Ronaldsway Private Equity Plc

LSE : RPEP


December 23, 2013 02:00 ET

Interim Results for the six months ended 30 September 2013

                                                                                                          GB00B23F8C32
                                                                                                      23 December 2013
                                                                                                                      
                                                           
                                                 Milamber Ventures plc
                                             ("Milamber" or the "Company")

                              Interim Results for the six months ended 30 September 2013
                                                           
Chairman's Statement

I am pleased to present the Company's interim results for the six months ended 30 September 2013.

At the Annual General Meeting of the Company held on 5 December 2013, shareholders agreed to change the Company's name
from Ronaldsway Private Equity plc to Milamber Ventures plc.

Milamber is now an investment vehicle focused on early stage companies in the media, technology and education sectors.
We  act  as  a specialist business incubator, partnering with entrepreneurs and ambitious management teams to  develop
high value, innovative, growing businesses in our target sectors.

We  are already engaged with a number of clients that we are billing on a monthly basis for our services. We also have
in  place  success based fee arrangements that will result in Milamber being paid further fees in either  cash  and/or
shares for the value creation we deliver to clients based on achieving pre-agreed criteria. Information about some  of
our   portfolio   companies,  such  as  Engage  Production  Limited,  can  be  found  on  the  Company's   website   -
www.milamberventures.com.

Milamber's  Directors  are  confident that the re-focused business is well-placed  to  prosper  and  look  forward  to
providing shareholders with further updates in due course.


Andy Hasoon
Executive Director and Chairman
23 December 2013


                                                                                                                      
                                                                                                                      
Income statement


                                                  Notes        6 months to         6 months to          Year ended
                                                              30 September        30 September            31 March
                                                                      2013                2012                2013
                                                                (Unaudited)         (Unaudited)           (Audited)
                                                                       GBP                 GBP                 GBP
Turnover                                                            26,650                   -             102,550
Cost of sales                                                      ( 6,149)                   -           ( 71,185)
Gross profit                                                        20,501                   -              31,365
                                                                                                                         
Administrative expenses 
Continuing operations                                             ( 68,968)           ( 21,127)           ( 83,746)
Operating (loss)/profit                                           ( 48,467)           ( 21,127)           ( 52,381)
                                                                                                                         
Loss on disposal of investments                                      ( 545)                  -            ( 17,003)
Loss on ordinary activities before tax                            ( 49,012)           ( 21,127)           ( 69,384)
                                                                                                                         
Tax on ordinary activities                                               -                   -                   -
Loss on ordinary activities after tax                             ( 49,012)           ( 21,127)           ( 69,384)
                                                                                                                         
Loss per share (pence)                                3                                                             
  Basic and fully diluted:
  Continuing  and total operations                                 ( 0.38p)            ( 0.17p)            ( 0.54p)




Balance Sheet

                                                                 30 September        30 September          31 March 
                                                                         2013                2012              2013
                                                                  (Unaudited)         (Unaudited)          (Audited)
                                                                         GBP                 GBP                GBP
Fixed assets                                                                                                          
Investments                                                           124,448              49,945            2,184
                                                                      124,448              49,945            2,184
Current assets                                                                                                        
Debtors                                                                26,039              13,971          132,501
Cash at bank                                                              841             126,448              709
                                                                       26,880             140,419          133,210
Creditors                                                                                                             
Amounts falling due within one year                                  ( 54,934)          ( 28,620)         ( 74,283)
Net current (liabilities)/assets                                      (28,054)            111,799           58,927
                                                                                                                      
Amounts repayable in more than 1 year                                 (83,941)                  -                -
                                                                                                                      
Net assets                                                             12,453             161,744            61,111
                                                                                                                      
Capital and reserves                                                                                                  
Called up share capital                                               127,631             127,631           127,631
Share premium                                                         658,222             658,222           658,222
Equity reserve                                                         27,753              27,753            27,753
Revaluation reserve                                                 ( 105,216)          ( 52,859)         ( 105,570)
Profit and loss account                                             ( 695,937)         ( 599,003)         ( 646,925)
                                                                       12,453             161,744            61,111
                                                                                                                      
                                                                                                                      
                                                                                                                      


Notes to the interim financial statement
    
1.  Basis of preparation

    The  financial  statements  for the 6 months to 30 September 2013 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  2013 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 2013 presents  fairly
    the  financial  position  and results of operations for the period in conformity with  UK  GAAP  which  have  been
    consistently applied.  The interim statement for the six months ended 30 September 2013 was approved by the  Board
    of Directors on 20 December 2013.
    
    The financial information for the six months to 30 September 2013 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 2013.

2.  Share issue
    
    On  1  October 2013, the Company issued 2,500,000 ordinary shares at 2p per share to Andrew Hasoon, the  Company's
    Executive Chairman, in settlement of an amount of GBP50,000 loaned to the Company by a company owned by Mr Hasoon.

3.  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  weighted  average number of equity shares in issue is 12,763,158 (30 September 2012 - 12,763,158,  31  March
    2012 - 12,763,158) and the loss after tax, is GBP49,012 (30 September 2011 - loss GBP21,127, 31 March 2013 - loss
    GBP69,384).

                                                       --ENDS--
     
     ENQUIRIES
     
     Milamber Ventures plc
     Andy Hasoon
     T: 07768 875 681
     E: Andy.hasoon@milambergroup.com
     
     Peterhouse Corporate Finance Limited
     Mark Anwyl and Heena Karani
     T: 020 7469 0930
     
    

Contact Information

  • Ronaldsway Private Equity Plc