Gledhow Investments plc First Half Results to 31 March 2014 Date: 14 May 2014 Results
Gledhow Investments plc("Gledhow" or the "Company") is pleased to announce its half year results ("interim results") for the current financial year. The period covered is from 1 October 2013to 31 March 2014. These are unaudited interim results. The Company continues to pursue its investment strategy which has the objective of achieving long-term capital growth. The Company had cash of GBP230,002at the period end. Despite the uncertain economic environment the Company is in a strong position, thanks to its strong cash position, and we look forward to being able to make opportunistic investments in small to medium sized undervalued companies as they arise. Profitand Loss Account for the six months ended 31 March 2014Continuing operations Six months to Six months to 31 March 2014 31 March 2013 £ £ Turnover Proceeds from sale of investments 7,870 79,491 Cost of sales (including unrealised losses and gains on investments held for resale) (92,336) (108,071) ________ ________ Gross (loss)/profit (84,466) 28,580 Administrative expenses (11,951) (16,607) ________ ________ Loss on ordinary activities before tax (96,417) (45,187) Taxation - 1,792 ________ ________ Loss for the year (96,417) (43,395) ======= ======= Loss earnings per share - Basic (pence) (0.20)p (0.088)p ===== ====== Balance Sheet as at 31 March 20142014 2013 £ £ Current assets Investments held for resale 439,186 515,625 Debtors 6,656 - Cash at bank and in hand 230,002 266,295 _________ _________ 675,844 781,920 Creditors: amounts falling due within one year (1,800) (28,604) _________ _________ Net current assets and total assets less current liabilities 674,044 753,316 ======== ======== Capital and reserves Called up share capital 490,000 490,000 Share premium account 71,122 71,122 Profit and loss account 68,820 148,092 Other reserve 44,102 44,102 _________ _________ Shareholders' funds - equity interests 674,044 753,316 ======== ======== Notes 1. The interim results together with the related notes set out below have been approved by the board of directors of Gledhow Investments plc. 2. The Company's strategy is to make short to medium term investments in small to medium sized quoted or unquoted companies. These investments are carried in the accounts as current asset investments and are valued at lower of cost and net realisable value. 3. The financial results detailed above are unaudited, and have not been reviewed by the auditors of the Company. 4. Earnings per share - Basic The loss per share for the six months ended 31 March 2014is calculated on the loss on ordinary activities after tax of £96,417 (2013: loss of £43,395) divided by the weighted average number of 49,000,000 (2013: 49,000,000) ordinary shares of 1p each in issue during the period. 5. The financial information in this report does not constitute Statutory Accounts within the meaning of Section 434 of the Companies Act 2006. The financial statements for the year ended 30 September 2013have been delivered to the Registrar of Companies and the auditors' report on those financial statements was unqualified and did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006. For further information please contact: Bruce Rowan: 020 7486 3997 (Gledhow Investments plc) The Directors of the issuer accept responsibility for the contents of this announcement.
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