Interim Report - half year ended 31 December 2014

Posted in 2015

 

Managing director’s statement

 

In the half-year to 31 December 2014, Goldcrest has continued to position itself for a planned move to AIM.  The Company raised £300,000 before expenses to strengthen the project portfolio and take advantage of the difficult conditions many exploration companies face. 

 

There is an opportunity to acquire significantly more advanced exploration assets and, in December 2014, the Company undertook a visit to Ghana to review a number of these opportunities and discussions are ongoing regarding potential project acquisitions. 

 

Since the period end, the Company has restarted exploration on the Zamsa and Fumbisi projects and looks forward to updating shareholders in due course.

 

Goldcrest reported an operating loss for the six months to 31 December 2014 of £62,251 (six months to December 2013: £135,191). This translates into a loss per share for the period of 0.007p.  The majority of the costs have been on administrative expenses, which continue to be kept to a minimum as the Company focuses on adding value to the portfolio and advancing the existing projects.

 

We also wish to announce that John Watkins, Chairman, and Shaun Dowling are stepping down as non-executive directors with immediate effect after many years with the Company and its predecessor.

 

Gavin Burnell, who has served in a non-executive capacity for the past two years, becomes non-executive Chairman.

 

We are extremely grateful for the hard work and dedication that John and Shaun have given the Company since inception and wish them all the best for the future. 

 

Frederick Bell

Managing Director

26 March 2015

 

 

 Statement of comprehensive income

 

 

 

6 months to 31 December 2014

6 months to 31 December 2013

Year ended 30 June  2014

 

 

Unaudited

£

 

Unaudited

£

 

Audited

£

 

Finance income

 

 

 

-

 

-

 

-

Continuing operations

 

 

 

 

 

Exploration costs

 

 

(4,385)

(38,604)

(96,202)

Administrative expenses

 

AIM admission costs

 

Finance costs

 

(47,857)

 

-

 

(10,009)

(30,704)

 

(63,281)

 

(2,602)

(88,297)

 

(122,495)

 

(9,026)

 

 

 

 

 

Loss from continuing operations

 

 

(62,251)

(135,191)

(316,020)

Total comprehensive expense for the period

 

 

(62,251)

(135,191)

(316,020)

 

 

Loss per share:

 

 

0.007 p

 

 

0.027 p

 

0.039 p

 


 

Statement of financial position

 

 

 

At 31 December 2014

At 31 December  2013

At 30 June 2014

 

 

Unaudited

£

Unaudited

£

Audited

£

Assets

Non-current assets

 

 

 

-

 

-

 

-

 

 

-

-

-

 

Current assets

Cash and cash equivalents

Trade and other receivables

 

 

 

 

 

239,490

-

 

 

7,240

293

 

 

 

335

7,810

Total current assets

 

 

239,490

7,533

8,145

Total assets

 

 

239,490

7,533

8,145

 

Equity and liabilities

 

 

 

 

 

Capital and reserves

Called up share capital

Share premium account

Profit and loss account

 

 

 

701,764

1,623,342

(2,362,853)

 

 

 

429,037

1,623,681

(2,119,772)

 

 

 

429,037

1,626,068

(2,300,601)

 

 

 

Total Equity

 

 

(37,747)

(67,054)

(245,496)

 

 

 

 

 

Current liabilities

Trade and other payables

Borrowings

Provisions

 

 

 

145,673

121,247

10,317

 

 

43,921

20,351

10,317

 

 

153,824

89,500

10,317

 

Total current liabilities

 

 

277,237

74,589

253,641

 

Total equity and liabilities

 

 

239,490

 

7,533

 

 

8,145

 

 

 

 

 

 


 

Statement of changes in equity

for the 6 months ended 31 December 2014

               

 

Called up share capital

Share premium account

Share option reserve

Retained earnings

Option premium on convertible notes

Total equity

 

£

£

£

£

£

£

As at 30 June 2013

 

351,880

1,602,749

-

1,984,581

-

(29,952)

 

Loss for the period

 

 

-

 

-

 

-

 

(316,020)

 

-

 

(316,020)

Transactions with owners

Issue of shares

Expenses of issue

 

 

77,157

-

 

 

25,719

(2,400)

 

 

-

-

 

 

-

-

 

 

-

-

 

 

102,876

(2,400)

 

Total transactions with owners

 

 

77,157

 

23,319

 

-

 

-

 

-

 

100,476

As at 30 June 2014

 

429,037

1,626,068

-

(2,300,601)

-

(245,496)

 

 

 

 

 

 

 

 

Loss for the period

 

 

-

 

-

 

-

 

(62,251)

 

-

 

(62,251)

Transactions with owners

Issue of shares

Expenses of issue

 

 

272,727

-

 

 

27,273

(30,000)

 

 

-

-

 

 

-

-

 

 

-

-

 

 

300,000

(30,000)

 

Total transactions with owners

 

 

272,727

 

(2,727)

 

-

 

-

 

-

 

270,000

As at 31 December 2014

 

701,764

1,623,341

-

(2,362,852)

-

(37,747)


 

Statement of cash flows

for the 6 months ended 31 December 2014

 

 

 

6 months ended 31 December

 2014

£

 

6 months ended 31 December

 2013

£

 

Year ended 30 June 2014

 

£

 

Cash flows from operating activities

Loss before taxation

 

 

(62,251)

 

(135,191)

 

(133,785)

 

Adjustments for:

Non cash payments

Interest income

Finance costs

 

 

 

-

-

10,008

 

 

-

-

2,602

 

 

8,476

(3,646)

625

 

 

(52,243)

(132,589)

(128,330)

Movements in working capital:

 

Decrease/(increase) in trade and other receivables

Increase/(decrease) in trade and other payables

 

 

 

7,810

 

1,691

 

 

 

7,850

 

27,108

 

 

 

(5,489)

 

(343)

 

 

 

 

9,501

34,958

(5,832)

 

Cash outflow from operations

 

 

 

(42,742)

 

(97,631)

 

(134,162)

 

 

 

 

 

Cash flows from investing activities

Interest received

Finance costs

Less paid by share issue

 

 

-

(10,008)

_

 

 

-

(2,602)

2,876

 

3

(625)

-

 

Net cash flows generated by investing activities

 

 

 

(10,008)

 

274

 

(622)

Cash inflows from financing activities

Share issue for cash

Less share issue costs

Proceeds from borrowings

Repayment of borrowings

Short term borrowings

 

 

 

 

300,000

(30,000)

15,000

-

-

 

 

50,000

(2,400)

-

-

20,351

 

 

154,624

 

50,000

(50,000)

 

Net cash flows from financing activities

 

 

 

285,000

 

67,951

 

154,624

 

Net increase/(decrease) in cash and cash equivalents

 

 

 

232,250

 

(29,406)

 

 

19,840

 

Cash and cash equivalents at the beginning

of period

 

 

7,240

36,646

16,806

Cash and cash equivalents at end of period

 

12

239,490

7,240

36,646

 

 Interim report notes

 

  1. Interim report

          The information relates to the 6 month period from 1 July 2014 to 31 December 2014.

          The interim report was approved by the Directors on 26 March 2015. 

          The interim report is unaudited.

 

      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 2014. 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 2015

 

      3.  Other matters

Copies of this interim report are available free of charge by application in writing to the Company Secretary at Ronaldsons LLP, 55 Gower Street, London, WC1E 6HQ, or by email to This email address is being protected from spambots. You need JavaScript enabled to view it..

--ENDS--

 

Goldcrest Resources plc

Frederick Bell,

Managing Director

Tel: 0755 4872 794

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Cairn Financial Advisers LLP

Avi Robinson / Jo Turner

Tel: 020 7148 7900