GUS Gusbourne Plc

TIDMSHLP

RNS Number : 3961N

Shellproof Limited

28 September 2012

Shellproof Limited announces results for the year ended 31 March 2012

Belize City, Belize, 28 September 2012 - Shellproof Limited (London-AIM: SHLP) ("Shellproof" or the "Company") reported a net profit of LIR9,000 for the year ended 31 March 2012 (2011 - LIR104,000). Basic and diluted earnings per ordinary share for the year ended 31 March 2012 amounted to 0.11 pence (2011 - 1.30 pence).

During the year ended 31 March 2012, the Company established a wholly-owned UK subsidiary company to carry out a trial production of sparkling wine in order to explore the potential of this business sector for investment. To date, approximately GBP250,000 has been incurred in this activity.

The Company continues its search for further investment opportunities in line with its stated strategy which includes possible investment in either one or more quoted or unquoted businesses that may have been set up by entrepreneurs with good strategic plans and need financial backing and the support of the experienced Shellproof management team.

The Board notes that, as of the date of this announcement, the shares of Shellproof trade on AIM at an approximate 16% discount to the Company's net asset value.

The annual report of the Company is being sent to shareholders today.

Further details are set out on the Company's web site.

For further information contact:

Shellproof Limited

Belize +501 223 5989

UK +44 (0)20 7248 6700

Note: This and other press releases are available at the Company's web site: http://www.shellprooflimited.com.

Income statement

 
 Year ended 31 March              2012       2011 
                              UKLIR000   UKLIR000 
---------------------------  ---------  --------- 
 
 Administrative expenses         (143)       (65) 
---------------------------  ---------  --------- 
 
 Operating loss                  (143)       (65) 
 
 Financial income                  152        169 
---------------------------  ---------  --------- 
 
 Profit before taxation              9        104 
 
 Taxation                            -          - 
---------------------------  ---------  --------- 
 
 Net profit for the year             9        104 
---------------------------  ---------  --------- 
 
 Earnings per ordinary 
  share 
 Basic and diluted (pence)        0.11       1.30 
---------------------------  ---------  --------- 
 

Balance sheet

 
 At 31 March                          2012       2011 
                                  UKLIR000   UKLIR000 
-------------------------------  ---------  --------- 
 Assets 
-------------------------------  ---------  --------- 
 Non-current assets 
 Property, plant and equipment          68          - 
-------------------------------  ---------  --------- 
 Current assets 
 Cash and cash equivalents           4,123      4,257 
 Stocks                                 84          - 
 Other receivables                      20         19 
-------------------------------  ---------  --------- 
                                     4,227      4,276 
 Liabilities 
 Current liabilities 
 Other payables                       (24)       (14) 
 
 Net current assets                  4,203      4,262 
-------------------------------  ---------  --------- 
 
 Net assets                          4,271      4,262 
-------------------------------  ---------  --------- 
 
 Shareholders' equity 
 Called up share capital             4,000      4,000 
 Retained earnings                     271        262 
-------------------------------  ---------  --------- 
 
 Total shareholders' equity          4,271      4,262 
-------------------------------  ---------  --------- 
 
 
 
 
 
 
                  Statement of cash flows 
 
    Year ended 31 March                 2012       2011 
                                    UKLIR000   UKLIR000 
   ------------------------------  ---------  --------- 
 
                 Cash flows from operating 
                         activities 
    Cash used in operations            (210)       (68) 
    Financial income                     152        169 
   ------------------------------  ---------  --------- 
 
                Net cash (used in) generated 
                            from 
     operating activities               (58)        101 
   ------------------------------  ---------  --------- 
                 Cash flows from investing 
                         activities 
                   Purchase of property, 
     plant and equipment                (76)          - 
   ------------------------------  ---------  --------- 
                 Net cash used in investing 
     activities                         (76)          - 
   ------------------------------  ---------  --------- 
 
                   Net (decrease) increase 
                         in cash and 
     cash equivalents                  (134)        101 
 
                 Cash and cash equivalents 
     at beginning of year              4,257      4,156 
   ------------------------------  ---------  --------- 
 
                 Cash and cash equivalents 
     at end of year                    4,123      4,257 
   ------------------------------  ---------  --------- 
 
 
 
 
 
                          -ENDS- 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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