Milamber Ventures plc
Interim statement
for the six months ended 30 September 2015
Chairman's statement
I am pleased to present Milamber Ventures plc (Company or MVLP) interim results for the six months ended 30 September
2015. MVLP is an incubator helping our Portfolio Companies grow through business development activities or helping
them secure funding.
During the period we signed on two new Directors - Christian Andrew and Jason Velody plus a number of new Portfolio
Companies. We have also teamed up with Hatch Group to help our Portfolio Companies access US partners, distributors,
and funders.
It should be noted that capitalization of project development charges have NOT been included in the interim results as
these are done annually at our Year End accounts.
Here is a summary of our Portfolio Companies:
Engage Works and Flux Impact Limited - Engage continues to make positive progress and manages the Flux: London
Innovation Lounge and during the period prepared to launch Flux: Dubai.
Bull Rodger Limited (35% owned by MVLP) has made progress in putting together a new brand strategy ready for launch in
Q1 2016.
Talisman (49% Owned by MVLP) This project was originally called Milamber Filming Network. Test filming began in July
2015 and we have worked with Mark Andrews to get Talisman ready for launch Q1 2016.
Knowledge Motion Limited (KM) - we have been helping KM access leading publishers in the US and helping them access
potential funding partners.
White Cobalt Limited (WC) - during the period we have been helping Steve Stovold the CEO of WC write the growth
business plan and help him secure the resources to grow the company in the latter part of 2015.
Music Interactive Technology A/S (MusIT) - we have been working with MusIT to write the business plan and have helped
secure and sign a $10m term sheet for funding with a US funding partner.
Post Period Balance Sheet Items:
On the 14 December 2015 MVLP issued a total of 913,890 ordinary shares of 1p each ("Ordinary Shares") at a price of 18
pence per share. The Company's issued share capital following these allotments will be 3,246,601 Ordinary Shares.
As a result of these transactions the creditor figure in the balance sheet will be reduced substantially as146,021
Ordinary Shares, have been issued for cash, raising GBP26,283.86 (gross of expenses). The remaining 767,868 Ordinary
Shares have been issued as to 388,889 Ordinary Shares in settlement of sums owed to Directors (Christian Andrew -
138,889 Ordinary Shares; Jason Velody - 138,889 Ordinary Shares and Dapo Ladimeji - 111,111 Ordinary Shares) and as
to 378,979 Ordinary Shares in respect of services provided to Milamber by Milamber Ambassadors, supporting various
projects and Portfolio Companies during 2015.
Andy Hasoon
Executive Director and Chairman
29 December 2014
Income statement
Notes 6 months to 6 months to Year ended
30 September 30 September 31 March
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
£ £ £
Turnover 34,372 40,000 85,258
Cost of sales - - -
Gross profit 34,372 40,000 85,258
Administrative expenses
Continuing operations ( 87,999) ( 110,156) ( 158,679)
Operating (loss)/profit ( 53,627) ( 70,156) ( 73,421)
Gain on disposal of investments - - 35,000
Loss on ordinary activities before tax ( 53,627) ( 70,156) ( 38,421)
Tax on ordinary activities - - -
Loss on ordinary activities after tax ( 53,627) ( 70,156) ( 38,421)
Loss per share (pence) 2
Basic and fully diluted:
Continuing and total operations ( 2.1p) ( 4.7p) ( 2.1p)
Balance Sheet
30 September 30 September 31 March 2015
2015 2014
(Unaudited) (Unaudited) (Audited)
£ £ £
Fixed assets
Investments 203,300 203,300 203,300
Development costs 85,500 - 85,500
Loan to associate 55,000 131,160 85,000
343,800 334,460 373,800
Current assets
Debtors 83,412 21,699 53,380
Cash at bank 3,212 4,896 12,038
86,624 26,595 65,418
Creditors
Amounts falling due within one year (59,074) (91,155) (48,884)
Net current assets/(liabilities) 27,550 (64,560) 16,534
Amounts repayable in more than 1 year (12,752) (36,910) (5,609)
Net assets 358,598 232,990 384,725
Capital and reserves
Called up share capital 171,909 165,444 171,909
Share premium 1,040,194 926,659 1,040,194
Shares to be issued 27,500 - -
Equity reserve 27,753 27,753 27,753
Revaluation reserve (67,004) (67,004) (67,004)
Profit and loss account (841,754) (819,862) (788,127)
358,598 232,990 384,725
Notes to the interim financial statement
1. Basis of preparation
The financial statements for the 6 months to 30 September 2015 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 2015 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 2015 presents fairly
the financial position and results of operations for the period in conformity with UKGAAP which have been
consistently applied. The interim statement for the six months ended 30 September 2015 was approved by the Board
of Directors on 29 December 2015.
The financial information for the six months to 30 September 2015 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 2015.
2. 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 2014 and 31 March 2015
The weighted average number of equity shares in issue is 2,538,267 (30 September 2014 - 1,478,695, 31 March 2015
- 1,797,063) and the loss after tax, is £53,627 (30 September 2014 - loss £70,156, 31 March 2015 - loss £38,421).
The Directors of the Company accept responsibility for this announcement.
-ends-
Enquiries:
Milamber Ventures plc
Andy Hasoon
T: 07768 875 681
E: Andy.hasoon@milamberventures.com
www.MilamberVentures.com
Peterhouse Corporate Finance Limited (ISDX Corporate Adviser)
Mark Anwyl and Fungai Ndoro
T: 020 7469 0930
Cadogan Leander (Financial PR)
Christian Taylor-Wilkinson
T: 07795 168 157