Aspartus plc
LSE : ASPP

November 27, 2008 10:49 ET

Half-yearly report

ASPARTUS PLC (The "Company")

CHAIRMAN'S STATEMENT

Interim accounts for the six months ended 31 August 2008



OVERVIEW

The  Company  remains a cash shell at present, although continuing actively to seek new  opportunities  to
enhance shareholder value.

We  are  maintaining  a tight control of the company's resources, which we consider  adequate  to  support
current levels of expenditure.

FINANCIAL OVERVIEW

The Company continues to own a 3.55% stake in Kleenair Systems International Plc and has acquired a 16.88%
stake in a shell company, Ovidia Investments Plc, at 31 August 2008.

During  the period the Company made an unsecured loan to a private UK company.  The balance at the  period
ended  amounted to £29,749.  The directors have identified the company as a potential target and  continue
to assess its viability.

The  Company  has  not  yet made an acquisition and the expenses incurred to date relate  to  the  routine
listing  maintenance  and  administration,  reduced by a  partial  realisation  of  the  Kleenair  Systems
International Plc investment.

As  no  suitable investment has yet been made we will seek shareholder approval at the next Annual General
Meeting  which  will  be announced with the full year figures, to further the pursuit  of  our  investment
strategy.

CASH FLOW AND FUNDING

The  Company  had cash in hand of GBP 90,000 at 31 August 2008 and this has not materially  altered  since
that date.

It  is  not expected that the rate of routine expenditure and administration will vary materially  in  the
near future.


OUTLOOK

The Board continues to seek ways, by acquisition, to enhance shareholder value.



L.E.V. Knifton
Chairman


27 November 2008


The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
Aspartus PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
Tel:  +44 (0) 20 7309 2223
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762


PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 31 AUGUST 2008

                                                                Unaudited         Audited         Unaudited
                                                              6 months to         Year to       6 Months to
                                                           31 August 2008     29 February    31 August 2007
                                                                                     2008
                                                   Note          GBP '000        GBP '000          GBP '000
Administrative expenses                                            (19)              (45)              (25)
                                                                                            
Profit on disposal of investments                                    6                99                23
                                                                   -----            -----             -----             
Operating profit (loss)                                            (13)               54                (2)
                                                                                            
Interest receivable                                                  2                 1                 -
                                                                   -----            -----             -----
Profit  (Loss)  on  ordinary  activities  before                   (11)               55                (2)
taxation
                                                                                            
Tax on profit(loss) on ordinary activities                           -                 -                 -
                                                                   -----            -----             -----
Retained profit(loss) for the financial period                     (11)               55                (2)
                                                                   -----            -----             -----

                                                                   Pence            Pence            Pence
Loss per share                                                                              
Basic earnings per share                            2            (0.0005)           0.003           (0.0001)
Diluted earnings per share                          2            (0.0004)           0.002           (0.0001)
                                                                                            

BALANCE SHEET

AS AT 31 AUGUST 2008

                                                                Unaudited          Audited           Unaudited
                                                               6 Months to         Year to          6 Months to
                                                                31 August        29 February        31 August
                                                                 2008               2008              2007
                                                               GBP '000           GBP '000          GBP '000
                                                                                             
Fixed Assets                                                                                 
Investments                                                       112                81              170
                                                                 -----             -----            -----   
Current Assets                                                                               
Debtors                                                            34               168                5
Cash at bank and in hand                                           90                38               31
                                                                 -----             -----            -----
                                                                  124               206               36
Creditors                                                                                    
Amounts falling due within one year                               (16)              (56)             (32)
                                                                 -----             -----            -----   
Net current assets                                                108               150                4
                                                                 -----             -----            -----   
Creditors                                                                                    
Amounts falling due after more                                                               
than one year                                                      -                 -                -
                                                                 -----             -----            -----    
Net assets                                                    GBP 220           GBP 231          GBP 174
                                                                 =====             =====            =====   
Capital and reserves                                                                         
Called up share capital                                            21                21               21
Share premium account                                             230               230              230
Profit and loss account                                           (31)              (20)             (77)
                                                                 -----             -----            -----   
Equity shareholders' Funds                                    GBP 220           GBP 231          GBP 174
                                                                 =====             =====            =====   

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                            Unaudited         Audited            Unaudited
                                                           6 Months to        Year to           6 Months to
                                                            31 August       29 February          31 August
                                                              2008             2008                 2007
                                                            GBP '000         GBP '000             GBP '000
                                                                                            
Profit (Loss) for the period                                  (11)              55                  (2)
                                                                                            
New share capital subscribed                                    -                -                   -
Loan note conversion                                            -                -                   -
                                                             -----            -----               -----
                                                              (11)              55                  (2)
Equity shareholders' funds brought forward                                                  
                                                              231              176                 176
                                                             -----            -----               -----   
Equity shareholders' funds carried forward                GBP 220          GBP 231             GBP 174
                                                             =====            =====               =====     


Cash Flow Statement
for the six months ended 31 August 2008
                                                     
                                                     

                                                            Unaudited          Audited         Unaudited
                                                          Six months to        Year to       Six months to
                                                            31 August        29 February       31 August
                                                              2008              2008             2007

                                               Note         GBP '000          GBP '000         GBP '000
                                                                                            
Cash inflow (outflow) from operating                                                        
activities                                      3              75               (202)            (43)
                                                             -----              -----           -----     
Returns on investments                                          2                  1               -
                                                             -----              -----           -----      
Acquisitions and disposals                                                                  
Fixed asset investment                                        (40)                -                -
Disposal of fixed asset investment                             15                218              53
                                                             -----              -----           -----
                                                              (25)               218              53
Cash increase in the period                                  -----              -----           -----      
                                                               52                 17              10
                                                             =====              =====           =====      


Reconciliation of Net Cash Flow to Movement in Net Debt
                                                 
                                                            Unaudited         Audited          Unaudited
                                                          Six months to       Year to        Six months to
                                                            31 August       29 February        31 August
                                                               2008             2008             2007

                                                             GBP '000         GBP '000         GBP '000
                                                                                            
Increase in cash in the period                                  52                17               10
                                                                                            
Net debt brought forward                                         -               (19)             (19)
                                                              -----             -----            -----     
Net funds/(debt) carried forward                                52                (2)              (9)
                                                              =====             =====            =====     


NOTES TO THE INTERIM ACCOUNTS

FOR THE SIX MONTHS ENDED 31 AUGUST 2008


1.    ACCOUNTING POLICIES

(a)     Basis of preparation

The  interim report has been prepared using accounting policies consistent with those  set
out  in  the  Company's  Annual Report and Accounts for the period  to  29  February  2008.   Those
financial statements were prepared on a going concern basis.

The  interim  report for the six months to 31 August 2008 was approved  by  the  Board  on
November 2008

            
2.      PROFIT/(LOSS) PER SHARE
                                                         Unaudited            Audited             Unaudited
                                                       Six months to          Year to           Six months to
                                                         31 August          29 February           31 August
                                                            2008               2008                 2007
                                                           Pence               Pence                Pence
                                                                                             
       Profit (Loss) per ordinary share                                                      
       - basic                                           (0.0005)               0.003              (0.0001)
       - diluted                                         (0.0004)               0.002              (0.0001)
                                                                                             
                                                          GBP '000           GBP '000             GBP '000
                                                                                             
       Profit (Loss) for period                            (11)                  55                  (2)
                                                                                             
                                                                                             
                                                           Number             Number               Number
       - basic                                       2,145,935,000       2,145,935,000       2,145,935,000
       - diluted                                     3,000,000,000       3,000,000,000       3,000,000,000
                                                                                             
                                                                                             

      On  28 August 2008 each ordinary share of 0.1p each was subdivided into one ordinary share of 0.001p each
      and one deferred share of 0.099p each.


3.      RECONCILIATION OF OPERATING LOSS TO NET OUTFLOW FROM OPERATING ACTIVITIES


                                                         Unaudited            Audited             Unaudited
                                                       Six months to          Year to           Six months to
                                                         31 August          29 February           31 August
                                                            2008               2008                 2007
       
                                                          GBP '000           GBP '000             GBP '000
                                                                                             
       Operating profit (loss)                             (13)                 54                  (2)
       Profit on disposal of investment                     (6)                (99)                (23)
       Net (increase)/decrease in debtors                  134                (160)                  3
       Net increase/(decrease) in creditors                (40)                  3                 (21)
                                                          -----               -----               -----       
       Net inflow(outflow) from operating               GBP 75            GBP (202)            GBP (43)
       activities                                         =====               =====               =====
                                                                                             

4.    The  information  for  the period ended 29 February 2008 was extracted from the audited  accounts,  which
      have been delivered to Registrar of Companies.

5.    Copies of this interim statement are available from the Company at its registered office at Finsgate,  5-
      7 Cranwood Street, London EC1V 9EE.
    

Contact Information

  • Aspartus plc