TIDMCRES
RNS Number : 0881U
Citius Resources PLC
01 December 2021
Date: 1 December 2021
Citius Resources Plc
("Citius" or the "company")
Interim Financial Statements
for the six month period ended 31 October 2021
The Company is pleased to announce its Interim Results for the
six-month period to 31 October 2021.
For further information please contact
Citius Resources Plc Brandon Hill Capital Limited
Cameron Pearce (Director) Jonathan Evans (Corporate Finance)
www.Citiusresources.co.uk Tel: +44 (0)20 3463 5000
Tel: +44 (0)1624 681 250 jonathan.evans@brandonhillcapital.com
info@citiusresources.co.uk
Interim Management Report
Dear shareholder,
I am pleased to present the interim report and accounts for the
six month period to 31 October 2021 for Citius Resources Plc. This
period we completed our successful admission to the Official list
(by way of a Standard List) of the London Stock Exchange on the
25th of August 2021 raising GBP1,120,000 in the process.
The Board of Citius and its advisory team comprise a
knowledgeable and experienced group of professionals with the
relevant skills and expertise to successfully source, structure and
complete acquisitions in the mining sector to deliver upon our
strategy to return substantial value to investors. As such we are
pleased to be listing upon the Official list of the main
market.
I would like to thank the team for their support in the launch
of this exciting journey, and I thank shareholders for investing in
the Company's future. We look forward to updating the market
further in due course.
Cameron Pearce
Chief Executive Officer
Responsibility Statement of the Directors' in respect of the
Interim Report
The Directors are responsible for preparing the Interim
Financial Statements in accordance with applicable law and
regulations. In addition, the Directors have elected to prepare the
Interim Financial Statements in accordance with International
Financial Reporting Standards ("IFRSs"), as adopted by the European
Union ("EU").
The Interim Financial Statements are required to give a true and
fair view of the state of affairs of the Group and of the profit or
loss of the Group for that period.
In preparing these Interim Financial Statements, the Directors
are required to:
-- select suitable accounting policies and then apply them consistently;
-- present information and make judgements that are reasonable,
prudent and provides relevant, comparable and understandable
information;
-- provide additional disclosures when compliance with the
specific requirements in IFRS is insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity's financial position and financial
performance; and
-- make an assessment of the Group's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's
transactions and disclose with reasonable accuracy at any time its
financial position of the Group to enable them to ensure that the
financial statements comply with the requirements of the Companies
Act 2006. They have general responsibility for taking such steps as
are reasonably open to them to safeguard the assets of the Group
and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and Interim Financial Statements. Legislation
governing the preparation and dissemination of Interim Financial
Statements may differ from one jurisdiction to another.
We confirm that to the best of our knowledge:
-- the Interim Financial Statements, prepared in accordance with
International Financial Reporting Standards as adopted by the EU,
give a true and fair view of the assets, liabilities, financial
position and profit or loss of the Group for the period;
-- the Director's report includes a fair review of the
development and performance of the business and the position of the
group, together with a description of the principal risks and
uncertainties that they face; and
-- the annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the group's performance,
business model and strategy.
Statement of Comprehensive Income for the year end ended 31
October 2021
6 months ended 31 October 6 months ended 31 October 12 months ended
2021 2020 30 April 2021
(Unaudited) (Unaudited) (Audit)
Notes GBP GBP GBP
Administrative fees and other
expenses 5 (147,170) (101,033) (158,612)
----------------------------- ----------------------------- ----------------
Operating loss (147,170) (101,033) (158,612)
Finance costs - - -
----------------------------- ----------------------------- ----------------
Loss before tax (147,170) (101,033) (156,612)
Income tax - - -
Total comprehensive loss for
the period (147,170) (101,033) (156,612)
----------------------------- ----------------------------- ----------------
Basic and diluted loss per
share (pence) 6 (0.46) (0.65) (1.05)
There was no other comprehensive income for the period ended on
31 October 2021.
Statement of Financial Position as at 31 October 2021
Note As at As at
31 October 2021 As at 30 April
31 October 2020 2021
(Unaudited) (Unaudited) (Audit)
GBP GBP GBP
Current assets
Cash and cash equivalents 807,582 148,967 367,888
Other receivables 37,200 50,000 18,000
-----------------
Total current assets 844,782 198,967 385,888
Current liabilities
Creditors: Amounts falling due within one year 21,352 - 244,500
----------------- ----------------- ----------
Total current liabilities 21,352 - 244,500
Net assets 823,430 198,967 141,388
----------------- ----------------- ----------
Equity
Share capital 6 216,250 91,667 91,667
Share premium 895,540 208,333 208,333
Warrant reserves 17,422
Retained earnings (305,782) (101,033) (158,612)
----------------- ----------------- ----------
Total equity 823,430 198,967 141,388
----------------- ----------------- ----------
Statement of Changes in Equity for the six month period ended 31
October 2021
Share Warrants reserves
capital Share premium Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance as at 15 April 2020
on incorporation 1 - - - 1
Loss for the period - - - (101,033) (101,033)
--------- -------------- ------------------ ------------------ -------------
Total comprehensive loss - - - (101,033) (101,033)
Contributions from equity holders
New shares issued (note 7) 91,666 208,333 - - 299,999
Total contributions from equity
holders 91,666 208,333 - - 299,999
Balance as at 31 October 2020 91,667 208,333 - (101,033) 198,967
--------- -------------- ------------------ ------------------ -------------
Loss for the period - - - (57,579) (57,579)
--------- -------------- ------------------ ------------------ -------------
Total comprehensive loss - - - (57,579) (57,579)
Contributions from equity holders
New shares issued (note 7) - - - - -
Total contributions from equity
holders - - - - -
Balance as at 30 April 2021 91,667 208,333 - (158,612) 141,388
--------- -------------- ------------------ ------------------ -------------
Loss for the period - - - (147,170) (147,170)
--------- -------------- ------------------ ------------------ -------------
Total comprehensive loss - - - (147,170) (147,170)
Contributions from equity holders
New shares issued (note 7) 124,583 785,417 - - 910,000
Share issue costs - (98,210) - - (98,210)
Share base payments - - 17,422 - 17,422
--------- -------------- ------------------ ------------------ -------------
Total contributions from equity
holders 124,583 687,207 17,422 - 829,212
Balance as at 31 October 2021 216,250 895,540 17,422 (305,782) 823,430
--------- -------------- ------------------ ------------------ -------------
Statement of Cash Flows for the six month period ended 31
October 2021
Notes As at 31 October 2021 As at 31 October 2020 As at 30 April 2021
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Operating activities
Loss after tax (147,170) (101,033) (158,612)
Share issue/warrant costs 17,422 - -
Changes in working capital
Increase in trade and other receivables (19,200) (50,000) (18,000)
(Decrease)/increase in trade and other payables (223,148) - 244,500
---------------------- ---------------------- --------------------
Net cash flows (utilised by) from operating
activities (372,096) (151,033) 67,888
Financing activities
Shares issued (net of issue costs) 811,790 300,000 300,000
Net cash flows from financing activities 811,790 300,000 300,000
Increase in cash and cash equivalents 439,694 148,967 367,888
Cash and short-term deposits brought
forward 367,888 - -
Cash and cash equivalent at
31 October 807,582 148,967 367,888
---------------------- ---------------------- --------------------
Notes to the Financial Statements for the six month period ended
31 October 2021
1. General
Citius Resources Plc (the "Company") is a public limited company
incorporated and registered in England and Wales on 15 April 2020
(as Citius Resources Limited, the name was changed to Citius
Resources PLC on the 3 August 2020) with registered company number
12557958 and its registered office situated in England and Wales
with its registered office at 25 Bilton Road, Rugby, CV22 7AG.
The Company did not trade during the period under review.
2. Accounting Policies
Basis of preparation
The interim financial statements of Citius Resources Plc are
unaudited condensed financial statements for the 6 month period
ended 31 October 2021.
The accounting policies applied by the Company in these Interim
Financial Statements, are the same as those applied by the Company
in its financial statements and have been prepared on the basis of
the accounting policies applied for the financial year to 30 April
2021 which have been prepared in accordance with IFRS as adopted by
EU. The Company Interim Financial Statements have been prepared
using the measurement basis specified by IFRS each type of asset,
liability, income and expense.
The Company Interim Financial Statements are presented in GBP,
which is the Company's functional currency. All amounts have been
rounded to the nearest pound, unless otherwise stated.
3. Critical accounting estimates and judgments
In preparing the Company's Interim Financial Statements, the
Directors have to make judgments on how to apply the Company's
accounting policies and make estimates about the future. The
Directors do not consider there to be any critical judgments that
have been made in arriving at the amounts recognised in the Company
Interim Financial Statements.
Warrants
During the year the Company issued its shareholders with
warrants. The valuation of these warrants involved making a number
of critical estimates relating the price volatility, expected life
if the options and interest rated.
The expenses charged to the Statement of Comprehensive Income
during the year in relation to warrants was GBP17,422.
4. Significant accounting policies
The accounting policies adopted are consistent with those
followed in the preparation of the annual financial statements of
Citius Resources Plc, for the year ended 30 April 2021.
5. Administrative fee and other expenses
6 months ended 6 months ended 12 months
31 October 31 October ended
2021 2020 30 April 2021
GBP GBP GBP
Directors' remuneration 24,000 32,500 56,500
Professional fees 95,546 41,000 80,000
Audit fees 6,000 - 12,000
Administration fees 3,310 9,000 9,000
Share base payments 17,422 - -
Miscellaneous fees 892 18,533 1,112
--------------- --------------- ---------------
Total 147,170 101,033 158,612
--------------- --------------- ---------------
The company did not employ any staff during the period other
than Directors. The Directors are the only members of key
management and their remuneration related solely to short term
employee benefits.
6. Basic and diluted loss per share
The calculation of the basic and diluted loss per share is based
on the following data:
6 months ended 31 October 6 months ended 31 October 12 months ended 30 April
2021 2020 2020
Earnings
Loss for the period (GBP) (147,170) (101,033) (158,612)
Number of shares
Weighted average number of
Shares 31,692,482 15,393,635 15,092,141
Basic and diluted loss per
share (pence) (0.46) (0.65) (1.05)
---------------------------- ---------------------------- ---------------------------- ----------------------------
There are no potentially dilutive shares in issue.
7. Share capital issued
Nominal
Number of value per Total share
shares issued share Share capital Share premium capital
GBP GBP GBP GBP
On incorporation 200 0.005 1 - 1
16 April 2020 8,333,334 0.005 41,667 208,333 250,000
23 June 2020 9,999,800 0.005 49,999 - 49,999
------------------ --------------- ----------- -------------- -------------- ------------
At 30 April
2021 18,333,334 91,667 208,333 300,000
------------------ --------------- ----------- -------------- -------------- ------------
26 May 2021 8,666,665 0.005 43,333 216,667 260,000
25 August 2021 16,250,001 0.005 81,250 568,750 650,000
Share issue
costs - (97,210) (97,210)
------------------ --------------- ----------- -------------- -------------- ------------
At 31 October
2021 43,250,000 216,250 895,540 1,112,790
------------------ --------------- ----------- -------------- -------------- ------------
8. Related party transactions
The are no related party transactions during the period except
for the Directors' remuneration, which has been disclosed in note
5.
9. Events after the reporting date
There are not events after the reporting date.
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END
IR EASFEDSEFFFA
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