Milamber Ventures Plc
LSE : MLVP

December 19, 2014 07:00 ET

Half Yearly Report

                                                 Milamber Ventures plc
                                               (the "Company" or "MVLP")
                                                           
                              Interim Results for the six months ended 30 September 2014
                                                           
Chairman's statement

I  am  pleased to present the unaudited interim results of Milamber Ventures plc for the six months ended 30 September
2013.   We have made solid progress during the period, improving the balance sheet substantially and putting in  place
deals which will now cover the Company's running costs, excluding Directors fees, for the next 2 years.

During  the  latter part of 2013, the quoted price of the Company's shares had dropped below their par value,  and  we
were  therefore prohibited from issuing shares to raise funds or execute transactions. At the General Meeting  of  the
Company  held on 7th May 2014 we were able to re-structure the share capital of the company and unlock our ability  to
issue shares.

On  29 May 2014, we announced that we had increased our stake in Engage Production Limited ("Engage") from 2.5% to 10%
for  a consideration of £100,000, satisfied by the issue of MVLP shares for 7.5% ; we also closed a deal to acquire  a
35% equity stake in Bull Rodger Limited for consideration of £70,000, also satisfied by the issue of MVLP shares.

As a result, as at 30 September 2014, MVLP owns:

49% of Flux Impact Limited - Watch a video show real at: https://vimeo.com/114753129
10% of Engage Production Limited - www.EngageProduction.com
35% of Bull Rodger Limited - www.BullRodger.co.uk

We also secured a 20% equity stake in Miss Amelia Presents Limited during the period.

These  new  transactions  have resulted in our Balance sheet improving considerably - as at  30  September  2014,  the
Company had net assets of £232,990, compared with net assets of £46,896 as at 31 March 2014.

We  made  the following Board changes during the period: John Leece stepped down as Non-Executive Director and  Oladpo
("Dapo") Alani Ladimeji joined the Board in his place.

Post Period Balance Sheet Items

On  7  November  2014  we announced that we had closed a deal to transfer Flux Impact Limited to Engage  for  a  total
consideration  of  £150,000. At the same time, we also converted £45,000 of transaction fees into MVLP  shares,  again
improving the balance sheet further.

It should be noted that it costs around £45,000 per annum (excluding Directors fees) to run the Company. The result of
the  Flux disposal, post transaction costs, is that MVLP now has sufficient working capital to cover its running costs
for the next 2 years.

Andy Hasoon
Executive Director and Chairman
19 December 2014

ENQUIRIES:

Milamber Ventures plc
Andy Hasoon
T: 07768 875 681
E: Andy.hasoon@milamberventures.com

Peterhouse Corporate Finance Limited
Mark Anwyl and Fungai Ndoro
T: 020 7469 0930

www.MilamberVentures.com

                                                                                                                      
Income statement


                                                         Notes        6 months to         6 months to          Year ended
                                                                     30 September        30 September            31 March
                                                                             2014                2013                2014
                                                                      (Unaudited)         (Unaudited)           (Audited)
                                                                                £                   £                   £
Turnover                                                                   40,000              26,650              59,774
Cost of sales                                                                   -             ( 6,149)            ( 6,149)
Gross profit                                                               40,000              20,501              53,625
                                                                                                                         
Administrative expenses                                                                                                  
Continuing operations                                                   ( 110,156)           ( 68,968)          ( 147,681)
Operating (loss)/profit                                                  ( 70,156)           ( 48,467)           ( 94,056)
                                                                                                                          
Loss on disposal of investments                                                 -               ( 545)            ( 8,725)
Loss on ordinary activities before tax                                   ( 70,156)           ( 49,012)          ( 102,781)
                                                                                                                         
Tax on ordinary activities                                                      -                   -                   -
Loss on ordinary activities after tax                                    ( 70,156)           ( 49,012)          ( 102,781)
                                                                                                                         
Loss per share (pence)                                     2                                                             
  Basic and fully diluted:                                                                                               
  Continuing  and total operations                                         ( 4.7p)            *( 9.6p)           *( 18.3p)

*The comparative earnings per share figures for 30 September 2013 and 31 March 2014 have been adjusted to reflect  the
share reorganisation in May 2014 (see note 2).
Balance Sheet

                                                                 30 September        30 September        31 March 2014
                                                                         2014                2013
                                                                  (Unaudited)         (Unaudited)            (Audited)
                                                                     £                   £                   £
Fixed assets                                                                                                          
Investments                                                           203,300               1,688               33,300
Loan to associate                                                     131,160             122,760              131,160
                                                                      334,460             124,448              164,460
Current assets                                                                                                        
Debtors                                                                21,699              26,039                4,800
Cash at bank                                                            4,896                 841                6,125
                                                                       26,595              26,880               10,925
Creditors                                                                                                             
Amounts falling due within one year                                   (91,155)           (54,934)              (59,664)
Net current (liabilities)/assets                                      (64,560)           (28,054)              (48,739)
                                                                                                                       
Amounts repayable in more than 1 year                                 (36,910)           (83,941)              (68,825)
                                                                                                                      
Net assets                                                            232,990              12,453               46,896
                                                                                                                      
Capital and reserves                                                                                                  
Called up share capital                                               165,444             127,631              152,631
Share premium                                                         926,659             658,222              683,222
Equity reserve                                                         27,753              27,753               27,753
Revaluation reserve                                                   (67,004)          (105,216)              (67,004)
Profit and loss account                                              (819,862)          (695,937)             (749,706)
                                                                      232,990              12,453               46,896
                                                                                                                      
                                                                                                                      
                                                                                                                      


Notes to the interim financial statement
    
1.      Basis of preparation

    The  financial  statements  for the 6 months to 30 September 2014 are unaudited and do  not  constitute  statutory
    accounts  as  defined in section 434 of the Companies Act 2006.  The financial information for the year  ended  31
    March  2014 is extracted from the audited statutory accounts for the year then ended which have been delivered  to
    the  Registrar of companies.  The audit report on these accounts was unqualified and did not contain  a  statement
    under Section 498(2) or (3) of the Companies Act 2006.
    In  the  opinion of the Directors the financial information for the 6 months to 30 September 2014 presents  fairly
    the financial position and results of operations for the period in conformity with International UKGAAP which have
    been  consistently applied.  The interim statement for the six months ended 30 September 2014 was approved by  the
    Board of Directors on 19 December 2014.
    
    The financial information for the six months to 30 September 2014 has been prepared on the basis of the accounting
    policies set out in the full annual accounts of the Company for the year ended 31 March 2014.
    
2.      Share capital reorganisation
    
    On  7  May  2014,  the  shareholders approved a share capital reorganisation, as a result of which  for  every  25
    existing  ordinary share of 1p shareholders received 1 new ordinary share of 1p and 1 deferred share of 24p.   The
    restricted rights attached to the deferred shares are such that the deferred shares have no economic value.
    
3.      Share issues
    
    On 29 May 2014, the Company made the following issues of ordinary shares, all at 20p per share:
     *       500,000 shares were issued in exchange for the acquisition of 7.5% of the equity of Engage  Production Limited      
     *       350,000 shares were issued in exchange for the acquisition of 35% of the equity of Bull Rodger Limited
     *       300,000 shares were issued to Andy Hasoon in settlement of an amount of £60,000 owed to a company owned by
             him.
     *       131,250 shares were issued in settlement of certain debts owed by the Company.
    
4.      Earnings per share

     The  calculation  of  the  basic  earnings  per  share is based on the  earnings  attributable  to  the  ordinary
     shareholders  divided  by  the  weighted average number of shares in issue during the  period.   The  comparative
     averages  for  the  number of shares in issue for the periods to 30 September 2013 and 31 March  2014  have  been
     adjusted to reflect the share reorganisation, as detailed in note 2.
     
     The  weighted average number of equity shares in issue is 1,478,695 (30 September 2013 - 510,526, 31 March  2014-
     560,115) and the loss after tax, is £70,156 (30 September 2013 - loss £49,012, 31 March 2014 - loss £102,781).

Contact Information

  • Milamber Ventures Plc