Source - RNS
RNS Number : 8676K
Black Sea Property PLC
27 September 2016
 

 

 

BLACK SEA PROPERTY PLC

("Black Sea Property" or the "Company")

 

HALF YEARLY REPORT

 

The Board of Black Sea Property PLC is pleased to announce the Company's unaudited half yearly report for the six months ended 30 June 2016.

 

Chairman's Statement

 

                                                                                                                                                

 

Alex Borrelli

Chairman



Consolidated Statement of Comprehensive Income
for the period ended 30 June 2016










(Unaudited)


(Unaudited)


(audited)



6 months to


6 months to


Year to



30 June 2016


30 June 2015


31 Dec 2015


Notes

£


£


£

Total revenue














Gain on disposal of investment property


-


-


-

Loss on revaluation of investment property


-


-


-








Net gain on investment property


-


-


-








Operating expenses














Other operating expenses

6

(205,715)


(232,931)


(389,479)

Foreign exchange gains


-


417


565








Total operating expenses


(205,715)


(232,514)


(388,914)








Operating loss before interest and tax


(205,715)


(232,514)


(388,914)

Bank interest receivable


495


800


1,988

Bank charges and interest payable

7

(1,625)


(1,461)


(3,026)








Loss before tax


(206,845)


(233,175)


(389,952)

Tax expense

4

-


-


-

Loss for the period after tax


(206,845)


(233,175)


(389,952)

 

Other comprehensive loss














Items that may be reclassified to profit or loss







Losses on translation of foreign operations


-


(8,911)


(8,206)

Total comprehensive loss in period


(206,845)


(242,086)


(398,158)








Loss per share







Basic and Diluted loss per share (pence)


(0.06)


(0.11)


(0.14)

Consolidated Statement of Financial Position
at 30 June 2016



(Unaudited)


(Unaudited)


(Audited)



30 June 2016


30 June 2015


31 Dec 2015


Notes

£


£


£

Current assets














Other receivables


1,254


24,346


10,905

Cash and cash equivalents


1,202,665


67,012


1,363,641










1,203,919


91,358


1,374,546








Total assets


1,203,919


91,358


1,374,546








Equity and liabilities














Issued share capital


47,895,564


46,478,064


47,895,564

Retained deficit


(45,580,922)


(45,217,300)


(45,374,077)

Foreign exchange reserve


(1,314,220)


(1,314,925)


(1,314,220)








Total equity


1,000,422


(54,161)


1,207,267








Liabilities














Other payables


100,241


44,473


65,273

Loan payable

7

103,256


101,046


102,006










203,497


145,519


167,279








Total equity and liabilities


1,203,919


91,358


1,374,546








Number of ordinary shares in issue


365,112,896


213,112,896


365,112,896

NAV per ordinary share (pence)


0.27


(0.03)


0.33

 

 

 

Consolidated Statements of Changes in Equity
for the period ended 30 June 2016


Share capital


Retained deficit


Foreign exchange reserve


Total


£


£


£


£









At 1 January 2016

47,895,564


(45,374,077)


(1,314,220)


1,207,267









Loss for the six-month period

-


(206,845)


-


(206,845)









At 30 June 2016

47,895,564


(45,580,922)


(1,314,220)


1,000,422









At 1 January 2015

46,478,064


(44,984,125)


(1,306,014)


187,925









Loss for the year

-


(389,952)


-


(389,952)

Other comprehensive loss

-


-


(8,206)


(8,206)









Transactions with owners








Issue of share capital

1,520,000


-


-


1,520,000

Cost of share capital issue

(102,500)


-


-


(102,500)









At 31 December 2015

47,895,564


(45,374,077)


(1,314,220)


1,207,267

















At 1 January 2015

46,478,064


(44,984,125)


(1,306,014)


187,925









Loss for the six-month period

-


(233,175)


-


(233,175)

Other comprehensive loss

-


-


(8,911)


(8,911)









At 30 June 2015

46,478,064


(45,217,300)


(1,314,925)


(54,161)

 

 

 

 

 

Consolidated Statement of Cash Flows
for the period ended 30 June 2016


(Unaudited)


(Unaudited)


(Audited)


6 months to


6 months to


Year to


30 June 2016


30 June 2015


31 Dec 2015


£


£


£

Operating activities












Loss before tax

(206,845)


(233,175)


(389,952)

Foreign exchange gains

-


(417)


(565)

Interest received

(495)


(800)


(1,988)

Finance expense

1,625


1,461


3,026







Movement in net cash outflow from operating activities

(205,715)


(232,931)


(389,479)













Decrease/(increase) in other receivables

9,651


(4,063)


9,377

Increase/(decrease) in other payables

34,969


(8,309)


12,491








(161,096)


(245,303)


(367,611)







Withholding tax paid

-


-


-







Net cash outflow from operating activities

(161,096)


(245,303)


(367,611)







Investing activities












Proceeds on disposal of subsidiaries

-


-


-

Cash received on available for sale assets

-


-


-

Cash received on held for sale assets

-


-


-







Net cash inflow from investing activities

-


-


-







Financing activities












Interest received

495


800


1,988

Interest paid

(375)


(415)


(1,020)

Loans received

-


100,000


100,000

Issue of share capital

-


-


1,520,000

Cost of share capital issue

-


-


(102,500)







Net cash inflow from financing activities

120


100,385


1,518,468







Net decrease in cash and cash equivalents

(160,976)


(144,918)


1,150,857







Cash and cash equivalents at beginning of period

1,363,641


220,424


220,424

Effect of foreign exchange rates

-


(8,494)


(7,640)

Cash and cash equivalents at end of period

1,202,665


67,012


1,363,641

 

 

Notes to the Financial Statements
for the period ended 30 June 2016

 

1.            General information

2.            Statement of compliance

3.            Significant accounting policies

4.            Taxation

 

Isle of Man



Jersey

There is no taxation payable on the Company's or its Jersey subsidiaries' results as they are based in

Jersey where the Corporate Income Tax rate for Jersey resident companies is zero per cent. Additionally,

 

Bulgaria

Subsidiaries of the Company incorporated in Bulgaria are taxed in accordance with the applicable tax laws of Bulgaria. The Bulgarian corporate tax rate for 2016 is 10 per cent (2015: 10 per cent).

No deferred tax assets are recognised on trading losses in the subsidiary companies as there is significant uncertainty as to whether sufficient future profits will be available in order to utilise these losses.

 

5.            Financial risk management policies

 

6.            Other administration fees and expenses

 

(Unaudited)

(Unaudited)

(Audited)

 

6 months to

6 months to

Year to

 

30 June 2016

30 June 2015

31 Dec 2015

 

 

 

 

Directors' remuneration

48,125

25,574

63,360

Administration fees

67,025

66,182

109,385

Legal and professional fees

42,887

48,638

39,385

Staff costs

-

18,755

24,292

Auditors' fee

18,150

6,809

27,797

Nominated advisor fees

3,050

16,983

25,850

Investment advisory fees

15,000

-

12,722

Registrar fees

5,846

7,947

19,194

Broker fees

5,632

22,418

43,904

Regulatory fees

-

19,625

7,600

 

 

 

 

 

205,715

232,931

373,489

7.            Loans payable

In 2015, the Company was provided with an unsecured loan facility of £350,000 from Mamferay Holdings Limited. On 5 February 2015, the Group received GBP 100,000 in relation to the facility.



8.            Loss per share



(Unaudited)

(Unaudited)

(Audited)


6 months to

6 months to

Year to


30 June 2016

30 June 2015

31 Dec 2015





Loss attributable to owners of parent

(206,845)

(233,175)

(389,952)

Weighted average number of ordinary shares in issue

213,112,896

213,112,896

213,112,896





Basic loss per share (pence)

(0.10)

(0.11)

(0.18)

 

The Company has no potential dilutive ordinary shares; the diluted loss per share is the same as the basic loss per share.

9.            Net asset value per share

 


(Unaudited)

(Unaudited)

(Audited)


30 June 2016

30 June 2015

31 Dec 2015





Net assets attributable to owners of the parent (£)

1,000,422

(54,161)

1,207,267

Number of ordinary shares outstanding

213,112,896

213,112,896

213,112,896





Net Asset Value

0.47

(0.03)

0.57

 

10.          Events after reporting date

As detailed in the Chairman's report, the Company became Isle of Man incorporated under its new name on 20 July 2016 and commenced trading on the ISDX Growth Market on 31 August 2016. 

 

Elena Fournadjieva was appointed an executive Director with effect from 22 July 2016.  Timothy Scott Warren, a Jersey resident, who had served as a non-executive Director from 3 February 2016, resigned from the Board following the re-domiciliation of the Company from Jersey to the Isle of Man. 

 

There were no other significant events after reporting date.


 

 

For further information, please visit www.blackseapropertyplc.com or contact the following:

 

BLACK SEA PROPERTY PLC

07747 020600

PETERHOUSE CORPORATE FINANCE LIMITED

020 7469 0933

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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