17
September 2024
Milton Capital Plc
Unaudited interim results for
the period ended 31 July 2024
Milton Capital Plc ("Milton" or the "Company")
is pleased to announce its interim results for the
six months ending 31 July 2024.
Highlights:
·
The Company recorded a loss before tax of £201,058
(2023: loss of £33,841) and had cash balances of £531,615 (2023:
£910,589) at the end of the period.
·
Search for a suitable acquisition target
continues.
Enquiries
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Peterhouse
Capital Limited
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Financial Adviser
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Tel: +44 (0) 20 7469 0930
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Corporate Broker
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Tel: +44 (0) 20 7469 0930
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CHAIRMAN'S STATEMENT
In the past half-year we have sought to
identify suitable assets to introduce to the Company.
We have pursued an active business development programme and
screened a large number of potential opportunities. Our aim has
been to identify a suitable RTO (Reverse Takeover)
candidate; one meeting our high expectations on technical
merit and one also capable of being financed. As is the nature of
pursuing a programme many opportunities fall by the wayside, some
only late in the day, not standing up to the rigorous due diligence
or unrealistic commercial expectations of vendors in relation to
the asset. Notwithstanding market and
geo-political challenges, we are confident in the
Company's long-term prospects, primarily due to a number of
opportunities that have stood up to extensive geological and
geophysical review and going through later steps of maturation.
During this period, recognising that running a public company has
intrinsic costs and professionally screening opportunities is
expensive, we remain committed to cost-efficiency,
as we persist in our quest for a suitable acquisition
target. Further updates regarding our acquisition search will
be provided in due time. It remains the case, and in line with
our listing prospectus, in the event we have not progressed with a
transaction by October 2024, we will revert to our Shareholders
with a full update.
Richard
Mays
Executive
Chairman
Responsibility
Statement
The following statement is given by each of the
Directors.
We confirm that to the best of our
knowledge:
· the
interim report has been prepared in accordance with International
Accounting Standards 34, Interim Financial Reporting, as contained
in UL adopted IFRS;
·
gives a true and fair view of the assets, liabilities,
financial position and loss of the Company; and
· the
interim report includes a fair review of the information required
by DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the set of
interim financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the
year.
· the
interim report includes a fair review of the information required
by DTR 4.2.8R of the Disclosure and Transparency Rules, being the
information required on related party transactions.
· The
interim report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:
Edward
Dawson
Director
16
September 2024
Condensed
statement of cash flows
For the six
months ended 31 July 2024
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Six months
ended
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Six months
ended
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Year ended
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31 July
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31 July
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31 January
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2024
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2023
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2024
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(unaudited)
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(unaudited)
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(audited)
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£
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£
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£
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Operating
activities
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Loss before income tax
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(201,058)
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(33,841)
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(193,932)
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Increase in trade and other
receivables
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(62,422)
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-
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(3,847)
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Increase/(decrease) in trade and other
payables
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1,232
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(15,700)
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29,448
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Equity-settled share-based payment
charge
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1,403
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-
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661
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Net cash
outflow from operating activities
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(260,845)
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(49,541)
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(167,670)
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Net decrease
in cash and cash equivalents
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(260,845)
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(49,541)
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(167,670)
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Cash and cash equivalents at start of
period
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792,460
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960,130
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960,130
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Cash and cash
equivalents at end of period
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531,615
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910,589
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792,460
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NOTES TO THE
UNAUDITED INTERIM ACCOUNTS
FOR THE PERIOD
ENDED 31 JULY 2024
1.
General
information
Milton Capital Plc is a company incorporated in
the United Kingdom, which is listed on the Standard List of London
Stock Exchange. The address of its registered office is The
Scalpel, 18th Floor, 52 Lime Street, London EC3M
7AF.
The Company's principal activity is that of a
Special Purpose Acquisition Company. Milton was formed with the
intention to identify and acquire a suitable business opportunity
or opportunities and undertake an acquisition or merger or a series
of acquisitions or mergers.
2.
Basis of preparation
The condensed interim financial
statements have been prepared in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority and with International Accounting Standard ("IAS") 34
"Interim Financial Reporting". It should be read in conjunction
with the annual financial statements for the year ended 31 January
2024 for full details of the accounting policies
adopted.
The interim financial statements are
presented in pounds sterling, rounded to the nearest
pound.
The condensed interim financial
information for the six months ended 30 July 2024 and 2023 have not
been audited or reviewed and do not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006. The
comparative financial information for the year ended 31 January
2024 has been derived from the audited financial statements for
that period. A copy of those statutory financial statements
for the year ended 31 January 2024 has been delivered to the
Registrar of Companies. The report of the independent
auditors on those financial statements was unqualified and did not
contain a statement under Sections 498 (2) or (3) of the Companies
Act 2006.
The interim financial
statements have been prepared in accordance
with International Accounting Standards in conformity with the
requirements of the Companies Act 2006 as they apply to the
financial statements of the Company for the six months ended 31
July 2024 and as applied in accordance with the provisions of the
Companies Act 2006 and under the historical cost
convention or fair value where appropriate. They have also
been prepared on a basis consistent with the accounting policies
expected to be applied for the year ending 31 January 2025 and
which are also consistent with those set out in the
statutory accounts of the Company for the year ended 31 January
2024.
3.
Going concern basis of preparation
The Company had approximately £531,615 in cash
at the period end. The Directors have prepared the accounts on a
going concern basis as they consider that the Company has adequate
funding.
4.
Principal risks at 31 July 2024 and key changes since the 2024
annual report
The Directors have reviewed the principal risks
facing the Company and concluded for the remaining six months of
the financial year that there are no significant changes to those
disclosed in the 2024 annual financial statements. A full
description of the Company's principal risks can be found on page
10 of the 2024 annual financial statements.
5. Loss per
share
The basic loss per share is calculated by
dividing the loss attributable to the ordinary shareholders of the
Company by the weighted average number of Ordinary shares in issue
during the period, excluding Ordinary shares purchased by the
Company and held as treasury shares.
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Six months
ended
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Six months
ended
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Year ended
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31 July
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31 July
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31 January
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2024
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2023
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2024
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(unaudited)
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(unaudited)
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(audited)
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Loss for the financial period
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(201,058)
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(33,841)
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(193,932)
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Weighted average number of shares
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100,000,000
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100,000,000
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100,000,000
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Basic and diluted loss per share
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(0.20)p
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(0.03)p
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(0.19)p
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The loss and weighted average number of shares
used for calculating the diluted loss per share are identical to
those for the basic loss per share. The outstanding share options
would have the effect of reducing the loss per share and would
therefore not be dilutive under IAS 33 'Earnings per
Share'.
5
Dividends
The Directors do not propose to declare a
dividend for the period.
6
Copies of interim results
Copies of the interim results can be obtained
from the website www.milton-capital.co.uk.
From this site you may access our financial reports and
presentations, recent press releases and details about the Company
and its operations.
Caution
regarding forward looking statements
Certain statements in this announcement, are,
or may be deemed to be, forward looking statements. Forward
looking statements are identified by their use of terms and phrases
such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'',
"expect", ''will'' or the negative of those, variations or
comparable expressions, including references to assumptions.
These forward-looking statements are not based on historical facts
but rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
Such statements are based on current
expectations and assumptions and are subject to a number of risks
and uncertainties that could cause actual events or results to
differ materially from any expected future events or results
expressed or implied in these forward-looking statements.
Persons receiving and reading this announcement should not place
undue reliance on forward-looking statements. Unless
otherwise required by applicable law, regulation or accounting
standard, the Company does not undertake to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise.