REG - Codex Acquisitions - Half-year Report
29/09/2023 09:15
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RNS Number : 1613O Codex Acquisitions PLC 29 September 2023
29 September 2023
Codex Acquisitions plc
("Codex" or the "Company")
Unaudited Half-Year Results for the Six Months Ended 30 June 2023
Codex Acquisitions plc (LON:CODX) announces its unaudited interim results for
the six months to 30 June 2023.
- Ends -
For further information please contact:
Codex Acquisitions plc Julio Perez
info@codexplc.com
+44 (0)20 8682 0582
About Codex Acquisitions plc
Codex Acquisitions plc is a special purpose acquisition company (SPAC) seeking
suitable acquisition targets in the clean and renewable energy sector.
Codex Acquisitions plc is actively seeking to partner with sector-leading
companies in the renewable energy sector, and believes that renewable energy
investments is an asset class where it is possible to achieve attractive
long-term investment yield whilst making a major contribution to lower global
carbon emissions.
Codex Acquisitions plc is seeking to deliver not only financial performance,
but a positive contribution to society, benefitting all stakeholders and
fostering long-term sustainable growth. Environmental Social and Governance
(ESG) considerations are important factors that will guide the Company when
selecting possible investment opportunities.
The Company is supported by its financial adviser, Codex Capital Partners
Limited.
For further information on the Company, please visit www.codexplc.com
(https://protect-us.mimecast.com/s/fw8MCW6qVZI5z9N1VTxMbwr?domain=codexplc.com)
, with the Company's Prospectus to be found
at http://www.codexplc.com/investors-2
(https://protect-us.mimecast.com/s/6wATCXD5W1hXB5klWuDDUHT?domain=codexplc.com)
.
Forward-looking statements
Certain statements in this announcement constitute ''forward-looking
statements''. Forward-looking statements include statements concerning the
plans, objectives, goals, strategies and future operations and performance of
the Company and the assumptions underlying these forward-looking statements.
The Company uses the words ''anticipates'', ''estimates'', ''expects'',
''believes'', ''intends'', ''plans'', ''may'', ''will'', ''should'', and any
similar expressions to identify forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other important factors that could cause the Company's actual results,
performances or achievements to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding present and future business strategies and the
environment in which the Company will operate in the future. These
forward-looking statements speak only as at the date of this announcement. The
Company is not obliged, and does not intend, to update or to revise any
forward-looking statements, whether as a result of new information, future
events or otherwise except to the extent required by any applicable law or
regulation. All subsequent written or oral forward-looking statements
attributable to the Company, or persons acting on behalf of the Company, are
expressly qualified in their entirety by the cautionary statements contained
throughout this announcement. As a result of these risks, uncertainties and
assumptions, a prospective investor should not place undue reliance on these
forward-looking statements.
CHAIRMAN'S STATEMENT
I am pleased to announce the Company's interim results for the period ended 30
June 2023.
Financial review
The Company incurred a loss of £29,000 in the period (£206,000 for the
period 11 October 2021 to 30 June 2022). The majority of this comprises the
expenditure relating to maintaining the Company's listing on the standard
segment of the Official List of the Financial Conduct Authority (a "Standard
Listing") and to trading on the main market for listed securities of London
Stock Exchange plc ("Main Market").
The Company had a cash position of £604,000 as at 30 June 2023 (£654,000 at
30 June 2022). The Company had a basic loss per share of 0.003p.
Outlook
The Company's near-term goal remains focused on evaluating opportunities to
acquire and to ultimately undertake one or more acquisitions in the clean and
renewable energy sector.
On behalf of the board of directors of the Company (the "Board" or
"Directors"), I would like to take this opportunity to thank our staff and
advisers for their hard work as well as our shareholders for their continued
support.
We look forward to updating shareholders on our progress in due course.
James Lawson-Brown
Chairman
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE CONDENSED INTERIM
REPORT AND CONDENSED FINANCIAL STATEMENTS
The Directors, being James Lawson-Brown, Julio Perez and Kate Osborne (all
statutory non-executive), confirm that the condensed interim financial
information has been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the UK and that the
Interim Report includes a fair review of the information required by DTR
4.2.7R and DTR 4.2.8R, namely: an indication of important events that have
occurred during the period and their impact on the condensed interim financial
information, 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 period.
By order of the Board
Julio Perez
Director
STATEMENT OF COMPREHENSIVE INCOME
6 months ended 30 June 11 October 2021 to 30 June
Notes 2023 2022
(Unaudited) (Unaudited)
£ £
Administrative expenses 5 (29,352) (206,444)
Finance costs - -
Loss before taxation (29,352) (206,444)
Income tax expense - -
Loss for the period attributable to equity holders of the parent company (29,352) (206,444)
Total comprehensive loss for the period (29,352) (206,444)
Earnings per share
Earnings per share attributable to the equity holders (pence) (0.003) (0.2)
STATEMENT OF FINANCIAL POSITION
At 30 At 30
June June
2023 2022
(Unaudited) (Unaudited)
Notes £ £
Assets
Current assets
Cash and cash equivalents 604,751 653,586
Total current assets 604,751 653,586
Total assets 604,751 653,586
Liabilities
Current liabilities
Trade and other payables 51,540 10,030
Total current liabilities 51,540 10,030
Total liabilities 51,540 10,030
Capital and reserves attributable to shareholders
Share capital 4 850,000 850,000
Accumulated losses (296,789) (206,444)
Total capital and reserves 553,211 643,556
Total equity and liabilities 553,211 653,586
The statement of changes in equity of the Company for the period ended 30 June
2023 is stated below:
STATEMENT OF CHANGES IN EQUITY
Share capital Accumulated
losses Total
£ £ £
At 01 January 2022 (unaudited) 50,000 (30,250) 19,685
Loss for the period - (176,193) (176,193)
Total comprehensive loss for the period - (176,193) (176,193)
Issue of shares 800,000 - 800,000
At 30 June 2022 (unaudited) 850,000 (206,444) 643,556
At 01 January 2023 (unaudited) 850,000 (267,437) 643,556
Loss for the period - (29,352) (29,352)
Total comprehensive loss for the period - (29,352) (29,352)
Issue of shares - - -
At 30 June 2023 (unaudited) 850,000 (296,789) 553,211
For the period ended to 30 June 2023
STATEMENT OF CASH FLOWS
Period ended 30 June Period ended 30 June
Notes 2023 2022
£ £
Cash flow from operating activities
Loss for the period (29,352) (206,444)
Adjustments for:
Decrease in trade and other receivables - -
Increase in trade and other payables 7,142 10,030
Share based payments - -
Net cash outflow from operating activities (22,210) (196,414)
Cash flow from financing activities
Proceeds on the issue of shares - 800,000
Net cash inflow from financing activities - 800,000
Net Increase in cash and cash equivalents (22,210) 603,586
Cash and cash equivalents at the beginning of the period 626,961 50,000
Cash and cash equivalents at the end of the period 604,751 653,586
NOTES TO THE COMPANY FINANCIAL INFORMATION
1. General information and basis of preparation
The principal activity of the Company is to identify potential companies,
businesses or asset(s) in the clean and renewable energy sector that will
increase shareholder value. The Company is domiciled in the United Kingdom and
incorporated and registered in England and Wales as a public limited company.
The Company's registered office is 9(th) Floor, 107 Cheapside, London EC2V
6DN, United Kingdom. The Company's registered number is 13672588.
2. Accounting policies
Basis of preparation
The Financial Statements of the Company have been prepared in accordance with
UK-adopted international accounting standards. The Financial Statements have
been prepared under the historical cost convention unless otherwise stated.
The Financial Statements are prepared in pounds Sterling and presented to the
nearest pound.
The preparation of the Company financial statements in conformity with
UK-adopted international accounting standards requires the use of certain
critical accounting estimates. It also requires the Directors to exercise
their judgment in the process of applying the Company's accounting policies.
In the opinion of the management, the interim unaudited financial information
includes all adjustments considered necessary for fair and consistent
presentation of this financial information.
Going concern
The Company financial statements have been prepared on a going concern basis
as the Directors have assessed the Company's ability to continue in
operational existence for the foreseeable future. The operations are currently
being financed by issuances of new equity. The Company is reliant on the
continuing support from its shareholders and the expected support of future
shareholders. The Company financial statements do not include the adjustments
that would result if the Company were not to continue as a going concern.
2. Segmental analysis
In the opinion of the Directors, the Company is primarily organised into a
single operating segment. This is consistent with the Company's internal
reporting to the chief operating decision maker. Separate segmental
disclosures have therefore not been included.
3. Loss per share
Basic loss per share is based on the net loss for the period of £29,352
attributable to equity holders related to the weighted average number of
ordinary shares in issue during the period of 8,500,000.
The following reflects the loss and share data used in the basic loss per
share computations:
For six months ended
30 June 2023
Unaudited
Loss after tax (£) (29,352)
Number of ordinary shares of £0.10 in issue 8,500,000
Loss per share - basic (pence) (0.003)
4. Share capital
Issued equity share capital
For six months ended
30 June 2023
Unaudited
Number £
Issued and fully paid
Ordinary shares of £0.10 each 8,500,000 850,000
The Company was incorporated on 11 October 2021, on which date the issued
share capital was
£50,000 divided into 500,000 shares of nominal value £0.10 each.
Conditional on admission to a Standard Listing and to trading on the Main
Market of the Company's entire share capital on 9 March 2022, the Company
issued 8,000,000 Ordinary Shares at a price of 10p each to raise gross cash
subscription receipts of £800,000.
5. Administrative expenses
For the period ended
30 June
2023
Unaudited
£
This is stated after charging:
Auditor's remuneration
-audit of the Company 5,000
-non-audit services -
Directors' remuneration -
Legal, professional and consultancy fees 24,352
Other expenses -
6. Post balance sheet events
There were no significant events subsequent to the balance sheet date.
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