021 and in March 2022 was admitted to Standard List of London Stock Exchange. The interim financial information for the period ending 30 April 2023 has not been audited. The interim financial report has been approved by the Board on 31 July 2023.
The interim financial information for the six months ended 30 April 2023 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in this review. The financial position of the Company, its cash flows and liquidity position are described in this business review. As highlighted below, the Company meets its day to day working capital requirements through its on-going cash flows.
The principal accounting policies used in preparing these interim accounts are those expected to be applied in the Company's Financial Statements for the year ending 31 October 2023.
2. Accounting policies
The principal accounting policies adopted in the preparation of these financial results are set out below.
Segment reporting
The Company is currently a cash shell and the directors believe that there is no benefit to show any segmental reporting until a new strategy is undertaken.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement.
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.
Taxation
Income tax payable is provided on taxable profits using tax rates enacted or substantively enacted at the balance sheet date.
Deferred taxation is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial results. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related balance sheet tax asset is realised or the deferred liability is settled.
Deferred income tax assets are recognised to the extent that it is possible that future taxable profit will be available against which temporary differences can be utilised.
Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Going concern basis of preparation
The Company had £782,250 cash at the period end. The Directors have prepared the accounts on a going concern basis as they consider that the company has adequate funding.
3. Earnings (Loss) per share
The basic earnings per share is calculated by dividing the (loss)/profit attributable to the ordinary shareholders of the Company by the weighted average number of Ordinary shares in issue during the period, excluding Ordinary shares purchased by the Company and held as treasury shares.
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Unaudited |
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Period ended |
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30 April 2023 |
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£ |
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Loss used for calculation of basic and diluted EPS |
(360,481) |
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Weighted average number of ordinary shares in issue used for calculation of basic and diluted EPS |
125,000,100 |
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Loss per share (pence per share) |
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Basic and diluted loss per share: |
(0.29) p |
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There are no diluted earnings per share as the warrants currently in issue do not have a dilutive effect.
4. Distribution of Interim Report and Registered Office
A copy of the Interim Report will be available shortly on the Company's website http://www.moreacquisitions.co.uk/ and copies will be available from the Company's registered office, 3rd Floor, 80 Cheapside, London, EC2V 6EE.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.