TIDMUOS
RNS Number : 5865Q
UAE Oil Services PLC
21 October 2019
UAE Oil Services Plc
("UAE Oil" or the "Company")
Interim Results for the six-month period ended 30 June 2019
UAE Oil announces for the six-month period ended 30 June 2019,
extracts of which have been included below. The interim results
will be available to view on the Company's website in due course at
the following link:
http://www.uaeoilservices.com/content/investors/annual-reports.asp
Enquiries:
UAE Oil Services www.uaeoilservices.com
Stephen Smedley info@uaeoilservices.com
Nils Trulsvik (Chairman)
WH Ireland (Broker)
James Joyce / James Sinclair-Ford ++44 (0) 20 7220 1666
Walbrook PR (PR advisers) Tel: +44 (0) 20 7933 8790 or
Paul McManus / Nick Rome uae@walbrookpr.com
UAE OIL SERVICES PLC
CHAIRMAN'S STATEMENT
FOR THE PERIODED 30 JUNE 2019
I have pleasure in presenting the condensed unaudited interim
financial statements of UAE Oil Services Plc (the "Company" or "UAE
Oil Services") for the six-month period ended 30 June 2019.
UAE Oil was incorporated in the Isle of Man on 3 January 2018
and was admitted to the Standard Segment of the Official List of
the London Stock Exchange on 25 April 2018. The Company was formed
for the purpose of making acquisitions in the oil and gas support
services and infrastructure sector in the Middle East and North
Africa, with an initial focus in the UAE.
During the financial period, the Company reported a net loss of
GBP271,454 (0.54p per share). As at 30 June 2019, the Company had
cash at bank balance of GBP11,816.
On 17 August 2018 the Company announced its intention to acquire
the OBN Group of Companies and then admitting its enlarged
securities to trading on the Standard segment of the London Stock
Exchange. As at 30 June 2019, this acquisition and admission to
London Stock Exchange had not taken place, neither has it done so
up to the date of this statement. However, the work required to
complete the acquisition is ongoing and an update will be made in
due course.
On 24 June 2019 the Company announced that it had signed a loan
facility agreement with Blue Rock Investments LLC for a principal
amount of GBP100,000, as at 30 June 2019 the Company had not drawn
down from this facility.
I look forward to the year ahead with gratitude to our
shareholders, for their continued support.
Nils Trulsvik
Executive Chairman
11 October 2019
UAE OIL SERVICES PLC
DIRECTOR'S STATEMENT
FOR THE PERIODED 30 JUNE 2019
The main expense for the Company is its legal and professional
costs. The management intends to monitor and control this to be
cost efficient and minimise its net loss before a suitable
acquisition.
The Board looks forward to providing further updates to
shareholders in due course and actively reviewed a number of
potential acquisition opportunities across the sector.
Responsibility Statement
The Directors are responsible for preparing the Condensed
interim Financial Statements in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority ('DTR') and with International Accounting Standard 34 on
Interim Financial Reporting (IAS 34) as adopted by the European
Union.
The Directors confirm that, to the best of their knowledge, the
condensed interim financial statements have been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim report includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
Stephen Smedley
Chief Financial Officer
11 October 2019
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2019
Period ended Period ended
30 June 2019 30 June
2018
Note (Unaudited) (Unaudited)
GBP GBP
Loss for the financial period 4 (271,454) (531,559)
Total comprehensive income attributable
to the equity owner (271,454) (531,559)
Loss per share 5 (0.54) (1.06)
Basic and diluted loss per share 5 (0.54) (1.06)
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Note 31 December
30 June 2019 2018
(Unaudited) (Audited)
GBP GBP
Assets
Current assets
Cash and cash equivalents 11,816 346,486
Other debtors 7,398 -
Total Assets 19,214 346,486
============= ============
Equity and liabilities
Accruals and deferred income 70,400 126,218
Reserves (1,051,186) (779,732)
Share capital 6 1,000,000 1,000,000
Total equity and liabilities 19,214 346,486
============= ============
UAE OIL SERVICES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2019
Share Reserves Total
Capital
(Unaudited) GBP GBP GBP
On incorporation 100 - 100
Further share issue 999,900 - 999,900
Results for the period (531,556) (531,556)
Balance as at 30 June 2018 1,000,000 (531,556) 468,444
---------------- ----------- ----------
Balance at 1 January 2019 1,000,000 (779,732) 220,268
Result for the period - (271,454) (271,454)
Balance at 30 June 2019 1,000,000 (1,051,186) (51,186)
================ =========== ==========
The share capital comprises the ordinary issued share capital of
the Company.
Issued share capital was 1,000,000 shares of GBP1.
UAE OIL SERVICES PLC
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 30 JUNE 2019
Period ended Period ended
30 June 2019 30 June 2018
(Unaudited) (Unaudited)
GBP GBP
Cash flow from operating activities
Loss for the period (271,454) (531,559)
Increase/(Decrease) in trade
creditors (56,118) 199,615
Increase in other debtors (7,398) -
-------------- --------------
Net cash deficit from operating
activities (334,970) (331,994)
-------------- --------------
Cash flow from financing activities
Proceeds from the issue of
share capital - 1,000,000
--------------
Net cash flows from financing
activities - 1,000,000
Net decrease in cash & cash
equivalents (334,970) 668,056
============== ==============
Cash and equivalent at start 346,786 -
of the period
Cash and equivalent at end
of the period 11,816 668,056
============== ==============
UAE OIL SERVICES PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2019
1. General Information
The Company was incorporated in the Isle of Man on 3 January
2018 as a company with limited liability under the Isle of Man
Companies Act 2006, and with the name UAE Oil Services Limited. The
Company did not trade during the period under review. The
registered office of the Company is the First Floor, Millennium
House, Victoria Road, Douglas, Isle of Man, IM2 4RW and the nature
of operations is to act as a special purpose acquisition
company.
2. Accounting Policies
Basis of preparation
The financial information of the Company has been prepared on
the historical cost convention except as disclosed in the notes to
the financial information and in accordance with International
Financial Reporting Standards ("IFRS").
Certain changes to IFRS will be applicable for the Company's
financial information in future periods. To the extent that these
have not been adopted early in the preparation of the financial
information, they will not affect the Company's reported profit or
equity but they may affect disclosures.
The Directors have considered those standards and
interpretations, which have not yet been applied in the financial
information but are relevant to the Company's operations, that are
in issue but not yet effective and do not consider that any will
have a material impact on the future results of the Company.
Numerous other minor amendments to standards have been made as a
result of the International Accounting Standards Board's annual
improvement project.
The financial information of the Company is presented in Pound
Sterling.
Comparative figures
The comparative figures presented in the financial information
covers the period from incorporation to 30 June 2018.
Going concern
As at the date of signing the accounts, the company has made use
of the loan facility provided by Blue Rock Investments LLC.
The Directors have reviewed the Company's ongoing activities and
have a reasonable expectation that the Company has adequate
resources to continue operating for the foreseeable future, this
has been received in the form of written assurances from the
majority shareholders that additional funding will be provided
should this become necessary.
For this reason, the going concern basis has been adopted in
preparing the Interim Financial Statements.
3. Business Segments and Seasonal Trading
UAE Oil Services does not have any separate reportable operating
segments. All business is also currently carried out from the Isle
of Man and thus, there are no geographical segments.
UAE Oil Services does not experience seasonal fluctuations in
its trading.
4. Loss for the financial year
Period ended Period ended
30 June 2019 30 June 2018
(Unaudited) (Unaudited)
GBP GBP
Professional fees, compliance &
setup up costs (271,454) (531,559)
(271,454) (531,559)
5. Loss per share
The calculation for loss per share (basic and diluted) for the
relevant period is based on the profit after income tax
attributable to equity holder for the period from incorporation on
3 January 2018 to 30 June 2019 and is as follows:
Period ended Period ended
30 June 2019 30 June 2018
(Unaudited) (Unaudited)
GBP GBP
Loss attributable to equity holders (271,454) (531,559)
Weighted average number of shares 500,000 500,000
Loss per share (0.54) (1.06)
================== ==============
Period ended Period ended
30 June 30 June
2019 2018
(Unaudited) (Unaudited)
GBP GBP
Loss attributable to equity holders (271,454) (531,559)
Weighted average number of shares 500,000 500,000
Options, warrants and other securities - -
Diluted loss per share (0.54) (1.06)
================= =============
6. Share capital
There were no share capital movements in the period ended 30
June 2019.
In the period ended 31 December 2018, the company issued
1,000,000 ordinary shares at GBP1,00 par value.
7. Directors' Emoluments
During the period to 30 June 2019 there were no staff costs as
no staff were employed by the Company, other than the directors.
Aggregate directors' fees for the period were GBP26,400 (2018:
GBP26,400).
8. Related Party Transactions
The directors are considered to be key management and their
emoluments are disclosed in note 7. During the period, the Company
did not enter into any material transactions with related
parties.
Period ended Period ended
30 June 2019 31 December
2018
(Unaudited) (Audited)
GBP GBP
Amount due to directors 8,800 -
Amounts due to Redwood Accountancy
Ltd 600 1,680
-------------- -------------
During the period, Redwood Accountancy Ltd provided accountancy
services to the company. Stephen Smedley is a director of Redwood
Accountancy Ltd.
9. Taxation
No tax is applicable to the Company for the period ended 30 June
2019. As a consequence, no tax charge arises and no deferred tax
asset has been recognised in respect of losses.
10. Copies of the interim report
Copies of the interim report are available on the Company's
website at www.uaeoilservices.com and from the Company's registered
office UAE Oil Services Plc, First Floor, Millennium House,
Victoria Road, Douglas, Isle of Man, IM2 4RW.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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