TIDMTOPC
RNS Number : 8123X
Top Creation Investments Limited
24 November 2014
Top Creation Investments Limited
("TCIL" or "the Company" or "the Group")
Unaudited interim results for the six month period ended 30
September 2014
The Board of TCIL is pleased to announce its unaudited interim
figures for the six month period to 30th September 2014.
Chairman's Statement.
Review of operations for the six month period ended 30th
September 2014
SALE OF LOT 129. (THE MELAKA PROJECT)
On the 26th February 2014 we announced the sale of our Melaka
project (Lot 129) for a cash consideration of RM 15,379,362
(approximately GBP2.8m). More recently, on the 4th November we gave
an update to the market as regards to the payment of the sales
proceeds.
On the 19th November the purchaser's lawyer in respect of Lot
129 presented the Memorandum of Transfer and Title to the Land
Office and the balance of the purchase price amounting of RM
7,007,700 is now payable within 14 days of submission of the
relevant documents (that date being 2(nd) December 2014) or on the
transfer of title, whichever is earlier. The development costs of
RM 7,679,362.65, are now payable no later than three months after
the 1st October being the date on which the agreement became
unconditional, that date being the 31st December 2014.
BRILLIANT VALLEY JOINT VENTURE (FIVE BUNGALOW UNITS).
At the time of my Chairman's Report we announced our intention
to submit a revision of the land boundaries to City Hall which
would necessarily delay the completion of the project. This
revision was necessary because of road widening work required by
City Hall and the consequential reduction in the land area
remaining for construction.
On 29th October our Land Surveyor submitted the pre-computation
plans delineating the revised boundaries for endorsement by City
Hall. Accordingly upon approval by City Hall, the land surveyor is
required to submit the pre-computation plans to the Land Office for
approval. This whole process is likely to take at least a further
eight months.
CHANGE OF NOMINATED ADVISER
Daniel Stewart & Company Plc have tendered their resignation
as our nominated adviser and further to our update to the market
given on the 4th of November, they will cease to act for our
Company as of the 30th November. If the Company has not appointed
another nominated adviser by this date then trading on AIM in the
Company's shares will be suspended. If another nominated adviser is
not appointed by 30(th) December then trading on AIM in the
Company's shares will be cancelled. It is our intention to urgently
seek a replacement for Daniel Stewart.
FUTURE PROSPECTS.
The prospect of the release of the additional funds from the
sale of Lot 129 will give the Company considerable scope to pursue
further investments in the expectation of enabling us to enhance
value to our shareholders.
Madame Zhang Li
Chairman
Malaysia
24 November 2014
Financial Overview
The financial information contained within this interim report
is based upon the Group's unaudited results for the six months
ended 30 September 2014.
The consolidated Statement of Comprehensive Income shows a
consolidated net loss for the period of GBP156,000. The loss was
within the expectation of the Company. TCIL is in a net cash
position as at 30 September 2014 with a cash surplus of GBP59,000.
The Company will seek investments to acquire interests in other
suitable projects which will allow us to widen our investment
portfolio arising from the sale of Lot 129 project. If and when
appropriate, the Company may seek to raise additional funds to make
further investments.
We look forward to the future with optimism and in the belief
that we will be able to deliver enhanced shareholder value.
Zhang Li
Chairman
Malaysia,
24 November 2014
For further information, kindly visit www.http://www.topcltd.com
or contact:
Top Creation Investments Wong Yu Sun
Limited Finance Director +6012 2778972
-------------------------- ------------------- -----------------
Daniel Stewart & Company
Plc (Nominated Adviser) Antony Legge +44 20 7776 6550
-------------------------- ------------------- -----------------
Consolidated Statement of Comprehensive Income
Note Six months Six months Year ended
ended ended 31-Mar
30 September 30 September 2014
2014 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP,000
Revenue - - -
Other income - - -
Administrative expenses (38) (41) (126)
Capital raising expenses - - -
Director fees (11) (15) (24)
Employee benefits expenses (91) (89) (175)
-------------- -------------- -----------
Loss before tax (140) (145) (325)
Income tax expense 3 - - -
-------------- -------------- -----------
Loss after tax (140) (145) (325)
Other comprehensive income/(loss)
Exchange difference on the translation
of
the financial statements of
foreign operations (16) (173) (486)
Total comprehensive loss for
the period (156) (318) (811)
============== ============== ===========
Loss per share (pence per share)
- Basic and diluted 0.02 0.06 0.05
Consolidated Statement of Financial Position
As at 30 As at 30 As at 31
September September March
2014 2013 2014
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 7 10 9
Interest in joint venture 515 - 358
Current assets
Inventories - 2,918 -
Deposits and Receivables 21 373 27
Cash and cash equivalents 59 2 3
Asset held for sale 2,827 - 2,827
----------- ----------- ---------
2,907 3,293 2,857
Total assets 3,429 3,303 3,224
----------- ----------- ---------
Liabilities
Current liabilities
----------- ----------- ---------
Other payables 427 265 455
----------- ----------- ---------
Total liabilities 427 265 455
Net assets 3,002 3,038 2,769
=========== =========== =========
Equity and reserves
----------- ----------- ---------
Share capital 970 550 550
Share premium account 3,665 3,696 3,696
Translation reserve (528) (173) (512)
Accumulated losses (1,105) (1035) (965)
----------- ----------- ---------
Total equity 3,002 3,038 2,769
=========== =========== =========
Consolidated Statement of Changes in Equity
Share
Share Premium Translation Accumulated
Capital Account Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2014 550 3,696 (512) (965) 2769
Share issued 420 (31) - - 389
-------- -------- ----------- ----------- -------
Loss for the period - - - (140) (140)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (16) - (16)
-------- -------- ----------- ----------- -------
Total comprehensive loss for
the period - - (16) (140) (156)
At 30 September 2014 970 3,665 (528) (1,105) 3,002
======== ======== =========== =========== =======
At 1 April 2013 - - - - -
Shares issued 550 3,696 (26) (640) 3,580
Loss for the period - - - (145) (145)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (173) - (173)
-------- -------- ----------- ----------- -------
Total comprehensive loss for
the year - - (173) (145) (318)
At 30 September 2013 550 3,696 (199) (785) 3,262
======== ======== =========== =========== =======
At 1 April 2013 550 3,696 (26) (640) 3,580
Shares issued - - - - -
Loss for the period - - - (325) (325)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (486) - (486)
-------- -------- ----------- ----------- -------
Total comprehensive loss for
the year - - (486) (325) (811)
At 31 March 2014 550 3,696 (512) (965) 2,769
======== ======== =========== =========== =======
Consolidated Statement of Cash Flows
Six months Six months
ended 30 ended 30 Year ended
September September 31 March
2014 2013 2014
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Total comprehensive loss for the
period/year (156) (318) (325)
Adjustments for:
Depreciation 2 2 4
Operating loss before changes in
working capital (154) (316) (321)
Decrease / (Increase) in inventories - 347 (9)
Decrease / (Increase) in deposits 6 (310) 54
Decrease in other payables (28) 51 241
Net cash used in operating activities (176) (228) (35)
----------- ----------- ----------
Cash flows from investing activities
Investment in jointly controlled
entity (157) 415 -
Net cash used in investing activities (157) 415 -
----------- ----------- ----------
Cash flows from financing activities
Net proceeds from issue of shares 389 - -
Net cash generated from financing
activities 389 - -
----------- ----------- ----------
Net increase in cash and cash equivalents 56 (187) (35)
Cash and cash equivalents at beginning
of period/year 3 38 38
Effect of exchange rate changes - 147 -
Cash and cash equivalents at end
of period/year 59 2 3
=========== =========== ==========
Notes To The Consolidated Financial Statements
For Six Months Ended 30 September 2014
1. Basis of preparation
The unaudited interim consolidated financial statements (the
"interim financial statements") are for six months ended 30
September 2014. They have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU") and specifically in accordance with
International Accounting Standards ("IAS") 34 'Interim Financial
Reporting'. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
year ended 31 March 2014.
The interim financial statements have been prepared under the
historical cost convention and are in accordance with the
accounting policies as set out on pages 18 to 24 in the Group's
consolidated financial statements for the year ended 31 March 2014.
The accounting policies have been applied consistently throughout
the Group for the purpose of preparation of the interim financial
statements.
The unaudited interim financial statements were approved by the
Board of Directors on 24 November 2014.
2. Going concern
The interim financial statements of the Group are prepared on a
going concern basis. In common with many similar companies, the
Group raises finance for their investment activities on project and
property development mainly in Malaysia.
The Directors are of the opinion that the Group will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of approval of these interim financial statements. Management
continues to monitor all working capital commitments and balances
on a weekly basis and believe that they have access to appropriate
levels of financing for the Group to continue to meet the
liabilities as they fall due for at least the next twelve months,
and that the Group is trading as a going concern.
3. Income tax expense
There is no tax charge for the period and no deferred tax has
been provided.
4. Foreign currency transactions
Income and expenditure for overseas subsidiaries are translated
into sterling based upon monthly average rates to give a fair
approximation to the transaction rate. Balance sheet items are
translated at the exchange rate at the balance sheet date. All
other differences are included within the translation reserve.
5. Availability of half yearly report
The Company's half yearly report will be available in soft copy
from the investors' section of the Company's website
(www.topcltd.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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