Chalkstream Investment Company plc
LSE : CHLK

August 25, 2015 05:36 ET

Interim Accounts Six Months to 31 May 2015


CHALKSTREAM INVESTMENT COMPANY PLC (the "Company")
INTERIM ACCOUNTS FOR THE SIX MONTHS ENDED 31 MAY 2015


CHAIRMAN'S STATEMENT

Chalkstream Investment Company Plc was established as an Investment Vehicle and its shares are  traded  on
ISDX  Growth  Markets of the London Stock Exchange. The company continued to be a cash  shell  during  the
period and the Board continues to evaluate possible acquisitions.

The  cash balance was GBP621,203 and we are maintaining a tight control of the Company's resources,  which
we consider adequate to support current levels of expenditure.

FINANCIAL RESULTS

The  unaudited financial results for the six months to 31 May 2015 show a loss of GBP72,772 and a loss per
share of 0.009p.

CASH FLOW AND FUNDING

Cash  resources remain adequate for the current level of operating overheads and we have funds in  hand  to
make new investments.

OUTLOOK

The Board continues to look for potential investment opportunities and they will keep investors informed of
developments.



Robert Ware
Chairman


25 August 2015

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Dominic Buch
Chalkstream Investment Company PLC

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




PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 MAY 2015


                                                       Unaudited        Unaudited              Audited
                                                        6 months         6 months            Period to
                                                           ended            ended          30 November
                                                     31 May 2015      31 May 2014                 2014
                                            Note             GBP              GBP                  GBP
                                                                                     
Administrative expenses                                 (71,316)         (24,208)             (50,441)
Share based payments                                     (1,781)          (1,781)              (3,562)
                                                        -------          -------              -------
Operating loss                                          (73,097)         (25,989)             (54,003)
                                                                                     
Interest receivable                                         325              359                  707
                                                        -------          -------              -------
Loss on ordinary activities before                                                   
taxation                                                (72,772)         (25,630)             (53,296)
                                                                                     
Tax on loss on ordinary activities                            -                -                    -
                                                        -------          -------              -------
Retained loss for the financial period                  (72,772)         (25,630)             (53,296)
                                                        =======          =======              =======
                                                                                     
Loss per share (basic and diluted)           2          (0.009p)         (0.003p)              (0.01p)
                                                        =======          =======              =======
                                                                                     
There were no recognised gains or losses other than those recognised in the profit and loss account.




BALANCE SHEET
AS AT 31 MAY 2015
                                                                                                          
                                                       Unaudited          Unaudited                Audited
                                                           as at              as at                  as at
                                                     31 May 2015        31 May 2014       30 November 2014
                                                           GBP                  GBP                    GBP
Current Assets                                                                         
Debtors                                                    2,767             11,807                  7,584
Cash at bank and in hand                                 621,203            703,602                679,300
                                                         -------            -------                -------
                                                         623,970            715,409                686,884
Creditors                                                                              
Amounts falling due within one year                      (12,957)            (7,520)                (4,880)
                                                         -------            -------                -------
Net assets                                               611,013            707,889                682,004
                                                         -------            -------                -------
Capital and reserves                                                                   
Called up share capital                                  805,000            805,000                805,000
Other reserves                                            25,452             21,890                 23,671
Profit and loss account                                 (219,439)          (119,001)              (146,667)
                                                         -------            -------                -------
Equity shareholders' funds                               611,013            707,889                682,004
                                                         =======            =======                =======



CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2015
 
                                                    Unaudited          Unaudited                Audited
                                               6 months ended     6 months ended           Period ended
                                                  31 May 2015        31 May 2014      30 November  2014
                                                          GBP                GBP                    GBP
                                                                                    
Cash outflow from operating activities               (58,422)           (24,260)               (48,910)
                                                                                    
Returns on investment and servicing of                                              
finance
Interest received                                        325                359                    707
                                                     ------              ------                 ------
Cash (decrease)/increase in the period              (58,097)            (23,901)               (48,203)
                                                     ======              ======                 ======



NOTES TO THE INTERIM ACCOUNTS


1.    ACCOUNTING POLICIES.

      Basis of preparation

      The  interim  report  has  been  prepared  in accordance with applicable  United  Kingdom  Accounting
      Standards  (United  Kingdom  Generally  Accepted  Accounting  Practice),  which  have  been   applied
      consistently  (except  as otherwise stated).  The interim report has been prepared  using  accounting
      polices  consistent  with those set out in the Company's Annual Report and Accounts  for  the  period
      ended  30  November 2014 and do not constitute statutory accounts as defined in section  434  of  the
      Companies Act 2006.
      
      The  financial information for the period ended 30 November 2014 has been extracted from the  audited
      accounts  for  that period, which have been delivered to the Registrar of Companies and  received  an
      unqualified audit opinion.
      
      The  Directors  are  of  the opinion that the financial information should be  prepared  on  a  going
      concern basis, in the light of the Company's financial resources.
      
      The  interim  report  for  the six months to 31 May 2015 was approved  by  the  Board  on  25  August
      2015.
      
            
2.    LOSS PER SHARE
                                                           Unaudited            Unaudited             Audited
                                                            6 months             6 months        Period ended
                                                               ended                ended         30 November
                                                         31 May 2015          31 May 2014                2014
                                                              Pence                 Pence               Pence
                                                                                             
       Loss per ordinary share                                                               
       - basic                                              (0.009)               (0.003)              (0.01)
                                                            ------                ------              ------
                                                                                             
                                                               GBP                   GBP                 GBP
                                                                                             
       Loss for period                                    (72,772)              (25,630)            (53,296)
                                                           ------                ------              ------
                                                                                             
                                                                                             
       Weighted number of shares in issue:                                                                     
                                                           Number                Number              Number
                                                                                             
       - basic                                        805,000,000           805,000,000         805,000,000
                                                      ===========           ===========         ===========
                                                                                             
                                                                                             

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


                                                                              Unaudited             Audited
                                                           Unaudited          Period to           Period to
                                                         6 months to             31 May         30 November
                                                         31 May 2015               2013                2014
                                                                 GBP                GBP                 GBP
                                                                                           
        Operating loss                                      (73,097)            (25,989)           (54,003)
        Share based payments                                  1,781               1,781              3,562
        Decrease/(increase) in debtors                        4,817              (2,750)             1,473
        Net increase in creditors                             8,077               2,698                 58
                                                             ------              ------             ------
        Net cash outflow from operating activities          (58,422)            (24,260)           (48,910)
                                                             ======              ======             ======


4.      Share based payments
        During the period ended 30 November 2013, the Company had one share-based payment arrangement, which was a
        share  warrant  consisting of 2 tranches granted to the directors, enabling the warrant  holders  to  each
        obtain 5% of the Company's share capital on exercise.
      
        At 30 November 2013, 10% of the share capital of the Company represented 80,500,000 shares.

                                                                             Tranche 1            Tranche 2
         Date of grant                                                   29 April 2013        29 April 2013
         Share price at grant date                                               0.10p                0.10p
         Exercise Price                                                          0.10p                0.13p
         Number granted ('000)                                                  80,500               84,525
         Contractual life                                                      5 years              5 years
         Estimated fair value of each share warrant                              0.04p                0.03p

        The estimated fair values above were calculated by applying a Black-Scholes option pricing model.

        The model inputs were:
      
         Expected volatility                                                                           60%
         Expected dividends                                                                            Nil
         Estimated contract life                                     3 years from grant date for Tranche 2
         Risk-free interest rate                                                                     0.39%
                                                                                                          
        Historical  volatility  was estimated at 60 per cent, which includes the early years  of  the  Company's
        life; the Company expects the volatility of its share price to reduce as it matures.

        A  total  share based payment charge of GBP1,781 (November 2014: GBP3,562; May 2014: GBP1,781) has  been
        expensed in the period in respect of the warrants issued.

        The number of warrants outstanding at 31 May 2015 was as follows:
      

         Date of     At 30 Nov                            At 31 May 
         issue            2014                                 2015                           
                         ('000)     Issued                    ('000)     Exercise Price     Exercisable on
                                    ('000)      Lapsed                        per share          or before
         -------------------------------------------------------------------------------------------------
         29.04.13    80,500            -           -         80,500              0.10p          29.04.18
         29.04.13    84,525            -           -         84,525              0.13p          29.04.18
         -------------------------------------------------------------------------------------------------
                    165,025            -           -        165,025                                      
         -------------------------------------------------------------------------------------------------

5.     The ultimate beneficial owners are Robert Ware and Dominic Buch.

6.     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

  • Chalkstream Investment Company plc