TIDMURAH
RNS Number : 1190L
URA Holdings PLC
01 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
01 September 2023
URA Holdings plc
("URA" or the "Company")
The Directors of URA are pleased to present the unaudited
financial statements of URA Holdings plc for the period ended 30
June 2023.
URA Holdings plc (LSE: URAH), the mineral exploration group
listed on the Standard List segment of the main market of the
London Stock Exchange announces its unaudited financial statements
for the period ended 30 June 2023. The full report is available on
the Company's website at www.uraholdingsplc.co.uk . In accordance
with Listing Rule 9.6.1 of the UK Financial Conduct Authority
("FCA"), a copy of the 2023 Interim Report will also be submitted
to the FCA via the National Storage Mechanism and will shortly be
available to the public for inspection at:
ttps://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
Highlights:
-- Primary focus on the rapid advancement of the Gravelotte
Emerald Mine ("GEM") back into production following completion of
the acquisition in February 2023
-- Site refurbishment and construction of processing plant
progressing within budget and on schedule
-- Continued strong shareholder support with a modest but
oversubscribed fundraise completed in May 2023 to raise GBP330,000
at a price of 2p per share
Chairman's Statement
I am happy to report on an active and successful six months in
the life of your company which, as shareholders will know, has
undergone a radical and exciting change of direction since its
relisting last year. Following that successful reconstruction,
refinancing and relisting, we acquired control of the Gravelotte
emerald mining operation in South Africa. As shareholders will
know, Gravelotte was once the world's largest emerald mines and,
although it has been out of production for many years, our work and
resource studies suggest it has the potential to become a major
operating mine again. The past six months have seen substantial
progress towards recommencing production and the Directors believe
it is on track to begin initial mining operations in the coming
months.
Although production ceased many years ago, we believe this was
not due to any diminution in the quality or accessibility of
emeralds but rather for internal company reasons. The independent
JORC Resource which we commissioned from ACA Howe and announced
late in 2022 has effectively demonstrated this, disclosing, as
shareholders are aware, a mineral resource of 29 million carats
just from the two most recently producing areas and a further
exploration target of 164 to 344 million carats across other parts
of the licence area. The resource estimation utilised the recent
drilling done over the last five years as well as historical mine
production data and other geological data, which ACA Howe, a
well-established and highly respected specialist in gemstones and
precious metals, had prior knowledge as well as extensive prior
experience of Gravelotte.
Our initial assessment of Gravelotte was based on very
conservative assumptions regarding gem quality and our studies and
costings suggest that the mine will be very viable on that basis.
However, Gravelotte is known historically to have produced
significant quantities of high-quality gems of good colour and
clarity. The mine's emeralds are sometimes known as Cobra emeralds
due to the name of one of our open pits and the names of both
Gravelotte and Cobra still carry brand recognition in the market.
There is no reason to think that the quality mix in the future will
be any different, but our project assessment is not dependent on
this.
Gravelotte covers a large, fully compliant, mining licence area
and large parts remain unexplored; it was and will continue as an
open pit operation although the mineralisation has been shown to
continue at deeper levels. Despite being mothballed for a lengthy
period, much of the site infrastructure including buildings,
fencing and roads remain in existence - in need of refurbishment
but in essentially good condition. We have spent recent months
repairing and upgrading this infrastructure and building a
processing plant capable of being expanded over time once in
production. We have already put together a small but very
experienced and effective team on the ground, some of whom were
also in situ when we acquired Gravelotte.
The reports and work done tell us that the mine can be brought
into profitable production on an initial small scale and our
intention is therefore to bring it into operation on this basis,
and in the near term with a quite modest amount of additional
capital. Once we have restarted production in this way, we will of
course seek to expand the mining operations.
To get into production will require some important additional
equipment and a modest increase in mining personnel. The phase 1
processing plant to restart mining operation is already more than
50% complete with only a few important items of processing
equipment still required. Most importantly, we will use an optical
sorter to extract the ore and we have identified and tested the
necessary piece of equipment. This will enable emeralds to be
extracted using modern technology whilst reducing the staffing
numbers required and greatly reducing security risk. Other
processing equipment has also been ordered, identified, or
acquired.
Bringing the mine up to operating standard has, as stated above,
been actively pursued and to a great extent completed in recent
months. This includes a major upgrade and refurbishment of
electricity pylons and facilities, a large upgrade to security
systems, electrical fencing, guarding, processed water storage
facilities, haulage roads and accommodation.
The loss for the period was GBP388,000, reflecting continuing
expenditure on Gravelotte with modest corporate costs. There has
been a significant increase in the net asset value of the Company
as the final completion of the Gravelotte mine was completed during
the period under review. The value of GBP4.15 million now shown on
the balance sheet largely reflects a capitalisation of expenditure
at Gravelotte up to 30 June 2023 and, we believe is no real
reflection of its true value; however it does begin to reflect the
increasing value of the Company.
We completed a modest but oversubscribed fundraise in May 2023
to raise GBP330,000 at a price of 2p per share to enable us to
finalise orders for the optical sorter and other equipment. We plan
to raise further funds in the near term so as to keep the project
moving forward to completion and initial production.
We are grateful for the efforts and expertise of our team and
would remind shareholders of management's previous success achieved
in gem production. We believe the project remains very materially
undervalued in the Market but once up and running we believe we
have a rapid route to profitability and this should flow through to
a proper appreciation of the project's real value.
Edward Nealon
Chairman
1 September 2023
Business Review
The Directors present the interim results of URA Holdings Plc
("the Company"), together with its subsidiaries ("the Group"), for
the six-month period from 1 January 2023 to 30 June 2023.
UPDATE ON INVESTMENTS AND ACTIVITIES
During the interim period, ending 30 June 2023, the Company
continued to progress our exploration strategy focusing during the
six months mostly on the Gravelotte Emerald Mine (GEM). The
conditional acquisition of which was originally announced on 24
March 2022, subject to conditions which were subsequently been
satisfied or waived. The acquisition of G.E.M Venus (Proprietary)
Limited, the owner of a 76% interest in Gravelotte, was completed
during the period under review on 27 February 2023. The terms of
the acquisition are, in broad terms, only GBP100,000 in the
Company's ordinary shares and a royalty payment of AUD200,000 in
cash for each 5,000,000 carats of emeralds produced up to a total
maximum aggregate amount of AUD2,000,000. We have acquired a 76%
holding in GEM, the remainder being held by an Employee and
Community Trust for the benefit of the local community and our
workforce.
On 23 May 2023 the Company raised GBP280,000 by a placing and
subscription of 14,000,000 new ordinary shares and a further
GBP50,000 satisfied by the issue of convertible loan notes to
Austin Acquisitions 1 Limited, which were converted in to 2,500,000
ordinary shares on 10 July 2023.
During the period under review, the Group made a pre-tax loss of
GBP388,000 which mainly results from the operational activities of
GEM, including work done upgrading the infrastructure on site, as
well as costs relating to the completing the acquisition of GEM,
the maintaining of licences and general administrative costs and
corporate costs.
Net assets of the Group were GBP1.36 million at the period end
and include Sundry Creditors of GBP2.97m which includes the future
royalty payments from emerald production to Magnum Mining as
detailed above. Our strategy remains to seek value opportunities in
the mineral sector with a focus on southern Africa, looking for
situations which potentially offer rapid prospects of value
creation. We believe the Gravelotte mine falls firmly into this
category. Overall, we consider that we have made an excellent start
to this process, and it only remains for me to thank the team,
including our professional advisers, Directors and former
Directors, who have brought us to the Market and provided the
prospects for a profitable future for shareholders.
During the period the Company has made significant improvements
to the GEM site's critical infrastructure in preparation for the
commencement of mining activities, including:
-- Water storage and availability: The current levels of
available water for processing activities have increased to
approximately 14 million litres. The total water storage capacity
on site has been upgraded to approximately 20 million litres. Water
reclamation infrastructure continues to be further upgraded in
order to ensure maximum recovery once operations commence.
-- Security Upgrades: On-site security has now been upgraded
with over 10km of electric fencing around the site perimeter and
high-risk areas. Additional fire breaks have also been created and
existing fire breaks have been cleared in preparation for the
winter fire season.
-- Haulage roads: Approximately 7km of main haulage roads on
site as well as the access road to the part of the open pit where
mining is scheduled to recommence has been rehabilitated, upgraded
or established.
-- Rehabilitation of historic disturbance: Approximately 1.5ha
of historic gold slimes and tailings have been rehabilitated. This
represents over 50% of the total rehabilitation requirement.
-- Electrical infrastructure: Over 80 High voltage electrical
poles have either been replaced or re-treated. An additional 11KV
380V transfer has been installed and electrical conductors and
switch gear has been replaced and updated.
-- Accommodation Upgrades: to accommodation continues and all
current staff and management are now accommodated on site.
-- Processing Plant Upgrades: Upgrades to the dewatering and
screening circuit has been completed. Engineering drawings have
been completed to upgrade the existing processing plant and include
vibrating screens as well as an additional crushing and milling
circuit. This will create additional surge and throughput capacity.
The local procurement of suitable high-quality second-hand
equipment and components has commenced.
Bernard Olivier
CEO
1 September 2023
Directors' Report
The directors present their interim consolidated financial
statements of the company for the six-month period from 1 January
2023 to 30 June 2023.
DIRECTORS OF THE COMPANY
The directors who have served during the period and up to the
date of approval were as follows:
Edward Nealon Chairman
Bernard Olivier Chief Executive Officer
Peter Redmond Non-executive Director
John Treacy Non-executive Director
Sam Mulligan Operations Director
RESULTS AND DIVIDS
The interim condensed consolidated statement of comprehensive
income is set out on page 7 and shows the loss for six-month period
to 30 June 2023. The directors consider the loss for the period to
be in line with expectations. The directors do not recommend a
payment of a dividend.
This report was approved by the Board and signed on its
behalf:
Edward Nealon
Chairman
1 September 2023
Interim Condensed Consolidated Statement of Comprehensive
Income
Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec 2022 to 30 June
2023 2023 2022
Audited
Unaudited Unaudited Unaudited
GBP'000s GBP'000s GBP'000s GBP'000s
Continuing operations
Operating expenses (390) (281) (549) (305)
Loan amounts written - - (264) -
off
Amortisation / Impairment 2 - (199) -
Loss before taxation (388) (281) (1,012) (305)
Taxation - - - -
Loss for the period
from continuing operations (388) (281) (1,012) (305)
------------ ------------ ------------- ------------
Other comprehensive
income
Exchange difference on - - - -
currency translations
Total comprehensive
loss for the period (388) (281) (1,012) (305)
============ ============ ============= ============
Basic earnings per share
(pence) (0.32p) (0.23p) (0.82p) (0.01p)
Diluted earnings per
share (pence) (0.28p) (0.20p) (0.69p) -
The notes on pages 11-15 form part of these interim condensed
consolidated financial statements.
Interim Condensed Consolidated Statement of Financial
Position
Company number: 05329401 Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec 2022 to 30 June
2023 2023 2022
Audited
Unaudited Unaudited Unaudited
Note GBP'000s GBP'000s GBP'000s GBP'000s
ASSETS
Non-Current Assets
Investments - 2,098 - -
Property, Plant & Equipment 31 - - -
Intangible assets
Exploration licence
& investment 2,692 100 11 -
Goodwill 1,428 - 995 -
------------ ------------ ------------- ------------
Total Non-Current
Assets 4,151 2,198 1,006 -
Current Assets
Other receivables 5 107 294 27 162
Cash at bank and in
hand 175 145 362 709
------------ ------------ ------------- ------------
282 439 389 871
Total Assets 4,433 2,637 1,395 871
------------ ------------ ------------- ------------
Current Liabilities
Trade and other payables 6 (3,077) (1,174) (132) (89)
Total Liabilities (3,077) 1,174 (132) (89)
------------ ------------ ------------- ------------
Net Assets 1,356 1,463 1,263 782
============ ============ ============= ============
Equity
Share capital 7 16 16 14 24
Share premium 3,017 3,017 2,546 1,353
Other reserves 14 14 6 1
Retained earnings (1,691) (1,584) (1,303) (596)
Total Equity 1,356 1,463 1,263 782
============ ============ ============= ============
The notes on pages 11 - 15 form part of these interim condensed
consolidated financial statements.
These interim condensed consolidated financial statements were
approved and authorised for issue by the Board and were signed on
its behalf by:
Ed Nealon
Chairman
1 September 2023
Interim Condensed Consolidated Statement of Changes in
Equity
Group Share Share Other Retained Total equity
capital premium reserves earnings
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------- --------- ---------- ---------- -------------
As at 1 January 2023 14 2,546 6 (1,303) 1,263
Total comprehensive
income - - - (388) (388)
Net equity issued 2 471 8 - 381
Balance at 30 June
2023 16 3,017 14 (1,691) 1,356
--------- --------- ---------- ---------- -------------
Company Share Share Other Retained Total equity
capital premium reserves earnings
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------- --------- ---------- ---------- -------------
As at 1 January 2023 14 2,546 6 (1,303) 1,263
Total comprehensive
income - - - (281) (281)
Net equity issued 2 471 8 - 381
Balance at 30 June
2023 16 3,017 14 (1,584) 1,463
--------- --------- ---------- ---------- -------------
Group Share Share Other Retained Total equity
capital premium reserves earnings
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------- --------- ---------- ---------- -------------
As at 1 January 2022 3 342 - (291) 54
Total comprehensive
income - - - (1,012) (1,012)
Net equity issued 11 2,204 6 - 2,221
Balance at 31 December
2022 14 2,546 6 (1,303) 1,263
--------- --------- ---------- ---------- -------------
Group Share Share Other Retained Total equity
capital premium reserves earnings
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------- --------- ---------- ---------- -------------
As at 1 January 2022 3 342 - (291) 54
Total comprehensive
income - - - (305) (305)
Net equity issued 21 1,011 1 - 1,032
Balance at 30 June
2022 24 1,353 1 (596) 782
--------- --------- ---------- ---------- -------------
The notes on pages 11 - 15 form part of these interim condensed
consolidated financial statements.
Interim Condensed Consolidated Statement of Cash Flows
Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec 2022 to 30 June
2023 2022 2022
Audited
Unaudited Unaudited Unaudited
GBP'000s GBP'000s GBP'000s GBP'000s
Cash flows from operating
activities
Loss for the period (388) (281) (1,012) (305)
Amortisation and impairment 2 - 199 -
Share based payment 8 - 6 -
(Increase)/decrease in receivables (80) (246) 10 (125)
Increase/(decrease) in payables 2,019 29 50 7
Net cash used in operating
activities 1,561 (498) (747) (423)
----------- ----------- ------------ -----------
Cash flows from investing
activities
Purchase of subsidiary and
intangible asset (2,029) - (1,206) -
----------- ----------- ------------ -----------
Net cash used in investing
activities (2,029) - (1,206) -
Cash flows from financing
activities
Sub-Division & Consolidation
of Shares - - - 16
Issue of shares for cash,
net of costs 281 281 2,216 1,017
Convertible loan notes - - - -
----------- ----------- ------------ -----------
Net cash from financing activities 281 281 2,216 1,033
Net increase / (decrease)
in cash and cash equivalents (187) (217) 263 610
Cash and cash equivalents
at the beginning of the period 362 362 99 99
Cash and cash equivalents
at the end of the period 175 145 362 709
=========== =========== ============ ===========
The notes on pages 11 - 15 form part of these interim condensed
consolidated financial statements.
Notes to the Interim Condensed Consolidated Financial
Reports
1. General information
URA Holding Plc's interim condensed consolidated financial
statements are presented in British Pound Sterling (GBP) which is
the functional currency of the Company. These interim consolidated
financial statements were approved for issue by the Board of
Directors on 1 September 2023.
URA Holding Plc is the Group's ultimate parent company. It is a
public limited company incorporated in England and Wales. The
address of its registered office is at 60 Gracechurch Street,
London, EC3V 0HR, UK and its shares are limited on the Main
Standard Market of the London Stock Exchange.
The financial information set out in these interim consolidated
financial statements does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006. The Company's
statutory financial statements for the year ended 31 December 2022
have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified and did not
contain a statement under Section 498(2) of the Companies Act
2006.
These interim results have not been audited though they been
reviewed under ISRE 2410 of the Auditing Practices Board.
In the opinion of the Directors the interim condensed
consolidated financial statements present fairly the financial
position, and results from operations and cash flows for the period
in conformity with the generally accepted accounting principles
consistently applied.
2. Nature of operations
The Company is an African focused mineral exploration company.
The Company will leverage the extensive in-house skills of its
Board and team to identify and pursue unique, value-enhancing
opportunities in minerals with a view to proving-up early-stage
exploration projects for ongoing monetisation and the delivery of
stakeholder returns.
Currently, the Company's operations relate to the exploration of
both the GEM asset in South Africa and the Malaika licence areas in
Zambia as well as the maintenance of the appropriate licenses over
these areas.
3. Accounting policies
These interim condensed consolidated financial statements are
for the six-month period ended 30 June 2023. They have been
prepared in accordance with IAS34 'Interim Financial Reporting'.
They do not include all of the information required in annual
financial statements in accordance with IFRS, and should be read in
conjunction with the financial statements for the period ended 31
December 2022.
4. Basis of preparation and going concern
These interim consolidated financial statements have been
prepared on a going concern basis which the directors believe to be
appropriate. The interim consolidated financial statements are
presented in Pounds Sterling and have been rounded to the nearest
GBP'000.
Cash and cash equivalents
Cash and cash equivalents are carried in the statement of
financial position at cost and comprise cash in hand, cash at bank,
deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less. Bank
overdrafts are included within borrowings in current liabilities on
the statement of financial position. For the purposes of the
statement of cash flows, cash and cash equivalents also includes
any bank overdrafts.
Deferred taxation
Deferred income taxes are provided in full, using the liability
method, for all temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the
financial statements. Deferred income taxes are determined using
tax rates that have been enacted or substantially enacted and are
expected to apply when the related deferred income tax asset is
realised, or the related deferred income tax liability is
settled.
The principal temporary differences arise from depreciation or
amortisation charged on assets and tax losses carried forward.
Deferred tax assets relating to the carry forward of unused tax
losses are recognised to the extent that it is probable that future
taxable profit will be available against which the unused tax
losses can be utilised.
Foreign currencies
(i) Functional and presentational currency
The Directors consider GBP Pound Sterling to be the Company's
functional currency, therefore the financial statements are
presented in GBP Pound Sterling.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at period
end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the statement of
comprehensive income.
Monetary assets and liabilities denominated in foreign
currencies are translated at the rates ruling at the statement of
financial position date. All differences are taken to the statement
of comprehensive income.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables
and cash and bank balances, are initially recognised at transaction
price, unless the arrangement constitutes a financing transaction,
where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. The
Company currently has no financial assets that are considered to be
of a financing transaction nature.
Financial assets are derecognised when (a) the contractual
rights to the cash flows from the asset expire or are settled, or
(b) substantially all the risks and rewards of the ownership of the
asset are transferred to another party or (c) despite having
retained some significant risks and rewards of ownership, control
of the asset has been transferred to another party who has the
practical ability to unilaterally sell the asset to an unrelated
third party without imposing additional restrictions.
Investments
Investments are recognised at the lower of cost or market
value.
Financial liabilities
Basic financial liabilities, including trade and other payables,
are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future receipts
discounted at a market rate of interest. Debt instruments are
subsequently carried at amortised cost, using the effective
interest rate method. Trade payables are obligations to pay for
goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they
are presented as non-current liabilities. Trade payables are
recognised initially at transaction price and subsequently measured
at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the increase of new shares or options are
shown in equity as a deduction from the proceeds.
Share based payments
The Company enters equity-settled share-based compensation plans
with its Directors and contractors, in which the counterparty
provides services to the Company in exchange for remuneration in
the form of certain equity instruments of the Company. The equity
instruments comprise warrants and share options.
The services received by the Company in these share-based
payment agreements are measured by reference to the fair value of
the equity instruments at the date of grant and are recognised as
an expense in the statement of total comprehensive income with a
corresponding increase in equity.
The Company estimates the fair value of the equity instruments
at the grant date using the Black Scholes model in which the terms
and conditions upon which those equity instruments were granted are
considered.
Adoption of new and revised standards and changes in accounting
policies
There are no new accounting standards which have become
effective from 1 January 2022 that have a significant impact on the
Group's interim condensed consolidated financial statements.
5. Other receivables
Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec to 30 June
2023 2023 2022 2022
Unaudited Unaudited Unaudited
Audited
GBP'000s GBP'000s GBP'000s GBP'000s
Prepayments 13 13 18 23
Sundry debtors 68 260 - 129
VAT recoverable 26 21 9 10
------------ ------------ ------------ ------------
Closing balance 107 294 27 162
------------ ------------ ------------ ------------
The Directors consider that the carrying amount of other
receivables is approximately equal to their fair value.
6. Trade and other payables
Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec to 30 June
2022 2022 2022 2022
Unaudited Unaudited Unaudited
Audited
GBP'000s GBP'000s GBP'000s GBP'000s
Trade payables 17 10 15 30
Sundry creditors 2,973 1,077 - -
Accruals 87 87 117 58
------------ ------------ ------------ ------------
Closing balance 3,077 1,174 132 89
------------ ------------ ------------ ------------
The Directors consider that the carrying amount of trade
payables approximates to their fair value.
7. Share capital
Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec to 30 June
2023 2023 2022 2022
Unaudited Unaudited Unaudited
Audited
Allotted, called up and fully
paid share capital 16 16 14 14
------------ ------------ ------------ ------------
Movements in Equity
Number of shares in
issue
Opening Ordinary Shares in issue of GBP0.0001
each 141,845,592
Issue of Ordinary Shares of GBP0.0001 each 18,000,000
Closing New Ordinary Shares in issue of GBP0.0001
each 159,845,592
--------------------
The Company has one class of ordinary shares which carry no
right to fixed income.
8. Financial instruments
I n t e r e s t rate risk
T he Company's exposure to interest rate risk, which is the risk
th at a financial instrument's value will fluctuate as a result of
changes in market interest r ates on classes of financial assets
and financial liabilitie s, was as f ollows:
Group Company Group Group
6 months 6 months Year ended 6 months
to 30 June to 30 June 31 Dec to 30 June
2023 2023 2022 2021
Unaudited Unaudited Audited Unaudited
Floating interest rate GBP000'
Financial assets and liabilities - - - -
Cash 175 145 362 708
175 145 362 708
------------ ------------ ------------ ------------
T he net fair v alue of financial assets and financial
liabilities approximates to their car rying amount as disclosed in
the statement of financial position and in the rel ated notes.
F i n a nc i a l risk management
The Directors recognise that this is an area in which they may
need to develop specific policies should the Company become exposed
to further financial risks as the business develops.
Capital risk management
The Company considers capital to be its equity reserves. At the
current stage of the Company's life cycle, the Company's objective
in managing its capital is to ensure funds raised meet the
Company's working capital commitments.
Credit risk management
With respect to credit risk arising from financial assets of the
Company, which comprise cash and cash equivalents held in financial
institutions, the Company are deemed to be at low credit risk.
Liquidity risk
The Company manages liquidity risk by maintaining adequate
banking facilities and no current borrowing facilities. The Company
continuously monitor forecasts and actual cash flows, matching the
maturity profiles of financial assets and liabilities and future
capital and operating comments. The Directors' consider the Company
to have adequate current assets and forecast cash from operations
to manage liquidity risks arising from current and non-current
liabilities.
9. Related party transactions
There were no related party transactions during the period.
10. Earnings per share
Earnings per share is calculated by dividing the loss for the
period attributable to ordinary equity shareholders of the parent
by the number of ordinary shares outstanding during the period.
During the period the calculation was based on the loss for the
6-month period of GBP388,000 (2022: GBP282,000) divided by the
weighted number of ordinary shares 120,737,993, (2022:
26,908,140).
11. Events after the reporting date
As stated above, the convertible loan notes issued on 23 May
2023 were converted into 2,500,000 ordinary shares on 10 July 2021.
There have been no other significant events between the end of the
period and the publication of these accounts.
- Ends -
For further information please contact:
URA Holdings plc +44 (0)746 368 6497
Bernard Olivier (CEO) info@uraholdingsplc.co.uk
Jeremy Sturgess-Smith (COO)
Peterhouse Capital Limited
Lucy Williams
Duncan Vasey +44 (0)20 7469 0930
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IR NKDBNFBKKCCK
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