Pelican House Mining plc
Hellenic Capital plc: Interim Financial Statements for the Period Ended 30 June 2017

 
Hellenic Capital PLC
(“Hellenic” or the “Company”)
Interim Financial Statements for the Period Ended 30 June 2017
 
Chairman’s Statement
 
 
I am pleased to announce the interim results of the Company for the half-year from 1 January to 30 June 2017. The condensed, unaudited financial statements below together with the notes thereto have not been reviewed by the Company’s auditors.
 
Financial Results
The Company made a pre-tax loss of £7,742 (period ended 30 June 2016, £8,920 loss). Cash at bank at the period end was £27,593 (period ended 30 June 2016, £82,600).
 
Post- Balance Sheet Events
Since the period end the Company has acquired for investment purposes an office premises in Leeds for consideration of £200,000 plus associated acquisition costs. This marks the first phase of Hellenic’s revised investment strategy, agreed in November 2016.
 
Current Trading and Outlook
Trading to date during the second half of the current financial year is in line with the directors’ expectations at the beginning of that period. The directors continue actively to examine further property investment opportunities in the UK and projects in the natural resources sector in Africa.
 
Conclusion
Finally, I would like to thank Gavin Burnell, who stepped down at the last AGM, for his work on behalf of the Company; and the shareholders for their continuing support.
 
Mark Jackson, FCA, MBA,
Chairman
 
The directors of Hellenic have issued this announcement following due care and consideration and they accept responsibility for its content.
 
Enquiries
 
Hellenic Capital plc
Mark Jackson
Tel: +44 (0)1482 794654
 
Keith, Bayley, Rogers & Co. Limited
Hugh Oram: Hugh.Oram@kbrl.co.uk
Tel: +44 (0)207 464 4090
 
 
 
 

Hellenic Capital PLC
Condensed Profit and Loss Account
for the period from 1 January 2017 to 30 June 2017
	2017	2016
	£	£
Revenue	–	–
Operating expenses	(7,742)	(8,920)
Operating loss	(7,742)	(8,920)
Loss on ordinary activities before taxation	(7,742)	(8,920)
Income tax expense
Total comprehensive loss for the period	(7,742)	(8,920)
attributable to members

 
 
 

Hellenic Capital PLC
Condensed Balance Sheet
as at 30 June 2017
	Notes		2017		2016
			£		£
Current assets
Debtors		37,451		1,413
Cash at bank and in hand		27,593		82,600
		65,044		84,013
Creditors: amounts falling due within one year		(6,515)		(3,250)
Net current assets			58,529		80,763
Net assets			58,529		80,763
Capital and reserves
Called up share capital			61,890		61,890
Share premium			173,544		173,544
Profit and loss account			(176,905)		(154,671)
Shareholders’ funds			58,529		80,763

 
 

Hellenic Capital PLC
Condensed Statement of Changes in Equity
for the period from 1 January 2017 to 30 June 2017
	Share	Share	Profit	Total
	capital	premium	and loss
			account
	£	£	£	£
At 1 January 2016	61,890	173,544	(145,751)	89,683
Loss for the period			(8,920)	(8,920)
At 30 June 2016	61,890	173,544	(154,671)	80,763
At 1 January 2017	61,890	173,544	(169,163)	66,271
Loss for the period			(7,742)	(7,742)
At 30 June 2017	61,890	173,544	(176,905)	58,529

 
 

Hellenic Capital PLC
Condensed cash flow statement
as at 30 June 2017
	2017		2016
	£		£
Cash flows from operating activities
Operating loss	(7,742)		(8,920)
Movement in working capital:
(Increase)/ decrease in trade and other receivables	(34,422)		1,627
(Decrease)/ increase in trade and other payables	(2,848)		(5,992)
Cash used in operations	(45,012)		(13,285)
Decrease in cash and cash equivalents	(45,012)		(13,285)
Cash and cash equivalents at beginning of the period	72,605		95,885
Cash and cash equivalents at end of the period	27,593		82,600

 
Hellenic Capital PLC
Notes to the Abridged Accounts
for the period from 1 January 2017 to 30 June 2017
 
1 Financial Information

The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the IFRS as adopted by the European Union.

The accounting policies used in the preparation of this set of condensed interim financial are consistent with those set out in the Company’s annual financial statements for the year ended 31 December 2016 and those that will be used in the preparation of the financial statements for the year ended 31 December 2017. Statutory accounts for the year ended 31 December 2016 were approved by the board of directors on 31 May 2017 and delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified.

The financial information for the period ended 30 June 2017 has not been audited or reviewed. As permitted the Company has chosen not to adopt IAS34 ‘Interim Financial Statements’ in preparing this financial information.

Going concern

The directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2016.

2 Earnings per Share

The calculation of basic earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average of ordinary shares in issue being 61,889,500 during the period. This results in a loss per share of nil (2016 – nil).

3 Capital commitments

As at 30 June 2017 the company had committed to acquire a freehold office building in Leeds for £200,000 plus costs.

4 Directors remuneration

The directors will not be remunerated until such time as the net assets of the company exceed £500,000.