News
Final Results
Lotus Resources plc (PLUS: LOTP), today announces its final year results for the period ended 30 September 2007
Chief Executive's Statement
Your company is pleased to announce its first results for the period ended 30 September 2007.
The company was formed to take advantage of the various opportunities in the Chinese mining sector utilising the experience of a number of the co-founders and shareholders. The company's objective is to build a medium scale mining and exploration company within 3 years with a balanced portfolio of properties and product commodities.
In May 2007 we appointed VSA Capital Ltd as our corporate advisors, with a view to obtaining a listing on Plus markets. In June 2007 VSA Capital raised £75,000 at 1p per share and in December 2007 successfully completed a further fundraising of £225,000 from the issue of 7.5 million shares at 3p per share and introduced the company to Plus markets where the shares are now trading.
I would like to thank the co-founders and shareholders who have been very supportive during these important initial stages in the company's development and I look forward to the future with great confidence.
Simon Longworth
Chief Executive
25th February 2008
Profit and Loss Account
for period ended 30 September 2007
| Note | Period ended 30 September 2007 |
|
| £ | ||
| Administrative expenses | (229,098) | |
| Operating loss | (229,098) | |
| Interest receivable | 295 | |
| Loss on ordinary activities before taxation | (228,806) | |
| Tax on loss on ordinary activities | - | |
| Loss on ordinary activities after taxation | (228,806) | |
| Earnings per share (pence) | 3 | (1.67) |
Balance Sheet
as at 30 September 2007
| Current assets | £ | 2007 |
| Debtors | 39,319 | £ |
| Cash at bank | 10,907 | |
| 50,226 | ||
| Creditors: amounts falling due within one year | (57,841) | |
| Net current liabilities | (7,615) | |
| Total assets less current liabilities | (7,615) | |
| Capital and Reserves | 219,674 | |
| Called up share capital | 1,517 | |
| Share premium account | (228,806) | |
| Profit and loss account | ||
| Shareholders' funds | (7,615) |
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25th February 2008.
Notes
1. ACCOUNTS
The above financial information does not amount to full accounts within the meaning of S240 of the Companies Act 1985. It has, however, been extracted from the statutory accounts for the period ended 30 September 2007, which include an unqualified auditor's report and will be delivered to the Registrar of Companies. These accounts were approved by the Board of Directors on 25 February 2008 and were signed on its behalf by: James Benson, Director.
2. ACCOUNTING POLICIES
* 2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. During the period the company incurred a loss of £228,806 and at the balance sheet date its current liabilities exceeded its current assets by £7,615. The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. On 21 December 2007 the company successfully issued 7,500,000 shares at 3p each.
2.2 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss account.
2.3 Start up costs
Start up costs are accounted for on a basis consistent with similar costs incurred as part of the company's ongoing business and charged directly to the profit and loss account.
3. Earnings per share
| 2007 | |
| pence | |
| Earnings per share | (1.67) |
The basic earnings per ordinary share is calculated by dividing earnings for the year less non-equity dividends and other appropriations in respect of non-equity shares by the weighted average number of equity shares outstanding during the year.
The calculation of basic earnings per ordinary share is based upon the following data:
Earnings
| 2007 | |
| £ | |
| Earnings for the purposes of earnings per share | (228,806) |
| Number of shares | |
| 2007 | |
| Basic weighted average number of shares | 13,700,299 |
Further Ordinary Shares have been issued after the balance sheet date. These issues do not effect the calculations above.
The Directors of Lotus Resources plc accept responsibility for this announcement. Corporate Adviser: VSA Capital Ltd
Tel: 020 7096 9580