TIDMTMOR
RNS Number : 8013H
More Acquisitions PLC
31 July 2023
31 July 2023
More Acquisitions plc (LSE: TMOR)
Unaudited interim results for the period ended 30 April 2023
More Acquisitions plc ("More Acquisitions", "More" or "the
Company"), is pleased to announce its unaudited interim results for
the six months ended 30 April 2023 ("the Period").
Financial:
-- The Company recorded a loss of GBP360,481 and had cash
balances of GBP782,250 at the end of the period on 30 April
2023.
Post Period:
-- The search for a suitable acquisition target resumed
following the withdrawal of Megasteel Limited from the proposed
RTO.
The Interim Report will shortly be available to view on the
Company's website http://www.moreacquisitions.co.uk/
Enquiries
More Acquisitions plc
Rod McIllree
Charles Goodfellow
Peterhouse Capital Limited
Financial Adviser
Narisha Ragoonanthun/ Guy Miller Tel: +44 (0) 20 7469 0930
Corporate Broker
Lucy Williams/ Duncan Vasey Tel: +44 (0) 20 7469 0930
CHAIRMAN'S STATEMENT
Business Description and Review of the Period
More Acquisitions Plc was incorporated on 17 September 2021.
Following the publication of its prospectus on 1 March 2022, a
total of 125,000,100 ordinary shares were on 4 March 2022 admitted
to the standard segment of the Official List and to trade on the
main market for listed securities of the London Stock Exchange
plc.
As detailed in its prospectus, the Company raised GBP1,250,001
through an Initial Public Offering ("IPO") fund-raising conducted
amongst High Net Worth and Sophisticated Investors.
Post-Period Review
The principal risks remain those set out in the prospectus dated
1 March 2022.
As laid out in the prospectus, the directors will receive no
cash fees for their ordinary duties prior to completion of an
acquisition. This policy, together with keeping other operating
costs to a minimum, is designed to reserve the highest possible
proportion of cash resources for investment in an acquired business
and therefore helping to maximise the return on investment for all
shareholders.
The company continues to search for an acquisition target and
will be providing further updates concerning the acquisition search
process in due course.
Charles Goodfellow
Chairman
31 July 2023
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Interim Report has been prepared in accordance with UK
adopted international accounting standards; and
-- 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 was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Charles Goodfellow
Chairman
31 July 2023
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 APRIL 2023
Unaudited
Period
ended
30 April
2023
Notes GBP
------------------------------------------------------------------- ------ ----------
Administrative expenses (360,481)
Operating loss and loss before tax (360,481)
Tax on profit on ordinary activities -
Loss after taxation and total comprehensive income for the period (360,481)
------------------------------------------------------------------- ------ ----------
Loss per share
Basic loss per share (pence) 3 (0.29) p
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
Unaudited
As at
30 April
2023
GBP
--------------------------- ----------
Current assets
Other receivables 19
Cash and cash equivalents 782,250
Total current assets 782,269
--------------------------- ----------
Current liabilities
Trade and other payables (6,388)
Total current liabilities (6,388)
--------------------------- ----------
Net assets 775,881
--------------------------- ----------
Capital and reserves
Called up share capital 1,250,001
Retained earnings (474,120)
--------------------------- ----------
Total equity 775,881
--------------------------- ----------
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 APRIL 2023
Share
capital Retained earnings T otal
GBP GBP GBP
============================== =========== ===================== =============
Balance at 31 October 2022 1,250,001 (113,639) 1,136,362
============================== =========== ===================== =============
Total comprehensive expense - (360,481) (360,481)
------------------------------ ----------- --------------------- -------------
Balance at 30 April 2023 1,250,001 (474,120) 775,881
============================== =========== ===================== =============
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 APRIL 2023
Unaudited
Period
ended
30 April
2023
GBP
--------------------------------------------------- ----------
Cash flows from operating activities
Operating loss (360,481)
No non-cash adjustments -
Operating cashflow before working capital changes (360,481)
Decrease in receivables 13,480
Decrease in payables (22,420)
---------------------------------------------------- ----------
Net cash outflow from operating activities (369,421)
---------------------------------------------------- ----------
Net decrease in cash in the period (369,421)
Cash and cash equivalents at beginning of period 1,151,671
---------------------------------------------------- ----------
Cash and cash equivalents at end of period 782,250
---------------------------------------------------- ----------
NOTES TO THE UNAUDITED INTERIM ACCOUNTS
FOR THE PERIODED 30 APRIL 2023
1. Basis of preparation
The financial statements included in these interim accounts have
been prepared under the historical cost convention and in
accordance with UK adopted international accounting standards in
conformity with the requirements of the Companies Act 2006 and is
presented in GBP.
The Company was incorporated on 17 September 2021 and in March
2022 was admitted to Standard List of London Stock Exchange. The
interim financial information for the period ending 30 April 2023
has not been audited. The interim financial report has been
approved by the Board on 31 July 2023.
The interim financial information for the six months ended 30
April 2023 does not constitute statutory accounts within the
meaning of section 434 of the Companies Act 2006.
The Company's business activities, together with the factors
likely to affect its future development, performance and position
are set out in this review. The financial position of the Company,
its cash flows and liquidity position are described in this
business review. As highlighted below, the Company meets its day to
day working capital requirements through its on-going cash
flows.
The principal accounting policies used in preparing these
interim accounts are those expected to be applied in the Company's
Financial Statements for the year ending 31 October 2023.
2. Accounting policies
The principal accounting policies adopted in the preparation of
these financial results are set out below.
Segment reporting
The Company is currently a cash shell and the directors believe
that there is no benefit to show any segmental reporting until a
new strategy is undertaken.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held
at call with banks. Bank overdrafts that are repayable on demand
and form an integral part of the Company's cash management are
included as a component of cash and cash equivalents for the
purpose of the cash flow statement.
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of ordinary shares and share
options are recognised as a deduction from equity, net of any tax
effects.
Taxation
Income tax payable is provided on taxable profits using tax
rates enacted or substantively enacted at the balance sheet
date.
Deferred taxation is provided in full, using the liability
method on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the
consolidated financial results. Deferred tax is determined using
tax rates (and laws) that have been enacted or substantively
enacted at the balance sheet date and are expected to apply when
the related balance sheet tax asset is realised or the deferred
liability is settled.
Deferred income tax assets are recognised to the extent that it
is possible that future taxable profit will be available against
which temporary differences can be utilised.
Income tax is recognised in the consolidated income statement
except to the extent that it relates to items recognised directly
in equity, in which case it is recognised in equity.
Going concern basis of preparation
The Company had GBP782,250 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.
3. Earnings (Loss) per share
The basic earnings per share is calculated by dividing the
(loss)/profit 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.
Unaudited
Period ended
30 April 2023
GBP
----------------------------------------------------------------------------------------------- --------------
Loss used for calculation of basic and diluted EPS (360,481)
----------------------------------------------------------------------------------------------- --------------
Weighted average number of ordinary shares in issue used for calculation of basic and diluted
EPS 125,000,100
Loss per share (pence per share)
Basic and diluted loss per share: (0.29) p
There are no diluted earnings per share as the warrants
currently in issue do not have a dilutive effect.
4. Distribution of Interim Report and Registered Office
A copy of the Interim Report will be available shortly on the
Company's website http://www.moreacquisitions.co.uk/ and copies
will be available from the Company's registered office, 3(rd)
Floor, 80 Cheapside, London, EC2V 6EE.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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END
IR SDAFMFEDSEEW
(END) Dow Jones Newswires
July 31, 2023 12:32 ET (16:32 GMT)
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