TIDMKSI
RNS Number : 5045J
Kleenair Systems International PLC
31 March 2010
KLEENAIR SYSTEMS INTERNATIONAL PLC
(AIM: KSI)
Unaudited Interim Financial Information for the six months ended 31 December
2009
CHAIRMAN'S STATEMENT
I am publishing the financial statements for the half year to 31 December 2009.
The period to date has been one of consolidating the company's financial
position to enable us to move forward.
During the period, we raised GBP252,248 (net GBP229,317) by way of convertible
loan notes, to pay the expenses of reorganisation.
W. V. Reid
Chairman
30 March 2010
Consolidated Comprehensive Income Statement
for the six months ended 31 December 2009
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | |Note | Six months | | Six | | 9 months |
| | | | | to 31 | | months to | | to |
| | | | | December | | 31 March | | 30 June |
| | | | | 2009 | | 2009 | | 2009 |
| | | | | Unaudited | | Unaudited | | Audited |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | GBP | | GBP | | GBP |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | | | |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | |
+---------------------------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | | | |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| Revenue | | | | - | | - | | - |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | | | |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| Administrative expenses | | (265,536) | | (157,169) | | (252,265) |
+---------------------------+------+--------------------+-+------------+----------+-----------------------+
| | | | | -------- | | -------- | | -------- |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| (Loss) before tax | | | (265,536) | | (157,169) | | (252,265) |
+-------------------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | | | |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| Income tax charges | | - | | - | | - |
+---------------------------+------+--------------------+-+------------+----------+-----------------------+
| | | | | -------- | | -------- | | -------- |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| (Loss) for the period from | (265,536) | | (157,169) | | (252,265) |
| continuing | | | | | |
| operations attributable to | | | | | |
| shareholders | | | | | |
+----------------------------------+--------------------+-+------------+----------+-----------------------+
| | | | | ------- | | ------- | | ------- |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | | | |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| (Loss) per share - Pence | | | | | |
+----------------------------------+--------------------+-+------------+----------+-----------------------+
| | | | | | |
+----------------------------------+--------------------+-+------------+----------+-----------------------+
| Basic and diluted | (48.06) | | (39.21) | | (90.27) |
| 5 | | | | | |
+----------------------------------+--------------------+-+------------+----------+-----------------------+
| | | | | ------- | | ------- | | ------- |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
| | | | | | | | | |
+-----------+-------+-------+------+--------------------+-+------------+----------+-----------------------+
Consolidated Statement of Financial Position as at 31 December 2009
+-----------+-------+-------+-----+-------------+--+------------+-----------+
| | | | | Six months | | Six | 9 months |
| | | | | to 31 | | months to | to |
| | | | | December | | 31 March | 30 June |
| | | | | 2009 | | 2009 | 2009 |
| | | | | Unaudited | | Unaudited | Audited |
+-----------+-------+-------+-----+-------------+--+------------+-----------+
+-------------------------+-+--+-+--+-------------+--+-------------+-------------+
| | | | | GBP | | GBP | GBP |
+-------------------------+----+-+--+-------------+--+-------------+-------------+
| Assets | | | | | | | |
+-------------------------+----+-+--+-------------+--+-------------+-------------+
| | | | | | | | |
+-------------------------+----+-+--+-------------+--+-------------+-------------+
| Current assets | | | | | | |
+------------------------------+-+--+-------------+--+-------------+-------------+
| Trade and other receivables | | - | | - | - |
+--------------------------------+--+-------------+--+-------------+-------------+
| Cash and cash equivalents | | | - | | 533 | 355 |
+---------------------------+----+--+-------------+--+-------------+-------------+
| | | | | ------- | | ------- | ------- |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | - | | 533 | 355 |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | ------- | | ------- | ------- |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Current liabilities | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Trade and other payables | | | | (456,853) | | (476,132) | (448,920) |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | ------- | | ------- | ------- |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | (456,853) | | (476,132) | (448,920) |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | ------- | | ------- | ------- |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Net Current (Liabilities) | | | | (456,853) | | (475,599) | (448,565) |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Non-Current Liabilities | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Financial liabilities - | | | | | | | |
| borrowings and | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Interest bearing loans | | | | (192,248) | | - | - |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | ------- | | ------- | ------- |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Net deficit | | | | (649,101) | | (475,599) | (448,565) |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | ------ | | ------ | ------ |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Equity | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Capital and reserves | | | | | | | |
+---------------------------+--+-+--+-------------+--+-------------+-------------+
| Called up share capital | | 406,982 | | 278,812 | 400,932 |
+--------------------------------+--+-------------+--+-------------+-------------+
| Share premium | | | | 2,837,687 | | 2,778,727 | 2,778,737 |
+-------------------------+----+-+--+-------------+--+-------------+-------------+
| Other reserves | | | | 86,891 | | 86,891 | 86,891 |
+-------------------------+----+-+--+-------------+--+-------------+-------------+
| Profit and loss deficit | | | (3,980,661) | | (3,620,029) | (3,715,125) |
+------------------------------+-+--+-------------+--+-------------+-------------+
| | | | ------- | | ------- | ------- |
+------------------------------+-+--+-------------+--+-------------+-------------+
| Total | | | (649,101) | | (475,599) | (448,565) |
+------------------------------+-+--+-------------+--+-------------+-------------+
| | | | ------ | | ------ | ------ |
+------------------------------+-+--+-------------+--+-------------+-------------+
| | | | | | | | | |
+-------------------------+-+--+-+--+-------------+--+-------------+-------------+
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2009
+----------------------+----------+-----------+----------+-------------+-----------+
| | Share | Share | Other | Retained | |
+----------------------+----------+-----------+----------+-------------+-----------+
| | Capital | Premium | Reserves | Earnings | Total |
+----------------------+----------+-----------+----------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP |
+----------------------+----------+-----------+----------+-------------+-----------+
| | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| As at 1 October 2008 | 277,994 | 2,761,555 | 86,891 | (3,462,860) | (336,420) |
+----------------------+----------+-----------+----------+-------------+-----------+
| | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| Shares issued | 818 | 17,172 | - | - | 17,990 |
+----------------------+----------+-----------+----------+-------------+-----------+
| Loss after tax for | - | - | - | (157,169) | (157,169) |
| the period | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| | -------- | -------- | -------- | -------- | -------- |
+----------------------+----------+-----------+----------+-------------+-----------+
| As at 31 March 2009 | 278,812 | 2,778,727 | 86,891 | (3,620,029) | (475,599) |
+----------------------+----------+-----------+----------+-------------+-----------+
| | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| Shares issued | 122,120 | 10 | - | - | 122,130 |
+----------------------+----------+-----------+----------+-------------+-----------+
| Loss after tax for | - | - | - | (95,096) | (95,096) |
| the period | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| | -------- | -------- | -------- | -------- | -------- |
+----------------------+----------+-----------+----------+-------------+-----------+
| As at 30 June 2009 | 400,932 | 2,778,737 | 86,891 | (3,715,125) | (448,565) |
+----------------------+----------+-----------+----------+-------------+-----------+
| Loss after tax for | - | - | - | (265,536) | (265,536) |
| the period | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| Issue of shares | 6,050 | 58,950 | - | - | 65,000 |
+----------------------+----------+-----------+----------+-------------+-----------+
| | -------- | -------- | -------- | -------- | -------- |
+----------------------+----------+-----------+----------+-------------+-----------+
| As at 31 December | 406,982 | 2,837,687 | 86,891 | (3,980,661) | (649,101) |
| 2009 | | | | | |
+----------------------+----------+-----------+----------+-------------+-----------+
| | ------- | ------- | ------- | ------- | ------- |
+----------------------+----------+-----------+----------+-------------+-----------+
Consolidated Statement of Cash Flow
For the six months ended 31 December 2009
+--------------------------+------+--------------+------------+----------+
| | | Six months | Six | 9 months |
| | | to | months to | to |
| | | 31 December | 31 March | 30 June |
| | | 2009 | 2009 | 2009 |
| | | Unaudited | Unaudited | Audited |
+--------------------------+------+--------------+------------+----------+
+------------------------+------+------------+----------+----------+
| | Note | GBP | GBP | GBP |
+------------------------+------+------------+----------+----------+
| | | | | |
+------------------------+------+------------+----------+----------+
| Operating activities | 6 | (252,603) | (29,321) | (19,509) |
+------------------------+------+------------+----------+----------+
| | | ------- | ------- | ------- |
+------------------------+------+------------+----------+----------+
| Net cash (outflow) | | | | |
| from operating | | (252,603) | (29,321) | (19,509) |
| activities | | | | |
+------------------------+------+------------+----------+----------+
| | | ------- | ------- | ------- |
+------------------------+------+------------+----------+----------+
| Financing activities | | | | |
+------------------------+------+------------+----------+----------+
| Loans received | | 252,248 | 10,000 | - |
+------------------------+------+------------+----------+----------+
| Issue of new shares | | - | 17,990 | 18,000 |
+------------------------+------+------------+----------+----------+
| | | ------- | ------- | ------- |
+------------------------+------+------------+----------+----------+
| Net cash from | | 252,248 | 27,990 | 18,000 |
| financing activities | | | | |
+------------------------+------+------------+----------+----------+
| | | ------- | ------- | ------- |
+------------------------+------+------------+----------+----------+
| Net cash (outflow) | | (355) | (1,331) | (1,509) |
+------------------------+------+------------+----------+----------+
| | | | | |
+------------------------+------+------------+----------+----------+
| Cash and cash | | | | |
| equivalents at the | | 355 | 1,864 | 1,864 |
| beginning of the | | | | |
| period | | | | |
+------------------------+------+------------+----------+----------+
| | | ------- | ------- | ------- |
+------------------------+------+------------+----------+----------+
| Cash and cash | | | | |
| equivalents at the end | | - | 533 | 355 |
| of the period | | | | |
+------------------------+------+------------+----------+----------+
| | | ------ | ------ | ------ |
+------------------------+------+------------+----------+----------+
Notes to the Interim Financial Information
1. General Information
Kleenair Systems International Plc is a company incorporated in England
and Wales and quoted on the AIM market of the London Stock Exchange.
2. Basis of Preparation
These consolidated interim financial information have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as adopted
by the European Union and on the historical cost basis, using the accounting
policies which are consistent with those set out in the Company's Annual Report
and Accounts for the period ended 30 June 2009. This interim financial
information for the six months to 31 December 2009, which complies with IAS 34
'Interim Financial Reporting', was approved by the Board on 30 March 2010.
3. Significant Accounting Policies
Except as described below, the accounting policies applied are consistent
with those of the annual ?nancial statements for the period ended 30 June 2009,
as described in those annual ?nancial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements
of the Company and entities controlled by the Company (its subsidiaries).
Control is achieved where the Company has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are
included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made within the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
the Group.
All intra-group transactions, balances, income and expenses are eliminated
on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the purchase
method. The cost of the acquisition is measured at the aggregate of the fair
values, at the date of exchange, of assets given, liabilities incurred or
assumed, and equity instruments issued by the Group in exchange for control of
the acquired entity, plus any costs directly attributable to the business
combination. The acquiree's identifiable assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3 are recognised
at their fair values at the acquisition date, except for non - current assets
(or disposal groups) that are classified as held for sale in accordance with
IFRS 5 Non Current Assets Held for Sale and Discontinued Operations, which are
recognised and measured at fair value less costs to sell.
The interest of minority shareholders in the acquiree is initially
measured at the minority's proportion of the net fair value of the assets,
liabilities and contingent liabilities recognised.
Goodwill
Goodwill arising on the acquisition of a subsidiary or a jointly
controlled entity represents the excess of the cost of acquisition over the
group's interest in the net fair value of the identifiable assets, liabilities
and contingent liabilities of the subsidiary or jointly controlled entity
recognised at the date of acquisition. Goodwill is initially recognised as an
asset at cost and subsequently measured at cost less any accumulated impairment
losses.
Taxes
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual earnings.
Standards and Interpretations adopted with no material effect on financial
statements
The following new and revised Standards and Interpretations have been adopted in
these financial statements. Their adoption has not had any significant impact on
the amounts reported in these financial statements but may effect the accounting
for future transactions and arrangements.
TitleIssuedEffective date
IFRS Improvements re IFRS 5. May 08
Accounting periods beginning
on or after 01 July 2009.
IAS 27 Consolidated and Separate Financial Jan 08
Accounting periods beginning
statements
on or after 01 July 2009.
IFRS 3 Business Combinations Jan 08
Accounting periods beginning
on or after 01 July 2009
IAS 39 Financial Instruments: Recognition Jul 08
Accounting periods beginning
and management (amendment) - Eligible on or
after 01 July 2009
Hedged Items
IFRIC 17 Distributions of Non-cash Assets Nov 08
Accounting periods beginning
to Owners
on or after 01 July 2009
IFRS 1 First- time Adoption of IFRS (revised) Nov 08
Accounting periods beginning
on or after 01 July 2009
IFRIC 18 Transfer of Assets to Owners Jan 09
Accounting periods beginning
on or after 01 July 2009
Standards and Interpretations issued but not effective on financial statements
The following new and revised Standards and Interpretations have not been
adopted in these financial statements as they are not yet effective in the
period being reported on.
TitleIssuedEffective date
IFRS Improvements regarding IAS 17 Apr 09
Accounting periods beginning
Leases
on or after 01 January 2010
Clarification to the scope of IFRS 2 Share Based June 09
Accounting periods beginning
Payments
on or after 01 January 2010
Standards and Interpretations issued but not yet EU approved
The following new and revised Standards and Interpretations have not been
approved but may have on impact on future accounting.
TitleIssuedEffective date
Amendments to IFRS 1 Additional Exemptions for July 09
Accounting periods beginning
First-time Adopters
on or after 01 January 2010
Amendments to IAS 32 Classification of Rights issues Oct 09
Accounting periods beginning
on or after 01 February 2010
IFRIC 19 Extinguishing Financial Liabilities with Equity Nov 09
Accounting periods beginning
Instruments
on or after 01 July 2010
IFRIC 14 (Amendment) Prepayments of a minimum Nov 09
Accounting periods beginning
funding requirement
on or after 01 January 2011
Revised IAS 24 Related Party Disclosures Nov 09
Accounting periods beginning
on or after 01 January 2011
IFRS 7 Improving Disclosures about Financial Mar 09
Accounting periods beginning
Instruments
on or after 01 January 2010
IFRS 9 Financial Instruments Nov 09
Accounting periods beginning
On or after 01 January 2013
4. SEGMENTAL ANALYSIS
The Company's primary reporting format is business segments and its secondary
format is geographical segments. The Company only operates in a single business
and geographical segment. Accordingly no segmental information for business
segment or geographical segment is required.
5. Earnings/(loss) per Share
The loss per ordinary share is based on the Company's loss for the period of
GBP265,536 (31 March 2009 - GBP157,169; 30 June 2009 - GBP252,265 loss) and a
basic and diluted weighted average number of shares in issue of 552,562 (31
March 2009 - basic and diluted 279,471; 30 June 2009- basic and diluted 400,807;
both adjusted for the consolidation in August 2009).
6. Reconciliation of operating loss to net cash outflow from operating
activities.
+------------------------+-+-----------+----------+------------+----------+-------------+
| | | Six | | Six | | 9 months to |
| | | months to | | months to | | 30 June |
| | | 31 | | 31 March | | 2009 |
| | | December | | 2009 | | |
| | | 2009 | | | | |
+------------------------+-+-----------+----------+------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+------------------------+-+-----------+----------+------------+----------+-------------+
| | | | | | | |
+------------------------+-+-----------+----------+------------+----------+-------------+
| Operating Loss for the | | (265,536) | | (157,169) | | (252,265) |
| period | | | | | | |
+------------------------+-+-----------+----------+------------+----------+-------------+
| Adjustments for : | | | | | | |
+------------------------+-+-----------+----------+------------+----------+-------------+
| Decrease in | | - | | 11,798 | | 11,798 |
| receivables | | | | | | |
+------------------------+-+-----------+----------+------------+----------+-------------+
| Increase in payables | | 12,933 | | 116,050 | | 220,958 |
+------------------------+-+-----------+----------+------------+----------+-------------+
| | | ------- | | ------- | | ------- |
+------------------------+-+-----------+----------+------------+----------+-------------+
| Net cash from | | (252,603) | | (29,321) | | (19,509) |
| operating activities | | | | | | |
+------------------------+-+-----------+----------+------------+----------+-------------+
| | | ------ | | ------ | | ------ |
+------------------------+-+-----------+----------+------------+----------+-------------+
7. Called up Share Capital
The issued share capital is as follows
+------------------------------+------------+------------+------------+
| | Ordinary | Ordinary | Deferred |
| | 'A' | 'B' | shares of |
| | shares | shares | |
| | of | of | |
+------------------------------+------------+------------+------------+
| | GBP0.01 | GBP0.01 | GBP0.99 |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| 31 December 2009 | 883,812 | 122,120 | 278,812 |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| 30 June 2009 (audited) | 27,881,242 | 12,212,000 | - |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| 31 March 2009 | 27,881,242 | - | - |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| 30 September 2008 (Audited) | 27,799,424 | - | - |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
The 'A' and 'B' ordinary shares were consolidated by effectively dividing
the existing number of shares by 100 and compensating with deferred shares which
are effectively worthless.
8. The unaudited interim financial information for period ended 31 December
2009 do not constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The comparative figures for the period ended 30 June
2009 are extracted from the statutory financial statements which have been filed
with the Registrar of Companies and which contain an unqualified audit report
and did not contain statements under Section 498 to 502 of the Companies Act
2006.
9. Copies of this interim financial information document are available from
the Company at its registered office at 7th Floor, 39 St James's Street, London
SW1A 1JD. The interim financial information document will also be available on
the Company's website www.kleenairsystems.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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