Silver Falcon plc (LSE: SILF), a business formed for the purpose of acquiring another business or asset, reports its Final Results for the year ended 31 December 2016.
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All financial amounts are stated in GBP British pounds unless otherwise indicated.
Chairman’s Statement
I hereby present the annual accounts for the year ended 31st December 2016. During the year the Company reported a loss of £519,898 (31 December 2015 – loss of £80,367) which arose predominantly from professional fees in connection with the due diligence and legal documentation relating to potential transactions, in particular with the current transaction under review. As at the date of this report the Company has approximately £1m of cash balances.
Following its listing on the London Stock Exchange on 9th November 2015, the Company has focused on the evaluation of various acquisition opportunities. To that end, it announced on 30th December 2015 that it had entered into a non-binding Memorandum of Understanding with the board and principal shareholder in Lime Holdings Limited (“Lime”) regarding a possible acquisition of 100% of the share capital of Lime by way of a share for share exchange. On 30th September 2016 the Company announced that it was no longer proceeding with that transaction following detailed due diligence.
As at the year ended 31 December 2016, the Company was in talks with another potential business with an eventual acquisition expected to finalise before the end of the second quarter 2017. As at the date of this report, this is still the case and the transaction is at an advanced stage and, whilst no binding agreement has yet been entered into the directors are optimistic of a successful outcome.
I would like to thank all those who have assisted in relation to the possible acquisitions reviewed and remain hopeful of a successful future.
Geoffrey Dart
Executive Chairman
For further information please contact:
| Timothy Le Druillenec | Tel: 07874 762 821 |
Statement of Comprehensive Income
| Year ended 31 December 2016 |
Period ended 31 December 2015 |
||
| Note | £ | £ | |
| Continuing operations | |||
| Revenue | – | – | |
| Administrative expenses | 3 | (519,898) | (46,027) |
| listing costs | – | (34,340) | |
| Operating loss | (519,898) | (80,367) | |
| Loss before taxation | (519,898) | (80,367) | |
| Taxation | 4 | – | – |
| Loss for the year attributable to equity owners | (519,898) | (80,367) | |
| Other comprehensive income for the year | – | – | |
| Total comprehensive income for the year attributable to the equity owners | (519,898) | (80,367) | |
| Earnings/(loss) per share attributable to equity owners | |||
| Basic and diluted (£ per share) | 5 | (0.008) | (0.005) |
The notes to the financial statements form an integral part of these financial statements.
Statement of Financial Position
| As at 31 December 2016 |
As at 31 December 2015 |
||
| Note | £ | £ | |
| Assets | |||
| Current assets | |||
| Trade and other receivables | 6 | 1,680 | 31,167 |
| Cash and cash equivalents | 7 | 1,045,723 | 1,323,869 |
| Total current assets | 1,047,403 | 1,355,036 | |
| Total assets | 1,047,403 | 1,355,036 | |
| Equity and liabilities | |||
| Equity attributable to shareholders | |||
| Called up share capital | 8 | 669,000 | 649,000 |
| Share Premium | 9 | 841,243 | 781,243 |
| Retained earnings | (606,535) | (86,637) | |
| Total equity | 903,708 | 1,343,606 | |
| Liabilities | |||
| Current liabilities | |||
| Trade and other payables | 10 | 143,695 | 11,430 |
| Total liabilities | 143,695 | 11,430 | |
| Total equity and liabilities | 1,047,403 | 1,355,036 |
The notes to the financial statements form an integral part of these financial statements.
Company Registration Number: 08401609
Statement of Changes in Equity
| Called up share capital |
Share Premium | Retained earnings | Total | |
| CURRENT YEAR | £ | £ | £ | £ |
| Brought forward at 1 January 2016 | 649,000 | 781,243 | (86,637) | 1,343,606 |
| Loss in year | – | – | (519,898) | (519,898) |
| Other Comprehensive Income | – | – | – | – |
| Total comprehensive income for the year | – | – | (519,898) | (519,898) |
| Issue of share capital net of share issue costs | 20,000 | 60,000 | – | 80,000 |
| As at 31 December 2016 | 669,000 | 841,243 | (606,535) | 903,708 |
| Called up share capital |
Share Premium | Retained earnings | Total | |
| £ | £ | £ | £ | |
| As at 1 March 2015 | 50,000 | – | (6,270) | 43,730 |
| Loss in period Other Comprehensive Income | – | – | (80,367) | (80,367) |
| Total comprehensive income for the period | – | – | (80,367) | (80,367) |
| Issue of share capital net of share issue costs | 599,000 | 781,243 | – | 1,380,243 |
| As at 31 December 2015 | 649,000 | 781,243 | (86,637) | 1,343,606 |
Share capital comprises the ordinary issued share capital of the Company.
Share Premium represents consideration less nominal value of issued shares and costs directly attributable to the issue of new shares.
Retained earnings represent the cumulative retained losses of the Company at the reporting date.
The notes to the financial statements form an integral part of these financial statements.
Statement of Cash Flows
| Year ended 31 December 2016 |
Period ended 31 December 2015 |
||
| Note | £ | £ | |
| Cash flow from operating activities | |||
| Loss before taxation | (519,898) | (80,367) | |
| Adjustments for: | |||
| Share-based payment | 80,000 | – | |
| Changes in working capital | |||
| (Increase)/decrease in trade and other receivables | 29,487 | 6,333 | |
| Increase in trade and other payables | 132,265 | 11,430 | |
| Net cash used in operating activities | (278,146) | (62,604) | |
| Cash flows from financing activities | |||
| Proceeds from issuance of shares net of issue costs | – | 1,380,243 | |
| Net cash generated from financing activities | – | 1,380,243 | |
| Cash flows from investing activities | – | – | |
| Net cash used in investing activities | – | – | |
| Increase/(decrease) in cash and cash equivalents | (278,146) | 1,317,639 | |
| Cash and cash equivalents at beginning of period | 1,323,869 | 6,230 | |
| Cash and cash equivalents at end of period | 7 | 1,045,723 | 1,323,869 |
Major non-cash transactions
On the 11 November 2016 2,000,000 new Ordinary Shares of £0.01 nominal value were issued at a premium of £0.03 per share to M6 Limited as settlement for a fee of £80,000 for online marketing services.
The notes to the financial statements form an integral part of these financial statements.