Welney Plc
("Welney" or the "Company")
INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2014
Chairman's Statement
I present the interim results of the Company for the six months ended 31 December 2014.
As stated in the Company's final results to 30 June 2014, released earlier today, the Company has secured new investment of £100,000 and is in discussions with regards to the sale of Aircraft Recycling Limited and Blaze and Barney Limited.
The Directors plan to focus the Company's business on the recycling of rubber and plastics, with initial focus on the recycling of tyres.
The Directors expect to be in a position to update shareholders on further developments in the near future.
Cameron Luck
Chairman
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE 6 MONTHS ENDING 31st DECEMBER 2014
| 6 months to | 6 months to | |
| 31/12/2014 | 31/12/2013 | |
| Turnover | - | 64,163 |
| Cost of Sales | - | (44,325) |
| Gross Profit | - | 19,838 |
| Administrative Expenses | (11,642) | (40,802) |
| Operating loss | (11,642) | (20,964) |
| Interest payable and similar charges | - | (1,717) |
| Loss on ordinary activities | (11,642) | (22,681) |
| Profit and loss reserve brought forward | (3,288,431) | (2,629,553) |
| Profit and loss reserve carried forward | (3,300,073) | (2,652,234) |
UNAUDITED BALANCE SHEET AS AT 31st DECEMBER 2014
| | As At 31/12/2014 | As At 31/12/2013 |
| Fixed Assets Intangible assets | - | 21,542 |
| Tangible Assets | - | 4,293 |
| - | 25,835 | |
| Current Assets | ||
| Stocks | - | 5,500 |
| Debtors | 1,950 | 216,328 |
| Cash at Bank | 23 | 120,205 |
| Investment | 2,675 | 677,000 |
| 4,648 | 1,019,034 | |
| Creditors - Within One Year | (64,634) | (219,992) |
| Net Current Assets | (59,986) | 799,042 |
| Long term liabilities | - | (652,093) |
| Net (liabilities)/assets | (59,986) | 172,783 |
| Capital and reserves | ||
| Called up share capital | 1,545,511 | 1,111,911 |
| Share Premium Reserve | 1,562,336 | 1,319,687 |
| Loan note Reserve | - | 393,419 |
| Share option reserve | 132,240 | - |
| Profit and loss reserve | (3,300,073) | (2,652,234) |
| Shareholders' (deficit)/funds | (59,986) | 172,783 |
The financial information contained in the interim statement has not been audited or reviewed by the Company's auditors and does not constitute statutory accounts.
The directors of the Company accept responsibility for the contents of this announcement.
--ENDS--
Enquiries:
Welney Plc
Cameron Luck
Tel: +353 (0)861734543
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
Tel: 020 7469 0930