Half Yearly Report

Posted in 2014

 

Goldcrest Resources plc (“Goldcrest” or the “Company”), the mineral exploration company focused on gold projects in West Africa, is pleased to announce its results for the six months to 31 December 2013.

 

Managing director’s statement

 

During the six months to 31 December 2013, the Company has been working closely with its UK advisers in preparation for the Company’s proposed admission to AIM. The majority of preparatory work has been completed, including independent technical and legal documents and a site visit to Zamsa and Fumbisi.

 

We have simultaneously been working with our Ghanaian partners towards renewing and upgrading the Zamsa and Fumbisi licences to enable the Company to begin drilling as soon as possible. There have been some updates to the cadastral and regulatory framework for mining in Ghana, which have led to delays in receiving the appropriate consents. However, we believe these are now close to being finalised.

 

Goldcrest reported an operating loss for the six months to 31 December 2013 of £135,191 (six months to March 2013: £74,941). This translates into a loss per share for the period of 0.027p. A significant portion of the costs are attributed to the Company’s move to AIM with the balance on exploration and administrative expenses.

 

The Company is well advanced with its plans for admission to AIM and we look forward to providing further updates in due course.

 

 

Frederick Bell

Managing Director

27 February 2014

 

 

Statement of comprehensive income

 

 

 

6 months to 31 December 2013

6 months to 31 March 2013

9 month period ended 30 June 2013

 

 

Unaudited

£

 

Unaudited

£

As adjusted

Audited

£

 

Finance income

 

 

 

-

 

3

 

3,646

Continuing operations

 

 

 

 

 

Exploration costs

 

 

(38,604)

(44,500)

(85,471)

Administrative expenses

 

AIM admission costs

 

Finance costs

 

(30,704)

 

(63,281)

 

(2,602)

(30,444)

 

-

 

-

(51,335)

 

-

 

(625)

 

 

 

 

 

Loss from continuing operations

 

 

(135,191)

(74,941)

(133,785)

Total comprehensive expense for the period

 

 

(135,191)

(74,941)

(133,785)

 Loss per share:

 

 0.027 p

 0.011 p

 0.027 p

 


 

 

Statement of financial position

 

 

 

At 31 December 2013

At 31 March 2013

At 30 June 2013

 

 

Unaudited

£

Unaudited

£

Audited

£

Assets

Non-current assets

 

 

 

-

 

-

 

-

 

 

-

-

-

 

Current assets

Cash and cash equivalents

Trade and other receivables

 

 

 

 

 

7,240

293

 

 

 

2,384

8,760

 

 

36,646

8,143

Total current assets

 

 

7,533

11,144

44,789

Total assets

 

 

7,533

11,134

44,789

 

Equity and liabilities

 

 

 

 

 

Capital and reserves

Called up share capital

Share premium account

Profit and loss account

Share option reserve

Option premium on convertible notes                                      

 

 

 

429,037

1,623,681

(2,119,772)

-

-

 

 

217,780

1,602,749

(1,966,827)

37,690

3,400

 

 

351,880

1,602,749

(1,984,581)

-

-

 

 

Total Equity

 

 

(67,054)

(105,208)

(29,952)

 

 

 

 

 

Current liabilities

Trade and other payables

Borrowings

Provisions

Share subscriptions

 

 

 

43,921

20,351

10,317

-

 

38,925

50,000

10,317

17,100

 

14,424

50,000

13,317

-

 

Total current liabilities

 

 

74,589

116,342

74,741

 

Total equity and liabilities

 

 

7,533

 

 

11,134

 

44,789

 

 

 

 

 

 


 

Statement of changes in equity

for the 6 months ended 31 December 2013

               

 

Called up share capital

Share premium account

Share option reserve

Retained earnings

Option premium on convertible notes

Total equity

 

£

£

£

£

£

£

As at 30 September 2012

 

203,280

1,588,249

37,690

(1,891,886)

3,400

(59,267)

 

Loss for the period

 

 

-

 

-

 

-

 

(133,785)

 

-

 

(133,785)

Transfer of share option reserve

-

-

(37,690)

37,690

-

-

Transfer of option premium

-

-

-

3,400

(3,400)

-

 

 

 

 

 

 

 

Transactions with owners

Issue of shares

 

148,600

 

14,500

 

-

 

-

 

-

 

163,100

 

Total transactions with owners

 

148,600

 

14,500

 

-

 

 

-

 

-

 

-

As at 30 June 2013

 

351,880

1,602,749

-

1,984,581

-

(29,952)

 

Loss for the period

 

 

-

 

-

 

-

 

(135,191)

 

-

 

(135,191)

Transactions with owners

Issue of shares

Share issue costs

 

77,157

-

 

25,720

(2,400)

 

-

-

 

-

-

 

-

-

 

102,877

(2,400)

 

Total transactions with owners

 

 

77,157

 

23,320

 

-

 

-

 

-

 

100,477

As at 31 December 2013

 

429,037

1,626,069

-

(2,119,772)

-

(64,666)

 

 

 

 

 

 

 


Statement of cash flows

for the 6 months ended 31 December 2013

 

 

 

6 months ended 31 December

2013

£

 

 

9 months ended 30 June

2013

 

£

 

Cash flows from operating activities

Loss before taxation

 

 

(135,191)

 

 

(133,785)

 

Adjustments for:

Non cash payments

Interest income

Finance costs

 

 

 

-

-

2,602

 

 

 

8,476

(3,646)

625

 

 

(132,589)

 

(128,330)

Movements in working capital:

 

Decrease/(increase) in trade and other receivables

Increase/(decrease) in trade and other payables

 

 

 

7,850

 

27,108

 

 

 

 

(5,489)

 

(343)

 

 

 

 

34,958

 

(5,832)

 

Cash outflow from operations

 

 

 

(97,631)

 

 

(134,162)

 

 

 

 

 

Cash flows from investing activities

Interest received

Finance costs

Less paid by share issue

 

 

-

(2,602)

2,876

 

 

3

(625)

 

Net cash flows generated by investing activities

 

 

 

274

 

 

(622)

Cash inflows from financing activities

Share issue for cash

Less share issue costs

Proceeds from borrowings

Repayment of borrowings

Short term borrowings

 

 

 

50,000

(2,400)

-

-

20,351

 

 

154,624

 

50,000

(50,000)

 

Net cash flows from financing activities

 

 

 

67,951

 

 

154,624

 

Net increase/decrease) in cash and cash

equivalents

 

 

 

(29,406)

 

 

 

19,840

 

Cash and cash equivalents at the beginning

of period

 

 

36,646

 

16,806

Cash and cash equivalents at end of period

 

12

7,240

 

36,646

 

Interim report notes

 

  1. Interim report

    The information relates to the 6 month period from 1 July 2013 to 31 December 2013.

    The interim report was approved by the Directors on 27 February 2014.

    The interim report is unaudited.

    The interim report at 31 March 2013 has been adjusted to reflect a change in the accounting treatment of exploration costs previously capitalised at 31 March 2013 but written off at 30 June 2013.

     

  2. Basis of accounting

    1. The report has been prepared using accounting policies that the Company has adopted and were used for the accounting period to 30 June 2013. The information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.

    2. The financial statements are prepared under the historical cost convention.

    3. The Company will report again for the full year to 30 June 2014.

       

The Directors of the Issuer accept responsibility for this announcement.

 

Goldcrest Resources plc

Frederick Bell,

Managing Director

Tel: 0755 4872 794

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John Watkins,

Chairman

Tel: 01483 771992

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Cairn Financial Advisers LLP

Avi Robinson / Jo Turner

Tel: 020 7148 7900