Milamber Ventures Plc

December 30, 2015 04:05 ET

Half Yearly Report

                                                     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
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.


Milamber Ventures plc
Andy Hasoon
T: 07768 875 681

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

Contact Information

  • Milamber Ventures Plc