Welney plc
ISDX : WENP

November 30, 2016 13:19 ET

Audited Annual Results for the year ended 30 June 2016

                                                                                  30th November 2016

                                              Welney Plc
                                     ("Welney" or the "Company")
                       Audited Annual Results for the year ended 30 June 2016

Welney Plc (ISDX: WENP),  are  delighted to report its audited annual results for the twelve  months
ended 30 June 2016. 

Chairman's statement 

The Board is pleased to present the results for Welney Plc for the year ended 30 June 2016.

Since  my  appointment  late April 2016, I have reviewed several different  proposals  to  take  the
Company forward,  which I am continuing to review and have been involved in a number of  discussions
in enabling the company to raise additional funding, all of which continue to be ongoing.

The Company  also appointed  a new Corporate Advisor, namely Alexander David Securities,  and  I  am
working closely with them on a number of possible investments. 

Separately  the  board are currently in discussions with several other parties both  for  investment
into and out of the Company. 

The  Company's  investment in  GACR  the Nasdaq listed company has performed badly and  it  is  very
illiquid despite the strength of the US dollar. 

The  Directors  are now pleased to report that loan note holders  Semsa International FZC  ("Semsa")
have agreed to not call in the loans outstanding for at least another 12 months.

I  hope  to be able to report further developments to shareholders at the AGM,  in the meantime  the
directors will keep costs to a minimum.

Performance Overview

The  financial  year  to 30 June 2016 has continued to be challenging with the board  continuing  to
review  the  ability to raise additional investment and as a consequence this year continues  to  be
hampered by cash constraints.

Financial Results

The Company's loss for the year from continuing and total operations was £75,588 (2015:£7,807).

The directors do not recommend the payment of a dividend (2015:nil).

Darren Edmonston 
Chairman
Welney Plc

30 November 2016

The  Independent  Auditor's Report contained within the financial statements for the year  ended  30
June  2016  referenced Emphasis of matter and referred to the following paragraph within  Accounting
Policies notes to the Financial Statements.

Going concern
The Company meets its day to day financing through its cash reserves,  shareholders' loans and share
issues.  As  at  30  June  2016 the Company has net current liabilities  of  £22,592  a  deficit  in
shareholders'  funds  of £121,025 and cash at bank of only £52. It also incurred a loss  of  £75,588
(2015:£7,807). There has been no additional funding received since year end.

The  directors  have  prepared cash flow forecasts for the period to 30 June 2018  which  assume  no
unnecessary  costs  or  expenditure.  On the basis of these forecasts, the fact that the  loan  note
holders  have  agreed in writing to not call in the loans for at least the next 12 months  from  the
date  of this report,  and that the Directors have agreed not to draw any salary or fees until  such
time  as the Company has sufficient cash resources,  the Company is expected to continue to  operate
within its available financial facilities for at least the next 12 months.

The  going  concern basis is dependent upon the Company meeting its forecasts for  2016/2017.  These
forecasts show that further finance will need to be raised for the Company to continue which may not
be  forthcoming.  Whilst the directors remain confident that the Company will continue  as  a  going
concern,  this  is dependent on their ability to secure the necessary funding to  take  the  Company
forward and there can be no certainty in this respect.

Nevertheless, after making due and careful enquires and considering all uncertainties, the Directors
believe  the  company  will continue in operational existence for the foreseeable future.  For  this
reason  the Directors continue to adopt the going concern basis in preparing the annual  report  and
financial statements. The financial statements do not include any adjustments that would result from
the basis of preparation being inappropriate.

Please review the Company's Annual Report for full details.


The directors of Welney Plc accept responsibility for this announcement.

COMPANY CONTACT DETAILS:
Darren Edmonston
Tel: + 44 1279 635511

ISDX CORPORATE ADVISER:
Alexander David Securities Limited 
David Scott - Corporate Finance 
James Dewhurst - Institutional Sales 
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA


WELNEY PLC
STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2016


                                                                        2016                   2015
                                                                           £                      £
Administrative expenses                                              (65,729)               (56,952)
Reversal of impairment of Investments                                      -                 50,000
                                                                   ----------             ----------
Operating loss                                                       (65,729)                (6,952)

Interest payable and similar charges                                  (9,859)                  (855)
                                                                   ----------             ----------
Loss on ordinary activities before taxation                          (75,588)                (7,807)

                                                                          
Tax on loss on ordinary activities                                         -                      -
                                                                          
                                                                   ----------             ----------
Loss for the year                                                    (75,588)                (7,807)
                                                                   ----------             ----------
                                                                   ----------             ----------
                                                                          
                                                                          
Basic and diluted loss per share                                    (0.004)p               (0.001)p
                                                                          

WELNEY PLC 
STATEMENT OF BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2016


                                                                     2016                      2015 
                                                           £            £            £            £

Fixed assets                                                                                       
Investments                                                         1,567                     2,675 

Current assets                                                                                     
Debtors                                               15,094                   105,850
Cash at bank and in hand                                  52                     3,032        
                                                   ----------                ----------

                                                      15,146                   108,882       
Creditors: amounts falling due within one year       (37,738)                  (66,853)
                                                                                                
                                                   ----------                ----------


Net current liabilities/(assets)                                  (22,592)                   42,029
                                                                ----------                ----------
Total assets less current liabilities                             (21,025)                   44,704 

Creditors: amounts falling due after more than 
one year                                                         (100,000)                  (90,141)

                                                                ----------                ----------

                                                                 (121,025)                  (45,437)

                                                                ----------                ----------
                                                                ----------                ----------
                                                                                                 
Capital and reserves                                                                         
Called up share capital                                         1,545,511                 1,545,511 
Share premium account                                           1,562,336                 1,562,336 
Loan note holders reserve                                          10,714                    10,714 
Share option reserve                                              132,240                   132,240 
Profit and loss account                                        (3,371,826)               (3,296,238)
                                                          ----------------         -----------------

Shareholders' funds                                              (121,025)                  (45,437)
                                                          ----------------         -----------------
                                                          ----------------         -----------------



WELNEY PLC 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2016


Share capital                                                                    2016          2015
                                                                                    £             £
Allotted, called up and fully paid                                
1,545,511,000 Ordinary shares of 0.1p each                                  1,545,511     1,545,511 
                                                                          ------------  ------------
                                                                          ------------  ------------
                                                                    
                                                                    
Statement of movements on reserves                                        
                                                                  Share         Other        Profit
                                                                premium      reserves
                                                                account                    and loss
                                                                      £             £             £

Balance at 1 July 2015                                        1,562,336       142,954    (3,296,238)
Loss for the year                                                     -             -       (75,588)
                                                            ------------  ------------  ------------

Balance at 30 June 2016                                       1,562,336       142,954    (3,371,826)
                                                            ------------  ------------  ------------
                                                            ------------  ------------  ------------


WELNEY PLC 
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 30 JUNE 2016


                                                                          2016                 2015
                                                     Notes         £         £         £          £

Net cash outflow from operating activities              18              (2,980)            (147,141)

Returns on investments and Servicing of finance                                                
Interest paid                                                 (9,859)                  -            
                                                           ----------          ----------

                                                                        (9,859)                   -

Financial investment                                                           
Disposal of investment                                             -              50,000
                                                           ----------          ----------

Net cash (outflow)/inflow for capital expenditure                            -               50,000

                                                                     ----------           ----------

Net cash outflow before management of liquid
resources and financing                                                (12,839)             (97,141)

Financing                                                                            
Increase long term loans                                       9,859             100,000      

                                                           ----------          ----------

Net cash inflow from financing                                          (9,859)             100,000
                                                                     ----------           ----------

Decrease in cash in the year                        19, 20              (2,980)               2,859
                                                                     ----------           ----------
                                                                     ----------           ----------

Contact Information

  • Welney plc